Recording the depreciation expense and book value of the equipment based on the specified journal entries:
Moser, Inc., Journal
of. December 31
Debit Depreciation Equipment $6,400
Credit Accumulated Depreciation $6,400
(for recording depreciation expenses)
Depreciation expense = ($100,000 - $10,000) / 6 years
Depreciation = $15,000
Equipment book value = $100,000 - ($15,000 * 4)
Equipment book value = $40,000
Remaining modified useful life = 9 years - 4 years
Remaining modified useful life = 5 years
Revised equipment depreciation expense = ($40,000 - $8,000) / 5 years
Revised equipment depreciation expense = $6,400
b. Book value of equipment
Book value = $40,000 - $6,400
Book value = $33,600
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Ahmed is moving to a tiny house. He is selling much of his personal property, as all of his possessions will not fit in his new home. Which of the following is NOT an example of a piece of personal property Ahmed is selling?
The item which is not an example of a piece of personal property which Ahmed is selling is his garage, where he keeps his vehicles.
When Ahmed decides to shift to a tiny house, he reconsiders on the quantity of material which he possesses and identifies that not enough of it could be accommodated in the new house. So either he has to sell the bigger items and procure new smaller versions of them or leave them as such because in the end he could take with him only limited items. Garage is not considered as personal property, rather it is part of the house itself. He may not able to shift it or reduce its size, he can just his vehicle out of it. So it is not considered as piece of personal property. Other personal property can be furniture, electronics, clothes etc.
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The old Metropolitan Theater, which had been unused for years, was purchased for $1, renovated at a cost of $3.5 million, and then reopened for business. The renovation cost should be ______.
O capitalized as part of the cost of the theater
O Intangible assets, Tangible assets
O net assets which is its assets minus liabilities
O net income to be overstated, assets to be overstated
(a) capitalized as part of the cost of the theater, The renovation cost should be capitalized as part of the cost of the theater. Renovations are tasks that involve repairing or restoring the building.
"The cost of improvement is considered as any capital outlay made by the assessee to make any addition to or improvement to the dwelling. Therefore, remodelling costs may only be regarded as "cost of improvement" for the dwelling property if they are in the type of capital investment. Renovations to a pre-existing building component are referred to as renovations. For a building renovation to be considered a fixed asset, it must at the very least satisfy the following requirements: More than $100,000 must be spent on the project as a whole. Restoration work is frequently involved in renovations. You could, for instance, repaint the cabinets or walls, swap out the fixtures, or alter the hardware. Update any dated or out-of-date material.
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once the income has been verified and the quality established, further due diligence will concentrate on
Once the income has been verified and the quality established, further due diligence will concentrate on property maintenance and expenses.
Property Conservation relates to the keep of a home, apartment, rental property or structure and may be a marketable adventure through a property conservation company, an hand of the company which owns a home, apartment or a tone-storehouse pastime for illustration day- to- day housekeeping or cleaning. It includes conservation conditioning similar as safety checks, cleaning, rodent control, scrap disposal, gardening, landscaping, and asset repairs. The fiscal health of the company, its operation platoon, and its competitive position in the request is also inversely important to the company. Investors calculate on real estate investment due industriousness rosters to insure that they’ve linked all implicit pitfalls a new deal holds. All enterprises follow a unique real estate due industriousness process that’s shaped by their own channel operation process, investment strategy and threat forbearance, as well as special considerations grounded on the deal type and other specific factors. Due diligence checklist will be conducted after checking the income.
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are groups of employees who share resources and coordinate efforts so as to help members better perform their individual duties and responsibilities. the performance of this group can be evaluated by adding up the contributions of the individual group members.
Work groups pool resources and coordinate efforts to assist members accomplish their particular roles and obligations more effectively. The group's performance.
may be assessed by summing up the contributions of the individual group members. An employee resource group (ERG) is a group led by employees that promotes inclusion and community. This employee club also offers its members personal and professional assistance. Employees that lead and participate in ERGs have several characteristics in common. Managers link jobs together after dividing the work that needs to be done into distinct jobs so that comparable or connected tasks and activities may be coordinated. Departmentalization refers to the division of people, tasks, and resources into organizational units.Work groups pool resources and coordinate efforts to assist members accomplish their particular roles and obligations more effectively.
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The Raw Materials Inventory account is
A. debited for purchase discounts taken.
B. debited for invoice costs and freight costs chargeable to the purchaser.
C. a subsidiary account.
D. debited for purchase returns and allowances.
The Raw Materials Inventory account is debited for invoice costs and freight costs chargeable to the purchaser.
Raw materials inventory is what kind of an account?With a debit to raw materials and a credit to accounts payable, raw materials are treated as an inventory asset in your accounting. Direct and indirect raw materials are two distinct kinds.
Do raw material inventories represent a cost?Because they are directly involved in producing goods or providing services, raw materials are listed as direct expenses on a company's income statement. Expenses of raw materials are regarded as variable costs since they fluctuate with manufacturing volumes.
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mutual funds fund net asset value offering price change capital $9.01 $9.59 - .02 common $6.37 $6.64 - .04 corporate $7.72 $8.44 .03 a customer who placed an order to buy 200 shares of capital fund this day will pay:
A customer will pay $1,918.00 for 200 shares of Capital Fund that they ordered today.
How is capital fund determined? What is it?In the case of a not-for-profit organization, the capital fund can be thought of as the surplus of assets over liabilities. Any excess or deficit found in the income and expense account is added to (subtracted from) the capital fund. This also goes by the moniker Accumulated Fund.
The capital that lenders and equity owners provide to a firm allows it to meet its short- and long-term needs. Bonds and equity are both types of capital financing used by corporations (stock). The corporation uses this cash as working capital.
Calculation of today's payment from the Capital Fund
Using this equation
Capital fund = Price of a capital offering x No. of shares
Let's enter the formula.
Capital fund=$9.59 per share x 200 shares
Capital fund=$1,918.00
As a result, Capital Fund will pay: $1,918.00 today.
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When an agent explains mutual funds to a prospective investor, which of the following statements may be made?
A) Mutual fund shares are liquid and may be switched from fund to fund without tax liability.
B) The redemption value of mutual fund shares fluctuates according to the fund's portfolio value.
C) Mutual funds must make payment within 7 days of a redemption request and guarantee a return of the original investment.
D) A fund always redeems shares at NAV, with little chance of a financial loss.
(B) The redemption value of mutual fund shares varies depending on the portfolio value of the fund when an agent describes mutual funds to a potential investor.
A corporation that pools money from several people and invests it in securities like stocks, bonds, and short-term debt is known as a mutual fund. The portfolio of a mutual fund refers to all of its holdings.
The prices at which mutual funds can be redeemed vary depending on how much the portfolio's securities are worth. The tax obligations related to moving mutual funds shouldn't be overlooked. Mutual funds are made liquid by the Investment Company Act of 1940's redemption provisions, although investors are not always guaranteed to get their original investment back.
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sutton's parents celebrated their 50th anniversary. sutton and his siblings held a celebration party for them. sutton arranged and paid for all the expenses. his siblings reimbursed him for their portion of the expenses. sutton received a form 1099-k for the reimbursement. how would you treat that in blockworks to achieve proper pricing? it's a reimbursement and not reportable. enter it directly on schedule 1 (form 1040), line 8z. enter the form 1099-k information on the input screen and carry income to schedule 1 (form 1040), line 8j, taxable income. enter the form 1099-k information on the input screen and carry income to schedule 1 (form 1040), line 8z, other income with an entry below line 1b for the non taxable portion.
You would treat that in block works to achieve proper pricing as enter the form 1099-k information on the input screen and carry income to schedule 1 (form 1040), non taxable income.
What is taxable income?
After deductions and exemptions, taxable income is the amount of income that is subject to tax. Taxable income is different from and less than gross income for both people and corporations. Whether or whether you report nontaxable income on your tax return, it won't be taxed. The IRS considers the following items to be nontaxable: Bequests, gifts, and inherited property. Rebates in cash for goods you buy from a store, manufacturer, or dealer. The part of your gross income that is actually taxed is known as your taxable income.
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judy owns a bookstore/cafe that has always done pretty well. however, a new competitor recently opened a block away, and judy's business has decreased.O Judy buys stock in the competitor's business until she's the majority shareholder.
O Judy launches a marketing campaign focused on her business' benefit to the local community.
O Judy invents a distasteful rumor about her competitor and tells it to her customers.
O Judy writes a letter to her competitors asking why they opened their store so close to hers.
judy's business has decreased than Judy invents a distasteful rumor about her competitor and tells it to her customers.
Who are your customers, exactly?A client is someone who purchases goods, services, products, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration. This definition applies to sales, business, and economics. An individual or company that purchases goods or services from another company is known as a customer. Customers are important since they bring in money. Businesses would cease to exist without them. An individual or business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist.
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which of the following combinations from the model above would accurately illustrate an economy in an equilibrium with a recession according to the ad-as model? (2 points)
The AS-AD model predicts recessions when real GDP is considerably below its equilibrium level. Low demand lead the equilibrium level of actual GDP to drop significantly below potential.
The overall demand for products and services in the economy is referred to as aggregate demand. It comprises of net exports, government expenditure, investment, and consumption. The aggregate demand-aggregate supply (AD-AS) model is a way to depict how national income is determined and how the price level evolves. This can be used to demonstrate the many stages of the trade cycle and how certain occurrences can influence real GDP and inflation, two of the most important macroeconomic indicators. An economy's deviation from its equilibrium output level can occur frequently. An economy may momentarily deviate from its equilibrium level due to a variety of variables, but all of these fluctuations have one thing in common: either an increase or decrease in the aggregate supply or demand curve.
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A to Z Transport, a vehicle rental service, created a video that is a compilation of videos it gathered from people who have used the vehicles it rents to travel, attend events, etc. Which of the following best describes this type of content?
Vehicle Rentals are agencies which rent automobiles for a short length of time ranging from a few hours to a few months relying upon the need.
What is Vehicle condo system?If a driver decides to lease a car beforehand, they go to a car apartment website or app and locate a vehicle that meets their needs. Then, they e book it and pay for the chosen rental period, if upfront price is required. On the appointed day, this patron arrives at the auto apartment location to choose up the chosen car.
The most vital two terms to keep in thinking are Mini and Estate. The Mini car category definitely refers to cars that are smaller than cars in the Compact category, and can be discovered all over the world.
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https://brainly.com/question/29864034#SPJ1FILL IN THE BLANK the supply chain norm called ________ is embodied in the sense that even when times are challenging, we are will work things out together.
The supply chain norm called Solidarity is embodied in the sense that even when times are challenging, we are will work things out together.
Supply chain management (SCM), at its most basic level, is the control of the movement of materials, information, and money associated with a good or service from the acquisition of raw materials to the delivery of the good at its end location. Smallholder farmers, miners, and other labourers are at risk because the COVID-19 pandemic exacerbates already existing vulnerabilities and inequities. Market access and sources of income are under threat, and it is challenging to put mitigation and prevention measures in place. Solidarity in supply chains is more important than ever for worker protection. The need for solidarity across supply chains is greater than ever. Exceptional times demand extraordinary action. We urge multinational corporations to take steps to safeguard the wellbeing and way of life of farmers, miners, and other workers.
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GFEBS formats its Trial Balance according to the Government-wide Financial Reporting System (GFRS) requirements so that the DoD does not need to restructure data to make it GFRS compatibleTrueFalse
GFEBS formats its Trial Balance according to the Government-wide Financial Reporting System (GFRS) requirements so that the DoD does not need to restructure data to make it GFRS compatible: True.
The General Fund Enterprise Business System (GFEBS) develops, acquires, integrates, deploys, and maintains enterprise-wide finance and procurement management capabilities to support the Army's present and future objectives. The Army uses the GFEBS cloud-based financial, asset, and accounting management system to standardise, streamline, and share crucial data throughout the active-duty Army, Army National Guard, and Army Reserve. Enterprise resource planning (ERP) software systems, applications, and solutions are used by GFEBS.GFEBS is a system for budgeting and allocating resources. The system combines related financial performance and cost data with contract, acquisition, and procurement data. Project cost, payroll, labour, and other costs are all included in its programmes.
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Refer to Exhibit 2-8. Who has the comparative advantage in the production of good Y? a. Maria b. Maya c. Both Maria and Maya
Vernon and Michael each have a comparative edge over the other in terms of creating Y and X, respectively.
What is a comparative example?
Use the comparative together with the term "than" to create comparative sentences. Here are a few instances: I had expected more people to volunteer for the study, but fewer people did. Compared to law school, business school was less expensive. His application was handled quicker than he anticipated. They are employed to highlight the differences or similarities between two or more objects. Equal, comparative, and superlative comparisons are the three different types that can be made.
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accounts payable had a normal starting balance of $900. there were debit postings of $100 and credit postings of $450 during the month. the ending balance is: group of answer choices $1,250 credit. $1,450 debit. $1,250 debit. $1,450 credit.
Total balance after transaction phase of the month is $ 1250 credit.
What is Debit and Credit ?A documented entry for a made or unpaid payment is referred to as a debit. In a ledger account, a debit entry is often made on the left side. So, with a double entry system, when a transaction happens, one account is debited and another account is credited.
When a business buys goodwill or services to produce a debit, it happens in financial accounting and indicates disparities in the balance sheet of the business. For instance, if Barnes & Noble sold $20,000 worth of books, it would credit its inventory or books account with $20,000 and debit its cash account with $20,000.
A credit is an entry made in the books of an organization that shows a drop in assets or a rise in liabilities as well as a decrease in costs or an increase in income (as opposed to a debit that does the opposite). Therefore, a credit results in higher net income on the income statement of the business, whereas a debit results in lower net income.
Account Balance at start $ 900
Total Debited = $ 100
Total Credited = $ 450
Total balance after transaction phase is = $ (900 - 100 + 450) = $ 1250 credit
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in countries that follow , ownership of the expression of an idea cannot be sold or given away.
The ability to use, possess, and give away property is known as ownership.
What determines ownership?To use, possess, and give away something is to have ownership over it. A thing might be owned intangibly, like intellectual property rights, or it can be owned intangibly, like tangible goods like real estate and personal property.
Similar to a copyright, a patent is assumed to belong to the person who came up with the idea, created the work, or invented the innovative invention. A patent application must be submitted in the US by an inventor or group of inventors. Then, ownership may be transferred to a corporate body.
A person is said to be in possession of something if they own it, control it, or use it.
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The GE Business Screen guides corporations in managing their portfolio of businesses by rating businesses on which two dimensions? Competitive position and strengths Strengths and weaknesses Industry attractiveness and opportunities Industry attractiveness and competitive position
By grading companies based on their Industry attractiveness and competitive position, the GE Business Screen assists corporations in managing their portfolio of businesses.
The Boston Matrix (BCG) has many drawbacks, including a dearth of reliable business information, a focus on commodity markets rather than brands or Strategic Business Units (SBUs), and a tendency for cash inflow to be a more appropriate predictor of position than market growth or share. The original purpose of the General Electric GE Business Screen was to assist managers and executives in overcoming these drawbacks. The framework got its name because General Electric (GE) recruited McKinsey & Company in 1970 to advise them on how to manage their extensive and intricate portfolio of strategic business units.
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Which of the following is an important state legislative power that works concurrently with many congressional powers? multiple choice A. Enumerated power B. Police power C. Independent checks D. Taxing power
The correct response is B. Police power. An important state legislative power that works concurrently with many congressional powers Police power.
The act or outcome of a legislature, parliament, or other comparable governing body creating, ratifying, or promulgating laws is known as legislation. To distinguish it from other activity, a piece of legislation may be referred to as a bill before it is passed into law. While it is still being considered, it may also be referred to generally as "legislation." Numerous goals can be accomplished through legislation, including control, authorization, prohibition, provision, sanction, grant, declaration, and restriction. An administrative or executive entity acting in accordance with a legislative act may compare it to a non-legislative act. A member of the legislature or the executive typically proposes legislation, which is then discussed and frequently revised by other lawmakers before being passed.
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Select the best answer to complete the sentence . Ruta has been asked to analyze the introduction, growth, maturity, and decline stages projected for a new product at her company. By doing so, she is analyzing the UNIQLO is ac casual styles Porter's differe differentiation strategy Jith more than 800 stores in Japan and nearly that many in other countries as of August 2015. Its overall cost leadership strategy terms made from innovative fabrics. Some aspects of UNIQLO's strategy appear to be in line with pre more aligned with overall cost leadership. product life cycle single-product strategy people between the ages of 16 and 30. it would be using If UNIQLO dec
By analyzing the introduction, growth, maturity, and decline stages projected for a new product at her company, Ruta is analyzing the product life cycle.
The product life cycle is a model that describes the stages that a product goes through from its introduction to its withdrawal from the market. Understanding where a product is in its life cycle can help a company make strategic decisions about its marketing, production, and distribution. UNIQLO is a casual clothing retail chain that has more than 800 stores in Japan and nearly that many in other countries as of August 2015. It uses a differentiation strategy by offering innovative fabrics, and some aspects of UNIQLO's strategy appear to be more aligned with overall cost leadership. UNIQLO targets people between the ages of 16 and 30. It would be using if UNIQLO decide to use Porter's differentiation strategy, which focuses on creating a unique product or service that is different from competitors, and charging a premium price for it.
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your security analysis should be a 2-page word document in apa style that identifies the major gaps in the security and updates needed to the overall security for the new company.
A security policy is a formal declaration of a company's goals for safeguarding its physical assets and information technology (IT).
What form of audit looks at how security and access controls are implemented within the organization?Portable audits: An audit conducted manually may be done by an internal or an external auditor. During this type of audit, the auditor will talk to your employees, do security & vulnerability scans, evaluate physical access to systems, and look at your application & operating system access control lists.
What type of security risk detection mechanism can be found in a policy, method, or procedure?Prior to a threat event, preventative measures are meant to be put in place in order to decrease the likelihood and potential effects of a successful threat event. Preventative measures include things like protocols, standards, guidelines, procedures, cryptography, firewalls, and physical barriers.
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financial accounting is the area of accounting aimed at serving external users by providing them with general-purpose financial statements.T/F
These financial instruments are debt securities that non-federal government bodies issue to pay for their capital expenditures.
State and government bonds often provide regular interest payments and are secure investments. By the indicated maturity date, they pay back face value. The goal of these bonds is to raise money for government investments. These bonds are typically regarded as secure because of the government's backing. A well-known financial institution product called certificates of deposit incentivizes customers to keep their deposits in place. Although these interests are often low, they are almost risk-free. The specifics of the CD offer must be decided by each bank or company because they might conflict with those of other financial products. Mutual funds that specialize in investing in highly liquid financial products, such as cash and cash equivalents, are known as money market funds.
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See if you can find all eight components and provide an example for each one.
Components come in two types, Class components, and Function components, in this tutorial we will concentrate on Function components.
What is a Component?An approach for condensing a large number of connected variables into fewer, more significant components is simple component analysis. It offers a more understandable result than the principal component analysis but is similar.
The parts that make up something is its constituents. One essential element of a nuclear bomb is enriched uranium. There are four basic parts to the management strategy. The parts which make up something are its constituent parts.
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ralph, a staff member at camp bow wow, just found out that his boss wants him to work 6.5 hours a day, 6 days a week, instead of 8 hours a day, 5 days a week. ralph is not happy about this change. he's afraid that his income will go down with the shorter workdays, because he might be asked to not to work on certain days. ralph's resistance to change is most likely due to which of the following factors? lack of awareness habit social factors economic factors
Ralph's resistance to change is most likely due to economic factors.
The competitiveness of the environment in which the company operates is influenced by economic forces. These factors include Employment status, Inflation level, fiscal measures and government reform These factors affect the organization's marketing strategy and activities as well as the level of demand for its products.
There are three basic stages in the economic system. The first stage is production, followed by distribution and finally consumption of manufactured items. Today, two factors – human resources and natural resources – make all of this possible.
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Create a new ClusterRole named demo-clusterrole in demo-namespace. Any resource associated with the cluster role should be able to create the following resources:
Deployment
StatefulSet
DaemonSet
Create a ServiceAccount named demo-token and bind the ClusterRole with the ServiceAccount.
While a ClusterRole is a non-namespaced resource, a Role establishes permissions within a certain namespace.
Is there a namespace for ClusterRoleBinding?While a ClusterRole is a non-namespaced resource, a Role establishes permissions within a certain namespace. Thus, although the other is not constrained to a namespace, the former is. adequate; simple Using a Binding, a user or group of users can receive the permissions specified in a Role or ClusterRole.To grant the permissions specified in a ClusterRole to resources located within the namespace of a RoleBinding, a RoleBinding may also reference that ClusterRole. You can define a group of shared roles for your cluster using this type of reference, and then reuse those roles across several namespaces.To learn more about ClusterRole refer to:
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Amidst the COVID-19 pandemic, a major retailer is reopening its stores and running a sales ad in the Sunday newspaper. To test its pulling power, them retailer will run another ad the same day advertising an online sale. The strategy of using a(n) will help the retailer learn how quickly peop are venturing back to brick-and-mortar stores
a.) combination rate
b.) ROP
c.) tearsheet
d.) split run
e.) full-position rate
The business strategy of using a split run will help the retailer learn how quickly people are venturing back to brick-and-mortar stores. Therefore, the option D holds true.
The business strategies are the most critical functions of an efficient business management. Moreover, these strategies are aimed to bring a higher degree of sales and profitability for the organization. One of the business strategies is to use split run, which helps in comparison of one condition at two different times.
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a seller's or lessor's statement of opinion or commendation of the goods does not create an express warranty.a. trueb. false
A seller's or lessor's statement of opinion or commendation of the goods does not create an express warranty - True
No express guarantee is established by a statement of opinion or recommendation made about the products by the seller or lessor. A vendor or lessor may make a clear and unequivocal declaration or promise regarding a good's quality, condition, or performance. By the seller's or lessor's written representations, by description, sample, or model, an explicit warranty may be established.
A statement of opinion is a purely subjective assertion that expresses the lessor's belief or approval of the items without making any explicit claims or guarantees regarding their quality, condition, or performance. Although they do not constitute an express warranty, such comments can be used to show that the seller or lessor was aware of the products and intended to sell or lease them.
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Economists claim that individuals buy less as the price of a good increases. However, even though housing prices have been rising, home sales have also been increasing, so economic theory must be wrong.
Which of the following best characterizes the statement?
O The statement violates the ceteris paribus condition.
O The statement ignores the secondary effects of government policies.
O The statement demonstrates that association proves causation.
O The statement contains the fallacy of composition.
Correct answer will be option A. Given statement violates the ceteris paribus condition.
Ceteris paribus, literally "keeping other parameters constant," is a Latin word that translates to "all else being equal." It is a dominant presumption in mainline economic thinking and serves as a short - hand sign of the impact of one economic indicator on another, assuming all other factors remain constant (constant). In a scientific sense, claiming that one factor impacts another, ceteris paribus, means that we are essentially trying to control for the effects of other variables. Ceteris paribus is a Latin expression that roughly translates to "all else being equal." In economics, it serves as a shorthand indicator of the impact of one economic variable on another, assuming all other factors remain constant.
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The direct write-off method of recognizing uncollectible accounts expense: Multiple Choice O Records uncollectible accounts expense when individual accounts receivable are determined to be worthless. O Uses a valuation account to record specific customer accounts deemed uncollectible. O Records uncollectible accounts expense when customers exceed their credit limits. O Is acceptable only when most of the company's sales are on credit.
The direct write-off method of recognizing uncollectible accounts expense: Records uncollectible accounts expense when individual accounts receivable are determined to be worthless.
Hence, Option A is correct
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The following information is available for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense $ 3,300 4,800 3,800 1,800 The amount of direct materials used in production for the year is: Multiple Choice a. $6,700 b. $4,900 c. $4,800. d. $4,300.
For the entire year, (D) $4,300 worth of direct materials were used in production.
In addition to direct labour costs and manufacturing overhead, the direct materials utilized in the production process also contribute to the cost of production. The amount of raw materials a company should buy to meet production demands is determined by the direct materials budget. The raw materials that must be purchased are determined using the beginning and ending raw material inventories as well as the production-related supplies needed.
Materials used as raw materials
Beginning raw material + raw material purchased - final raw material
initial raw materials are $3300.
$4800 was spent on the raw material.
Final raw materials come to $3800.
the production process's initial input = $3300 + $4800 - $3800
Initial Input = $4300.
Therefore, the $4300 in raw materials required in manufacture.
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Using a perpetual inventory system, when a company records a sale of merchandise, it must also record ______. (Check all that apply.)a decrease in its inventoryCost of Goods Sold, which will be reported on the income statement
Using a perpetual inventory system, when a company records a sale of merchandise, it must also record a decrease in its inventory and cost of goods sold.
A perpetual inventory system is a method for tracking and recording stock levels in which every purchase and sale of merchandise is automatically and instantly registered. Every time a transaction occurs in this system, the program records a change in inventory levels in real time.
The first (or oldest) charges are withdrawn from the Inventory account and charged to the Cost of Goods Sold account under everlasting FIFO. As a result, the perpetual FIFO cost flow and the periodic FIFO cost flow will result in the same cost of goods sold and ending inventory.
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