A free market framework can't function fairly and successfully without the need for a solid foundation throughout contract law, as well as all buyers and sellers should be self - assured that now the transaction they are about to enter into will be concluded as specified. This statement is true.
What are the basic principles of contract law?
An offer and otherwise proposal has been made through one party and accepted by the other, resulting in an agreement. Both parties' free consent is required. Parties need to have good mental health. Intention of Legal Obligations.
Is it necessary for a contract to be in writing in order to be enforceable if achievement is unimaginable inside one year?
To really be enforceable under the Statute of Frauds, any contract which cannot be performed within one year must be written in writing.
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31. starting the next task before the first task is complete is a. lead b. lag c. negative lead d. slack e. float
Lead refers to starting the next task before the first task is completed.
What does a project task entail?An activity or work item with a specified purpose connected to the overall objective is referred to as a task in project management. It's an essential phase in the process of finishing the project.
How may a project be divided up into smaller tasks?Task management is used in even long-term Scrum projects, which last 11.6 weeks on average, to complete their work quickly and effectively. The creation of manageable workloads, taking into account job interdependence, and, of course, team communication to prevent duplication of effort or stumbling blocks are all components of task management. The high-level project objectives and goals must be broken down into manageable tasks in some way to prevent these problems.
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amazon has developed strategies for their distribution warehouses that minimizes the amount of inventory held at each location and maximizes the amount of inventory turnover. through these strategies, they are utilizing:
The correct answer is mass customization.A low turnover rate could be a sign of excessive inventory turnover, product obsolescence, line defects, or inefficient marketing.
However, there are other situations where a low rate would be preferred, including when stockpiles are increased in expectation of significant price hikes or impending shortages in the market. The inventory turnover ratio also shows that each unit's cost of warehousing will increase if inventory moves slowly. Conversely, a high inventory turnover rate can indicate low inventory levels, which might lead to a drop in sales. Supply shortages could result often from this.Some compilers of industry data may substitute sales as the numerator instead of cost of sales (like Dun & Bradstreet). Sales price
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which are reasons that job analysis is important to line managers? (select all that apply) multiple select question. understanding job requirements is critical to making intelligent hiring decisions. understanding the possible dangers associated with a job helps ensure work is being done safely. knowing about jobs helps managers fill in if there is a temporary vacancy. lacking this information means that managers are unable to determine an equitable pay rate for the job.
These three factors make job analysis crucial to line managers. (A) Making informed hiring decisions requires an understanding of the job requirements.
Line managers must perform job analyses for a variety of reasons. First and foremost, it offers a thorough grasp of work needs, which is necessary for making wise and informed hiring selections. Second, knowing the possible risks involved with a project may assist guarantee that it is done safely, lowering the chance of mishaps and injury. Thirdly, managers may replace temporary gaps or rearrange work positions as needed by having knowledge of various jobs. Last but not least, without a thorough work analysis, it may be difficult to justify pay decisions to employees or to determine an appropriate pay rate for a position.
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During its first month of business, Dig the Dogs, Inc. purchased $900 of hotdogs of which it paid $500 and owes the rest. During the month, it sold two thirds of its inventory for $1,500 on account. What is the amount of Cost of Goods Sold for the month ended?
For the month ended, the cost of goods sold was $600.
What does "cost of goods sold" mean?The cost of goods sold (COGS) is the carrying value of items sold over a specific time period.
Costs are assigned to individual items using one of many methods, such as specific identification, first-in-first-out (FIFO), or average cost. Expenditures comprise the acquisition, conversion, and other costs spent in getting the inventory to its current location and condition. Material, labor, and allotted overhead are all included in the costs of items manufactured by enterprises. The expenses of items that have not yet been sold are postponed as inventory costs until the inventory is sold or written down in value.
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one safe investment pays 10% per year, and a more risky investment pays 18% per year. a woman who has $138,400 to invest would like to have an income of $18,720 per year from her investments. how much should she invest at each rate?
The riskiest investments are those made in cryptocurrency, individual stocks, small enterprises, peer-to-peer lending, hedge funds, and private equity funds.
High risk, high volatility investments have the potential to produce enormous gains or enormous losses. There is no surefire technique to ensure an stocks return of 10%. Yet, you can make investments in mutual funds or equities that might yield a better return.
While making stock market investments, keep in mind that there is always a risk involved. Risk Types are many categories into which hazards can be divided. Market risk, credit risk, operational risk, strategic risk, liquidity risk, and event risk are a few categories that are frequently utilised.
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in preparing its adjusting entries at the end of this year, northern exposure company neglected to accrue commissions earned but not yet received or recorded. this error: question 16 options: a) understates this year's net income and overstates both assets and retained earnings at year-end b) understates this year's net income and understates both assets and retained earnings at year-end c) overstates this year's net income and understates both assets and retained earnings at year-end d) overstates this year's net income and overstates both assets and retained earnings at year-end
Northern exposure company neglected to accrue commissions earned but not yet received or recorded. this error: b) understates this year's net income and understates both assets and retained earnings at year-end.
Employees, outside sales-people, and other entities can all earn commissions. According to the accrual basis of accounting, you must record an expense and an offset liability for a commission in the same period that you record the sale that the salesperson was responsible for producing, as well as when you are able to determine the commission's amount.
The majority of businesses multiply net sales by a commission rate to determine actual commission costs. Unearned income is commission that is received in advance. Unearned income is money that was received but wasn't earned. This will appear as a liability on the balance sheet up until it starts to accrue.
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How should the entries to a schedule of accounts payable be ordered?
OA. by date received
B. alphabetically by vendor name
C. by amount due from most to least
OD. by date due
Answer:
D. by date due
Explanation:
The entries to a schedule of accounts payable should be ordered by "date due" (Option D). This means that the accounts payable should be listed in the order of the due dates, with the earliest due date appearing first and the latest due date appearing last. This makes it easier for the person responsible for paying the bills to prioritize which bills to pay first and to ensure that bills are not missed or paid late due to disorganization.
Answer: by date received!
the set of budgeted financial statements and supporting schedules for the entire organization is called the .
QuestionWhen economists say the demand for a product has increase, they mean that the ___________________.Ademand curve for the product has shifted to the leftBprice of the product has fallen, and consequently consumers are buying more of the productCcost of producing the product has consequently consumers are buying more of the productDamount of the product that consumers are willing to purchase at various prices has increasedMedium
The correct option is option D - consumers are willing to purchase at various prices has increased.
When economists say the demand for a product has increased, they mean that the amount of the product that consumers are willing to purchase at various prices has increased.
This indicates that the product's demand curve has shifted to the right, indicating that buyers are now willing and able to buy more of the product at each price point. The price of the product does not have to alter in order for demand to rise, while in some circumstances, a lower price may encourage more consumers to buy the product.
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The following question may be like this:
When economists say the demand for a product has increase, they mean that the _______.
A demand curve for the product has shifted to the left
B price of the product has fallen, and consequently consumers are buying more of the product
C cost of producing the product has consequently consumers are buying more of the product
D amount of the product that consumers are willing to purchase at various prices has increased
as the marginal propensity to consume (mpc) becomes larger, the marginal propensity to save (mps): please choose the correct answer from the following choices, and then select the submit answer button. answer choices increases. is indeterminate. stays the same. decreases.
Therefore, if the MPC rises, the MPS must also fall. The MPC and MPS, respectively, equalize the slopes of the consumption and saving functions.
What economic aspect leads to a greater multiplier quizlet for a larger MPC?
We find an increase in the multiplier when the MPC rises because the initial shift in spending results in higher consumption expenditure at each stage of the growth process. Therefore, the higher the MPC, the bigger the change in real GDP as a result of an increase in spending.
How does a higher MPC affect the spending multiplier effect?
Because the multiplier is the outcome of a change in total spending, a larger MPC suggests greater income production through private consumption.
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The emergency banking act was passed to stabilize the u.s. banking system by.
The Emergency Banking Act was passed by the United States Congress in 1933 in response to the ongoing banking crisis during the Great Depression.
Its main goal was to stabilize the country's banking system by restoring public confidence in banks and preventing mass bank runs.
The act was introduced by President Franklin D. Roosevelt and was passed just days after his inauguration. It authorized the president to declare a national bank holiday, which temporarily closed all banks in the country and allowed the government to inspect and evaluate their financial health.
During this period of closure, the government worked with banks to identify those that were stable and to provide financial support to those that were struggling. The act also provided for the reopening of sound banks as soon as possible, under strict regulations and government supervision.
Overall, the Emergency Banking Act helped to restore confidence in the banking system and was one of several measures taken by the Roosevelt administration to address the economic crisis of the Great Depression.
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Relationships between businesses and among nations are called: ________
Relationships between the businesses and among nations are called international relations.
What are international relations?International relations refers to the study of interactions among states, international organizations, non-state actors, and individuals in the global political system. It is a multidisciplinary field that draws on politics, economics, history, law, and sociology to explain and analyze global events and trends. The main areas of focus in international relations include foreign policy, international security, international law and organizations, globalization, and global governance. The study of international relations involves analyzing the behavior of states and other actors in the international system, and exploring how these behaviors are influenced by factors such as power, ideology, culture, and identity. Overall, international relations seeks to provide a better understanding of how the world works, and how to address global challenges and opportunities.
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the shrieves corporation has $20,000 that it plans to invest in marketable securities. it is choosing among at
The after-tax rates of return for the three securities are:
AT&T bonds: 5.25%State of Florida muni bonds: 6%AT&T preferred stock: 3.74%To calculate the after-tax rate of return for each security, we need to take into account the tax implications of each investment.
AT&T bonds:The before-tax rate of return on AT&T bonds is 8.75%. Since interest income is taxable, we need to calculate the after-tax rate of return by multiplying the before-tax return by (1 - corporate tax rate):
After-tax return = 8.75% x (1 - 0.4) = 5.25%
Therefore, the after-tax rate of return on AT&T bonds is 5.25%.
State of Florida muni bonds:The before-tax rate of return on the state of Florida muni bonds is 6%, but they are not taxable. Therefore, the after-tax rate of return is simply the before-tax return:
After-tax return = 6%
Therefore, the after-tax rate of return on state of Florida muni bonds is 6%.
AT&T preferred stock:The dividend yield on AT&T's preferred stock is 7.25%. Since dividends are taxed at a lower rate than interest income, we need to calculate the after-tax rate of return by multiplying the before-tax return by (1 - corporate tax rate) and then adjusting for the tax-exempt portion of the dividends:
After-tax return = 7.25% x (1 - 0.4) x (1 - 0.7) + 7.25% x 0.7 = 3.74%
Therefore, the after-tax rate of return on AT&T preferred stock is 3.74%.
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Complete Question -
The Shrieves Corporation has $20,000 that it plans to invest in marketable securities. It is choosing among AT&T bonds, which yield 8.75%, state of Florida muni bonds, which yield 6% (but are not taxable), and AT&T preferred stock, with a dividend yield of 7.25%. Shrieves's corporate tax rate is 40%, and 70% of the dividends received are tax exempt. Find the after-tax rates of return on all three securities. Round your answers to two decimal places.
donatello’s pizza is known for its quick service. to make a pizza, employees must prepare the dough and add the sauce and toppings. cooking happens next, followed by packaging. in this scenario, the employees of donatello’s pizza are engaged in:_______.
In this scenario, the employees of Donatello's Pizza are engaged in a production process.
The series of steps taken to transform raw materials or inputs into completed items or products, in this example a pizza, is referred to as the manufacturing process. The preparation of the dough, the addition of the sauce and toppings, the cooking of the pizza, and its packaging are all processes in the production process at Donatello's Pizza. The workers convert the inputs into a finished good that may be sold to customers by carrying out these tasks. A production process is a method of using financial intuitions or resources, such labour, costly equipment, or land, to give customers the goods and services they want. Businesses often utilise one of four different types of manufacturing processes. In terms of manufacturing methods, there are batch, unit, mass, and continuous processes. Any firm needs its manufacturing process to function.
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the loss of producer surplus for those sellers of the good who continue to sell it after the tax is imposed is group of answer choices $1.5. $1. $2. $3.
The loss of producer surplus for those sellers of the good who continue to sell it after the tax is imposed depends on the elasticity of the supply of the good. In general, the more elastic the supply, the greater the loss of producer surplus. Here option B is the correct answer.
Assuming that the supply of the good is relatively elastic, the loss of producer surplus for those sellers who continue to sell it after the tax is imposed can be estimated by the difference between the price they receive after the tax and the price they would have received before the tax, as represented by the supply curve. The difference between these two prices is the amount of the tax.
For example, if the tax is $2 per unit and the price sellers would have received before the tax is $5 per unit, but the price they receive after the tax is $4 per unit, then the loss of producer surplus is $1 per unit ($5 - $4). If the quantity sold is 1,500 units, then the total loss of producer surplus is $1,500 ($1 x 1,500).
Complete question:
the loss of producer surplus for those sellers of the good who continue to sell it after the tax is imposed is group of answer choices
A - $1.5.
B - $1.
C - $2.
D - $3.
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azure if the federal reserve votes to lower the discount rate, how will this likely affect interest rates on short-term credit?
Tire installation equipment is available at Williams Auto. Currently, the machine has to be repaired. The machine was purchased for $11,400, and the repair will cost $2,400.
What is the definition of equipment and machinery?
In a manufacturing operation, testing operation, or research and development activity, machinery and equipment is "used directly" if it satisfies any one of the following requirements: engages in activity or interaction with a piece of tangible personal property.
Equipment includes things like computers, automobiles, and manufacturing machinery. They differ from intangible assets (like patents, trademarks, or copyrights) in that they have a physical form, making them palpable.
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A cost that changes in proportion to changes in volume of activity is a(n):. a) Differential cost. b) Fixed cost. c) Incremental cost. d) Variable cost
A variable cost is one that fluctuates in direct relation to variations in activity volume. Costs that change according to the volume of production or activity are known as variable costs.
Costs that vary according on the volume of production or activity are known as variable costs. These expenses fluctuate with variations in production levels and are directly related to the quantity of goods or services produced. Raw materials, direct labour, and commission-based sales expenditures are a few examples of variable costs. Variable costs rise or fall in response to variations in the level of output, in contrast to fixed costs, which remain constant regardless of changes in production levels. Because they can significantly affect total profitability, variable costs for firms must be precisely identified and tracked. Companies may make educated judgements about pricing, production levels, and cost management by knowing the relationship between production levels and variable costs.
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In terms of opportunity, blacks in the united states today are:__________
Answer: not equal in terms of opportunities for better life for their children
Explanation:
In terms of opportunity, blacks in the united states today are: both opportunities there have been significant strides towards racial equality and justice in recent decades, including legal protections against discrimination, increased representation in government and other institutions.
What is government?A government is the system of politics for running the nation. There are different forms of government like democracy, aristocracy, monarchy, and oligarchy.
A government makes rules and order for running the nation, state, or any political unit. A government makes defense laws, foreign policy, budget and sources of revenue and expenditure for a nation.
There are opportunities for black Americans to achieve success and advancement in various fields, like access to education, government representation and employment opportunities.
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There are opportunities for black Americans to achieve success and advancement in various fields, like access to education and employment opportunities.
given linear demand curves, if demand and supply both increase but demand increases by a greater amount than supply, then:
The equilibrium price and quantity both rise if demand and supply both rise, but demand does so more quickly than supply. As the elasticity of demand, or how customers respond to a change in price, plays a significant role in how demand is determined in the real world, linear curves are uncommon.
Also, there are variations in the connection between equilibrium demand and price. There are some goods that sell well at any price. The price elasticity of demand fluctuates along a linear demand curve depending on the measurement interval. When we move down and to the right along any linear demand curve, the absolute value of the price elasticity of demand will decrease.
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after completing chapter practice - step 21, after you change the format to accounting and zero decimal places, what does the format name change to?
After completing chapter practice - step 21, when you change the format of a cell or a range of cells to Accounting with zero decimal places, the format name changes to "Accounting".
The Accounting format is one of the built-in number formats in Microsoft Excel, and it is commonly used to display financial data such as sales, revenue, expenses, and profits.
This format adds a currency symbol to the left of the number, which can be customized to match the currency of your choice, such as the dollar sign ($), euro symbol (€), or pound sign (£). It also adds commas to separate the thousands, making it easier to read and compare large numbers.
The zero decimal places option removes any decimal places from the numbers in the selected cells, which is useful when you don't need to display any fractions of a number, such as in a financial report where all the values are in whole numbers. By using this format, you can make your data more presentable and easier to read, while also conveying a professional look to your reports.
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a company deposits $35,000 each year (beginning one year from today) into a fund that can earn 5.20%. what will be the value of the fund seven years from today?
The value of the fund seven years from today will be $264,948.31.
Worth of money through time. PV is a crucial component of the time value of money, which is the foundation of finance, along with FV, I/Y, N, and PMT. Without PV, there cannot be mortgages, vehicle loans, or credit cards. Instead, feel free to visit our Future Value page to learn more or perform calculations. As you can see in this illustration, comparing historical mutual fund NAV can show you that the performance of the XYZ fund was not great in 2016 but improved after that. The mutual fund 5-year return as of the end of 2019 can be computed by dividing the total number of years by the sum of the starting and ending NAV.
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the responsibilities and tasks of managers have changed substantially in recent years due to changes in .multiple choice question.political pressures and regulationsglobal competition and advances in technologythe numbers of undergraduate and graduate level management programslocal competition and energy technology
b) The duties and demands of managers have evolved significantly in recent years as a result of changes in information technology and global competition.
Information technology: What is it?Information technology (IT) is the use of computers, storage, networking, and other physical equipment, processes, and infrastructure to create, process, store, and exchange all types of electronic data. IT is frequently employed in the context of commercial operations as opposed to the technology utilized for personal or recreational use.
Computer and telecommunications technologies are both a part of IT used for business. The phrase "information technology" was first used by the Harvard Business Review to distinguish between general-purpose computing devices that could be programmed for a variety of jobs and machines constructed specifically to accomplish a narrow range of tasks.
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if the economy were in a recession, what effect is it likely to have? if the economy were in a recession, what effect is it likely to have? an increase in demand for non-durable products demand (especially) for durable goods is lower consumers become less price sensitive marketers increase supply to lower prices
Unemployment. A surge in cyclical unemployment is a recession's largest challenge. Businesses produce less, they need fewer workers, which raises unemployment.
What are the economic effects of the recession?In a recession, both large and small businesses see a fall in sales and profits. They might reduce spending on marketing, research, and capital expenditures as part of their cost-cutting measures. Recessions may restrict access to financing, hinder collections, and encourage corporate bankruptcy.
Recovery from the Great Recession was slow and uneven in all of the affected nations, and it was anticipated that the longer-term social effects of the downturn, such as lower fertility rates, historically high levels of student debt, and fewer job opportunities for young adults in the United States, would persist for many years.
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if you work for a company that expects you to deceive customers about the quality of your product, you should:
Option C is correct. If you work for a company that expects you to deceive customers (Deception) about the quality of your product, you should: leave the organization.
Deception or deceiving is a demonstration or proclamation that deludes, conceals reality, or advances a conviction, idea, or thought that isn't correct. It is much of the time accomplished for individual increase or benefit. Misdirection can include dissimulation, promulgation and skillful deception along with interruption, disguise or camouflage. There is additionally self-misdirection, as in dishonesty. It can likewise be called, with differing emotional ramifications, beguilement, misleading, feign, perplexity, trick, or deception.
Misdirection is a significant social offence that frequently prompts sensations of double-crossing and doubt between social accomplices. Trickery disregards social guidelines and is viewed as a negative infringement of assumptions. A great many people anticipate companions, social accomplices, and even aliens to be honest more often than not. Assuming individuals anticipated that most discussions should be untruthful, talking and speaking with others would require interruption and confusion to get solid data. A lot of duplicities happens between a few heartfelt and social accomplices.
Misdirection and deceptive nature can likewise frame justification for the common cases in misdeed, or agreement regulation (where it is known as distortion or deceitful deception if conscious), or lead to criminal arraignment for extortion. It likewise frames an essential piece of mental fighting trying to claim ignorance and misdirection
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Complete Question -
If you work for a company that expects you to deceive customers about the quality of your product, you should:
a. go along with the practice because it's in the company's best interests.
b. follow the expected practice unless it's illegal.
c. leave the organization.
d. tell your customers what the company is doing.
many leadership training and development programs throughout the u.s. rely on which approach to leadership?
The behavioral approach emphasizes the conduct and conduct of leaders.
What comprises the behavioral leadership approach?
The behavioral leadership hypothesis contends that a leader's performance is influenced more by their actions than by their innate abilities. The behavioral leadership theory states that a leader's reactions to a certain event should be watched and assessed.
Which are the top three leadership training course subcategories?
Coaching, mentoring, or action learning are three examples of programs that use various techniques to frame challenging situations within their organizational context. They thus enable leaders to collaboratively consider all of their available options for fixing problems.
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Five Guys understands the importance of market segmentation as evidenced by its marketing strategies, which are designed specifically to appeal to its market segment. It develops promotional campaigns and advertisements that focus on fresh, high-quality products rather than on lowering prices or offering quicker service.
True or false?
Which are designed specifically to appeal to its market segment. It develops promotional campaigns and advertisements that focus on fresh, high-quality products rather than on lowering prices or offering quicker service. This is a true statement.
What exactly does "market segment" mean?A marketing tactic called market segmentation breaks down the total addressable market share of a brand into more manageable chunks using clearly established criteria. Each segment or group has shared qualities that give the brand the ability to develop specialized and targeted goods, services, and experiences.
What attributes endow a market sector with allure?In addition to the market segment's growth rate, they consider the prospective profitability (is there a chance for a bigger profit margin?). When a segment's offering appears novel to clients and has lots of potential for growth, the market is attractive.
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ben oversees the delivery process at a local store. after going through the week's delivery schedule, he calls his team and assigns territories for each individual. he contacts the supervisor to arrange the necessary transport. which activity of the value chain is ben executing?
When Ben oversees the delivery process at a local store. The activity of outbound logistics of the value chain is Ben executing.
The demand side of the supply-demand kind of relationship is the main focus of outbound logistics. The procedure entails the storage and delivery of commodities to the consumer or final user. Order fulfilment, packing, shipping, delivery, and customer assistance connected to delivery are among the phases. Warehouse & Storage Management: To satisfy demand, a business keeps a specific amount of inventory on hand. Outbound logistics procedures organise and safely store these commodities in the appropriate settings. In warehouse management, inbound and outbound logistics are combined. However, the logistics for outbound shipment of final goods. Inbound logistics focuses on product acquisition for businesses that sell finished goods they get from suppliers, and outbound logistics completes orders sent directly to clients and delivers the goods to retail locations.
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the journal entry to transfer completed products from production to finished goods inventory includes which two of the following? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) check all that apply debit to finished goods inventoryunanswered credit to work in process inventoryunanswered credit to finished goods inventoryunanswered debit to work in process inventoryunanswered debit to raw materials inventoryunanswered credit to raw materials inventoryunanswered
The journal entry to transfer completed products from production to finished goods inventory includes the following two:
Debit to finished goods inventory
Credit to work in process inventory
In an organization's accounting system, a journal entry serves as a record of a financial transaction. It is used to record how money or resources are put into and taken out of particular accounts in the general ledger of the business. Each journal entry is typically recorded in chronological order and contains at least two accounts, as well as an amount for each account.
A crucial component of the double-entry accounting system, which mandates that each financial transaction be recorded twice—once as a debit and once as a credit—is journal entries. By doing this, it is made sure that the accounting formula, Assets = Liabilities + Equity, is always in balance.
The journal entry acts as the initial record of a transaction and forms the foundation for all ensuing financial reporting, including financial statements like
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why did net income grow more than sales? which answer is incorrect? group of answer choices one reason is that there was no increase in depreciation and amortization
The concept is Net Income. It's the quantum an individual or business makes after abating costs, allowances and levies.
Net income grow further than deals due to increase in payroll and advertising costs. Since a significant portion of the charges your business must pay are fixed, an increase in deals should produce a larger chance gain in net income compared to the chance increase in deals.
Net income is lower than profit because profit is the top line item from which charges are subtracted. still, in rare cases, net income can be advanced than profit if extraordinary, or one- time, particulars are included in a period.05
Net profit periphery( also called the return on deals rate) is a extensively used profitability index that gauges your company's fiscal health. It's the chance of deals profit you have left after abating operating charges, deprecation, amortization, interest, and income levies.
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assume that the market basket of goods and services purchased in 2004 by the average family in the united states costs $14,000 in 2004 prices, whereas the same basket costs $21,000 in 2009 prices. however, the basket of goods and services actually purchased by the average family in 2009 costs $20,000 in 2009 prices, whereas this same basket would have cost $15,000 in 2004 prices. given this data, a laspeyres price index of 2009 prices using 2004 as the base year would be:
With 2004 as the base year, the Laspeyres price index for 2009 prices is 150 (21,000/14,000), which denotes a 50% rise. A price index is the normalised mean of prices for a certain class of products or services in a particular area.
A constant basket of products and services is used to calculate the Laspeyres price index, which tracks changes in price over time. The Laspeyres price index for 2009 prices, using 2004 as the base year, would be determined by taking the cost of the 2004 basket of goods and services in 2009 prices ($21,000) and dividing it by the cost of the same basket in 2004 prices ($14,000), yielding a Laspeyres price index of 1.5. The cost of the assortment of products and services rose by 50% between 2004 and 2009, according to this. A price index is a statistical tool used to compare how these price relatives, as a whole, vary between time periods or geographical regions.
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