The journal entries for the transactions by Danix co during the year, using a 360-day year are as follows:
Jan. 21 Debit Accounts Receivable (Black Tie Co.) $29,400
Credit Sales Revenue $29,400
Debit Cost of Goods Sold $17,640
Credit Inventory $17,640
Mar. 18 Debit Note Receivable (Black Tie Co.) $29,400
Credit Accounts Receivable (Black Tie Co.) $29,400
60-day, 6% note
May 17 Debit Cash $29,694
Credit Note Receivable (Black Tie Co.) $29,400
Credit Interest Revenue $294
June 15 Debit Accounts Receivable (Pioneer Co.) $15,700
Credit Sales Revenue $15,700
Debit Cost of Goods Sold $9,420
Credit Inventory $9,420
June 21 Debit 8% Note Receivable (JR Stutts) $6,000
Credit Cash $6,000
a 30-day, 8% note.
June 25 Debit Cash $15,700
Credit Accounts Receivable (Pioneer Co.) $15,700
July 21 Debit Cash $40
Credit Interest Revenue $40 ($6,000 x 8% x 30/360)
9% Note Receivable (JR Stutts) $6,000
Credit 8% Note Receivable (JR Stutts) $6,000
To record the exchange with a 60-day, 9% note.
Sept. 19 Debit Cash $6,090
Credit 9% Note Receivable (JR Stutts) $6,000
Credit Interest Revenue $90
($6,000 x 9% x 60/360)
Sept. 22 Debit Accounts Receivable (Wycoff Co.) $60,000
Credit Sales Revenue $60,000
Debit Cost of Goods Sold $36,000
Credit Inventory $36,000
Oct. 14 Debit 6% Note Receivable (Wycoff Co.) $60,000
Credit Accounts Receivable (Wycoff Co.) $60,000
Accepted a 60-day, 6%
Dec. 13 Debit Accounts Receivable (Wycoff Co.) $60,600
Credit Interest Receivable $600
Credit 6% Note Receivable (Wycoff Co.) $60,000
Dec. 28 Debit Cash $60,903
Credit Interest Receivable $600
Credit Accounts Receivable (Wycoff Co.) $60,600
Credit Interest Revenue $303
($60,600 x 12% x 15/360) interest for 15 days at 12% computed on the maturity value of the note.
Data Analysis:
Jan. 21 Accounts Receivable (Black Tie Co.) $29,400 Sales Revenue $29,400
Cost of Goods Sold $17,640 Inventory $17,640
Mar. 18 Note Receivable (Black Tie Co.) $29,400 Accounts Receivable (Black Tie Co.) $29,400 60-day, 6% note
May 17 Cash $29,694 Note Receivable (Black Tie Co.) $29,400 Interest Revenue $294
June 15 Accounts Receivable (Pioneer Co.) $15,700 Sales Revenue $15,700 Cost of Goods Sold $9,420 Inventory $9,420
June 21 8% Note Receivable (JR Stutts) $6,000 Cash $6,000 a 30-day, 8% note.
June 25 Cash $15,700 Accounts Receivable (Pioneer Co.) $15,700
July 21 Cash $40 Interest Revenue $40 ($6,000 x 8% x 30/360)
9% Note Receivable (JR Stutts) $6,000 8% Note Receivable (JR Stutts) $6,000
60-day, 9% note
Sept. 19 Cash $6,090 9% Note Receivable (JR Stutts) $6,000 Interest Revenue $90 ($6,000 x 9% x 60/360)
Sept. 22 Accounts Receivable (Wycoff Co.) $60,000 Sales Revenue $60,000
Cost of Goods Sold $36,000 Inventory $36,000
Oct. 14 6% Note Receivable (Wycoff Co.) $60,000 Accounts Receivable (Wycoff Co.) $60,000
Accepted a 60-day, 6%
Dec. 13 Accounts Receivable (Wycoff Co.) $60,600 Interest Receivable $600 6% Note Receivable (Wycoff Co.) $60,000
Dec. 28 Cash $60,903 Interest Receivable $600 Accounts Receivable (Wycoff Co.) $60,600Interest Revenue $303 ($60,600 x 12% x 15/360) interest for 15 days at 12% computed on the maturity value of the note.
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What is the unemployment rate in Cuba?
Answer:
Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Cuba unemployment rate for 2020 was 3.87%, a 2.2% increase from 2019. Cuba unemployment rate for 2019 was 1.67%, a 0.03% decline from 2018.
Explanation:
As a high school student, which of the three error types would you be most concerned about? Why?
The three error types i would be most concerned about is wrong address, misspelled name and wrong name because they could lead to lower credit scores
The error in this context related to credit report errors which can happen while been a high school student.
Credit report refers to the organized record database of borrower's credit history from different sources.Based on statistics, the student responded that the error they are most concerned about includes:
Wrong AddressMisspelled NameWrong Name.Hence, the three error types i would be most concerned about is wrong address, misspelled name and wrong name because they could lead to lower credit scores.
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An asset was acquired on October 1, 2021, for $78,000 with an estimated five-year life and $13,000 residual value. The company uses units-of-production depreciation and expects the asset to produce 20,000 units. Calculate the gain or loss if the asset was sold on March 31, 2024, for $58,000. Actual production was: 2021 = 500 units; 2022 = 3,000 units; 2023 = 3,500 units; 2024 = 1,000 units.
Based on the information given the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.
Depreciation per units= (Original cost - Residual value) ÷ (Estimated production units)
Depreciation per units= ($78,000 - $13,000) ÷ 20,000 units
Depreciation per units= $65,000 ÷ 20,000 units
Depreciation per units= $3.25 per units
Accumulated depreciation=(500 units × $3.25)+( 3,000 units × $3.25)+(3,500 units × $3.25)+( 1,000 units × $3.25)
Accumulated depreciation= $1,625 + $9,750 + $11,375 + $3,250
Accumulated depreciation= $26,000
Book value= Acquired value of an asset - Accumulated depreciation
Book value= $78,000 - $26,000
Book value= $52,000
Gain or Loss= Sale value - Book value
Gain or Loss= $58,000 - $52,000
Gain or Loss= $6,000 gain
Inconclusion the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.
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Give 3 sample of best practice, how airline can improve "Cost" efficiency?
It is called "cost efficiency" to the way in which a company, through specific commercial organization actions, manages to reduce the costs necessary to obtain a certain profit.
Thus, they seek to minimize the costs and operational losses of the company, with the aim of maximizing profits.
In this way, 3 ways in which an airline could increase its cost efficiency are:
fly to places with high demand, reducing presence in not so popular destinations. reduce the time on the ground for each plane, so that it generates money almost constantly. perform optimal maintenance on each plane, to avoid breakages.Learn more about efficiency in https://brainly.com/question/6672666
If the price of output falls from $5 to $2, the value of the marginal product of labor of all workers:
When price declines, the value of marginal product of labor of all workers decreases.
Marginal product of labor is the change in output when labor employed in changed by one unit. For example, if total output of labor is 10 units when only one unit of labor is employed and 20 when two units of labour is employed. Price is $1. The marginal product of labor is $10 $1(20 - 10).
An increase in the price of output increases the marginal product of labor and a decline in the price of output decreases the marginal product of labor.
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Miguel won $600 at Lucky Casino and $1,450 at Riverboat Casino. His losses for the year at Lucky Casino were $800, and his losses at Riverboat Casino were $1,000. He also spent $200 for lottery tickets without winning anything. How much can he deduct for gambling losses on Schedule A, Itemized Deductions
Based on Miguel's activities in the casinos, the amount that can be deducted is $2,000.
Gambling tax laws are such that one can set off their gambling losses against their wins. This means that one can deduct the lower amount between their winnings and their losses for the year.
Miguel's winnings:
= 600 + 1,450
= $2,050
Miguel's losses:
= 800 + 1,000 + 200
= $2,000
The amount he can deduct is therefore $2,000.
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Help help help help help help help help
Answer:
Taxes
Explanation:
Answer:
answer is services. C one option
James is employed by a large corporation with 400 employees. The corporation provides its employees with a no-cost gym membership at the local public YMCA. The cost of the membership is $60/month, which is completely paid for by James' employer for all employees. How much, if any, must James include in his yearly gross income related to this fringe benefit
James must include $720 in his yearly gross income related to the fringe benefit.
Where the value of the athletic facilities is to be excluded from an employee's gross income, the facilities must be situated on the employer's business location. Moreover, the athletic facilities must be used exclusively by the employees and their dependents.
Due to the above, James's membership is at a public YMCA, hence taxable.
Also, James start date with the corporation was not given, he would however receive 12 months of the benefit.
12 × $60 = $720
Therefore, James must include the full cost of $720 paid by his employer in his yearly gross income related to the fringe benefit.
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Human Resources and many other departments at Walmart will use the following as a form of business communication
Human Resources as well as many other departments at Walmart usually use Accounting as a form of business communication.
Human resources can be regarded as division of a business which carry out some functions such as;
finding and screening of employees. recruitment of employees.training job applicants.administering employee-benefit programs.This department overseas the employees affairs as well as their behavior.
Therefore, they use accounting as means of communication.
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Suppose you deposit $1,000 in a bank and the reserve requirement is 0.25. If the banking system has zero excess reserves, then the total amount of money that can be created is
According to the Money Multiplier theory, the central bank can change the supply of money to the economy by changing the reserve requirements.
What do you mean by Money Multiplier?The total amount of money in a commercial bank is created, in general, the number of stocks multiplied by a set amount of central bank money (multiplier).
If banks do not have excess deposits, the total withdrawal amount is the same as the repayment deadlines. Theoretically, banks will never have a surplus.
[tex]\rm\,money \; multiplier = 1/ r \\\\ \rm\,money \; multiplier = 1/0.25\\\\ \rm\,money \; multiplier = 4\\\\(r = reserve \;requirement)[/tex]
So, if I know that the multiplier rate is 4, then if the central bank creates the reserve requirement at 0.25 then the amount that will be kept as reserve will be 0.25 multiplied by 1000 which is $250.
Thus, the total amount of money that can be created will be a multiplier multiplied by 1,000 which is 4*1,000 = $4,000.
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When buyers in a competitive market take the selling price as given, they are said to be a. monopolists. b. free riders. c. price takers. d. market entrants.
What should I make handmade for a Christmas gift
Answer:
it really depends on the person what is that person into like maybe draw one of theree favroite things paint them something thats all i can think of for homemade
Explanation:
Discuss how brainstorming can be used in developing new enterprise ideas.
Answer:
brainstorming is just about makeing imaginations inside of your mind
what the number of units to be produced it the firm desires to make a profit of birr 10,000 assuming the fixed cost, variable cost, per unit and selling price per unit are 50,000 birr 10 and birr 20 respectively.
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6000 units, the number of units to be produced it the firm desires to make a profit of birr 10,000 assuming the fixed cost, variable cost, per unit and selling price per unit are 50,000 birr 10 and birr 20 respectively.
What is the variable cost?
A variable cost is a business expense that varies according to how much a business provides or sells. Variable costs rise or fall in relation to a company's manufacturing or sales volume, rising as production increases and falling as production drops. Variable cost is defined as the type of cost that varies according to changes in the production levels.
According to the given amount are the based on the
sales = variable cost + fixed cost + profit
(20X) = (10X) + (50000) + (10000)
sales = 6000 units
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Trey is the manager of a sales team in a corporation. If his team members are able to meet their daily targets regularly, they get an extra day off every month. However, if they fail to do so, Trey makes them work extra hours every week. In this scenario, Trey is using _____.
A. concertive control
B. bureaucratic control
C. adaptive control
D. normative control
The control used by Trey when he want employee to work extra hours every week is they failed to meet target is known as bureaucratic control.
The bureaucratic control refer to a form of control which is base on formal system of rules, roles, records, rewards etc
Typically, an organization uses the bureaucratic control to influence, monitor and assess its employee performance.Hence, the control used by Trey when he want employee to work extra hours every week is they failed to meet target is known as bureaucratic control.Therefore, the Option B is correct.
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Which of the following are the fastest growing forms of marketing?
Direct and digital
Undifferentiated and differentiated
Internal and external
Mass and targeted
Standardized and customized
Answer: the answer is a
Explanation:
Answer:
I think it's A
Explanation:
nowadays a lot of people use digital ..almost everyone is online now
people love direct talking and dealing like me I get offended when they beat around the Bush so I conclude it to ans A
hope this will help
Which of the following is one way business can be categorized ? A. By width B. By product C. By salary D. By demographic
Answer:
D; by demographic
demographic because of the society
When assessing whether product release deadlines were met during the first three months of the year, the quality assurance (QA) team noted that they were late 23 percent of the time. During that time, the team had hired two new specialists. The team immediately assessed their processes, including that of approving lot records, a required step to ensure that each lot met product requirements, which then triggered a product release. They found that the new QA reviewers were slow to make decisions because of lack of experience and knowledge. Which statement best explains why analyzing the lot record process and identifying the major constraint for product release was helpful to the QA director so she could take action to improve?a. Knowing what the constraint was helped the QA director to watch deadlines more closely as she is the one responsible for meeting them.
b. Analyzing the root cause of the delays helped the QA director alert the new specialists that their work was not acceptable.
c. Understanding what went wrong helped the QA director rethink her hiring policy and process so she could identify stronger candidates.
d. Identifying the constraint informed the QA director of the need for increased training for the new specialists.
Identifying the constraint declared the QA director the requirement for increased training for the unique specialists. This statement best describes why investigating the lot record operation and identifying the major constraint for product release existed useful to the QA director.
Who is a QA director?Quality assurance or QA director creates sure high-quality products exist delivered on time and within budget. The role manages all the systems, processes, and enterprises that alleviate quality issues. Directors work with internal partners whose obligations connect to compliance and production. The Head of Quality Assurance assumes ownership of the department's performance as well as obligation over the resolution of technical issues and debugging movements of the business's software/products.
Therefore, the (d) option exists as the correct answer.
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Thaddeus is eighty-two years old and lives by himself in his rent-stabilized apartment. He is on a fixed income and has no family. He purchased a set of premium cast-iron cooking pots after meeting Henry, a salesperson, at the supermarket. Thaddeus signed the contract in the coffee shop next door after the two men left the supermarket. The cooking pot set cost $2,400 and is payable in 24 equal monthly installments. The same set retails for $1,000 elsewhere. The next day, Thaddeus decides that he cannot afford the cooking pot set.
a. The circumstances surrounding the transaction would be considered by the court, including the bargaining power of the parties.
b. The doctrine of unconscionability would probably allow Thaddeus to be released from his obligation.
c. The contract unreasonably favors Henry.
d. All of the above.
The doctrine of unconscionability would probably allow Thaddeus to be released from his obligation. Option (b) is correct.
What do you mean by Transaction?An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction. The phrase is also frequently used in business accounting.
The exploitation component—where the stronger party takes use of the weaker party's weakness with real or constructive awareness of that weakness—is the foundation of the notion of unconscionability.
Exculpatory clauses and disclaimers / restrictions of warranty responsibility are two common categories of possibly unconscionable clauses. Exculpatory clauses absolve a party from responsibility for harms that they inflict.
Therefore, Option (b) is correct. The doctrine of unconscionability would probably allow Thaddeus to be released from his obligation.
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One of the benefits to lenders from the secondary mortgage markets is that they tend to raise the interest rate charged to borrowers. Group of answer choices True False
Answer:
true
Explanation:
the mortgage is riskier for the lender as the first mortgage takes priority and getting paid off in a foreclosure
Product DGH has a monthly demand of 5,000 units. Its contribution margin is $18 per unit and $36 per direct labor hour. Product RBG has a monthly demand of 4,000 units. It's contribution margin is $15 per unit and $60 per direct labor hour. If the company only has 1,500 direct labor hours available, the company should produce _______________ units of Product DGH _____________ and units of Product RBG.
Data warehouses may contain many _____, subsets of a data warehouse that each deal with a single area of data.
Considering the nature of data analysis, Data warehouses may contain many data marts, subsets of a data warehouse that each deal with a single area of data.
What is Data Mart?A data mart is generally known to be part of data warehouses. It is used for quick analysis of business segments.
A data mart concentrates on a specific chain of business or department.
One of the advantages of a data mart is to ensure that little or no time is wasted while looking through a whole data warehouse.
Hence, in this case, it is concluded that the correct answer is Data Mart.
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Harper Motors sells 32 cars per month at an average price of $24,360. The carrying cost per car is $144 and the fixed order cost is $687. How many orders should the company place per year
The number of orders that the company should place per year is 6.34 orders.
Economic order quantity (EOQ) = (2* yearly demand*per order fixed cost/carrying cost per unit)^(1/2)
Economic order quantity (EOQ) = (2*(32*12)*687/144)^(1/2)
Economic order quantity (EOQ) = (2*384*4.7708)^(1/2)
Economic order quantity (EOQ) = 60.530772339
Economic order quantity (EOQ) = 60.53
Number of orders to be placed = Yearly demand / EOQ
Number of orders to be placed = (32*12)/60.53
Number of orders to be placed = 6.3439616719
Number of orders to be placed = 6.34 orders.
Therefore, the number of orders that the company should place per year is 6.34 orders.
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Which of the following is an inductive argument? Bruce is not feeling well. If Bruce is ill, he will not be able to attend classes today. Therefore, Bruce will not attend classes today. There are seven employees that are on assignment today. There are two employees that are in the office. There are no other employees. Therefore, there are nine employees. Michael and Laura and their two children make a family of four. Michael and Laura have blond hair. Their children have blond hair, too. Thus, all members of the family have blond hair. My new cell phone charges to full capacity in 30 minutes. My best friend’s new cell phone does the same thing, and so does my sister’s. It follows that all new cell phones recharge in 30 minutes.
That which is an inductive argument is: My new cell phone charges to full capacity in 30 minutes. My best friend’s new cell phone does the same thing, and so does my sister’s. It follows that all new cell phones recharge in 30 minutes.
An inductive argument makes some premises that are believed to be true. It finally ends with a conclusion that is thought to stem from the premises.
The speaker believes that the conclusion is not wrong because the premises are true. Option D is an inductive argument.
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Firm I has been selling its products through a distributor for some time. It has become the market share leader. Unfortunately, this distributor has not been able to keep up with the evolving technology and customers are complaining. There are no alternative distributors available. Should Firm I keep its current distributor or should it begin distribution on its own?
Firm I should begin distribution on its own in order to prevent loss and
liquidation of the company.
It is best for the company to become vertically integrated in instances such
as this. Vertical integration involves companies controlling more than one
stage of production.
By so doing, the company can restrategize and ensure its products satisfy
the customers through the adoption of the technology they are complaining
about. This helps to ensure increased profit made from the goods.
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The best life insurance policy for the payment of federal estate taxes for a 55-year-old couple with illiquid assets is:__________ A. AN individual whole life policy on each spouse on a cross-ownership basis B. A joint first to die life insurance policy owned jointly C. A jount last to die insurance policy owned by the spouse with the larger estate D. A joint and last to die insurance policy owned be an irrevocable life insurance trust
Answer:
D. A joint and last to die insurance policy owned be an irrevocable life insurance trust
Explanation:
the fair market value of all real and personal property owned at death, transfers with a retained life estate, transfers taking effect at death, revocable transfers, annuities, joint interests, certain powers of appointment, and certain proceeds of life.
Answer:
D
Explanation:
Answer: d) A joint and last-to-die life insurance policy owned by an irrevocable life insurance trust.
Suppose that you are in charge of an insurance company. Two kinds of people want insurance, healthy people who probably will not get sick this year and unhealthy people who probably will get sick this year. Healthy people expect to pay, on average, $4,000 on medical bills this year. Unhealthy people expect to pay, on average, $8,000 on medical bills this year. Consider these assumptions and then answer the problem.
(i) People will not pay more for insurance than they expect to pay in medical bills; people are risk neutral. As such, healthy people will not pay more than $4,000 for insurance, and sick people will not pay more than $8,000.
(ii) You want to insure as many people as possible, but you cannot charge less for insurance than you expect to pay out. If you do, you will go bankrupt, and you will not be able to pay the medical bills of some people who get sick.
(iii) People know whether they are healthy or unhealthy, but it is either impossible or illegal for you to know whether a person is healthy or unhealthy. This means that you cannot charge less to healthy people and more to sick people since you do not know which individuals fall into each group.
(iv) There are an equal number of healthy and unhealthy people.
How much will you charge for insurance in equilibrium, and who will buy insurance?
a. You charge $2,000 and everyone buys insurance.
b. You charge $3,000 and only unhealthy people buy insurance.
c. You charge $1,000 and everyone buys insurance.
d. You charge $1,000 and only healthy people buy insuran.
e. You charge $3,000 and everyone buys insurance.
The equilibrium premium, which balances the premiums charged to healthy and unhealthy people, charged for insurance under this scenario is e. You charge $3,000 and everyone buys insurance.
$3,000 will be affordable to both the healthy and the unhealthy. This amount of premium will enable both classes to buy insurance.
It will not benefit the company to charge:
$2,000 and enable everyone to buy insurance$3,000 and enable only unhealthy people to get insurance$1,000 so that only the healthy people to buy insurance$1,000 because only healthy people buy insurance.Thus, the insurance premium charged should be Option E.
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Your dishwasher can handle 100 plates per hour. Your stove can handle 30 meals (each on single plate) per hour. All of your meals require plates but only 60% of meals need something prepared on the stove. Which is more likely to cause a bottleneck, the dishwasher or the stove?
Based on the capacities of the dishwasher and the stove, the likely source of a bottleneck is the stove.
A bottleneck refers to:
A point in the production process that slows down production A point in the production process that is being overloaded with workloadsThe dishwasher can wash 100 plates per hour. Assuming 60 meals were to be made in an hour, the dishwasher would be able to wash enough dishes but the stove would only handle 30 meals yet it is to handle:
= 60 x 60%
= 36 meals
In conclusion, the stove is therefore the source of the bottleneck.
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The scope of disaster recovery is ______________ than that of generalized Business Continuity; generalized Business Continuity spans the entire organization, but disaster recovery is said to be ______________. Select one: a. Wider / mission-critical b. Narrower / IT-centric c. Wider / technically prejudiced d. Narrower / peripherally vulnerable
Based on business management, the scope of disaster recovery is Narrower than that of generalized Business Continuity; generalized Business Continuity spans the entire organization, but disaster recovery is "IT-centric."
What is the Scope of Disaster Recovery?Scope of Disaster Recovery is a process or related activities that involve the actions performed to recover and protect a company's IT infrastructure when there is a disaster.
The scope of Disaster Recovery is limited to IT-related issues concerning business firms.
Hence, in this case, it is concluded that the correct answer is option B. "Narrower / IT-centric."
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You have a great idea for a business and are excited to get to work. You come across a similar business when doing searches online. Which of the following is the only thing you should NOT do at this information?
A. Learn what they did well and integrate aspects of it
B. Learn ways they haven’t been doing well to know what to avoid
C. Understand how to differentiate your business
D. Change your idea since it’s already being done
Answer:
I think ,it`s D.
Explanation:
Everyone has his own view on something ,in particular business .Why should you change your idea ? Who knows maybe you are the next Einstein who can find a diamond in a desert ?