sparks furniture company carries three lines of sofas. information about the sofa inventory as of the end of its most recent fiscal year follows. if lcm/nrv is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? product line cost per unit market value per unit quantity rustic $ 740 $ 805 270 mediterranean 640 685 380 contemporary 990 730 315
Answers
LCM/NRV: Lower cost or market/net realizable value
The following data is given in the problem regarding the cost per unit, the market value per unit, and quantity: Product LineCost per UnitMarket Value per Unit Quantity Rustic$740$805270 Mediterranean $640$685380 Contemporary $990$730315
LCM/NRV is applied to each product line, so the adjustments are calculated as follows:
For the Rustic Line: The amount of adjustment = (Quantity x lower of cost or market value per unit) - Cost of ending inventory quantity × lower of cost or market value per unit = 270 × 740 = $199,800Cost of ending inventory = 270 × 805 = $217,350The lower cost or market value per unit is the market value because it is lower.
Therefore, the amount of adjustment = (Quantity × market value per unit) - Cost of ending inventory= (270 × 805) - (270 × 740)= $217,350 - $199,800= $17,550
For the Mediterranean Line: The amount of adjustment = (Quantity × lower of cost or market value per unit) - Cost of ending inventory quantity × lower of cost or market value per unit = 380 × 640 = $243,200Cost of ending inventory = 380 × 685 = $260,300The lower cost or market value per unit is the market value because it is lower.
For the Contemporary Line: The amount of adjustment = (Quantity × lower of cost or market value per unit) - Cost of ending inventory quantity × lower of cost or market value per unit = 315 × 730 = $229,950Cost of ending inventory = 315 × 990 = $311,850The lower of cost or market value per unit is the cost because it is lower.
Therefore, the amount of adjustment = (Quantity × cost per unit) - Cost of ending inventory= (315 × 990) - (315 × 730)= $311,850 - $229,950= $81,900
Therefore, the total amount of adjustment to the company's inventory is $17,550 + $17,100 + $81,900 = $116,550.
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Related Questions
to influence her employees, rey relies primarily on her ability to reward and punish her workers for their performance. which type of leadership does this illustrate?
Answers
This type of leadership illustrates the transactional leadership style.
This style of leadership is focused on achieving specific goals and objectives through the use of rewards and punishments. Leaders who use this style rely on clear expectations, well-defined roles, and a system of rewards and punishments to motivate their employees to perform their best.
The type of leadership illustrated by Rey, who relies primarily on her ability to reward and punish her workers for their performance, is called transactional leadership. In this leadership style, the leader uses a system of rewards and punishments to motivate employees to achieve specific goals or performance targets. The leader sets clear expectations and provides rewards for good performance, such as promotions, bonuses, or other incentives, while also providing negative consequences for poor performance, such as demotions, reduced pay, or other penalties. This style is often effective in achieving short-term goals and meeting performance targets, but may not be as effective in promoting long-term growth or fostering innovation and creativity among employees.
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a business that has too little working capital can take what action?
Answers
A business with too little working capital can take several actions to improve its financial situation:
1. Increase sales: By boosting sales through marketing strategies or improving products, the business can generate more revenue and improve its working capital.
2. Reduce costs: Identifying areas for cost reduction and implementing cost-saving measures can help the business preserve its existing working capital.
3. Optimize inventory management: Efficiently managing inventory levels can help to minimize carrying costs and avoid tying up too much capital in inventory.
4. Collect receivables faster: Speeding up the collection of outstanding receivables can improve cash flow and increase working capital.
5. Negotiate better payment terms with suppliers: By negotiating longer payment terms or discounts, the business can reduce its working capital requirements.
6. Secure short-term financing: The business can consider obtaining a short-term loan or line of credit to provide a temporary boost to its working capital.
7. Sell underutilized assets: Selling assets that are not contributing to the company's profitability can free up cash and improve working capital.
By implementing one or more of these strategies, a business with too little working capital can take action to strengthen its financial position and support its ongoing operations.
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In this excerpt from a novel published in 1899, the Pontellier family is spending their vacation in a small seaside community.
It was eleven o’clock that night when Mr. Pontellier returned from Klein’s hotel. He was in an excellent humor, in high spirits, and very talkative. His entrance awoke his wife, who was in bed and fast asleep when he came in. He talked to her while he undressed, telling her anecdotes and bits of news and gossip that he had gathered during the day. From his trousers pockets he took a fistful of crumpled bank notes and a good deal of silver coin, which he piled on the bureau indiscriminately with keys, knife, handkerchief, and whatever else happened to be in his pockets. She was overcome with sleep, and answered him with little half utterances.
He thought it very discouraging that his wife, who was the sole object of his existence, evinced so little interest in things which concerned him, and valued so little his conversation. Mr. Pontellier had forgotten the bonbons and peanuts for the boys. Notwithstanding he loved them very much, and went into the adjoining room where they slept to take a look at them and make sure that they were resting comfortably. The result of his investigation was far from satisfactory. He turned and shifted the youngsters about in bed. One of them began to kick and talk about a basket full of crabs. Mr. Pontellier returned to his wife with the information that Raoul had a high fever and needed looking after. Then he lit a cigar and went and sat near the open door to smoke it. Mrs. Pontellier was quite sure Raoul had no fever. He had gone to bed perfectly well, she said, and nothing had ailed him all day. Mr. Pontellier was too well acquainted with fever symptoms to be mistaken. He assured her the child was consuming at that moment in the next room. He reproached his wife with her inattention, her habitual neglect of the children. If it was not a mother’s place to look after children, whose on earth was it? He himself had his hands full with his brokerage business. He could not be in two places at once; making a living for his family on the street, and staying at home to see that no harm befell them. He talked in a monotonous, insistent way. Mrs. Pontellier sprang out of bed and went into the next room. She soon came back and sat on the edge of the bed, leaning her head down on the pillow. She said nothing, and refused to answer her husband when he questioned her. When his cigar was smoked out he went to bed, and in half a minute he was fast asleep. Mrs. Pontellier was by that time thoroughly awake. She began to cry a little, and wiped her eyes on the sleeve of her peignoir. Blowing out the candle, which her husband had left burning, she slipped her bare feet into a pair of satin mules at the foot of the bed and went out on the porch, where she sat down in the wicker chair and began to rock gently to and fro.
It was then past midnight. The cottages were all dark. A single faint light gleamed out from the hallway of the house. There was no sound abroad except the hooting of an old owl in the top of a water-oak, and the everlasting voice of the sea, that was not uplifted at that soft hour. It broke like a mournful lullaby upon the night.
The presentation of events suggests that the narrator likely intends for a reader to react to the passage with: ________________
a. indignation at the mistreatment of Mr. Pontellier
b. admiration of Mr. Pontellier’s range of skills
c. contempt for Mrs. Pontellier’s selfishness
d. sympathy for Mrs. Pontellier’s circumstances
e. concern for the well-being of the Pontellier children
Answers
The narrator wanted the readers to have sympathy for Mrs. Pontellier’s circumstances.
Mrs. Pontellier was already asleep when her husband came back. He woke him up and disturbed her sleep. Even when her husband said one of the children was sick, she told him that she wasn't sick but he never listened to her. Then she began cryingAlso, the author's use of statements such as "The cottage was dark" and "it broke like a mournful lullaby upon the night" showed that the author wanted the readers to be sorrowful for Mrs. Pontellier.In conclusion, the correct option is D.
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Answer:
c. contempt for Mrs. Pontellier’s selfishness
Explanation:
will give brainliest if correct (repost)
Answers
Answer:
decrease in demanded
Explanation:
the green one is the answer
Answer:
The other person is correct
Explanation:
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At taste of thyme coffee shop a dirty chai latte creates a profit point of $2.85 for a small and $3.80 for a large. in a month, 200 small lattes were sold and 285 large lattes. as a fast growing demand item with fall approaching, the demand is estimated at 400 and 420 per month. the allotted machine time for both lattes is 90 hours. the amount of machine time needed to produce the lattes is 5 minutes and 7 minutes each or for a month, 16.67 hours a month for a small and 33.25 hours a month for a large. what is the corresponding parameters formulation for machine time
Answers
Sophocles' purchase decisions illustrate how the rule of demand is used in economics.Consumers will demand fewer units of a commodity at a higher the law of demand price, according to the law of demand, a tenet of economics.
Demand is determined by the marginal utility law of diminishing value, which holds that consumers utilise economic goods to initially satisfy their most urgent needs.
The total machine time allocated for the two lattes is 90 hours due to the market's overall volume demand.A market demand curve represents the amount of machine time required to generate consumers at each price. Price changes do not by themselves result in an increase or decrease in demand, despite the fact that they might be viewed as movement along one demand curve. The nature and extent of demand may fluctuate in response to adjustments in consumer behaviour, income levels, or associated economic factors.
Complete question:
A dirty chai latte costs $2.85 for a small and $3.80 for a large at taste of thyme coffee shop. 200 little lattes and 285 big lattes were sold in a single month. With autumn rapidly approaching, demand for this item is predicted to climb by 400 to 420 percent monthly. For both lattes, the machine time permitted is 90 hours. Lattes require 5 minutes and 7 minutes of machine time apiece, or 16.67 hours and 33.25 hours respectively, to manufacture one small and one large. What is the machine time associated parameters formulation?
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Computer cycle counting programs can produce a cycle count notice after which events?
Answers
A cycle count notice after the events is :
A positive balance but a backorder was created
A specified level of activity
A zero balance on-hand
A system cycle includes the stairs that a computer's processor executes whenever it receives a machine language practice. It's far the maximum primary CPU operation, and modern-day CPUs are capable of carrying out thousands and thousands of machine cycles in line with the second. The cycle includes three well-known steps: fetch, decode and execute.
The guidance cycle is the cycle that the vital processing unit follows from boot-up until the computer has closed down in an effort to technique instructions. It is composed of 3 primary tiers: the fetch level, the decode degree, and the execute degree.
The gadget practice cycle describes the order in that instructions is processed on a laptop. commands are processed below the path of the manipulated unit in a step-via-step manner.
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Antoine is giving a speech about the national mall in washington,
d.c. and plans to highlight three key locations. first, he plans to talk about the capitol building, which is located on the east end of the mall. second, he plans to talk about the washington monument, which is located in the middle of the mall. finally, he plans to talk about the lincoln memorial, which is located on the west end of the mall. which pattern of organization is antoine using
Answers
Answer:
Spatial
Explanation:
The pattern of organization that antoine was using is SPATIAL PATTERNS OF ORGANISATION.
Spatial pattern of organization is the type of patterns that help to arranges or organized information according to how they exists in relation to another which is why SPATIAL pattern is useful in a situation where a writer wishes or desire to create a great mental picture of something which has several parts differentiated by physical location during a speech just as in the case of Antoine in which
he first plans to talk about the capitol building, located on the east end of the mall. The second location he plans to talk about was the washington monument, located in the middle of the mall while the third location he plans to talk about was the lincoln memorial, located on the west end of the mall. This shown that Antonie was using SPATIAL pattern of organisational when he was planning on how to give the speech reason been that the speech Antonie intended to speak about based on three locations was plan ,organized and arranged based on how the location fit together in physical space.
On december 27, 2022 , abc, inc receives a $5,000 deposit by a customer for some remodeling that is scheduled to be started on december 29, 2022 and completed on january 3, 2023. The company president tells the accountant to go ahead and book the $5,000 as revenue since the completion of the project will only take a few days. What is the ethical dilemma involved?.
Answers
The ethical dilemma involved here, is whether revenue should be recorded before its realization or not according to revenue realization principle.
Since, ABC, Inc received revenue on December 27, itself, it should record it on that only because according to revenue recognition principle, revenue should be recorded when it is realized or earned not when cash is realised. Means if company has made sale in this case, it has earned the revenue on sales, so it should record it in books of account no matter, cash is realised now or will be received later.
The company is in dilemma because as per revenue recognition principle it should record the revenue when it is earned means when the work will be completed i.e., on January 3, 2023 and not on date of receipt of cash means on December 27, 2022.
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what do you pore first the cereal or the milk? True or false.
Answers
Which of the following statements accurately describes the relationship between earnings and dividends when all other factors are held constant?
A. Growth in earnings requires growth in dividends.
B. Retaining a higher percentage of earnings will result in a higher growth rate.
C. Long-run earnings growth occurs primarily because firms pay dividends to reward their shareholders for investing in the company.
Answers
Answer:
Statement B. Retaining a higher percentage of earnings will result in a higher growth rate.
Explanation:
The earnings are the profits that is left after paying interests and taxes and now all we have to do is pay the dividend. The company pays a percentage of earnings after tax as a dividend and the remainder is reinvested in the business. This helps the company to increase its earnings by reinvestment so that the company is able to lead in the market.
The earnings of the company are not affected by the dividend payout if the working capital is not affected because dividends are dependent on earnings. Hence the statement 1 is incorrect.
This means that the retaining higher percentage of earnings will increase the growth rate as the reinvestment has increased and it will increase the earnings. Hence the statement 2 is correct.
Company doesn't pay dividend to shareholders for reinvestment in the company. They pay dividends because the shareholders demand return on the risk associated with the investment. Hence the statement 3 is incorrect.
Which best summarizes the purpose of a W-4 form?
1. It helps determine the amount of taxes withheld from an individual's paycheck.
2. It helps determine when taxes are due and if money is owed to the IRS.
3. It helps determine whether a person has dependents who must also pay taxes.
4. It helps determine when a person needs to pay local income taxes.
Answers
The statement that best summarizes the purpose of a W-4 form is It helps determine the amount of taxes withheld from an individual's paycheck.
What is Form W-4?
Form W-4 provide information about employer, as well as employee's filing status and also amount to withhold from each paycheck.
It can be used to derive information about the amount of taxes withheld from an individual's paycheck, therefore, option 1 is correct.
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The purpose of a W-4 form is it helps determine the amount of taxes withheld from an individual's paycheck. Thus, option 1 is correct.
What is W-4 form?Employees must complete Form W-4, an Internal Revenue Service (IRS) tax form, to disclose their tax condition to their employer. Based on the employee's marital status, number of benefits and dependents, and other considerations, the W-4 form instructs the employer how much tax should be deducted from the employee's paycheck. Employee's Withholding Allowance Certificate is another name for the W-4.
Employees complete a W-4 form to inform employers of the amount of tax to deduct from their wages based on their marital status, the number of exemptions they are eligible for, the number of dependents they have, etc. The amount withheld from the paycheck is reduced when there are more allowances listed on the form. When a taxpayer's situation changes, such as when they move, they can submit a new W-4 at any time.
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Which of the following is a characteristic of a competitive market?
A) Standardized product
B) All of these
C) Few buyers
D) Barriers to entry
E) Few sellers
Answers
Vertical Integration is when a company _____________.
Answers
Answer:
Vertical integration is when a company owns or controls its suppliers, distributors or retail locations to control its value or supply chain
Place the steps in order for inserting a video link into a document.
Place the cursor at the
insertion point
Click the Online Video
button
Preview the video before
saving the document
Click Insert tab
Search for and select the
video
Answers
Choose Online Video from the ribbon's Insert tab. Insert the URL you copied in step 2 into the Insert Video dialog box. Choose Insert.
What actions are required to add a hyperlink to a document?Make a link to a specific web page.
The text or image that you want to appear as a hyperlink should be selected. Input Ctrl+K. You may also choose Link from the shortcut menu by right-clicking the text or image and selecting it.
What is the best way to add a video to a Word document?
Add a video, sound, or movie to Microsoft Word, PowerPoint, or Excel.
Click Object from the Insert menu, then select the Create from File tab.
Locate the movie (or sound wave) you wish to insert by clicking Browse and then browsing.
Choose a movie (video clip or sound wave)
Press Insert.
Double-click a media file's icon to start playing it.
Select OK.
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the u.s. unemployment rate moves up and down as the economy moves in and out of recessions. but over time, the unemployment rate seems to return to a range of ____________.
Answers
Answer:
A natural range of unemployment.
List one type of appropriate workplace verbal communication
Answers
Answer:
Explanation:
Call centers are the appropriate workplace verbal communication
the johannsens know they will be needing to replace the roof on their home soon. if the estimated cost to replace the roof is $25,000 and they need to replace the roof in three years, how much do they need to save each year (at the end of each year) assuming they can earn 8% on their savings?
Answers
The Johannsens will need to save $8,149.14 at the end of each year for the next three years in order to have enough money to replace their roof.
This calculation is based on the future value of the $25,000 cost of the roof, which is $31,762.05 after three years with an 8% annual interest rate. By dividing this future value by the number of years they have to save (3), they need to save $10,587.35 per year.
However, since they are saving at the end of each year, they need to adjust this amount by using the present value of an annuity formula. The formula is: P = (FV / ((1 + r)^n - 1)) * (1 + r)^-1, where P is the periodic payment, FV is the future value, r is the annual interest rate, and n is the number of payment periods.
Plugging in the numbers, we get P = ($31,762.05 / ((1 + 0.08)^3 - 1)) * (1 + 0.08)^-1 = $8,149.14.
Therefore, the Johannsens need to save $8,149.14 at the end of each year for the next three years in order to have enough money to replace their roof.
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Sherman, inc. Manufactures chainsaws that sell for $58. Each chainsaw uses $10 in direct materials and $3 in direct labor per unit. Sherman has two activities: machining, which is applied at the rate of $2 per machine hour, and finishing, which is applied at the rate of $20 per batch. This month, sherman made 200 chainsaws, using 1,000 machine hours in 40 batches. What is the gross profit for one chainsaw?
Answers
The correct option is B, This month, sherman made 200 chainsaws, using 1,000 machine hours in 40 batches. The gross profit for one chainsaw is $27.
Direct material ( per unit ) = $ 10
Direct labour. ( Per unit ) = $ 3
Therefore manufacturing cost s = 40 batches * $ 20 + 1000 * $ 2 + $ 10* 200 + $ 3 * 200
= 5400
Per unit cost = 5400/200
= $27
Gross profit is the difference between the revenue generated from sales and the cost of goods sold (COGS). It represents the money a company earns before subtracting operating expenses, interest, taxes, and other costs. Gross profit is a key financial metric that indicates the efficiency of a company's production and pricing strategy.
Gross profit is an important metric for businesses because it provides insight into the profitability of their operations. A high gross profit margin indicates that a company is able to produce and sell goods at a cost that is significantly lower than their selling price, which is a positive sign of financial health. Conversely, a low gross profit margin suggests that a company may need to adjust its pricing or cost structure to remain competitive in the market.
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Complete Question:-
Sherman, inc. Manufactures chainsaws that sell for $58. Each chainsaw uses $10 in direct materials and $3 in direct labor per unit. Sherman has two activities: machining, which is applied at the rate of $2 per machine hour, and finishing, which is applied at the rate of $20 per batch. This month, sherman made 200 chainsaws, using 1,000 machine hours in 40 batches. What is the gross profit for one chainsaw?
a. $13
b. $27
c. $30
d. $14
what do we mean when we say that commercial bank act as trustee,executor of wheel,guranter etc in financial matters of thei customers.
Answers
Answer: When we state that a commercial bank acts as a trustee, executor of a will, guarantor, or otherwise fulfills comparable tasks in the financial concerns of their customers, we imply that the bank takes on certain responsibilities and offers particular services to help their customers in those capacities. Let's examine each role in more detail:
1. Trustee: Commercial banks can serve as trustees, administering and protecting assets on behalf of a person or organization. They guarantee that the resources are safeguarded, wisely invested, and distributed in accordance with the conditions of a trust agreement. The bank operates in the beneficiaries of the trust's best interests as trustees.
2. Executor of a will: Commercial banks that have been designated as executors of will carry out the instructions laid down in a person's will following their passing. This entails managing the decedent's assets, paying off debts, allocating inheritances, and making sure the procedure complies with the law.
3. Guarantor: A commercial bank can serve as a guarantor by offering a promise to uphold a client's financial obligations. This implies that the bank will step in and carry out those tasks on the client's behalf if the client is unable to perform their financial commitments, such as repaying a loan or meeting contractual requirements.
The commercial bank takes on fiduciary responsibilities in these capacities, which means that they have a moral and legal obligation to act in the interests of their clients, beneficiaries, or other parties. By offering these services, the bank ensures compliance with pertinent rules and regulations while providing expertise, security, and professional assistance to manage complex financial concerns.
It's vital to keep in mind that different banks and jurisdictions may have different policies and services relating to these jobs. Customers who want specific information and advice about these financial concerns should speak with their bank and legal counsel.
Hudson has to maintain confidential financial accounts in a workbook. He needs two team members to help him update data in the specified worksheet. He wants to prevent his team from deleting or updating the confidential data in certain cells. Which tab on the Format Cells dialog box will enable him to lock these cells?
A. Cell Pattern
B. Cell Protection
C. Cell Prevent
D. Cell Format
help LOLL
Answers
Answer:
option c
Explanation:
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Answer:
B
Explanation:
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Discussion Question:
What are the Fed's three objectives in conducting monetary policy? (one short paragraph/details)
Answers
Maximum employment, stable prices, and moderate long-term interest rates are the Fed's three monetary policy goals.
What is monetary policy?Monetary policy, which also has the goal of fostering economic growth, controls the total amount of money in a country. Examples of monetary policy tactics include modifications to bank reserve requirements and interest rate changes. Monetary policy is frequently divided into two categories: expansionary and restrictive.
To enhance employment, GDP, and price stability, for instance, policymakers control the flow of money using tools like interest rates, reserves, bonds, etc.
The Federal Reserve (the Fed), the country's central bank, has been given authority over monetary policy by Congress; however, Congress is also responsible for overseeing the Fed's compliance with its legal obligations of promoting maximum employment, maintaining price stability, and maintaining moderate long-term interest rates.
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Businesses and _____________________ are accepting greater environmental
Answers
avoid using materials unnecessarily
reduce your paper needs by asking staff to print double-sided
reuse by encouraging staff to use scrap paper for message-taking instead of purchasing message pads
recycle by shredding excess paper - you could recycle this commercially or invite staff to take it home for their compost or mulch heaps.
all small indusrties are highly labor intensive true /false given reason
Answers
Answer:
FALSE.
Explanation:
Not ALL small industries are highly labor-intensive. If you start a small industry, it could become highly labor-intensive as a result of insufficient staffing, inventory, and other factors.
TIP: Never use "ALL", "ALWAYS", "NEVER", etc...words like this turn arguments false.
How much is 6500 Usd in GBP?
Answers
6500 United States Dollars (USD), on converting will be 5418.37 British Pound Sterling (GBP)
The Pound Sterling(GBP) is the money utilized in the United Kingdom, while the US Dollar (USD) is the cash utilized in the US. Transformation rates between various monetary forms change day to day, so checking the ongoing rate prior to making a conversion is significant.
One method for deciding the transformation pace of Pound Sterling to US dollars is to take a gander at the conversion standard, which is the cost at which one cash can be traded for another. This conversion is not entirely set in stone by the organic market, as well as different factors, for example, loan fees and expansion.
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Find the area of a rectangle with the length measuring 8 km and the width measuring 5 km.
A. 26 m2
B. 40 m2
C. 40 km2
D. 26 km2
Answers
Answer:
The answer is C. 40 km^2
8km*5km = 40
A = L*W
L = 8 km
W = 5 km
Please help immediately!
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Answers
Answer:
You can create the time line below or submydgxg PowerPoint document containing thtime line. If your tim
Explanation:
You can create the time line below or submit a separate Word or nt containing the time line. If your tim
Forrest fennell is thinking about investing in capital city bank. he is examining certain ratios of the bank including the ratio of nonperforming loans to total loans and leases and the provision for loan losses to total loans and leases. what type of risk is forrest attempting to measure with these ratios
Answers
Answer:
Credit risk
Explanation:
Credit risk is the risk that arises when the borrower fails to repay the loan to the person or the financial institution from whom he took the loan. It derives the loss possibility suffered by the lender with respect to the interest and principal amount not received by the borrower
According to the given scenario, the credit risk option is appropriate as it fits to the situation and extract the same meaning as discussed above
The school zone has posted speed limits of 25mph during school hours. Define Incentives, and provide an example of one negative incentive
and an example of one positive incentive that could be used to encourage motorists to obey the speed limit.
Answers
Answer:
To encourage someone to do something.
Explanation:
Incentives is defined as a thing that encourages someone to do something. One negative incentive is to charge a big fine on the motorists for the high speed in the school hours so that they obey the laws strictly while on the other hand, example of positive incentive is to give rewards or gifts or medals to those who obeys the law of speed limits in the school hours.
date spot rate 1-sep 1.304 30-sep 1.42 31-oct 1.392 what amount of foreign exchange gain or loss should be recorded on october 31 assuming the correct entry was done on 09/30?
Answers
A foreign exchange gain of $440 should be recorded on October 31.
The exchange rate on the sale date = $1.304
Payment to be received £ 5000
On Sep 1, record the entry
Debit Accounts receivable ( 5000 × 1.304) = $6520
Credit Sales = $6520
On Oct 31, record the entry for receipt of the amount of £5000
The exchange rate on the payment date = $1.392
foreign exchange gain = (1.392 - 1.304 ) × 5000 = $440
In dollar
Received = 5000 × 1.392 = 6960
Journal entry
Debit Cash (5000 × 1.392) = $6960
Credit Accounts receivable ( 5000 × 1.304) = $6520
Credit Gain on Foreign Exchange (6960 - 6520) = $440
Complete question:
Sports R Us Co., a U.S. corporation, sold inventory on September 1, 2020, with a payment of 5,000 British pounds to be received on October 31. The pertinent exchange rates were as follows:
Date Spot Rate
1-Sep 1.304
30-Sep 1.42
31-Oct 1.392
What amount of foreign exchange gain or loss should be recorded on October 31 assuming the correct entry was done on 09/30?
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what is the adjusted cash balance per bank, if the cash balance per bank statement is $12,150; there are $6,245 of outstanding checks; and $2,385 of deposits in transit?
Answers
If the cash balance per bank statement is $12,150; there are $6,245 of outstanding checks; and $2,385 of deposits in transit, then the adjusted cash balance per bank will be $8,290. Therefore, the option C holds true.
What is the significance of adjusted cash balance?An adjusted cash balance can be calculated using the formula,
Adjusted Cash Balance = Cash Balance – Deposits in Transit + Outstanding Balances
Using this formula, the adjusted cash balance for the given condition can be computed as,
Adjusted Cash Balance = 12150 – 6245 + 2835 = $8,290
Therefore, the option C holds true and states regarding the significance of an adjusted cash balance.
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The missing options to the question are added for better reference.
What is the adjusted cash balance per bank, if the cash balance per bank statement is $12,150; there are $6,245 of outstanding checks; and $2,385 of deposits in transit?
A $16,010
B $12,150
C $8,290
D $21,780