Final answer:
To find the net price, each successive discount of 5/2/1% was applied to the initial $625 list price, resulting in a net price of $575.86. The trade discount amount is calculated by subtracting the net price from the list price, which equals $49.14.
Explanation:
To solve Bob's Sporting Goods' problem regarding the net price and trade discount of the skateboards, we need to understand the chain discount of 5/2/1 offered by the manufacturer and apply it to the list price of $625.
First, calculate the successive discounts on the list price. The first discount is 5%, the second is 2%, and the third is 1%.To calculate the net price after the first discount: $625 * (1 - 0.05) = $593.75.Then, apply the second discount: $593.75 * (1 - 0.02) = $581.88.Finally, apply the third discount: $581.88 * (1 - 0.01) = $575.86.The net price of the skateboards is therefore $575.86, rounded to the nearest cent.To find the trade discount amount, subtract the net price from the list price: $625 - $575.86 = $49.14.The net price of the skateboards for Bob's Sporting Goods is $575.86, and the trade discount amount is $49.14.
One framework for designing an effective message is the aida model. in the aida model __________.
The AIDA model is used in marketing and advertising to design effective messages.
Explanation:The AIDA model is commonly used in marketing and advertising to design an effective message. AIDA stands for Attention, Interest, Desire, and Action. In this model, the goal is to capture the audience's attention, generate interest in the message, create a desire for the product or service being promoted, and ultimately, motivate the audience to take action.
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Dangerousness had been conceptualized as a ________ variable, while risk assessment is a ________ variable.
__________ refers to a reduction in the proficiency needed to perform a specific job that leads to a corresponding reduction in the wages for that job. it has resulted from the introduction of computers and other technology.
The account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is
The Income Summary account is used to close temporary accounts in the accounting cycle.
The account used to close the temporary accounts (revenues and expenses) before the finish of the accounting cycle is the Income Summary account. This account serves as a clearing account to transfer the balances of revenue and expense accounts before closing them.
When a buyer, pursuant to a sale of goods contract, accepts nonconforming goods, the buyer's measure of damages is:?
The buyer's measure of damages is the difference at the time and place of the acceptance between the value of the accepted goods and the value of the goods as warranted.
What is sale of goods?This is when ownership of goods are transferred from the seller, to the buyer in exchange for money.
Hence, the buyer's measure of damages is the difference at the time and place of the acceptance between the value of the accepted goods and the value of the goods as warranted.
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Lewis company has $25,000 in retained earnings, $40,000 in assets, and $11,000 in liabilities. how much is in common stock?
Final answer:
The amount in common stock for Lewis Company is calculated using the accounting equation. By subtracting liabilities and retained earnings from total assets ($40,000 - ($11,000 + $25,000)) we find that the common stock value is $4,000.
Explanation:
To determine the amount in common stock for Lewis Company, we should use the basic accounting equation:
Assets = Liabilities + Owners' Equity.
In this case, the owners' equity includes both retained earnings and common stock. Given the following:
Retained Earnings: $25,000
Assets: $40,000
Liabilities: $11,000
We can calculate common stock by rearranging the equation:
Common Stock = Assets - (Liabilities + Retained Earnings)
Common Stock = $40,000 - ($11,000 + $25,000) = $4,000.
Thus, the amount in common stock is $4,000.
The term __________ include(s) property such as buildings, land, farms, houses, factories, and cars, as well as other assets such as bank accounts, corporate stocks, bonds, and insurance policies.
Answer: wealth
Explanation:
Dolly can count from 1 to 10 in order. this ability is due to the logical principle of conservation.
Dolly can count 1-10 in order. This ability is due to the logical Principle of conservation which simply refers to the ability in which it is not present in children during their pre-operational stage of their development ages 2-7, however it develops in the concrete operational stage at ages 7-11.
Emily is considered to be an excellent production manager. however, she tends to give attention only to those aspects of the organization that affect her own production operation and to not notice the concerns of other departments. from a perceptual perspective, emily is guilty of which perceptual distortion?
Of all the ways of handling the waste we produce, _____ is the best method.
Your car will weave back and forth but should respond normally to steering in which case?
Other things being equal, a nation with democratic political institutions, is clearly more attractive as a place in which to do business than a nation that lacks democratic institutions.
If your nominal income is $80,000 and your real income in base year prices is $71,500, what is the cpi?
If you suspect a friend is suicidal what should you do
Because there are dozens of brands of tablet computers to choose from, the elasticity of demand for the tablet market is:
The elasticity of demand for the tablet market is elastic. It is because if there are dozen of tablets to choose from, then the demand will likely be in respond to the prices in which it won’t be inelastic as the prices that change won’t put an effect on them as the prices will likely be an effect as they will likely chose the brand that doesn’t cost that much.
Tyson has decided he wants to be trained and certified in cosmetology. which type of institution of higher learning could provide him with this?
he would want to go to a technical school.
Smaller nations may seek safe haven trading arrangements with larger nations when future access to that market seems uncertain. this was reason for the formation of
This was the reason for the formation of NAFTA.
NAFTA stands for North American Free
Trade Agreement and this agreement was signed by Canada, Mexico, and the United States
by developing a trilateral trade bloc in North America. The North American Free Trade agreement came into force on January 1, 1994.
The rest-a-lot chair company manufacturers a standard recliner. during february, the firm's assembly department started production of 75,000 chairs. during the month, the firm completed 80,000 chairs, and transferred them to the finishing department. the firm ended the month with 10,000 chairs in ending inventory. there were 15,000 chairs in beginning inventory. all direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. the fifo method of process costing is used by rest-a-lot. beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs
Calculation of the Cost of Goods Transferred Out During February:
Units that were started during February were completed during February = 75,000 - 10,000 = 65,000
Equivalent units for conversion costs during February = (15,000 x 0.7) + 65,000 + 10,000 (0.8) = 83,500
The amount of direct materials cost assigned to ending work-in-process inventory at the end of February = $168,000/75,000 = $2.24 x 10,000 = $22,400
The Costs of Beginning Inventory ($24,000 + $35,000)$59,000Therefore, the Total Cost of Goods Transferred Out During February is $456,015
The subject of this question is Business, specifically the topic of process costing in manufacturing. Rest-A-Lot Chair Company uses the FIFO method and the given information provides details about their production and inventory of recliner chairs.
Explanation:The subject of this question is Business, specifically the topic of process costing in manufacturing.
In the given scenario, Rest-A-Lot Chair Company manufactures recliner chairs and uses the FIFO method of process costing. They started production with 75,000 chairs and completed 80,000 chairs during February. They transferred these chairs to the finishing department and ended the month with 10,000 chairs in the ending inventory. There were 15,000 chairs in the beginning inventory. The costs of direct materials are added at the beginning of the production cycle, while conversion costs are added uniformly throughout the production process. Additionally, the beginning work in process was 30% complete as to conversion costs, and the ending work in process was 80% complete as to conversion costs.
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According to this table, what will happen when the price of a pair of shoes rises from $100 to $125? a decrease in demand due to scarcity an increase in demand due to an increase in supply an increase in demand due to changing economic factors an increase in price due to an increase in demand
To answer this problem, we would need to have the table.
Anyway, let us dissect the given choices one by one.
a decrease in demand due to scarcity
- scarcity is lack of supply, there is no relationship between price and scarcity
an increase in demand due to an increase in supply
-no relationship with price
an increase in demand due to changing economic factors
-what are the factors?
an increase in price due to an increase in demand
-when the demand is high, suppliers tend to increase the price to gain more profit, so I think this is the answer
Answer:
an increase in price due to an increase in demand
6. The source document should be written in the
A. Date column. C. Doc. No. column.
B. Account Title column. D. Post. Ref. column.
Use the following information to answer questions 7–10.
The following activity for J. C. Breneman Management Services took place on June 1, 20—. Record these transactions on the journal form provided on the next page.
Received $3,290 in cash from the owner as an investment (receipt no. 1). Borrowed $900 cash from Inland Bank for business expenses (memo 1). Paid cash for supplies, $290 (check no. 1).
Paid cash for insurance, $1,000 (check no. 2).
Paid cash for equipment, $2,100 (memo 2).
The Books of Accounting
Journal
Page J1
DATE
ACCOUNT TITLE
Doc. No.
P.R.
DEBIT
CREDIT
7. The correct entry in the date column is for all the transactions is
A. June 1. C. Jan. 31.
B. Dec. 31. D. Dec. 1.
8. The entries for the debit account titles in the “Account Title” column are written
A. about one-half inch away from the left side. B. in pencil so they may be changed later.
C. at the far left side.
D. about one inch away from the left side.
9. The amounts that increase the Cash account are entered in
A. the Debit column.
B. the Credit column.
C. both Debit and Credit columns. D. either Debits or Credit columns.
The Books of Accounting
10. The totals of the entries in the Debit and Credit columns are
A. 12,345.00 in the Debit and 8,220.00 in the Credit columns. B. 7,580.00 in both the Debit and Credit columns.
C. 8,220.00 in the Debit and 6,290.00 in the Credit columns. D. 6,290 in both the Debit and Credit columns.
Answer:
Explanation:
Question # 6
Answer: C
Doc. No. Column is used to refer to the source document. For example, a document number R1 can be used to indicates that the data is from Receipt No. 1.
Question # 7
Answer: A
As all the transactions were made on June 1, 20.
Question # 8
Answer: C
The debit entries are written on the left side (where the column starts). For visibility, the credit entries are indented more to the right to differentiate them easily.
Question # 9
Answer: A
A debit entry increases an asset or expense account, or decreases a liability or equity account. A credit entry is the opposite of the debit entry. As the amount in cash account increases our assets increases, so we write it in debit column.
Question # 10
Answer: B
Debit entries must equal credit entries for each row of a general journal. Hence, sum (7580) of total entries should be written in both columns.
Around 2009, real per-capita gdp in the united states is roughly:
Does reading the abstract of an article give you enough information about its contents?
The abstract provides a snapshot of an article's main points, but for complete comprehension and critical evaluation, further reading of the article is needed. Skimming other sections and considering annotated bibliographies can offer a more nuanced understanding of the work's credibility and relevance.
Explanation:Reading the abstract of an article provides a concise overview of its main points, research findings, and relevance to your study. While abstracts are useful in helping you determine whether to pursue a full reading of the article, they do not encapsulate all the details and nuances present. Skimming further sections like the introduction, conclusion, and topic sentences can yield a broader understanding of the argument and the evidence provided. It is also important to read critically, assessing the logic, credibility, and potential biases of the paper, even if it agrees with your thesis. Detailed reading is necessary for a comprehensive understanding and should follow an initial review if the paper is deemed relevant.
To develop a mental outline for the work, you may also look at the table of contents and section headings. An annotated bibliography can complement abstracts by providing evaluations and critical assessments of the sources used in your research. In contrast to abstracts, which are purely descriptive, annotations offer insights into the source's credibility and usefulness, which can guide others in their research endeavors.
Q 4.13: salaries and wages expense should have been accrued on december 31st, but the entry was not made. the result of this oversight is that
Final answer:
The oversight of not accruing salaries and wages expense on December 31st results in an understatement of expenses and liabilities, and an overstatement of net income, which misrepresents the company's financial performance and position. It violates the accrual basis of accounting and the matching principle, necessitating an adjusting entry to correct the financial statements.
Explanation:
If salaries and wages expense were not accrued on December 31st, it means that the company fails to recognize expenses that it has incurred during the period but has not yet paid. This oversight leads to an understatement of expenses and liabilities on the income statement and balance sheet, respectively. As a result, the company's net income would be overstated, and its financial position would appear healthier than it actually is. Moreover, this can lead to a misrepresentation of the company's financial performance and condition to stakeholders.
Accruing the salaries and wages ensures that the financial statements are presented fairly, following the accrual basis of accounting, which requires that revenues and expenses be recognized when they are earned or incurred, regardless of when the cash transactions occur. Failure to make this accrual entry violates the matching principle, which stipulates that expenses should be recorded in the same accounting period as the revenues they help to generate.
The correct course of action would be to make an adjusting entry as soon as the oversight is discovered to record the expense and the corresponding liability. This adjustment would increase the salaries and wages expense on the income statement and increase the accrued wages liability on the balance sheet.
Fedex gives its employees significant discretion in taking action to solve customer problems. this is referred to as
Becca and bob own a car rental business. becca contributes 75 percent of the capital but does only 20 percent of the work, while bob contributes 25 percent of the capital but does 80 percent of the work. both decide on a 50/50 allocation of profits. in which types of business structures would this arrangement be possible?
________ uses buyers' perceptions of what a product is worth as the key to pricing.
World trade organization (wto) member countries account for approximately __________ percent of world trade.
The first book in the deuteronomistic history, dealing primarily with the manner in which the israelites entered the land of promise is
According to michel foucault, organizations "efficiently distribute bodies" and activities through the use of
Smartphone applications are developed by _____.