$3,500 is the price of the purchase to be recorded according to the cost principle.
What is the cost Principle?The cost principle is a rule that stipulates that financial transactions should be recorded in accounting records according to their value at the time of the initial transaction (i.e., the price paid to purchase the asset), rather than their fair market value. In other words, regardless of future changes in the value of the associated assets, the cost principle mandates that transactions and financial values be presented in accordance with actual costs or returns.
The Construction Co. has purchased land for developing houses in the amount of $180,000. With the booming real estate market, the market value has increased to $235,000 four years later. How should this transaction be listed on the balance sheet by the company's bookkeeper?
Even though the cost of the land has increased significantly, an asset with a cost of $180,000 would still have the same value in the accounting records.
Thus, according to the cost principle, $3500 is to be recorded as the purchase amount.
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Complete question:
eric shotwell borrows $24,600 from a certain bank. the interest charge amounts to $8,628. what equal monthly payments (in $) must eric make in order to pay back the loan, with interest, in 36 months?
Eric Shotwell should pay $926 to repay or pay back the loan with interest in 36 months.
What happens if you don't pay back a loan?But if a loan is persistently overdue, you should prepare for late fees or penalties, salary garnishment, and a decline in your credit score; even one missed payment could result in a 40 to 80-point decline. In order to have you repay the debt, a lender may eventually transfer your past-due account to a collections company.
Given,
Loan Amount ( Principle) = $24,600
Interest = $8,628
Time = 36 months
Required to calculate Equal monthly payment =?
Equal monthly payment = Principle + Interest / Time
Equal monthly payment = 24,600 + 8,628 /36
Equal monthly payment = $926
Repayment refers to the act of returning money that has been borrowed from a lender. The return of funds often occurs through recurrent payments that comprise both principal and interest. Eric Shotwell should pay $926.
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cash sales are recorded in the journal. question content area bottom part 1 a. cash receipts b. general c. sales d. cash sales
The cash sales made by a firm during an accounting period are recorded in the sales journal of its financial records. Therefore, the option C holds true.
What is the significance of cash sales?The cash sales of a firm can be referred to or considered as the sales derived out of the company on which the payment was done at the time of purchase. The credit sales as well as the cash sales are recorded under the head of ''sales'' in the journals of the company.
Therefore, the option C holds true and states regarding the significance of the cash sales.
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when an organization undertakes a complete review of its critical work processes to make them more efficient in an effort to deliver higher quality, it is engaging in
Answer: re-engineering
Explanation:
when an organization undertakes a complete review of its critical work processes to make them more efficient in an effort to deliver higher quality, it is engaging in re-engineering.
What is re-engineering?
Business processes and workflows in your firm are examined and redesigned as part of business process reengineering (BPR). A business process is a collection of related tasks that employees carry out to accomplish company objectives. A business process is essentially how we carry out our tasks, and business process reengineering is the process of improving how we carry out our tasks in order to achieve the objectives of our firm.
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roger tong earns 3 commission on sales of $9500 as an electrical supplies wholesaler what is his commission
He will get a commission of $285 when he does a sale of $9500.
GIVEN: Roger Tong earns a 3% commission on sales of $9500 as an electrical supplies wholesaler.
To calculate the commission we just have to get 3% of $9500.
= 9500*3/100= 285
So he will get a commission of $285 when he does a sale of $9500.
Commission: Commission means the amount paid to an employee after completion of a target or task.
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some of the activities performed by managerial accountants includes (select all that apply): multiple select question. preparing financial statements preparing internal reports preparing tax forms providing external audits
A number of the sports finished by way of managerial accountants consist of preparing financial statements.
An accountant is an expert who performs accounting capabilities including account evaluation, auditing, or financial assertion analysis. Accountants can find employment with an accounting firm or a large business enterprise with an inner accounting branch, or they can install a character practice. Getting ready and maintaining critical monetary reports. making ready tax returns and ensuring that taxes are paid well and on time. evaluating economic operations to propose best practices, discover troubles and strategize solutions, and assist companies to run efficaciously.
Even though one-of-a-kind expert accounting sources may additionally divide accounting careers into unique categories, the 4 kinds listed right here reflect the accounting roles commonly to be had at some point of the career. these 4 branches encompass company, public, authorities, and forensic accounting.
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true or false: a trade-off occurs when some quantity of production of a good is given up in order to produce another good.
Answer:true
Explanation:
A trade-off occurs when some quantity of production of a good is given up in order to produce another good. True.
What is trade off?Trade-off are the opportunities that are forgone when an economic agent decides to produce a good instead of other options. Economic agents should choose the option that minimises the trade-off of their decision.
For example, a producer is deciding either to produce bread, bagels or croissant. If the baker chooses to produce bread. The bagels and the croissant that would not be produces are referred to as the trade offs of his decision.
Studding trade-off in economics is important because it ensures that resources (e.g. time, money or factors of production) are being utilized maximally.
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Jerry and ralph are consumers of hockey tickets. For this exercise, suppose that all seats in the arena are of the same quality and have the same price. When tickets cost $160, neither will buy a ticket. If tickets cost $140, jerry is willing to buy one, but ralph will still not buy any. When each ticket costs $120, jerry will buy two tickets during the course of the hockey season and ralph will still buy no tickets. At a price of $100 per ticket, jerry is willing to buy three and ralph is willing to buy two tickets in a season. At a price of $60, jerry will buy five tickets and ralph will buy six tickets a season. At $40 a ticket, jerry will buy six and ralph will buy eight tickets during the season. Describe jerry’s demand curve and ralph’s demand curve. Then, suppose that jerry and ralph are the only individuals in the market and describe the market demand curve that shows the total number of tickets the market will buy at each price. Explain how you derive the market demand curve.
A) Jerry's demand curve slopes downward from left to right as the prices reduce.
B) Ralph's demand curve is steep but slopes downward from left to right when the prices reduce, but Ralph's effective demand starts from $100.
C) The market's demand curve slopes downward from left to right as the prices reduce.
What is the demand curve?
The demand curve is the graphical illustration of the relationship between the price and the quantity demanded of a good or service for a period.
The price on the demand curve appears on the left vertical (Y) axis, and the quantity demanded appears on the right horizontal (X) axis.
Data and Calculations:Price Jerry Demand Ralph Demand Market Demand
$160 0 units 0 units 0 units
$140 1 unit 0 units 1 unit
$120 2 units 0 units 2 units
$100 3 units 2 units 5 units
$60 5 units 6 units 11 units
$40 6 units 8 units 14 units
Thus, Jerry's, Ralph's, and the market's demand curves show that consumers demand more units with decreasing prices.
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supplier relationship management is the process that focuses on everything that happens after contracting suppliers
This is a false statement.
Supplier relationship management is the management relating to supply of goods or services.
It includes evaluating vendors who supply to the organization, communicating with them and determining their contribution in the organization.
They ensure to complete the work smoothly , effectively and efficiently.
Generally supplier relationship management is used by supply chain professionals who deals with suppliers regarding procurement, projects.
It is very important to have a good supplier relationship management because it will boost the customer and supplier relationship which helps in achieving the goals.
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both the and human resources department managers rate high on long-range planning, but will spend less time on the organization’s products and service offerings. a. marketing b. computer c. transportation d. accounting e. manufacturing
Both the accounting and human resources department managers score highly on long-term planning, but they will devote less attention to the company's offerings in terms of goods and services.
The required details for accounting and human resources in given paragraph
How does accounting for human resources work?
Accounting for human resources is a crucial component of every organization. Reporting of staff costs, such as wages, benefits, training, workspace, etc., is transparent and accurate. The employees' contribution to the company's profitability is likewise accurately and clearly reported.
In other words, accounting for human resources determines and presents the cost of employees as well as quantifies the economic value of people to the organization.
A new area of accounting called human resources accounting acknowledges the impact employees make on a company in both positive and negative ways. The notion is that a company's human capital is both an expense and a resource.
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If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and quantity of lattés if the price of cappuccinos rises?.
If consumers view cappuccinos and lattés as substitutes, then both the equilibrium price and quantity would be decreased. This would happen to the equilibrium price as well as the quantity of lattés if the price of cappuccinos rises.
Substitute goods are those goods that can be consumed in place of each other to compensate. If the price of a particular good increases, then the consumer is able to easily substitute the concerned goods for other goods.
If cappuccinos and lattés are considered as substitutes to be substituted in place of goods facing a shortage, if there is a fall in the price of cappuccinos, then the demand for cappuccinos would be increasing as well as the demand for lattes would be fallen as due to the reason that lattes are relatively more expensive than cappuccinos nowadays.
During the fall in demand takes place, then it will lead to a fall in demand quantity as well as the price.
The equilibrium price is the concerned price that deals with the particular quantity that is demanded equal to the supplied quantity. It is usually determined by the intersection of both curves of demand and supply whereas a surplus exists if the quantity of particular goods or services which is supplied can exceed the demanded quantity at a current price. So, it may cause downward pressure on the concerned price.
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entry-level audit professionals in today's environment need to first learn how to make the best use of
Entry-level audit professionals in today's environment need first to learn how to make the best use of Information and data generated internally by the organization.
Duties of an entry-level auditor.
The accounting industry's proofreaders are auditors. It is their responsibility to monitor the cash flow from start to finish and make sure that all of the organization's assets are accurately recorded.
Larger companies frequently employ a team of auditors who collaborate with the company's accountants and other financial experts.
Entry-level auditors will probably be given more conventional accounting-related tasks to complete.
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mind games inc. markets a variety of shooting, fighting, and hunting video games. a state statue is enacted to require all game makers to label any games with an option to kill something as "excessively violent." a court would likely hold this regulation to be
A state statute is enacted to require all game makers to label any games with an option to kill something as "excessively violent." a court would likely hold this regulation to be a. an unconstitutional restriction of speech.
What is Free Speech?This refers to the constitutionally protected right of a person to speak freely without being censored.
Hence, we can see that A state statute is enacted to require all game makers to label any games with an option to kill something as "excessively violent." a court would likely hold this regulation to be a. an unconstitutional restriction of speech.
This is because the requirement to label a game as excessively violent because of its content can be viewed as speech restriction.
This shows that there needs to be sufficient proof that the game is excessively violent before it can be labeled as the game developers have the right to their franchise and how it is labeled.
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if $8000 is invested in a certain business at the start of the year, the investor will receive $2400 at the end of each of the next four years. what is the present value of this business opportunity if the interest rate is 6% per year?
The present value of this business is $316.25
Value is the really worth of items, offerings, or money of an object or person. An example of price is the quantity given via an appraiser after appraising a house. An instance of a fee is how much a representative's input is worth to a committee.
Our values are critical because they help us to develop and expand. They assist us to create the destiny we want to experience. Each character and each organization is concerned with making hundreds of choices every day.
Value in commercial enterprise markets is the well worth in financial phrases of the technical, monetary, service, and social blessings a client business enterprise receives in alternate for the fee it can pay for a market presenting.
Cash outflow at year 0 = $8000
Cash Inflow at end of each of 4 years = $2400
Present value of cash inflows = Cash Inflow / (1 + r/100)^n
where r= rate of interest
n= number of year
Year 1 = 2400/(1+.06)^1= $2264.15
Year 2 = 2400/(1+.06)^2= $2135.99
Year 3 = 2400/(1+.06)^3= $2015.09
Year 4 = 2400/(1+.06)^4= $1901.02
Total Present Value of Cash Inflows = $2264.15 + $2135.99 + $2015.09 + $1901.02 = $8316.25
Net Present Value = Present Value of Cash Inflows - Present Value of Cash Outflows
= $8316.25 - $8000 = $316.25
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carlos has been asked to evaluate new opportunities that his company can take advantage of while also investigating potential threats to its product line. carlos should use a(n) to complete his task.
Answer:
SWOT analysis
Explanation:
Carlos will need the use of SWOT analysis to be able to complete his task.
What is SWOT analysis?SWOT is known to be a term that connote or stands for:
Strengths WeaknessesOpportunitiesThreats.Note that the Strengths and weaknesses are said to be a part of the internal attribute of a firm and they are seen as the things that you have a level of control over.
Therefor, based on the above, Carlos will need the use of SWOT analysis to be able to complete his task.
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a consumer faces a tradeoff between labor (????) and leisure (????). she consumes a composite good (????). when the consumer works, she earns an hourly wage of $17.00, and she spends a maximum of 24 hours on labor and leisure, but she chooses to work 6.00 hours. whatever time she does not spend working, she spends on leisure. she starts with an initial endowment of 18.00 units of the composite good, which she can buy and sell freely at a market price of $11.00.
A consumer faces a tradeoff between labor and leisure is $606
Trade-off
A trade-off is a situational decision in which one quality, quantity, or feature of a set or design is reduced or lost in exchange for gains in other areas. A tradeoff occurs when one thing increases while another must decline.
When the customer works, she earns an hourly wage of $17.00, therefore when she works for 24 hours, she will earn:
=$17[tex]\times[/tex]24
=$408
Also, when the customer sells all the 17 units of the composite good, she will earn:
=$11[tex]\times[/tex]18
=$198
Therefore, the customer's full income would be:
=$408+$198
=$606
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Complete question
a consumer faces a tradeoff between labor and leisure. she consumes a composite good. when the consumer works, she earns an hourly wage of $17.00, and she spends a maximum of 24 hours on labor and leisure, but she chooses to work 6.00 hours. whatever time she does not spend working, she spends on leisure. she starts with an initial endowment of 18.00 units of the composite good, which she can buy and sell freely at a market price of $11.00.
Question 6 a project manager forgets to assess how national holidays and team member vacations will affect the project’s completion date. Now, because of team member time off, the project delivery will be two weeks late. What flexible planning strategy could the project manager have used to avoid the delay? 1 point use collaboration tools escalate to stakeholders enable decision-making assessing external constraints
A flexible planning strategy that projects managers can use to avoid delays is assessing external constraints.
Strategic planning is a business management activity that aims to ensure the company and all stakeholders involved in it work together to achieve the same business goals.
Strategic planning is the way a business or organization sets priorities, focus, and resources, strengthening operations. In addition, this activity also ensures that all those involved in their daily activities are in good synergy for a long period of time.
The preparation of strategic plans makes the company always ready to face challenges and changes. Not only that, but businesses can also seize the opportunities that exist as best they can. The strategic plan itself is a document used to communicate with the organization and its objectives.
All strategic plans made in the strategic plan must include an action plan that is able to realize these goals by considering other important business aspects.
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Assessing external constraints is a flexible planning technique that project managers can use to prevent delays.
The goal of strategic planning, a business management activity, is to make sure that the organization and all of its stakeholders collaborate to meet shared objectives. A company or organization can strengthen operations by setting priorities, concentrating efforts, and allocating resources through strategic planning. Additionally, this practice makes sure that everyone participating in their daily tasks works well together for a very long time.
Strategic planning ensures that the business is always prepared to meet challenges and adapt to change. Additionally, companies can do their best to take advantage of the opportunities that are available.
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as the ot consultant on a corporation’s ergonomics team, you notice an increased incidence of work-related musculoskeletal disorders in workers in the payroll department. what do you present to your team to increase awareness of the problem and generate possible solutions?
As the ot consultant on a corporation’s ergonomics team, you notice an increased incidence of work-related musculoskeletal disorders in workers in the payroll department. To increase awareness of the problem and generate possible solutions Provide the client with an exercise program for improving gaze stabilization.
Experts work with patron corporations to resolve precise commercial enterprise challenges. Consulting projects are frequently carried out in groups and might be cognizant of an expansion of regions, including method and era implementations. some specialists are independent professionals, however many paintings are for consultancies like McKinsey.
Pursuing a career in consulting may be difficult. however, for MBA graduates with the proper skillset, consulting provides an amazing and beneficial professional course and a variety of globally renowned companies to paint for.
Experts acquire an agreed-upon price for work on an undertaking completed through a specific date. They generally determine mission prices with the aid of estimating the number of hours it'll take to complete the task, extended by using their hourly price.
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the country of maravia has severe air pollution, 80 percent of which is caused by the exhaust fumes of cars. in order to reduce the number of cars on the road, the government is raising taxes on the cost of buying and running a car by 20 percent. this tax increase, therefore, will significantly reduce air pollution in maravia.
Maravia has extremely bad air pollution, and automobile exhaust is to blame for 80% of it. The government is increasing taxes on the price of purchasing and operating a car by 20% in order to lower the number of cars on the road. Consequently, this tax increase will drastically lower maravia's air pollution. Ninety percent of the people of Maravia are extremely wealthy and have a lot of extra money to spend.
Pollution, also referred to as environmental pollution, is the introduction of any substance (solid, liquid, or gas) or energy (such as heat, sound, or radioactivity) into the environment at a rate that exceeds the environment's capacity for dispersion, dilution, decomposition, recycling, or storage in some harmless form. The three main types of pollution are air pollution, water pollution, and land pollution, and they are often categorized by environment. Plastic, light, and noise pollution are the specific types of pollution that modern society is worried about. All forms of pollution have the potential to be detrimental to the environment, wildlife, and people's health and wellbeing.
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the objective of financial reporting as outlined in the conceptual framework guides the financial reporting process. identify whether each of the following phrases aligns with the objective of financial reporting or not.
The objective of Financial reporting as mentioned in the conceptual framework courses the monetary reporting manner. "The objective of popular cause financial reporting is to provide monetary facts about the reporting entity that is beneficial to exist and ability buyers, creditors, and different lenders in making decisions about supplying assets to the entity.
Financial reporting aims to tune, examine and document your business earnings. This allows you and any traders to make informed decisions about the way to control the business. those reports observe resource usage and cash waft to assess the monetary health of the enterprise.
Financial reporting is essential to investors due to the fact they are able to provide full-size facts approximately a business enterprise's revenue, fees, profitability, debt load, and potential to fulfill its short-term and long-time period monetary responsibilities. financial statements need to reflect sure simple features: fair presentation, going concerned, accrual basis, materiality and aggregation, and no offsetting. economic statements have to be organized at least yearly, have to include comparative records from the previous duration, and should be regular.
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23. When installing a sub-floor using 1-inch by 8-inch boards laid
diagonally, 18% is allowed for waste. How many board feet will be
wasted out of 1,350 board feet?
243 ft board feet will be wasted out of 1,350 board feet.
Given,
Waste = 18%
Total board feet = 1350 ft
18% of 1350 = 0.18 * 1350 = 243 ft.
243 ft board feet will be wasted out of 1,350 board feet.
Problem fixing is the way via which answers are advanced to dispose of an impediment from accomplishing a remaining goal. Issues in need of solutions range from fundamental private issues of "how do I switch on this appliance?' to greater complicated subjects inside the commercial enterprise and educational fields.
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What is the difference between a shift along a demand curve and a shift of a demand curve.
anderson d, chen sa, godoy la, brown lm, cooke dt. comprehensive review of chest tube management: a review. jama surg. 2022;157(3):269-274.
complete question is CHEST TUBE INSERTION: WHAT IS IT?
The installation of a chest tube is one of the most common surgical operations performed in Brazil by both general practitioners and expert surgeons. The purpose of this study was to review the academic literature on the subject and to share our experience simulating chest leaks in animals.
The successful use of the porcine model allowed the students to investigate anatomical relationships and surgical technique. The successful use of the porcine model allowed the students to investigate anatomical relationships and surgical technique
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jan smith, the marketing manager of big wheel autos, has noticed that in many european countries more of the population is moving into urban centers. this has resulted in an increased demand for subcompact cars that can maneuver through these congested streets rather than full-size automobiles. in the context of external information sources, this is an example of how can influence marketing management decisions.
From the observation of Jan Smith based on the ways that the cities are moving to urban centers, we can say that this is the example of the ways that geographical changes can influence marketing management decisions.
What is meant by geographical changes?This is the term that is used to refer to the spatial changes that may be in existence due to various factors in the given geographical area. This could be due to the fact that people are moving from an area to another or it could be due to other factors.
In this question that we have here, we can see that there is a movement of persons in the geographical area, more people are moving to urban centers. This is causing demand to rise in these areas for the cars that are able to move in areas with high population.
Hence we can say that From the observation of Jan Smith based on the ways that the cities are moving to urban centers, we can say that this is the example of the ways that geographical changes can influence marketing management decisions.
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What type of price elasticity of demand results from a relatively small percentage change in quantity demanded divided by a relatively larger percentage change in price?.
The price elasticity of demand results from a relatively small percentage change in quantity demanded divided by a relatively larger percentage change in price is inelastic.
The price elasticity of demand calculates how much an item's consumption changes as prices change.
Economists use price elasticity to examine how demand and supply for a product change concerning its price change. Supply, like demand, has price elasticity.
The price elasticity of supply is the relationship between price and supply change. It is calculated by subtracting the price change percentage from the quantity delivered change percentage. The two elasticities interact to determine which products are produced and at what cost.
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√john, a farmer, thinks he will make a profit next year if the weather stays the same, if the price of his crop doesn't change, and if the price of fertilizer and seed does not change. an economist would say that this farmer thinking he will make a profit the following year is an example of group of answer choices
An economist would say that this farmer thinking he will make a profit the following year is an example of Ceteris paribus.
Where do supply and demand intersect ceteris paribus?Market equilibrium is reached when the supply and demand curves coincide. When supply and demand are equal, this is the situation. The price that corresponds to the quantity is the equilibrium quantity, also known as the market clearing price.
This idiom means "all other things remaining unchanged or consistent." In economics, it is used to exclude the potential of "other" factors changing by focusing on the precise causal relationship between two variables. John, a farmer, thinks he will make a profit next year if the weather stays the same, if the price of his crop doesn't change, and if the price of fertilizer and seed does not change.
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the degree to which employees are fully involved in their work combined with the strength of their commitment to their jobs and company is called
The degree to employees are involved in their work fully and the strength of their commitment to their jobs and the company is called Employee Engagement.
What is employee engagement?Employee engagement refers to just how much employees are dedicated to their jobs and the company that hired them.
Companies generally benefit from higher employee engagement because when employees are more devoted, they are more likely to produce more goods and services for the company to ensure its success.
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when modifying commercial buildings to meet accessibility requirements, owners should focus their attention on these four areas: , access to goods and services, access to restrooms, and any other necessary measures, such as access to public amenities.
when modifying commercial to meet accessibility requirements, owners should focus their attention on these four areas:
Providing an accessible approach and entrance. The first area of focus is accessible approach and entrance. This can include ramps instead of stairways, and door width.1 : a commonly roofed and walled shape built for everlasting use (as for a dwelling) 2 : the art or enterprise of assembling substances right into a shape. Synonyms instance Sentences terms Containing constructing analyze extra approximate building.
A building is a structure that has a roof and walls, for instance, a residence or a factory. They were on the top floor of the building. Crowds amassed across the Parliament building. Synonyms: shape, house, production, living [formal, literary] greater Synonyms of constructing.
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Select the false statement about a budget
A budget balances net income and expenses.
A budget provides input to financial planning.
A budget is an emergency fund.
A budget should be reviewed regularly.
in year 2, the firm collected $650,000 from clients while performing $400,000 of services for them. the $30,000 that had been paid in advance during year 1
Unearned Revenue is the revenue paid but not yet earned that is the amount that is received in advance but for which services are not yet rendered. Assets, liabilities, and owner's equity are the balance sheet items, which will change according to the transactions that occurred during the previous year.
The firm collected $650,000, for services performed worth $400,000 including unearned revenue of $30,000 from YEAR 1. Therefore results which increase total assets by $650,000 and Owner's equity through income by $400,000
The firm did Service of $370,000 ($400,000 - $30,000) for which it had not previously received from its customers.
Therefore, Unearned revenue is reported down as in year 1 by $30,000 and up as in year 2 total by $280,000 [$250,000 ($650,000 - $400,000) plus $30,000 from year 1 ($400,000 - $370,000)] or [$650,000 - $370,000].
Up $650,000 Total Assets Up $400,000 Revenues
Up $250,000 Total Liabilities Gains /losses
Up $400,000 Owner's equity Expenses
Up $400,000 Net Incom
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an essential assumption in accounting is that all economic events can be identified specifically with an individual economic . (enter only one word.)
Economic entity is an essential assumption in accounting is that all economic events can be identified specifically with an individual economic. Accounting assumptions are a collection of guidelines that guarantee an organization's business operations are carried out effectively and in accordance with standards established by the FASB.
This presumption distinguishes the business's owner from the business itself. It means that the economic entity assumption distinguishes between the financial records of the business and the owner's personal finances. In all likelihood, the owner of the company's individual transactions and the commercial business transactions cannot coexist in accounting. The business entity assumption is another name for this presumption.
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