1. It is correct to state that the debit and credit columns of the trial balance match, this ensures that the accounting entries have been prepared correctly.
2. Temporary accounts are closed during the accounting period closing process for purposes of organization, control and to prevent balances from being mixed with those of the next accounting period.
What is an accounting period?Corresponds to a period of time in which an organization will calculate its assets, that is, its credits and debits related to a period that can be carried out, for example, in the weekly, monthly or annual period, which is an instrument for identifying the financial situation of the company and its evolution.
Therefore, it is essential that accounting, such as financial statements and balance sheets are developed in an organized and structured way, in order to increase corporate governance to stakeholders, in addition to ensuring the best decision-making for business performance.
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You are head of the largest merchant trading house on the Silk Road. It is the year 1500, and the long prosperity of the Pax Romana has created strong demand in Italy for the luxury products you import from China and India. Chief among those products is silk. Everybody who is anybody wants their clothes made of silk. There is a great desire in the west to have the exotic goods of the east. And the most widely desired of those goods is that marvellous fabric called silk. It is beautiful to the eye, smooth to the touch, light in weight and very strong. How it is made is a mystery, only the Chinese know that, and they carefully guard the secrets of its manufacture. You also trade in other fine products to enhance the enjoyment of life. There are jewels to delight the eye, spices to tantalize the palette, medicines to heal the body and substances to soothe the mind. These are the products that are carried on the Silk Road. They are high in value, and smaller in size and weight than the common commodities of daily life such as grain, leather, iron, wood or woollen cloth. It is this combination of high value, small size and lightweight that makes it profitable to transport such products over long distances. These cities are also places where caravan leaders can sell their products to local merchants and return to their cities of origin. One way to manage the risks inherent in a long journey on the Silk Road is to specialize in just one or a few shorter routes between certain cities. The prices you can get for products increase the further you go from the origin points of those products, but costs and risks also increase the further you carry those products. So, you balance the risks against potential profits. In meetings with caravan leaders, and countless conversations with other merchants, travellers, priests, and soldiers, you are forever gathering information about conditions on the Road and prices and supply and demand for different products. You work at developing an i
Answer:
For more than 1,500 years, the network of routes known as the Silk Road contributed to the exchange of goods and ideas among diverse cultures
The purpose of advance organizers is to
A task is something that needs to be accomplished in order to move into the nex
stage.
True
False
17). According to path-goal theory, leaders adjust their behaviors based on ______.
A). follower characteristics and work settings
B). follower characteristics and productivity
C). follower characteristics and leader skills
D). follower characteristics and team climate
This is correct!
Leaders adjust their behavior based on A. Follower characteristics and work settings.
What is Path-Goal Theory?Path-Goal theory is the theory that states that the behaviors and actions of the leader/ Manager may change the behavior of the workers, if the leader/ Manager motivates the employees or workers by providing them motivation and better remuneration, they will work at a faster pace and their productivity will be increased efficiently.
The leaders following the path goal theory tend to adjust their behavior according to the work settings of the workers and the followers characteristics that is how they work and their views about work. Therefore it is important that the leader adjust their behavior according to the motivation required to the workers.
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1. McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. (a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance? (b) Is the $1,850 credit balance in the cash account an asset, a liability, stockholders’ equity, a revenue, or an expense?
2. If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain
1a) Assuming no errors occurred during journalizing or posting, the cause of the unusual balance is an overdraft.
1b) The $1,850 credit balance in the cash account is a liability.
2. If the two totals of a trial balance are equal, it does not mean there are no errors in the accounting records.
What errors do not affect the trial balance?Some accounting errors do not make the trial balance to be unequal.
Some of the errors that will not affect the trial balance include:
Errors Of PrincipleErrors of OmissionIncorrect reportingTransposition ErrorCompensating ErrorsErrors Of CommissionReversal Of Entry ErrorLate payment charges.When anyone of the above errors occurs, the trial balance will still be in balance, and the two totals will be equal.
Data and Calculations:Cash account balance on December 31 = $1,850 Credit
Thus, when the Cash account has a credit balance, it signifies an overdraft, especially when the balance is significant.
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Your company experience 20 percent turnover last year. This means 20 percent of the people employed at the beginning of the year were terminated no longer employed by the years end. You know that a year from now you will need to hire 40 more people in your company to keep up with increasing customer demand. How many employees should you plan on hiring assuming turnover remains constant?
There will be a requirement to hire forty (40) and an additional 20% of the entire workforce in order to maintain the company's employee turnover ratio at a consistent level.
What is turnover rate in business?Employee turnover, also known as employee turnover rate, is the number of workers who leave a company in a given time frame, usually one year.
How to calculate turnover percentage?"Divide the total number of people quitting their jobs by the average number of people working at the company [the average number of employees at the start and end of the time period]." The staff turnover rate can then be calculated by multiplying that figure by 100.
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Please think about and answer the following questions. Sales forecasts are important because knowing how many people you will serve is important. What are three specific problems that will occur when managers consistently underestimate the number of guests they will serve on a given day? What are three specific difficulties that will likely result if managers consistently overestimate the number they will serve?
The 4 specific difficulties that will likely result if managers consistently overestimate the number they will serve includes:
companies labor cost will go upcompany will lose money on the business because they will continue paying the employees even if they are not making enough in guest salescompany could possibly lose money on food costs.What is a Sales forecasts?Basically, a forecast refers to the technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trend. A sales forecast are mostly used by selling organization.
This sales forecast is often an expression of expected sales revenue; it helps to estimates how much your company plans to sell within a certain time period such as quarter or year and the best sales forecasts will do this with a high degree of accuracy.
However, in the question context, some difficulties that will likely result if managers consistently overestimate the number they will serve includes the companies labor cost will go up, company will lose money on the business because they will continue paying the employees even if they are not making enough in guest sales and company could possibly lose money on food costs.
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When there is high unemployment,
which of the following occurs in
society?
A. There is a greater reliance on government assistance.
B. There is a greater reliance on management creating
income.
C. There is a greater reliance on consumer spending.
D. There is a greater reliance on educational spending.
When there is high unemployment, A. There is a greater reliance on government assistance occurs in society.
A society is a collection of people involved in chronic social interaction, or a massive social institution sharing the identical spatial or social territory, normally subject to the identical political authority and dominant cultural expectancies
The totality of social relationships amongst prepared organizations of people or animals. a system of human businesses generating exceptional cultural styles and establishments and usually presenting protection, protection, continuity, and a countrywide identity for its contributors.
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Locate a news article discussing a social services business failure or closure. Using the concepts in the lesson and Chapter 7, identify the root causes for the failure, examining the short run and long run. Use graphs if necessary
This is characterized by the absence of funding to help social entrepreneurs, as well as by ignorance of funding sources and a lack of project integration expertise.
What is a root cause diagram?A fishbone diagram, also known as an Ishikawa diagram, is a visual technique for root cause analysis that classifies cause-and-effect interactions into groups. Kaoru Ishikawa of the University of Tokyo popularized the Ishikawa diagram, which was utilized as a fundamental tool for quality control.
A root cause is an element that contributed to a nonconformance and ought to be permanently removed via process improvement. The core issue, or root cause, is what started the complete chain of events that led to the problem in the first place. It is also the most fundamental cause (s).
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Explain how collaboration could improve team performance
Answer:Why is collaboration important? Collaboration improves the way your team works together and problem solves. This leads to more innovation, efficient processes, increased success, and improved communication
Explanation:Brainliest award
How does the technology skill most directly support informative writing? a.) It enables you to convey your message clearly. b.) It assists you in identifying quality research sources. c.) It makes your writing more engaging. d.) It helps you tailor your message to your audience.
The way that the technology skill directly supports informative writing is b.) It assists you in identifying quality research sources.
How does technology help in writing?In this contemporary period, technology has allowed for human beings to be able to access more knowledge and information from wherever they are. This is especially thanks to internet technology.
Having knowledge of technology skill therefore helps a person to be able to better identify research sources and also to identify the quality resources to help their research and informative writing best.
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Suppose that the Federal Reserve Bank announces that it will be making a change to a key interest rate to increase the money supply. This is likely because
Group of answer choices
A.)the Federal Reserve Bank is worried about inflation.
B.)the Federal Reserve Bank is worried about unemployment.
C.)the Federal Reserve Bank is hoping to reduce the demand for goods and services.
D.)the Federal Reserve Bank is worried that the economy is growing too quickly.
Answer:
A.)the Federal Reserve Bank is worried about inflation.
Explanation:
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Which of the following statements is true of ethics?
This is a representation of the orgaization’s pay level policy, relative to what competitors pay for similar jobs:
A. Pay-policy line
B. Efficiency wage
C. Market medium point
D. Benchmark conversion graph
This is a representation of the organization's pay level policy, relative to what competitors pay for similar jobs is A. Pay-policy line.
What is Pay-policy line?The term known as Pay policy lines are known to be factors that are useful when trying to depict survey data and comparing them with the internal pay structure.
Note that from the use of the pay policy line, organizations tend to set up the minimum as well as the maximum pay levels, the assocaition between pay grades, and the scope of a pay grade.
Therefore, This is a representation of the organization's pay level policy, relative to what competitors pay for similar jobs is A. Pay-policy line.
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a. Service charges of $50 for the month of January were listed on the bank statement.
b. The bank charged a $250 check drawn on Wing Restaurant to Wong's account. The check was included in Wong's bank statement.
c. A check of $62 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the
check from a customer and thought that it was good when it was deposited into the account.
d. A $990 deposit was recorded by the bank as $980.
e. Four checks totaling $810 written during the month of January were not included with the January bank statement.
f. A $75 check written to Office Max for office supplies was recorded in the general journal as $57.
g. The bank statement indicated that the bank had collected a $450 note for Wong.
h. Wong recorded $900 of receipts on January 31 that were deposited in the night depository of the bank. These deposits were not
included in the bank statement.
Reconciling Book Balance
Items
Adjusted?
Amount Added
or
Subtracted?
Reconciling the Book Balance with the items adjusted in Wong Company's ledger is as follows:
Items Adjusted Amount Amount Added Subtracteda. Service charges $50
c. Dishonored Check $62
f. Accounts Payable $18
g. Note Receivable $450
Total $450 $130
What is bank reconciliation?Bank reconciliation is an accounting process that matches the entries in the bank statement with the internal records of the company.
During bank reconciliation, the accountant finds discrepancies that cause the Bank Statementbalance not to agree with the Cash Book balance.
After discovering the transaction discrepancies, the Cash Book is adjusted with reconciling items found from the bank statement.
Transaction Analysis:a. Service charges $50 Cash $50
b. Wing's check debited against Wong $250
c. Dishonored Check $62:
Accounts Receivable $62 Cash $62
d. Under-accounted deposit by $10 ($990 deposit as $980)
e. Checks not presented $810
f. Accounts Payable $18 Cash $18 ($75 - $57)
g. Cash $450 Note Receivable $450
h. Uncredited checks $900
Thus, the total amount that will be added to the Cash Book of Wong Company is $450 while a total of $130 will be subtracted to reconcile the book balance with the bank statement.
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After reading Chapter 3 and the opening case study ATTACHED HERE (SEE BELOW), recommend a perspective a multinational corporation could use to make sense of the political situation in China, especially during the Covid-19 pandemic outbreak. How would you advise a potential foreign corporation to manage the intricacies (complexities and risks) of China’s political-legal environment? Remember that a foreign corporation is the one investing, outsourcing or doing businesss with China.
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Caitlin's lawyer suggests that she name a(n).
assets in the event of her death.
to receive her assets in the event of her death
Caitlin's lawyer suggests that she name someone, to receive her assets in the event of her death. Thus, option B is correct.
Who is a lawyer?A lawyer can be defined as a person who has gone to school to get a degree regarding the same and passed the bar exam. A lawyer helps the person in the matter which are related to the court
The lawyer recommended to Caitlin that in case she dies or in case of, she should name someone to whom the assets would be transferred after her death or demise. it can be transferred to a person, or organization for a charity fund. Therefore, option B is the correct option.
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Answer:
b
Explanation:
What contingency factors might affect the
planning a business managers have to
do?
The contingency factors that might affect the planning a business managers have to do includes:
Environmental Uncertainty.Organizational Level.Time limit.What is a contingency factor?It refers to the provision that the cost estimator makes to cover the unforeseeable expenses that the project may incur. Such expenses may result from factors such as unpredictable weather conditions, uncertainties within the project, incomplete design plans
In conclusion, the amount to be allotted for each contingency factor depends on the amount of detail in the project's design as well as its level of uncertainty.
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2. Juanita Samuels presents a check for $100 drawn on another bank to her bank's teller. She
wants currency back in $10 bills to give as holiday gifts to nieces and nephews. Under what
conditions may the teller cash the check?
Based on the fact that Juanita Samuels presents a check for $100 and wants currency in $10 bills, the conditions that a teller can cash the check is:
Correct date is written The check has been endorsed appropriatelyThe check has not been alteredWhen can a cashier cash a check?A cashier can only cash a check if it abides by the requirements of UCC Article 3 which calls for three main requirements.
The first is that the check should not have been altered in any way. The correct date must also be written and the check must be endorsed properly by the owner.
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As Laura checks items off her meeting agenda and various individuals provide input and insight, she beams at her team. She is so proud of the work they do at her clinic every day. They have always been a very high-performing team, and for that, she has always been thankful.
Select the statement that is true about high-performing teams.
a.)
Team members have clearly defined roles, which lead to accountability and empowerment.
b.)
The strength of the plan is more important than the strength of the team.
c.)
Open communication is unnecessary, as all team members have their own jobs to do.
d.)
Emphasis is placed on past accomplishments to demonstrate a track record of achievement.
The true statement about high-performing teams is a) Team members have clearly defined roles, which lead to accountability and empowerment.
What is a high-performing team?A high-performing team is a work team that has members with specialized expertise and complementary skills and consistently achieves business results.
Characteristics of a high-performing team include:
Shared goalsHighly focused on goalsOpen communicationClear expectationsHigh sense of accountabilitySurpass expectationsOutperform other teams.For a high-performing team, open communication is very essential, and they celebrate past achievements without over-emphasizing them, and the team members strengthen the team plan with their collaboration.
Thus, the true statement about high-performing teams is a) Team members have clearly defined roles, which lead to accountability and empowerment.
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If you are filing your tax return as an individual, you will need to itemize your taxes if
(1 point)
the sum of your deductible contributions is less than $300.
the sum of your deductible contributions exceeds $300.
you don't have any deductible contributions.
you donated to a religious institution.
If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible contributions is less than $300.
What does it mean to file a tax return?To file a tax return means to fill in the documents that have to do with the taxes that a person owns to the government authorities responsible for taxes based on the income that they make in the economy and based on their expenditures also.
The person that is filing this has to do so with the authority that is closest to the areas that they are residing.
The tax that is paid to the government can be defined as the money that a person makes from the businesses and the salary that they are paid in the economy.
Hence we can conclude by saying that If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible contributions is less than $300.
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Answer:
the sum of your deductible contributions exceeds $300.
Explanation:
connexus
When implementing the various strategies for risk management, it is necessary to take into
account the individual components that makeup risk management. Illustrate.
The different components of a risk management process add up to the overall system. If any of the components fails, it may have an impact on the overall risk management system.
How do you put risk management methods into action?
The following measures must be taken to implement and manage risks:
Prioritize.Obtain insurance.Reduce Your LiabilityEstablish a Quality Assurance Program.At High Risk, Limit Customer Control ExpansionForm a Risk Management Group.What does risk assessment entail?The overall process or strategy of identifying hazards and risk variables that have the potential to cause harm is referred to as risk assessment (hazard identification).
Analyze and evaluate the threat's related danger (risk analysis, and risk evaluation).
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age
The horizontal summation of all individual demands at different given prices results in the:
a. market supply curve.
Ob. equilibrium demand and supply curves.
c. market demand curve.
d. individual demand curve.
The horizontal summation of all individual demands at different given prices results in the formation of a market demand curve. Therefore, the option C holds true.
What is the significance of market demand curve?The market demand curve can be referred to or considered as the total of the demands of all the individuals present in the market who consume a specific market during a given time, and at different prices. The summation of individual demand curve is the market demand curve.
Therefore, the option C holds true and states regarding the market demand curve has been aforementioned.
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What should you include on an income statement?
Select all correct answers.
1. income
2. expenses
3. net profit
4. all assets
All of the factors that have to be included in the income statement are:
1. income2. expenses3. net profitWhat is meant by the income statement?This is the term that is used to refer to the financial statement that would be made to show the revenue, the expenses and the profits that are made by a given company over a period of time. This is also called the earnings statement. It shows the revenue that is made from business.
Hence we can say that All of the factors that have to be included in the income statement are:
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Selling and shipping raw materials or products to other nations is called
O a. alien trading.
O b. importing.
O c. deficit trading.
O d. tariffing.
O e. exporting.
Answer:
exporting
Explanation:
export
verb
gerund or present participle: exporting
/ɪkˈspɔːt,ɛkˈspɔːt,ˈɛkspɔːt/
send (goods or services) to another country for sale.
"nearly all the bananas produced were exported to Britain"
Similar:
sell overseas/abroad
market overseas/abroad
send overseas/abroad
trade internationally
transport
Opposite:
import
spread or introduce (ideas and beliefs) to another country.
"the Greeks exported Hellenic culture around the Mediterranean basin"
Similar:
transmit
spread
disseminate
circulate
communicate
pass on
put about
convey
bruit about/abroad
COMPUTING
transfer (data) in a format that can be used by other programs.
"the information can be exported to a database"
Question 5 of 10 Examine the supply and demand schedules for laptops. How much would a seller charge if he or she wanted to sell laptops for their equilibrium price? Price of laptops Quantity supplied O O O O A. $300 $400 $500 $600 $700 $300 $400 $500 $600 $700 $500 B. $700 C. $400 Price of laptops D. $300 100 300 500 700 900 Quantity demanded 450 300 200 150 125 SUBMIT it's C
Based on the supply and demand schedules for the laptops, if the seller wanted to sell their laptop at the equilibrium price, the price they would sell at is $400.
What price is the equilibrium price?The price that the seller wants to charge for their laptops is the equilibrium price. The equilibrium price in a market is the price at which the suppliers supply the same amount of goods that the consumers in the market want for that same price.
In the market for laptops, the equilibrium price would be $400. This is because at this price, the quantity supplied for laptops is 300 and the quantity demanded is 300 as well.
The seller would therefore sell at the price of $400 if they would like to sell at the equilibrium price.
In conclusion, the equilibrium price is $400.
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Lush Cosmetics is a fast-growing maker of shampoos, lotions, and bath products. A
guiding motto at the company is "We reserve the right to make mistakes." Founder and
CEO Mark Constantine is passionately devoted to change and encourages employees to
break boundaries, experiment, and take risks. The company kills off one-third of its
product line every year to offer new and offbeat products.
The following example is of cultural adaptability.
Cultural adaptation is the capacity to function, interact, and communicate effectively across a range of cultural contexts.
What is cultural adaptability?It is a necessary skill for today's workplaces. Your company can enhance cultural flexibility by ranking the adaptability of the contemporary culture.Cultural adaptability can take many different forms, such as acquiring the greetings of the new culture, its language and slang, its dress rules, and its methods for obtaining products and services.Our capacity for cultural adaptation enables us to navigate potential obstacles and get the greatest results. Individual teams can benefit from knowing how to adjust communication for cultural variations in a variety of professional contexts, so it's not just crucial for cross-cultural communication.The five traits that emphasize open communication, shared accountability, building leadership capacity, individual judgment, and constant reflection and learning are highlighted by the leadership theory for fostering an adaptive culture in leadership.Learn more about cultural adaptability here:
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Explain the law of demand to a recent purchase that you have made. Analyze a recent price change of a product that you have experienced and determine whether it was a supply or demand factor that impacted the price change. Explain your reasoning.
Answer: The cost of milk.
Explanation:
I can remember as a child the cost if milk being a little over a dollar. Now, the price of milk has inflated to after five(5) dollars... However, the demand for milk is ever increasing. Consumers will still buy the milk because it may be essential to their every day daily lives. Regardless of the price the demand for milk is a key factor to the supply, or lack there of. The demand assists in the inflation because consumers have the need. The supplier can attach whatever monetary value to it, also long as there is always a willing and able consumer to pay.
1. Do you agree that Awake should be quiet about its Corporate Social Responsibility efforts? 2. If you were CEO of Awake, would you leverage your CSR efforts to market to customers who are more likely to purchase knowing you are considerate of people and planet? 3. What are some risks that you might encounter if you chose to market your CSR efforts loudly?
1. I do not agree that Awake should be quiet about its Corporate Social Responsibility efforts
2. I will leverage the CSR efforts to market to customers who are more likely to purchase knowing you are considerate of people and planet.
3. The risks that you might encounter if you chose to market your CSR efforts loudly is loss of competitive power.
What is the Corporate Social Responsibility?This refers to the idea that a firm should play a positive role in the community and consider the environmental and social impact of its business decisions.
The types of corporate social responsibility of business includes:
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Pattison family considers the opportunity to finance the purchase of their first $500 thousand worth
single-family house in Santa Rosa, CA. To qualify for a 30-year fixed-rate mortgage, the down
payment should be 10% of the purchase price. To accumulate money for the down payment, Mr.
Pattison plans to invest $35,000 in the stock portfolio that earns 7.65% per annum. Assume that Mr.
Pattison reinvests annual gains at the same interest rate as the initial investment. How much money
will Mr. Pattison accumulate with this investment within five years? Is the initial investment
amount sufficient to accumulate in five years the required down payment under the above
mortgage? Round your answers to the nearest dollar. Show your work.
A dividend is a distribution of income with the aid of an organization to its shareholders. while a business enterprise earns an income or surplus, it could pay a percentage of the income as a dividend to shareholders. Any quantity now not dispensed is taken to be re-invested within the business.
Dividends are commonly disbursed to shareholders quarterly, even though some agencies may additionally pay dividends semi-yearly. bills may be received as cash or as reinvestment into shares of company stock. dividends can sign that an employer has strong coins waft and is producing earnings, they also can provide traders with routine revenue. Dividend payouts can also assist provide perception right into an employer's intrinsic cost. many countries also provide preferential tax treatment to dividends, wherein they are dealt with as tax-free earnings.
The down payment = $500,000 × 10%
= $50,000
Dividends on shares = $35,000 × 7.65%
= $2,677.5 or $2,678
If he puts in an annual dividend.
FV = $ 2,678(1+7.65%)5 = $3,871.51 or $3,872
Then he does not have enough money for the initial payment:
FV = $35000(1+0.0765)5
= $ 50598.57 or $ 50599
If he invests 35,000 then he will get a down payment on the initial payment.
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