Most generally, the purpose of this audit technique is to confirm the management's claim regarding presentation and disclosure.
What Do Internal Controls Audit Procedures Entail?
The procedures that auditors follow in order to gather enough relevant audit evidence to make a professional judgment about the efficacy of an organization's internal controls.
To safeguard their IT systems and sensitive data, firms utilize internal controls. They can also be used to ensure responsibility for financial statements and accounting records.
Understanding internal controls, business processes, and the efficacy of a control cannot be done using a single, all-encompassing strategy. Instead, each audit has a different set of requirements.
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karolyn purchased a movie-theatre style popcorn maker from party supply company. the glass overheated and shattered, injuring karolyn. she wants restitution but does not want to sue the company. she feels that the best way to handle this would be to present outlines of evidence to a judge and panel members who will issue an advisory verdict to start the settlement process. what type of dispute resolution would be best for karolyn? a. arbitration b. mediation c. minitrial d. summary jury trial
Summary Jury Trial would be the best dispute for karolyn
What is summary jury trial?A summary of a civil case is typically presented to an advisory jury during a summary jury trial in order to illustrate the parties how a jury would respond to the evidence. The process has no legal effect. However, brief jury trials typically promote conflict resolution.
Summary jury trials are typically utilized in matters that are too complex for a drawn-out full trial and reject conventional pretrial settlement techniques. More than actual legal issues, the dynamics of the dispute decide whether or not cases are appropriate for summary jury trials.
At the final pretrial session, when preparations for the summary trial process are made, it is customary to decide whether to submit a matter to a summary jury trial.
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the most common source of changes to a project based on the natural tendency of the client and project team members to improve the project’s output is called
The maximum commonplace supply of adjustments to a venture primarily based on the natural tendency of the client and assignment crew members to improve the mission’s output is called Scope creep.
The definition of a purchaser method is a client or someone who makes use of services. An example of a purchaser is a pupil being tutored at a university writing middle. (Ancient) someone depending on every other, for protection or patronage. A terminal or non-public laptop that is connected to a server.
A purchaser is someone who buys services or products from a corporation, even as a client refers to a sure type of client who purchases professional services from an enterprise. typically speak me, customers purchase products at the same time as customers purchase recommendations and solutions.
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Backed by the u. S. Government, these financial instruments are short-term debt obligations with a maturity of less than one year. They are considered risk-free investments.
Treasury Bills (T-Bills) are US Treasury bills backed by the Treasury and have a maturity of one year or less. US Treasury bills are generally sold in denominations of $1,000 and are backed by u. S. Government, these financial instruments are short-term debt obligations with a maturity of less than one year. They are considered risk-free investments.
Short Treasury Bond Funds are investment funds that, by their risk-free investment objectives and the Fund's Articles of Incorporation, are restricted primarily to investments in short-term federal or agency bonds. The short term is up to 5 years, depending on the definition of the fund.
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Consider a person who’s drowning in debt with credit cards, car payments, and student loans. What advice would you have for them? what can you do now to make sure you don’t end up in this situation later in life?.
One of the most crucial actions you can take when you're buried in debt is to create a budget. It will reveal where your money is going and the source of your sense of impending doom.
Define debts.When one party borrows anything from another, usually money, it is said to be in debt. Many companies and individuals use debt to cover big expenses that they otherwise couldn't afford. A debt arrangement is a contract to borrow money with the requirement that it be paid back later, frequently with interest.
The most common type of debt is a loan, such as a mortgage, car loan, personal loan, or credit card debt. The terms of a loan require the borrower to repay the loan's outstanding balance by a specific date, which is typically several years in the future.
The loan terms also include the amount of interest that the borrower must pay annually, expressed as a percentage of the loan amount.
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the stack pole company retails two products: a standard and a deluxe version of a luggage carrier. the budgeted income statement for next period is as follows:
Standard and Deluxe Carriers Sold at a Ratio of 187,500 to 62,500
Therefore, the ratio is 3:1, which means that 3 Units of Standard will be sold for every Unit of Deluxe.
(three times ten) plus Weighted Contribution Margin (1 x 20)
Per unit, $50
Breakeven point equals 2,250,000 / 50 in bundles. =45,000
So the Standard Carrier Break even point is 45,000 times three, or 135,000
.Breakeven Point for Deluxe Carrier = 45,000 multiplied by one is 45,000.
Total units needed to break even are 180,000 (135,000 + 45,000).
2) If Standard Carriers Are Sold Only,
Standard Carriers Contribution Margin = 28 - 18 = 10
Breakeven points = 2,250,0 / 10 =225,000 Units
b)Only sell Deluxe carriers
Contribution Margin for Deluxe Carriers is equal to 50 minus 30.
2,250,000/20 is the break-even point.
=1,12,500 Units
3)Operating Income
Standard Deluxe Total
Sales $ 5,600,000 $ 2,500,000 $ 8,100,000
Variable Cost $ 3,600,000 $ 1,500,000 $ 5,100,000
Contribution Margin $ 2,000,000 $ 1,000,000 $ 3,000,000
$2,250,000.00 in fixed costs
$750,000.00 in operating income
The sales ratio is 200,000:50,000, or 4:1.
Bundle contribution margin = (4 x 10) + (1 x 20) =60
Break Even in Bundles is equal to 2,250,000 / 60.
36,500 Bundles
Gaining Equal Points
Standard Carrier = 37,500 times 4 = 150,000.
A Deluxe Carrier costs 37,500 multiplied by one.
150,000 plus 37,500 units, or 187,500 units, are needed to break even.
The Break Even Points and Operating Incomes are altered by the change in Sales Mix.
Delux Corporation, a retail sales corporation, has a taxable income of $500,000. Delux Corporation's regular tax liability is A. $158,250. B. $175,000. C. $105,000. D. $162,200.Delux Corporation's regular tax liability is: . $105,000.
The new company tax rate is 21% as of 2018.Previously, it was reduced from 35% to 21%.As a result, while determining Delux Corporation's tax obligation, the taxable income will equal C.'s $105,000 (21% of $500,000).Prior to 2018, B. would have owed $175,000 in taxes.This is a reduction of $70,000 in taxes that the government lost so that businesses might invest in the expansion of the economy.
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research a health care organization or network that spans several states with in the united states (united healthcare, vanguard, banner health, etc.). assess the readiness of the health care organization or network you chose in regard to meeting the health care needs of citizens in the next decade. prepare a 1,000-1,250 word paper that presents your assessment and proposes a strategic plan to ensure readiness. include the following: describe the health care organization or network. describe the organization's overall readiness based on your findings. prepare a strategic plan to address issues pertaining to network growth, nurse staffing, resource management, and patient satisfaction. identify any current or potential issues within the organizational culture and discuss how these issues may affect aspects of the strategic plan. propose a theory or model that could be used to support implementation of the strategic plan for this organization. explain why this theory or model is best. ou are required to cite a minimum of three sources to complete this assignment. sources must be appropriate for the assignment and relevant to nursing practice. prepare this assignment according to the guidelines found in the apa style guide, located in the student success center. an abstract is not required. this assignment uses a rubric. please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion. you are required to submit this assignment to lopeswrite. a link to the lopeswrite technical support articles is located in class resources if you need assistance.
Overall readiness of the organization
In order to be ready to address residents' healthcare requirements in the coming ten years, Banner Health is quickly adopting value-based reimbursement methods. These models reward value rather than quantity, and by shifting a sizeable portion of the financial and clinical risks from the payers to the providers, they can significantly reduce costs, boost efficiency, and improve the quality of care.
A strategy to deal with network expansion, nurse staffing, resource management, and patient satisfaction issues.
The strategic planning process at Banner Health takes into account patient satisfaction, resource management, strategic expansion, and nurse staffing. The objective of Banner Health is to build new facilities in response to the rising demand for healthcare services in order to meet both the country's present and future demands. The organization's goal is to build complete medical facilities and provide patients and families with convenient care. With the rapid growth of various regions, Banner Health wants to make sure that its health plan subscribers and patients have easy access to care when they need it.
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if you are paying for the actual time your attorney spends on your legal matter, you are being charged a(n):
You are being charged an hourly fee if you are paying for the real time your lawyer spends working on your case.
An attorney is a person who is designated to represent another in commercial or legal concerns. They are often lawyers.
Is a lawyer also an attorney?Attorneys, on the other hand, can only consult with, advise, and assist their clients while practising law, as opposed to an attorney who can also pursue lawsuits against defendants and represent clients in court in addition to providing legal counsel and assistance.Attorneys offer clients advice and counsel in civil and criminal cases. They represent their clients in court by presenting qualified counsel, preparing court documents, and appearing personally.To Learn More about Attorneys, click the links.
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a manufacturer of washing machines has expanded its plant and created excess capacity, just as the general economy takes a downturn. the company is likely to:
Because the general economy takes a downturn, the company is likely to offer rebates and incentives for customers who purchase washing machines.
What are the rebates and incentives?In marketing, these are techniques of marketing promotion that are used to entice, induce prospective customers.
Therefore, as the firm has expanded its capacity where the the general economy takes a downturn, it is likely to offer rebates and incentives for customers who purchase washing machines.
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You buy a $100 ticket to a theme park and once inside you can ride on as many rides as you want at no extra cost. In this case, the opportunity cost of going on each ride will be zero. True or false?.
You buy a $one hundred price ticket to a theme park and once inside you may experience as many rides as you need at no extra cost. In this case, the possible value of happening every experience could be zero. False
The cost denotes the amount of money that an employer spends on the creation or manufacturing of goods or offerings. It does now not encompass the markup for income. From a vendor's point of view, a fee is the quantity of money that is spent to provide an excellent product.
Charges are the economic fee of expenses for substances, services, hard work, products, gadgets,s and other objects purchased to be used through a commercial enterprise or other accounting entity. it is the amount denoted on invoices because the rate recorded in the e-book preserves data as a price or asset cost basis.
Cost, in commonplace utilization, is the monetary price of goods and offerings that manufacturers and customers buy. In a primary monetary experience, the cost is the degree of the opportunity possibilities foregone inside the preference of 1 accurate or hobby over others. This essential price is usually referred to as possible value.
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assume that interest rates on 20-year treasury and corporate bonds with different ratings, all of which are noncallable, are as follows
Assume that interest rates on 20-year treasury and corporate bonds with different ratings, all of which are noncallable, are as follows default risk differences.
The more credit danger related to an enterprise the better the fee of going back presented on its monetary contraptions, and that is reflected in the example given within the query. The T bond has the lowest chance of default due to the fact it's far assured by using the Treasury, so the return is the lowest.
The excellent-rated company bond has the bottom return among company bonds, and the worst-rated pays the best return bonds can be noncallable for a time period, giving a length of constant hobby payments to the customer after which, become callable after that period to allow the company to reset the interest fee at the debt specifically if the marketplace has changed. Noncallable security is a monetary safety that can't be redeemed early by the company besides from the fee of a penalty.
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a manager's reluctance to delegate, as seen in the video, relates to which of the four management functions?
Influencing is one of the management functions by which a manager's reluctance to delegate.
Why is delegation important?
Delegation is important because as a manager you can't and shouldn't do everything yourself. Delegation empowers teams, builds trust, and aids in professional development. And for leaders, it helps identify the best people to tackle a task or project.
How do you delegate your employees?
Delegating tasks to others should have clear direction and context. Let employees know why a task is assigned to them and how it benefits the overall project or organization. Please take the time to answer questions and provide feedback where appropriate.
How do officers delegate?
The delegating leadership style is a low-task, low-relationship leadership approach in which leaders empower individuals to exercise autonomy. Applying this approach means showing individuals the big picture and trusting them to deliver agreed-upon outcomes.
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what is the best definition of the capability of a process? select one: a. how well the input of a process satisfies the customer of the process. b. how fast is the throughput of a process c. the standard deviation of the process d. how many defects we make.
Correct option is A. The best definition of the capability of a process is how well the input of a process satisfies the customer of the process.
What is the purpose of process capability analysis?
To determine how well a certain process complies with a set of specification restrictions, a set of techniques called process capability analysis is utilized. In other words, it assesses the effectiveness of a procedure.
In actuality, it compares the distribution of sample values—representing the output of the process—against the specification limits, or the upper and lower bounds of what we aim to achieve. It may also be compared to a specification target.
Process capacity indices are frequently used to describe a process's capabilities. Depending on your analytical needs, you could calculate one or more of the several process capability indices. However, in order to compute any process capacity indices, you must first presume that your process is stable.
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the manager is responsible for keeping up to date on all regulations and food safety practices as well as and monitoring their entire staff.
The manager is responsible for keeping up to date on all regulations and food safety practices as well as turnover and monitoring their entire staff.
What is turnover?How quickly a business conducts its operations is determined by the accounting notion of turnover. Turnover is typically used to determine how rapidly an organization sells its inventory or how quickly it collects money from accounts receivable.
Accounts receivable, inventory, portfolio, and working capital turnover are examples of common forms of turnover. A variety of these ratios can help businesses, frequently with the aim of maximizing turnover, better gauge the effectiveness of their operations.
The percentage of a portfolio sold in a given month or year is known as turnover in the financial sector. More commissions are earned for trades executed by a broker when the turnover rate is high.
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you are on the emma website considering investing in a municipal bond. what does the information under cusip tell you that is most important?
You are on the EMMA website considering investing in a municipal bond. The information under CUSIP tells you that the most important is the disclosure statement associated with the bond.
The free source of data and information on almost all municipal bonds in the municipal market is the Electronic Municipal Market Access (EMMA®) website. The EMMA website is run by the Municipal Securities Rulemaking Board (MSRB) to encourage an open, equitable, and effective market. A website called Electronic Municipal Market Access (EMMA) service was developed to inform the public about municipal bonds, bond prices, and market trends. Municipal bonds or money market funds will both pay you interest if you are investing for income. Just be aware that while money market funds are likely not to lose value, bonds occasionally do. Also, keep in mind that you are actually earning more than the interest rate would suggest because municipal bonds are tax-free.
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suppose the university health center receives flu vaccinations at the beginning of each flu season and offers these vaccines to students at the market price of $20.00 each. of course, college students have varying budgets—some have money to spare, while others have difficulty meeting basic needs. additionally, some students have pre‑existing conditions, such as asthma or diabetes, that place them at high risk for the flu.
$20 will be paid to them by the students who want to get the vaccine.
What do you mean by a vaccine?An infectious disease-specific active acquired immunity is provided by a vaccine, which is a biological preparation. An agent that resembles a disease-causing bacteria is generally found in vaccines, and this agent is frequently created from the microbe's toxins, weakened or deceased versions, or one of its surface proteins. The substance induces the immune system to identify the substance as a threat, eliminate it, and then identify and eliminate any subsequent bacteria that may be connected with the substance. Vaccines can be therapeutic (to treat the symptoms of a current infection by a natural or "wild" pathogen) or preventive (to stop or lessen the effects of a future infection) (to fight a disease that has already occurred, such as cancer).
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the robinson corporation has $38 million of bonds outstanding that were issued at a coupon rate of 12.050 percent seven years ago. interest rates have fallen to 11.050 percent. mr. brooks, the vice-president of finance, does not expect rates to fall any further. the bonds have 17 years left to maturity, and mr. brooks would like to refund the bonds with a new issue of equal amount also having 17 years to maturity. the robinson corporation has a tax rate of 30 percent. the underwriting cost on the old issue was 3.80 percent of the total bond value. the underwriting cost on the new issue will be 2.40 percent of the total bond value. the original bond indenture contained a five-year protection against a call, with a 8 percent call premium starting in the sixth year and scheduled to decline by one-half percent each year thereafter. (consider the bond to be seven years old for purposes of computing the premium.) use appendix d for an approximate answer but calculate your final answer using the formula and financial calculator methods. assume the discount rate is equal to the aftertax cost of new debt rounded up to the nearest whole percent (e.g. 4.06 percent should be rounded up to 5 percent).
the Robinson corporation has $38 million of bonds outstanding that were issued at a coupon rate of 12.050 percent seven years ago. interest rates have fallen to 11.050 percent. mr. brooks, the vice-president of finance, does not expect rates to fall any further. the bonds have 17 years left to maturity, and mr. brooks would like to refund the bonds with a new issue of equal amount also having 17 years to maturity. the Robinson corporation has a tax rate of 30 percent. the underwriting cost on the old issue was 3.80 percent of the total bond value. the underwriting cost on the new issue will be 2.40 percent of the total bond value. the original bond indenture contained a five-year protection against a call, with a 8 percent call premium starting in the sixth year and scheduled to decline by one-half percent each year thereafter. (consider the bond to be seven years old for purposes of computing the premium.) use appendix d for an approximate answer but calculate your final answer using the formula and financial calculator methods. assume the discount rate is equal to the aftertax cost of new debt rounded up to the nearest whole percent (e.g. 4.06 percent should be rounded up to 5 percent).
Discount Rate = [Interest Rate × (1 – Tax Rate)]
Discount Rate = [11.750% × (1 – 30%)]
Discount Rate = 0.08225 OR 8.23%
Hence, the discount rate is 8.23%.
A transaction or financial instrument's life expires on the day of maturity, at which point it must be renewed or it will no longer be valid. This phrase is frequently used to refer to deposits, spot foreign exchange trades, forward transactions, interest rate and commodity swaps, options, loans, and fixed income securities like bonds. Sometimes as part of a campaign to draw in new investors, financial institutions would temporarily change maturity dates. A bank could provide a greater rate of return for a short-term CD when it comes to promotional certificates of deposits (CDs). The promotional CD usually renews at the same rate and duration as a regular CD when it reaches maturity.
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if the united states exports more goods/services than it imports, then the united states would have a(n)
If the United States exports more goods/services than it imports, then the U.S. would have a(n) increased global impact.
What is increased global impact?Each region of the world is impacted by climate change in a unique way. Each region of the world will have to deal with a unique mix of effects brought on by climate change because of the Earth's biodiversity, shifting weather patterns, and geographic diversity. This could indicate a rise in the ferocity and frequency of severe weather phenomena like hurricanes and tornadoes, as well as protracted droughts and flooding. Unfortunately, food insecurity and a lack of clean water will continue to be challenges in those places.
Environmental refugees will become a brand-new issue as a result of climate change. With almost 24 million people already relocated, experts believe that there could soon be 50 million environmental refugees. Flooding, hurricanes, droughts, food scarcity, and social unrest have forced many migrants from their homes.
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the level of total investment by firms in new machinery and equipment helps to determine how rapidly the economy grows. this is a ▼ issue. however, to understand how much new machinery and equipment firms decide to purchase, one must analyze the incentives individual firms face, which is a ▼ macroeconomic microeconomic issue.
The level of total investment by firms in new machinery and equipment helps to determine how rapidly the economy grows. this is a macroeconomic microeconomic issue.
Investing generally means investing money in some project or business over a period of time to generate a positive return (that is, a gain in excess of the original investment). It is the act of allocating resources, usually the capital, in the hope of generating income, profit, or profit.
You can invest (directly or indirectly) in many types of ventures, including B. Investing in assets such as using the money to start a business, buying a property with the hope of earning rental income, and later reselling it at a higher price.
Investing differs from saving in that money is put to work. There is an implicit risk that the project involved will fail and you will lose money. Investing also differs from speculation in that money itself is not used in speculation but is based on short-term price fluctuations.
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what is one disadvantage of npv as a capital budget method? a.) it can be inaccurate because a company cannot adjust the discount rate when calculating npv. b.) it is not very good at accounting for opportunity cost. c.) it can only be used to assess a single investment and is not a comparative tool. d.) there is disagreement about whether a project with a negative npv should be approved or not.
It can be inaccurate because a company cannot adjust the discount rate when calculating NVP is one disadvantage of NVP as a capital budget method.
An employer, abbreviated as co., is a felony entity representing an association of humans, whether or not natural, criminal or a mixture of both, with a particular goal. company members percentage a common reason and unite to gain unique, declared dreams.
A company is a legal entity fashioned by using a collection of individuals to interact in and perform a commercial enterprise agency in a commercial or business ability. An enterprise's commercial enterprise line depends on its structure, which can range from a partnership to a proprietorship, or even a business enterprise.
An employer is a kind of commercial enterprise structure that may be a separate felony entity from its proprietors. it's a complicated commercial enterprise structure, with better set-up and administrative expenses because of more reporting requirements and better-stage felony obligations.
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if you have 12% withheld for federal taxes, 7% for state taxes, and fica is 7.65%, how much are your involuntary withholdings in all if your gross pay was $2,400.00 per month and your net income was $1,550.40 per month?
The value of Involuntary will be approximately 283.56.
What are taxes?Taxes can be defined as the part where an individual, firm, or company gives taxes to the government as it is a form of revenue.
The given data is be:
The federal taxes rate is 12%
state taxes rate is 7%
the gross pay was $2,400 p.m.
net income $1,550.40 p.m.
The formula for Total known withholding is
Total known with holdings = federal state + FICA + involuntary
(12+7+7.65)% of 1,375+ Involuntary
Net income can be equated with gross with holdings
$725.00 = $1,375.00 - [(12+7+7.65)% of 1,375 + Involuntary]
Calculating the value of involuntary in the firm:
Involuntary = $1,375.00 [(12+7+7.65) % of 1,375] - $725.00
= $1,375.00 [(26.65) % × 1,375] - $725.00
= $1,375.00 - [(26.65) 100 × 1,375] - $725.00
= $1,375.00 366.4375-$725.00
=283.56225 283.56
Therefore, the answer is “283.56”
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a t-bill with face value $10,000 and 81 days to maturity is selling at a bank discount ask yield of 2.8%. required: a. what is the price of the bill? (use 360 days a year. do not round intermediate calculations. round your answer to 2 decimal places.)
According to the given data with the face value of $10,000 and 81 days to maturity, the price of the t bill is 9917.83.
What is t bill with face value?T-bills, also known as Treasury Bills, are offered for maturities that range from a few days to 52 weeks. Rarely have bills sold for the same price as the par amount (also known as face value), which is the standard price at which they are traded. You receive payment of the bill's par amount when it matures. US Treasury bills are often auctioned off. T-bills are available for purchase from the government through the TreasuryDirect website. It will operate like a brokerage account that holds your bonds, and registration is free. You have the option to arrange reinvestments into securities of the same type and term in addition to placing bids on new issues.
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giannis corporation purchases debt investments as trading securities at a cost of $150,000 on december 1. this is its first and only purchase of such securities. on january 5, giannis corporation decides to sell a portion of its trading securities (costing $9,000) for $10,000 cash. the journal entry to record this sale would include a:
In a condition given above where the Giannis Corporation sells a proportion of its trading securities, costing $9,000, for an amount of $10,000, the journal entry of the transaction would include a gain of $1,000. Therefore, the option C holds true.
What is the significance of gains?The gains of a business organization can be referred to or considered as the surpluses earned by a company from the extraordinary and indirect operations, which are unrelated to its normal business activities. Any such gains are recorded under ''Other Revenues'' Accounts of the firm.
Therefore, the option C holds true and states regarding the significance of gains.
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The question seems to be incomplete. It has been added below.
Giannis corporation purchases debt investments as trading securities at a cost of $150,000 on December 1. This is its first and only purchase of such securities. On January 5, Giannis corporation decides to sell a portion of its trading securities (costing $9,000) for $10,000 cash. The journal entry to record this sale would include a:
A. Loss of $10,000
B. Gain of $10,000
C. Gain of $1,000
D. Gain of $9,000
12) use the following information to determine the margin of safety in dollars: unit sales 50,000 units dollar sales $ 500,000 fixed costs $ 204,000 variable costs $ 187,500 a) $88,500. b) $108,500. c) $173,600. d) $326,400. e) $500,000.
So the option c($173,600) is the correct answer.
[tex]\text { Contribution margin ratio }=\frac{\text { Sales }-\text { Variable costs }}{\text { Sales }} \times 100[/tex]
[tex]\text { Contribution margin ratio }=\frac{\$ 500,000-\$ 187,500}{\$ 500,000} \times 100[/tex]
[tex]\text { Contribution margin ratio }=\frac{\$ 312,500}{\$ 500,000} \times 100[/tex]
[tex]\text { Contribution margin ratio }=62.50 \%[/tex]
[tex]\text { Break }-\text { even sales }=\frac{\text { Fixed cost }}{\text { Contribution margin ratio }}[/tex]
[tex]\text { Break }-\text { even sales }=\frac{\$ 204,000}{62.50 \%}[/tex]
[tex]\text { Break }-\text { even sales }=\frac{\$ 204,000}{0.6250}[/tex]
[tex]\text { Break-even sales }=\$ 326,400[/tex]
Margin of safety in dollars = Actual sales - Break-even sales
Margin of safety in dollars = $500,000 - $326,400
Margin of safety in dollars = $173,600
Therefore the correct option is C
What is Margin of Safety?
Break-even seals are subtracted from the actual or anticipated quantity of sales to determine the margin of safety. Therefore, a company's access amount of sales above the break-even point is its margin of safety.
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if the trial balance is in balance, it can be assumed that all journal entries were posted correctly and no errors were made.
No, trial balance is in balance it doesn't means that all entries are correct.
Trial balance plays an important part in accounting process. It summaries list of all ledger accounts and their balances. This is used to ensure that debit balance is equal to credit balance.
If trial balance match and the balances are correct. It doesn't means that all entries are correct. There are compensating errors also which errors are occurred but are failed to show in the trial balance.
Thus, it is not always correct that the if balance matched in trial balance will have no errors in journal or posting.
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Adjustments help to ensure that all ______ are recorded in the period in which they are incurred.
Adjustments help to ensure that all expenses are recorded in the period in which they are incurred.
Revenues are recorded in the period in which services are rendered, expenses are recorded in the period in which they are incurred, and at the conclusion of an accounting period, the balances of the accounts on the balance sheet and the income statement are accurate.
One of a company’s financial accounts, an income statement or profit and loss account, lists the company’s revenues and costs for a specific time period. It describes the process through which revenues are converted into net income or net profit. The simple formula for income statement is Revenue - expenses. If revenue of company is more then it is profitable.
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auditors understand that receiving explanations from an entity's management is the step in the professional judgment process.
Adjudication means evaluating evidence to reach a decision. Judgment is also the ability to make well-thought-out decisions. The term has at least five different uses. Aristotle suggested looking at the antonyms of a term to determine whether the various uses are actually different.
Formal - The mental act of affirming or denying one thing in comparison with another. Judgments are communicated to others using agreed terms, in the form of words or algebraic symbols, as meanings forming statements relating to the terms, and further asserted meanings of 'relationship' are used to make judgments. understood and interpreted by those who do.
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tar heel corporation provides the following information at the end of 2021. salaries payable to workers at the end of the year $ 2,700 advertising expense for the year 9,800 building that has been purchased 74,000 supplies at the end of the year 4,000 retained earnings 36,400 utility expense for the year 5,400 note payable to the bank 22,000 service revenue recognized during the year 66,400 salary expense for the year 26,100 accounts payable to suppliers 7,100 dividends paid to shareholders during the year (?) common stock that has been issued, including $6,000 that was issued this year 27,000 cash remaining 4,600 interest expense for the year 1,800 accounts receivable from customers 12,600 retained earnings at the beginning of the year 23,500 required: prepare the income statement for the year ended december 31, 2021. prepare the statement of stockholders’ equity for the year ended december 31, 2021. prepare the balance sheet for the year ended december 31, 2021.
1. The preparation of the income statement for the year ended December 31, 2021, for Tar Heel Corporation is as follows.
TAR HEEL CORPORATION
Statement of Stockholders' EquityFor the year ended December 31, 2021
Service revenue $66,400
Advertising expense $9,800
Utility expense 5,400
Salary expense 26,100
Interest Expense 1,800 $43,100
Net income $23,300
2. The preparation of the Statement of Stockholders Equity for the year ended December 31, 2021, for Tar Heel Corporation is as follows.
TAR HEEL CORPORATION
Statement of Stockholders' EquityFor the year ended December 31, 2021
Common Stock $27,000
Beginning Retained Earnings $23,500
Net income 23,300
Dividend (10,400)
Ending balance $36,400
Total ending equity $63,400
1. The preparation of the Balance Sheet for the year ended December 31, 2021, for Tar Heel Corporation is as follows.
TAR HEEL CORPORATION
Balance SheetDecember 31, 2021
AssetsCurrent assets:
Cash $4,600
Accounts Receivable 12,600
Supplies 4,000
Total current assets $21,200
Building $74,000
Total assets $95,200
Liabilities and EquityCurrent liabilities:
Salaries payable $2,700
Accounts payable 7,100 $9,800
Note payable $22,000
Total liabilities $31,800
Equity:
Common Stock $27,000
Retained earnings 36,400 $63,400
Total liabilities and equity $95,200
Data and Calculations:Tar Heel Corporation
Salaries payable $2,700
Advertising expense $9,800
Building $74,000
Supplies $4,000
Retained earnings $36,400
Utility expense $5,400
Note payable $22,000
Service revenue $66,400
Salary expense $26,100
Accounts payable $7,100
Dividend paid = $10,400 (calculated from the statement of stockholders' equity)
Common Stock $27,000
Cash $4,600
Interest Expense $1,800
Accounts Rec'ble $12,600
Totals $141,000 $158,900
Retained earnings at beginning = $23,500
Thus, the dividend paid for the year was determined as $10,400 from the statement of stockholders' equity.
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Question Completion:1. Prepare the income statement for the year ended December 31, 2021.
2. Prepare the statement of stockholders' equity for the year ended
3. Prepare the balance sheet for the year ended December 31, 2021.
a manufacturing operation consists of 10 operations; 5 of them are distinct machining operations and the other 5 are distinct assembly operations. however, five machining operations must be completed before any of the five assembly operations can begin. within each set of five, operations can be completed in any order. how many different production sequences are possible?
14,400 production sequences are possible.
Since the first set of machining operations can be performed in any order, after selecting one, there are 4 operations left. After selecting another, there are 3 operations left.
After selecting yet another, there are 2 operations left. Finally, after selecting yet another, there is only 1 operation left. This procedure may be described by the equation below: There are 120 potential options when multiplying 5 by 4 by 3 by 2 by 1. It may also be written mathematically as 5! = 120.
Here, We have 5 × 4 x 3 x 2 x 1 = 120 potential unique options for the final five assembly processes.
So total number of combinations will be - 120 × 120
= 14,400
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question 4 a company wants to make more informed decisions regarding next year’s business strategy. an analyst uses data to help identify how things will likely work out in the future. this is an example of which problem type?
By using data to help identify how things will likely work out in the future is an example of this problem type: A. making predictions.
Who is a data analyst?A data analyst can be defined as an expert or professional who is saddled with the responsibility of inspecting, transforming, analyzing, and modelling data with the sole aim of discovering useful information, providing insights, and creating informed conclusions, so as to support decision-making.
The data analyst six (6) problem types.Generally, there are six (6) problem types that are associated with a data analyst and this include the following:
Making predictionsCategorizing thingsSpotting something unusualIdentifying themesDiscovering connectionsFinding patternsIn this context, we can reasonably infer and logically deduce that a data analyst using data to help identify how things will likely work out in the future is an example of making predictions because it entails making an informed decision about the future.
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Complete Question:
A company wants to make more informed decisions regarding next year’s business strategy. an analyst uses data to help identify how things will likely work out in the future. This is an example of which problem type?
Making predictions.
Spotting something unusual.
Identifying themes.
Discovery connections.
Answer:
How should this model be completed to represent 820 ÷ 17? Enter your answers by filling in the boxes. I'm in 5the BTW
Explanation:
your answer XB
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jenna wants to save a $10,000 trust fund she received when she turned 21, and add $50 per month as emergency funds. she has narrowed her search for a savings account to 2 banks, bank a and bank b. bank a pays a fixed rate of interest, and bank b pays a variable rate, but both rates are currently the same. jenna’s trusted friend advises her to make the selection based upon her banking needs in consideration of the other services and fees of the banks, because the interest rates are the same.
Jenna’s trusted friend advises her to make the selection based upon her banking needs in consideration of the other services and fees of the banks because the interest rates are the same. Choose the variable rate because if it goes up, you will make a lot of money that will pay for the fees.
A financial institution is a monetary organization that accepts deposits from the general public and creates a call for deposit at the same time as simultaneously making loans. Lending activities can be at once performed by using the bank or not directly through capital markets.
A bank is a monetary institution licensed to receive deposits and make loans. There are numerous forms of banks together with retail, commercial, and funding banks. In maximum nations, banks are regulated through the countrywide government or significant bank.
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Answer - Letter C: Choose the variable rate because if it goes up, you will make a lot of money that will pay for the fees.
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