Answer:
$2,513.
Explanation:
Outstanding checks are those checks that are recorded in the company's books but the bank has yet to record them and update the bank balance. Since the bank balance will not be updated and it will show a greater balance, so while preparing Bank Statement Reconciliation, we have to deduct the amount of outstanding checks from the Bank account balance as per bank statement. The bank due to many reasons can be unable to clear the checks, the most common ones are workload, timing, etc.
In this case, we are required to calculate the amount of outstanding checks. The mathematics here is simply, add the total checks issued by the corporation and deduct the checks cleared by the bank from it.
⇒ Amount of outstanding checks on November 30 =
33, 820 + 36,928 - 32,160 - 36,075 = $2,513.
Answer: Amount of outstanding checks on November 30 = $2,513
Explanation:
GIVEN the following ;
October check total = $33,820
November check total = $36,928
October cleared checks = $32,160
November cleared checks = $36,075
To calculate amount of outstanding cheques:
Total checks issued :
$(33,820 + 36,928) = $70,748
Total checks cleared :
$(32,160 + 36,075) = $68,235
Outstanding checks:
(Total checks issued - total cleared checks)
$70,748 - $68,235 = $2,513
Outstanding checks may be reffered to as checks which have been sanctioned or issued by the payor ( account owner) but yet to be cleared or cashed by the individual or institution to which the check was addressed.
Burberry makes fine raincoats, clothing, and other items, many featuring the company's distinctive plaids. Originally found only in Great Britain, Burberry has opened exclusive shops in leading cities around the world to reach customers who value its name and quality. Burberry is selling in which classification of consumer goods? a. convenience goodsb. shopping goodsc. specialty goodsd. unsought goodse. derived goods
Answer:
specialty product
Explanation:
Based on the information provided within the question it can be said that in this scenario Burberry seems to be selling a specialty product. This term refers to a product which consumers are constantly looking to purchase due to it's unique characteristics or the brand which it is associated with. Which Burberry's customer seem to value both the name (brand) and quality of their product.
Answer:
Specialty Goods
Explanation:
Specialty goods are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
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If the sum of the Ending Balance(s) in the revenue account(s) is greater than the sum of the Ending Balances in the expense accounts, then Retained Earnings will increase as a result of the closing entries.a) trueb) false
Answer:
The answer is true.
Explanation:
Retained Earnings are profit not distributed to shareholders inform of dividends. Retained earnings are adjusted a record or an entry impacts revenue or expense account.
If the sum of the Ending balance(s) in the revenue account(s) is greater than the sum of the ending balances in the expense accounts, then retained earnings, this means the net inflow is positive and this remaining sum goes into the retained earnings.
Suppose that a monopolist calculates that at present output and sales levels, marginal revenue is $1.00 and marginal cost is $2.00. He or she could maximize profits or minimize losses by:
Answer:
The firm must increase price and decreasing the output
Explanation:
The reason is that with increased level of activity (Production level) the marginal cost increases and if the firm is going to increase it product price then less people will buy its product. This means the company will have to produce less in quantity which means that the company will substantially reduce its marginal cost and increase its marginal revenue.
TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following is the most promising target market for TUMI briefcases?a. police officers.
b. executives.
c. construction workers.
d. postal workers.
e. students.
Answer:
B. Executives
Explanation:
Option E is wrong. Students do not need high-end briefcases for school or other tasks.
Option D is incorrect. Postal workers do not need any expensive briefcases to carry postal service and letters.
Option C is false. Construction workers cannot afford expensive briefcases.
Option A is not correct. Police officers have not necessary to have those briefcases.
Option B is correct. Executives often need high-end briefcases to keep essential things with them. They can also afford expensive bags.
Star Inc., an engineering firm, has come up with a new technical test to assess the knowledge of interviewees. To assess the validity of the test, it requests that its present employees take the test and match it with their performance in the organization. Which of the following types of validation has Star Inc. used to test the validity of its new technical test?
a. Face
b. Content
c. Concurrent
d. Predictive
Answer:
concurrent validation
Cathy has created a website for her shop of homemade chocolates and scented candles. Apart from traditional retailing, she sends e-mails to the people in her neighborhood. She also informs customers about various promotional offers through pamphlets. Which of the following techniques best describes Cathy's overall marketing methodA. Word-of-mouth marketingB. Embedded marketingC. Multichannel marketingD. Digital marketing
Answer:
C) Multichannel marketing
Explanation:
When a company uses multichannel marketing it means that they are using more than one marketing channel to try to reach potential customers, either directly or indirectly.
In this case, Cathy is using a website, a brick and mortar retail store, emails, and pamphlets.
Cathy's overall marketing method is best described as multichannel marketing, which involves using multiple channels or platforms to reach and engage with customers.
Explanation:The best technique that describes Cathy's overall marketing method is multichannel marketing.
Multichannel marketing refers to the use of multiple channels or platforms to reach and engage with customers. In Cathy's case, she utilizes various marketing channels such as e-mails, pamphlets, and traditional retailing to promote her products.
This approach allows Cathy to reach a wider audience and increase the visibility of her business. By combining offline and online marketing methods, she can cater to different customer preferences and increase her chances of success.
Suppose that Italy and Sweden both produce rye and cheese. Italy's opportunity cost of producing a pound of cheese is 5 bushels of rye while Sweden's opportunity cost of producing a pound of cheese is 10 bushels of rye. By comparing the opportunity cost of producing cheese in the two countries, you can tell that
Answer:
Italy has a comparative advantage in the production of cheese
Explanation:
Suppose that Italy and Sweden both produce rye and cheese.
Italy's opportunity cost of producing a pound of cheese is 5 bushels of rye while Sweden's opportunity cost of producing a pound of cheese is 10 bushels of rye.
By comparing the opportunity cost of producing cheese in the two countries, you can tell that Italy has a comparative advantage in the production of cheese because it has a lower opportunity cost (as a matter of fact half the cost) in comparison with Sweden.
Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners
The accountant of Reliable Consulting Company failed to make an adjusting entry to record $6,000 for unearned service revenues that were earned before the end of the fiscal year. Assume the company initially recorded a liability. Which of the following statements is true?A. The total assets will be overstated.
B. The total liabilities will be understated.
C. The total liabilities will be overstated.
D. The total assets will be understated.
Liabilities will be inflated as a whole. As a result, option (C) is the best one.
What are liabilities?A company's liabilities are the legitimate debts it owes to other creditors. They may consist of bank debt, notes payable, and accounts payable. In order to function and expand, all businesses must incur liabilities. A company can be built on a solid foundation with the right ratio of liabilities to equity.
The phrase "overstated" is used by accountants to denote two things: (1) an inaccurately reported amount, and (2) The reported quantity exceeds the actual or accurate amount.
Increased net income is shown on the income statement as a result of overstating assets and/or understating liabilities. Increasing net income fraudulently can provide the impression that management and the company are performing well.
Hence, option (C ) is the accurate one.
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A federal agency that engages primarily in commercial activities, produces revenues, and requires greater flexibility than most agencies is known as a(n) _____.
Answer:
government corporation
Explanation:
A government corporation is a government-owned firm that operates with the same integrity as a private company, except that the owner is government. Every government company is chartered by legislative act. Government corporations are typically created in markets where there is a natural monopoly, they are significant to the country's infrastructure, natural resources, and general public interest.
Which of the following channels of communication is low in planning, is used for team meetings, and is a richer form of interacting than conference calls but typically requires more expensive equipment and careful scheduling?
a. videoconferences
b. texting
c. phone conversation
d. email
e. blogging
The correct option is - A ( Video conferences)
Explanation:
Through video conferencing, different participants from multifarious locations can easily interact with other. This method of communication is widely being used nowadays in business organizations. People who are in remote locations can easily be contacted through this method. Thus, this channel of communication is low in planning. And is mostly used for team meetings. But it requires certain equipment’s that are bit costly, making this channel more expensive than from other ones.
Thus, the correct answer is – Video conferencing
Mica buys "Nature," a movie, through Open View, an online entertainment vendor. Before completing the purchase and downloading "Nature," Mica is asked to review a warning not to make and sell a copy of it but is not required to click "I agree." This warning is:_______. a. a browse-wrap term. b. a click-on agreement. c. a shrink-wrap agreement. d. none of the choices.
Answer:
a browse-wrap term.
Explanation:
A browse-wrap term is Ali's called a browse-wrap liscence under internet law is an agreement that is taken to give access to content or download from a website. It is a binding contract that the user of a website must agree to before accessing some of the features offered.
In this instance Mica buys "Nature," a movie, through Open View, an online entertainment vendor. She is then asked to review a warning not to make and sell a copy of it but is not required to click "I agree." This is a browse-wrap term.
Which of the following is an advantage of internal recruitment? a. It leads to the generation of new ideas through tunnel vision thinking. b. It reduces competition among employees and political infighting for promotions. c. It improves organization fit because current employees understand the company's culture. d. It saves time and effort on training employees for the new role.
"It improves organization fit because current employees understand the company's culture" is an advantage of internal recruitment.
Option: C
Explanation:
Recruitment are of basically two types on the basis of staff location like internal and external. Each firm is more comfortable to recruit departmental candidate because the current staff is well aware about the firm atmosphere.
This helps to save time of training to them, better fluency in work, trust factors, etc. Although external recruitment is also need to invite fresh talent with more energy and enthusiasm towards work profile, thus to train them and bring on specific track, training and meetings are needed to held.
The advantage of internal recruitment is that it improves organization fit as current employees already understand the company's culture hence speeding up the transition to the new role. It also reduces the time and resources that would be used for orientation and training of a new employee. Option C is correct.
Explanation:The advantages of internal recruitment are largely demonstrated in how it impacts the organization's culture and operations. Options c in the question provide credible advantages of internal recruitment. Option c points out that internal recruitment improves organization fit given that current employees understand the company's culture.
It states an equally critical advantage which is the saving of time and effort on training employees for the new role. When internal recruitment is used, the promoted or transferred employee already has a good grasp of the company’s operations and culture thus, reducing the time and resources that would have otherwise been used for orientation and training.
In other words, they have a head start in their new role. Nonetheless, it’s important to note that option b is contrary to what occurs in many companies. Internal recruitment sometimes fuels competition and political maneuvering among employees as they vie for promotions.
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Certain economic principles are of considerable importance in the valuation of real estate. The principle that "no buyer will pay more for a product than the price he can pay for a reasonable duplicate" is known as the principle of:
Answer:
Substitution
Explanation:
Principle of subsitution states that no consumer should buy a product for a high price of he can get an alternative (duplicate) that is of a cheaper price.
Substitutes are alternatives that provide similar satisfaction to the customer.
When the price of one product goes up the customer has a choice of going for an alternative.
For example honey and sugar are substitutes. When the price of one goes down people will go for the cheaper alternative. This acts as a price control mechanism.
Delegation assigns work and power to other workers as required by the centralization or decentralization of authority within the organization. What is the last step in the delegation process?1. Prepare2. Assign3. Confirm understanding4. Confirm commitment5. Avoid reverse delegating6. Ensure accountability
Answer:
6) Ensure accountability
Explanation:
The six steps in the delegation process are:
Prepare: you must be sure what decisions and tasks you are going to delegate.Assign: notify your subordinates what decisions and tasks are being delegated and to whom.Confirm understanding: Ask you subordinates if they clearly understood the information given to them. Confirm commitment: As your subordinates if they are OK with the decisions and tasks delegated to them.Avoid reverse delegating: the supervisor or manager must make sure that the employees are performing the tasks delegated to them, and that the process was actually carried out. Ensure Accountability: each employee is responsible and must be held accountable for performing every task delegated to them.You have just been assigned to oversee a series of projects. Functional areas will loan you personnel for each project and separate project managers will be responsible for separate projects. These project managers will report to you. Which project management structure is being used?
A. Pure Project
B. Task force
C. Matrix Project
D. Functional Project
E. PERT
Answer:
C) Matrix Project
Explanation:
A matrix project structure combines project teams with a functional structure, in other words, the projects' coordinator oversees the activities of several projects and each project leader manages a functional team. Matrix structures can be fairly complicated since lines of reporting and command overlap, but at the same time this type of organization is much more flexible.
Based on Esteban’s conduct, Floyd reasonably believes that Glynis has the authority to act on Esteban’s behalf even though Glynis does not have the actual authority to do so. Floyd makes a payment to Glynis for Esteban. Glynis keeps the money and disappears. Esteban
Answer:
may be estopped from denying that Glynis had authority.
Explanation:
In this case, Glynis apparently had the authority to collect Esteban's money, since his conduct made other people believe that.
Apparent authority is defined as a situation where a reasonable person (Floyd) will believe that the agent (Glynis) has authority to act on behalf of the principal (Esteban). If such a situation exists, then the principal is bound by the agent's actions.
Based on the following information, determine the amount of equipment on the balance sheet. Total liabilities and owner's equity equals $11.750; total current assets equals $19,800; land equals $15,000; and accumulated depreciation equipment equals $1,550. a. $11,500 b. $3,250 c. $3,400 d. None of these choices are correct
Answer:
a. $11,500
Explanation:
Since the total liabilities and owners equity is $44,750 instead of $11,750
And, we know that
Total assets = Total liabilities + owners equity
So, Total assets = $44,750
Now the equipment is
= Total assets - total current assets - land + accumulated depreciation of an equipment
= $44,750 - $19,800 - $15,000 + $1,550
= $11,500
GDP is the: dollar amount of all sales made in the economy in one year. total market value of all final goods and services produced in an economy in one year. total accumulated wealth of an economy. volume of all dollar transactions made in an economy in one year.
Answer: total market value of all final goods and services produced in an economy in one year.
Explanation:
Gross Domestic Product (GDP) is simply the total market value of the FINAL goods and services produced in a country in a period, usually a year.
The term FINAL here is very important because if intermediate goods were counted then it would be OVERSTATED.
For example, if Toyota makes cars from the iron it buys from Parrain Mining, the figure that will be used to calculate GDP will be the Car itself and not the amount the Iron from Parrain cost.
Answer:
total market value of all final goods and services produced in an economy in one year.
Explanation:
The gross domestic product (GDP) is the market value of all the final and legal products and services produced during a year within a country.
The components of the GDP = private consumption + private investment + government spending + net exports (exports - imports)
Final products and services excludes intermediate goods and services, and goods and services produced and consumed by the same household, e.g. vegetables grown in the backyard, or if you paint your own house.
Legal refers to taxable products and services, e.g. illegal drugs are not included, black market goods and services aren't included.
Ajak Corporation owns 85% of the single class of Utech Corporation stock. Utech Corporation owns 35% of Tech Corporation. Ajak Corporation also owns 50% of Tech Corporation, and Tech Corporation owns 75% of Baxter Corporation.
A.
Ajak, Tech, Utech, and Baxter Corporations are an affiliated group.
B.
Ajak, Tech, and Baxter Corporations are an affiliated group.
C.
Ajak, Tech, and Utech Corporations are an affiliated group.
D.
None of the above are correct.
Answer:
C.) Ajak, Tech, and Utech Corporations are an affiliated group.
Explanation:
An affiliated group refers to two or more separate corporations that have some type of common ownership relationship between them, but do not file consolidated financial statements, and therefore are considered separate entities for tax purposes.
To be considered an affiliated group, the parent company must own at least 80% of another corporation. Baxter corporation is excluded because Tech only owns 75% of it.
Maple Grove Legal Association performs legal services for Weymouth Construction for $5,000 on account with credit terms of 2/10, n/30. If Weymouth pays the invoice within the discount period, Maple Grove will record a debit to Cash in the amount of:_______.A. $5,100.B. $100.C. $5,000.D. $4,900.
Answer: D) $4,900
Explanation:
The answer to the question is that Maple Grove will record a debit to Cash in the amount of $4,900 if Weymouth pays the invoice within the discount period. This is based on the credit terms of 2/10, n/30.
Option D is correct
Explanation:The question revolves around understanding credit terms and discounts in business transactions. In this case, Weymouth Construction is given a credit term of 2/10, n/30 by Maple Grove Legal Association. This means that Weymouth has a 2% discount if it pays within 10 days ('2/10'), and the net amount is due within 30 days ('n/30').
If Weymouth pays within the discount period, it will pay 2% less than $5,000. We calculate this by multiplying 5000 by 2% which gives us $100. Therefore, Weymouth will pay Maple Grove $5,000 - $100 = $4,900.
Hence, if Weymouth pays the invoice within the discount period, Maple Grove will record a debit to Cash in the amount of $4,900 (Option D).
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Many large developing countries with large dollar-denominated external liabilities experienced large depreciations of their currencies between 1990 and 2003. What effects, if any, did these depreciations have on these countries' external wealth and their GDPs?
If the developing country's home currency would depreciate against dollar and if the developing country has large dollar-denominated external liabilities, then this would lead the developing county's decrease in external wealth. The developing country is poorer now as compared with the other countries. It owes more because its home currency depreciated. Its GDP would decrease, since now, the value of its imports would increase.
Assume that ABCO is a U.S. multinational corporation. Its foreign subsidiaries must report income in their respective countries according to GAAP in those countries. How must ABCO report its consolidated financial statements?
A) ABCO must choose any one country's accounting standards and combine the subsidiary reports into the parent company's statements using that one country's GAAP.
B) Since the company is operating in several different countries, the International Accounting Standards must be used for the consolidated financial statements.
C) Since ABCO is a U.S. corporation, U.S. generally accepted accounting principles must be used for the consolidated financial statements.
D) On the consolidated financial statements, each subsidiary's financial results must be shown in the currency of the country where the subsidiary is located.
Answer: c
Explanation:
Dave’s boss told him that he doesn’t have to attend the company picnic (which everybody dislikes) if Dave meets his sales quota this month. Dave’s boss is using ________.
Answer:
Negative reinforcement
Explanation:
Something is removed to increase the likelihood of a behavior.
Dave's boss is making use of what is known as negative reinforcement.
What is negative reinforcement?
This has to do with the removal of a negative outcome that may serve as the reward that a person get when they are able to perform an action.
The negative outcome here is the fact that the company event is disliked. The boss would let Dave stay away from it if he meets his quota.
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Please help
What does FICA stand for, and how are FICA taxes collected used?
Answer: FICA stands for Federal Insurance Contributions Act.
Explanation:
FICA taxes are collected by the government through the employee's paycheck. This amount is utilized towards the senior citizens benefit in America. the fund goes towards the social security retirement and medicare benefits.
This is a mandatory tax deducted from paycheck. The employers and the employees both have to pay these taxes compulsorily. FICA taxes are also used towards widow, widowers, disabled employees and for kids whose parents have lost jobs. Throughout the career of the employee he pays FICA which he receives on retirement.
Answer: Social Security and Medicare
Explanation:
If you have 4.00 gg of H2, how many grams of NH3 can be produced?
Express your answer with the appropriate units.
Answer:
22.49 g of NH3
Explanation:
The balanced equation for this would be:
3H₂+N₂ → 2NH₃
So let's take note of this:
We will need 3 moles of H₂ to produce 2 moles of NH₃.
Now let us convert:
First we determine the molar mass of H2:
Element:
number of atoms x molar mass
H = 2 x 1.01 g/mol = 2.02 g/mol
Let's see how many moles of H2 there are in 4.00g
[tex]4.00 g\times \dfrac{1\;mole\;of\;H_2}{2.02g} = 1.98\;moles\;of\;H_2[/tex]
Now we can see how many moles of NH₃ we can make given the ratio and convert it again to grams by getting the molar mass of NH₃:
[tex]1.98\;moles\;of\;H_2\times\dfrac{2\;moles\;of\;NH_3}{3\;moles\;of\;H_2} = 1.32\;moles\;of\;NH_3[/tex]
This means that with 1.98 moles of H₂, we produce 1.32 moles of NH₃
So let's get the molar mass of NH₃ so we can convert it to grams:
N = 1 x 14.01 = 14.01
H = 3 x 1.01 = 3.03
17.04g/mol
[tex]1.32\;moles\;of\;NH_3\times\dfrac{17.04g\;of\;NH_3}{1\;mole\;of\;NH_3} = 22.49g\;of\;NH_3[/tex]
On his way home from work, Phil stopped at a shopping center. He parked in front of the dry cleaner, where he could pick up his suit. He did not have to move his car because next door was a gift shop where he could pick up a gift for his niece. Conveniently enough, next door to that store was a supermarket, where he purchased essentials like milk and cornflake cereal. Phil was shopping in which type of shopping center
Answer:
Neighbourhood centre
Explanation:
A neighbourhood centre is a place where local local residents have access to a wide range of services. People gather for group activities, social support, public information and so on.
Phil stopped at a shopping center. He parked in front of the dry cleaner, where he could pick up his suit. He did not have to move his car because next door was a gift shop where he could pick up a gift for his niece. Conveniently enough, next door to that store was a supermarket, where he purchased essentials like milk and cornflake cereal.
Phil is at a neighbourhood centre where wide variety of services are provided locally.
Answer:
Neighborhood shopping center
Explanation:
A neighborhood shopping center is usually built around a supermarket and it generally some fast food restaurants and small retail stores. The advantage of going there is that you have a lot of parking spaces, it is relatively close and you can basically find all you need.
The one near my house is a little larger because it includes a Walmart, a Home Depot, a small shopping plaza with around 40 small retail stores, a Burger King, Pizza Hut w/ Dunkin Donuts, it used to include a Toys R Us that has been replaced by my favorite barbecue restaurant called The Knife.
A construction firm needs to hire a construction superintendent, whose primary responsibilities involve organizing, supervising, and inspecting the work of several subcontractors. It administers a construction-error recognition test, where an applicant enters a room that has been specially constructed to have 10 common and expensive errors and where he/she is asked to record as many problems as he/she can detect. The firm is using a:______.a. concurrent validation.b. predictive validation.c. content validation.d. criterion-related validation.
Answer:
c. content validation
Explanation:
In this scenario it seems that the construction firm is using content validation by placing the applicant in the room and asking her to point out the 10 common and expensive errors. Content Validation is a method that is used in order to make sure that a test is correctly measuring the information for which it is intended.
A customer bought a $1,000 par convertible subordinated debenture at par, convertible into common at $31.25 per share. If the bond's market price increases by 20%, the conversion ratio will be:
Answer:
1:32
Explanation:
The conversion ratio depends whether or not the common stock price is variable or not. In this case is fixed at $31.25 It do not vary based on the bond current arket price. Thus, this ratio is fixed and determinated at the issuance of the bonds:
1,000 par value / 31.25 share price = 32.00 shares
Each bonds is converted into 32 shares
thus the ratio is 1:32
A principal whose identity is unknown by a third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract is called:___________.1. Partially disclosed principal2. Disclosed principal3. Durable power of attorney4. General power of attorney
Answer:
1) Partially disclosed principal
Explanation:
A partially disclosed principal refers to a person whose identity is not known but the other negotiating party knows that he/she exists. This person may be the seller or buy of a property and the reasons for keeping their identities unknown are several and they range from being public figures to simply people who want to act mysteriously.
On the other hand, when the name of the principal is given to the other party, he/she is said to be a disclosed principal.
Coronado Industries is planning to sell 750000 units for $1.50 per unit. The contribution margin ratio is 20%. If Coronado will break even at this level of sales, what are the fixed costs
Answer:
$225,000
Explanation:
the break even formula = total fixed costs / contribution margin
break even in units = 750,000 unitscontribution margin = 20% x $1.50 = $0.30750,000 units = total fixed costs / $0.30
750,000 units x $0.30 = total fixed costs
total fixed costs = $225,000