The accounting error that has been committed is the error of principle by treating $400000 as capital expenditure.
What is an accounting error?It should be noted that an accounting error simply means an error in account that wasn't intentional.
The effect this error include:
Understatement of expenses.Overstatement of depreciation.Overstatement of assets.In this case, the financial position of the company won't reflect a true and fair view of the position of the company.
In conclusion, in order to rectify the error, the ordinary repair should be treated as revenue.
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imagine you held one bitcoin that had increased in value from $30,000 to $40,000 in the span of a year. this would mean that your money holdings would have increased by $10,000. is this statement true or false?
The statement about the money holdings of a person being increased by $100,000 is:
False, because the bitcoin is an investment and not a money holding.This refers to the assets which are held in cash and ready to be used.
Hence, we note that there are 3 functions of money which includes functioning as:
A store of valueUnit of accountMedium of exchange.With this, we can state that the statement is false because the bitcoin is an investment and not a money holding.
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The sales representative for a manufacturer of a new product claims that the product will increase output per machine by at least 29 units per hour. A line manager installs the product on 15 of the machines, and finds that the average increase was only 26 with a standard deviation of 6.2. What are the appropriate null and alternative hypotheses?
The null and the alternative hypothesis will be u = 29 and H1: u > 29.
What is a null hypothesis?A null hypothesis simply means the hypothesis that propose that there's no difference between the characteristics in the population.
In this case, the null and the alternative hypothesis will be u = 29 and H1: u > 29.
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You are the chief information officer (CIO) of your company. Write a post that details a scenario in which you would choose to conduct an information systems (IS) audit for your company. Be sure to explain how the different IS departments would be affected by this audit.
Answer:
1 Agree on goals. Include all stakeholders in discussions of what should be achieved with the audit.
2 Define the scope of the audit.
3 Conduct the audit and identify threats.
4 Evaluate security and risks.
5 Determine the needed controls.
Explanation:
please mark me as brainlist
The data that organization has an abundance of is vulnerable to various cyber threats, and because even a minor misuse of data can result in significant client loss.
What is cyber threats?Any circumstance or event that has the potential to harm organizational operations, assets, individuals, other organizations.
The Nation via a system through unauthorized access, destruction, disclosure, modification of information, and denial of service.
some kinds of cyber threats are Malware, Ransomware, Distributed denial of service attacks, Spam and Phishing, Corporate Account, Takeover and Automated Teller Machine.
Thus, the data that company has many cyber threats, due to misuse of the data can be faced by the person.
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Lisette is the owner of a bakery that earns zero economic profit. Last year, her total revenue was $145,000, her rent was $12,000, her labor costs were $65,000, and her overhead expenses were $25,000. From this information, we know that her explicit costs were ________.
a. $80,000
b. $92,000
c. $102,000
d. $77,000
e. $53,000
Inflationary periods are known
for their general increase in
prices. What is the technical
definition for inflation?
A. A general increase in the price of
internationally traded goods and services.
B. A general increase in the price of
investments made by the government.
C. A general increase in the price of all goods
and services.
Answer:
C
Explanation:
A general increase in pretty much everything. :)
1.Yegnaw company produces and sells two types of yoga - training products: how to videotapes and a basic equipment set (blocks, strap, and small pillows). Last year, yegnaw sold 14,500 videos and 7,250 equipment sets. Information on the two products is as follows:
Videos set
Equipment
Price
Br 17.14
Br 21.75
Variable cost per unit
5.80
8.70
Total fixed costs are Br 101,500.
(a) and (b) The computation of the break-even units for each product of Yegnaw Company is as follows:
Videos set Equipment
Break-even point (units) 14,097 21,324
What is the break-even point?The break-even point is an accounting term that shows that total revenue equals total expenses of Yegnaw Company.
The break-even point is the point at which the company does not make a profit or loss but the total revenues equal total variable and fixed costs.
It is computed as the fixed cost divided by the contribution margin. For multiple products, the break-even point can be computed by weighting the contribution margin as follows:
Data and Calculations:Videos set Equipment
Quantity sold 14,500 7,250
Price Br 17.14 Br 21.75
Variable cost per unit 5.80 8.70
Contribution margin per unit Br 11.34 Br 13.05
Total contribution margin Br 164,430 Br 94,612.50 (Br 13.05 x 7,250)
Total contribution margin for 2 products = Br 259,042.50
Weighted average contribution ratio 63.5% 36.5% (Br94,612.50/Br 259,042.50 x 100)
Weighted average contribution margin
per unit Br 7.20 (Br 11.34 x 63.5%) Br 4.76 (Br. 13.05 x 36.5%)
Total fixed costs = Br 101,500
Videos set Equipment
Fixed costs = Br 101,500
Weighted average contribution margin Br. 7.20 Br. 4.76
Break-even point (units) 14,097 21,324
(Br 101,500/Br 7.20) (Br 101,500/Br 4.76)
= Fixed costs/Weighted average contribution margin per unit
Question Completion:Compute the break-even quantity of each product.
a. Break-even DVDs
c. Break-even equipment sets
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Do you think the media has a responsibility to teach young boys how to become men?
Answer:
No, but they will still consider it as their responsibility to teach a young boy how to become the "perfect" person, thus creating pressure and stress to become a man that will fit in society.
Explanation:
Let's say you are ordering food for your wedding reception, and you sent out 150 invitations. Everyone RSVP'd, with120 people saying they would attend. You know however that not everyone who RSVP'd will actually show up; there are always, always, always some no-shows (at least from the question-writers experience). Thus you expect to need 100 meals. But just to be safe, you plan to order 110 meals, estimating this is a 90% service level (accepting a 10% probability you'll run out). You discuss this with your fiance who is adamant about increasing your service level to 99%.
Required:
How many meals should you order for a 99% service level?
The number of meals to order for a 99% service level is 121 meals.
What is the service level?The service level is the percentage of services that can be provided to guests or customers on a given occasion or within a given period.
It can also describe the percentage of meals that a host estimates to serve her guests at a party.
Data and Calculations:Number of invitations sent out = 150
Number of RSVPs received = 120
Expected number of meals to serve = 100
The safety level of meals to serve = 110
The estimated service level at 110 meals = 90%
The Fiancé's estimated service level to attain = 99%
The number of meals to order for a 99% service level is 121 meals (110/90% x 99%).
Thus, the meals that you should order for a 99% service level is 121 meals.
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what are special features associated with syndicated lending?
Answer :
Because numerous lenders participate to a syndicated loan, the loan can be arranged into various forms of loans and securities. Varied loan kinds have different interest rates, such as fixed and adjustable rates. It is the polar opposite of a fixed rate, giving the borrower additional flexibility.
There is no separate agreement between a bank and a borrower. There used to be no uncertainty. The contract usually lasts between three and fifteen years. Loan syndication has a low risk factor.
I hope this helps.
The adjusting entry for accrued interest on a note receivable would include a __________ to __________.
a. debit; Cash
b. debit; Interest Expense
c. credit; Interest Revenue
d. debit; Notes Receivable
The allowance for doubtful accounts is reported as a(n) __________ on the balance sheet.
a. addition to accounts receivable
b. deduction from accounts receivable
c. addition to notes receivable
d. deduction from trading investments
when a company ensures that its products will not cause personal injury when used, the company is demonstrating particular consideration to which stakeholder
By ensuring that its products will not cause personal injury when used, the company is showing special consideration to consumers.
What is product liability?It constitutes the set of legal rules on the liability of the manufacturer or seller for defective or dangerous products for the consumer, extending the liability to all sellers in the distribution chain.
Therefore, product liability corresponds to consumer protection over the use of products that are safe and reliable for use.
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Can a company become successful without considering the environment?
Financial data for Greene Company follows:
Description Amount
Sales $825,000
Accounts receivable:
Beginning of year 75,000
End of year 87,000
Net income 1,500,000
What is Greene Company's accounts receivable turnover?
a. 1.9
b. 5.1
c. 9.3
d. 10.2
The accounts receivable turnover is 10.2 for Greene Company. Thus, the correct answer is option D.
What is accounts receivable turnover?The accounts receivable turnover ratio calculates how frequently a company collects its average accounts receivable balance. It measures a company's efficiency in collecting outstanding client balances and managing its line of credit process.
We know that, Account receivable turnover is
= Sales ÷ average accounts receivable
So, sales, and average accounts receivable is considered
The account receivable turnover ratio is
Average receivable is = ($75,000 + $87,000) ÷ 2 = $81,000
So, the Account receivable turnover ratio is
= $825,000 ÷ $81,000
= 10.20 times
Therefore, 10.2 is the Greene Company's accounts receivable turnover ratio.
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1. The accounts receivable turnover is computed as __________ divided by __________.
a. sales; accounts receivable
b. sales; average accounts receivable
c. sales; net income
d. accounts receivable; net income
Valley Designs issued a 90-day, 9% note for $42,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest.
1. Determine the due date of the note.
a. July 9
b. July 10
c. July 21
d. July 30
2.. Determine the maturity value of the note.
$______________
Answer:
1. July 21
2. $42,945
Explanation:
April 22 Start leaves 8 days left, and following the months would be like this:
8(April) + 31(May) + 30(June) + 31(July) = 100 days
Now because we only need 90 days in the period, we subtract the last 10 days off of July 31
31(July) - 10 days (July) = July 21
Maturity value = face amount (42,000) + interest (42,000 x 0.09 x 90 / 360)
42,000 + 945 = $42,945
Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $154,870).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $608).
c. Sold merchandise (costing $9,180) to a customer on account with terms n/30.
d. Collected half of the balance owed by the customer in (c).
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,140
f. Anticipate further returns of merchandise (costing $204) after month-end from sales made during the month.
Required:
Compute Net Sales and Gross Profit for Handy Howard.
Based on the various transactions by Handy Howard's Incorporated, the Net Sales and Gross Profit are $294,270 and $133,040 respectively.
What are the Net Sales?This can be found as:
= Sales revenue - Sales returns and allowance
Solving gives:
= 276,700 (revenue) + 21,000 (revenue) - 1,610 (returns) - 1,820 (allowance)
= $294,270
What is the Gross Profit?This is found as:
= Net sales - Cost of goods sold
Cost of goods sold:
= 152,590 + 9,450 - 810
= $161,230
Gross profit:
= 294,270 - 161,230
= $133,040
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Describing what is the X axis?
Answer:
the principal or horizontal axis of a system of coordinates, points along which have a value of zero for all other coordinates. -dictonary
In 2015, a massive earthquake hit Nepal, destroying roads and buildings, and killing thousands of people.
What impact would you predict such a natural disaster to have on the U.S. economy in the short run? Drag the appropriate curve to show the impact on the graph.
Earthquake will have a negative effect on the US economy.
What is Earthquake?This is defined as the shaking of the ground caused by movement of the Earth's crust.
This will lead to destruction of structures, properties and loss of lives thereby requiring additional money allocated to rebuild them which has a negative impact on the economy as more costs will be allocated.
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Describe five reasons people resist change at work place
Answer:
Loss of status or job security in the organization. ...
(2) Poorly aligned (non-reinforcing) reward systems. ...
(3) Surprise and fear of the unknown. ...
(4) Peer pressure. ...
(5) Climate of mistrust. ...
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$1,230
Accounts Receivable
910
Supplies
360
Prepaid Insurance
1,260
Equipment
1,200
Accumulated Depreciation—Equipment
$40
Accounts Payable
80
Salaries and Wages Payable
58
Interest Payable
15
Unearned Service Revenue
310
Notes Payable
2,100
Owner’s Capital
830
Owner’s Drawings
520
Service Revenue
4,623
Salaries and Wages Expense
1,046
Utilities Expense
130
Advertising Expense
170
Supplies Expense
1,065
Depreciation Expense
40
Insurance Expense
110
Interest Expense
15
$8,056
$8,056
Using the information in the adjusted trial balance, do the following.
(a1)
Prepare an income statement for the 2 months ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
COOKIE CREATIONS
Income Statement
choose the accounting period
select an opening name for section one
enter an income statement item
$enter a dollar amount
select an opening name for section two
enter an income statement item
$enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for section two
enter a total amount for section two
select a closing name for this statement
$enter a total net income or loss amount
eTextbook and MediaAssistance Used
eTextbook 1
eTextbook 2
List of Accounts
Attempts: 0 of 3 used
(a2)
(a3)
(b)
(c)
The income statement for the 2 months ended December 31, 2021 is $2,047.
Income statementRevenue:
Service revenue (A) 4,623
Operating expenses:
Add: Salaries and wages expense 1,046
Add: Utilities expense 130
Add: Advertising expense 170
Add: Supplies expense 1,065
Add: Depreciation expense 40
Add: Insurance expense 110
Total operating expenses (B) 2,561
Operating income (C = A - B) 2,062
(4,623-2,561)
Less: Interest expense 15
Net income $2,047
Inconclusion the income statement for the 2 months ended December 31, 2021 is $2,047.
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Monetarists believe an increase in the
money supply will have what effect on
economic growth?
Answer:
According to monetarism, variations in the money supply will affect price levels over the long term and economic output in the short term. A change in the money supply, therefore, will directly determine prices, production, and employment.
Explanation:
Which example best explains the concept of government failure?
A. a failure of governments to meet budgetary needs
B. when government decisions lead to inefficient outcomes
C. the situation in which rebels overtake an established government
D. cessation of government business due to lack of funding
Answer:
D
Explanation:
The best justify the statement was the concept of government failure is cessation of government business due to lack of funding. Thus, option (d) is correct.
What is government?
The term "government" refers to a legal responsibility or system that is managed and directed by an office, public sector, country, or state. the government imposed the law. The government is keeping a close eye on the public's actions. The government imposed the taxes and laws.
The government are the fail to the main reasons such as economic improper budgeting. The government are the sometimes not performing well in the period of the crises. On the another causes was the corruption. Due to the lack of improper money as the business not run as the reason was the funding.
As a result, the government failure in example cessation of government business due to lack of funding. Therefore, option (d) is correct.
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Which of the following accounts is used only with the allowance method of accounting for uncollectible accounts receivable?
a. Accounts Receivable
b. Bad Debt Expense
c. Allowance for Doubtful Accounts
d. Cash
What did Apple and other publishers seek to do?
Answer:
they wanted to eliminate prices
Explanation:
hope this helped :)
Answer:
They sought to eliminate price competition on the sale of e-books.
Explanation:Plato
Your employer has a legal responsibility to protect you from legal penalties in the event you serve alcohol illegally. TRUE OR FALSE
It can be deduced that an employer has a legal responsibility to protect an employee legal penalties in the event that alcohol is served. Therefore, it's true.
Who is an employer?An employer simply means an individual who manages people and own a business.
An employer has a legal responsibility to protect an employee legal penalties in the event that alcohol is served. There's no way one can be held liable if the person makes reasonable effort t prevent illegal alcohol service.
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From the choices, please select the major factors that result in government failure.
Choice 1: The United States uses a graduated tax system.
Choice 2: Production decisions are often made independently of government oversight.
Choice 3: Public choices involve many actors with their own economic objectives.
Choice 4: Correctly diagnosing the cause of a market failure is difficult.
Choice 5: Politicians often want to keep constituents happy more than they want to correct market failures.
Answer:
I think right answer is 5 number
The major factors that resulted in the government failure are given as follows:
Decisions related to production with no government interventionThe choices made by the public include many factors as per the economic objectives.Political leaders focus more on making the voters happier and ignores the market failures.Second, third and fifth are the correct choices.
What is a government failure?A government failure arises when the interference made by government resulted in the uneconomical and inefficient allocation of goods or services.
The factors that lead to failure on the part of the government are as follows:
When the production related matters are taken by businesses on their own and without intervention of government, then it leads to uneven distribution of goods or services as well as wastage of resources.Many factors affect the choices being taken by public and if the government fails in taking those decisions, then it might worsen the economic scenario.The government always gives more priority to their voters by providing them the needed facilities and ignored the failures of market. This will might lead to inflation in the country.Therefore, apart from first and fourth choice, the rest of the options are considered to be the factors in creating government failure.
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what is amazon company?
Answer:
Amazon is a company known for many things such as delivery, shopping online, videos (Amazon Prime), and other things of the such.
Explanation:
You are more than likely to see an Amazon delivery truck delivering you or your neighbors some packages!
Your calendar year company places the following order on December 27. Indicate which of the order will be reflected on this year’s financial statements.
The order that will be shown on this year’s financial statements is Goods shipped December 28, FOB shipping point and received January 2.
What is a calendar year?A calendar year is known to be a one-year timeframe. It is one that often starts on January 1 and must ends on December 31.
This calendar year is popularly known as the civil year as it is made up of the full 365 days or 366 for a leap year. It is used by firms for business, personal, and administrative events.
The order that will be reflected on this year’s financial statements is Goods shipped December 28, FOB shipping point and received January 2 because only this one among the options have spillover from the previous year to this year.
See full question below
Your calendar year company places the following orders on December 27. Indicate which of the orders will be reflected on this year’s financial statements.
Goods shipped December 28, FOB shipping point and received January
Goods shipped December 27, FOB destination and received January
Goods shipped January 2, FOB shipping point and received January 3.
Goods shipped FOB destination December 28 and received December 30.
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Suppose there is a bond that matures in two years with a coupon rate of 10% each year. Given that the principal of the bond is $3,000, and the economy interest rate is 2%, what is the present value of this bond?
Answer:
3.466 I'm not sure , may it 's true or false