Answer and Explanation:
The journal entries are shown below:
1. No journal entry should be recorded for entered into a contract
2. On April 15
Cash Dr $10,000
To Unearned sales revenue $10,000
(Being advance is recorded)
3. On July 31
Unearned Sales Revenue $10,000
To Sales Revenue $10,000
(Being the unearned sales revenue is recorded)
Cost of Goods Sold $7,500
Inventory $7,500
(Being the cost of a product is recorded)
"ABC Corporation stock is being sold in a primary offering. The total offering is $10,000,000, of which $7,000,000 is allocated to the syndicate and $3,000,000 is allocated to the selling group. The public offering price is set at $10.00 per share. The issuer received $9.00 per share from the underwriters. The management fee has been set at $.10 per share; the selling concession is $.30 per share. The issuer will receive:"
Answer:
$9,000,000
Explanation:
Calculation for the amount that the issuer will receive
Using this formula
Issuer Amount received = Amount the issuer received per share from the underwriter × The total offering
Let plug in the formula
Issuer Amount received =9.00 per share x $10,000,000
Issuer Amount received= $9,000,000
Therefore the Issuer Amount received will be $9,000,000
Imagine a product or service you are not happy with. Which of the following is NOT a step you should take to make a consumer complaint?
Select one:
a. be sure to identify the problem and a fair solution to solving
b. go to the store manager and threaten legal action
c. have back up material to substantiate your claim
A software developer enters into a contract with a new customer to sell a software license and perform installation services. The entity sometimes sells the license and installation services separately. The installation service is routinely performed by other entities and does not significantly modify the software. The entity historically provided to new customers technical support for a 5-year period for no additional consideration. The contract does not specify the terms or conditions for the technical support services. Under ASU 2014-09, which of the following represents the performance obligations identified by the entity in this contract?
A. Three performance obligations:_______.
(1) Software license, (2) installation services, and (3) technical support services.
B. Two performance obligations:_______.
(1) Software license and (2) installation services.
C. One performance obligation:_______.
(1) Software license plus installation services.
D. Two performance obligations:________
(2) Software license plus installation services and (2) technical support services.
Answer:
A. Three performance obligations: 1. software license 2. installation support 3. technical support services
Explanation:
Under the ASU 2014-09, the obligations of the software developer includes software licensing, installation support as well as technical support services.
This is necessary because the software being developed is peculiar to the company that the software is being made for and as such would require that the software gets licensed by the appropriate council or board, assist with installing the software until personnel have been trained and/or contract expires and also provide support services for the software should it run into any problem while in use.
Cheers
Sean works at Rowen Corp., an environmentally conscious apparel manufacturing company. He primarily focuses on the tastes and needs of the firm's customers. He achieves this by managing a team that regularly interacts with customers through various promotional activities and events. He also provides insights on how to produce eco-friendly outfits through his specialized knowledge of cost-efficient manufacturing processes. This implies that Sean:_______.a) is an HR professional.
b) encourages centralized decision making.
c) is a knowledge worker.
d) encourages a narrow business focus.
e) belongs to the external labor market.
Answer:
c) is a knowledge worker
Explanation:
A knowledge worker is an individual who is skillful, experienced, educated and whose duty is to apply his or her thinking creativity on the job. According to Peter Drucker, a knowledge worker is someone who is innovative and creative in terms of developing new products and services and one who always find a better way of doing things.
The job of a knowledge work is very complex hence involves expertise on the subject field. A knowledge worker most often develop new ideas and strategies to meeting needs of people rather than focusing on manual and repetitive work. Example of knowledge workers includes but not limited to engineers, scientists, physicians, lawyers etc.
Helen Chambers owns and manages an apartment building. She also paints seascapes that she and sells, and she published several volumes of art criticism for which she owns the copyrights. With the profits from the books, she acquired stock in a local art supply company. If Helen sold any foregoing property, which would give rise to capital gains.
Answer: Stock in the local art supply company.
Explanation:
Helen can only make a capital gain on assets that she actually owns. She only manages the apartment building but does not own it so if she sells any property, it does not contribute to her capital gain.
The stock in the local art supply company is hers however so if the prices of the stock increased from when she bought it and she sells it, that would give rise to capital gain.
Capital gain is the profit earned due to the selling of capital assets that are held by the business. The capital gains are charged for taxation at a fixed percentage rate. The capital gains can be short-term or long-term depending upon the holding period of the asset.
In the given case Helen has only the stocks of a local art supply company in the form of capital assets. The selling of the stocks of the supply company would lead to the rise in the capital gains of Helen Chambers.
The other assets held by Helen are an apartment in the buildings. If the apartment is sold it will not lead to capital gain rather it is the normal sale of assets as the Helen Chambers main business is managing and owning apartments.
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"A customer has a restricted margin account with $2,500 of SMA. If the customer wishes to buy $7,500 of marginable common stock, the customer must deposit?"
Answer:
$1,250
Explanation:
Given the following :
Amount of marginable stock customer wishes to buy = $7,500
Restricted margin account with $2500 of SMA
Since the account is a restricted margin account, that is (account has fallen below intial requirement). There must be a deposit of 50% in the regulation T account.
Hence, to purchase a marginable stock of $7,500;
50% of $7,500 should be deposited;
50/100 × 7,500 = $3750
Since there is $2500 of SMA in restricted margin account
Hence, the amount needed will be ;
($3,750 - $2,500) = $1,250
transferable skills necessary for successful employment include a:basic skills b:thinking skills c:personal quality d: all of the above
The correct answer is D. All of the above
Explanation:
Skills that can be used in multiple jobs or contexts are known as transferable skills. This category of skill covers many types of skills including basic skills such as teamwork, communication or problem-solving; personal quality skills such as honesty, empathy, or ethics; and thinking skills such as making decisions or organizing information. Moreover, these are all transferable skills because it is likely an individual requires these skills despite his profession or role. For example, both a doctor and a secretary might face challenges that require them to make decisions (thinking skill), use ethics to make the best decision (personal quality), and communicate this decision to others (basic skill.)
Forrest fennell is thinking about investing in capital city bank. he is examining certain ratios of the bank including the ratio of nonperforming loans to total loans and leases and the provision for loan losses to total loans and leases. what type of risk is forrest attempting to measure with these ratios
Answer:
Credit risk
Explanation:
Credit risk is the risk that arises when the borrower fails to repay the loan to the person or the financial institution from whom he took the loan. It derives the loss possibility suffered by the lender with respect to the interest and principal amount not received by the borrower
According to the given scenario, the credit risk option is appropriate as it fits to the situation and extract the same meaning as discussed above
list the 6 areas of interest
Answer:
Conventional
Investigative
Social
Artistic
Realistic
Enterprising
Explanation:
A hot dog manufacturer wishes to minimize the cost in dollars of producing a low-cost niched product while meeting the dietary guidelines for protein and sodium. once the model has been run, the surplus variable in the sodium constraint has a value of 1300 milligrams. the best interpretation of this outcome is:
Answer:
The minimum cost hot dog has 1300 milligrams more sodium than required.
Explanation:
Since in the question it is mentioned that the manufactured of a hot dog wants to minimize the cost in terms of dollars for generating the less cost at the same time the guidelines for the dietary would be meet
Also the surplus variable, the amount would be 1,300 milligrams
So here we interpret is the cost i.e. minimum is needed more sodium and hence the same is to be considered
As James begins to discuss product prices, he notices his prospect has folded his arms across his chest, clenched his hands, and avoided eye contact. James has received _______ signals.
Answer:
Disagreement.
Explanation:
As James begins to discuss product prices, he notices his prospect has folded his arms across his chest, clenched his hands, and avoided eye contact. James has received disagreement signals.
In this scenario, we can safely conclude that the potential client (prospect) isn't satisfied or pleased with the product prices quoted by James and as such makes a gesture that portrays his disagreement.
The owners of Carpo Inc., a watch company, also own a steel company and a leather goods manufacturing company. This relieves them from expenses that they would have to bear, if they had to rely on outside sources for the raw materials needed to make their watches. This enables the company to produce watches at a much lesser cost than other companies in the industry. This scenario best illustrates a ________.
Answer:
Cost advantage.
Explanation:
In this scenario, the owners of Carpo Inc., a watch company, also own a steel company and a leather goods manufacturing company. This relieves them from expenses that they would have to bear, if they had to rely on outside sources for the raw materials needed to make their watches. This enables the company to produce watches at a much lesser cost than other companies in the industry. This scenario best illustrates a cost advantage.
Cost advantage can be defined as the factors, benefits or edge which an organization has to produce its goods and services at a cheaper rate and better quality, over its competitors or rivals in the same industry. Some of these factors include availability of raw materials, branding, skillful workforce, intellectual property, quality distribution channels, favorable location, great customer services, superior technology, etc.
The scenario involving owners of Carpo Inc. best illustrates Cost advantage.
Cost advantage is achieved when a company produce/offer a product or service at a lower cost than its competitors.
Here, the owners of Carpo Inc. produces watch and also own a steel company and leather goods manufacturing company.
His companies put him at cost advantage over other watch producer because the raw-material to be use in production of the watches are produced by other companies.
Therefore, the scenario involving owners of Carpo Inc. best illustrates Cost advantage.
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Now you must decide who should be on the team. Kelly will be on the team as a matter of course, and you must choose three other GearUp employees to work with her.
Answer: The best choices would have been Deepak Menon, Ruby Coulbury, and Ethan Atkinson
Explanation:
Team work requires the best of those not only coming to the team with their talent and idea but those who'd be willing to put their everything to make sure the project being carried out is a success, failure to do so would just be having bunch of talented people with no passion but woould rather work for personal gain and fame. Choosing the best shouldn't just be what they can do but also how passionate are they. That's why the best choices would have been Deepak Menon, Ruby Coulbury, and Ethan Atkinson based on their passion accompanied with their talent.
A researcher divides participants into those who suffer from insomnia and those who sleep well. he compares the two groups on the number of hours each spends at leisure activities in an average week. he finds that the insomniacs spend significantly fewer hours at such activities. in this case, the number of hours spent at leisure activities is:
Answer:
The dependent variable
Explanation:
There are two types of variables used in statistical analysis. The dependent variable and the independent variable.
The dependent variable are those ones whose value depends by rule on the values of other variables.
Independent variables are those whose vales are not dependent on the values of other variables.
In this scenario the independent variables under study are those that suffer insomnia and those that sleep well.
The dependent variable is the number of leisure hours.
Number of leisure hours varies with the group the participants are in.
For example leisure hours can be 3 hours for insomniacs and 6 hours for those that sleep well.
MIS is a business function, like accounting or sales, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. What does MIS stand for
Answer:
MIS stands for "Management information systems".
Explanation:
This is indeed an aspect of information technology as well as code which enhances the effectiveness of the operations of the firm. An MIS collects input from numerous online systems, analyses the information as well as publishes data to assist decision-making throughout the administration, is however researching whether these processes work.If a customer buys $10,000 worth of stock in a cash account, then sells the shares for $12,000 without first paying for the buy side, and then requests the $2,000 profit, which of the following statements are TRUE?
I. The $2,000 profit cannot be sent to the customer until he pays for the buy side in full.
II. The $2,000 can be sent to the customer, but the account will be frozen for 90 days.
III. If the customer pays for the buy side in full on or before the fifth business day following trade date, status as a frozen account is lifted.
IV. Both trades must be switched to the customer's margin account, where buying and selling in this manner are acceptable practices.
A) III and IV.
B) II and III.
C) I and II.
D) I and III.
Answer:
B) II and III.
Explanation:
Based on the information given the statement that are TRUE are II and III
II. The amount of $2,000($10,000-$12,000) which is the profit for the business will be given to the customer but the customer account will have to be frozen or put on hold for 90 days because the customer had not paid for the buy side before selling the shares for the amount of $12,000
III. In a situation where customer paid the amount for the buy side in full either before or after the fifth business day which is the day that follows the trading date, the customer account that had be frozen will be unfrozen or lifted because the buy side amount had be paid in full.
According to a recent study, the AIS strategic role that has the greatest impact on shareholder value is:
Answer:
Transform
Explanation:
According to a recent study, the AIS strategic role that has the greatest impact on shareholder value is Transform.
The AIS strategic roles known as Accounting information System strategic roles has a great impact on shareholders because it's strategic roles bring about transform and also has impact on business because it brings Reformation of processes in business. It should be noted that AIS also brings about automation.
Delux Services was celebrating its operations in over 17 countries. Linda, a junior HR assistant, was disinterested in attending this celebratory event.The senior HR managers overheard Linda asking her friends the reason for this party. Back at the office, after a review, it was found that Linda never attended any of the meetings with the local business heads. Her lack of interest and knowledge about the company would make her someone who displays _____.
Incomplete question. The options are:
A. high self-esteem
B. low civic virtue
C. "A" player characteristics
D. wasting resources
E. positive boosterism
Answer:
B. low civic virtue
Explanation:
Remember, this a formal organizational setting, therefore employees are expected to have interests and knowledge about the organization.
Therefore, based on the fact that Linda never attended any of the meetings with the local business heads shows a display of low civic virtue (low welfare concern for the organization)
Analysts say visitors stay an average of how many seconds on any webpage?
A. 1-2 Seconds
B. 5-15 Seconds
C. 10-20 Seconds
D. 45-60 Seconds
Michael does not want to include some of the changes which were made to his document during review. Which of the following should he do?
Choose to Reject All of the changes made in the document
Choose to Accept All of the changes made in the document
O Select the changes he wants to keep and click Reject
O Select the changes he wants to remove and click Reject
Answer: Select the changes he wants to keep and click Reject
Explanation: I know it is this answer because it worked on my text.
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A command economy tends to exist under a
democratic government that provides little regulation.
socialist government that provides some regulation.
representative government that provides no regulation.
communist government that provides a lot of regulation.
The correct answer is D. Communist government that provides a lot of regulation.
Explanation:
In a command economy, the economy is not controlled by the relations of supply/demand or by individual decisions to produce/buy/sell products. Instead, these aspects of the economy are controlled by the government. Moreover, this type of economy is most common in communists or socialists governments because in these, individual freedoms tend to be limited and the government has a lot of control over most aspects of the society, including economy. Also, in a command economy, the government issues a lot of regulations and has a lot of control. According to this, the correct answer is D.
Answer:
(D) communist government that provides a lot of regulation.
Explanation:
Your Welcome :D
George bought a $300,000 whole life policy when he was employed as a bank teller. Four years later, he changes jobs and begins working in a coal mine. If he is killed while working in the mine, what will the insurer do?
Answer:
The insurer of George whole life policy will have to pay the claim
Explanation:
Based on the information about George we were been told that he bought a life policy of the amount of $300,000 when he was employed as a bank teller in which Four years later we were told that he changes his jobs from bank teller and begins to work in a coal mine which means that If George is killed while he was working in the coal mine the insurer will have to pay the claim reason been that he bought a whole life policy and secondly the insurer will have to pay the claim because no limit was been placed on George application when the policy was been insured.
Until the end of the twentieth century, international trade was mostly concentrated among the developed countries of the Northern Hemisphere. Which country was the largest exporter of the world in 2015?
Answer:
China
Explanation:
China is the largest exporter in the world while the US is the largest importer in the world. Of course, this takes on account only individual countries, it doesn't consider political unions like the EU. China is considered the largest exporter since 2009, and since 2013 it is also the largest trader in the world. The US used to hold both positions in the recent past until China surpassed it.
On April 1, the price of gas at Bob's Corner Station was $3.35 per gallon. On May 1, the price was $3.85 per gallon. On June 1, it was back down to $3.35 per gallon. Between April 1 and May 1, Bob's price increased by or Between May 1 and June 1, Bob'ss price decreased by or Suppose that at a gas station across the street, prices are always 20% higher than Bob's. In absolute dollar terms, the difference between Bob's prices and the prices across the street is when gas costs $3.85 than when gas costs $3.35 Some economists blame high commodity prices (including the price of gas) on interest rates being too low. Suppose the Fed raises the target for the federal funds rate from 2% to 2.25 %. This change of percentage points means that the Fed raised its target by approximately ____
Marlon had $22,000 of taxable income in 2018. Based on the table, how much federal income tax will Marlon owe in 2018?
Marginal Tax Rates,
2018
10% on the first $9,525 of income
12% on taxable income over $9,525 to $38,700
22% on taxable income over $38,700 to $82,500
24% on taxable income over $82,500 to $157,500
32% on taxable income over $157,500 to $200,000
35% on taxable income over $200,000 to $500,000
37% on taxable income over $500,000
Answer:
The federal tax income that Marlon will owe in 2018 is $2,449.5
Explanation:
Based on the effective tax rate, we have;
Marginal Tax Rates,
10% on the first $9,525 of income
12% on taxable income over $9,525 to $38,700
22% on taxable income over $38,700 to $82,500
Therefore, we have;
The tax amount for the first $9,525 of income = 0.1×$9,525 = $952.5
The 12% on taxable income over $9,525 to $38,700 is given as follows;
$22,000 - $9,525 = $12,475
The tax amount for the taxable income over $9,525 to $38,700 is therefore;
Tax amount = 0.12 × $12,475 = $1,497
The total tax is therefore;
$1,497 + $952.5 = $2,449.5
The federal tax income that Marlon owe in 2018 = $2,449.5.
Answer:
$2,449.50
Explanation:
Just took the exam.
1) Take 10% of the first $9,525 = $952.50
2) $22,000 - $9,525 = 12,475
3) 0.12 × $12,475 = $1,497
4) $1,497 + $952.50 = $2,449.50
5) Marlon will owe $2,449.50 in 2018
According to a recent survey conducted by Bain & Company, which management tool or technique is most popular in global organizations today?
Answer:
Customer relationship management
Explanation:
Customer relationship management refers to managing the relation with the customer by providing them an excellent quantity of products and services which are to be unique so that it became easy for attract the customer also the firm could gain the competitive advantage.
In the recent survey, it is mentioned that 67% of executives said that the customers are not loyal to their brand also with the help of the internet, it became easy for the customers and the future customers to make the comparision with regard to the prices that enables the firm to increase the price at the same time the firm also balance the market share
So the customer relationship management is the answer
Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter.Which of the following is not included as one of Porter's three generic strategies?A) Broad differentiationB) Supplier cost differentiationC) Focused strategyD) Broad cost leadership
Answer:
B) Supplier cost differentiation
Explanation:
As per the Porter model of generic strategies, there are three strategies which are as follows
1. Cost leadership strategy: It deals with less cost to reach broad market
2. Differentiation strategy: It deals with offering different products to reach broad market
3. Focus strategy: In terms of cost leadership and differentitaion, it focused with less cost and offered unique products at narrow market segment
Therefore the option B is not included
who is the father of accounting
Answer:
Luca PacioliExplanation:
He first described the system of double-entry bookkeepingn 1494
Answer:
Luca Pacioli is regarded as the Father of Accounting.
Explanation:
A liability is accrued for a contingent loss if:________
a. it is remote that the confirming event will occur
b. it is reasonably possible the confirming event will occur
c. the amount is not reasonably estimable
d. it is probable the confirming event will occur
e. the amount can be reasonably estimated
Answer:
Statement d. and statement e.
Explanation:
A liability is a contingent liability till the time the event confirming the liability do not take place, or the probability of such event is minimal.
Also in most cases the amount of such liability cannot be estimated with reliability.
Further when the probability of such event is high and the company and its consultants or management agree to the feasibility of this upcoming liability up to a defined extent of amount, that is the amount is also identifiable, the liability is recorded as a loss.
Thus, probability of event and the estimate of amount both are important in order to convert contingent liability into contingent loss.
Jason's manager was making him work overtime and refusing to pay him for the extra hours he was putting in. Jason approached the director of the company and explained his situation to him. The director took appropriate action against jason's manager, reduced jason's work hours, and paid him for the extra time he had earlier put in. Based on the given information, jason's company is most likely a _____. Bureaucratic organization flat organization monarchy patriarchy
Answer:
bureaucratic organization
Explanation:
Bureaucratic organisations are highly organised businesses that have a pyramid organisation structure.
Every employee knows their place and decisions are made through an organised process.
Since bureaucratic organisations are organised there is a pay structure that is not changeable for each employee and provisions for overtime payment.
In this scenario Jason's manager made him work overtime without paying him. This is in violation of the organisational structure of a bureaucratic structure.
So when the manager for the complaint Jason was paid for the extra time he put in. He also reduced the work hours of Jason to the acceptable one for the company