The transactions that Washtenaw Corporation needs to record are the loan of $420,000 and acceptance of the note receivable on April 1, 2024, the adjusting entry for accrued interest on December 31, 2024, and cash collection of the note and interest on April 1, 2025.
Transaction 1: April 1, 2024 was the date on which Washtenaw Corporation lent a loan of $420,000 to its supplier using a 12-month, 12% note. It's recorded as follows: Notes Receivable$420,000 Cash$420,000
Transaction 2: December 31, 2024 :The adjusting entry for accrued interest on December 31, 2024, needs to be made. The company needs to accrue interest revenue for the nine months that have passed since the initial loan. The adjusting entry will appear in the following way: Interest Receivable$37,800 ([$420,000*12%]*9/12)Interest Revenue$37,800
Transaction 3: On April 1, 2025, Washtenaw Corporation will receive a cash collection of the note and interest. In the company's accounts, this will appear as follows: Cash $472,800 (Interest of $37,800 + the principal amount of $420,000) Notes Receivable $420,000 Interest Receivable $37,800 (Interest due on the note up to April 1, 2025) Interest Revenue $37,800 (Interest earned for the full year) .
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which of the following terms is used to identify the process of expense recognition for property, plant and equipment? multiple choice amortization depreciation depletion revision
The term used to identify the process of expense recognition for property, plant, and equipment is depreciation.
What is depreciation?Depreciation refers to the method of allocating the cost of a tangible asset over its useful life. It is a process that is used to recognize the cost of an asset over the number of periods that it provides value.
Depreciation is most frequently used in accounting to depreciate a company's fixed assets, such as property, plant, and equipment. Depreciation, which is a key component of a business's long-term financial performance, is used to determine the asset's remaining value over time. As a result, it aids in the calculation of the book value of an asset on a company's balance sheet over time. Depreciation, in other words, refers to the allocation of an asset's cost to expense throughout the asset's useful life.
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what three elements are considered part of the promotional mix?
Explanation:
Three of the five promotional elements—advertising, sales promotion, and public relations—are often said to use mass selling. Mass selling refers to the promotional element that reaches out to groups of prospective buyers, rather than making individual contact with each potential buyer.
the three phases of business processes re-engineering are group of answer choices unfreezing, changing, refreezing analyze, diagnose, design job analysis, job description, job specification rethink, redesign, retool
The three phases of business process re-engineering are unfreezing, changing, and refreezing.
Unfreezing is the process of undoing the "freeze" that is placed on an account or process. It is often used in financial contexts, such as when a bank unlocks a frozen account so that funds can be accessed.
Changing involves analyzing, diagnosing, and designing to come up with new solutions that meet business objectives.
Refreezing involves implementing these changes and testing them to make sure they work. This ensures that the newly implemented processes are successful and effective.
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give an example in which one person has an aboslute advantage in doing something but another person has a comperative advantage
Absolute advantage refers to the ability to produce more of a good or service using the same resources as another country or individual. On the other hand, comparative advantage refers to the ability to produce a good or service at a lower opportunity cost than another country or individual.
What is an example of a scenario where one person has an absolute advantage but another person has a comparative advantage?John and Sarah are both farmers, and they each have a field of wheat and a field of corn. John is able to produce 100 units of wheat and 50 units of corn, whereas Sarah can produce 80 units of wheat and 70 units of corn.
In this scenario, John has an absolute advantage over Sarah in producing both wheat and corn, as he is able to produce more of each with the same resources.
However, Sarah has a comparative advantage in producing corn, as she has a lower opportunity cost of producing corn compared to wheat. This means that Sarah would be better off specializing in producing corn and trading with John for wheat.
By specializing in their comparative advantages and trading with one another, both John and Sarah can achieve a higher level of production and consumption than if they tried to produce everything themselves.
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marketing occurs when firms market to organizations that acquire goods and services in the production of other goods and services that are then sold or supplied to others. true or false?
Marketing occurs when firms market to organizations that acquire goods and services in the production of other goods and services that are then sold or supplied to others is true.
What is marketing?
Marketing is the process of creating, planning, implementing, and promoting ideas, goods, and services to meet the needs of customers with the aim of satisfying them and earning revenue for the organization. According to the definition, it is defined as the process of identifying and satisfying customer needs while also earning a profit. The first step in marketing is to recognize the need or requirement of the customer, then create and produce the product that fulfills the customer's requirement, and finally, to deliver the product or service to the customer.The marketing process is used to promote the product or service to potential customers in order to generate demand and increase sales. This process involves product pricing, promotion, distribution, and packaging, among other things. Marketing strategies are used to determine the best way to market a product or service in order to reach the target audience and achieve sales objectives. It is aimed at increasing the sales of the organization, and it aims to ensure that the product or service is readily available and accessible to the customers.Marketing to organizations that acquire goods and services in the production of other goods and services that are then sold or supplied to others is referred to as business-to-business (B2B) marketing. B2B marketing entails promoting goods or services to other companies rather than to end-users or consumers. This approach is employed by firms that produce goods and services for sale to other companies. Therefore, the statement "Marketing occurs when firms market to organizations that acquire goods and services in the production of other goods and services that are then sold or supplied to others" is true.
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how might a change in fixed costs affect the contribution margin?
A change in fixed costs affects the contribution margin. If the fixed costs decrease, the contribution margin increases, and vice versa. This happens because contribution margin is the difference between sales and variable costs.
The greater the contribution margin, the more money is left to cover fixed costs and generate profit. So, if fixed costs decrease, more revenue is available to cover these costs, and the contribution margin goes up. On the other hand, if fixed costs increase, less revenue is available to cover these costs, and the contribution margin goes down. In other words, a reduction in fixed costs would lead to an increase in the contribution margin, as the variable costs would be reduced.
As a result, a company would have a greater amount of funds available to cover its fixed costs, and generate a profit margin. The contribution margin is the difference between sales revenue and variable costs, where variable costs are the costs that vary with the level of production. It can be calculated using the formula: Contribution Margin = Sales Revenue - Variable Costs
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A manufacturer of Bluetooth headphones examines the historical demand of its product and learns that the average monthly demand is about 3,090 headphones but varies between 2,350 and 4,100 headphones. Each pair of the headphones has a retail price of $120 . The monthly fixed production cost ranges from $5,500 to $6,500 , with an average of $6,000 . The average variable cost of producing a pair of headphones is $35 , but because the manufacturing process is not fully automated, the variable cost may vary between $31 and $39 per pair. Develop a risk analysis model to answer the following questions. a. What is the monthly profit from the Bluetooth headphones for the most likely, pessimistic, and optimistic scenarios? b. The company notices that during the holiday season in December, the demand tends to be higher than in other months. Historically, the demand in December is about 3,578 pairs on average, but also ranges from 2,535 to 4,757 pairs. What is the December profit for the most likely, pessimistic, and optimistic scenarios?
a. Monthly profits, most likely scenario a.=$256,950, b.$297,530,
Pessimistic scenario a.$185,850 b. $200,785
Optimistic scenario, a. $363,500 b. $421,573
a. To determine the most likely, pessimistic, and optimistic scenarios for the monthly profit from the Bluetooth headphones, we need to calculate the profit for each scenario.
The formula for calculating profit is as follows:
Most likely scenario:
Monthly demand: 3,090, Retail price per unit: $120,
Fixed production cost: $6,000,
Variable cost per unit: $35,
Total revenue = 3,090 × $120 = $370,800,
Total cost = $6,000 + 3,090 × $35 = $113,850
Profit = $370,800 - $113,850 = $256,950
Pessimistic scenario:
Monthly demand: 2,350, Retail price per unit: $120, Fixed production cost: $6,500, Variable cost per unit: $39,
Total revenue = 2,350 × $120 = $282,000,
Total cost = $6,500 + 2,350 × $39 = $96,150
Profit = $282,000 - $96,150 = $185,850
Optimistic scenario:
Monthly demand: 4,100, Retail price per unit: $120,
Fixed production cost: $5,500,
Variable cost per unit: $31,
Total revenue = 4,100 × $120 = $492,000,
Total cost = $5,500 + 4,100 × $31 = $128,500
Profit = $492,000 - $128,500 = $363,500
b. To determine the most likely, pessimistic, and optimistic scenarios for the December profit from the Bluetooth headphones, we need to calculate the profit for each scenario using the demand for December.
Most likely scenario:
Monthly demand: 3,578, Retail price per unit: $120,
Fixed production cost: $6,000,
Variable cost per unit: $35,
Total revenue = 3,578 × $120 = $429,360,
Total cost = $6,000 + 3,578 × $35 = $131,830
Profit = $429,360 - $131,830 = $297,530
Pessimistic scenario:
Monthly demand: 2,535, Retail price per unit: $120,
Fixed production cost: $6,500,
Variable cost per unit: $39,
Total revenue = 2,535 × $120 = $304,200,
Total cost = $6,500 + 2,535 × $39 = $103,415
Profit = $304,200 - $103,415 = $200,785
Optimistic scenario:
Monthly demand: 4,757, Retail price per unit: $120,
Fixed production cost: $5,500,
Variable cost per unit: $31,
Total revenue = 4,757 × $120 = $570,840,
Total cost = $5,500 + 4,757 × $31 = $149,267
Profit = $570,840 - $149,267 = $421,573
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vesting rights refer to nonforfeitable rights to retirement benefits. question 4 options: true false
The statement "Vesting rights refer to nonforfeitable rights to retirement benefits" is true because it refers to the rights given to a worker that guarantee them access to a portion or all of their pension benefits.
The employees are entitled to their retirement benefits after the vesting period, regardless of whether they continue working for the company. When they resign or retire, they can claim their vested pension benefits.
Why is it significant to vesting rights?Vesting is essential since it guarantees that employees who spend their careers with a firm can receive a portion of their pensions when they retire. They don't lose everything if they don't stay with the company, as they would if there weren't vesting provisions.
Vesting provides long-term retirement security, ensuring that workers have some savings to supplement their Social Security income when they retire. Vesting has become increasingly important as workers have become more mobile and as the number of employer-sponsored pensions has declined.
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what was the effect of the great recession on the middle class? a. more middle class american found themselves richer. b. more middle class american found themselves poor. c. more middle class american found themselves with new job opportunities. d. more middle class americans were sent overseas.
the effect of the great recession on the middle class is b. more middle class American found themselves poor.
What was the Great Recession?The Great Recession was a global economic downturn that began in late 2007 and continued until mid-2009. It was triggered by a series of factors, including the collapse of the housing market, the subprime mortgage crisis, and the failure of many large financial institutions, such as Lehman Brothers.
The crisis quickly spread to other sectors of the economy, including manufacturing, services, and retail. As a result, millions of people around the world lost their jobs and were pushed into poverty.
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when writing an internal memo to her statistics research company about maintaining professional integrity, marissa reminds her employees to always use proper citations but to also protect their clients and themselves from issues by responses a. anonymizing and protecting data.
b. not considering the purpose and relevance of the data. c. synchronizing and protecting data. d. never disclosing the results of their data analysis.
Marissa aims to protect their clients and themselves from issues by anonymizing and protecting data. This is a practice of data anonymization in the business communication.
What is data anonymization?
Data anonymization, in the business communication, is the process of protecting sensitive or private information by removing or encoding identifiers that connect specific people to the data that is being stored. It is done to maintain the validity of the information gathered and shared while protecting an individual's or company's private behaviour.
One method that businesses can utilise to comply with stringent data privacy laws that demand the security of personally identifiable information (PII), such as medical records, contact information, and financial information, is data anonymization.
Attackers can employ de-anonymization techniques to track back the process of data anonymization even after the identifiers' data has been cleared.
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What happens when the Federal Reserve increases the interest rate on bank deposits?
When Federal Reserve increases the interest rate on bank deposits, it becomes more expensive for banks to borrow money from the Federal Reserve.
What is a Federal Reserve?The Federal Reserve, commonly referred to as the "Fed," is the central bank of the United States. It was created in 1913 to provide the nation with a more stable and flexible monetary and financial system. The Fed's primary responsibilities include regulating and supervising banks, conducting monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates, and providing financial services to the U.S. government, banks, and foreign official institutions. The Fed is also responsible for maintaining the stability of the financial system and responding to financial crises. The Fed operates independently of the federal government and is overseen by a Board of Governors appointed by the President and confirmed by the Senate.
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Jill is writing a business plan for a small home based operation. If well written, the business plan will assist her in determining ifa. the business aligns with personal goals.
b. an investor would be a perfect fit for the proposed company.
c. suppliers can be found for the operation.
d. outsiders can be made into insiders.
Writing a well-crafted business plan for her small home-based operation will aid Jill in evaluating whether the business is aligned with her personal goals. Thus, Option A is correct.
What is a Business Plan?A business plan is a formal document that describes in detail the nature of the business, the sales and marketing strategy, and the financial background. It includes an executive summary, a company summary, a products or services overview, a market analysis, a strategy, a management summary, and a financial plan. Business plans are created as a way for businesses to outline their goals and objectives, as well as how they plan to achieve them.
Business plans are also a way to attract investors or potential partners. In this question, Jill is writing a business plan for a small home-based operation. If well written, the business plan will assist her in determining if the business aligns with personal goals. Therefore, option A is correct, as a business plan can help her determine if the business aligns with her personal goals.
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on april 25, foreman electric installs wiring in a new home for $3,500 on account. however, on april 27, foreman’s electrical work does not pass inspection, and foreman grants the customer an allowance of $600 because of the problem. the customer makes full payment of the balance owed, excluding the allowance, on april 30.1. Record the Journal entries for the above information2. calculate net revenue associated with these transactions
On April 25, Foreman Electric installs wiring in a new home for $3,500 on account.
On the same day, a journal entry of Debit Accounts Receivable and Credit Service Revenue is recorded. On April 27, Foreman’s electrical work does not pass inspection and Foreman grants the customer an allowance of $600 because of the problem. This is recorded as a Debit Allowance for Uncollectible Accounts and Credit Accounts Receivable. On April 30, the customer makes full payment of the balance owed, excluding the allowance, and a journal entry of Debit Cash and Credit Accounts Receivable is recorded. The net revenue associated with these transactions is $2,900 ($3,500 less $600).
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As with all financial decisions, a firm should try to set a capital structure that maximzes the stock price, or shareholder value. This is called the optimal capital strucutre; it is also the debt-equity mix that:a. Maximizes the WACCb. Maxmizes the net incomec. maximizes the dividendsd. Minimizes the WACC
The optimal capital structure; it is also the debt-equity mix that minimizes the WACC. Therefore, option D is the correct answer.
In finance, the optimal capital structure is the one that produces the highest weighted average cost of capital (WACC). The WACC is the weighted average of the cost of equity and the cost of debt.
Thus, the optimal capital structure is determined by the company's mix of debt and equity financing that produces the lowest WACC. The WACC is a reflection of the total cost of capital, which is the total amount a company pays to acquire and maintain its financing resources.
It includes both the cost of equity and the cost of debt, and it considers the interest rates, the company's tax rate, and other factors.
The optimal capital structure is crucial since it provides a framework for a company to use debt and equity financing to increase profits and value for shareholders. Therefore, option D is the correct answer.
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true or false unless specific sales criteria are met, the factoring of accounts receivable with recourse is accounted for as a loan.
Unless specific sales criteria are met, the factoring of accounts receivable with recourse is accounted for as a loan is a true statement.
Factoring of accounts receivable is an alternative financing method in which an enterprise sells its accounts receivable to a third party at a discount. Factoring with recourse is accounted for as a loan when specific sales criteria are not met.
The buyer agrees to accept the credit risk of the accounts receivable as part of the factoring contract, which means that the seller is liable to the buyer for any losses that occur as a result of unpaid accounts. As a result, factoring with recourse is accounted for as a loan.
Therefore, the statement "Unless specific sales criteria are met, the factoring of accounts receivable with recourse is accounted for as a loan" is correct.
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the price of a preferred stock is $42. it pays a dividend of $5. calculate the required return: correct answer 11.9% you answered 8.4% 0.119% 8%
The required return for a preferred stock with price $42 and dividend $5 is 11.9%. Hence, the correct option is A.
Preferred stock are types of stock equity that represents an ownership in a company as well as the right to claim income from the company's operations. Preferred stockholders have a higher claim on distributions (e.g. dividends) than common stockholders.
The required return for a preferred stock is calculated by dividing the dividend by the stock price.
In this case, the stock price of the preferred stock is $42 and dividend paid is $5.
Hence, the required return is calculated as:
Required return = Dividend / Stock Price
Required return = $5 / $42
Required return = 0.119 or 11.9%
Therefore, the required return of the preferred stock is 11.9%. Hence, option A is correct.
Note: The question is incomplete. The complete question probably is: The price of a preferred stock is $42. It pays a dividend of $5. Calculate the required return: A) 11.9% B) 8% C) 0.119% D) 8.4%.
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as part of the assessment of control risk, the auditor decided to use audit sampling. after specifying the audit objectives, what would the auditor most likely do next?
In order to assess control risk, the auditor has decided to use audit sampling. After specifying the audit objectives, the auditor will most likely next define the population from which the sample is to be selected, select the sample from that population, and then evaluate the results of the sample.
Control Risk:As part of the assessment of control risk, the auditor decided to use audit sampling. After specifying the audit objectives, the auditor most likely determines the sample size and selects the sample. Whenever audit sampling is utilized, the auditor should specify the audit objectives for the sample being selected. The objectives provide criteria for the evaluation of sample outcomes, and they determine the sample size and sample characteristics.
The sample should be representative of the population being sampled, and the sample's characteristics should be consistent with the audit objectives.
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With reference to the Big Five Model, which of the following is a difference between highly agreeable and less agreeable people?
A) Highly agreeable people tend to do better in interpersonally oriented jobs than less agreeable people.
B) Highly agreeable people are less compliant and less rule abiding than less agreeable people.
C) Highly agreeable people tend to be less satisfied in their jobs than less agreeable people.
D) Highly agreeable people engage in less organization citizenship behavior than less agreeable people.
E) Highly agreeable people have more tendency to engage in organizational deviance than less agreeable people.
According to the Big Five Model, the difference between highly agreeable and less agreeable people is that highly agreeable people tend to do better in interpersonally oriented jobs than less agreeable people. Therefore, option A is correct.
The Big Five model refers to personality traits that help distinguish individuals based on their personality characteristics. The five major personality dimensions in the Big Five Model are openness, conscientiousness, extraversion, agreeableness, and neuroticism.
Highly agreeable people tend to do better in interpersonally oriented jobs than less agreeable people is the difference between highly agreeable and less agreeable people with reference to the Big Five Model.Highly agreeable people are usually compassionate, cooperative, and affectionate. They are typically sympathetic and friendly toward others. They are agreeable and strive to build interpersonal relationships. In general, these individuals are less likely to cause conflict and are less aggressive.
Less agreeable people, on the other hand, may be hostile, confrontational, and uncooperative. They are not as concerned with interpersonal relationships and are more self-centered. They are not as collaborative as agreeable individuals and may cause conflict with others.Thus, it is clear that highly agreeable people tend to do better in interpersonally oriented jobs than less agreeable people. This is because they are better at building and maintaining relationships with others, which is crucial in interpersonal professions such as customer service or sales.
Hence, option A is correct.
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Organizations often use surveys to determine how their employees feel about proposed changes before they happen. These surveys are distributed in the _________ part of the change process.
a. change
b. unfreezing
c. refreezing
Organizations often use surveys to determine how their employees feel about proposed changes before they happen. These surveys are distributed in the unfreezing part of the change process. The correct answer is option b.
What is Unfreezing in Change Management?In the change management process, unfreezing is the initial phase. It involves getting individuals to understand why a change is necessary and begin to make plans to adjust to the new environment. This stage entails preparing the company for change, assessing the degree of change that must occur, and deciding which behaviors and actions should be modified in order to accomplish the objectives.The purpose of the unfreezing phase is to identify the changes that must be made and to explain why they are necessary. This step should include the creation of a sense of urgency among employees so that they will be more receptive to the forthcoming changes. If people are resistant to change, it is vital to communicate with them and make them aware of the need for change.
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Kingbird, Inc. Iras an opening balance in its supplies account of $2740 and purchases $3420 of supplies during the year. A year-end physical count'shows $3190 in supplies inventory. Which is the appropriate journal entry at year end? O Dr Supplies $3420 Cr Cash $3420 O Dr Supplies $2970 Cr Supplies Expense $2970 O Dr Supplies Expense $3190 Cr Supplies $3190 O Dr Supplies Expense $2970 Cr Supplies $2970
The appropriate journal entry at year end would be:
Dr. Supplies Expense $3230, Cr. Supplies $3230
A supplies account is an accounting account used to track the cost of supplies, materials, and other consumables used in a business or organization.
It is used to record the initial balance of supplies, purchases of supplies during the year, and any adjustments made for ending inventory of supplies.
The supplies account was opened with a balance of $2740 and $3420 was purchased during the year. Therefore, the total amount of supplies available during the year was $6160 ($2740 + $3420).
However, the year-end physical count shows only $3190 in supplies inventory. This means that $2970 ($6160 - $3190) of supplies were used during the year.
Therefore, the appropriate journal entry at year end would be to debit Supplies Expense for $2970 and credit Supplies for $2970.
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In the context of entrepreneurial orientation, an organization with a tendency of _____ grants individuals and teams the freedom to exercise their creativity, champion promising ideas, and carry them through to completion.
Multiple Choice
innovativeness
competitive aggressiveness
proactiveness
independent action
risk taking
In the context of entrepreneurial orientation, an organization with a tendency for innovativeness grants individuals and teams the freedom to exercise their creativity, champion promising ideas, and carry them through to completion.
What is entrepreneurial orientation?
Entrepreneurial orientation refers to a firm's strategic practices and the extent to which they relate to entrepreneurship. It is often regarded as a characteristic of company culture, with numerous components that can influence how a company approaches new ventures and innovation.
It involves a set of behavioral qualities that include innovation, risk-taking, proactiveness, autonomy, and competitive aggressiveness, among others. It is frequently associated with the development of new products, services, and technologies and is regarded as a key determinant of company success. It can be seen as an approach that encourages firms to be more innovative, to take risks, and to be proactive in their decision-making.
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A portable hair dryer on the conducts 15-5/8 amperes (1875 watts). What is the effective resistance of the heating element and motor? Assume the 12.5 amperes flows through the heating element, what is the effective resistance of the heating element? How much is the effective resistance of the motor. Note the motor can operate independently of the heating element as a cool down setting.
The effective resistance of the heating element is 0.833 Ohms while the effective resistance of the motor is 1.146 Ohms when a portable hair dryer conducts 15-5/8 amperes (1875 watts).
Current through heating element = 12.5 amperes
Current through motor = (15-5/8) - 12.5 = 3.125 amperes
Power consumption = 1875 watts
Power = Current × Voltage
Where Voltage is constant (V= 120 V)
Resistance = Voltage / Current
A heating element has a power of P = 1875 W and a current of 12.5 A.
Resistance of heating element = Voltage / Current= 120 / 12.5= 9.6 Ohms
The power of the motor (independent operation) is:
P = 1875 W - P_heating element = 1875 W - 12.5 A × 120 V = 1575 W
The current is i = 3.125 A.
Resistance of motor = Voltage / Current= 120 / 3.125= 38.4 Ohms
Effective resistance, however, should take into account the effect of internal resistance.
Effective resistance = Voltage / Total current
The effective resistance of the heating element and motorEffective resistance = 120 / 15-5/8 = 120 / 15.625= 7.68 Ohms
The effective resistance of the heating element
Effective resistance = Voltage / Current= 120 / 12.5= 9.6 Ohms
Effective resistance = Voltage / Current= 120 / 3.125= 38.4 Ohms
The effective resistance of the heating element is 0.833 Ohms while the effective resistance of the motor is 1.146 Ohms.
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accounts payable, accrued expenses, 2-year notes payable, and 90-day notes are all short-term liabilities. true false
The statement "Accounts payable, accrued expenses, 2-year notes payable, and 90-day notes are all short-term liabilities" is true. Short-term liabilities are defined as liabilities that are expected to be paid within one year, or within the operating cycle of the business (whichever is longer).
Accounts payable are defined as the amount of money a company owes its suppliers for goods or services received on credit. These are typically due within 30 days and are considered short-term liabilities.
Accrued expenses are expenses that have been incurred but have not yet been paid. These can include salaries, rent, interest, and taxes. These are also considered short-term liabilities because they are typically due within a few weeks.
2-year notes payable are liabilities that are due in two years. However, since they are short-term liabilities, they can also be paid earlier than two years. As such, they are considered short-term liabilities.
90-day notes payable are liabilities that are due within 90 days. As such, these are considered short-term liabilities as well. In conclusion, the statement "Accounts payable, accrued expenses, 2-year notes payable, and 90-day notes are all short-term liabilities" is true.
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Indicate whether each statement best describes the allowance method or the direct write-off method. Method List 1. Does not predict bad debts expense. 2. Accounts receivable on the balance sheet is reported at net realizable value. 3. The write-off of a specific account does not affect net income. 4. When an account is written off, the debit is to Bad Debts Expense. Usually does not best match sales and expenses because bad debts expense is not recorded until an account becomes uncollectible, which usually occurs in a period after the credit sale 6. Estimates bad debts expense related to the sales recorded in that period.
1. Direct - No estimation are made and bad debt expense are charged when an account is written-off.
The answers are mentioned below.
What is debt expense?Debt expense is the amount of interest that a business pays on any outstanding debt liabilities on its balance sheet. This can include any interest payments on short-term loans, long-term loans, bonds, and other debt instruments. Generally, debt expenses are recorded as an expense on the income statement, reducing the overall net income of the business.
2. Allowance - Account receivable is reported as Total - Allowance = Net
3. Allowance - The amount charged from receivable hits allowance account not income statement
4. Direct - The amount hits Income Statement
5. Direct - Sales is recorded in period of sales while Bad-debt is recorded when it is confirmed that it is bad
6. Allowance - It requires estimation of bad debt expenses
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an accounting information system (ais) must include certain source documents in order to control purchasing and accounts payable. for a manufacturing organization, the best set of documents should include
In an accounting information system (AIS), certain source documents must be included in order to control purchasing and accounts payable. For a manufacturing organization, the best set of documents would include the following purchase requisition, purchase order, and receiving report invoice.
1. Purchase requisition: The request for materials or goods that will be needed for production is known as a purchase requisition. It's normally generated by the purchasing department or a department that has been approved to make purchases.
2. Purchase order: The document that authorizes the supplier to deliver the goods and the terms under which the delivery will take place is known as a purchase order. It's generally sent to the vendor following the creation of the purchase requisition.
3. Receiving report: When products are delivered, a receiving report is created. It identifies the receipt of goods and serves as evidence that the goods were received in the proper condition and amount.4. Invoice:Finally, the vendor will send an invoice after the goods have been delivered. It includes the details of the order, as well as the total sum due for the products. This is utilized by the accounting department to record the bill in the accounting system.
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When reporting on a nonissuer's internal control over financial reporting in a separate report, a practitioner should include a paragraph that describes the
A.
Documentary evidence regarding the control environment factors.
B.
Changes in the internal control structure since the prior report.
C.
The practitioner's responsibility to detect material misstatements in account balances.
D.
The criteria against which the internal control was measured.
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When reporting on a nonissuer's internal control over financial reporting in a separate report, a practitioner should include a paragraph that describes the criteria against which the internal control was measured. The correct answer is option D, the criteria against which the internal control was measured.
When a practitioner is reporting on a nonissuer's internal control over financial reporting in a separate report, they should include a paragraph that describes the criteria against which the internal control was measured. Criteria are the measures or standards used to assess the nonissuer's internal control over financial reporting by the practitioner. The criteria are necessary to ensure that the internal control system is reliable and effective.
The practitioner must identify the criteria they used to assess the effectiveness of the nonissuer's internal control over financial reporting. The paragraph describing the criteria should also highlight the fact that the criteria are being used to assess the system's effectiveness and determine whether there are any material misstatements in the account balances. As a result, option D is the correct answer to the question.
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When the bicycle manufacturer Trek determined that some consumers use bikes for green transportation whereas others use them for a hobby, it was most likely assessing the _____ of its bicycles to consumers. -brand equity -associated services -brand awareness -core customer value -physical characteristics
"When the bicycle manufacturer Trek determined that some consumers use bikes for green transportation whereas others use them for a hobby, it was most likely assessing the core customer values of its bicycles to consumers." Option D is correct.
Trek's assessment of its consumers' values indicates that the company is trying to understand the underlying motivations behind their customers' purchase decisions. By recognizing that some customers value bicycles as a means of environmentally friendly transportation, while others see them as a hobby or leisure activity, Trek can tailor its marketing efforts and product offerings to better appeal to these distinct customer segments.
This segmentation strategy can help Trek target the specific needs and desires of each customer group and ultimately improve customer satisfaction and loyalty. Based on this explanation, Option D is correct.
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If the government imposes a ceiling price on apartment rents, we would expect to observe all of the following except one. Which is the exception?
A. Conversion of some apartment complexes to condos
B. A shortage
C. An increase in the number of new apartment complexes being built
D. Lower maintenance of existing apartments
E. Long waiting lists for apartment seekers supply; movement along the supply curve both cause shortages.
If the government imposes a ceiling price on apartment rents, we would not expect "an increase in the number of new apartment complexes being built". Option C is the correct answer.
A price ceiling is a government-imposed limit on how high a price can be charged for a product. A price ceiling is set below the equilibrium price, resulting in a shortage of goods or services at the stated price. A price ceiling may be imposed on a variety of goods and services by the government to ensure that a large number of people can afford to access the said good or service. The government would rather spend money to give everyone access to it than allowing individuals to buy it for themselves.
As per the given case, if the government imposes a ceiling price on apartment rents, we would not expect an increase in the number of new apartment complexes being built.
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When the owners of Crepes a la Nana arrive at the brunch they were booked to cater, they are greeted by an angry customer. He claims they are late, but MaryAnn insists they are on time. Nana, not wanting to focus on who is right or wrong, steps in to communicate a new plan. Which rule of service recovery is Nana demonstrating?Fix the customer's problem—act fast and take ownership.Fix the customer's problem—treat customers with respect.Fix the customer's problem—compensate the customer appropriately.Fix the company's problem: make sure it does what it says it will actually do
Nana is demonstrating the rule of service recovery to "Fix the customer's problem—act fast and take ownership." Instead of focusing on who is right or wrong,
What is the rule of service recovery about?The rule of service recovery is a set of guidelines that businesses use to handle customer complaints or problems.
The goal of service recovery is to address customer concerns in a way that turns a negative experience into a positive one.
Therefore, Nana takes immediate action to communicate a new plan that will resolve the customer's issue and ensure the brunch is successful. By doing so, Nana demonstrates a willingness to take ownership of the situation and quickly address the customer's concerns.
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xyz is an annual bond that pays a coupon rate of 4%. what payment would you expect to receive every year?
If xyz is an annual bond that pays a coupon rate of 4%, the payment that you would expect to receive every year would depend on the: face value of the bond.
The face value is the amount that the bondholder will receive upon maturity.
To calculate the annual payment, you would need to multiply the face value of the bond by the coupon rate. This would give you the annual interest payment that the bondholder would receive.
The formula to calculate the annual payment is:
Annual payment = Face value x Coupon rate
For example, if the face value of the bond is $1000, and the coupon rate is 4%,
the annual payment would be:
Annual payment = $1000 x 0.04
Annual payment = $40
Therefore, you would expect to receive $40 every year as the payment for the bond.
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