Fly high pilot training academy owns several planes used for instruction to new pilots. it follows accrual basis accounting. when it acquires a new plane it will record it as a(n)
Final answer:
When Fly high pilot training academy acquires a new plane using accrual basis accounting, it records the plane as a fixed asset on the balance sheet and depreciates it over its useful life, with the initial journal entry involving a debit to Fixed Assets and a credit to Cash/Bank or Accounts Payable.
Explanation:
The student's question pertains to the recording of a new plane acquisition by Fly high pilot training academy which follows accrual basis accounting. When the academy purchases a new plane for instructional purposes, the plane is recorded on the balance sheet as a fixed asset or capital asset. This is because the plane is expected to be used for a long period and thus provides long-term economic benefits to the academy. As part of the accrual accounting method, this asset must also be systematically depreciated over its useful life reflecting the wear and tear, obsolescence, and other factors that reduce its value over time.
To record the plane acquisition, the following journal entry would be typically made:
Debit Fixed Assets (Airplanes)Credit Cash/Bank or Accounts Payable (depending on whether payment was made in cash or on credit)The cost of the plane includes the purchase price plus any additional costs necessary to get the asset ready for its intended use, such as sales taxes, import duties, transportation costs, and installation charges. The academy will then depreciate the plane over its useful life, affecting the income statement with periodic depreciation expenses.
The population of metroville was 3,187,463 on june 30, 2013. during the period january 1 through december 31, 2013, a total of 4,367 city residents were infected with hiv. during the same year, 768 new cases of hiv were reported (2 pts).
a. prevalence per 100,000 population:
b. incidence per 100,000 population:
The prevalence of HIV is 137.0 per 100,000 population. The incidence of HIV is 24.1 per 100,000 population.
Final answer:
The prevalence and incidence rates of HIV per 100,000 population in Metroville for the year 2013 are 137.0 and 24.1, respectively.
Explanation:
The question asks to calculate the prevalence and incidence rates of HIV per 100,000 population in Metroville for the year 2013. To find these rates, we use the provided population and the number of existing cases (prevalence) and new cases (incidence) of HIV.
Prevalence rate per 100,000 population:To calculate this, we divide the number of people living with HIV by the total population and then multiply by 100,000. Here's the calculation:
(4,367 / 3,187,463) x 100,000 = 137.0 cases per 100,000 population
Incidence rate per 100,000 population:Similarly, for the incidence rate, we divide the number of new HIV cases by the total population and multiply by 100,000:
(768 / 3,187,463) x 100,000 = 24.1 new cases per 100,000 population
Effective annual rate considers the effect of compounding, whereas annual percentage rate does not consider the effect of compounding.
Looking at motivation from a content theory approach, the psychological contract suggests that, in return for time, effort, and other considerations, individuals want to receive:
Which global integration and coordination forces would mnes, such as mercedes-benz, encounter?
Bloom corp. uses the periodic inventory system. determine thornton’s cost of goods sold if its beginning inventory was $124,000, purchases for the year were $265,700, and the ending inventory was $73,220.
To solve for the cost of goods sold, it is computed by adding the beginning inventory to the cost of goods purchased or manufactured, adding those two will give you the total cost of goods available for sale then deduct the ending inventory, you’ll get the cost of goods sold.
Solution:
Beginning Inventory - $124,000
Add: Purchases - 265,700
Total Goods Available for Sale is = $389,700
Computation for Cost of Goods Sold:
Total Goods Available for Sale – $389,700
Less: Ending Inventory – 73,220
Cost of Goods Sold = $316,480
Thornton's cost of goods sold is $243,480.
To calculate the cost of goods sold using the periodic inventory system, we need to consider the beginning inventory, purchases made during the year, and the ending inventory.
Given:
- Beginning Inventory = $124,000
- Purchases = $265,700
- Ending Inventory = $73,220
To find the cost of goods sold, we use the formula:
Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory
Substitute the given values into the formula:
Cost of Goods Sold = $124,000 + $265,700 - $73,220
Cost of Goods Sold = $124,000 + $265,700 - $73,220
Cost of Goods Sold = $316,700 - $73,220
Cost of Goods Sold = $243,480
Therefore, Thornton's cost of goods sold is $243,480.
Give examples of needs, wants, and demands that fedex customers demonstrate, differentiating these three concepts.
The needs are also what we call to be the requirements of the human beings that are essential and whose. These include, for the case of FedEx, the need for self-expression and also the need for the customer to be served in a means that makes him or her to fit in to a certain social class.
Wants are what we call to be temporary and hence changes regularly and are only directed by our surrounding towards reaching certain needs. For the case of FedEx, wants include customer’s want to have immediately needed materials and goods/products that are needed on very short notices.
Demands happen when a customer is capable to sacrifice some money so as to be content with a need or want. These include for example the demand to be provided with export and import services, tracking packages etc.
Needs are basic requirements for survival, while wants are a way of expressing those needs. An example of a demand that FedEx customers demonstrate is the need for fast and reliable shipping services.
Explanation:Needs vs. Wants:
Needs are basic requirements for survival, such as food, clothing, and shelter. Wants are a way of expressing those needs. For example, a person may need food but want pizza. A person may need clothing but want Nike tennis shoes. A person may need shelter but want to live in a mansion.
Example of Needs:
FoodClothingShelterExample of Wants:
PizzaNike tennis shoesLuxury mansionDemands:
Demand is the amount of a good or service that consumers are willing and able to purchase at each price. It is based on needs, wants, and the ability to pay. An example of a demand that FedEx customers demonstrate is the need for fast and reliable shipping services. They want their packages to be delivered on time and in good condition. They demand these services by purchasing shipping services from FedEx.
Your friend barbara has a bond that she would like to sell to you. the bond matures in 10 years, has a face value of $1,000 and a coupon interest rate of 6% (paid annually). if you know that the yield to maturity on similar bonds is 8%, what is the maximum price you would be willing to pay for the bond?
To determine the maximum price for the bond, calculate the present value considerations including yield to maturity.
The maximum price you would be willing to pay for the bond can be calculated by discounting the future cash flows to present value.
The present value of the bond would be $964, calculated as the sum of the present value of the face value and the present value of the annuity of interest payments.
Yield to maturity, which is the total return on the bond, is crucial in determining the bond's price.
Nessus, nessus. why do you need to run both tools like zenmap and nessus to complete the reconnaissance phase of the ethical hacking process?
In an ethical hacking process, Zenmap and Nessus play distinct roles. Zenmap discovers hosts and services on a network, essentially mapping the network. Nessus, however, identifies known vulnerabilities within detected hosts or services, providing a more comprehensive view of potential security weak spots.
Explanation:When conducting an ethical hacking process, both Zenmap and Nessus provide valuable, yet distinct features in the reconnaissance phase. Zenmap is a graphical interface for the network scanning tool Nmap. It is highly effective for discovering hosts and services on a computer network, creating a 'map' of what it discovers. On the other hand, Nessus is a vulnerability scanner. While Zenmap identifies what hosts and services are on a network, Nessus goes deeper by identifying known vulnerabilities and weaknesses within those hosts or services detected. Using both of these tools provides a more comprehensive view of a network's potential security weak points. Zenmap provides information about what services are running on a target and Nessus informs about how these services could be potentially exploited.
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On january 31, jean consulting company receives a bill for that month’s utilities in the amount of $500. jean sets it aside because she does not plan to pay the bill until its due date of february 15. what effect, if any, does this event have on the company’s accounting equation as of january 31?
When a company obtains a utility bill but will not pay it right away, it should debit utilities expense and credit accounts payable.
Explanation:
Debit utilities expense - the business has received a utilities bill and this is documented as an expense in the income statement.
Credit accounts payable - The credit entry signifies the liability to pay the supplier in the later date for the use of the utilities.
The accounting equation, Assets = Liabilities + Owners Equity means that the total assets of the business are all the time equal to the total liabilities plus the total equity of the business. This is true at any time and applies to each matter.
In this case the balance sheet liabilities (accounts payable) have been increased by 500, and the income statement has a utilities expense of 500. The expense decreases the net income, retained earnings, and therefore owners’ equity in the business.
Final answer:
Receiving a utility bill for $500 affects Jean Consulting Company's accounting equation by increasing liabilities and decreasing owner's equity by the same amount, reflecting the expense without changing assets.
Explanation:
On January 31, when Jean Consulting Company receives a bill for that month’s utilities amounting to $500 but decides to pay it at a later date, February 15, there is an immediate impact on the company’s accounting equation. Even though the cash payment will occur in the future, the expense has been incurred in January. According to the accrual basis of accounting, expenses should be recognized when they are incurred, not necessarily when they are paid. Therefore, the company should recognize an increase in utilities expense and a corresponding increase in accounts payable on January 31.
This transaction affects the accounting equation as follows:
Assets do not change because the cash payment has not yet been made.Liabilities increase because the company now has an obligation to pay the utility bill.Owner's equity decreases due to the increase in expenses, which reduces the net income and consequently the retained earnings.Therefore, the accounting equation (Assets = Liabilities + Owner's Equity) reflects an increase in liabilities and a decrease in owner's equity by $500 each, with no change in assets.