QUESTION 5 4 points Save A Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800 For the toolbar, press ALT+F10 (PC) or ALT+EN÷E10. (Mac)
Answers
Following are the required Journal entries which have to be passed:
Date Account Titles Debit Credit
12-Jan Supplies $3,850
To Cash $3,850
Narration: (Being supplies purchased for cash)
31-Dec Supplies Expense $3,050
To Supplies $3,050
Narration: (Being adjusting entry passed for supplies used ($3,850-$800)
What are adjusting Entries?Adjusting entries are a group of journal entries made after the accounting period to update and accurately reflect the balances of all the accounts. Applying the accrual foundation of accounting just through adjusting entries.
Thus, the following mentioned above journals are required to be passed along with that adjusting entry. please find the attachment of the required journal entry.
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Related Questions
How do you think something like the WTO can impact State Sovereignty, if at all?
Answers
To what degree a state's Legal Sovereignty is affected by its participation in the World Trade Organization depends on whether we adopt a "revocability-based conception" or a "veto-based conception" of state sovereignty. This is further explained below.
What is Sovereignty?Generally, Sovereignty is simply defined as the power of a state to exert control over itself or over another nation.
In conclusion, Whether or not WTO participation impacts Legal Sovereignty of a state is contingent on whether we use a "revocability-based conception" or a "veto-based conception" of state sovereignty.
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how the age of citizens affect patronage of digital platforms
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The most covert type of prejudice is ageism. Ageism has gotten less attention than other forms of prejudice on digital platforms, such as those based on race, gender, and socioeconomic status. To raise awareness of the various ways ageism operates, this essay examines a few tools that are regularly included on digital platforms from an old-age perspective. We'll start by looking at how homophilic innovation teams overlook older folks. Second, we will demonstrate how ageism is frequently made worse by strategies that are frequently applied on digital platforms. Thirdly, we will demonstrate how corporate ideals are at odds with the usability problems that mostly impact older persons and those with poor levels of (digital) proficiency.
There have been numerous initiatives to increase public awareness of how stereotypes and prejudices support discrimination, and there are a number of laws and regulations that forbid it, such as the Equal Credit Opportunity Acts, the Fair Housing Act, and anti-discrimination laws (Housing and Civil Enforcement Section|CRT|Department of Justice, n.d.). However, discrimination is being reinforced by intelligent systems (Eubanks, 2018). Different techniques are used by discriminatory biases in digital systems. This article focuses on three categories of ageist mechanisms that are frequently used in the development and use of digital platforms.
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A sound accounting framework allows for all of the following benefits
Identical items being reported on the financial statements of different companies
Uniform comparisons between companies
Consistency in financial reporting across industries
Increased reliability and relevance of financial statements
Answers
A sound accounting framework allows for all of the following benefits EXCEPT that A. Identical items being reported on the financial statements of different companies
What is Accounting?
This refers to the financial record that is taken about a given business to find out the profit and loss income.
Hence, we can see that based on the use of a sound accounting framework, there exists several benefits such as uniform comparisons between companies, etc, but option A is the correct answer.
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1 Think of a relevant example in your own life of how a change in the market including information, preferences, technology, price of alternative goods, regulations, taxes, etc has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?
Answers
A relevant example in my own life of how a change in the market in terms of information, technology and others has shifted the demand of a good is when I and some others knew that one can work easily from home through the use of a laptop and as such, the demand for laptops became very high as well as affordable internet subscription plan.
What is shift in demand?A shift in demand connote when at any given price, the quantity demanded of a product or services is said to be different than it was before then and as such, shift in demand can happen due to income increase.
Therefore, a relevant example in my own life of how a change in the market in terms of information, technology and others has shifted the demand of a good is when I and some others knew that one can work easily from home through the use of a laptop and as such, the demand for laptops became very high as well as affordable internet subscription plan.
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Competitive markets generally give consumers and producers correct incentives when
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A competitive market incentivizes its consumers and producers when the property rights are well-defined and enforced.
What is a competitive market?A competitive market is referred to as a condition wherein there are a large number of buyers and sellers in a market dealing in the buy and sell of a distinctive product.
Hence, option B holds true regarding a competitive market. The complete question has been attached as an image for better reference.
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Why is it good to have home equity
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#CarryOnLearning
The graph depicts five demand curves. Please rank each curve in terms of elasticity. A curve that is more elastic than another curve for any given quantity can be considered more elastic.
Answers
From most elastic to inelastic: Elastic graphs look more horizontal while Inelastic graphs look more vertical.
What is elastic and inelastic demand curve?Elastic demand curve indicates that the price changes greatly influenced the quantity demanded or supplied.
Inelastic demand curves indicates that a given percentage change in price will have a very smaller percentage change in quantity demanded or supplied.
Elastic demand curve is more sensitive to the price changes as compared to the Inelastic demand curve.
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Which of the following is important to remember when sautéing vegetables?
The vegetables should be sautéd in the sauce that will be used to flavor the
vegetables.
Rinse the vegetables with water directly before placing them in the pan.
A simmering layer of oil should be added to the pan.
The pan should be big enough to avoid overcrowding of the vegetables.
Answers
The important thing to be remembered while sauteing vegetables is to add little quantity of the oil over the pan. Thus option 3rd is correct.
What is Sauteing?Sauteing refers to the fry the food such as the vegetables or the meat in order to make it crispy and tasty.
The important thing to be remembered while frying the food is to use less quantity of the oil because excessive oil is not good for the health as it can lead to heart problems.
Thus option 3rd is correct.
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The Magnolia Company's Division A has income from operations of $80,000 and assets of $400,000. The minimum acceptable rate of return on assets is 12%. What is the residual income for the division?
Answers
The residual income for the Division A of Magnolia Company for an income from operations of $80,000 will be $32,000.
What is residual income?Residual Income is the total of total income from operations less the minimum acceptable rate of return on the deployed assets for such operations over a financial period.
Using the above information, it can be ascertained that the residual income will be,
[tex]\rm Residual\ Income = Income\ from\ Operations - Rate\ of\ Return\ x\ Assets\\\rm Residual\ Income = 80000- (12\%\ x\ 400000)\\\\\rm Residual\ Income = \$32,000[/tex]
Hence, the residual income will be as computed above.
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See Chapter 19, sections 19.9 and Cases. The project will be a continuation of how to improve the process you chose in Competency 1. Apply project management tools and a project management outline type of your choice to structure and plan the project by defining, planning, and controlling. Create a 10- to 12-slide PowerPoint presentation (supported by Excel and Word as needed), with detailed speaker notes, that includes the following: • Project description • Project Management Charts (Critical Path, Gantt Chart, etc.) • Meeting cadence/rhythm and timing • Metrics to measure the project's success • Financial and budgetary considerations • Description of the project reporting structure
Answers
I DON'T KNOW THE ANSWER I'm sorry
A flexible budget takes into account
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A flexible budget takes into account how changes in production affect the cost.
What is a flexible budget?It should be noted that flexible budget us the tool that's used in the preparation of financial statements.
In this case, a flexible budget takes into account how changes in production affect the cost.
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Economist and politicians argue that few policies regarding trade restriction can help to create domestic job, increase GDP and make a domestic economy more competitive globally. Explain what are those strategies that can be used for this purpose?
Answers
Trade Protectionism helps to create domestic jobs, increase GDP and make a domestic economy more competitive globally.
What is trade protectionism?Trade protectionism is described as when a country, or occasionally a collection of countries working together as a trade bloc, erects commerce barriers with the express purpose of defending its economy from potential risks associated with global trade.
Strategies that can be used for this purpose are:
Tariffs, which are taxes on imports from other nations and international markets, are one tactic that can be employed for this aim. Here, the government is enforcing the tariff in an effort to limit the importation of products and services from abroad, safeguard its own industries and businesses that produce these things, and increase tax revenues.Quotas are specific limitations on the volume of a given class of goods, commodities, and products that may be allowed to be imported into a country. A particular group of people or businesses are typically granted import licenses in order to comply with this import quota.subsidies: Government payments to domestic producers are known as subsidies. This can take the form of monetary compensation, loans with low or no interest, tax deductions, or government ownership of common stock in domestic corporations.A country may impose local content requirements by establishing a manufacturing standard requiring that a specified part or parts of a product be manufactured domestically in an effort to reduce imports.Administrative trade policies are composed of laws, rules, and regulations that are intended to make it extremely difficult for someone to import goods or commodities into a specific country.Antidumping laws are put in place by a country to stop products from being sold in foreign markets for significantly less than their manufacturing costs in an effort to capture a sizable portion of that market.By reducing the value of a country's currency in the foreign exchange markets, exchange rate controls can be used to lower the price of a country's exports.To know more about Trade Protectionism refer to: https://brainly.com/question/27622280
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Why is it important to know about your digital footprint?
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Answer:
A digital footprint is a visual record on where you went on the internet!Explanation:
Helps you choose and control what you leave online for others to find.
Hopefully this helps you <3
-Matthew
If quantity quantity demanded is not responsive to price changes then the product would be considered ____
A. Independent
B. Inelastic
C. Unit elastic
Answers
Answer:
B) Inelastic
Explanation:
consumers are not very responsive to changes in price.
Answer:
B
Explanation:
I stole the answer from my friend:)
Define organization and explain three of the characteristics of organization. Give three examples of organizations, try to include an organization that you belong to.
Answers
Answer:
Organization is arranging or coordinating especially in a business, society, or association aspect. Examples of organization could be:
1. Arranging a group of people who work in specific studies
2. Taking books by their genre, and putting them together
3. The economic pyramid, is the perfect example of an organization. Defining society by class.
If you need to have $800 in savings at the end of 4 years and your savings
account yields 5% annual interest, how much do you need to deposit today?
Answers
The amount needed to deposit is $658.16. The present value of cash inflows and outflows over time is called net present value.
What is a Present Value?The Present value is the current value of a future sum of money that has been discounted by a rate of return is called the present value. It informs you of the amount you'd have to put in today to earn a particular sum tomorrow. The difference between the present value of cash inflows and outflows over time is called net present value.
Given;
Future Value = $800
interest = 5%
Time = 4 years
Calculation of Present Value = Future Value divides by (1+interest)ⁿ
= 800/ (1+0.05)⁴
= $658.16
Thus, The Present value is the current value of a future sum of money $658.16 is needed to save to get $800 at the end of 4 years at the rate of 5%.
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Situation 1:
During the scoping of this project, Ria says her budget maxes out at $650,000 USD—she can’t afford the $800,000 USD that this project will cost. What are some proposals you can provide to Ria to reduce the budget? Think of the Triple Constraint and remember that one constraint will always have the priority. So if the budget is a constraint, what areas might Ria adjust to reduce project costs?
Situation 2:
Recruiting for field research will take a week longer than expected. However, Ria told you that the project end date is a hard deadline. What can you do? Think of the triple constraint and remember that one of them will always have the priority. So if time is a constraint, what areas might Ria adjust to reduce the time in the project?
Situation 3:
After the stakeholders agree on the project scope, Ria finds out that her CEO wants more information in the research report. She asks you to include details on the market opportunities for new product ideas, technical constraints, and design considerations. How do you manage this additional scope?
Answers
When the budget is a constraint, the areas that Ria can adjust to reduce project costs is the project scope and labor utilized
What is a project?It should be noted that a project simply means the undertaking that's carried out to achieve a goal.
When the time is a constraint, the areas that Ria can adjust to reduce the time in the project is simply by shortening the lag time between tasks and crashing a technique where additional money is spent.
The additional scope can be manged by documenting requirements and creating a change control process.
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If you are willing to accept some risk in your long-term savings strategy, you might want to invest in
A. stocks
B. certificates of deposit
C. savings accounts
D. bonds
Answers
If you are willing to take a risk in your long-term savings strategy, you could invest in stocks.
What are stocks?Corresponds to a percentage of the share capital that a company trades on the stock exchange, with the investor who buys a fraction of this capital, the partner of a company, and receiving dividends on the profitability of a period.
Therefore, investing in stocks can be risky due to the economic conditions and financial health of the company, and it is essential to implement a diversification strategy to reduce the risk of losses.
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Answer:stocks
Explanation: DID not just take the quiz and look at the lesson ;)
Type the correct answer In the box. Spell all words correctly.
What happens to your tax llability with proper financial planning?
You can
your tax liability through proper financial
planning.
Answers
Answer:
I think the question is incomplete
Essman might overlook strategic risks, the business plan at hand can be a good plan and the Product mix may be one of the best. However, things do change, and the plans and the product mix stated in the plan may become outdated making the strategy of the company less efficient to reach its goals. Technological risks may also render the product mix out of date. With the dynamism of technology other efficient products may come to the market making rendering the product mix obsolete.
Would risk retention be a good strategy for this company? Why or why not?
Answers
Risk retention is good for the company as the good has the better strategies planned about the product mix and if the things changed in the future the company is able to conquer the loss.
What is product mix?Product mix is the total number of products sell by the particular company, the products can be further divided into the categories and division. Many big companies have the different line products like the cosmetics, glasses, home materials and others.
Thus, Risk retention is good for the company as the good has the better strategies
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Where is focus located in concave mirror?
C) Concave mirror has the focus located in front of its reflecting surface. A concave mirror, or converging mirror, has a reflecting surface that is recessed inward.
Answers
Answer:
you are correct for this answer
What was the relationship of customer relationship management to Kenya Airways’ business performance and business strategy?
Answers
There was a close relationship between Customer Relationship Management and their Business Performance of the Kenyan Airways.
In the case study 'Kenyan Airways Flies High with Customer Relationship Management', the progress of the Kenyan Airways of understanding the importance of Customer Relationship Management in their business. Essentially, Customer Relationship Management (CRM), was a business strategy that the airlines realized the importance of, in order to build an efficient business and increase profits. Until 2014, although the Kenyan Airways was one of the top airlines in Africa, for both domestic and international travel, it could not capitalize effectively. This was because they company did not procure any data on its customers, thereby, limiting their knowledge on them, and therefore, not being able to cater to their special needs/requirements. It was only after adopting the Oracle tools, that they were able to collect customer data, they were able to improve CRM and as a result, the increase in sales as well as profits for the company.From the above, the relationship between CRM and the Business Performance of the Kenyan Airways is clear.
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Advertising geared toward attracting not only customers but also potential investors and employees is classified as__ advertising
Answers
An institutional advertisement is one that is not focus only on attracting only customers but also potential investors and employees.
What is an institutional advertisement?This type of advert is when an organization used so that people can have a positive opinion of the firm existence.
Hence, this type of advertisement is not only for attracting only customers but also to attract potential investors and employees.
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1. What is a functional dependency? Give an example not used
in the text.
Answers
A functional dependency (FD) is a relationship between two attributes, typically between the primary key and other non-key attributes within a table.
What is the functional dependency?A constraint between two sets of attributes in a relation from a database is known as a functional dependency. It is a restriction placed on a relationship's two attributes.
Example:
If for every valid instance of X, the value of X uniquely determines the value of Y, then the Y attribute is functionally dependent on attribute X.
Therefore, a functional dependency is just a constant within the table.
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In one or two sentences, explain how a govemment pays for expenses that are more than its revenues.
Answers
borrows money by issuing bonds
bonds are sometimes backed by things like tolls and feed for things like bridges & tunnels
raises taxes
raises fees for things tariffs and passports etc
Capital structure of a firm which of the following statements is true of equity financing less risky than deft financing.
Requires forms to agree to burdensome covenants
Less flexible then debt financing
Answers
If a corporation doesn't want to give up any ownership of the business, debt financing would be preferred to equity financing. If a business has confidence in its finances, it would not wish to pass on the earnings to shareholders by giving someone else shares.
Is Debt Financing or Equity Financing Riskier?
It varies. If you are not making money, debt financing may be riskier because your lenders will put more pressure on you to make payments. Equity financing might be problematic, though, if your investors anticipate that you will make a healthy profit, which they frequently do. If they are not satisfied, they may try to bargain for lower equity prices or completely divest.
Is Debt Cheaper Than Equity?
Debt may be less expensive than equity depending on your company and how well it performs, but the contrary is also true. Your equity finance essentially comes at no cost to you if your business fails and closes. You must still repay the loan plus interest even if you use debt finance to obtain a small business loan but make no money. In this case, debt financing is more expensive. However, the amount you pay shareholders may be far higher than it would be if you had retained ownership and only made a loan if your company sold for millions of dollars. Every situation is unique.
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(05.02 MC)
After closing the revenue and expense accounts below, what would the income summary balance be?
Sales: $3,230.00
Advertising Expense:
$765.00
Communications Expense: $150.00
Rent Expense:
$900.00
A credit balance of $1,415.00
A credit balance of $5,045.00
A debit balance of $1,415.00
A debit balance of $5,045.00
Answers
The correct option is A. Revenue accounts include the sales accounts after deducting all the expenses from sales accounts a credit balance of $1,415.00 is shown in the revenue and expense account.
What is Revenue Expenditure?
Revenue Expenditure is such expenditure that is incurred during the normal course of business by the company that generally benefits from that expenditure of a year or less than a year.
Given, Sale =$3230
Advertising Expense = $765
Communication Expenses = $150
Rent = $900
Caculation of Income
Income = Sale - Expenses
= $3.230-$765-$150-$900
=$1415.00
Thus, after calculating the Income summary is shown a credit balance of $1415.00
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Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholdings also include federal income tax of $800 for each employee and monthly medical insurance premiums of $110 for each employee.
Answers
A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions.
Part a) The journal entry is as follows:
Date Account Titles Debit Credit
Jan-31 Sales Salaries Expense (5000*4) $20,000
FICA - Social Security Taxes Payable (20,000*6.2%) $1,240
FICA - Medicare Taxes Payable (20,000*1.45%) $290
Employee Federal Income Taxes Payable (20,000*16%) $3,200
Employee Medical Insurance Payable (110*4) $440
Accrued Payroll Payable $14,380
(20,000 - 1.240 - 290-3,200 - 440)
Part b) The journalentry is as follows.
Date Account Titles Debit Credit
Jan-31 Payroll Tax Expense (1,240 +290 + 800 + 120) $2,450
FICA - Social Security Taxes Payable (20,000*6.2%) $1,240
FICA - Medicare Taxes Payable (20.000*1.45%) $290
State Unemployment Taxes Payable (20,000*4%) $800
Federal Unemployment Taxes Payable (20,000*.6%) $120
The complete question is :Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee.
a. Prepare the general journal entry to accrue the monthly sales salaries expense at January 31.
b. The employer payroll taxes for Santa Barbara Express include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Santa Barbara Express. (Assume that none of the employees has reached the unemployment limit of $7,000.)
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The debt to tangible net worth ratio is calculated as follows:
(Equity - Intangible Assets) / Interest Bearing Liabilities
Interest Bearing Liabilities / Equity
Interest Bearing Liabilities / (Equity - Intangible Assets)
Equity / Interest Bearing Liabilities
Answers
The debt to tangible net worth ratio is calculated as Interest Bearing Liabilities divided by the total of Equity less the Intangible Assets.
What is Tangible Net Worth?A net worth of an individual or an organization, which does not involve or take into consideration the intangible assets held by such individual or organization is known as the tangible net worth.
Hence, option C holds true regarding the formula of debt to tangible net worth ratio.
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You plan to participate in an educational event sponsored by a large regional health care system. One of your colleagues suggests that you do a presentation on one of the Medicare Health plans you market and modify it to include information about preventive screening tests showcased at the event. How should you respond to your colleague’s suggestion?
Answers
Participation in an educational event may not include a sales presentation, therefore, it is better to inform the colleague that you will not be able to do it.
What do you understand by the term "Educational Event"?An academic event means an academic presentation finished in a single consultation for you to generally now no longer exceed greater than six (6) hours.
Education occasion refers to a schooling occasion, third-party clinical or academic conference, expert assembly or workshop, seminar, U.S. Food, and Drug Administration required education and schooling, or another accumulating held in a venue that is suitable and conducive to informational conversation and schooling approximately healthcare information.
Therefore, Participation in an educational event may not include a sales presentation, therefore, it is better to inform the colleague that you will not be able to do it.
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