Out of the given option, the one that is not a trade restriction is the system of D. Rationing.
What are trade restrictions?These are methods that a nation uses to control the imports that it receives. They include quotas, tariffs and subsidies.
Rationing is used to reduce consumption and is usually used when trade is under threat and so cannot be a trade restriction.
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define accounting element in detail with the help of accounting equation?Expalin In your words?
Answer and Explanation:
There are three main accounting elements that are as follows
1. Assets: Assets means the resources that are owned through which the future benefits would be anticipated. It is a properties owned by the business
2. Liabilities: The liabilities are the obligations that the company or an individual have to pay
3. Equity: The equity is the amount invested in the business, it also records the withdrawals, income and expenses etc
Now the accounting equation would be
Total assets = Total liabilities + total equity
The sum of total liabilities and total equity is known as total assets
Denise has $13,424 in a savings account with the District 113 Teacher's Credit Union. While economic conditions have caused the credit union to struggle financially, Denise need not worry because her deposits are insured by the:
Answer:
Explanation:
$120= the amount to pay for the shoe
$20 paid for the month
Balance to pay = $100
Then 3% interest rate on credit card = 3% of $100=$3
Therefore amount to pay = $3+$100=$103
Find the monthly payment necessary to amortize the following home mortgages.
$314,900, 6 3/4%, 15 years
Answer: $ 2786.58
Explanation:
P = $314,900
r = 6 3/4% per year = 6.75% / 12 months = 0.0675 / 12 = 0.005625 per period
n = 15 years = 15 × 12 months = 180 total periods
Ammortizaion formula is given as:
A = [P(1 + r)^n / (1 + r)^n - 1
where,
A = amount paid per period
P = Initial Principal
r = Interest rate
n = Number of periods
Slotting in the values, we would have a monthly payment of $ 2786.58
How much was the gross profit margin percentage for Coca-Cola Company for the quarter ending Sep, 2020?
Less than 20%
Between 20% and 30%
Between 30% and 40%
More than 40%
Answer: More than 40%
Explanation:
Coca-cola Gross profit for the quarter ending Sep, 2020 is $5,181 million. Coca-cola's revenues for the same period are $8,652 million.
The Gross profit margin is therefore;
= Gross Profit / Revenue
= 5,181/8,652
= 59.9%
Suppose that Rajiv, an economist from a research institute in Texas, and Simone, an economist from a public television program, are arguing over government bailouts. The following dialogue shows an excerpt from their debate:
Simone: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days.
Rajiv: Indeed, it's gotten crazy! A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets.
Simone: I don't know about that. Without a bailout of severely distressed financial firms, the economy will experience a deep recession.
The disagreement between these economists is most likely due todifferences in scientific judgments .
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Business managers can raise profit more easily by reducing costs than by raising revenue.
Employers should not be restricted from outsourcing work to foreign nations.
Central banks should focus more on maintaining low unemployment than on maintaining low inflation.
Employers should not be restricted from outsourcing work to foreign nations.
The proposition are two economists chosen at random most likely to agree: Employers should not be restricted from outsourcing work to foreign nations.
What do you mean by outsourcing?Outsourcing is known to be a kind of an agreement where a single firm tends to hires another firm to be solely responsible for a given planned or existing activity.
Note that Outsourcing is seen as the a business practice where a firm hires a third-party to carry out functions and as such, Employers should not be restricted from outsourcing work to foreign nations. The proposition are two economists chosen at random most likely to agree: Employers should not be restricted from outsourcing work to foreign nations.
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Which of the following best describes DECA?
O A. An organization whose mission has two parts: promoting careers
in the health care field and enhancing the delivery of quality health
care to all
о B. An association of high school students with a focus in marketing,
business, finance, hospitality, and management
OC. An association of high school students with a strong focus on
incorporating technology skills into business and future careers
OD. An organization that uses programs and service activities to
promote leadership, citizenship, and academic and technology
skills
The DECA is best described as an "association of high school students with a focus in marketing, business, finance, hospitality, and management".
The Distributive Education Clubs of America (DECA) refers to a non-profit organization that is classified as a Career and Technical Student Organization (CTSO). It has members all over the world, from the United States, to Canada, to China, to Germany, to Polan, and Mexico. Its programs are authorized by the US Congress and the Department of Education.
The programs of DECA are designed to meet the interests and learning styles of each student. It comprises the High School Division, and the Collegiate Division.
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A team leader sees that a colleague is struggling to finish a project because he has his son’s upcoming biopsy on his mind. She sits down to ask him how he is feeling about the procedure. This is an example of consideration behavior. true or false?
It is true that if a A team leader sees that a colleague is struggling to finish a project because he has his son’s upcoming biopsy on his mind. this is a consideration behavior.
What is a consideration behavior?
This is the term that is used to refer to all of the behaviors that can be considered to be supportive and also friendly to other people. This is the person that seeks and tries to understand other people.
Hence the way that the leader goes about to talk to the colleague on the issue that he is facing in his family tells us that she is a considerate person.
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Which payment method is actually a way of borrowing money that has to be paid back later?
Debit
Credit card
Cash
checks
The communication process begins with a messenger, also known as the person who receives the message.
The given statement is false. The correct statement is given below:
The communication process begins with a messenger, also known as the person who sends the message to the receiver.
Communication is important to the lifestyles and survival of human beings as well as to a business enterprise. it's miles a way of making and sharing thoughts, information, perspectives, statistics, and feelings from one vicinity, man or woman, or organization to another. communique is the crucial component of the Directing characteristic of manipulation. communique is the act of giving, receiving, and sharing statistics -- in different words, speaking or writing, and listening or studying. precise communicators pay interest carefully, communicate or write clearly, and respect awesome evaluations.
Anyone has a unique verbal exchange fashion, a manner in which they interact and change facts with others. There are four easy conversation patterns: passive, aggressive, passive-competitive, and assertive.
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You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.08 and the total portfolio is equally as risky as the market, what must the beta be for the other stock in your portfolio?
Answer: 0.92
Explanation:
Beta is a measure of riskiness and Market beta is always 1.
The total portfolio therefore has a beta of 1.
Portfolio Beta is weighted average of the betas of the composite stocks.
The stocks are equally invested in so their weights are 0.5.
Assume the beta needed is x.
(0.5 * 1.08) + (0.5 * x) = 1
0.54 + 0.5x = 1
0.5x = 1 - 0.54
x = 0.46/0.5
= 0.92
Which of the following it NOT a position in the Administrative Support pathway?
A. Teacher
B. Medical Transcriptionist
C. Receptionist
D. Administrative Assistant
Teacher is not a position in the Administrative Support Pathway. The administrative support pathway covers careers that assist corporate operations through a range of administrative and clerical tasks, such as project management, data processing and gathering, and information and communication management.
The administrative support assistant assists with a number of academic or administrative units' general administrative duties, such as answering phones, serving customers, workers, or visitors, creating documents and reports, gathering records, setting up meetings, and arranging. Therefore, teacher is not considered to be a part of it.
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What is the preferred distance when speaking in a professional group setting?
three to four feet
five to six feet
four to five feet
two to three feet
The preferred distance when speaking in a professional group setting is four to five feet.
Communication which occurs in the social zone, which is considered to be four to five feet away from our body, is typically in the context of a professional or casual interaction, but not intimate or public. So, this distance is preferred in many professional settings as it tends to reduces the suspicion of any impropriety.
The distance which tends to surround a person forms a space. So the space within social distance and out of personal distance is called social space, and the space within public distance is thus reffered to as a public space.
Hence, option C is correct.
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How does free trade promote prosperity?
The way that free trade helps to promote prosperity is that the nations that trade freely with each other would have faster growth, be more innovative and also be able to provide more opportunities for the people in their nations.
What is free trade?This is the term that is used to refer to the removal of trade barriers that would help nations to be able to engage in economic activates with one another. This is one of the ways that nations are able to get themselves to grow. This would be transfer of goods and services without any forms of restrictions between the different countries.
Hence we can conclude that The way that free trade helps to promote prosperity is that the nations that trade freely with each other would have faster growth, be more innovative and also be able to provide more opportunities for the people in their nations.
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9. You are the manager of College Computers, a manufacturer of customized
computers that meet the specifications required by the local university. Over 90
percent of your clientele consists of college students. College Computers is not
the only firm that builds computers to meet this university's specifications;
indeed, it competes with many manufacturers online and through traditional
retail outlets. To attract its large student clientele, College Computers runs a
weekly ad in the student paper advertising its "free service after the sale" policy
in an attempt to differentiate itself from the competition. The weekly demand
for computers produced by College Computers is given by
Q = 1000 - P
and its weekly cost of producing computers is
C = 2 000 + Q²
If other firms in the dustry sell PCs at $600, what price and quantity of
computers should you produce to maximize your firm's profits? What long run
adjustments should you anticipate? Explain. [5 marks]
To maximise its profit in the market, the company will offer 80 PCs for $360.
CALCULATION
The market for college computers is intensely competitive. The weekly demand curve for computers in colleges is (Q) = 800 - 2P.
P = 400 - 0.5QTotal weekly earnings (TR) = P*Q
TR = 400Q - 0.5Q2MR = 'partialTR / 'MR = 400 - QThe cost of making computers each week is C(Q) = 1200 + 2Q2.
MC = partialC(Q) divided by partialQMC = 4QWhen MR = MC, the company will make the most money. Comparing marginal income with marginal expenditure.
400 - Q = 4QAdd "Q" to both sides.400 = 5QQ=80 computer systems80 units is the ideal output for college computers.
The will decide on the best price at,
P = 400 - 0.5 (80)P = 400 - 40P=$360 for each computer.Total weekly earnings (TR) = 360 * 80
TR = $28800TC = 1200 + 2(80)2TC = 1200 + 12800TC = $14000Total revenue from college computers = TR - TC
Profit: 28800 minus 14,000Gain = $14,800Therefore to maximise its profit in the market, the company will offer 80 PCs for $360.
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John looks at his budget and notices that, because of additional expenses this month, he will be unable to pay all of his bills. He is thinking about getting a cash advance but isn’t sure. What should John do? Go for it. Get a cash advance. Apply for a loan. Ask his friends for advice. Find reliable and relevant information, or possibly visit a representative from the bank to find out about special fees.
John is unable to pay all of his bills, so he is thinking about getting a cash advance but he is not sure. So he should find reliable and relevant information and possibly visit a representative from the bank to find out about special fees.
Cash advances allow the cardholders in order to borrow money against their existing credit line. Also, cash advances tend to have a higher interest rates than typical credit card purchases.
So if John is unable to pay all of his bills for the current month, he can find reliable and relevant information about cash advances by visiting a bank representative and also finding out about the special fees.
Hence, option E is correct.
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COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST.
PLSS ANSWER ASAP.
Direction: Identify the following. Write Strength, Weakness, Opportunities orThreat on the line.
1. Weak Leadership -
2. Strong Competition-
3. Popular Brand -
4. Competitive Salary-
5. Incompetent Manager-
6. Wide Range of Customers -
7. Reasonable Price -
8. Money Devaluation -
9. Unskilled Workers-
10. High Cost of Importation of Raw Materials -
Strength, Weakness, Opportunities, or Threat is displayed on the line.
1. Weakness in weak leadership
2. Opportunity despite Strong Competition
3. strength is well-known brands
4. Strength is Salary Competition
5. Unqualified Manager - flaw
6. Numerous Customers - Possibility
7. Reasonable Cost - Chance
8. The threat of money devaluation
9. Weakness: Unskilled Workers
10. A weakness is the high cost of importing raw materials.
What is SWOT analysis and what does it look like?A framework known as a SWOT analysis is used to identify and evaluate an organization's strengths, weaknesses, opportunities, and threats. The acronym SWOT is composed of these words. SWOT analysis's main objective is to raise awareness of the elements that influence business decisions and the formulation of business strategies.
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a technique for determining and assessing internal strengths and weaknesses as well as external opportunities and threats that have an impact on present and future operations and aid in the development of strategic goals.
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6) True or False: People tend to care about old news more than they do new news.
7) True or False: The following are aspects of what it means to be newsworthy: proximity,
6) False. People tend to care more about old news than new news.
7) True. The following are aspects of what it means to be newsworthy: proximity, timeliness, immediate, and current information.
What is news?News is a report of information about current events.
News can come from the following sources or media:
NewspaperTelevisionRadioInternetGrapevine.What are the characteristics of newsworthy news?For news to be newsworthy, attention-grabbing, and effective, it must possess the following features:
TimingProximitySignificanceHuman interestNoveltyProminence.News editors and casters use creative and catchy headlines to get listeners and readers to pay attention to their news broadcasts.
Thus, people do not care about old news as they do about new news.
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Davis, an operations manager, was expecting an output of 5,000 units in a week. However, only 1,000 units have been manufactured by the end of the third day. Davis will now need to take some corrective action in order to complete the production of all 5,000 units on time. Which management function does Davis need to perform?
A.
planning
B.
budgeting
C.
coordinating
D.
controlling
Answer:
A. planning
Explanation:
Planning is the first step in the process of management. Without planning nothing could be accomplished. It is a thinking process that represents the need to accomplish the desired objective
Since in the given question it is mentioned that Davis required to take corrective action in order to finished the 5,000 units on time
So this represents the planning
hence, the correct option is A.
Answer:
D, controlling
Explanation:
Was right on plato test
Money made from the sale of a good or service is called
Loss
Expenses
Revenue
Salary
Which of the following is not a recommended way of being prepared for class?
A) sitting up straight
B) sitting next to your best friend
C) reviewing the syllabus
D) Opretending to be a reporter
Answer:
b. Sitting next to your best friend
Explanation:
If a country engages in international trade to gain access to natural resources, they
Answer:
4578754445765567854456765455675567
Suppose the demand for a price maker’s product is estimated to be Qd = 100 – 2P and its total cost function is C(Q) = 10Q. Under first-degree price discrimination, what will be the firm’s profits?
Answer: See explanation
Explanation:
From the question,
Qd = 100 – 2P
We have to use the subject of the formula to get the expression for Price(P). This will be
2P = 100 - Qd
P= (100 - Qd) /2
P = 50 - 0.5Q
Also, C(Q) = 10Q
MC = 10
Since P = MC
50 - 0.5Q = 10
Collect like terms.
50 - 10 = 0.5Q
0.5Q = 40
Q = 40/0.5
Q = 80
Recall that,
P = 50 - 0.5Q
= 50 - 0.5(80)
= 50 - 40
= 10
The profit will be calculated as:
= TR - TC
where,
Total revenue = Price × Quantity
= 80 × 10 = 800
Total cost = 10Q = 10 × 80 = 800
Profit = 800 - 800 = 0
11. Movements along versus shifts of supply curves
Consider the market supply of cereal.
Complete the following table by indicating whether an event will cause a movement along the supply curve for cereal or a shift of the supply curve
for cereal, holding all else constant.
Event
An increase in the price of cereal
A decrease in the price of oats (used in the production of cereal)
A change in expectations about the future price of cereal
An increase in the price of cereal - Movement along the curve
A change in technology that makes it more costly to produce cereal - Shift in the supply curve. The supply curve will shift left because increase in the production cost of cereal.
A change in expectations about the future price of cereal - Shift in the supply curve.
Supply curve, in economics, photo illustration of the relationship between product rate and quantity of product that a supplier is inclined and able to supply. Product fee is measured on the vertical axis of the graph and quantity of product provided at the horizontal axis.
The supply curve is upward sloping due to the fact, through the years, providers can select how an awful lot in their goods to provide and later convey to market.
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Josiah started a new business venture five years ago. The business allows them
to work from anywhere as long as they have an Internet connection. Josiah is
able to pursue their love for travel without sacrificing their career. Which type
of entrepreneur best describes Josiah?
The small business type of entrepreneur best describes Josiah.
This kind of entrepreneurship refers to any form of small enterprise that has been created with the aid of one character, without the goal to enlarge or franchise.
Small business entrepreneurship is often whilst a person owns and runs their own commercial enterprise. They typically lease nearby employees and family participants. neighborhood grocery stores, hairdressers, small boutiques, specialists and plumbers are a part of this class of entrepreneurship.
Small business entrepreneurship is the concept of beginning a enterprise with out turning it right into a massive conglomerate or commencing many chains. A single-area eating place, one grocery shop, or a retail store to promote your handmade items might all be an example of small commercial enterprise entrepreneurship.
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Answer:
lifestyle entrepreneur
Explanation:
Just got it
COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST.
PLSS ANSWER ASAP.
Direction: Identify the following. Write Strength, Weakness, Opportunities orThreat on the line.
1. Weak Leadership -
2. Strong Competition-
3. Popular Brand -
4. Competitive Salary-
5. Incompetent Manager-
6. Wide Range of Customers -
7. Reasonable Price -
8. Money Devaluation -
9. Unskilled Workers-
10. High Cost of Importation of Raw Materials -
On the line, indicating Strength, Weakness, Opportunities, or Threat.
1. Weak Leadership - weakness
2. Strong Competition- opportunity
3. Popular Brand - strength
4. Competitive Salary- strength
5. Incompetent Manager- weakness
6. Wide Range of Customers - opportunity
7. Reasonable Price - opportunity
8. Money Devaluation - threat
9. Unskilled Workers- weakness
10. High Cost of Importation of Raw Materials - weakness
Why Perform a SWOT Analysis?SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats, is a method for evaluating these four components of your company. With the aid of a SWOT analysis, you can determine what your business performs well right now and create a winning strategy for the future.
Your company's internal strengths and weaknesses are factors over which you have some control and which you can make changes. Examples include your team members, your intellectual property and patents, and your location. Threats and opportunities come from events outside of your business, in the wider market.
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On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business:
Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,200.
1 Paid rent for period of November 1 to end of month, $4,000.
6 Purchased office equipment on account, $12,820.
8 Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder.
10 Purchased supplies for cash, $1,650.
12 Received cash for job completed, $8,000.
15 Paid annual premiums on property and casualty insurance, $2,300.
23 Recorded jobs completed on account and sent invoices to customers, $12,000.
24 Received an invoice for truck expenses, to be paid in November, $1,190.
Enter the following transactions on Page 2 of the two-column journal:
Nov. 29 Paid utilities expense, $3,560.
29 Paid miscellaneous expenses, $1,800.
30 Received cash from customers on account, $7,500.
30 Paid wages of employees, $4,750.
30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,230.
30 Paid dividends, $2,000.
General Journal?
General Ledger?
Unadjusted Trial Balance?
Answer:
Explanation:
(1) Journalizing the Transactions:-
Heritage Designs
General Journal
For the Month of November,20Y9
Date Accounts Debit Credit
Nov. 1 Cash $50,000
Common Stock $50,000
Nov. 1 Rent Expense $4,000
Cash $4,000
Nov. 6 Office Equipment $15,000
Accounts Payable $15,000
Nov. 8 Truck $38,500
Cash $5,000
Notes Payable $33,500
Nov. 10 Supplies $1,750
Cash $1,750
Nov. 12 Cash $11,500
Fees Earned $11,500
Nov. 15 Prepaid Insurance $2,400
Cash $2,400
Nov. 23 Accounts Receivable $22,300
Fees Earned $22,300
Nov. 24 Truck Expense $1,250
Cash $1,250
Nov. 29 Utilities Expense $4,500
Cash $4,500
Nov. 29 Miscellaneous Expense $1,000
Cash $1,000
Nov. 30 Cash $9,000
Accounts Receivable $9,000
Nov. 30 Wages Expense $6,800
Cash $6,800
Nov. 30 Accounts Payable $3,000
Cash $3,000
Nov. 30 Dividends $2,500
Cash $2,500
(2) Posting the each Transaction into General Ledger:-
Cash
Date Items Debit Credit Balance
Nov. 1 Common Stock $50,000 $50,000
Nov. 1 Rent Expense $4,000 $46,000
Nov. 8 Truck $5,000 $41,000
Nov. 10 Supplies $1,750 $39,250
Nov. 12 Fees Earned $11,500 $50,750
Nov. 15 Prepaid Insurance $2,400 $48,350
Nov. 24 Truck Expense $1,250 $47,100
Nov. 29 Utilities Expense $4,500 $42,600
Nov. 29 Miscellaneous Expense $1,000 $41,600
Nov. 30 Accounts Receivable $9,000 $50,600
Nov. 30 Wages Expense $6,800 $43,800
Nov. 30 Accounts Payable $3,000 $40,800
Nov. 30 Dividends $2,500 $38,300
Accounts Receivable
Date Items Debit Credit Balance
Nov. 23 Fees Earned $22,300 $22,300
Nov. 30 Cash $9,000 $13,300
Supplies
Date Items Debit Credit Balance
Nov. 10 Cash $1,750 $1,750
Prepaid Insurance
Date Items Debit Credit Balance
Nov. 15 Cash $2,400 $2,400
Equipment
Date Items Debit Credit Balance
Nov. 6 Accounts Payable $15,000 $15,000
Truck
Date Items Debit Credit Balance
Nov. 8 Cash $5,000 $5,000
Nov. 8 Notes Payable $33,500 $38,500
Notes Payable
Date Items Debit Credit Balance
Nov. 8 Truck $33,500 $33,500
Accounts Payable.
Date Items Debit Credit Balance
Nov. 6 Equipment $15,000 $15,000
Nov. 30 Cash $3,000 $12,000
Common Stock
Date Items Debit Credit Balance
Nov. 1 Cash $50,000 $50,000
Dividends
Date Items Debit Credit Balance
Nov. 30 Cash $2,500 $2,500
Fees Earned
Date Items Debit Credit Balance
Nov. 12 Cash $11,500 $11,500
Nov. 23 Accounts Receivable $22,300 $33,800
Wages Expense
Date Items Debit Credit Balance
Nov. 30 Cash $6,800 $6,800
Rent Expense
Date Items Debit Credit Balance
Nov. 1 Cash $4,000 $4,000
Utilities Expense
Date Items Debit Credit Balance
Nov. 29 Cash $4,500 $4,500
Truck Expense
Date Items Debit Credit Balance
Nov. 24 Cash $1,250 $1,250
Miscellaneous Expense
Date Items Debit Credit Balance
Nov. 29 Cash $1,000 $1,000
(3) Preparing Unadjusted Trial Balance:-
Heritage Designs
Unadjusted Trial Balance
November 30,20Y9
No. Accounts Title Debit Credit
1 Cash $38,300
2 Accounts Receivable 13,300
3 Supplies 1,750
4 Prepaid Insurance 2,400
5 Equipment 15,000
6 Truck 38,500
7 Notes Payable $33,500
8 Accounts Payable 12,000
9 Common Stock 50,000
10 Retained Earnings 0
11 Dividends 2,500
12 Fees Earned 33,800
13 Wages Expense 6,800
14 Rent Expense 4,000
15 Utilities Expense 4,500
16 Truck Expense 1,250
17 Miscellaneous Expense 1,000
Totals $129,300 $129,300
(4) Determining the excess of revenues over expenses for November:-
Preparing Income Statement:-
Heritage Designs
Income Statement
For the Month Ended November 30,20Y9
Accounts Amount Amount
Fees Earned $33,800
Less:- Expenses
Wages Expense $6,800
Rent Expense 4,000
Utilities Expense 4,500
Truck Expense 1,250
Miscellaneous Expense 1,000
Total Expenses $(17,550)
Revenues over Expenses $16,250
Revenues over expenses for the month of November is $16,250.
(5) The amount determined in (4) might not be the net Income for November Because necessary adjustments to Expenses, like Depreciation has not made. So the amount not net Income for November.
Mikan Company’s standard predetermined overhead rate is $9 per direct labor hour. For the month of June, 26,000 actual hours were worked, and 27,000 standard hours were allowed. How much overhead was applied? Overhead applied
Answer:
Allocated MOH= $234,000
Explanation:
Giving the following information:
Predetermined overhead rate= $9 per direct labor hour.
Actual direct labor hours= 26,000
To allocate manufacturing overhead, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 9*26,000
Allocated MOH= $234,000
Big Blue Rental Corporation provides rental agent services to apartment building owners. Big Blue Rental Corporation’s preliminary income statement for August 2022 and its August 31, 2022, preliminary balance sheet did not reflect the following: Rental commissions of $690 had been earned in August but had not yet been received from or billed to building owners. When supplies are purchased, their cost is recorded as an asset. As supplies are used, a record of those used is kept. The record sheet shows that $550 of supplies were used in August. Interest on the note payable is to be paid on May 31 and November 30. Interest for August has not been accrued—that is, it has not yet been recorded. (The Interest Payable of $100 on the balance sheet is the amount of the accrued liability at July 31.) The interest rate on this note is 10%. Wages of $450 for the last week of August have not been recorded. The Rent Expense of $1,590 represents rent for August, September, and October, which was paid early in August. Interest of $470 has been earned on notes receivable but has not yet been received. Late in August, the board of directors met and declared a cash dividend of $4,700, payable September 10. Once declared, the dividend is a liability of the corporation until it is paid. Required: Using the columns provided on the income statement for Big Blue Rental Corporation, make the appropriate adjustments or corrections to the statements, and enter the correct amount in the Final column. (Hint: Use the five questions of transaction analysis.) Using the columns provided on the balance sheet for Big Blue Rental Corporation, make the appropriate adjustments or corrections to the statements, and enter the correct amount in the Final column. (Hint: Use the five questions of transaction analysis.)
Answer:
Explanation: Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corp.’s preliminary income statement for August 2016 and its August 31, 2016, preliminary balance sheet did not reflect the following:
Rental commissions of $1,500 had been earned in August but had not yet been received from or billed to building owners.
When supplies are purchased, their cost is recorded as an asset. As supplies are used, a record of those used is kept. The record sheet shows that $1,080 of supplies were used in August.
Interest on the note payable is to be paid on May 31 and November 30. Interest for August has not been accrued—that is, it has not yet been recorded. (The Interest Payable of $240 on the balance sheet is the amount of the accrued liability at July 31.) The interest rate on this note is 10%.
Wages of $780 for the last week of August have not been recorded.
The Rent Expense of $3,060 represents rent for August, September, and October, which was paid early in August.
Interest of $840 has been earned on notes receivable but has not yet been received.
Late in August, the board of directors met and declared a cash dividend of $8,400, payable September 10. Once declared, the dividend is a liability of the corporation until it is paid.
Which of the following expenses should be included in your budget?
A) Clothing allowance
B) Entertainment (ex. going to the movies)
C) Gas/travel
D) All of these
Answer: D
Explanation: You need all of these things in your life. If you spend wisely you can get what you want AND the things that you need.
Which of these are considered advantages of small business ownership? Check all that apply.
Employees depend on you for their livelihood.
You don't report to anyone else.
Control of your own schedule.
Personal satisfaction from your success.
The following are considered advantages of small business ownership:
You don't report to anyone else.Control your own schedule.Personal satisfaction from your success.The Benefits of Owning a Small Business:
Control and independence: As a business owner, you have complete control over your revenue, spending, and debt. All crucial decisions are made by you. You are unconcerned by the vagaries of office politics.Freedom and Way of Life: You may work when and where you choose and establish your own hours. If you value family time, you may wish to run your business from home to save a commute. Your company may be a complete manifestation of who you are. Owning your own business, particularly for women, may provide the lifestyle freedom required to raise a family while also having a successful job. Due to a lack of job possibilities and a preference for lifestyle over money, millennials who grew up with computers have resorted to entrepreneurship. Countless Financial Advantages: Assuming you have a high financial risk tolerance, there is no limit to the quantity of sales and profits your firm may generate; and by running your own business, you gain from your own hard work. You may decide to raise and leverage money for your new firm through investor financing rather than your own.Personal Satisfaction, Growth, and Creative Freedom: As a business owner, you should be doing something you like. You may create something that will become part of your legacy, and you can turn your talents, hobbies, and passions into revenue. Finally (and with a little luck), you'll earn personal gratification from executing your ideas, working directly with consumers, and watching your firm thrive.Tax Advantages: Most nations' tax regulations are designed to decrease the taxes paid by business owners, and almost all business costs are often deductible, lowering a company's taxable revenue. Gains are frequently subject to reduced long-term capital gains taxes.Hence, the answer is as mentioned above.
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