Five functional lines of business: finance, human resources, sales and customer service, marketing, operations.
Finance - deals with strategic financial issues related to increasing the value of the company in compliance with applicable laws and social responsibility.Human resources - includes policies, plans and procedures for effective people management (HR)..Sales/Customer service - the function of selling a good or service and focuses on increasing customer sales, which increases company revenues. Marketing - Marketing: the process of promoting the sale of goods or services. The marketing department supports the sales department by creating promotions that help sell the company's products. Operations management (also called production management): Includes the methods and techniques used by organizations to produce goods and services. Transport (also called logistics) is part of the business.To know more about functional areas of business:
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The process that managers use to collect, record, and examine new information in order to make marketing decisions is referred to as . multiple choice question.
The process that managers use to collect, record, and examine new information in order to make marketing decisions is referred to as marketing research.
Businesses use market research to test the feasibility of new products or services by communicating directly with potential customers.
Market studies permits corporations to perceive goal markets and acquire real-time reviews and comments from consumers.
This form of studies may be carried out in-house, in-house, or through an outside employer that focuses on marketplace studies.
Research consists of surveys, product tests, and recognition groups.
Market research is a combination of primary information (information collected directly) or secondary information (information already collected by an external entity).
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A participatory culture is also an economy in which content, goods, time, effort, and money are, to one degree or another, shared,____
O invested and grown O exchanged, and spent O saved and put away O divested and erased
Out of the choices provided above, it may be stated that the participatory culture is also an economy in which content, goods, time, effort, and money are, to one degree or another, shared, invested and grown. Therefore, the option A holds true.
The culture of an economy depends upon the nature that it has in its existence as a whole. The social factors are among the biggest determinants of a culture in an economy. There may be a participatory culture in which the factors and classes are invested with an intention of growing them.
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jenna and the partners in her firm met with an entrepreneur who owned a company that needed funding. jenna led her team in closely evaluating the company's financial documents to determine if the project would be too risky to invest in. jenna's group was interested in helping a company grow rather than just getting it started. Which of the types of investor below is described in this scenario?
Lending institution
Angel investor
Personal investor
Venture capitalist
Venture capitalist the types of investor below is described in this scenario.
What is Venture capitalist?A private equity investor known as a venture capitalist (VC) lends money to businesses with strong development potential in exchange for an ownership share. This might involve providing beginning capital or aiding small businesses that want to grow but lack access to equity markets.Venture capital is a type of private equity investment that venture capital funds or organisations offer to startups, early-stage, and developing businesses that have either shown or have a high potential for development.Management fees and carrying costs are the two main ways that venture capital funds generate revenue (carried interest). Management costs: Management costs are generally understood to be the price of hiring professionals to manage your assets.To learn more about Venture capitalist refer to:
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a developer constructing a new condominium must submit a to the common interest community board.
A Declaration is required to be submitted to the Common Interest Community Board by a developer building a new condominium.
Common Interest refers to any shared legal interests that developed between the Parties before or after the Joint Agreement's signing, including but not limited to the attorney-client privilege, attorney work product, joint defence privilege, and/or joint attorney work product. Condominiums, planned communities, homeowners' organisations, and timeshares are examples of "shared interest communities." The cost of borrowing money is called interest, and it is typically stated as a percentage, such as an annual percentage rate (APR). Lenders may charge interest to borrowers for using their funds, or borrowers may charge interest to lenders for using their funds. A community of interest is a neighbourhood, community, or collection of individuals who would benefit from remaining in a single district and who have similar policy concerns.
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We are sorry, but we could not complete this payment, because it has been denied by the card issuer. Please retry with a different card or funding option to continue with the payment...???????????
The customer's credit card issuing bank did not authorize the transaction, or it was declined.
Why does it say that the card issuer declined this transaction?The customer's credit card issuing bank did not authorize the transaction, or it was declined. This can be due to inadequate money, a frozen account status, an invalid credit card number or expiration date, etc.The customer's credit card issuing bank did not authorize the transaction, or it was declined. This can be due to inadequate money, a frozen account status, an invalid credit card number or expiration date, etcThis can be due to inadequate money, a frozen account status, an invalid credit card number or expiration date, etc.The customer's credit card issuing bank did not authorize the transaction, or it was declined.To learn more about credit card refer to:
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Production management is the traditional term used to describe all the activities managers do to help their firms create: Select one: a. services. b. goods.
c. resources. d. equities.
Production management is traditional term used to describe all activities managers do to help the firms create equities.
What is equity?Equity, also referred to as shareholders' equity, is the amount of money that, in the case that a company is liquidated, its shareholders would get once all of the firm's assets have been sold and its debt has been fully serviced. It is the value of sales in an acquisition less any liabilities that were not transferred with the company when it was sold. Shareholder equity can also serve as a proxy for a corporation's book value. Occasionally, equity may be given as payment-in-kind. It also reveals the number of shares in a corporation that each individual owns. Equity, which may be seen on a corporation's balance sheet, is one of the most often used pieces of data by analysts to assess a firm's financial health.
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Ellen is 48 years old and files as single. Her 2022 adjusted gross income (AGI) is $51,000, which includes gambling winnings of $2,000.
Ellen would like to itemize her deductions this year. Ellen brings documents for the following expenses:
$9,000 Hospital and doctor bills
$500 Contributions to Health Savings Account (HSA)
$3,600 State withholding (higher than Ellen's calculated state sales tax deduction)
$300 Personal property taxes based on the value of the vehicle
$400 Friend’s personal GoFundMe campaign
$275 Cash contributions to the Red Cross
$200 Fair market value of clothing in good condition donated to the Salvation Army (Ellen purchased the clothing for $900)
$7,300 Mortgage interest
$2,300 Real estate tax
$150 Homeowners association fees
$3,000 Gambling losses
1.) Ellen can claim the $400 she donated to her friend's personal GoFundMe campaign as a deduction on her Schedule A. a. True b. False
2.)What amount of gambling losses is Ellen eligible to claim as a deduction on her Schedule A? a. $0 b. $1,000 c. $2,000 d. $3,000
A Form W-2G must typically be provided to you if you collect $600 or more in gaming winnings.
What kind of gaming earnings are reported to the IRS?A Form W-2G must typically be provided to you if you collect $600 or more in gaming winnings. If you have won more over $5,000, the payer might be obligated to deduct 28% of the winnings for federal income tax.For winnings from gambling, the W-2G form is comparable to a 1099.Yes, however a casino won't have to disclose winnings until a specific level is exceeded. Depending on the type of game, different amounts of gambling profits require IRS reporting.A Form W-2G must typically be provided to you if you collect $600 or more in gaming winnings.To learn more about gaming winnings refer to:
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Refer to Table 3-6. Denmark and Italy trade according to the principle of comparative advantage. If the international price of bread is 2.5 units of cheese for 1 unit of bread, what is the gain from trade to Italy per unit of bread traded?
a.
0.5 units of cheese
b.
1.5 unit of cheese
c.
2.0 units of cheese
d.
2.5 units of cheese
The gain from trade to Italy per unit of bread traded will be D. 2.5 units of cheese.
What is a comparative advantage?When producing a specific good, agents in an economic model have a comparative advantage over rivals if they can do so at a lower relative opportunity cost or autarky price, that is, at a lower relative marginal cost before trade.
The ability of an economy to produce a specific good or service at a lower opportunity cost than its trading partners is known as comparative advantage. In other countries, 1 unit of bread costs 2.5 units of cheese.
Therefore, the correct option is D.
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A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner is called a ________________partnership.
A partnership that protects innocent partners from malpractice/negligence claims resulting from the acts of other partner is called a limited liability partnership.
What is limited liability partnership?An LLP is an alternative corporate business form that combines the benefits of a company's limited liability with the flexibility of a partnership.
Limited liability partnerships (LLPs) are a versatile legal and tax structure that allows partners to benefit from economies of scale by collaborating while also limiting their liability for the actions of other partners.
Before getting too excited about any legal entity, it is critical that you check the laws in your country (and your state). In short, consult a lawyer first. They almost certainly have firsthand knowledge of an LLP.
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Both accounts receivable and notes receivable represent claims that are expected to be collected in cash only within one year
Group of answer choices
True
False
True, The claims represented by accounts receivable and notes receivable are both anticipated to be paid in full in cash within a year.
Accounts receivable and cash and cash equivalents are they combined?Accounts receivable are not thought of as cash because they are not in the form of money. The fact that it is so liquid and can be swiftly converted to cash, however, makes it considered an equal. Therefore, it would be taken into account while determining equivalents.
Accounts receivable and notes receivable are differentUnofficial, temporary, and interest-free amounts owed by customers are known as accounts receivable. Receivable notes have interest attached, are secured by a promissory note, and can have terms that extend beyond an entire business cycle.
Does the category of accounts receivable include notes receivable?Notes receivable, which is a written promise by a provider to pay a specific amount of money in the future, and accounts receivable, which denotes money owed by consumers, are fundamentally dissimilar from one another.
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one of your customers owns a single premium deferred variable annuity policy. the customer has been discussing a policy offered by a different insurance company that has a wider selection of investment portfolios. should the customer elect to engage in a section 1035 policy exchang: A)
principal approval of any sale or exchange (including a 1035 exchange) must be obtained within three business days.
B)
principal approval of any sale or exchange (including a 1035 exchange) must be obtained within seven business days.
C)
the customer will not be able to add any additional funds to the new policy.
D)
you need to explain that any earnings on the exchanged policy will be subject to tax at ordinary income rates plus a 10% penalty if the customer is not at least 59 ½.
Explanation
D) you need to explain that any earnings on the exchanged policy will be subject to tax at ordinary income rates plus a 10% penalty if the customer is not at least 59 ½.
What is tax ?
Tax is money paid to the government by individuals and businesses. It is typically used by governments to fund public services such as healthcare, education, infrastructure, and other programs. Taxes are usually collected through a variety of sources such as income tax, sales tax, property tax, and corporate tax.
organization that is based on the income or profit of the individual or organization. Tax is used by governments to fund public services, such as roads, schools, and health care. Taxes can also be used to regulate certain economic activities, such as the purchase of cigarettes or alcohol, or to fund social programs, such as Social Security. Tax systems vary from country to country, but typically involve income tax, property tax, sales tax, and corporate tax.
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The asked discount yield on a treasury bill is 5%. The ask price of the bill is $_______ if it matures in 60 days and has a face value of $1000.
The ask price, also known as the offer price, indicates the interest rate that the vendor is prepared to sell to you.
What is Ask Price?The ask rate is the price at which the seller of an asset is willing to sell it. It can be fixed or negotiable.
Normally, a security's ask price ought to be more than its bid price. This is due to the investor's customarily expected behaviour of never selling a security (at a lower asking price) than they are willing to pay for it (bidding price).
When a bond is sold below its face value, the return is calculated as a percentage and is known as the discount yield. The yield on municipal notes, commercial paper, and treasury bills offered at a discount are frequently calculated using discount yield.
In general, an investor should be willing to sell an asset for more money than they are willing to pay to get it, or their asking price should be greater than their bidding price.Treasury Bills (T-Bills) also fall under this category, however depending on how the prices are presented, it may appear that the ask price is lower than the bid price.Because T-Bills are discount bonds and occasionally the quotes published are actually the yield on the bond, not the price, this confusion arises.The true prices—typically a greater ask and lower bid—are revealed by doing the math and turning the bid and ask discount yields into the dollar amounts of the pricing.Simply divide the sale price by the bid-ask spread. For instance, a penny spread on a $100 stock will result in a spread percentage of $0.01 / $100, or 0.01%, while a dime spread on a $10 stock will result in a spread percentage of $0.10 / $10, or 1%.Too know more Relatted to Ask price of the bill,Refer to:
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In the _____, the accountability officer bases expected exit time on the team member who has the lowest air-pressure reading.
Select one:
a. manual reporting system
b. PPE tag system
c. computer-based electronic system
d. SCBA tag system
The accountability officer uses the team member with the lowest air-pressure reading to determine the expected exit time in the SCBA tag system.
Option D is correct.
The SCBA tag system: what is it?Material used in safety products is made in the United States. They are made with our photoluminescent (glow in the dark) material and 3M Retro-Reflective, which are molded together to withstand the harshest conditions.
For firefighters, these have been put through their paces. These can be charged to full brightness by any light (the sun, headlights, flashlights, etc.), and they can glow for up to 20 hours.
The brand-new IdentiFier® SCBA Accountability System is now available. The SCBA's rear tensioner strap is where this item is attached. This is a REAR tag-only replacement or additional scene that lets the Incident Command and other units identify which unit is which.
A great way to make use of your resources on the scene and inform everyone that a fire company has a particular task is to be able to interchange the tags.
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a drink costs 2 dollars. a taco costs 4 dollars. given the number of each, compute total cost and assign totalcost with the result. ex: 4 drinks and 6 tacos yields totalcost of 32.
Correct reply is C++ Code for getting the range of drinks and tocos from the person and printing the complete value as output is developed and given below.
What is the whole of the total cost?The total value is the sum of constant fees and variable costs. For example, if a association has a fixed price of $30 per unit and a variable value of $5 per unit as they enlarge their output, the total cost will be $35.
How is whole value calculated with example?The formulation for discovering this is honestly fixed charges + variable charges = total cost. Using the examples of constant fees and variable expenses given above, we would calculate our complete price as follows: $2210 (fixed costs) + $700 (variable costs) = $2910 (total cost).
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https://brainly.com/question/5168855#SPJ4In Exhibit 16-4, which one of the following actions could the Fed use to shift the AD curve from AD1 to AD2?
a)lower the federal funds rate
b) lower the discount rate
c) raise the legal reserve requirement
d) sell government securities
b) In Exhibit 16-4, actions could the Fed use to shift the AD curve from AD1 to AD2 is lower the discount rate
Government policy has the ability to change aggregate demand (AD) because it affects a number of its constituent parts.
Consider government spending, which is a part of AD. As shown in Diagram A on the left above, higher government expenditure causes AD to shift to the right, whereas reduced government spending will cause AD to shift to the left, as shown in Diagram B on the right above.
Consumption and investment spending can both be impacted by tax policy. Tax reductions for people tend to boost demand for goods and services, whilst tax hikes tend to decrease it. By providing lower corporate tax rates or tax breaks for particular investment types, tax policy can help boost the demand for investments. Consumption and investment are both parts of aggregate demand, therefore altering either one will cause the AD curve to change overall.
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which of the following appear on the statement of stockholders' equity? (select all that apply.) multiple select question. cash received during the accounting period beginning balance of retained earnings property, plant, and equipment net income dividends
The shareholders' equity area of the balance sheet includes information about preferred stock, common stock, additional paid-in capital, retained earnings, and treasury stock.
What appears in the statement of stockholders equity?A corporation releases the statement of shareholders' equity together with its balance sheet as a financial document. From the start through the end of a specific accounting period, it indicates changes in the value of stockholders' or shareholders' equity, or ownership interest in a company.Both the income statement and the owner's equity statement include Net Income. The statement of owner's equity includes the net income from the income statement. Both the balance sheet and the owner's equity statement include the ending balance of the Capital Account.The statement of stockholders' equity demonstrates that a company's stock issuances and dividend payments to shareholders are accurate.To learn more about shareholders refer to:
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an increase in inflationary expectations will most likely affect nominal interest rates and bond prices in which of the following ways in the short run?
An increase in inflationary expectations will most likely increases nominal interest rates and bond prices decrease in the short run.
Inflation expectancies are the rate at which human beings consisting of consumers, businesses, and buyers count on expenses to upward push withinside the future.
These are important because actual inflation will partly depend on our expectations.
If everyone expects prices to rise by 3% next year, businesses will want to raise prices by (at least) 3%, and workers and their unions will demand big price increases as well.
All else being equal, a 1-point rise in inflation expectations tends to lead to a 1-point rise in actual inflation.
Inflation expectations are what people believe inflation will be in the future. These expectations about future inflation are important because they influence how people behave now.
"If inflation expectations get too high, it will affect the actual rate of inflation," Rusterholz said.
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multiple choice question marketers need to understand that personality, culture, and the buying situation are all factors that shape the desire for consumer ___.multiple choice question. Necessities demands needs wants
The correct answer is option (c) Wants.
Marketers need to understand that personality, culture, and the buying situation are all factors that shape the desire for consumer Wants.
Personality, culture, and the buying situation are all important factors that shape the desires of consumers. Each of these factors can influence what a person wants or needs, and how they go about getting it.
Personality refers to the individual traits and qualities of a person, and how they view the world. Different people have different desires, and the same product or service may be appealing to one person, but not another based on their individual personalities.
Culture also plays an important role in consumer wants. Different cultures have different expectations, values, and beliefs, which can affect the way people shop for products or services.
The buying situation is also an important factor in determining consumer wants. This refers to the context in which a person makes a purchase decision. Different buying situations can evoke different wants and needs, and affect how consumers go about fulfilling those wants and needs. For example, a person who is shopping for a birthday gift may have different wants and needs than someone who is shopping for a special occasion.
By understanding these factors, marketers can better tailor their products and services to meet the needs of their target audience.
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should a release of liability, even for an inherently dangerous activity, provide no-fault liability on the wrongdoer
In general, a release of liability is a legal agreement in which one party agrees to waive certain rights or claims against another party. However, it can vary depending on the jurisdiction.
In some jurisdictions, releases of liability for inherently dangerous activities may not be enforceable if they provide no-fault liability on the wrongdoer. This is because it may be considered an attempt to avoid liability for one's own wrongful conduct. Some jurisdictions have laws that prohibit or limit the enforceability of releases of liability for inherently dangerous activities.
In other jurisdictions, releases of liability for inherently dangerous activities may be considered valid if they are clear, conspicuous, and specific about the risks involved. This means that the release must be written in plain language that is easy to understand and must specifically mention the risks involved in the activity.
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The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to ______ per account.
The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to $250,000 per account.
One of two organisations that offer deposit insurance to depositors in U.S. depository institutions is the National Credit Union Administration, which is supported by the government and insures credit unions across the country. For each category of account ownership, the normal deposit insurance amount is $250,000 per depositor, each insured bank.
Deposits held by an individual in one insured bank are insured by the FDIC separately from those held by the individual in any other separately chartered insured bank. Deposits are insured by the FDIC, which also oversees receives, makes huge and complicated financial institutions resolvable, and inspects and supervises financial institutions for safety, soundness, and consumer protection.
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TRUE OR FALSE when marketing new songs, movies, or fashions, the the sweet spotfor new product developers entails creating new products that simultaneously feel fresh and familiar.
True, when marketing new songs, movies, or fashions, the the sweet spotfor new product developers entails creating new products that simultaneously feel fresh and familiar.
In simple terms, what does marketing in business mean?
Marketing is the process of bringing potential clients and products or services together for businesses. It aims to align the company's goods and services with what the customers want.
A step done to draw attention to a company's offers, which may include both tangible products for sale and offered services. Advertisements in magazines, billboards on the side of the road, and television commercials are a few instances of marketing in action.
What are the marketing's four Ps?
Those are the four Ps: product, pricing, location, and promotion. They serve as an illustration of a "marketing mix," or the collection of strategies and techniques utilized by marketers to accomplish their goals in marketing. E. initially formally proposed the four Ps in 1960.
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which of the following questions should you consider when preparing to communicate with customers or colleagues?
Is trustworthiness or credibility key to the way I work ? is the questions should you consider when preparing to communicate with customers or colleagues.
What justifications exist for requesting confidentiality agreements from employees?You may ask employees to sign an employee confidentiality agreement to stop them from disclosing confidential information that could endanger your company. Employee confidentiality agreements are used by businesses to safeguard their original concepts, efficient procedures, distinctive goods, or consumer information.
The clarity principle: A message should be audible and free from noise and distortion. One of the most crucial elements of good communication is the idea that an ambiguous message not only makes it difficult to communicate effectively, but also delays the process.
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A company created its own social media space called The Lounge, which included an interactive website withcontests and forums for customers to talk about their own experiences with the company's products.Which of the following does this scenario illustrate?Business brandingViral marketingProduct differentiationMarket segmentation
A company created its own social media space called The Lounge, which included an interactive website .This scenario illustrate viral marketing.
What is viral marketing?
A deals strategy known as viral marketing relies on organic or word- of- mouth advertising to circulate information about a good or service at an accelerating rate. The frequency of viral dispatches in the form of memes, shares, likes, and forwards has significantly increased since the development of social media and the internet.
What components of viral marketing are crucial?
A viral marketing campaign is, in theory, incredibly easy to implement. You produce charming material for your target followership, upload it to the internet, and spread the word about it. The only thing left to do at that point is wait for the fuse to fire and for consumers to begin sharing wildly.
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In equilibrium, other things being equal, all of the following changes will increase the real rental price of capital except: a higher labour-capital ratio. a lower quantity of labour employed. a lower stock of capital.better technology
In equilibrium, other things being equal, all of the following changes will increase the real rental price of capital except a lower stock of capital.
Because of this, the equilibrium quantity stays constant but the equilibrium price decreases. The relative shift of the demand curve is proportionately bigger than the supply curve when the decline in demand exceeds the rise in supply. In reality, the equilibrium quantity and price both decrease.
Numerous elements that fall under the categories of a change or rise in supply, demand, or both may contribute to this. Without a doubt, the market's equilibrium would change if either the supply or the demand, or both, changed.
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several types of balance sheet accounts are described below. choose the correct account for each description.
Accounts payable is the type of the balance sheet account from the given.
What is accounts payable?A company's existing short-term obligations to its suppliers or creditors are referred to as "payables," which is also known as accounts payable (AP). On the balance sheet of an organization are the current liabilities, or payables. The total amount of accounts payable at a given time is shown on a company's balance sheet under the heading of current liabilities. Accounts payable are debts that must be repaid in a specific amount of time to prevent defaulting. At the corporate level, AP is the word used to describe short-term supplier payments. The payable is, essentially, a brief IOU provided from one company to another.
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Complete Question:
Financial statement accounts Several types of balance sheet accounts are described below. Choose the correct account for each description. A. Cash B Operating expense. C. Accounts payable D. Fixed assets E. Intangible assets
On January 2, year 1, Emme Co. sold equipment with a carrying amount of $480,000 in exchange for a $600,000 noninterest-bearing note due January 2, year 4. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, year 1, was 10%. The present value of $1 at 10% for three periods is 0.75. In Emme's year 1 income statement, what amount should be reported as interest income?
a. $9,000
b. $45,000
c. $50,000
d. $60,000
examples allocation efficiencyflour, which can be used to make many products, is used to make waffles and muffins because of the high demand for each product.
If Herb Farmer decides to create three cakes and three loaves of bread with his flour and sugar, classify the sentence as representing productive efficiency, allocative efficiency, or an inefficient circumstance.
Production efficiency is a word used in economics to describe the point at which an economy or other entity can no longer produce more of one item without reducing the level of production of a different one. When a company in a particular market or sector reaches the lowest point on its average cost curve, it has achieved productive efficiency, which implies effective use of limited resources and high factor productivity. Unit costs are estimated in a manufacturing firm that makes fitness apparel based on the labour, materials, and machine hours needed to manufacture each unit for each distinct product.
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which of these responsibilities would you least expect to find in a position description for a user support specialist
Operates a large-scale computer is the responsibilities you would least expect to find in a position description for a user support specialist .
Option C is correct.
What are support services that are outsourced?
An external team of experts is provided by outsourcing support services to assist a company in managing and maintaining its operations. Support for IT, customer service, human resources, accounting, and software development are all examples of these services. Businesses can provide solutions that are both more effective and less expensive by outsourcing these services. In addition, they can save money and resources. Additionally, businesses can benefit from an outsourcing provider's specialized knowledge and resources.
Businesses that lack the personnel or resources necessary to handle particular projects can benefit from this. Outsourcing support services can also help businesses comply with industry standards and remain current on the most recent technologies and trends.
Incomplete question :
Which of these responsibilities would you least expect to find in a position description for a user support specialist?
A.Computer-aided design package
B.Operate a local area network
C.Operates a large-scale computer
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pastina company post-closing trial balance december 31, 2021 account title debits credits cash $30,000 accounts receivable 40,000 supplies 800 inventory 700 notes receivable 800 interest receivable 1,333 prepaid rent 1,000 prepaid insurance 1,500 office equipment 80,000 accumulated depreciation 40,000 accounts payable 31,000 salaries payable 1,500 notes payable 50,000 interest payable 1,500 deferred sales revenue 2,000 common stock 60,000 retained earnings 48,633 sales revenue interest revenue cost of goods sold salaries and wages expense rent expense depreciation expense interest expense supplies expense insurance expense advertising expense totals $196,133 $194,633
One of a company's financial accounts, an income statement or profit and loss account, lists the company's revenues and costs for a specific time period.
What is Income statement?One of a company's financial accounts, an income statement or profit and loss account, lists the company's revenues and costs for a specific time period. It describes the process through which revenues are converted into net income or net profit. An income statement displays the revenues, costs, and profitability of a business over time. It is also sometimes referred to as an earnings statement or a profit-and-loss (P&L) statement. Income statements are usually given more attention in corporate financial announcements than other financial statements. The following are key ideas from this reading: The income statement lists receipts, costs, and profits.Adjusting entries:
Depreciation on the office equipment for the year is $10,300.
Dr Depreciation expense 10,300
Cr Accumulated depreciation 10,300
Salaries are paid to employees twice a month: on the 22nd for pay earned from the first to the fifteenth of the month, and on the seventh of the following month for pay earned from the sixteenth to the end of the month. From December 16 to December 31, 2021, employees were paid $900 in salaries.
Dr Wages expense 900
Cr Wages payable 900
Pastina signed a note and borrowed $50,600 from a nearby bank on October 1, 2021. On September 30 of each year, interest is to be paid at a rate of 12%. In ten years, the principal is due.
Dr Interest expense 1,518
Cr Interest payable 1,518
A note was signed on March 1, 2021, requiring principal and interest at 8% to be paid on February 28, 2022, after the business loaned a supplier $20,600.
Dr Interest receivable 1,373
Cr Interest revenue 1,373
For a two-year fire insurance policy, the business paid an insurance provider $6,600 on April 1, 2021. Prepaid insurance was charged the full $6,600.
Dr Insurance expense 2,475
Cr Prepaid insurance 2,475
$560 of supplies remained on hand at December 31, 2021.
Dr Supplies expense 1,240
Cr Supplies 1,240
For 900 pounds of spaghetti that would be delivered in January 2022, a customer paid Pastina $2,300 in December. Deferred sales revenue was credited by Pastina.
There is no entry fee.
The building owner received $1,200 in rent on December 1, 2021. Rent of $600 per month was being paid for December 2021 and January 2022. Rent payment was charged for the total sum.
Dr Rent expense 600
Cr Prepaid rent 600
Trial balance
Account Title Debits Credits
Cash 32,000
Accounts receivable 40,600
Supplies 560
Inventory 60,600
Notes receivable 20,600
Interest receivable 1,373
Prepaid rent 600
Prepaid insurance 4,125
Office equipment 82,400
Accumulated depreciation 41,200
Accounts payable 31,600
Salaries payable 900
Notes payable 50,600
Interest payable 1,518
Deferred sales revenue 2,300
Common stock 64,200
Retained earnings 50,540
Sales revenue 149,000
Interest revenue 1,373
Cost of goods sold 73,000
Salaries expense 20,210
Rent expense 11,900
Depreciation expense 10,300
Interest expense 1,518
Supplies expense 2,640
Insurance expense 2,475
Advertising expense 3,300
Total $380,716 $380,716
Pastina Company
Income Statement
For the Year Ended December 31, 2021
Sales revenue $149,000
Interest revenue $1,373
Cost of goods sold -$73,000
Salaries expense -$20,100
Rent expense -$11,900
Depreciation expense -$10,300
Interest expense -$1,518
Supplies expense -$2,640
Insurance expense -$2,475
Advertising expense -$3,300
Net income = $25,140
Pastina Company
Balance Sheet
For the Year Ended December 31, 2021
Assets
Current assets:
Cash $32,000
Accounts receivable $40,600
Supplies $560
Inventory $60,600
Notes receivable $20,600
Interest receivable $1,373
Prepaid rent $600
Prepaid insurance $4,125
Total current assets: $160,458
Non-current assets:
Office equipment $82,400
Accumulated depreciation $41,200
Total non-current assets: $41,200
Total assets: $201,658
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $31,600
Wages payable $900
Interest payable $1,518
Deferred sales revenue $2,300
Total current liabilities: $36,318
Long term debt:
Notes payable $50,600
Total long term debt: $50,600
Total liabilities: $86,918
Stockholders' equity:
Common stock $64,200
Retained earnings $50,540
Total stockholders' equity: $114,740
Total liabilities and stockholders' equity: $201,658
retained earnings = previous balance + net income - dividends = $30,000 + $25,140 - $4,600 = $50,540
Pastina Company
Statement of Shareholders’ Equity
For the Year Ended December 31, 2021
Balance on January 1: Common stock $64,200
Balance on January 1: Retained earnings $30,000
Net income 2021 $25,140
- Dividends ($4,600)
Subtotal $50,540
Balance on December 31: Common stock $64,200
Balance on December 31: Retained earnings $50,540
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On December 30, 2017, Leigh Museum, a not-for-profit entity, received a $7,000,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows:
The museum is to sell shares valued at $5,000,000 and use the proceeds to erect a public viewing building.
The museum is to retain shares valued at $2,000,000 and use the dividends to support current operations.
As a consequence of its receipt of the Day Co. shares, how much should Leigh report as temporarily restricted net assets on its 2017 statement of financial position?
$5 million of equity is restricted and must be used for one building only, the rest ($2 million) must be retained, and its dividends must be used for ongoing operations.
The entire $7 million is restricted for use and should all be reported as Donor Restricted Assets.
Donor-imposed restrictions may be temporary or permanent.
Temporary Net Worth is the charitable foundation's assets subject to certain limits imposed by the donor. Restrictions either require the asset to be used in a certain way or are lifted after a certain period of time
Assets are things that every organization has rights to, such as property, machinery, and cash. Net worth means everything that remains of an organization after all debts (or obligations or liabilities) have been paid off.
Therefore, a non-profit organization has a net worth that includes unlimited assets and restricted assets. For non-profit organizations, there are three asset classes for financial reporting purposes.
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