Answer: E.) All of the above.
Explanation:
For the power of Attorney to be valid it needs to include certain things such as the names of both the Principal and the Agent who is to obtain the power. Both the principal and the agent must be properly identified as well.
They should also both be of a legal age of majority in the state where the agreement is being written. Finally, the Power of Attorney must not break any State law as relates to it in the state it was drafted.
It should be noted that the requirements for a valid power of attorney to be accepted and used in conjunction with the offering of financial products in an H&R Block office are;
The Power of Attorney must include the name of the Principal and Agent.Proper identification must be obtained for the Principal and Agent. Both the Principal and Agent must be the legal age of majority.The Power of Attorney must meet the requirements of state law where written.According to the given question, we are to discuss the requirements for a valid power of attorney to be accepted and how it works.
As a result of this we can see that Power of Attorney must include the name of the Principal and Agent and Principal as well as the Agent needs to have legal age of majority.
Therefore, all of the options are correct because, Power of Attorney must include the name of the Principal and Agent.
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Picture yourself as a member of the administration team of a 253-bed healthcare facility. The community where the facility is located has a large corporation moving to town that is going to bring in 7,500 new jobs. Building has started to accommodate the higher population in the community. The administration team has decided to expand the healthcare facility by 150 beds, including expansion of the emergency department and two new intensive care units in preparation for the increased population in the community. The healthcare organization needs to obtain funding for the expansion. What type of financing would you be looking for (equity or debt) and why?
Answer: Debt Financing
Explanation:
Reasons to get Debt financing in this scenario:
It will be easier to obtain than equity as this is a healthcare facility and operations are about to pick up. The increased population and standard of living from the new jobs will ensure that the centre can afford interest repayment. Debt financing ensures that the ownership of the facility will not become diluted or taken over by entities that may not have best interests at heart.The value of the consumer price index (CPI) is best described as the:__________
Answer:
current year prices to base year prices, holding the market basket content constant.
Explanation:
The CPI as a form of measurement, gives an examination of the weighted average of what is the cost or prices of a basket of consumer goods and services, transport, food, and medical services. We can calculate this when we take the changes in price of every singular item in the basket of goods and finding the average.
It's value can best be described as current year prices to base year prices, while holding the market basket fixed.
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2021 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $4 million. The fiscal year ends on December 31.
Required:1. Should this contingent liability be reported, disclosed in a note only, or neither? Explain.2. What loss, if any, should Top Sound report in its 2021 income statement?3. What liability, if any, should Top Sound report in its 2021 balance sheet?4. What entry, if any, should be recorded?
Answer:
Top Sound International
1. The contingent liability should be reported in the financial statements. According to generally accepted accounting principles, a contingent liability must be recognized in the financial statements, if at the end of the accounting period, it is established that the liability is likely to occur and the amount of the contingent liability can be reasonably estimated.
2. The amount of the loss that should be reported by Top Sound in its 2021 income statement is $4 million.
3. The liability that Top Sound should report in its 2021 balance sheet is a contingent liability of $4 million.
4. The entry is a debit to the Contingent Loss Account and a credit to the Contingent Liability in the sum of $4 million.
Explanation:
a) Data:
Cost of product recall = $4 million
b) This product recall will give rise to contingent liability and loss in the financial statements of Top Sound. To establish this liability, Top Sound first recognizes it in the income statement as a loss before recording it in the balance sheet as a contingent liability. A contingent liability should be recognized when the event is likely, and the amount of the liability can be reasonably estimated.
What should you do if you start having a hard time paying your mortgage
Answer:
sorry I dont understand your question
Your company is contemplating replacing their current fleet of delivery vehicles with Nissan NV vans. You will be replacing 5 fully-depreciated vans, which you think you can sell for $3,200 apiece and which you could probably use for another 2 years if you chose not to replace them. The NV vans will cost $31,000 each in the configuration you want them, and can be depreciated using MACRS over a 5-year life. Expected yearly before-tax cash savings due to acquiring the new vans amounts to about $3,900 each. If your cost of capital is 8 percent and your firm faces a 34 percent tax rate, what will the cash flows for this project be?
Answer:
initial cash outlay (year 0) = -$144,440
cash flow year 1 = $23,410
cash flow year 2 = $29,734
cash flow year 3 = $22,988.40
cash flow year 4 = $18,941.04
cash flow year 5 = $18,941.04
cash flow year 6 = $15,905.52
Explanation:
initial cash outlay (year 0) = (-$31,000 x 5) + ($3,200 x 5 x 0.66) = -$155,000 + $10,560 = -$144,440
cash flow year 1 = {[($3,900 x 5) - ($155,000 x 20%)] x (1 - 34%)} + ($155,000 x 20%) = $23,410
cash flow year 2 = {[($3,900 x 5) - ($155,000 x 32%)] x (1 - 34%)} + ($155,000 x 32%) = $29,734
cash flow year 3 = {[($3,900 x 5) - ($155,000 x 19.20%)] x (1 - 34%)} + ($155,000 x 19.20%) = $22,988.40
cash flow year 4 = {[($3,900 x 5) - ($155,000 x 11.52%)] x (1 - 34%)} + ($155,000 x 11.52%) = $18,941.04
cash flow year 5 = {[($3,900 x 5) - ($155,000 x 11.52%)] x (1 - 34%)} + ($155,000 x 11.52%) = $18,941.04
cash flow year 6 = {[($3,900 x 5) - ($155,000 x 5.76%)] x (1 - 34%)} + ($155,000 x 5.76%) = $15,905.52
At a nominal interest rate of i convertible semi-annually, an investment of 1000 immediately and 1500 at the end of the first year will accumulate to 2000 at the end of the second year. Under the same interest rate, what is the present value of 1000 paid at the end of the fifth year?
Answer:
The answer is "869.76"
Explanation:
Given value:
[tex]CF_0=-1000\\\\CF_1=-1500\\\\CF_2=2000\\\\CPT \ IRR =2.8342\%\\\\[/tex]
[tex]\to Nominal\ Rate =2\times ((1+2.8342 \%)^{((\frac{1}{2})-1)}[/tex]
[tex]=2\times ((1.28342)^{(\frac{1}{2})-1}) \\ \\=2\times ((1.28342)^{(\frac{1}{2})-1}) \\\\ = 2.81\%[/tex]
[tex]\to 1000 = P (1+ \frac{2.83}{100})^5 \\\\\to 1000 = P (1+ 0.0283)^5\\\\\to P = \frac{1000}{(1+ 0.0283)^5}\\\\[/tex]
[tex]= \frac{1000}{1.14973878}\\\\= 869.76[/tex]
Select the true statement about the relationship between law, ethics, and business.
a. People generally have similar opinions on what actions or conduct are called moral, and the marketplace rewards businesses that conduct themselves in such a manner.
b. Each person has a different definition of what is moral or ethical, so it is not possible for businesses to know what qualifies as ethical conduct.
c. The marketplace is generally unconcerned with whether or not businesses conduct themselves morally, since morality is difficult to define.
d. Since morals and ethics are not objective and cannot be specifically measured, the relationship between the value of a business and its ethical conduct is murky at best.
Answer:
A
Explanation:
Which of the following is a provision of the CARD Act? Group of answer choices Lenders cannot bribe an appraiser to misstate a home's value. Manufacturers must report all potentially hazardous product defects within 24 hours of discovery. Credit card bills must be mailed at least 21 days ahead of their due dates. All of these are correct.
Answer:
Credit card bills must be mailed at least 21 days ahead of their due dates.
Explanation:
A credit card can be defined as a small rectangular-shaped plastic card issued by a financial institution to its customers, which typically allows them to purchase goods and services on credit based on the agreement that the amount would be paid later with an agreed upon interest rate.
CARD is an acronym for Card Accountability Responsibility and Disclosure and it is an act (federal statute) signed by President Barack Obama on the 22nd of May, 2009 after it was passed by the Congress of the United States of America.
A provision of the CARD Act is that, Credit card bills must be mailed at least 21 days ahead of their due dates so as to avail the card holders (users) an ample amount time to pay from the time it was mailed.
The purpose of the general journal is to show accounting events in their __________ sequence.
Answer:
Chronological
Explanation:
For accounting day to day business transactions, there is a proper sequence of accounting cycle i.e.
1. Transactions
2. Journal entries
3. ledger posting
4. Trial balance
5. Worksheet
6. Journal entries i.e. adjusted
7. Financial statements
8. Books closing
So it would be chronological
Assuming that the direct materials used are $1520000, compute the total manufacturing costs using the following information. Raw materials inventory, January 1$ 20000 Raw materials inventory, December 3140000 Work in process, January 118000 Work in process, December 3112000 Finished goods, January 140000 Finished goods, December 3132000 Raw materials purchases1540000 Direct labor760000 Factory utilities150000 Indirect labor50000 Factory depreciation400000 Operating expenses420000
Answer: $2,880,000
Explanation:
= Direct costs + Indirect costs
= Direct labor + Direct materials + Indirect labor + factory utilities + factory depreciation
= 760,000 + 1,520,000 + 50,000 + 150,000 + 400,000
= $2,880,000
Zuri had specified costs of $6,000 for the adoption of Imani, who is a U.S. citizen minor child who was in the custody of a California state public agency. All costs were directly related to the adoption and meet all other criteria. What amount can Zuri claim for the California Child Adoption Costs Credit
Answer:
The correct response is "$2,500". A further explanation is given below.
Explanation:
Zuri may assume 50 percent of the cost as either a California Kids Adoption expense, but the maximum number would be $2,500, which could be attempted to claim as something of borrowing through one year.⇒ [tex]$6,000\times 50 \ percent[/tex]
⇒ [tex]3,000 \ or \ 2,500[/tex]
Less than two are going to have been credit for the very first year.
Palmer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $105,000. The equipment will have an initial cost of $473,000 and have a 10 year life. If the salvage value of the equipment is estimated to be $84,000, what is the payback period?A. 10.00 yearsB. 5.25 yearsC. 4.50 yearsD. 3.29 years
Answer:
D. 3.29 years
Explanation:
Payback period = Initial cost / (An annual increase in net income after tax + Depreciation per year )
Payback period = $473,000 / [$105,000 + ($473,000-$84,000)/10]
Payback period = $473,000 / [$105,000+$38,900
Payback period = $473,000 / $143,900
Payback period = 3.28700
Payback period = 3.29 years
In January 2019, • labor force participation in the United States was 62.3%. • official unemployment was 4.1%. • the proportion of short-term unemployment (14 weeks or less) in that month on average was 68.9%. • moderately long-term unemployment (15-26 weeks) was 12.7%. • very long-term unemployment (27 weeks or longer) was 18.4%. Based on these statistics, what proportion of the labor force was unemployed very long term in January 2019, to the nearest tenth of a percent?
Answer:
0.8
Explanation:
Proportion to labor force unemployed very long term = Unemployment rate * Very long unemployment
Official unemployment = 4.1%
Very long-term unemployment (27 weeks or longer) was 18.4%.
Proportion to labor force unemployed very long term = 4.1 * 18.4% = 4.1 * 0.184 = 0.7544 ≅ 0.8
So, based on these statistics, the proportion of the labor force for unemployed very long term in January 2019 is 0.8
Joe Donney operates a roller skating center. He has just received the monthly bank statement at August 31 from Citizens National Bank, and the statement shows an ending balance of $638. Listed on the statement are an EFT rent collection of $375, a service charge of $9, two NSF checks totaling $137, and a $20 charge for printed checks. In reviewing his cash records, Donney identifies outstanding checks totaling $756 and an August 31 deposit in transit of $1,695. During August, he recorded a $280 check for the salary of a part-time employee as $28. Donney’s Cash account shows an August 31 cash balance of $1,620. How much cash does Donney actually have at August 31, 2014?
Answer:
Donney actually have $1,577 at August 31, 2014
Explanation:
Prepare a Bank reconciliation to determine the accuracy of the Cash Balance using the following steps
Step 1
Update the Cash Book (Bank Column) Balance
Cash Book (Bank Column)
Debit :
Balance as at August 31 $1,620
Rent collection $375
Total $1,995
Credit :
Service charge $9
Dishonored Checks $137
Printing Charge $20
Error : Understatement $252
Balance as per updated CB $1,577
Total $1,995
Step 2
Prepare a Bank Reconciliation Statement
Bank Reconciliation Statement as at August 31
Balance at Bank as per updated Cash Book $1,577
Add Unpresented Checks $756
Less Lodgements not yet credited ($1,695)
Balance as per Bank Statement $638
Conclusion :
Now that we have reconciled the Updated Cash Balance of $1,577 to the Bank Statement we can safely say Donney actually has $1,577 cash at August 31, 2014.
If net sales for the current year were $612,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
Answer:
42 days.
Explanation
Note: The full question is attached as picture below
Account receivable turnover ratio = $612,000 / $70,422
Account receivable turnover ratio = 8.69
Account collection period = 365 / 8.69
Account collection period = 42.00230.
Thus, the firm’s sales uncollected for year is 42 days.
Two investment centers at Marshman Corporation have the following current year income and asset data
Investment Center A 440,000 2,900,000
Investment Center B 550,000 2,200,000
Investment center income
Investment center average invested assets $ $ $
The return on investment (ROI) for Investment Center A is:___________
Answer: 15.17%
Explanation:
Based on the information provided in the question, the Return on investment would be calculated as:
= Net income / Average assets
Therefore, The return on investment (ROI) for Investment Center A would be:
= 440000 / 2900000 × 100
= 15.17241%
= 15.17%
5) On July 12, Reliable Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On September 3, Reliable Repair Service accepted the seller's counteroffer of $167,500. Describe how Reliable Repair Service should record the land.
Answer:
The price should be recorded as $167,500
Explanation:
As per the accounting principles, assets should be recorded at the price they were paid for. In case of a purchase, the accountant should record in the books the amount the company paid to acquire the asset. For sales, the amount received from the buyer is the figure to be recorded in the books.
For Reliable Repair Service, there were different prices quoted, but the buyer paid $167,500. It means the company sold the land for $165,000. This is the amount that should be recorded in the books.
Trade restrictions Group of answer choices Reduce the gains from trade for the country as a whole. Increase the gains from trade for poor countries. Reduce the number of hours employees must work. Increase the standard of living for the country as a whole.
Answer:
reduce the gains from trade for the country as a whole.
Explanation:
The theories of the international trade recommended that the trade restrictions do not permit the country to distribute its resources in the case when there is a competitive advantge. Due to this, the consumer lost because of the higher prices and also the producer would continue to exhibit the productivity that would be poor. In addition to this, there is a loss to loss situation.
Therefore as per the given situation, the first option is correct
Helen,a manager for Marshall Manufacturing,spends much of her time reviewing the global,technological,socio-cultural,competitive,and economic factors that can influence the success of her firm's marketing efforts.Helen's efforts indicate that she is involved with environmental scanning. Environmental scanning is the process of identifying the factors than can affect marketing success.
a. True
b. False
Answer:
a. True
Explanation:
The environment scanning means the scanning of the environment. In this, the information is collected with respect to the events and their relationship of an organization that could be internal and external. The main motive of this is to be measure the direction of the organization in near future
Also it identified the factor that impacts the success of the marketing
Therefore the given statement is true
In QuickBooks Online, where do you go to see all a company's categories organized into account types?
Answer:
The answer is "Chart of Accounts".
Explanation:
The chart of a financial report is the index of the general ledger of its financial accounts. In short, this is an organization tool that offers a digestible overview between subgroups of any money transfers performed by either a company in such an accounting period. It also using accounting graphs in Quickbooks to see those sections of a company grouped through account forms.
Which of the following is an example of a general partnership?
a. Yvonne opens her first business selling sporting goods. She hires a marketing manager, an accountant, and several sales staff to help her manage the demand for her goods. When she files her annual taxes, she claims 100% of the profits of the business on her individual tax return.
b. Stefanie's photography business has grown so quickly that she needs to invest in more equipment. She brings in a partner who provides the capital to purchase the new equipment, but who has no control over the day-to-day operations of the business.
c. Jonathan and Craig's catering business is going through a rough patch wherein the debts exceed the income. Jonathan is worried because he is personally liable for the whole of the company's debts, but Craig is only liable for the initial $50,000 that he invested.
d. Ken and Paul start a graphic design business together. When Ken fails to deliver on a contract with a customer, Ken and Paul are held equally responsible when the customer sues for damages.
Answer:
d. Ken and Paul start a graphic design business together. When Ken fails to deliver on a contract with a customer, Ken and Paul are held equally responsible when the customer sues for damages.
Explanation:
A general partnership is one where more than two people are involved in the running of a business and each bears an unlimited liability in the obligations of the business.
The partners share profit and losses from the business activities.
The scenario where Ken fails to deliver on a contract with a customer, Ken and Paul are held equally responsible when the customer sues for damages. Is a perfect example of a general partnership.
Both partners share in the loss that results from business activity.
Arthur, an Air Force major, received a permanent change of station transfer from Alabama to Spain. His spouse did not accompany him and, instead, moved from Alabama to her parents' home in California. If she received a $7,500 relocation allowance and was later reimbursed an additional $2,500, how much of the $10,000 moving allowance she received, if any, must she include in her income
As a spouse of an Air Force major, Mrs. Arthur is not expected to include any amount of the $10,000 given to her as relocation allowance in view of her husband's permanent change of status transfer.
If she was granted an amount that was more than her relocation expenses, then she must include the excess amount in her income. This question did not indicate that there was an excess. Instead, there was a shortage for which she was reimbursed an additional $2,500.
Thus, the amount that she would include in her income from the relocation allowance is $0.
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The amount that she would include in her income from the relocation allowance is $0.
A relocation allowance is an allowance given to an officer for relocating to another location away from home.
Here, the spouse of an Air Force major (Mrs. Arthur) is not expected to include any amount of the $10,000 given to her as relocation allowance in view of her husband's permanent change of status transfer.
Since she was granted an amount that was more than her relocation expenses, then, she must not include any amount in her income.
In conclusion, the amount that she would include in her income from the relocation allowance is $0.
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Which of the following stocks is LEAST sensitive to the movement of the overall stock market?
a. Starbucks
b. Home Depot
c. Amazon
d. Intel
Answer:
a. Starbucks
Explanation:
Stock markets maybe defined as the collection of exchanges and the markets where the activities of buying, selling and the issuance of the shares of various publicly-held companies takes place.
In the context, Starbucks is the least sensitive to the movement of overall stock market as the stocks with the least beta will be the least sensitive to the movement.
The Starbucks stock is LEAST sensitive to the movement of the overall stock market.
The following information should be considered:
The stock market refers to the collection of the exchanges & the marketing in which the purchasing & selling of shares are to be done. Also, Starbucks should be the least sensitive as it contains the least beta.Therefore we can conclude that The Starbucks stock is LEAST sensitive to the movement of the overall stock market.
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Under absorption costing, fixed manufacturing overhead costs are a ________ cost.
a. carried in a liability account.
b. carried in an asset account.
c. ignored.
d. immediately expensed as a period cost.
Answer:
b. carried in an asset account.
Explanation:
Under the variable costing method, manufacturing overheads are expensed in the period they are incurred, hence, the last option is wrong.
Also,there is no costing method wherein manufacturing overheads expenses are ignored, as a result, option c is also obviously incorrect.
The treatment of manufacturing overheads using absoprtion costing is they are added to the cost of products which are also shown in the balance sheet as an asset .
Using the following information, determine the location quotient for Motor City: employment in motor vehicle manufacturing within Motor City: 12,643; total employment in Motor City: 560,379; employment in motor vehicle manufacturing (nationally): 152,750; total employment (nationally): 106,201,232. Multiple Choice 0.1 12.1 15.7 44.3
Answer:
15.7
Explanation:
In this question we have the following information
Employment in Motor Vehicle manufacturing within city = 12643
Total employment in motor city = 560379
Total individual employment = 152750
Total employment = 106201232
We get the location quotient as
(12643/560379)/152750/106201232
0.02256/0.001438
= 15.69
This is approximately
15.7
Therefore the location quotient = 15.7
what possible happen if anti trust law would be removed
Answer:
Antitrust laws are laws that aim to promote competition between traders, among other things, avoiding market failures such as cartels and monopolies. Antitrust laws are important in a modern market economy and are defended in all the economic systems that guarantee the presence of the state as a market regulator. If there were no such laws, there would inevitably be the generation of different monopolies that would control the market for a certain good or service, which would limit the ability of consumers to choose and their access to better prices as a result of competition between companies. Business.
During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials $5,800 on account, factory labor $7,300 of which $5,500 relates to factory wages payable and $1,800 relates to payroll taxes payable, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost.
Answer:
(a) Dr Raw Materials Inventory 5,800
Cr Accounts Payable 5,800
(b)Dr Factory Labor 7,300
Cr Employer Payroll Taxes 1,800
Cr Factory Wages Payable 5,500
(c) Dr Manufacturing Overhead 2,100
Cr Utilities Payable 2,100
Explanation:
Preparation for separate journal entries for each type of manufacturing cost
(a) Dr Raw Materials Inventory 5,800
Cr Accounts Payable 5,800
(Being the Purchases of raw materials on account)
(b)Dr Factory Labor 7,300
Cr Employer Payroll Taxes 1,800
Cr Factory Wages Payable 5,500
(Being To record factory labor costs)
(c) Dr Manufacturing Overhead 2,100
Cr Utilities Payable 2,100
(Being To record entry for utilities payable)
Which scenario below is an example of complementary products, based on their cross-price elasticity?A. Bananas and lettuce, with an elasticity of 0. B. Shampoo and conditioner, with an elasticity of 3.5. C. Coffee and tea, with an elasticity of 2.25. D. Green salsa and red salsa, with an elasticity of 2.75.
Answer: B. Shampoo and conditioner, with an elasticity of -3.5.
Explanation:
Complimentary products are those which see their quantity demanded move together because the goods usually compliment each other like tea and sugar.
Their Cross-price elasticity shows this by being a negative figure. This is because when the price of one commodity goes up, the quantity demanded of the other goes down because higher prices lead to lower quantity demanded.
The actual question showed that Conditioner and Shampoo had a cross-price elasticity of -3.5 so this is the correct answer.
Calculate price of a 25-year annuity making a $60 annual payment, discounted at 5%.
Answer:
the price of a 25-year annuity is $845.64
Explanation:
The computation of the price is as follows:
The price of a 25-year annuity is
= Annual payment × ((1 - (1 + discounted rate)^(number of years)) ÷ discounted rate)
= $60 × ((1 - (1 + 5%)^(-25)) ÷ 5%)
= $845.64
hence, the price of a 25-year annuity is $845.64
Therefore it could be determined by applying the above formula so that the price could come
Because a bond is a legal contract, what could happen if a borrower fails to meet their obligation?
a. The bond could be reevaluated by a rating agency.
b. The lender could then own the bond outright.
c. The borrower could be required to prepare an offering memorandum.
d. The borrower could face bankruptcy proceedings.
Answer:
d) The borrower could face bankruptcy proceedings.
Explanation:
legal bond is can be regarded as a bond that as a written agreement so that a specific act is performed, in this obligation of contract should be fulfilled. It should be noted that if a bond is a legal contract, and a borrower fails to meet their obligation, The borrower could face bankruptcy proceedings.