Answer:
D.Operations overview
Explanation:
Footnotes to the financial statements consist of a summary of significant accounting policies used by the entity and other explanatory notes.
The entity is required to disclose all the accounting policies in notes to the financial statements including valuation method adopted by the entity for the purpose of calculating inventory, all the potential legal liabilities which can influence the decisions that users make on the basis of financial information about an entity.Also the entity has to disclose explanations in it's notes which include Schedule of Maturing debt.
Based on the above discussion the answer is D.Operations overview
Final answer:
Correct option is D. Operations overview
Explanation:
The footnotes to a company's financial statements include a variety of detailed information that provides additional context to the numbers presented in the financial statements themselves. This can include details on the inventory valuation method used by the company, any potential legal liabilities it may face, and a schedule of maturing debt which details when the company's debts are due to be paid.
However, an operations overview is not typically found in the footnotes. Instead, an operations overview would likely be included in the Management's Discussion and Analysis (MD&A) section, which discusses the company's financial condition, changes in financial condition and results of operations.
Select the most appropriate stage of the life cycle for the situations below.
1. New yield-enhancing rice product with no direct competitors
2. Tractor part that is not profitable due to heavy R
Answer:
1) The new yield-enhancing rice product is at its introduction stage.
2) The tractor part is also at its introduction stage.
Explanation:
The introduction stage is the first stage of a product's life cycle, it follows product development. At this stage the product is just being released, therefore sales are slow, marketing expenses are high, and profits are scarce or nonexistent. The company will try to build awareness about the product through heavy advertising.
Problem solving conferences are usually reserved for chronic situations that have not yielded to simpler remedies.
Correct Question: Problem solving conferences are usually reserved for chronic situations that have not yielded to simpler remedies. True/False
Answer:
True
Explanation:
Problem solving conferences as written in the question are conferences reserved for chronic or serious situations that have not yielded to simple remedies. When a problrm in an organization has defied every basic solution, conferernces are put in place to brainstorm and tackle those problems.
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Very early in 2018, while developing software for sale to others, after achieving technological feasibility but before the commencement of commercial production, X Company incurred $320,000 to produce product masters and to test the software. X Company es
Answer:
Costs incurred after reaching technological feasibility but before commercial production, such as the production of product masters, are capitalized and amortized.
The amount of amortization will be the greater amount when calculated under both the straight-line method and the volume of output approach.
Under straight-line, amortization will be 10% of $320,000 or $32,000.
Under the volume of output approach the ratio of current sales,$120,000, to the total of current and estimated future sales, $120,000 + $680,000 or $800,000, is multiplied by the $320,000 carrying value of the amortizable costs to determine amortization of , $120,000/$800,000 × $320,000 = $48,000.
Since it is larger, $48,000 will be the amount of amortization in 2018.
In addition, X will determine if the carrying value of the software exceeds its net realizable value is $612,000, which exceeds the carrying value of the software indicating no need for further amortization
Explanation:
Bill Baher, a private investor, purchased a futures contract on Treasury bonds at a price of 102-12. Two months later, Baher sells the same futures contract in order to close out the position. At that time, the futures contract specifies 103-15. What is Baher's nominal profit? The par value of the futures contract is $100,000.
a. $1,030.00; profitb. $1,030.00; lossc. $1,093.75; profitd. $1,093.75; losse. none of the above
Answer:
c. $1,093.75; profit
Explanation:
the second term stand for portion of the nearest 1/32
this means : it was purchased at:
102 + 0.01 x 12/32
and sold at 103 + 0.01 x 15/32
difference: 1 + 0.01 x 3/32
$100,000 x (1 + 0.01 x 3/32) =
100,000 x 0.0109375 = 1,093.75
Which nursing action would be considered a part of self-regulation in the decision-making process?A. Reflecting on one's own experiencesB. Looking at all the situations objectivelyC. Supporting findings and conclusionsD. Making careful assumptions about a client's information
Answer:
The correct option is A: Reflecting on one's own experiences
Explanation:
In the decision-making process, self-regulation requires reflection from the nurse. The reflection is based on the experiences gained, but explanation would require the nurse to objectively examine all situations. Explanations are then used to support the findings and conclusion. When making an analysis, the nurse is required to carefully makes his or her assumptions.
Toyota and its suppliers have a relationship in which Toyota encourages suppliers to modernize their facilities and provides them with technical and financial assistance to do so. It also promotes longer-term contracts with suppliers and enables engineers in the supplier companies to have better communication with Toyota. This is an example of a(n):
a. SBU multidivisional structure.
b. worldwide product divisional structure.
c. strategic network.
d. functional structure.
Answer:
c. strategic network.
Explanation:
Based on the information provided within the question it can be said that this is an example of a strategic network. This term refers to a coordinated cooperation between various independent companies that promotes long-term business relationships, cooperation, and communication between the member companies within the network. Which is exactly what Toyota and it's suppliers have.
If the population growth rate is 2 percent, real GDP per person will double in 7 years if real GDP grows by ______ percent per year.
Answer:
With a population growth of 2%, the GDP has to grow 12.6% per year in order to real GDP per person double in 7 years.
Explanation:
It is necessary to state the formula to calculate the GDP growth per person in 7 years and some assumptions. Defining as base of population and GDP the number 100 (aleatory picked) we can write our equation: GDP per person in year 7 = 100(1+x)^7/100(1+0.02)^7=2 In this equation X is the fixed percentage of GDP growth. By iteration process, we get that X=12.6%
Real GDP per person must grow by approximately 8.29% per year to double in 7 years, accounting for a 2 percent population growth rate, as per the rule of 72.
Explanation:If the population growth rate is 2 percent, real GDP per person will double in 35 years at a 2 percent population growth rate using the rule of 72. The rule of 72 is a simple formula to estimate the number of years required to double the GDP at a constant annual growth rate. To determine the required annual growth rate of real GDP for it to double in 7 years, while accounting for a 2 percent population growth, we subtract the population growth rate from the required overall growth rate.
According to the rule of 72:
GDP growth rate needed for doubling in 7 years = 72 / 7 years = approximately 10.29%.To find the real GDP growth rate per person, subtract the population growth rate: 10.29% - 2% = 8.29%.Therefore, if the population grows at a 2 percent rate, real GDP per person must grow by approximately 8.29% percent per year to double in 7 years.
Packet Corp. is in the process of preparing its financial statements for the year ended December 31, 20X1. How would a gain on remeasuring a foreign subsidiary's financial statements from the local currency into the functional currency that occurred during 20X1 be classified in these financial statements?
Answer:
It should be classified as income from continuing operations which should be disclosed separately.
Explanation:
According to FASB ASC 830-30-45-17 and 830-30-45-18:
All gains or losses from remeasurements of monetary assets and liabilities need to be recognized income or losses in the current financial statements. The changes have to be disclosed separately in order to provide an analysis of the changes and how they affect the financial statements.
In the financial statements, a gain on remeasuring a foreign subsidiary's financial statements from the local currency into the functional currency would be classified as a foreign exchange gain.
Explanation:Financial statements are formal records of a company's financial activities and position. They include the income statement, which shows revenues, expenses, and profits; the balance sheet, presenting assets, liabilities, and equity; and the cash flow statement, detailing cash inflows and outflows. These statements provide a snapshot of a company's financial health and performance.
In the financial statements for the year ended December 31, 20X1, a gain on remeasuring a foreign subsidiary's financial statements from the local currency into the functional currency would be classified as a foreign exchange gain. This gain would be reported in the income statement as a non-operating or non-recurring item. It would be shown separately from the operating income and expenses, typically below the income from operations.
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The ______________ is too powerful to be changed very often because a small change is magnified throughout the banking system..
Answer:
The reserve ratio is too powerful to be changed very often because a small change is magnified throughout the banking system.
Explanation:
The reserve ratio by definition "is the amount of reservable liabilities that banks must hold instead than lend out or invest to any person or entity".
That represent an important concept in order to control the monetary policy for the economy any country and is very important when the governments wants to regulate the money supply.
We have a general rule that if the central bank of a country increase money supply in the economy, then we need to be decrease the reserve ratio and vice versa.
The reserve ratio can be uses to control and manipulate the general conditions for all the banks in a country, because any change in the reserve ratio directly affect the banking system in all the conditions.
iTicket, an online event-ticketing site, recently discovered that most of its good seats for a widely anticipated concert were preemptively booked in bulk by brokers. This resulted in a shortage of tickets that the public could have bought themselves. Which of the following would have best helped the brokers to book tickets in such large numbers?
Answer:
bots
Explanation:
A bot is an application which simulates an individual's interaction with other users or systems. They are usually able to perform simple and repetitive tasks in large quantitative which would be very improbable for a human to perform, e.g. they can spend several days in social media applications.
In this case, brokers probably used bots to purchase tickets by making several small purchases.
In an inflationary period the money supply can be restrained by the Fed _______________ securities..
Answer: selling
Explanation: Inflation measures increases in price levels over time of a basket of goods and services. It is a quantitative value that shows that increases in price levels will lead to the currency of a country being worth less, thus buying less than it did in previous periods. In an inflationary period future prices of these goods and services will be worth more than what they are worth today.
In an effort to combat this, the Federal Reserve can try to control inflation by utlising the monetary policy, more specifically contractionary monetary policy. This tightens the money supply that is available, slowing down economic growth.
One of the tactics the Fed uses to implement a contractionary monetary supply by selling securities. When it does this Fed drives the banks to buy these securities. This decreases the banks' available capital, which means they have less cash to borrow to consumers. Because of this they can then charge higher interest, slowing down economic growth, effectively lessening inflation.
Customer Information Programs (CIPs) use several examples to define a person opening a new account. In which scenario should the person be considered a customer under a bank's CIP?A. Larry Lucky, President and CEO of Lucky Licks, Inc., a company that manufactures lollypops and maintains an operating account at your bank.B. Cara Carothers, who regularly uses your bank's ATM, but does not have an account at your bank.C. Herman O'Neill, who cashes his paycheck at your bank, but does not have an account at your bank.D. Stanley Smith, an 80-year old man who cashes his pension check at your bank every month and maintains a small senior checking account that he seldom.
Answer:
Option (D) is the right answer.
Explanation:
According to the scenario, the most appropriate answer is option ( D) because Stanley smith is a customer of the bank as he has a checking account in the bank.
While the other options are wrong because of the following reasons:
Option (A) is incorrect because the company lucky licks Inc. is the customer of the bank, not any person. Option (B) is incorrect because Cara is not the customer of the bank as she only uses the bank's ATM. Option (C) is incorrect because Herman is not the customer of the bank as he only cashes his checks in the bank.A nonequity strategic alliance exists whena. the partners agree to sell bonds instead of stock in order to finance a new venture. b. two firms join together to create a new company. c. two partners in an alliance own unequal shares in the combined entity. d. two or more firms have a contractual relationship to share resources and capabilities.
Answer:
D) two or more firms have a contractual relationship to share resources and capabilities.
Explanation:
As a more general term, a strategic alliance is an agreement between two or more independent companies to work together in a specific market (or a group of specific markets).
A non-equity strategic alliance refers to a type of strategic alliance where the participating companies share their resources and capabilities together, but they do not form any type of independent company and no participating company invests in the other participating companies.
A nonequity strategic alliance is a contractual relationship between two or more firms to share resources and capabilities. It does not involve creating a new company, and the ownership shares in the combined entity can be unequal.
A nonequity strategic alliance exists when two or more firms have a contractual relationship to share resources and capabilities. In this type of alliance, the partners do not necessarily join together to create a new company, and the ownership shares in the combined entity can be unequal. It is a collaborative agreement between companies to achieve mutual goals and benefits.
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A bond with a face value of $100,000 was issued for $93,500 on January 1 of this year. The stated rate of interest was 8 percent and the market rate of interest was 10 percent when the bond was sold. Interest is paid annually. How much interest will be paid on December 31 of this year?
Answer:
So interest payment will be $8000
Explanation:
We have given face value of the bond = $100000
And bond is issued for $93500
Standard rate of interest = 8 %
And market rate of interest = 10 %
We have to find the interest paid
Interest payment will be given by
Interest payment = face value of bond × standard rate of interest
= $100000×0.08 = $8000
So interest payment will be $8000
Prior to working at a VITA/TCE site, ALL VITA/TCE volunteers (greeters, client facilitators, tax preparers, quality reviewers, etc.) must:a.Annually pass the Volunteer Standards of Conduct (VSC) certification test with a score of80% or higher.b.Sign and date the Form 13615, Volunteer Standards of Conduct Agreement, agreeing to comply with the VSC by upholding the highest ethical standards.c.Pass the Advanced tax law certification.d.All of the abovee.A and B
Answer:
E) A and B
Explanation:
All the people that volunteer for the VITA/TCE Program must first take the standards of conduct training program and then pass the certification test. Volunteers must at least pass the Basic course test, but can qualify for the Advanced, Military or International course.
If the volunteer takes the course and the exam through Link and Learn Taxes on IRS.gov, the Volunteer Standards of Conduct Agreement (Form 13615) is updated with the volunteer's personal information.
A reserve account is set up for a 48-unit apartment building for periodic replacement of these components: Interior paint for each apartment unit every 3 years: $1,500 Resurface building's roof every 15 years: $18,000 Interior carpet in each apartment unit every 5 years: $4,000 Refrigerator/disposal in each apartment every 12 years: $1,200 What is the annual reserve required for this apartment building?
Answer:
$68,400
Explanation:
For the entire building, computed below is the annual reserve for each cost element.
Interior paint for each apartment unit every 3 years = $1,500
Interior paint for each apartment per year = $1,500/3 = $500
Interior paint for all 48 units per year = 48 * 500 = $24,000
Resurface of building roof every 15 years = $18,000
Annually, resurface of building roof = $18,000/15 = $1,200
Interior carpet for each apartment every 5 years = $4,000
Interior carpet for each apartment per year = $4,000/5 = $800
Interior carpet for the all 48 units per year = 48 * 800 = $38,400
Refrigerator/disposal in each apartment every 12 years = $1,200
Refrigerator in each apartment per year = $1,200/12 = $100
Refrigerator for all 48 units per year = 48 * 100 = $4,800
Therefore, the annual reserve required for the entire building
= 24,000 + 1,200 + 38,400 + 4,800
= $68,400.
A company has the following liabilities at year end:
Mortgage note payable; $16,000 due within 12 months
$355,000
Short-term debt that the company is refinancing with long-term debt
175,000
Deferred tax liability arising from depreciation
25,000
What amount should the company include in the current liability section of the balance sheet?
a) $0
b) $16,000
c) $41,000
d) $191,000
Answer:
B) $16,000
Explanation:
Current liabilities are debt that must be paid within a 12 month period.
The total value of the notes payable is $355,000, but only $16,000 is due within 12 months. The $175,000 of short term debt has been refinanced and reclassified as long term debt. The $25,000 of deferred tax liability is also non current.
When words are insufficient to explain the quantitative relationship between two variables(i.e., stimulus andresponse, cause andeffect), economists often
1. spreadsheets
2. flow charts
3. mathematical equations
Answer:
3. mathematical equations
Explanation:
When word do not show the relationships between variables as much as economists want, mathematical equations are used. Also graphs are used to explain relationships between variables.
cheers
Final answer:
In economics, mathematical equations are often used when words are insufficient to explain the quantitative relationship between two variables. These equations help illustrate economic concepts and manipulate economic models.
Explanation:
In the study of economics, when words are insufficient to explain the quantitative relationship between two variables, economists often use mathematical equations as a tool. Mathematical equations help illustrate economic concepts and can be used to manipulate economic models. By using equations, economists can show the mathematical relationship between variables such as stimulus and response or cause and effect.
A governmental entity receives a gift of cash and investments with a fair value of $200,000. The donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. The $200,000 gift should be accounted for in which of the following funds?
a) General fund.
b) Private-purpose trust fund.
c) Agency fund.
d) Permanent fund
Answer:
Permanent fund
Explanation:
This is a fund that are provided under trust agreements that are restricted so that only earning that are expended for the purposes might benefir the public
The government is under obligation to follow the stipulations of the trust and cannot unilaterally change the purpose of the trust. Trust that benefit the public through the government for the purpose of a particular thing is know as permanent fund
Carlos owns a chain of retail electronic stores. He is evaluating how he allocates his firm's IMC budget. He receives offers from a variety of advertising media, spends money on his firm's public relations efforts, and is considering electronic media alternatives. Carl must recognize that each IMC alternative
A. will stand on its own.
B. is part of the whole.
C. is part of noncommercial free speech.
D. is less important than stealth marketing.
E. is dictated by the nature of the supply chain.
Answer:
Option B is correct
Explanation:
It is a part because it's effect is about improving awareness and changing attitude of the public towards the product or service but not really creating sales so it is viewed as a brand builder and this makes it a part of the whole imc project.
Thomas was a warehouse specialist at Finkorg, a company that sells consumer durables. When the company was going through a financial crisis, its management decided to cut down the number of jobs in its factory and warehouses. As a result, Thomas was laid off. In the context of human resource planning, this scenario best illustrates _____ at Finkorg.
Answer: Employee Speration
Explanation:
Finkorg has applied the concept of employee separation as it relates to Thomas job.
Employee Speration occurs when an employee part ways with his current company, this can be as a result of some reasons such as: sack, retirement or resignation.
Shipping, LLC, provides its employees with an e-mail system. The company notifies them that it will monitor their communications over the system. Some employees file a suit against their employer, claiming a violation of privacy. The court is most likely to hold that, with respect to communications over the e-mail system,
a. the employer violated the employees' privacy rights.
b. the employees did not have a reasonable expectation of privacy.
c. federal law prohibits the employer's intentional interception
d. federal law prohibits the employees' privacy claim."
Answer:
B)
Explanation:
The employees did not have a reasonable expectation of privacy.
A client age 61 years has been admitted to a medical unit with a diagnosis of pancreatitis secondary to alcohol use. Which statement by the client suggests that the nurse's teaching has resulted in affective learning?
Correct question: A male client age 61 years has been admitted to a medical unit with a diagnosis of pancreatitis secondary to alcohol use. Which of the client's following statements suggests that nurses' education has resulted in affective learning?
A) "I'm starting to see how my lifestyle has caused me to end up here."
B) "I understand why they're not letting me eat anything for the time being."
C) "My intravenous drip will keep me from getting dehydrated right now."
D) "I can see how things could have been much worse if I hadn't gotten to the hospital when I did."
Answer:
A, "I'm starting to see how my lifestyle has caused me to end up here."
Explanation:
The client's statement (A) shows that affective learning has taken place between the nurse and the client due to the client's understanding and admittance to the cause of his diagnosis (alcohol use) and admission to the medical unit.
Cheers
During February 2017, its first month of operations, the owner of Schwenn Enterprises invested cash of $100,000. Schwenn has cash sales of $20,000 and paid expenses of $35,000. Assuming no other transactions impacted the cash account, what is the balance in cash at February 28?
Answer:
Cash balance is $85,000
Explanation:
In determining the cash balance of the period, we must know how much is the inflow and outflow of the cash for the period and add it or deduct to the beginning balance. It is simply, beginning balance plus inflows less outflows. February is the first month of the operation of Schwenn Enterprises, that only means the possible beginning balance of the cash is the cash investment. So to further discuss it clearly, let’s do the computation.
Beginning balance on February $100,000
Add: inflow
Cash sales $20,000
Less: outflow
payment on expenses $35,000
CASH BALANCE AT FEBRUARY 28 $85,000
Companies A and B have the same total assets, sales, operating costs, and tax rates, and they pay the same interest rate on their debt. However, company A has a higher debt ratio. Which of the following statements is INCORRECT? a. Both companies have the same BEP ratio. b. Given this information, Company B must have the higher ROE. c. Given this information, Company A must have the higher ROE.
Answer:
c. Given this information, Company A must have the higher ROE.
Explanation:
ROE = Net income/Total assets. Interest expense is higher for Company A, hence its net income is lower than Company B's. Therefore, ROE of A < ROE of B
Case 6-2 Bryan has just started an internship in which he uses a database frequently. The database contains information about the company’s employees. Bryan’s supervisor senses that he is anxious about using the database and drops by to give him a short tutorial. The supervisor explains that each employee’s information forms a separate ____.
Answer:
Record
Explanation:
A record here implies a collection of attributes containing fields that provides description of an employee.
While a database is an organized collection of raw data stored electronically, containing a collection of records or files.
In summary the database brings together records stored in separate files into a central record that provides data for many application.
Kara wants to open a retailing outlet in her town. Her family has been in the business of selling hardware items before. She wants to take this business forward by opening a store that caters to the hardware supplies industry. What kind of retail outlet will Kara most likely open?
A. discount retailer
B. supermarket
C. department store
D. specialty retailer
E. convenience store
Answer:
C
Explanation:
I would say C department store
Gail Co. has determined the cost of its 12/31/Year 1 inventory on a moving-average basis to be $200,000. Information pertaining to that inventory at year-end is as follows:
Estimated selling price - $215,000
Estimated cost of disposal - 10,000
Normal profit margin - 20,000
Current replacement cost - 190,000
What loss on inventory write-down, if any, should be recognized in Gail's Year 1 income statement?
A. $10,000
B. $15,000
C. $0
D. $20,000
Answer:
C) $0
Explanation:
Gail determined that its inventory's worth by using the lower of cost or net realizable value (NRV). All the inventory accounting methods use this valuation method except LIFO or retail.
In this case the NRV of the inventory is the selling price minus selling costs = $215,000 - $10,000 = $205,000, but the inventory's cost is already lower since the average cost is only $200,000. Therefore the inventory's value is reported at its cost, so there is no reason why a write-down should be recognized.
Fact Pattern 16-2 Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners. The partners decide to dissolve Equity Lending. Duke collects and distributes the firm's assets. This results in Select one: a. the temporary suspension of the firm's business. b. the termination of the firm's legal existence. c. nothing with respect to the firm's existence. d. the continuation of the firm's business.
The result of Equity Lending's dissolution and subsequent distribution of assets, as carried out by Duke, is the termination of the firm's legal existence.
Explanation:The dissolution of Equity Lending, as decided by Bryn, Cornell, and Duke, results in the termination of the firm's legal existence. Once a partnership firm such as Equity Lending decides to dissolve, the assets are collected and distributed amongst the partners. In this specific case, Duke is handling this task. The distribution of assets does not lead to the continuation of the business or a temporary suspension. Instead, it results in the firm ceasing to legally exist, as its assets have been liquidated and distributed. The agreement detailed in the question seems to have been upheld, as there's no mention of a partner assigning their interest to a creditor without consent.
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Neil's client wants to follow the current trends with everyone else in terms of speed andversatility. He is risk-averse and wants to leverage the most popular local area network (LAN)topology. Which of the following will Neil recommend to this client?
a. A hub network
b. A star network
c. A bus network
d. A ring network
Answer:
b. A star network
Explanation:
A star network -
It is a type of local area network LAN , in which all the systems are directly linked to one common central computer , just like a star , and hence , referred to as a star network.
It is mostly adapted , when the systems are scattered at different locations .
Hence , from the question,
The given example shows a star network.