Wisdom Co. has a note payable to its bank. An adjustment is likely to be required on Wisdom's books at the end of every month that the loan is outstanding to record the:
Wisdom Co. has a note payable to its bank. An adjustment is likely to be required on Wisdom's books at the end of every month that the loan is outstanding to record the: accrued interest expense for the month.
What is Accrued interest expense?
Accrued interest expense will appear on the income statement but not on the statement of cash flows.
Under the accrual method of accounting, the account 'Interest Expense' shows the interest that occurred during the period of time covered by the financial statement.
When that interest is past its due date for payment, it should be recorded as 'Interest Payable'.
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Angel and Alessia calculate their assets to be valued at $150,000. They calculate their liabilities to be $125,000. What is their net worth?
Answer:25,000
Explanation:
how do you start a business successfully
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 26,517 $ 30,075 $ 31,325 Accounts receivable, net 75,332 54,780 42,628 Merchandise inventory 96,629 73,097 47,247 Prepaid expenses 8,286 7,895 3,516 Plant assets, net 238,225 217,764 201,484 Total assets $ 444,989 $ 383,611 $ 326,200 Liabilities and Equity Accounts payable $ 110,802 $ 64,830 $ 44,350 Long-term notes payable 83,658 86,466 73,532 Common stock, $10 par value 162,500 163,500 163,500 Retained earnings 88,029 68,815 44,818 Total liabilities and equity $ 444,989 $ 383,611 $ 326,200 For both the current year and one year ago, compute the following ratios: Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?
Answer:
hello
Explanation: the awnser is tooooo long! sorry...
Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. Nov. 3 The company purchased $2,000 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $528 to J. Than for $580 on credit, subject to a $12 sales discount if paid by the end of the month. 9 The company borrowed $2,525 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $3,825 cash to the company. 18 The company sold merchandise costing $84 to B. Cox for $150 cash. 22 The company paid Hart Co. $2,000 cash for the merchandise purchased on November 3. 27 The company received $568 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,000 in cash.CASH RECEIPTS JOURNAL Sales Accounts Cost of Goods Cash Dr. Other Discount De Receivable. Sales Cr. Accounts CF Sold Dr. Inventory Cr. Date Account Credited Discount Dr. Cr.
A general journal is a daybook in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded.
How to illustrate the journal?9-Nov Notes Payable $ 3,750 $3,750
13-Nov Ali, Capital $5,000 $5,000
18-Nov Sales $330 $330 $250
27-Nov J. Than $980 $20 $1,000
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5-Define "Controlled
risk" and provide an
example
Control risk refers to the possibility of financial statements being significantly misstated as a result of a company's internal controls failing.
Example(s):
Lack of a good internal control environment, poorly designed business processes, IT security risk, integrity and ethic risk, human mistakes, and fraud risk are all frequent internal control hazards in business.
A cost or a benefit accruing to an individual or group that is external to a market transaction is known as a(n) ______. Multiple choice question.
When people experience a cost or benefit from a transaction that is external to that transaction, this is an Externality.
What is an externality?This refers to benefits or costs that people who are not a party to a transaction get due to that transaction.
This benefit or cost is therefore external to that transaction and is therefore referred to as a market failure.
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An organization's mission statement serves as the basis for: Multiple Choice organizational goals. distinctiveness. operating procedures. environmental scanning. core competencies.
An organization's mission statement serves as the basis for Organisational goals. Thus, the correct answer is A
What is the Mission statement?A mission statement identifies a type of business an organization is doing, as well as the reason for its existence or the purpose for which it exists. Every business should have a clear statement of purpose that enthuses employees and encourages them to join the team.
The mission statement plays an important role in the success of the organization. It helps to motivate employees positively to seek improvement and result in growth.
A mission statement encourages customers that the organization is working continuously to provide better customer satisfaction. It helps to plan the strategies for the business to achieve the goals of the organization.
Therefore, option A organizational goal is the appropriate answer.
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Human Resource Management is associated with the management of________. Select one: a. Community members. b. Organizational people c. General people. d. Financial resources
Human resource management (HRM) is related to the management of general people.
Option C is the correct answer.
What is an organization?An organization is a workplace where top-level officials are managing and coordinating with their low-level subordinates.
HRM is one of the departments of an organization that focuses on recruitment and placing the best talent. They are accountable for putting the right person for the right profile. The general people consist of the employees who are working in the organization and their roles and responsibilities are set by the HR managers.
Therefore, the management of general people can be done by the HR department.
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globalization essay outline
Answer:
is this even a question ????
Explanation:
To effectively prioritize client needs during an interdisciplinary conference, what qualities by the team are required
The qualities needed are the establishment of team goals, in addition to cohesion, leadership and developed communication.
What are the characteristics of an effective team?For a sales team, it is essential that the customer's needs are prioritized, for this it is important to have an integrated team, where communication is the strong point, providing a high quality service.
Therefore, it is essential that the team focus on achieving objectives and goals through integration, direction and communication.
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The function of marketing that tells customers where they can buy the product and how the product gets there is called
Answer:
Place, where the consumer/customer can go when making a purchase on a product.
Explanation:
Good luck, I majored in Business Management
As an Agile project manager, you are working on a project that involves very high financial risks. You decide to insure some activities so that any ill happening can be compensated. What type of risk response is this
The type of risk response that can be required in this case is passive acceptance which could be for positive or negative risks.
What is Passive acceptance all about?Passive acceptance serves as one which doesn't need any action after the documentation of the the decision.
Therefore the response help in a case of low severity and low priority risks which is involved in the Agile project you are working on.
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Chance is a traveling marketing representative for a publishing company. He is an independent contractor and was hired without negligence. One afternoon while driving to a meeting, Chance negligently runs a stop sign and causes an accident. Judy is injured. Judy can
Incase of the accident, Judith as an independent contractor hold Chance but not the company liable.
Who is an independent contractor?independent contractor can be regarded as an expert that works independently on a project without belonging to the host organization.
Therefore, since she got accident, she can't hold the company responsible wholely.
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People that can influence a consumer’s decision making process are called:
A. Reference groups
B. Influencers
C. Instructors
D. Annoying
Answer:
B
Explanation:
People that can influence a consumer’s decision making process are called influencers.
Commodity futures contracts can be bought and sold on the open market for which reason?
a. commodity purchase contracts can be renegotiated at a future time in case the commodity isn't available.
b. currency-exchange rates fluctuate, changing the amount of profit that can be made on a particular commodity.
c. futures contracts remain valid even if the original parties to the contract sell the rights.
d. unsold commodities will be bought at fair market value by the federal government.
Commodity futures contracts can be bought and sold on the open market as C. futures contracts remain valid even if the original parties to the contract sell the rights.
What is an open market?It should be noted that an open market simply means the market where securities are bought and sold.
In this case, commodity futures contracts can be bought and sold on the open market as futures contracts remain valid even if the original parties to the contract sell the rights.
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How does a bank enforce the requirement of safeguarding your money?
The use of Mobile banking and electronic means of sending money is a requirement for safeguarding your money.
How does bank help to safeguarding your money?Individual keep or safe money in the bank to avoid the risk of the money been stolen or loss due to improper way for handling.
Online transactions is one of the safeguard method's used by banks and electronic funds transfer (EFT).
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Examine the four different companies in the table, which shows their yearly
income and their tax rate. Which type of taxation does this table best
represent?
Answer:
ITS A PROPORTIONAL
Explanation:
Select the correct answer from each drop-down menu. when a government introduces regulations addressing worker safety and environmental protection, it affects businesses and consumers. businesses face because they must alter existing infrastructure to meet regulations. as a result, consumers pay for produced goods.
When a government introduces regulations addressing worker safety and environmental protection, it affects businesses and consumers. Hence, Option A. is the answer.
What is the effect of government's regulations on worker safety and environmental protection?Environmental laws play a huge part in protecting humans, animals, resources, and habitats. Aside these laws, no regulations on pollution, contamination, hunting, or even response to disasters. Environmental law works to protect land, air, water, and soil.
Therefore, the correct answer is option A.
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Answer:
See image
Explanation:
Plato
the operating revenue remaining after cost of merchandise sold has been deducted is
The operating revenue remaining after deducting cost of merchandise sold is known as gross profit.
What is a gross profit?Gross profit refers to the amount remaining after deducting all the expenses involve in production, transportation and promotion of goods.This is total profit a business is gained.
The gross profit is calculated by subtracting cost of goods sold from total sales where cost of goods sold includes all cost for selling an item.For example raw material, labour, storage costs and so on.
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High quality LMX is related to Group of answer choices increased job satisfaction. reduced organizational commitment. higher turnover. effort in building good relationships.
High quality LMX is related to the D. effort in building good relationships.
What is High quality LMX?It should be noted that High quality LMX describes the positive and healthy relationship between the managers and their employees.
Therefore, it can be deduced that a high quality LMX is related to the effort in building good relationships.
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How much cash do you need to survive the early years?
Answer:
$150
Explanation:
Question Mode Multiple Choice Question The profit margin is equal to net income divided by Blank______. Multiple choice question. total assets operating income net working capital sales
A veterinary practice has added a pet boarding and grooming facility. Most of the practice's competitors also provide these services. The veterinary practice is gaining competitive:
The veterinary practice is gaining competitive because of its parity with comparison to competitors.
What is a competitive advantage?Factors that enable a corporation to produce goods or services quicker or more cheaply than its competitors are referred to as competitive advantage. These enable the producing unit to earn higher sales or higher margins than its competitors.
There are various strategies used by competitors to gain competitive advantage which include cost leadership strategy, differentiation strategy as well as focus strategy.
In cost leadership, the strategy of low cost will be the focus, whereas in differentiation strategy segmentation of market-based on customers preferences will be done.
A veterinary practice uses parity as a competitive advantage where the goal is not to enhance business performance but to maintain the same market share. Competitive parity is a budgeting strategy used to protect a brand's image and market position.
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Debts listed as current liabilities are those that are due to be paid in more than one year b.are owed to the stockholders and will never be paid c.will be paid in less than one year d.are due to be paid in 5 to 10 years
The debts listed as current liabilities are those that will be paid in less than one year.
What does current liabilities entails?In accounting, these are those liabilities or obligations which are due or to be paid in 12 months.
Hence, any debts listed as current liabilities are those that will be paid in less than one year.
Therefore, the Option C is correct.
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What do you think is a benefit of having a fixed interest loan?.
Joe borrowed $100,000 (a four-year loan at 10 percent interest) on January 2, 2020. During the course of the year, he paid back $30,000 on that debt. What would his December 31, 2020 balance sheet show for this debt
Joe's December 31, 2020 balance sheet would show a Long-term Loan Balance of $70,000.
What is the balance sheet?The balance sheet is a financial statement that shows the balances of the assets, liabilities, and equity of a person or an entity at a stated date.
The balance sheet follows the accounting equation that equates assets to liabilities and equity.
Data and Calculations:Loan receipt on Jan. 2, 2020 = $100,000
Repayment during the year = $30,000
Loan balance = $70,000 ($100,000 - $30,000)
Interest Expense = $10,000 ($100,000 x 10%)
Thus, Joe's December 31, 2020 balance sheet would show a Long-term Loan Balance of $70,000.
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Alpha ended 2019 with a balance of $20 million in their salaries payable account. If their salary expense in 2019 was $90 million, what was their ending balance for salaries payable on December 31, 2018
Based on the ending balance on salaries payable in 2019, and the salaries expense, the salaries payable at December 2018 must have been $30 MILLION.
What was the Salaries payable balance?This can be found by the formula:
= Ending salaries in 2019 - Salaries expense in 2019 + Salaries paid in 2019
Solving gives:
= 20 million - 90 million + 100 million
= $30 million
In conclusion, the ending salaries payable in 2018 was $30 million.
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An active Florida broker accompanies her husband when he goes on active military duty in Ohio for two years. She is not active in real estate in Ohio. Upon their return to Florida, what would her next step be in order to maintain her license
The next step for the active Florida broker would be to do nothing because she has spousal military privilege.
Who is a Broker?This refers to an individual or company that charges a percentage fee in order to execute a buy or sell order on behalf of an owner.
Hence, we can see that based on Florida laws, the wife or husband of a soldier on military duty has certain privileges and she needs not to do anything to maintain her license because she has spousal military privilege.
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Consider the following information. Suppose FC=$11,400. Further suppose that when q=9 then AVC=$1,500 and when q=10 then ATC=$2,500. If the firm decides to make 10 units (q=10), what is the MR at q=10?
Group of answer choices:
$100
$500
$700
Not enough information
Marginal Revenue can be calculated only when the price per unit is given, but here no such information is given and calculation cannot be made.
What is marginal revenue?The additional revenue earned by a firm when it determines to produce and sell one additional unit of the same product is known as the Marginal Revenue of the same.
Marginal Revenue cannot be calculated in the absence of price information of unit or the entire cost.
Thus, option D holds true regarding Marginal Revenue.
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