Answers
The type of market that includes the banking industry and investments like stocks and bonds is the B. Financial market.
What is the financial market ?A platform where financial securities, commodities and other items of value are being traded by individuals and organizations at a low commodity exchange rate and prices dependent on supply and demand is what the term 'financial market' refers to.
.
This market encompasses various establishments such as stock exchanges or banks which satisfy the necessary requirement for the easy transfer of funds between investors and issuers, buyers and sellers, or lenders and borrowers through their intermediation role.
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Related Questions
¿In two to three sentences, explain why it is important to have insurance.?
Answers
Answer:
Explanation:
Insurance protects yourself, your assets, or even your family against financial loss. Oftentimes, events, such as cancer or a car accident, are random and have the potential to financially run people. Insurance is a way to reduce the financial impacts of these risks.
Company X, which is a chemical manufacturer, uses crude oil and buys it in the spot market on a monthly schedule. A crude oil swap is quoted by the dealer at $25. Which of the following statements is correct?a. The company should sell the swap to hedgeb. In a month when the spot price of oil is above $25, the company will pay the difference to the counter partyc. In a month when the spot price is below $25, the company will pay the difference to the counter party
Answers
Answer:
c. In a month when the spot price is below $25, the company will pay the difference to the counter party
Explanation:
Since Company X uses crude oil, the company buys the swap to hedge in the swap market, so option A is not appropriate because it buys the swap, which pays the counterparty when the spot price falls below $ 25. so correct option is c. In a month when the spot price is below $25, the company will pay the difference to the counter partyIf you begin investing at age 45 instead of age 40, how much more do you need to invest per month to have $1M at retirement? Why is this amount so much greater than the difference between 20 and 25?
Answers
If you begin investing at age 45 instead of age 40, you need to invest $2,164.31 per month.
What is the difference between investing at 45 and 40?The difference in monthly investment between investing at 45 and 40 is due to the time value of money and the compounded interest earned as a result.
The investment made at 45:N (# of periods) = 240 (12 x 20 years)
I/Y (Interest per year) = 6%
PV (Present Value) = $0
FV (Future Value) = $1,000,000
Results:
PMT = $2,164.31
Sum of all periodic payments = $519,434.54
Total Interest = $480,565.46
The investment made at 40:N (# of periods) = 300 (12 x 25 years)
I/Y (Interest per year) = 6%
PV (Present Value) = $0
FV (Future Value) = $1,000,000
Results:
PMT = $1,443.01
Sum of all periodic payments = $432,904.20
Total Interest $567,095.80
Thus, if you started investing at 40, instead of at 45, your monthly investment will be $1,443.01.
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Now that you know a little more about what banks do, think about mobile banking (banking done from your phone.) How do you think technology is changing banking? What do you see for banking in the future? What technology might make banking easier? Make sure you respond to these questions in five to eight good sentences. Remember that spelling and grammar count!
Answers
Mobile banking is a easy tool to make any transaction but it also has some ill effects such as increasing bank frauds through mobiles. With the advancement in technology banks are becoming stress free as more customers can solve the queries from their phone screen, further advancement in security of accounts such as by biometrics could help banks to secure banking.
The rise of mobile banking is one of the most significant changes in banking as a result of technology. Customers can carry out banking operations using their smartphones or tablets with mobile banking, including checking account balances, transferring money and paying bills. Due to the availability of online banking, customers can now conduct transactions at any time and from any location.
Future technological developments such as biometric authentication for secure login and transactions, artificial intelligence to enhance customer service and personalized banking and blockchain technology for efficient and secure transactions will likely make banking even more effective and convenient.
Overall, technology is changing the banking sector and bringing better more easily accessible services to customers.
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5. Your light bulb manufacturer pre-sells about 75% of their product. The remainder of the finished stock is stored in a warehouse that they own. There
loss to the warehouse and all the unsold finished stock is destroyed. How is this covered?
Manufacturers Selling Price Endorsement
Business Income
Commercial Property
Contingent Business Interruption
4
Answers
The coverage for the loss of the warehouse and unsold finished stock would typically fall under the Commercial Property insurance policy. The correct option is C.
Commercial property insurance covers physical loss or damage to a company's assets, such as its buildings, contents, and inventory. There are various coverage alternatives available for this situation within the Commercial Property policy. It's possible that the manufacturer has a policy endorsement referred to as "Manufacturers Selling Price Endorsement" or "Selling Price Endorsement." This endorsement does not cover the cost of manufacture or market value, only the loss of finished items or products at their selling price.
Thus, the ideal selection is option C.
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Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019.
April May June
Credit sales $ 689,000 $ 598,000 $ 751,000
Credit purchases 302,000 282,000 338,000
Cash disbursements
Wages, taxes, and expenses 137,000 129,000 179,000
Interest 15,600 15,600 15,600
Equipment purchases 53,500 6,600 248,000
The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000.
Using this information, complete the following cash budget: (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)
Answers
Explanation:
CRENSHAW, INC.
Cash Budget
For the Quarter Ending June 30, 2019
April May June Total
Beginning cash balance
Add cash collections from:
March credit sales $ 0 $ 0 $ 561,000 $ 561,000
April credit sales 34,450 482,600 413,700 930,750
May credit sales 479,600 523,300 0 1,002,900
Total cash collections 514,050 1,005,900 974,700 2,494,650
Total cash available 514,050 1,005,900 1,535,700 3,055,650
Less cash disbursements for:
Wages, taxes, and expenses 137,000 129,000 179,000 445,000
Interest 15,600 15,600 15,600 46,800
Equipment purchases 53,500 6,600 248,000 308,100
Total cash disbursements 206,100 151,200 442,600 799,900
Ending cash balance $ 307,950 $ 854,700 $ 1,093,100 $ 2,255,750
Note: Cash collections were calculated as follows:
April credit sales collected in April: $689,000 × 35% = $241,150
April credit sales collected in May: $689,000 × 60% = $413,400
May credit sales collected in May: $598,000 × 35% = $209,300
May credit sales collected in June: $598,000 × 60% = $358,800
June credit sales collected in June: $751,000 × 35% = $262,850
Total cash collections: $241,150 + $413,400 + $209,300 + $358,800 + $262,850 = $1,485,500.
Define the six sources of business law
Answers
Answer:
Explanation:
Sources of law are the origins of laws, the binding rules that enable any state to govern its territory. The term "source of law" may sometimes refer to the sovereign or to thUS Constitution. Constitutional law governs the interpretation of the US Constitution and its statutes.
Federal Statutes. Statutory law is the body of written laws that have been passed by the US Congress.
Common Law. US common law is also called case law. ...
Regulations of Federal Agencies. ...
International Treaties. ...e seat of power from which the law derives its validity.
What is market environment
Answers
Answer:
The market environment is the combination of external and internal factors that affect a company's ability to establish a relationship with and serve its consumers.
Explanation:
The internal factors relate to the company itself, such as owners, workers, materials, components, etc.
The external factors are divided into macro and micro components. The macro component is the broad environment which includes societal forces that affect society as a whole. The micro component is task-related, which includes factors that influence the production, manufacturing and distribution of a product or service.
The _____
states that employees are allowed to take up to twelve weeks of unpaid leave if a serious health condition affects the employee.
Answers
Help! I need to match the type of information with the section of the business plan it fits in.
Answers
Suppliers who provide the goods and services your business needs to operate
Why is it so important to do competitive analyses?The objective of a competition analysis is to uncover any market gaps and to comprehend your competitors' advantages and disadvantages in comparison to your own. An essential part of any business strategy is the competitor analysis because it will help you refine your own.
A financial analysis is exactly what?Financial analysis is the word used to describe an assessment of the viability, stability, and profitability of a project, a sub-project, or a firm. It is completed by professionals that compile reports utilizing ratios and other approaches, utilizing information from financial statements and other reports.
How will your business stand out from the competition in terms of both products and services?- Goals and StrategyMission Statement- Oragnizationsuppliers that your business uses to create its goods- Product and servicesThe sum of money required to launch the business- Funding request An overview of your rival- Competitive AnalysisYour advertising plan- Marketing and SalesThe company's financial history- Financial AnalysisThe outline of the requirements and preferences of your potential clients- Market Analysisa list of the company's departments- Executive SummaryLearn more about Financial analysis: https://brainly.com/question/14234253
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Federal debt now stands at $23 trillion USD. You must pay 5% simple interest on the debt at the end of the year ... and the US Congress over-spent by another $500 billion deficit this year! Calculate the anticipated new Federal debt at the end of the year (type a number expressed in trillions of dollars)
Answers
Answer:
ion know im dumb
Explanation:
Rickie loves to shop. lately, she's been thinking it might be wise to cut back on the time and money she spends shopping. Then again, it's something she really enjoys. based on your spending experience and personal knowledge, what would you recommend to Rickie?
Answers
It may be wise for Rickie to evaluate her spending habits and prioritize her financial goals while considering her enjoyment of shopping.
Should Rickie Cut Back on Shopping?Rickie should take a closer look at her spending habits and financial goals. She could start by creating a budget and tracking her expenses to gain a clear understanding of how much time and money she is spending on shopping.
By evaluating her spending patterns, Rickie can identify areas where she may be able to cut back or make adjustments, without completely giving up something she enjoys. For example, she could set a monthly shopping budget, limit impulsive purchases, or look for ways to save money while still enjoying the shopping experience, such as shopping during sales or using coupons.
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Sunland Corporation sells three different models of a mosquito “zapper.” Model A12 sells for $47 and has unit variable costs of $32.90. Model B22 sells for $94 and has unit variable costs of $65.80. Model C124 sells for $376 and has unit variable costs of $282. The sales mix (as a percentage of total units) of the three models is A12, 60%; B22, 15%; and C124, 25%.
If the company has fixed costs of $267,806, how many units of each model must the company sell in order to break even? (Round Per unit values to 2 decimal palces, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.)
Answers
Answer:
A12 = 7,400 units * 60% = 4,440 units
B22 = 7,400 units * 15% = 1,110 units
C124 = 7,400 units * 25% = 1,850 units
7,400 units
Explanation:
Calculation of breakeven point :-
Total breakeven point :-
Total fixed costs / weighted average unit contribution margin
= $267,806 / $36.19
= 7,400 units
Model breakeven point :-
total breakeven point* sales mix
A12 = 7,400 units * 60% = 4,440 units
B22 = 7,400 units * 15% = 1,110 units
C124 = 7,400 units * 25% = 1,850 units
The weighted average contribution margin for Sunland Corporation's mosquito zapper models is 46.3%, calculated by taking the sales mix of each model into account. This figure indicates the proportion of each dollar of sales that contributes to covering fixed costs and generating profit.
The weighted average contribution margin is crucial for determining the company's profitability and making informed decisions about product mix and pricing strategies.
It reflects the overall efficiency of production and the ability to cover fixed expenses. By understanding the contribution margin for each model and their respective sales mix, Sunland Corporation can optimize its product offerings, focus on high-margin models, and allocate resources effectively to maximize profitability.
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Question 4 (4 points)
Match each Type of Sales Channel to its corresponding description.
>
Selling products in bulk
to various outlets or
retailers for onward
sale.
When a brand or
manufacturer sells
direct to consumers
and the end users of
their products, as
opposed to selling to
them solely through
retailers.
Selling products directly
to end customers for a
profit, either in-store,
online, mail-order, or
by phone.
Businesses that sell to
other businesses who
are the intended end
user of the product.
1. Retail.
2. Wholesale
3. Direct to Consumer
4. B2B
Answers
Based on business and trading methods, the type of sales channel, that matches the description can be any of the following Retail, Wholesale, Direct Consumer, or B2B.
What are Sales Channels?The Sales Channel is a term that is used to describe the ways or methods in which producers sell their products. This method can either be through direct or indirect routes.
Considering the available descriptions we have the following sales channel matching them.Wholesale: Selling products in bulk to various outlets or retailers for onward sale.Direct to Consumer: When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.Retail: Selling products directly to end customers for a profit, either in-store, online, by mail-order, or by phone.B2B: Businesses that sell to other businesses who are the intended end user of the product.Hence, in this case, it is concluded that each of the types of sales channels has its peculiarities that producers may choose to utilize.
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Which of the following is NOT one of the three big categories for periodic evaluations:
A. Hazard Analysis
B. Safety and Health Inspections
C. PPE Evaluation
D. Change Analysis
Answers
The category that does not belong to the periodic evaluation is Change Analysis.
Option D is the correct answer.
What is a periodic evaluation?Periodic evaluation is a technique that is totally developmental in nature and disregards the formal advice relating to tenure, retention, or promotion of employees.
Periodic evaluation has three broad categories namely, hazard analysis, safety, and health-related inspections, and evaluation relating to personal protective equipment (PPE).
Therefore, out of the provided options, Change analysis is not considered a category for periodic evaluation.
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Answer: change analysis
Explanation:
What are some solutions for schools to fix the problem of too much work/homework given by teachers
Answers
they could give out less homework
give out weekly packets instead of a lot of daily work
only do necessary work
do more work in class
give homework every 2 weeks
or stop giving homework all together
Cindy forgot to set the parking brake in her car and left it in neutral. As a result her car rolled down her driveway and hit her neighbor's fence. Which of Cindy's coverages will pay for the neighbor's fence?
Answers
Cindy's property damage liability coverage will pay for her neighbor's fence.
Why is it?
This coverage is included in most auto insurance policies and covers damages that the policyholder (Cindy) causes to another person's property while driving.
In this case, Cindy's car caused damage to her neighbor's fence, so her property damage liability coverage will cover the cost of repairing or replacing the fence. It's important to note that liability coverage only covers damages that the policyholder is legally responsible for, so if Cindy's neighbor was partly or fully responsible for the accident, the coverage may not apply.
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complete question:
Which of Cindy's coverages will provide coverage for the damage to her neighbor's fence after her car, which was left in neutral without the parking brake set, rolled down her driveway and collided with the fence?
John sold a pair of jeans for R575.00( Vat inclusive). If his mark-up percentage as a percentage of cost is 25%, what is the cost price of the product
Answers
C = R460.00
Let's start by using algebra to solve for the cost price of the jeans.
Let's call the cost price "C".
We know that John's mark-up percentage as a percentage of cost is 25%, which means that he sold the jeans for 125% of their cost price.
So, we can set up an equation:
125% of C = R575.00
Now we need to convert 125% to a decimal by dividing by 100:
1.25C = R575.00
Finally, we can solve for C by dividing both sides by 1.25:
C = R460.00
Therefore, the cost price of the jeans was R460.00.
Nathen’s home office
Answers
Answer:
Today, the Chinese own Armour and the famous Smithfield hams, together with the most quintessential American brand of all: Nathan's Famous hot dogs, with its iconic annual eating contest. ... It remains the largest total acquisition of a U.S. company by the Chinese.
Explanation:
14. How can you deposit a paper check?
A. Visit a local bank branch and deposit it with a teller.
B. Call the bank and give the check number.
C. Use your bank’s mobile banking app and the camera on your smartphone.
D. A and C
Answers
One should go to a nearby bank office and deposit a paper check there with a teller or Utilize the smartphone camera and the mobile banking app from your bank. As a result, choice (D) is valid.
What is a paper check?Paper checks are a type of payment that take funds straight out of a checking account. The "payer"—the person who wrote the check—writes the name of the "payee" on the "pay to the order of" line and then signs their name.
You can typically order checks by going in person to a nearby branch of a bank. You can look up the bank branch nearest to you online, in the phone book, or by visiting your usual branch. Consider checking online. Numerous banks provide online checking.
Hence, option (D) is accurate.
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The United States Airlines Transports how many passengers daily?
a. 1.5 Million
b. 50,000
C. 2 Million
Answers
Answer:
In the United States, the average number of passengers flying per day is 1.73 million.
I think the answer is C
1. Describe the role of the financial system in brief?
2. Describe the relationship of global economy and the financial system in brief?
3. Describe the financial assets, money and financial transaction?
4. Describe, compare and contrast the three methods of fund transfers (direct Finance,
Semi direct finance and indirect finance)?
5. Describe the Advantage of financial institutions in the financial system
6. Describe the Types of Financial intermediaries
7. Describe the relationship of depository, non-depository and investment institution and identify the difference in each title?
8. List and describe the four types of credit market instruments?
9. Describe the distinction between interest rates and returns?
10. Describe the similarity and relation of nominal and real interest rates?
11. Define the money markets and write the characteristics of money market securities
12 Briefly describe the 6(six) money market securities with best example
13. Assume ABC CO. borrows $ 100,000 from a bank and yield to maturity is 12%, if the loan is paid at end of;
a. One year, what will be the amount of money to be paid at end of one year?
b. Ten year, what will be the amount of money to be paid at end of ten year?
c. Twenty years, what will be the amount of money to be paid at end of twenty year?
14. Assume ABC CO. take out a $ 100,00 mortgage loan from a bank, what is the yearly
payment to the bank to pay off the loan, if;
a. The interest rate is 9.5% and the maturity is 10 years?
b. The interest rate is 13.5% and the maturity is 20 years?
c. The interest rate is 17.5% and the maturity is 30 years?
15. Assume you purchase a 10% coupon bond with a face value of $ 100,000 and five years to maturity, what will be the price of the bond, if;
a. Market interest rate (yield to maturity) is 13%?
b. Market interest rate (yield to maturity) is 10%?
c. Market interest rate (yield to maturity) is 7%?
Answers
1.A financial system is an economic arrangement wherein financial institutions facilitate the transfer of funds and assets between borrowers, lenders, and investors.
2.Finance and Economics are related, but not identical disciplines. Economics studies local or global markets, human behaviour, goods and services, etc. Finance focuses on financial systems and everything related: banks, loans, investments, savings, etc. Both disciplines open the doors to well-paid and in-demand jobs.
3.A financial asset is a liquid asset that gets its value from a contractual right or ownership claim. Cash, stocks, bonds, mutual funds, and bank deposits are all are examples of financial assets.
00 For Market failures means that the market has not achieved its optimum production outcome. This means that it has not produced the correct quantity of goods and services. QUESTION 1 Conduct a research to any small business that is manufacturing goods in your community. Make an appointment to interview the owner for the purpose of collecting the information using the questionnaire below. 1.1 General information: ● Name of the firm / business Specify the type of goods or service ● ● Position of the person interviewed ● Date of the interview 1,2 Explain briefly the negative impact the following factors have in your business. (10) Lack of information: ● Price discrimination Immobility of factors of production with special reference to: Physical capital Structural changes ● ● (1) ● (1) (1) (1) [14] QUESTION 2: Interview 3-4 community members that reside near the business you have visited. 2.1 Ask them to name any TWO negative externalities and TWO positive externalities caused by the local business, (2 x 2) (4) 2.2 Request them to list any TWO characteristics of public goods. (2 x 1) (2) 2.3 Use the negative externality and positive externality graphs to explain the impact this business have to the society (10) [16]
Answers
The first step in researching a small business in your neighborhood is to find a suitable nearby manufacturing company.
Once you do, contact the manager or owner to arrange an interview. Gather general information during the interview, such as the name of the company or business, what types of products or services they provide, the interviewer's position, and the time and date of the interview.
Then, focus on the detrimental effects different situations can have on the company. Briefly describe the impact on business of informational gaps, price discrimination, immobility of production variables (with a focus on physical capital), and structural changes.
Interview three to four locals who live close to the establishment you just visited. Ask them to list two unfavorable and two beneficial externalities brought about by the neighborhood business. Ask them to add two properties of public goods to the list as well.
Finally, use the data from the interviews to create graphs showing the positive and negative externalities of business on society. These infographics will graphically describe the costs and benefits that the company's neighborhood has.
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critcism of modern management theory
Answers
Critics argue modern management theory is rigid, short-sighted, lacks inclusivity, and limits employee empowerment and engagement.
Modern management theory has received its fair share of criticism. One critique is its overemphasis on rigid hierarchical structures, which can stifle creativity and hinder employee autonomy. Another criticism is the focus on short-term financial gains, often at the expense of long-term sustainability and employee well-being. Critics argue that this approach neglects the importance of social and environmental factors in organizational success. Additionally, modern management theory is often criticized for its lack of inclusivity and failure to address issues of diversity and equity. Furthermore, some argue that the reliance on top-down decision-making and command-and-control structures limits employee engagement and empowerment. These criticisms highlight the need for a more flexible, holistic, and human-centered approach to management that takes into account the complex dynamics of organizations and their impact on individuals and society.For more such questions on Modern management theory:
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What are the disadvantages of using social media to evaluate candidates for a job opening? Check all that apply
(A)Some candidates may have little or no social media presence.
(B)It is harder to uncover positive qualities than negative qualities.
(C)It is often difficult to locate candidates’ social media accounts.
(D)Social media profiles may not paint a complete picture of people.
(E)Social media profiles cannot accurately predict future job performance.
(F)Websites only show what a candidate is like personally, not professionally.
Answers
Answer:
a. Some candidates may have little or no social media presence.
d. Social media profiles may not paint a complete picture of people.
e. Social media profiles cannot accurately predict future job performance.
Explanation:
i just got it right :)
Answer:
a d e
Explanation:
do Businesses operate separately from society as a whole.
Answers
Businesses do not operate separately from society as a whole. In fact, businesses are an integral part of society and their operations can have significant impacts on various aspects of society, including the economy, the environment, and social issues.
Firstly, businesses are a key contributor to the economy of a society. They generate income, create jobs, and drive innovation, which in turn fuels economic growth and development. The success of businesses is closely tied to the health and well-being of the economy, and vice versa.
Secondly, businesses can have significant impacts on the environment. Their operations can result in pollution, depletion of natural resources, and other negative environmental effects. As such, businesses have a responsibility to operate in a sustainable manner, reducing their environmental impact and promoting sustainable practices.
Thirdly, businesses can also have an impact on social issues such as inequality, discrimination, and human rights. For example, businesses may choose to operate in a way that promotes diversity and inclusivity, or they may take steps to ensure that their operations do not contribute to human rights abuses or other negative social impacts.
In conclusion, businesses are an important part of society and their operations are closely interconnected with various aspects of society. As such, businesses have a responsibility to operate in a way that takes into account their impact on society as a whole, including the economy, the environment, and social issues. This is why many businesses are increasingly adopting corporate social responsibility (CSR) policies and practices, which aim to ensure that their operations are sustainable, socially responsible, and contribute positively to society.
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Arc co. Purchased a piece of equipment for $25,000. At the end of the year, the book value of the equipment is $12,000. The salvage value is 0. How much is accumulated depreciation, using the straight-line method, at the end of the period?.
Answers
The equipment's book value at the end of the year is $12,000 There is no salvage value. How much depreciation has accrued throughout the course of the period?
What is the meaning of IT equipment?
IT equipment includes anything that is used to create, convert, or duplicate data or information, including computers, servers, ancillary equipment, phones, and other telecommunications devices. It also includes office supplies like photocopiers and fax machines. Equipment is a noncurrent asset, often known as a fixed asset. A long-term investment made by your organisation that is unlikely to or does not easily convert to cash within an accounting year is referred to as a noncurrent asset. In general, property, plant, and equipment are considered fixed assets (PP&E).
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Question Content Area
Journalize the entries to record the following selected transactions:
a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510.
b. Paid $436 to the state sales tax department for taxes collected.
If an amount box does not require an entry, leave it blank.
a.
- Select -
- Select -
blank
- Select -
- Select -
- Select -
- Select -
b.
Answers
When the final sale in the supply chain is made, the retailer is responsible for collecting sales tax. The required journalized entries for the selected transactions involving sales tax are attached below.
The state levies a consumption tax, the so-called sales tax, on the purchase of goods and services. A standard sales tax is collected at the point of sale, collected at the store and remitted to the government.
Depending on the regulations in that country, a business may be responsible for sales taxes in that jurisdiction if it has a presence there, which can be a physical site, an employee, or an associate. The calculation of sales tax for (a) is:
Sales Tax Payable = Amount of sales× Sales Tax
= $900 × 7%
= $63
Therefore, all the selected transactions are explained with the help of the journal entries.
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Your question is incomplete, but most probably the full question was,
Question Content Area
Journalize the entries to record the following selected transactions:
a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510.
b. Paid $436 to the state sales tax department for taxes collected.
If an amount box does not require an entry, leave it blank.
a.
- Select -
- Select -
blank
- Select -
- Select -
- Select -
- Select -
b.
- Select -
- Select -
blank
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $25,974 in the accounts of a sole proprietorship. Of this amount, $1,213 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $856. The amount debited to Accounts Receivable for the new partnership is a.$25,974 b.$24,761 c.$23,905 d.$25,118
Answers
Answer:
b.$24,761
Explanation:
The amount to be debited is the account receivable balance minus the amount deemed worthless
= $25,974 -$1,213
=$24,761
The amount of $856 provided as possible future uncollectable will not affect account receivable. The account receivable remains as it is until payment is received or an account has been declared uncollectable.
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of a real estate development firm, Tierra Corporation. Potter was quite excited when Edmond indicated that his corporation needed an audit and he wished to discuss the matter with her. During the discussion, Potter was told that Tierra Corporation needed the audit to obtain a substantial amount of additional fi nancing to acquire another company. Presently, Tierra Corporation is successful, profi table, and committed to growth. The audit fee for the engagement should be substantial. Since Tierra Corporation appeared to be a good client prospect, Potter tentatively indicated that Tower & Tower wanted to do the work. Potter then mentioned that Tower & Tower’s quality control policies require an investigation of new clients and approval by the managing partner, Lee Tower.
Potter obtained the authorization of Edmond to make the necessary inquiries for the new client investigation. Edmond was found to be a highly respected member of the community. Also, Tierra Corporation was highly regarded by its banker and its attorney, and the Dun & Bradstreet report on the corporation reflected nothing negative. As a final part of the investigation process, Potter contacted Edmond’s former tax accountant, Bill Turner. Potter was surprised to discover that Turner did not share the others’ high opinion of Edmond. Turner related that on an IRS audit 10 years ago, Edmond was questioned about the details of a large capital loss reported on the sale of a tract of land to a trust. Edmond told the IRS agent that he had lost all the supporting documentation for the transaction, and that he had no way of finding out the names of the principals of the trust. A search by an IRS
auditor revealed that the land was recorded in the name of Edmond’s married daughter and that Edmond himself was listed as the trustee. The IRS disallowed the loss and Edmond was assessed a civil fraud penalty. Potter was concerned about these findings, but eventually concluded that Edmond had probably matured to a point where he would not engage in such activities.
Based on the case above, respond to the following prompts:
a. Present arguments supporting a decision to accept Tierra Corporation as an audit client.
b. Present arguments supporting a decision not to accept Tierra Corporation as an audit
client.
c. Assuming that you are Lee Tower, set forth your decision regarding acceptance of the client,
identifying those arguments from part (a) or part (b) that you found most persuasive.
Your assignment should be submitted in a Word document and follow proper APA formatting. This assignment should be approximately three pages in length.
Answers
The answers to the question have been given below
a. The arguments supporting a decision to accept Tierra would beSome engagements in in auditing are known to have more risks compared to some others. The auditors are to create detailed audit programs.They should not deny to carry out auditing engagements based on the fact that it appears tough.The chairman of the organization may be seen to be a mature person that would not do questionable things.b. The arguments that would be there would be
If the IRS should say that Edmond does not have the integrity then it would be the best thing to associate him with the organizationRoutine auditing are a way that can help to detect the frauds that take place in management.If they do not want to get questioned based on their reputation, they have to try to avoid high risks auditing.c. The decision would have to lie in the extent of the degree of risk that the firm can take. Given that all of the information shows Edmond to be a person of integrity then the engagement can be accepted.
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