It is not specified in the scenario which repayment plan is being referred to, so I will provide information on two common repayment plans for federal student loans:
It is not specified in the scenario which repayment plan is being referred to, so I will provide information on two common repayment plans for federal student loans:
Standard Repayment Plan:
Advantages:
Fixed monthly payments that are predictable and easy to budget for
Generally the quickest repayment plan, allowing for the loan to be paid off in 10 years
Will generally result in paying the least amount of interest over the life of the loan
Disadvantages:
Monthly payments may be higher than other repayment plans, which can be challenging for some borrowers to afford
Income-Driven Repayment Plan:
Advantages:
Monthly payments are calculated based on the borrower's income and family size, which can be helpful for borrowers with lower income levels
If the borrower's income is low enough, monthly payments may be as low as $0
Any remaining balance at the end of the repayment term (usually 20-25 years) may be forgiven
Disadvantages:
The repayment term is generally longer than the Standard Repayment Plan, resulting in paying more interest over the life of the loan
Depending on the borrower's income, the monthly payments may not be enough to cover the interest that accrues on the loan, which can result in negative amortization (when the loan balance increases instead of decreases)
In general, the advantages and disadvantages of a repayment plan will depend on the borrower's individual financial situation and goals. For example, if Sarah has a stable job with a consistent income, the Standard Repayment Plan may be a good option for her as it will allow her to pay off the loan quickly and with the least amount of interest. However, if Sarah has a lower income or is facing financial hardship, an Income-Driven Repayment Plan may be a better fit for her as it will offer more flexible payment options.
Ms Kona owns a 9 percent interest in Carlton LLC
If Ms. Kona owns a 9% interest in Carlton LLC, it means that she has a 9% ownership stake in the company.
What soes stake ownership meanMs. Kona is evidently an owner of 9% of Carlton LLC, granting her a privilege to a nine percent share in the association's gains and interest when it comes to taking part in management resolutions.
In essence, the specifics of her investment rights are reliant upon the particular conditions of the existing Limited Liability Company operation contract, which supervises the alliance between the business' proprietors and executives.
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Which of the following can be used to create a marketing plan?
1 specific market to target
2 needs of customers
3 competing products
4 all of the above
Answer:
I think the answer of this question is option no 4.
4) all of the above.
Adama Garment which is operating in Adama currently has opened four new stores in Ethiopia. Data on monthly sales volume and labor hours are given below for each town. Which store location has the highest labor productivity?3 Adama Garment which is operating in Adama currently has opened four new stores in Ethiopia. Data on monthly sales volume and labor hours are given below for each town. Which store location has the highest labor productivity?
Continued
4. Take a case of one company or the company in which you are working, and then:
Identify the outputs and inputs of the company
Estimate yearly outputs and inputs identified either in value or volume
Calculate single, multiple, and total factor productivity
Output divided by input is productivity. Calculate each store's labor productivity: The highest is 200 birr per work hour in Bale-Robe. Efficiency is typically measured as a percentage of how well a company uses its resources (contributions) to produce labor and goods (yields).
While results might be estimated in terms of deals income, units provided, or other variables, data sources can include labor, materials, energy, and various assets. We would need to gather data on the organization's activities.
Such as the number of hours spent, the cost of unpolished components, and the absolute deal revenue, in order to evaluate annual sources of information and results. The organization's single-factor efficiency (SFP) can then be calculated by dividing the outcome by a single piece of information.
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Suppose Brenda misses a party so she can spend the night studying for a history test.
What is the opportunity cost of this decision?
a. having more time to study
b. getting a good grade
c. learning about history
d. missing the party
Answer:
The answer is d. missing the party
Explanation:
The opportunity cost of this decision is missing the party.
Which of the following is a step that you could take to ensure that your thank you letter is error-free?
Answer:
multiple ways
Explanation:
Read out loud to yourself. Get another person to read it. Spill check. Grammer proof read check. Email it to a tutor.
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms Returns and Allowances (Invoice Amount) a. $8,450 $200 FOB destination, 2/10, n/30 $1,200 b. 4,400 500 FOB shipping point, 1/10, n/30 700
What is one disadvantage of buying stocks?
A. Stocks are private and difficult to purchase.
B. Stocks are a high-risk investment.
C. Stocks are low-risk but have a low rate of return.
D. Stocks don't pay out until you reach a specific age.
SUBMIT
Answer:
B. Stocks are a high-risk investment.
Explanation:
B. Stocks are a high-risk investment. This is one disadvantage of buying stocks. The stock market can be volatile, and there is always a risk of losing money, especially if an investor invests in a single company or industry and that company or industry experiences significant losses or downturns. It is important to have a diversified portfolio to mitigate some of this risk.
journalize the following transaction in the books of Nyaupane Trade Concern. h 1 Nyaupane invested Rs. 200,000 cash in Nyaupane Trade Concern. 5 Office furniture purchased for Rs. 30,000 cash. 18 Nyaupane trade concern purchased goods for Rs. 35,000. 20 Nyaupane trade concern purchased goods on credit for Rs. 24,000. 28 Rent paid Rs. 10,000. 30 Salary paid to staff Rs. 25,000. 30 Goods sold to a customer costing Rs. 12,000 for Rs. 15,000 & received Rs. 5000 cash & rest on accounts receivable. 30 Nyaupane withdrew Rs. 1,000 cash from Nyaupane trade concern. red: Journal entries.
Journalizing transactions entails keeping track of all your company dealings and tracking them in reverse chronological order. The date, the account you're debiting or crediting, and a brief explanation of the transaction are often included in this record.
What are some illustrations of owner capital?The capital contribution of the owner is equal to the total of the contributed funds and assets. When determining the owner's equity, consideration is given to both the amount of the capital contribution and the amount the owner would get upon the sale or liquidation of the company.
Every investment made by a business owner is referred to as capital. They may, for instance, transfer money directly into the company's bank accounts, use the funds to purchase equipment, or donate their own equipment.
Accounting jargon describes any money taken out of the corporate account for personal use as a drawing. This might be something significant like a paycheck or something simple like lunch that is paid for with your employer's credit card.
Debit (Rs.) Credit (Rs.)
Cash a/c Dr. 200,000
To capital a/c 200,000
(For the owner's capital contribution)
Furniture a/c Dr. 30,000
To cash a/c 30,000
(For cash-only office furniture purchases)
Purchased a/c Dr. 35,000
To cash a/c 35,000
(for items bought with cash)
Purchased a/c Dr. 24,000
To accounts payable a/c 24,000
(for products that were financed)
Rent a/c Dr. 10,000
To cash a/c 10,000
(Paying rent)
Salary a/c Dr. 25,000
To cash a/c 25,000
(for staff members' salaries)
Cash a/c Dr. 5,000
Accounts receivable a/c Dr. 10,000
To sales a/c 15,000
(Receiving Rs. 5,000 in cash and the remaining Rs. 15,000 on accounts receivable for items sold to a client for Rs. 12,000)
Drawings a/c Dr. 1,000
To cash a/c 1,000
( Owner withdrew cash for personal purposes.)
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Projected free cash flows should be discounted at the firm's weighted average cost of capital to find the firm’s total corporate value.
The weighted average cost of capital (WACC) is significant in determining a firm's total corporate value through the discounted cash flow (DCF) method because it represents the required rate of return that investors expect to earn from investing in the firm.
The WACC is a key factor in the DCF method, which is a widely used valuation technique for estimating the value of a business. The DCF method calculates the present value of a company's future cash flows by discounting them back to their present value using the WACC as the discount rate.
The WACC represents the cost of capital for the firm and is calculated by weighting the cost of equity and the cost of debt based on the firm's capital structure. By using the WACC as the discount rate in the DCF method, it helps to account for the risk associated with the firm's financing structure and provides a more accurate estimate of the firm's total corporate value.
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--The complete question is, What is the significance of calculating the weighted average cost of capital in determining a firm's total corporate value through the discounted cash flow method?--
Many years ago, Minnow Bait and Tackle issued preferred stock. The stock pays an annual dividend equal to $6.80. If the required rate of return on similar-risk investments is 8 percent, what should be the market value of Minnow s preferred stock?
The market value of Minnow Bait and Tackle's preferred stock should be $85.00.
How to solve for the market valueTo determine the market value of Minnow Bait and Tackle's preferred stock, we need to use the dividend discount model, which calculates the present value of future dividend payments.
The formula for the present value of a perpetuity is:
PV = D / r
where PV is the present value, D is the annual dividend payment, and r is the required rate of return.
In this case, the annual dividend payment is $6.80, and the required rate of return is 8%. Using the formula, we get:
PV = $6.80 / 0.08 = $85.00
Therefore, the market value of Minnow Bait and Tackle's preferred stock should be $85.00. This represents the present value of all future dividend payments, discounted at the required rate of return.
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What document is a loan from a bank to a purchaser?
Answer: Mortgage
Explanation:
Took the quiz
The small town of Honnavara. the Arabian Sea and on the banks of the River Sharavathi?
Honnavara is a small town in the uttara kannada district which is located in the southwestern part of the indian state of karnataka the town is situated on the coast of the arabian sea
The Arabian seaThis is a body of water that lies between the arabian peninsula and the indian subcontinent the arabian sea is part of the indian ocean and is bordered by several countries
including india pakistan oman yemen and somalia the town of honnavara is also located on the banks of the river sharavathi which is a major river in the region
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When comparing and contrasting the income and economic protections of states with high union densities to states with low union densities a. States with high union densities have minimum wage levels almost 20% higher than the national average. b. States with low union densities have minimum wage levels almost 20% higher than the national average. c. States with low union densities have median incomes $10,000 higher than the national average.
Option (a), State minimum wages are roughly 20% higher than the national average in states with a strong union density.
What proportion of US civilian employment are unionized?According to statistics made public by the U.S. Bureau of Labor Statistics on Thursday, the rate of union membership decreased from 10.3% in 2021 to 10.1% in 2022. Nonetheless, the numbers show that the 14.3 million wage and salary workers who were union members last year climbed by 273,000, or 1.9%, from 2021.
Do persons who belong to unions make more or less money than those who do not? In that scenario, why then?Compared to non-members, union members are paid more and receive greater benefits. There is an average salary difference of 11.2% between union and non-union workers. Only 69% of non-union employees receive health insurance from their employment, compared to 96% of union employees.
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The complete question is:
When comparing and contrasting the income and economic protections of states with high union densities to states with low union densities
a. States with high union densities have minimum wage levels almost 20% higher than the national average.
b. States with low union densities have minimum wage levels almost 20% higher than the national average.
c. States with low union densities have median incomes $10,000 higher than the national average.
The purpose of this category of interview questions is to learn about the interviewee’s personal attributes.
a.
General information questions
b.
Behavioral questions
c.
Character questions
d.
Stress questions
Please select the best answer from the choices provided
A
B
C <---------------- correct
D
correct is C
Answer:
C. Character questions is the answer.
Explanation:
Steps to Making Ethical Decisions Project. I also need help on this (40 points)
The company has decided they needed to create a full set of budget schedules including financial statements for the first year of operations based on an assumption of constant demand of 18,000 quarterly and 72,000 for the first year (appendices B-1 through B-11). A second set of budget schedules and financial statements based on expected unit sales of 15,000 in quarter one, 25,000 in quarter two, 20,000 in quarter three, and finally 12,000 in quarter four for a total of 72,000 for the year based on a seasonal demand pattern (appendices C-1 through C-11). We expect the same quarterly sales patterns in year two meaning 18,000 units per quarter under constant demand and 15,000 units in quarter one under seasonal demand. Compare the constant demand to the seasonal demand budget. Explain the major differences in each of the budget schedules, cash budget and financial statements on both a quarterly and annual basis. Remember the beginning and ending raw material and finished goods inventory units will cause differences in the budgets but also focus on the differences between accrual and cash timing figures.
The major differences between the constant demand budget and the seasonal demand budget can be seen in the quarterly and annual budget schedules, cash budget, and financial statements.
What is budget?A budget is an estimate of income and expenditure for a specific period of time. It is typically used by individuals, families, businesses, and governments to plan how to allocate resources to meet their financial goals.
In the budget schedules, the constant demand budget produces higher sales and cost of goods sold figures on a quarterly basis, and therefore higher gross profit and higher net income figures. This is because the constant demand budget assumes 18,000 units sold each quarter, while the seasonal demand budget assumes 15,000 units in quarter one, 25,000 in quarter two, 20,000 in quarter three, and 12,000 in quarter four.
In the cash budget, the constant demand budget produces higher cash inflows from operations on a quarterly basis due to higher sales figures, and higher cash outflows from operations due to higher cost of goods sold figures. This means that the constant demand budget produces a higher net cash flow from operations on a quarterly basis.
Finally, in the financial statements, the constant demand budget produces higher figures on a quarterly and annual basis. This is due to the higher sales, cost of goods sold, gross profit, and net income figures on a quarterly basis, as well as higher current assets, current liabilities, and equity figures on an annual basis.
Overall, the constant demand budget produces higher figures on a quarterly and annual basis compared to the seasonal demand budget, due to the assumption of constant demand of 18,000 units per quarter versus the seasonal demand pattern of 15,000, 25,000, 20,000, and 12,000 units in quarters one through four.
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Research and briefly summarize the following savings options. In your summary, make sure you mention the level of risk associated with each option and recent returns on investment. Savings account Certificates of deposit Stocks Bonds Mutual funds Employer sponsored savings plan Physical assets Commodities
Answer:
Savings account: A savings account is a bank account that earns interest on the money deposited. The level of risk is low, and the returns are also low, usually below the rate of inflation.
Certificates of deposit: Certificates of deposit (CDs) are a type of savings account that has a fixed term and interest rate. The level of risk is low, and the returns are higher than savings accounts, but still low compared to other options.
Stocks: Stocks are a type of investment that represents ownership in a company. The level of risk is high, and the returns are also high, but can be volatile.
Bonds: Bonds are a type of investment where the investor loans money to a company or government in exchange for regular interest payments. The level of risk is low to moderate, and the returns are moderate.
Mutual funds: Mutual funds are a type of investment that pools money from multiple investors to buy a portfolio of stocks, bonds, or other securities. The level of risk and returns depend on the specific mutual fund.
Employer sponsored savings plan: Employer-sponsored savings plans, such as 401(k)s, are retirement savings accounts that allow employees to contribute pre-tax income. The level of risk and returns depend on the specific investment options offered.
Physical assets: Physical assets, such as real estate or gold, are tangible items that can be bought and sold. The level of risk and returns depend on the specific asset.
Commodities: Commodities, such as oil or agricultural products, are raw materials that can be bought and sold. The level of risk and returns depend on the specific commodity.
Should you give personal identifying information to your employer?
A.
No, that information is private.
B.
Yes, they will need it to withhold taxes.
C.
No, that information should not be shared with anyone.
D.
Yes, the employer will share it with your next employer.
Answer: B.
Yes, they will need it to withhold taxes.
Explanation:
B. Yes, you should provide personal identifying information to your employer as they will need it to fulfill their legal obligations, such as withholding taxes from your paycheck. However, it is important to make sure that you only provide the necessary information and that your employer is taking appropriate measures to protect your personal data. It is also important to understand your rights and privacy protections under applicable laws and regulations.
Which statement defines financial investment?
A. It is the network that facilitates the exchange of funds.
B. It is the buying and selling of financial assets.
C. It is the buying of capital goods.
D. It is the expected earnings an investment yields for the investor.
The term "financial investment" describes buying financial assets such as stocks, bonds, mutual funds, or other securities in the hope of making money from the asset's rise in value or from income it produces, such as interest or dividends. Option B. It is the buying and selling of financial assets. is correct.
A crucial component of financial investment is the purchasing and selling of these financial assets in order to make money or rebalance a portfolio.
The financial system, which is a more general notion that includes the organisations and procedures that facilitate the transfer of money between savers and investors, is described in Option A.
The acquisition of long-lasting, enduring commodities, such as machinery or equipment, which are required in the creation of other products or services is referred to as Option C.
Option D mentions the return on investment, which is an important factor to take into account when making financial investments, but it does not describe the idea.
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On separate axes, draw typical production isoquants for each of the following production functions. a) f(x, y) = 2xy+1. b) f(x, y) = x + y. c) f(x, y) = x + min{x, y}
The typical production isoquants for each of the following production functions. a) f(x, y) = 2xy+1. b) f(x, y) = x + y. c) f(x, y) = x + min{x, y} are given below in the image
What is a Production Isoquant?A production isoquant portrays the combinations of labor and capital that produce a specific output level.
Essentially, it records the amounts of two inputs required to create identical outputs. This term, "isoquant," is derived from ancient Greek words; namely, "iso" meaning equal and "quant" referring to quantity, forming the phrase "equal amount."
An isoquant display characteristically depicts as a smooth curve. Moreover, the rate at which one input can substitute another while holding constant the same level of output is represented by an isoquant's slope or its marginal rate of technical substitution value.
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Question 4 (30 Marks) Epsilon Limited a company that sell contemporary home accessories was incorporated on 1 April 2017 with an authorized share capital consisting of the following: 000 000 ordinary shares at N$20 each (600 000 ordinary shares issued). ● ● 200 000 8% Redeemable preference shares at N$15 each (200 000 shares issued). These shares were classified as liability. Other balances as at 31 May 2021: ● Share premium account N$450 000 ● Retained earnings N$1 875 500 After getting approval from the shareholders at the annual general meeting the board decided to redeem all the 8% redeemable preference shares as soon as it was feasible to do so. The redemption of the 8% redeemable preference would be partly funded by issuing 100 000 new ordinary shares as well utilization of retained earnings. 01 November 2021: 15 November 2021: 30 November 2021: 31 March 2022: Issued 150 000 ordinary shares at N$20.75 and all shares were subscribed. The full share issue was underwritten by Fox Brokers Ltd at a commission of 2.5%. Shares were allotted to the applicants and the transaction with the underwriter were concluded. Redemption of 8% redeemable preference shares at a premium of 20 cents. Accrued dividend for the current year was paid to the applicable shareholders. It was decided to write off premium on redemption and underwriters commission against retained earnings. Profit after tax for the period amounted to N$650 525. The board had agreed to transfer N$50 000 to an asset's replacement reserve. Land and buildings were revalued upwardly by N$555 000. YOU ARE REQUIRED TO: 1) Journalize the transactions pertaining to the period 01 November 2021 to 31 March 2022. (20 Marks) 2) Prepare the retained earnings ledger account as at 31 March 2022. This account should be properly balanced off. (10 Marks).
Answer:
1) Journal Entries:
Date | Particulars | Debit (N$) | Credit (N$)
--- | --- | --- | ---
01-Nov-21 | Bank A/c Dr. | 3,112,500 |
| Share Capital A/c Dr. | 3,000,000 |
| Share Premium A/c Dr. | 412,500 |
| To Allotment A/c (150,000 x N$20.75) | | 3,112,500
| (Issuance of 150,000 ordinary shares at N$20.75 per share, fully subscribed and underwritten by Fox Brokers Ltd at a commission of 2.5%) |
15-Nov-21 | Preference Shares Redemption A/c Dr. | 3,000,000 |
| Premium on Redemption A/c Dr. | 40,000 |
| To Bank A/c (200,000 x N$15.20) | 3,040,000 |
| (Redemption of 200,000 redeemable preference shares at N$15 per share at a premium of 20 cents) |
30-Nov-21 | Dividend Payable A/c Dr. | 16,000 |
| To Preference Dividend A/c | | 16,000
| (Accrued preference dividend for the current year paid to applicable shareholders) |
31-Mar-22 | Asset Replacement Reserve A/c Dr. | 50,000 |
| Retained Earnings A/c Dr. | 627,500 |
| To Profit and Loss A/c | | 650,525
| To Land and Building Revaluation Reserve A/c | | 555,000
| To Premium on Redemption A/c | | 40,000
| To Underwriting Commission A/c | | 10,025
| (Transfer of N$50,000 to asset replacement reserve, write-off of N$645,025 against retained earnings for land and building revaluation reserve, premium on redemption, and underwriting commission, and recognition of profit after tax of N$650,525)
2) Retained Earnings Ledger Account:
| Date | Particulars | Debit (N$) | Credit (N$) |
| --- | --- | --- | --- |
| 31 May 2021 | Balance b/d | 1,875,500 | |
| 31 Mar 2022 | Asset Replacement Reserve A/c | 50,000 | |
| 31 Mar 2022 | Profit and Loss A/c | 650,525 | |
| 31 Mar 2022 | Land and Building Revaluation Reserve A/c | 555,000 | |
| 31 Mar 2022 | Premium on Redemption A/c | 40,000 | |
| 31 Mar 2022 | Underwriting Commission A/c | 10,025 | |
| 31 Mar 2022 | Balance c/d | | 2,781,950 |
| | | 3,181,050 | 3,181,050 |
When you go beyond the title of the article, read the article in depth and follow with any links, you are
When you go beyond the title of the article, read the article in depth and follow with any links, you are
Doing a deep dive and your due diligence
Watching out for misinformation
Doing an in-depth search on your topic
Researching the source
Answer:
Explanation:
I think We are doing an in-depth search on your topic.
For Curiosity, we have to do full research on the topic we are reading,
And for full research, we have to go in deep We follow the link given in the article.
A good reader is called when He does not just look at the title. He do all efforts for understanding the topic in depth.
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Here's the question:
You want to accumulate $1 million by your retirement date, which is 25 years from now. you will make 25 deposits in your bank, with the first occurring today. The bank pays 8% interest, compounded annually. You expect to receive annual raises at 3%, which will offset inflation, and you will let the amount you deposit each year also grow by 3% (i.e, your second deposit will be 3% greater than your first, the third will be 3% greater than the second, etc.) How much must your first deposit be if you are to meet your goal.
Both answers that I received are incorrect compared to the book. I'm trying to solve. this using excel functions. The first part is finding the PV using N = 25, I = 3%, FV=-$1,0
It's getting the payment from the PV that is the challenge.
$231,557.13 is the first deposit if you are to meet your goal. The total PMT value is $17,289.38 if the interest rate is at 3% every year.
Time period = 25 years
Future value = $1 million
Bank interest = 8%
To calculate the amount for the first month's deposit, the Present value is calculated as:
PV = [tex]FV / (1 + r)^n[/tex]
PV = [tex]1000000 / (1 + 0.08)^{25}[/tex]
PV = $231,557.13
To calculate the Future value of annual deposits at 3% per year
FV = [tex]PMT * [(1 + g)^n - 1] / g[/tex]
$1,000,000 = [tex]PMT * [(1 + 0.03)^{25} - 1] / 0.03[/tex]
PMT = $17,289.38
To make $1 million in 25 years, you must make 25 deposits of increasing amounts.
To calculate the amount using the PMT function in Excel:
Future value =PMT(0.08, 25, -231557.13, 0, 1.03)
Future value = $17,289.38
Therefore we can conclude that in both calculations, we got a payment amount of $17,289.38.
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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $470,000. During 2021, Halifax sold merchandise on account for $13,200,000. Halifax's merchandise costs is 60% of merchandise selling price. Also during the year, customers returned $524,000 in sales for credit, with $289,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.
Required:
1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at vear end.
2. What is the amount of the year-end refund liability after the adjusting entry is recorded?
Purchase returns and allowances are not reflected on the balance sheet as liabilities since they are not obligations.
Liabilities are exactly what?The balance sheet's right side is devoted to things categorized as liabilities, which include obligations like as loans, accounts payable, mortgages, deferred income, bonds, warranties, and cumulative expenses. You can contrast assets and liabilities. Liabilities are things you owe money to or that you own; assets are things you possess or have borrowed money from.
A refund is due to what account?According to Accounting Coach, refunds are handled in accounting using the sales returns and allowances account, a contra-revenue account.
The consideration amount for which the reporting company does not anticipate being entitled is the amount of the refund obligation since it will be given back to customers. At every reporting date, the refund obligation is reassessed to account for changes in the projected returns, and revenue is subsequently adjusted.
Refund Liability A/c- (Dr.) $289,000
Actual Return A/c $289,000
Inventory A/c- (Dr.) (60% of $289,000) $173,400
Inventory Estimated Return $173,000
Sales Return A/c- (Dr.) ($524,000 - $289,000) $235,000
Actual Return A/c $235,000
Inventory A/c- (Dr.) (60% of $235,000) $141,000
COGS $141,000
4% of $13,200,000 = $528,000 - $235,000= $293,000
$293,000 + $289,000 - $470,000= $112,000
Sales return A/c- (dr.) $112,000
Refund liability A/c $112,000
Inventory Estimated return ($112,000 x 60%) $67,200
COGS $67,200
Returns Liability $470,000
Actual Return ($289,000)
Adjustment needed $112,000
$293,000
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None of these
QUESTION 12:
An abstract of title is
An abstract of title is a summary or condensed history of all the legal documents and records that relate to the ownership of a particular piece of real estate.
What is An abstract of titleIt is typically prepared by a title company or an abstractor, who conducts a thorough search of public records to identify any liens, encumbrances, or defects that could affect the property's ownership or marketability.
The abstract of title usually includes a summary of the property's ownership history, including all transfers and conveyances of the property, as well as any mortgages
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On December 1, NNC began an electro repair shop,Samson Quality Automotive. The following transactions occurred during December Dec. 1 Samson contributed birr 55,000 cash to the business in exchange for shares of common stock. 1 Purchased birr 9,000 of equipment paying cash. 1 Paid birr 1,500 for a five-month insurance policy starting on December 1. 9 Paid birr 16,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, birr 2,000. 19 Borrowed birr 12,000 from the bank for business use. Samson signed a notes payable to the bank in the name of the corporation. The note is due in five years. 22 Paid birr 1,700 for advertising expenses. 26 Paid birr 300 on account. 28 The business received a bill for utilities to be paid in January, birr 180. 31 Revenues earned during the month included birr 14,000 cash and birr 2,600 on account. 31 Paid employees’ salaries birr 3,800 and building rent birr 1,300. Record as a compound entry. 31 The business received birr 1,400 for auto screening services to be performed next month. 31 Cash dividends of birr 4,000 was paid to stockholders.
Journal entries are a record of financial transactions in chronological order, showing the accounts and amounts debited and credited for each transaction. Below is the journal entries of the transactions:
What constitutes the journal entries?Below are the debit and credit entries for each transaction:
Dec. 1:
Debit: Cash (55,000)
Credit: Common Stock (55,000)
Debit: Equipment (9,000)
Credit: Cash (9,000)
Debit: Prepaid Insurance (1,500)
Credit: Cash (1,500)
Dec. 9:
Debit: Land (16,000)
Credit: Cash (16,000)
Dec. 10:
Debit: Office Supplies (2,000)
Credit: Accounts Payable (2,000)
Dec. 19:
Debit: Cash (12,000)
Credit: Notes Payable (12,000)
Dec. 22:
Debit: Advertising Expense (1,700)
Credit: Cash (1,700)
Dec. 26:
Debit: Accounts Payable (300)
Credit: Cash (300)
Dec. 28:
Debit: Utilities Expense (180)
Credit: Accounts Payable (180)
Dec. 31:
Debit: Cash (16,600)
Debit: Accounts Receivable (2,600)
Credit: Service Revenue (17,600)
Debit: Salary Expense (3,800)
Debit: Rent Expense (1,300)
Credit: Cash (5,100)
Debit: Unearned Revenue (1,400)
Credit: Cash (1,400)
Debit: Cash Dividends (4,000)
Credit: Cash (4,000)
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Blossom Company reported net income of $159,500. For 2022, depreciation was $47,300, and the company reported a gain on sale of investments of $14,300. Accounts receivable increased $27,300 and accounts payable decreased $25,300.
Compute net cash provided by operating activities using the indirect method.
Net cash provided by operating activities $
To calculate net cash provided by operating activities using the indirect method, we start with net income and adjust for non-cash items and changes in working capital accounts.
The Net income is $159,500. The Depreciation is +$47,300 and Gain on sale of investments is -$14,300. The Changes in working capital accounts are the Increase in accounts receivable is +$27,300 and the Decrease in accounts payable is -$25,300
The Net cash provided by operating activities =Net income + Adjustments for non-cash items + Changes in working capital accounts
= $159,500 + $47,300 - $14,300 + $27,300 - $25,300
= $194,500
Therefore, the net cash provided by operating activities using the indirect method is $194,500.
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Suppose the government increases education spending by $30 billion. If the marginal propensity to consume is 0.82, how much will total spending increase?
The government spends $30 billion more on education. The total increase in spending is 166.8 billion dollars.
The idea that personal consumer spending rises in tandem with an increase in disposable income is measured by the marginal propensity to consume (MPC).
Expansion in absolute spending = use multiplier × expansion in schooling spending
Education spending increment =30 billion
Multiplier =1/1- marginal propensity to consume
=1/1-0.82
=1/0.18
=5.5555
=5.56(approx)
Total spending increased = 5.56 × 30 billion
=166.8 billion
Marginal Propensity to Consume goes up when consumption takes up more of the added income than it does when it takes less. Simply put, a person spends more money and saves less. Regularly, lower pay levels produce a higher MPC than higher pay levels.
MPC measures this relationship to determine the amount of increased spending for each additional dollar of income. It is significant on the grounds that it changes at various pay levels and is the most reduced for higher-pay families.
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Assume country A has the following data: Gross Domestic Product (GDP) Factor income received abroad Factor income paid abroad Compute: i. Net factor income from abroad. ii. Gross National Product (GNP). iii. Under what circumstance will GNP be greater than GDP SEPT 2021 ¢ billion 68 2.7 1.5 CSUC 8
iii. GNP will be greater than GDP when the net factor income from abroad is positive.
How to solvei. To calculate the net factor income from abroad, we need to subtract the factor income paid abroad from the factor income received abroad.
Net factor income from abroad = Factor income received abroad - Factor income paid abroad
Net factor income from abroad = 2.7 - 1.5
Net factor income from abroad = 1.2 billion
ii. Gross National Product (GNP) is the sum of Gross Domestic Product (GDP) and net factor income from abroad.
GNP = GDP + Net factor income from abroad
GNP = 68 + 1.2
GNP = 69.2 billion
iii. GNP will be greater than GDP when the net factor income from abroad is positive.
This way that the country is earning more profit from its expenditures abroad than it is paying to offshore investors the one have investments inside the country. In such a sketch, the income earned experience will increase the GNP of the country.
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Which type of unemployment is the product of a healthy economy?
A. Unemployment as a result of a mismatch of the skills of workers and the skills needed by employers.
B. Unemployment as a result of demand for products and services decreasing.
C. Unemployment as a result of people moving from one job to another.
D. None; unemployment is the result of an unhealthy economy.
Answer:
C. Unemployment as a result of people moving from one job to another.
Explanation:
Unemployment as a result of people moving from one job to another is known as frictional unemployment, which is a natural and inevitable part of a healthy, dynamic economy. Frictional unemployment occurs when workers voluntarily leave their jobs to seek better opportunities, and when new workers enter the labor market looking for work. In a healthy economy, there will always be some degree of frictional unemployment, as people move between jobs and industries, and businesses expand and contract.
