Company blossom
Revenue Statement
For the calendar month of June, 2022
Seven thousand six hundred dollars in revenue
Less:
operational costs
One thousand dollars was spent on supplies.
alterations and upkeep 610
400 dollars were spent on advertising.
290 dollars were spent on utilities.
1,500 dollars in salaries and wages
$3,800 is the total operating expense.
$3,800 NET OPERATIONAL INCOME
When creating an income statement, we start with the revenue and subtract all costs to arrive at the net operating income. Because all real accounts are shown on the balance sheet, the things we must include in the income statement are all nominal accounts.
Real accounts include cash, notes payable, accounts receivable, accounts payable, supplies, equipment, and common stock. As a result, none of them will appear on the income statement because they are all balance sheet accounts.
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The complete question as follows
On June 1, 2022, Blossom Company was started with an initial investment in the company of $20,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash - $ 4,700
Notes payable - $12,200
Accounts receivable - 4,100
Accounts payable - 600
Service revenue - 7,600
Supplies expense - 1,000
Supplies - 2,460
Maintenance and repairs expense - 610
Advertising expense - 400
Utilities expense - 290
Equipment - 24,200
Salaries and wages expense - 1,500
Common stock - 20,000
Turn this into a monthly income statement.
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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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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True or False: A highly competitive marketplace in which consumers have many alternatives is more likely to provide better customer service than a marketplace with little competition.
The correct answer to this question is true. A highly competitive marketplace in which consumers have many alternatives is more likely to provide better customer service than a marketplace with little competition.
A market is a group of economics-related processes that permit the exchange of goods and services between parties. While most markets rely on sellers offering their products or services to customers in exchange for cash, parties may also trade goods and services for one another in a barter system. In several regions of the world, a market is known as a souk, bazaar, stationary mercado, itinerant tianguis, or palengke.
The act of providing support to both new and existing customers is known as customer service.
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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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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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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#SPJ1The information about the problems that advertising has to solve comes from the marketing plan's _____.
The information about the problems that advertising has to solve comes from the marketing plan Traditional.
Advertisements can still be placed in publications like newspapers and magazines and through direct mail, but many people would like to invest their advertising budgets in digital marketing.
The 2017 State of Inbound Report lists the top marketing issues we encounter. Our survey identifies the top issues marketers face as being the generation of traffic, and prospects, and demonstrating ROI.
When promoting their goods or services, all businesses actually engage in some form of advertising, but in the technologically advanced business environment of today, the majority of that advertising takes place online on websites or social media.
Advertisements can still be placed in publications like newspapers and magazines and through direct mail, but many people would like to invest their advertising budgets in digital marketing.
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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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when consumption of a good generates a positive externality, which of the following must be true at the market equilibrium?
Marginal social benefit is less than marginal private cost.
What is Marginal social benefit?
The happiness felt by consumers of a particular good plus or minus the overall environmental and social costs or benefits is known as the marginal social benefit.
Marginal social benefits are greater than marginal private gains, for instance, if positive externalities of consumption exist. The most a consumer will spend on a supplementary commodity or service is what is known as a marginal benefit.
Which shape does the marginal social benefit curve take?
The demand curve is the marginal social benefit curve if only customers profit from a good or service. The advantage society gains by producing an extra unit of a good or service is known as the marginal social benefit.
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FILL 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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you need to improve the taste and texture of the pizza. which of the following should you do? check all that apply. outsource the production of the product to a vendor. involve employees to ensure pizzas are made right. reduce cycle time. improve the materials used to create the product.
To guarantee that pizzas are manufactured properly, pay attention to the ingredients used in their production and include the workers in the process. Outsourcing lowers a product's quality, thus it shouldn't be done.
Because high-quality ingredients are employed, a high-quality output will result. Make sure that the right pizzas are created by involving the staff. One of the numerous duties assigned to the marketing division is to enhance product quality. More specifically, the product manager should handle this. The value chain influences the product's quality. A marketing manager must understand the value chain from the conception of a product idea to the disposal and potential recycling of the waste product in order to enhance the product quality. Outsourcing is the process of using a second party from a different business to perform duties or create goods that were effectively finished internally by the business's own staff members.
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Why are Listening, Empathy, and Awareness order of importance, and why?
Listening, empathy, and awareness are considered to be of order of importance in communication, relationships, and in general personal and professional interactions for the following reasons:
Listening: Being an active listener is crucial in understanding the other person's perspective, needs and feelings. By listening actively, one can ensure that the message is understood, and can respond accordingly. It also establishes trust and respect and helps to build a positive relationship.
Empathy: Empathy is the ability to understand and share the feelings of another person. It helps in establishing a deeper connection and understanding with the other person, and in building trust and rapport. It also allows for more effective problem solving and decision making.
Awareness: Being aware of one's own thoughts, feelings, and actions is important in understanding how they might be perceived by others. It helps to avoid misunderstandings and conflicts, and to respond in a way that is more likely to be effective. It also allows for self-reflection and personal growth.
These three elements are interconnected, and when combined, they form a powerful tool to build effective and healthy relationships and communication. They allow for better understanding, better problem-solving, and they help in creating a positive, empathetic and understanding environment.
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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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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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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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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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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Canterbury Corp. has identified the following activities in its manufacturing process. Classify each cost as facility, product, batch, or unit level. Product design research Materials handling Machining Assembly of components Finished goods inventory storage Rework after a quality inspection Painting end product Raw materials inventory storage
The manufacturing process has been classified in the following activities:
Costs Classification
Product design research Product level
Materials handling Unit or batch level
Machining Unit level
Assembly of components Unit level
Finished goods inventory storage Facility level
Rework after a quality inspection Unit or batch level
Painting end product Unit level
Raw materials inventory storage Facility level
Process manufacturing is a method of producing items by combining supplies, components, or raw materials according to a formula or recipe. It is widely used in industries that produce large quantities of goods, such as those that produce food, beverages, refined oil, gasoline, pharmaceuticals, chemicals, and plastics.
Manufacturing entails making a process more efficient while it transforms certain resources into other resources, frequently with the intention of selling to a client.
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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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The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows:
Per Unit
Product Cost Replacement Cost Selling Price
A $ 53 $ 48 $ 73
B 93 83 113
C 53 68 93
D 113 83 143
E 33 41 43
Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of cost. The normal profit is 35% of selling price.
Required:
What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory? (Do not round intermediate calculations. Round final answers to 2 decimal places.)
Note that the unit value that Royal Decking should use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory are:
Product A: $73Product B: $113Product C: $93Product D: $143Product E: $43.What is the LCM Rule?The LCM rule states that the lower of cost of an item or its market value should be used for valuing ending inventory. To apply this rule, we first need to determine the market value for each product.
Note that the market value for each product can be derived as follows:
For each product, we'll compare the two values and use the lower one as the market value.
Product A:
Cost: $53
Selling price: $73
Selling costs: $73 * 0.15 = $10.95 + $53 * 0.05 = $2.65
Normal profit: $73 * 0.35 = $25.55
Market value (2): $53 + $25.55 + $10.95 + $2.65 = $92.15
Market value to use: min(selling price, market value (2)) = min($73, $92.15) = $73
Product B:
Cost: $93
Selling price: $113
Selling costs: $113 * 0.15 = $16.95 + $93 * 0.05 = $4.65
Normal profit: $113 * 0.35 = $39.55
Market value (2): $93 + $39.55 + $16.95 + $4.65 = $154.15
Market value to use: min(selling price, market value (2)) = min($113, $154.15) = $113
Product C:
Cost: $53
Selling price: $93
Selling costs: $93 * 0.15 = $13.95 + $53 * 0.05 = $2.65
Normal profit: $93 * 0.35 = $32.55
Market value (2): $53 + $32.55 + $13.95 + $2.65 = $102.15
Market value to use: min(selling price, market value (2)) = min($93, $102.15) = $93
Product D:
Cost: $113
Selling price: $143
Selling costs: $143 * 0.15 = $21.45 + $113 * 0.05 = $5.65
Normal profit: $143 * 0.35 = $50.05
Market value (2): $113 + $50.05 + $21.45 + $5.65 = $190.15
Market value to use: min(selling price, market value (2)) = min($143, $190.15) = $143
Product E:
Cost: $33
Selling price: $43
Selling costs: $43 * 0.15 = $6.45 + $33 * 0.05 = $1.65
Normal profit: $43 * 0.35 = $15.05
Market value (2): $33 + $15.05 + $6.45 + $1.65 = $56.15
Market value to use: min(selling price, market value (2)) = min($43, $56.15) = $43
Thus, it is correct to state that the unit value that Royal Decking should use for each of its products when applying the LCM rule to units of ending inventory is:
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Alice is joining a new project. Her manager informs Alice that requirements of the project will be defined using progressive elloboration. Which of the following option best describes progressive eloboration?O The requirements of the project will be defined over a period of time in iterative fashion based upon feedback received.
O Requirements are unknown at this time and will be defined later.
O Requirements will be defined based upon discussions with the customer.
O Requirements will be defined based upon discussions with the subject matter expert.
Her director informs Alice that the design conditions will be defined using progressive elaboration. The design's conditions will be defined over time in an iterative fashion grounded upon feedback entered.
In the design operation world, the term “ progressive elaboration ” involves continuously adding, perfecting and detailing a plan as further specific information and more accurate estimates become available. Planning is an iterative process that's also precipitously developed. Throughout the design, the design platoon and the design director will readdress the planning processes to consider, update, and reply to conditions and circumstances within the design.
Progressive elaboration is an iterative process in design operation knowledge in which the details of the design operation plan and quantum of information will increase. This process includes original estimates of particulars similar to design compass description, planning, budget, etc. It will come more accurately.
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Each of the following issues must be addressed by flood mitigation strategies. For which issue is it the most difficult to assign monetary values to the costs and benefits of the flood mitigation strategy?O protecting infrastructure
O protecting communication systems
O protecting homes and businesses
O protecting ecosystems
Protecting infrastructure issue is it the most difficult to assign monetary values to the costs and benefits of the flood mitigation strategy
Hence, Option A is correct
Flood mitigation at the property level may also entail preventive measures aimed at the construction site, such as scour protection for shoreline developments, improving rainwater infiltration through the use of permeable paving materials and grading away from structures, and incorporation of berms, wetlands, or swales.In order to prevent shoreline erosion, a seawall effectively increases the height that water can reach. In order to ensure adequate erosion control, you can add a barrier between the soil and the water. In this manner, you can prevent having less land after a flood by having your shoreline intact.To know more about flood here
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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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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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what statement about the economies of atlantis and paradise island is supported by the data above? (2 points)
Industry for financial services, A large portion of the Bahamas' GDP, or about 50%, comes from the tourism industry.
What type of economy does The Bahamas have?The two primary industries driving the economy are tourism and financial services. The Bahamas' economy, which has a small industrial sector, is largely reliant on financial services, tourism, and allied services. The enormous resort Atlantis, which has a large water park, pools, a beach, restaurants, a walk-in aquarium, and casinos, is the thing that makes the city most famous.
By dredging Nassau Harbour to accommodate six cruise ships at once and constructing the bridge that links Nassau to Paradise Island, the Bahamian government made tourism a top priority. Since the Bahamas gained its independence on July 10, 1973, we have continued to commemorate that day as Bahamian Independence Day. With an average duty rate of about 30%, the Bahamas has the highest rate in the Western Hemisphere.
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Which 3 of these are among the details in transactions imported by using the App transactions tab in QuickBooks Online? Customer nameQuantityFee breakdownsCurrencyCustom fieldsBin locationBill of materials
Customer name, Quantity, and Currency are among the details that can be imported by using the App transactions tab in QuickBooks Online.
The App transactions tab in QuickBooks Online allows you to import transactions from other apps into QuickBooks. This can include things like sales, expenses, and invoices, depending on the app you are importing from. By using this tab, you can easily bring in detailed information such as customer name, quantities, and the currency of the transactions. This can save time and effort by eliminating the need to manually enter data into QuickBooks, and also help to ensure accuracy and consistency in your financial records. Other features that may be available through this tab depend on the app you are importing from, some apps can include breakdowns of fees, custom fields, bin location or bill of materials.
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if prepaid expenses are initially recorded in expense accounts and have not all been used at the end of the accounting period, the failure to make an adjusting entry will cause
If prepaid expenses are initially recorded in expense accounts, the failure to make an adjusting entry will cause assets to be understated.
Adjusting entries are journal entries used in accounting and accounting to assign income and expenditure to the period in which they actually occurred. They are often made at the end of an accounting period.
A deferral or prepaid expense, in accrual accounting, is any account where the income or expense is not recognized until a future date, e.g. annuities, charges, taxes, income, etc. The deferred item may be carried, dependent on the type of deferral, as either an asset or liability.
In bookkeeping, an accounting period is the time period within which management accounts and financial statements are created. Accounting periods are typically monthly.
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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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semiscientific superconductors, a firm that produces goods and hires labor in competitive markets, should continue hiring workers until:
The marginal cost of hiring an additional worker is equal to the marginal revenue generated by that worker. That is, MPL*P=wage.
The borderline cost of hiring an fresh worker is equal to the borderline profit generated by that worker. This is because, in competitive requests, enterprises should strive to maximize their gains by hiring workers until the cost of hiring an fresh worker is equal to the profit generated by that worker. This ensures that the establishment is making the most effective use of its coffers and maximizing its gains. The borderline cost of labor ( MCL) is the fresh cost incurred by enterprises for employing fresh units of labor. The borderline cost of labor ( MCL) is just equal to the pay envelope rate for a impeccably competitive establishment, but the borderline cost of labor (MCL) is lesser than the pay envelope rate for any unit of labor employment under a monopsony labor request.
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