Answer:
the primary objective, or purpose of a for-profit business is to maximize profits for the owners while maintaining corporate social responsibility.
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Give definition of microeconomic and macroeconomics
Microeconomics: is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Macroeconomics : the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
It is estimated that a certain piece of equipment can save $ per year in labor and materials costs. The equipment has an expected life of years and no market value. If the company must earn a % annual return on such investments, how much could be justified now for the purchase of this piece of equipment?
Answer:
The amount that could be justified now for the purchase of this piece of equipment is $73,747.41.
Explanation:
Note: This question is not complete as all the data in it are omitted. A complete question is therefore provided before answering the question as follows:
It is estimated that a certain piece of equipment can save $22,000 per year in labor and materials cost. The equipment has an expected life of five years and no market value. If the company must earn a 15% annual return on such investments, how much could be justified now for the purchase of this piece of equipment?
The explanation to the answer is now given as follows:
To calculate this, the formula for calculating the present value of an ordinary annuity is used as follows:
PV = P * [{1 - [1 / (1 + r)]^n} / r] …………………………………. (1)
Where;
PV = Present value of the amount to justify the equipment purchase = ?
P = yearly savings in labor and materials costs = $22,000
r = annual return rate = 15% = 0.15
n = Equipment has an expected life = 5
Substitute the values into equation (1) to have:
PV = $22,000 * [{1 - [1 / (1 + 0.15)]^5} / 0.15]
PV = $22,000 * [{1 - [1 / 1.15]^5} / 0.15]
PV = $22,000 * [{1 - 0.869565217391304^5} / 0.15]
PV = $22,000 * [{1 - 0.497176735298289} / 0.15]
PV = $22,000 * [0.502823264701711 / 0.15]
PV = $22,000 * 3.35215509801141
PV = $73,747.41
Therefore, the amount that could be justified now for the purchase of this piece of equipment is $73,747.41.
When using straight line amortization on premium bonds:_______.
A. the same interest income is reported each year
B. decreasing interest income is reported each year
C. increasing interest income is reported each year
D. the reported interest income is determined by the current market price of the bond
Answer: the same interest income is reported each year
Explanation:
The straight-line amortization method is a simple way to amortize a bond as an equal amount of interest are allocated over every accounting period.
When using straight line amortization on premium bonds, the same interest income is reported each year. Therefore, option A is the best answer.
The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month of September. Corporate headquarters building lease $ 86,000 Cosmetics Department sales commissions--Northridge Store $ 5,300 Corporate legal office salaries $ 57,300 Store manager's salary-Northridge Store $ 11,700 Heating-Northridge Store $ 14,400 Cosmetics Department cost of sales--Northridge Store $ 32,400 Central warehouse lease cost $ 13,900 Store security-Northridge Store $ 16,300 Cosmetics Department manager's salary--Northridge Store $ 4,260 The Northridge Store is just one of many stores owned and operated by the company. The Cosmetics Department is one of many departments at the Northridge Store. The central warehouse serves all of the company's stores. What is the total amount of the costs listed above that are direct costs of the Cosmetics Department
Answer:
$41,960
Explanation:
Direct costs are costs that are specific to a certain product, service or in this case, department or business unit. They are not shared with other products, services or business units.
The direct costs allocated to the Cosmetics Department are:
Cosmetics Department sales commissions--Northridge Store $5,300 Cosmetics Department cost of sales--Northridge Store $32,400 Cosmetics Department manager's salary--Northridge Store $4,260 total $41,960ASAP WILL MARK BRAINLIEST When many more people wish to purchase a product, its price will tend to _____. a. stay the same b. decline only to rise again c. increase d. fall
Answer:
C. Increase
Explanation:
Demand-pull inflation is the most common cause of rising prices. It occurs when consumer demand for goods and services increases so much that it outstrips supply. Producers can't make enough to meet demand
Employment-at-will is an employment relationship which ________.
Answer:
Employer can terminate the employment of an employee without any reason or explanation
Explanation:
Employment-at-will is a labour practice in which there is a high level of flexibility on the part of the employer and employee.
The employer can determine to terminate an employment contract for no reason.
Also the employee can resign without giving a reason.
This also allows employers to adjust the terms of the contract. For example changing salary or policy on time off can be changed without any prior warning or reason.
Lorenzo was complaining about his workload before the staff meeting began. Later, when the manager announced that 12 parking spaces would be lost due to construction across the street, he raised his hand and asked, "Then where exactly do you expect us to park?" The manager tried to provide some recommendations, but Lorenzo continued to complain until the manager gave up and announced the meeting was over. What could Lorenzo do to make the next meeting more effective and productive?
Answer:
Bring a positive attitude
Explanation:
In this scenario Lorenzo already had a negative attitude before the meeting and was complaining about the workload he had.
This negative attitude made him to be inconsiderate of all recommendations made by his manager with regards to the 12 parking spaces that will be lost.
Bringing a positive attitude to the next meeting will help Lorenzo keep an open mind to alternative solutions, and he can even propose some way to get around the lost parking spaces.
Which of the following is an example of cannibalization? Group of answer choices A toothpaste manufacturer adds a new line of toothpaste (that contains baking soda) to its product line. A grocery store begins selling T-shirts featuring the local university's mascot. A basketball manufacturer adds basketball hoops to its product line. A convenience store begins selling pre-paid cell phones.
Answer:
The corrects answer is: A toothpaste manufacturer adds a new line of toothpaste (that contains baking soda) to its product line.
Explanation:
Cannibalization is a market strategy that can occur without the company's intention, and can be defined as when a company replaces a product on the market with a similar new product, as in the example above, when a toothpaste manufacturer adds a new one line of toothpaste (containing sodium bicarbonate) to its product line.
This strategy can be detrimental to the company, since there may be less sales of an existing product for a similar product, which consequently generated higher production costs for the organization, therefore it would not be characterized as gains for the company, but as losses , as this strategy would not increase the company's market share, but a detriment of one product by another.
Therefore, it is necessary that there is constant monitoring of each product in the company so that cannibalization does not occur and each product contributes to the company's profitability individually.
Unfortunately, Diana doesn't have enough money in her account right now. She needs to make additional contributions at the end of each of the next three years to be able to pay for the repairs. Her account currently has $3,500, which, along with her additional contributions, is expected to continue earning 6% annual interest. If she makes equal contributions each year, how large must each contribution be for Diana to have $8,000 after three years
Answer: $1,203.49
Explanation:
The equal contributions will be an annuity. The $3,500 already there will also grow at 6% for 3 years. Expression is;
8,000 = ( 3,500 * ( 1 + 6%)^3) + Contribution * Future value interest factor of annuity, 3 years, 6%
8,000 = 4,168.56 + Contribution * 3.1836
Contribution = (8,000 - 4,168.56) / 3.1836
Contribution = $1,203.49
Photographic Supplies, Inc.'s accounting records include the following for 2016:
Income Tax-Saving Extraordinary Loss $8,000 Sales 575,000
Income Tax-Saving_Loss on Operating expense
(Including Income Tax) 100,000
Discontinued Expense 9,600
Extraordinary Loss 20,000 Cost of Goods Sold 245,000
Loss on Discontinued Operations 24,000
Required:
Prepare Click's multi-step income statement for 2016. Omit earnings per share.
Answer and Explanation:
The preparation of the multi-step income statement for the year is presented below:
Photographic Supplies, Inc.
Income statement
Year Ended December 31, 2016
Sales revenue $575,000
Less: Cost of goods sold -$245,000
Gross profit $330,000
Less: Operating expenses -$100,000
Income from continuing operations $230,000
Less: Loss on discontinued operations -$24,000
Discontinued expenses $9,600
Income before extraordinary item $215,600
Less: Extraordinary loss -$20,000
income tax savings $8,000
Net income $203,600
The following income statement is provided for Ramirez Company for the current year: Sales revenue (3,500 units × $21.00 per unit) $ 73,500 Cost of goods sold (variable; 3,500 units × $9.00 per unit) (31,500 ) Cost of goods sold (fixed) (5,000 ) Gross margin 37,000 Administrative salaries (7,000 ) Depreciation (5,000 ) Supplies (3,500 units × $3.00 per unit) (10,500 ) Net income $ 14,500 What amount was the company's contribution margin?
Answer:
Contribution margin = $31,500
Explanation:
Given:
Sales revenue (3,500 units × $21.00 per unit) = $73,500
Cost of goods sold (variable: 3,500 units × $9.00 per unit) = $31,500
Supplies (3,500 units × $3.00 per unit) = $10,500
Find:
Contribution margin
Computation:
Contribution margin = Sales Revenue - Variable cost - Supplies
Contribution margin = $73,500 - $31,500 - $10,500
Contribution margin = $31,500
Free Cash Flow The following information is derived from recent financial statements of BizInc Corp.: EBIT for 2014 was $159, and Depreciation Expense for 2014 was $41. The firm's tax rate is 26%. Net Operating Working Capital (NOWC) for end of year 2013 was $63, and NOWC for end of year 2014 was $65. Net fixed assets for EOY 2013 were $124 and they were $322 for EOY 2014. All dollar figures for this question are in $Millions -- you should disregard units in all figures, including your response. The Free Cash Flow for 2014 was $_________(million).
Answer:
The Free Cash Flow for 2014 was ($41.34 million)
Explanation:
Value of free cash flow = EBIT (1 - tax rate) + Depreciation - Capital expenditure - Working capital
= $159 million ( 1 - 0.26) + $41 million - ($322 million - $124 million) - ($65 million - $63 million)
= $159 million (0.74) + $41 million - $198 million - $2 million
= $117.66 million + $41 million - $198 million - $2 million
= -$41.34 million.
Berg Inc. has just paid a dividend of $2. Its stock in now selling for $48 per share. The firm is half as risky as the market. The expected return on the market is 14%, and the yield on U.S. Treasury bonds is 11%. If the market is in equilibrium, what rate of growth is expected?
Answer:
Explanation:
Given the following :
Price of stock (p) = $48/share
Dividend (d) = $2
Expected return on market = 14%
Yield on Treasury bond = 11%
If market is in equilibrium ; Expected growth Rate will be:
Required rate of return (r):
Yield on Treasury + ( expected return on market - yield on Treasury) × 0.5
11% + (14% - 11%)× 0.5
11% + 1.5% = 12. 5% = 0.125
Using:
P = d(1 - g) / (r - g)
Where G = growth rate
48 = 2(1 + g) / (0.125 - g)
(0.125 - g)48 = 2 + 2g
6 - 48g = 2 + 2g
-48g - 2g = 2 - 6
-50g = - 4
g = 4 / 50
g = 0.08 = 8.0%
Which of the following is false? Group of answer choices Lateness in any of the activities located on the critical path would result in lateness in overall project completion time If an activity has a slack value greater than zero, it needs to be a critical activity Lateness in activities, which are not located on the critical path, may or may not result in lateness in overall project completion time, depending on their slack time If there is only one activity in a project, it needs to be a critical activity If Activity A needs to be completed before Activity B starts, Activity A is the immediate predecessor of activity B
Answer:
If an activity has a slack value greater than zero, it needs to be a critical activity
Explanation:
The false statement in the group of answer choices is If an activity has a slack value greater than zero, it needs to be a critical activity this is because for an activity to be considered a critical activity its slack value has to be equal to zero and not greater than zero,
activities with critical value greater than zero are considered just activities and not critical activities because there is time range given to the activity
Exercise 2-15 Computing net income LO A1 A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $ 71,500 $ 30,652 End of the year 122,500 49,613 Owner made no investments in the business, and no dividends were paid during the year. Owner made no investments in the business, but dividends were $1,050 cash per month. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. Dividends were $1,050 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)
Answer:
a. $32,039
b. $19,439
c. -$12,961
d. $9,639
Explanation:
We will use accounting equation to solve the above question.
Assets = Liabilities + Equity
Also;
Net income will be the difference in equity plus dividends minus contributions
= [Ending equity - Beginning equity ] + Dividends
Since the beginning and ending equity is the same for all the years, then we'll have
$71,500 = $30,652 + Equity
Equity = $40,848
Ending equity = $122,500 - $49,613
= $72,887
a. Income : $72,887 - $40,848 + 0 - 0
= $32,039
b. $72,887 - $40,848 + $1,050 × 12 - 0
= $19,439
c. $72,887 - $40,848 + 0 - $45,000
= -12,961
d. $72,887 - $40,848 + $1,050 × 12 - $35,000
= $32,039 + $12,600 - $35,000
= $9,639
In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions? Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business). Riflebird Company is a C Corporation (no dividends were paid during the year).
Answer and Explanation:
In the case of proprietorship
net profit is
= Operating income - operating expenses
= $220,000 - $175,000
= $45,000
Since the long term capital loss is given i.e. $10,000 so the same is to be considered
In the case of C Corporation
Since no dividend is paid so here the net profit and the long term capital loss would be zero
1. Matt has two choices for a summer job. The first opportunity is at a computer manufacturer, where he would earn 10.25 an hour. The second opportunity is with a landscaping company, where he could work and have lunch with three of his closest friends every day. The landscaping job would pay $8.65 per hour.
Answer:
the question is incomplete, so i looked for similar questions and they referred to opportunity costs:
the opportunity cost of taking the summer job at the computer manufacturer = lost wages from the landscaping job + the value that Matt assigns to working and having lunch with his 3 friends = $8.65 per hour + value of friendship. Assuming that he could work 160 hours per month, total opportunity cost = $1,384 + value of friendship
the opportunity cost of taking the summer job at the landscaping company = the lost wages from the computer manufacturing job = $10.25 per hour. Assuming that he could work 160 hours per month, total opportunity cost = $1,640
Opportunity costs are the extra costs or benefits lost resulting from choosing one activity or investment over another alternative.
A $1 off coupon for carnation instant breakfast powder is a form of:___________.
a. public relations
b. sales promotion
c. advertising
d. personal selling
e. publicity
Answer:
b. sales promotion
Explanation:
Sales promotion is the best method to sell any product or attract customers to purchase that particular product. Sales promotion is a method to increase productivity. It also motivating customers to buy the product and trial or switch their product.
Therefore according to the given situation, the correct answer is b that is sales promotion.
Which best describes the similarity and differences between the Construction pathway and the
Maintenance/Operations pathway?
Both rely on knowledge of safety regulations, but Construction focuses more on identifying problems and
repairing them.
Both rely on drawing and design skills, but Maintenance/Operations focuses more on math and making
calculations.
Both rely on physical strength and dexterity, but Maintenance/Operations focuses more on identifying problems
and repairing them.
Both rely on a high level of independence, but Construction focuses more on interacting with customers.
Answer:
Both rely on physical strength and dexterity, but Maintenance/Operations focuses more on identifying problems
Explanation:
The correct answer is option C) Both rely on physical strength and dexterity, but Maintenance/Operations focuses more on identifying problems and repairing them.
Construction of pathway
The construction pathway includes workers who build and remodel homes, or community, recreational, industrial, and office facilities. Includes builders of highways, streets, bridges, tunnels and airports.
What is the difference between the Construction pathway and the maintenance and operations pathway?
Both rely on knowledge of safety regulations, but Construction focuses more on identifying problems and repairing them. Both rely on drawing and design skills, but Maintenance/Operations focuses more on math and making calculations.
Learn more about construction pathway here: brainly.com/question/2773489
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You have successfully started and operated a company for the past 10 years. You have decided that it is time to sell your company and spend time on the beaches of Hawaii. A potential buyer is interested in your company, but he does not have the necessary capital to pay you a lump sum. Instead, he has offered $700,000 today and annuity payments for the balance. The first payment will be for $180,000 in three months. The payments will increase at 2.3 percent per quarter and a total of 30 quarterly payments will be made. If you require an EAR of 10 percent, how much are you being offered for your company
Answer:
$5,890,521.80
Explanation:
initial payment: 700000
quarter 1: 180000
quarter 2: 184140
quarter 3: 188375
quarter 4: 192708
quarter 5: 197140
quarter 6: 201674
quarter 7: 206313
quarter 8: 211058
quarter 9: 215912
quarter 10: 220878
quarter 11: 225959
quarter 12: 231156
quarter 13: 236472
quarter 14: 241911
quarter 15: 247475
quarter 16: 253167
quarter 17: 258990
quarter 18: 264947
quarter 19: 271040
quarter 20: 277274
quarter 21: 283652
quarter 22: 290176
quarter 23: 296850
quarter 24: 303677
quarter 25: 310662
quarter 26: 317807
quarter 27: 325116
quarter 28: 332594
quarter 29: 340244
quarter 30: 348069
now we must determine the quarterly interest rate:
1.10 = (1 + i)⁴
⁴ √1.10 = ⁴ √(1 + i)⁴
1.024113689 = 1 + i
i = 0.024113689 = 2.4113689% ≈ 2.4114%
Now we need to determine the present value of this annuity and our discount rate is 2.4114%. I will use an excel spreadsheet to determine the present value of the 30 quarterly payments and then add the initial payment.
$5,190,521.80 + $700,000 = $5,890,521.80
When two countries trade with one another, it is most likely because A. the wealthy people in each of the two countries are able to benefit, through trade, by taking advantage of other people who are poor. B. some people involved in the trade do not understand that one of the two countries will become worse-off because of the trade. C. the opportunity costs of producing various goods are identical for the two countries. D. the two countries wish to take advantage of the principle of comparative advantage.
Answer:
D. the two countries wish to take advantage of the principle of comparative advantage.
Explanation:
This is true because, when the comparative advantage that exist between two countries in production process is high, it leads to business trade relation. For example, country A has the comparative advantage of producing milk more than country B while country B has the advantage of producing egg than country A. Because both countries needs what the other produces, it would lead to trade between them.
THE TASK: Re-write this letter, correctly understanding its purpose, by following the writing process and the 7 C’s, you have studied during the course. Please use the letter format. You can make necessary assumptions and delete/add information. I am writing to inquire about your recent order for a custom wedding suit. You forgot to mention what color you want, and you failed to include your measurements. I would like to clear up this confusion quickly so that we will be able to provide you with the suit before the wedding. When, exactly, is the happy day? I know you must be busy getting ready for the wedding, but if you can spare the time, you might want to stop by in person to pick out your suit, because we do offer an incredibly wide selection of fine wedding attire. At that time, you could also select an appropriate tie and shirt. I would also suggest that you choose clothing for your best man and ushers, assuming that you are having a large wedding. We are prepared to provide the best in both custom and rental formal attire for your entire wedding party, regardless of how large or small it may be. Incidentally, you should also bring your fiancée along to coordinate the men’s clothing with the bridesmaid’s dresses. You know how picky women are about clothes. If you can’t come by in person, you should send me a letter stating your measurements and indicating your color and style preferences, or call me at 633-4296. After we receive this information, we will need at least two weeks to complete the suit. Thank you for your cooperation in this matter.
Answer:
Wedding Clothings Inc.,
232 Wasington Drive,
Tennessee State,
United States of America.
33 Georgia county,
New York City.
Dear MaryJane,
Re: Inquiry on your recent wedding dress order.
I am writing to inquire about your recent order for a custom wedding suit. I notice that, you might be busy with the wedding planning and organization hence the reason why you forgot that you placed an order. In your order, you did not indicate what color you want, and your measurements. This two information is necessary to be able to provide you with the suit before your actual the wedding.
If you don't mind me asking, when exactly is the happy day going to be? And, also, it would be nice if you can spare some time and stop by in our shop in person inorder to pick out your suit. This is because, we do offer an incredibly wide selection of fine wedding attire. The opportunity would afford you the time to select an appropriate tie and shirt.
I would also suggest that you choose clothing for your best man and ushers, assuming that you are having a large wedding. We are prepared to provide the best in both custom and rental formal attire for your entire wedding party, regardless of how large or small it may be. Also, you could bring your fiancée along to coordinate the men’s clothing with the bridesmaid’s dresses. You know how picky women are about clothes.
If you can’t come by in person, you should send me a letter stating your measurements and indicating your color and style preferences, or call me at 633-4296. After we receive this information, we will need at least two weeks to complete the suit. Thank you for your cooperation in this matter.
Sincerely yours,
Janet McCoy (Sales Manager)
For: Wedding Clothings Inc.
Explanation:
a mid-level manager at ABC Manufacturing, is negotiating supplier agreements with a Chinese firm in Beijing. This is Antonio's first experience with a Chinese supplier. Antonio insists that all contract agreements be explicitly detailed, which is exactly the way he deals with American suppliers. Antonio believes this strategy is the best way to conduct business and is very comfortable following his own approach. Antonio can be described as adopting a(n) ________ orientation. a not selected option a polycentric b not selected option b polychronic c not selected option c geocentric d not selected option d ethnocentric e not selected option e monochronic
Answer:
Explanation:
A monochronic culture, values preciseness, emphasize schedules, punctuality, and preciseness. Monochronic cultures like to do just one particular thing at a time and they value orderliness and do not like to be interrupted unlike the Polychronic cultures which like to do several things at the same.
Based on this, Antonio believes this strategy is the best way to conduct business and is very comfortable following his own approach. Antonio can be described as adopting an monochronic culture.
Economic principles are generalizations relating to __________ tendencies in economic behavior or to the economy itself_______
Answer: Average
Explanation:
Economic principles are generalizations relating to average tendencies in economic behavior or to the economy itself.
It is impossible to explain the individual choices people or companies make and yet it still needs to be done so that the economy can be studied and planned. For this reason economic principles use generalizations to study and explain the economy based on the behavior of the majority of people.
Essentially they are based on perceived rational tendencies of what is expected of people and firms. This is why some economic principles are supported by one group of economists and not by others. If the principles applied to all, it would not be the case.
A given investment project will cost RM400,000. Incremental annual cash flows after taxes are expected to be RM80,000 per year for the life of the investment, which is 5 years. There will be no salvage value at the end of the 5 years. The required rate of return is 14%. On the basis of the profitability index method, should the investment be accepted?
Answer:
Based on the profitability index method, the investment should not be accepted.
It does not produce enough cash flows to justify the investment.
Explanation:
The profitability index method measures the present value of benefits for by dividing the present value of benefits by the present of initial investments.
The present value of initial investment in this project remains RM400,000. The present value of incremental annual cash flows of RM80,000 after taxes for 5 years will be equal to:
RM80,000 * 3.668 = RM293,440
Then the next step is to divide the present value of benefits by the initial investment as follows:
RM293,440/RM400,000 = 0.7336 = 73.36%
The implication is that the present value of the benefits is less than the initial investment costs. The project should then be rejected.
Classify the given goods according to whether or not they would be included in calculating the GDP for the United States. All goods should be placed. If a country is not specified, you can assume the action is performed in the United States. Included in the GDP of the U.S. NOT included in the GDP of the U.S. Answer Bank
Please find full question attached Answer:
Honda's assembly and sale of cars in the US
old navy purchases mannequins to display clothes
Explanation:
The above are the only goods that qualify to be entered for GDP calculations since they are final goods and are also produces in the United States. The others do not qualify as some are not final goods and others are not produced in the country example ocean spray purchases plastics to make bottles cannot be classified as final goods since they are intermediate goods and will stillGdP will still be calculated on the final product
Suppose that the resale of tickets to professional football games is illegal in Missouri. Due to the high demand for Chiefs (who play in Kansas City, Missouri) tickets there is a shortage of tickets at the current ticket price. Given that the Chiefs will not raise the price at which they sell the tickets, what would be the result
Answer:
The shortage is the result of the quantity demanded exceeding the quantity supplied (since the stadium can only fit a certain amount of people) and the price being fixed and not being able to achieve equilibrium. If the resale if tickets is allowed, the resale price will increase until equilibrium is reached and the shortage disappears.
Explanation:
the question is incomplete, the following is missing:
"Given that the Chiefs will not raise the price at which they sell the tickets, what would be the result of allowing tickets to be resold in a secondary market at whatever price the market would support?"
Panjim began 2015 with salaries payable balance of $75,000. It had 2015 salary expense of $80,000. Its 2015 ending salaries payable balance must be _______.a) $95,000
b) $55,000
c) $155,000
Answer:
c) $155,000
Explanation:
Beginning Balance of Salaries Payable = $75,000
Salary Expense during 2015 = $80,000
Ending Salaries Payable Balance = $75,000+$80,000= $155,000
Here we assume that all the salaries have been added up in the salaries payable account during the year 2015 and not yet paid by the end of the year 2015 thus making a total of ($75,000+$80,000) $155,000.
If only the salaries accrued during the years 2015 of $ 80,000 had been paid the balance of salaries payable would have been the same as the beginning balance of $ 75,000.
A central lesson of the Solow model is:______.a. capital accumulation cannot serve as the engine of long-run per capita economic economic growth. b. capital accumulation is the only engine of the long run per capita economic growth. c. consumption is the only engine of short-run per capita economic growth.d. saving rates serve as the engine of long-run per capita economic growth. d. the initial capital stock plays a large part in long run economic growth.
Answer:
c because it show how the economy runs
As the controller of Chardon Consulting, you have hired a new employee, whom you must train. She objects to making an adjusting entry for accrued salaries at the end of the period. She reasons, "We will pay the salaries soon. Why not wait until payment to record the expense? In the end, the result will be the same." Write a reply to explain to the employee why the adjusting entry is needed for accrued salary expense.
Explanation:
In this case, it is incorrect to wait until payment to record the expense, as organizational accounting is essential in an organization so that there is a record and control of organizational financial transactions so that companies can obtain information about the business and take reasoned decisions based on the current reality of the company.
Therefore, all income and expenses for the period must be recorded in accounting so that there is real information about an organization's movements in a period.
