Answers
The balance sheet on June 30 would be:
Cash = $80,000
Accounts receivable = $20,000
Prepaid account = $12,000
Total Current Asset = $112,000
Plant, Property and Equipment = $800,000
Intangible asset = $66,000
Other Non-Current Asset = $100,000
Total Non Current Asset = $966,000
Total Assets = $1,078,000
Loan to K. Phillips = $100,000
Accounts Payable = $65,000
Other Current Liabilities = $85,000
Total Current Liabilities = $250,000
Notes payable = $120,000
Total Long-term Liabilities = $120,000
Total Liabilities = $370,000
Common stock = $45,000
Retained earnings = $663,000
Total Equity = $708,000
Total Liabilities and Equity = $1,078,000
Based on the data given, the trial balance prepared was constructed under personal account. We have to make some adjustment in the accounts to prepare the balance sheet in the order of permanence.
Capital account reflects the different between assets and liabilities of a company. Then, we need to find the total asset on June 30.
Total Asset = Capital + net profit/loss - Drawings + Liabilities
Total Asset = $721,000 + (- $9,000) - $4,000 + ($250,000 + $120,000)
Total Asset = $1,078,000
Total Asset consists of both current and non current asset. Using the data given, we can find that:
Total Asset = Cash + Prepaid Accounts + PPE + Intangile asset + Accounts Receivable + Other Non current Asset
$1,078,000 = $80,000 + $12,000 + $800,000 + $66,000 + $20,000 + Other non-curret asset
Other non-current asset = $100,000
Next, we assume that all amount under creditors account represent the short-term liabilities and bank account refers to long-term liability. Hence we can find the amount under accounts payable is:
Creditors = Loan K. Phillips + Short-term liabilities + Account Payable
$250,000 = $100,000 + $85,000 + Accounts payable
Accounts payable = $65,000
The amount under banks account will be recorded under Notes Payable on the balance sheet.
We will use the ending amount of stock as the common stock price. Hence, we need to calculate the Retained Earnings account to balance the account.
Total asset = Total liabilities & Equity
Total asset = Total liabilities + Total equity
Total asset = Total liabilities + Common stock + Retained earnings
$1,078,000 = $370,000 + $45,000 + Retained earnings
Retained earnings = $663,000
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Related Questions
From an economic standpoint, ______ includes all natural resources used in the production process.A. SupplyB. LandC. LaborD. Capital
Answers
Option b: Land. From an economic standpoint, Land includes all natural resources used in the production process.
In economics, the production function describes the technical relationship between physical inputs and output of goods.
The production function is one of the key concepts in mainstream neoclassical theory, used to define the marginal product and to distinguish allocative efficiency, a central focus of economics.
An important objective of the production function is to address the allocative efficiency of using factor inputs in production and the distribution of income among those factors while abstracting away from the technical problems of achieving technical efficiency.
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Write 9.58 times 10^(2) in standard notation. pls help!
its math btw
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Jame ha an ice cube tray that make ice in the hape of phere rather the cube. Each phere of ice a radiu of 2cm. One tray make 6 phere
Answers
The tray can produce a total of 201 cubic centimeters of ice at once.
The space occupied by any solid body in the three-dimensional plane is referred to as its volume. Radius is a parameter for a semicircle, whereas height and radius are parameters for a cylinder.
Due to it,
The diameter of each ice spherical is 2 cm.
A tray yields six spheres.
Each sphere's total volume is 33.51 cm3.
Six of them can fit on the tray at once.
The volume will be determined as follows:
Volume: 33.5 times 6.
201 cubic centimeters is the volume.
Therefore, the maximum amount of ice that the tray can produce at once is 201 cm3.
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new managers often think that they will have ____ to do what they think is best for the organization.
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New managers frequently believe they will face challenges in doing what they believe is best for the company.
It assists in achieving group objectives by setting up the production elements, assembling and arranging the resources, and integrating the resources efficiently. It focuses group efforts on achieving predetermined objectives.
Setting an organization's strategy and managing employee (or volunteer) efforts to achieve goals through the use of available resources, such as financial, natural, technological, and human resources, are included in management. A CEO is a key position charged with making important choices, securing resources to support the business, and implementing structural and operational changes that have a direct impact on organizational growth.
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Correct Question:
New managers often think that they will have ____ to do what they think is best for the organization.
1. to overcome obstacles
2. greater freedom
3. to get approval
If you are selling a shirt for $20 and your total costs were $10, your markup in dollars is $10. What is the markup percentage ?
Answers
Good luck hope this helps
What are the pros of a mixed market economy for most citizens check all?.
Answers
When the government permits the private sector to participate in the manufacturing process, we have a mixed economy.
By doing this, the competition rises, which frequently leads to greater profit.Public ownership is another result of a mixed economy, and this can hasten social well being.
In a mixed economy, private businesses and public enterprises coexist alongside free markets and governmental intervention. The benefits of a mixed economy include improved social welfare as well as better resource allocation and output.
The jobs that people hold cannot be determined by the government.There might be more chances to become wealthy.
The economy actively promotes equality.
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Help anybody I’m trying to solve this
Answers
The break-even point is the point where the profit is equal to .
Therefore to find the break-even point equates the profit function to be equal to 0.
P(x)=300x−25x²
300x−25x²=0
300x/x=25x²/x
300=25x
300/25=x
x=12Units
The break-even point is the point at which total revenue is equal to total cost. At this point, the profit is zero.
What is break-even point?
Breakeven points (BEPs) can be used in a wide range of situations. For example, the breakeven point in a property is the amount of money that the homeowner would need to generate from a sale to exactly offset the net purchase price, which includes closing costs, taxes, fees, insurance, and mortgage interest—as well as costs associated with maintenance and home improvements. At that price, the homeowner would break even, meaning he would not make or lose any money. BEPs are also used by traders to determine what price a security must reach in order to cover all costs associated with a trade, such as taxes, commissions, management fees, and so on.
A company's breakeven point is calculated similarly by taking fixed costs and dividing them by the percentage of gross profit margin.
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How has information technology impacted the economy?.
Answers
The information technology creates the major growth, better economic policy in the economy
The term Information technology simply said that IT is the creation, process, storage, security, and sharing of all types of electronic data using computers, collection, connectivity, and various physical devices, infrastructure, and procedures.
Here we need to find the impact created by information technology on economy.
Here we have listed down the impacts as follows:
This one has allowed economists to better predict how resources should be allocated.
And this will also assisted governments to make better economic policy decisions.
Finally it helps in the expanded growth and outlook in information technology careers.
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Developing countries with low saving rates and poor levels of health and education are likely to experience A. easy access to financial backing from banks B. high levels of foreign direct investment C. rapid growth in household incomes D. low rates of growth in real GDP per capita
Answers
Developing countries with low saving rates and poor levels of health and education are likely to experience low rates of growth in real GDP per capita.
What are the ways that developing nations are dependent on developed nations?The group of nations that make up the third world includes these ones. Also called less developed nations, they are. The developed nations are a source of assistance for developing nations as they set up enterprises nationwide.
What rewards come from making investments in emerging nations?Investors should anticipate better returns from overseas investments in this category than from investments in developed nations due to the strong economic growth rates seen in developing countries and the increased related risk.
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Why is 25 cents a quarter?.
Answers
A quarter is equal to 25 cents because s quarter means 1/4 and it is equivalent to 25/100.
1 cent is equal to one hundredth of dollars, euro, or other currencies.
Hence,
1 cent = 1/100 dollars
100 cents = 100 x 1/100 dollars = 1 dollars.
Cent can also be represented by decimals.
Example:
50 cents = 50 x 1/100 dollars = 0.5 dollars
70 cents = 70 x 1/100 dollars = 0.7 dollars
Another example, to convert a half into cents, find its equivalent fraction with 100 as its denominator.
a half = 1/2
1/2 = 50/100
Hence, a half = 50 cents.
A quarter is equal to 1/4. To find its equivalent in cents, express it into a fraction of a hundred.
a quarter = 1/4
1/4 = 25/100
Hence, a quarter = 25 cents.
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How much is 30 cent?.
Answers
A cent is equal to one hundredth. Hence, 30 cents is equal to 0.3 dollars.
The word "cent" comes from Latin word "centum" which means "hundred".
1 cent is equal to one hundredth of dollars, euro, or other currencies.
Hence,
1 cent = 1/100 dollars
100 cents = 100 x 1/100 dollars = 1 dollars.
Cent can also be represented by decimals.
Example:
50 cents = 50 x 1/100 dollars = 0.5 dollars
70 cents = 70 x 1/100 dollars = 0.7 dollars
250 cents = 250 x 1/100 dollars = 2.5 dollars
30 cents = 30 x 1/100 dollars = 0.3 dollars
To add some amounts of money that involve cents, it is easier to convert them to its decimal equivalent first.
Example:
6 dollars + 40 cent = 6 dollars + 0.4 dollars = 6.4 dollars.
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The roles of ___, ___, and ___ are critical for managers in nonprofit organizations.
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The roles of spokesperson, leader, and resource allocator are critical for managers in non-profit organizations.
What are management's responsibilities in non-profit organizations?The four main areas of planning, organizing, leading, and controlling are how management gurus have divided up management's tasks. The management of nonprofits requires special attention to each area.
How are non-profit organizations run?The nonprofit industry, by definition, works toward humanitarian ends. Because they lack formal hierarchies and managerial structures, many nonprofit organizations are loosely structured and frequently volunteer-driven.
Which managers are critical to advancing innovation?Middle managers are essential for fostering innovation and empowering businesses to adapt quickly to changing conditions. a manager who is in charge of a certain project at work that brings together staff from different levels and functions of the company.
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A 26-year-old male is interested in purchasing life insurance. Using the table, determine what the annual premium for a 20-payment life insurance policy, given that the face value of the policy is $89,657. If need be, round your answer to the nearest cent.
Answers
Given that the policy's face value is $89,657 for the 26-year-old male, the yearly premium for a 20-Payment Life insurance policy will be $2609.52. As a result, option B is the best one.
What do you exactly mean by insurance?Risk reduction is facilitated through insurance. When you purchase insurance, you are purchasing defiance against foreseeable catastrophes. If something terrible happens to you, your insurance provider will make a payment to you or your nominee.
The Annual Premium is known to be equal to (Face Value*Rate)/1000.
Alternatively, The yearly premium is equal to $(89,657*29.11)/1000 (using the rate of $29.11 from the chart for a 26-year-old guy purchasing a 20-Payment Life Insurance),
or $2,609.92 is the annual premium.
∴ Given that the policy's face value is $89,657 for the 26-year-old male, the yearly premium for a 20-Payment Life insurance policy will be $2609.52. As a result, option B is the best one.
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ceteris paribus, a decrease in the demand for loans
A. drives the interest rate down.
B. drives the interest rate up.
C. might not have any effect on interest rates.
D. results from an increase in business prospects and a decrease in the level of savings. E. results from an increase in business prospects and a increase in the level of savings
Answers
Ceteris paribus is Latin for "everything else being equal." It indicates the effect one economic variable has on another, assuming all other variables remain the same.
All other factors are held constant (ceteris paribus). If the price of Coca-Cola drops, for instance, its demand will rise to assume all else remains constant. The phrase "ceteris paribus" means "other things being equal” or “other things being ignored”.
It is a key assumption in mainstream economics, indicating the effect of one economic variable on another if all other variables are constant (constant). We account for other variables when we say one variable influences another, ceteris paribus.
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The right way of asking this question is:
Ceteris Paribus, a decrease in the demand for loans
A. drives the interest rate down.
B. drives the interest rate up.
C. might not have any effect on interest rates.
D. results from an increase in business prospects and a decrease in the level of savings.
E. results from an increase in business prospects and an increase in the level of savings.
What is a Accenture plans to achieve its sustainability goals Brainly?.
Answers
On its part, Julie Sweet said, Accenture has decided to achieve net zero emissions by the year 2025. “We will reuse or recycle all our e-waste and ensure reduction in water usage,” she said. “We see commitment from companies to make their businesses
About AccentureAccenturel is a multinational professional services provider based in Ireland. Listed on the Fortune Global 500 list, the company recorded revenues of $43.2 billion in 2019 and employs 492,000 people, to serve clients in more than 120 countries. In 2015, the company employed around 150,000 people in India,48,000 people in the United States,and 50,000 people in the Philippines. Accenture's current clients include 91 Fortune Global 100 companies, as well as more than three-quarters of the Fortune Global 500 companies.
On July 11 2019, Accenture officially appointed Julie Sweet as the new CEO. He also took office on September 1, 2019.
This company was registered as a legal entity in Dublin, Ireland in 2009.
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how does feedback help in decision making
Answers
Answer:
Feedback increases the identification of stakeholders with the organization and the acceptance of decisions. The more personalized it is the better. This effect should be of interest for each and every decision maker.
How can digital marketing trategy bulid cutomer trut and loyalty in a companie brand
Answers
Transparency is necessary to build client trust. Customers are drawn to firms that uphold moral standards and authenticity 62% of the time, and they are loyal to companies that share their values and have a clear sense of mission 94% of the time.
What is digital marketing?Using the Internet, and other online-based digital technology, such as desktop and mobile computers, as well as other digital media and platforms, digital marketing promotes products and services.
Its emergence changed how businesses and brands use technology for marketing in the 1990s and 2000s.
As a result of the widespread usage of digital devices by consumers in place of physical stores and the incorporation of digital platforms into everyday life and marketing techniques, there is now an abundance of digital marketing campaigns.
These initiatives frequently use SEO, SEM, content marketing, influencer marketing, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, and social media advertising.
Constructing client trust requires being transparent. 62% of consumers are drawn to businesses that exhibit ethical ideals and authenticity, while 94% of customers are loyal to businesses that are open about their values and exhibit a strong sense of purpose.
Therefore, transparency is necessary to build client trust. Customers are drawn to firms that uphold moral standards and authenticity 62% of the time, and they are loyal to companies that share their values and have a clear sense of mission 94% of the time.
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when an economy sets minimum wage laws, which social and economic goal are they trying to achieve?
Answers
When an economy sets a minimum wage, they are aiming to ensure that workers are paid a fair and livable wage for the work they do.
This helps to reduce poverty, inequality, and the risk of exploitation in the workplace. Additionally, minimum wages can support a more vibrant consumer economy, as those with higher wages are more likely to have money available to spend.
Minimum wages can also help to ensure a more stable labor market, as employers are more likely to retain their employees when wages are at a livable rate.
Ultimately, the goal of setting a minimum wage is to ensure workers are treated fairly and compensated appropriately for their work.
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the five of are land, labor, capital, entrepreneurship, and knowledge. what are these guidelines?
Answers
The five of are land, labor, capital, entrepreneurship, and knowledge. Factor of production are these guidelines.
What steps is the government taking to encourage business?
Venture capital firms, conventional banks, or in some cases government grants may provide this support. For instance, to assist business owners in starting new operations, the U.S. Small Business Administration (SBA) offers small business grants with a restricted amount of financing.
How is the Indian government encouraging entrepreneurship?
For the purpose of fostering entrepreneurship, the federal and state governments have set up a variety of institutions. SIDO (Small Industries Development Organization) is one of them. It is a government organization that creates policies for the growth of small enterprises in the nation.
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What is free enterprise example?.
Answers
Reliance Industries Limited. Tata Consultancy Services (TCS) Infosys Technologies Ltd. Wipro Limited, Amazon, Flipkart. Myntra etc are examples of free enterprise.
In economics, free enterprise refers to the private industry operating independently of the government. Also known as free-market and free-trade enterprise, this refers to an economy in which businesses can freely trade, start operating, and set prices. In other words, the regulations are set by the business owners themselves. A free enterprise system allows citizens to spend their money and pursue employment opportunities as they see fit. Furthermore, unlike government-controlled processes, which limit people's ability to start businesses, a free market supports multiple businesses to compete with one another.
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how much does it cost to put in a well and septic system
Answers
It costs between $2,000 and $7,000 to install a septic tank on its own, or between $5,000 and $22,000 when a well system is included.
What actions constitute the installation procedure?
Standard installation procedures include making the appropriate directories, setting environment variables, registering code (software) from installation files to new files on the local computer for better access by the operating system, providing a separate application for un-installation, etc.
Along with affecting the thermal performance, improper installation might affect the safety and efficient operation of moving parts. In fact, poor installation methods are to blame for 80% or more of service problems, excluding seal failures.
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2. a balance sheet reports financial information for a period of time. True or False
Answers
The statement is False. The statement "a balance sheet reports financial information for a period of time" is not true.
A balance sheet reports financial information at a specific point in time. It does not report financial information for a period of time.
A balance sheet is a statement of cash flows that gives an overview of what the company owns and owes, as well as the amounts invested by shareholders. Balance sheets can be used in conjunction with other important financial statements to perform fundamental analysis or calculate financial ratios.
A balance sheet is a financial statement that shows the assets, liabilities, and equity of an organization, an "agency". The balance sheet is one of the three main financial statements used to evaluate a company. It provides an overview of the company's finances (what it owns and what it owes) . the release date. The balance sheet follows an equation that equates assets to total liabilities and equity.
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Which best describes the production of goods in a free enterprise economic system.
Answers
Production based on consumer spending best describes the production of goods in a free enterprise economic system.
What products will be created in a free enterprise system?In a free enterprise economy, things are created for those who are able and willing to purchase them. any item that a person or organization owns. Individuals and companies have the freedom to possess property, and they are allowed to own as much as they are willing and able to buy, according to the free enterprise system.
What kind of economic system is free enterprise?A free enterprise economy is one in which the market, rather than the government, sets the pricing and terms for goods and services. It's capitalism, not communism. Free things are unrestricted, and a business is an enterprise. Therefore, an economy with free enterprise refers to one where enterprises are not subject to governmental regulation.
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A college student plans to take out a $6,000 loan to cover the cost of purchasing a used car. the loan has a 6% annual interest rate compounded continuously, with no payments due for the first two years. determine the balance due at the end of the first two years.
Answers
The remaining balance is $6,722.96. The calculation for the future value of a continuously compounding loan can be used to determine the amount payable after two years:
Where: FV = [tex]PV * e^(r*t)[/tex] and
The future value is FV (balance due)
the current value, or PV (initial loan amount)
The annual interest rate is r. (expressed as a decimal)
The time period is t. (in years)
In this instance
PV = $6,000 and r = 0.06 (representing 6% in decimal form).
t = 2
We obtain the following calculation by entering these values: FV = $6,000 * e(0.06*2)
FV =[tex]$6,000 * e^0.12 FV[/tex] ≈ $6,722.96
The remaining balance is $6,722.96 at the end of the first two years.
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What else is free enterprise called?.
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A free enterprise economy is also known as a laissez-faire economy which is free of government regulations.
Laissez-faire is a free market and capitalist economic doctrine that opposes government interference. According to the laissez-faire economics doctrine, the government should only interfere in the economy to uphold citizens' unalienable rights. In other words, let the market decide what it wants to do. The production of goods and services will be effectively directed by the rules of supply and demand if left unchecked. This kind of economic structure prohibits all forms of economic interventionism in transactions involving private groups of people.
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Introduction to Business & Technology B: 1(A) U4: Integrate Leadership Skills & Management Oct 3-
Unit 4: Leadership & Management Unit Test
This test/quiz is accepting submissions until Thursday, May 23, 2024 at 11:59 am
Question 9 (5 points)
What are the 4 functions of Management?
Answers
Answer: Four functions of management are :
1) Planning
2) Organizing
3) Leading
4) Controlling
Explanation:
Planning is a process where a manager is making an idea to achieve the company's aims and target. Strategic, tactical, and operational skills are highly valued.
The organization is the next process of planning, with the help of planning the managers put the plans into action. Identifying steps, allocating workers, and establishing authority over individuals.
Leading is motivating and influencing employees to meet performance standards.
A manager takes control of the whole process of the company.
Aaron Corporation, which ha only one product, ha provided the following data concerning it mot recent month of operation:
Selling price $ 90
Unit in beginning inventory 0
Unit produced 3,400
Unit old 3,000
Unit in ending inventory 400
Variable cot per unit:
Direct material $ 21
Direct labor $ 38
Variable manufacturing overhead $ 6
Variable elling and adminitrative expene $ 4
Fixed cot:
Fixed manufacturing overhead $ 54,400
Fixed elling and adminitrative expene $ 3,000
The total gro margin for the month under the aborption coting approach i:
$63,000
$12,000
$27,000
$59,400
Answers
The only-one-product Aaron Corporation has submitted the information below regarding perhaps the most recent time of activities. From the given data, the total gross margin received is $27,000.
What do you mean by gross margin?
Gross margin is the difference between the total sales revenue and the cost of goods sold. It is used to measure how much money is left over after all expenses associated with producing a product or providing a service have been taken into account. Gross margin is expressed as a percentage and can be calculated by dividing the gross profit by the total sales revenue. A higher gross margin indicates that a company is more efficient at controlling its costs and is more likely to be profitable. It is important for businesses to monitor their gross margin over time to ensure that their operations remain profitable and efficient.
Gross margin = sales less cost of goods sold.
Gross margin = 270 000 - (3000 * 81)
Margin of profit = $27,000
So, The required answer is $27,000.
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Economics is the social science dedicated to the study of?
Answers
Economics is the social science dedicated to the study of how individuals, businesses, governments, and societies allocate scarce resources to fulfill unlimited wants and needs.
Economics also studies the distribution of income and wealth among different groups of people, and the role of government in the economy. Furthermore, it also examines the impact of economic activity on the environment and society. Economics examines how people make decisions about how to use resources, how prices are determined in markets, and how economies grow and develop. Economics covers a wide range of topics, including microeconomics, which focuses on the behavior of individuals and small groups such as firms, and macroeconomics, which looks at the economy as a whole and the factors that drive economic growth and stability. Economics also includes international trade, labor markets, public finance and monetary policy, and the study of the impact of economic policies on society.
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deadline for filing income tax returns that have received extensions
Answers
Third quarter 2023 estimated tax payment is due on September 15, 2023. The deadline to submit your 2022 extended tax return is October 16, 2023. This is the deadline for submitting your tax return if you opted to request an extension.
What occurs if taxes are still unpaid after the extension?For each month that you are late, penalties for filing might increase by 5% of the tax owed. The minimum fine is $100 or 100% of the tax owed with the return, whichever is less, if you are more than 60 days late. By requesting the extension by the deadline, the penalty file is destroyed.
What occurs if you submit your taxes late but don't have any outstanding debt?There is no penalty for filing a late return after the tax deadline if a refund is due. If you didn't file and owe tax, file a return as soon as you can and pay as much as possible to reduce penalties and interest.
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Which of the following is not one of the three basic questions of economics when looking at economic systems?
a. For whom to produce?
b. How to produce?
c. What to produce?
d. What happens when you add to or subtract from a current situation?
Answers
Correct answer will be option D. What happens when you add to or subtract from a current situation is not one of the three basic questions of economics when looking at economic systems.
Any system for allocating scarce resources is referred to as an economic system. Economic systems provide answers to three fundamental questions: what will produced, how it will be produced, and how the output civilization produces will be distributed. There are two approaches to answering these questions. The government makes decisions about resource allocation as well as production and consumption allocation in command economies. Ownership of resources is established through property rights in market economies, and all factors of consumption and production are coordinated through markets. In a market economy, resources are assigned to their most productive use based on market prices. These prices serve as a guide for both buyers and sellers.
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