The balance in supplies on January 1 will be $1070.
What is an adjusting entry?A general ledger entry known as an adjustment journal entry" is made at the conclusion of an accounting period to report any unrealized income or costs during the time. Adjusting entries are modifications to previously written entries in your diary. They specifically ensure that the data you have recorded corresponds to the proper accounting periods.
The cost of consumables utilized during a reporting period is referred to as supplies expense. Until they are consumed, supplies are typically regarded as current assets. Supplies become expenses once they have been consumed. If supplies have a large financial worth, they may qualify as current assets.
Here, the amount of $850 of supplies was purchased in January. The balance will be:
Supplies expense = $950
Add: Ending supplies = $970
Less: Supplies purchased = $850
Beginning supplies = $1070
Therefore, the balance is $1070.
In conclusion, the balance in supplies on January 1 will be $1070.
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Smokey company purchases a one-year insurance policy on july 1 for $13,308. the adjusting entry on december 31 is?
On July 1, Smokey Company pays $13,308 for a one-year insurance contract. Debit Rent Expense, $8,000; credit Prepaid Rent, $8,000; this is the adjusting entry for December 31.
What is insurance policy?An insurance contract, represented by a policy, provides financial protection or reimbursement from an insurance company in the event of a loss to the policyholder. In order to lower costs for the insured, the company pooled the money from its customers.
Plans for insurance are designed to guard against the possibility of both significant and minor financial losses brought on by damage to the insured's property or person, or by liability for injuries or damages to a third party.
An insurance policy is a contract that an insurer enters into to reimburse another party for losses brought on by particular risks or occurrences.
There are several varieties of insurance. The four most common types of insurance are life, health, home, and auto.
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What is the most important thing that a venture capitalist is looking for in a company to invest in? discuss your response.
Simply said, management is by far the most crucial aspect for astute investors. VCs invest mostly in the management team's capacity to carry out the company plan. You need a solid understanding of your market, a tested business plan, and a well-thought-out strategy for approaching venture investors if you want to distinguish out from other businesses.
In addition to this, VCs value intellectual honesty and self-awareness in founders. He has discovered from his experience as an investor that "those who are very introspective, recognize their strengths and flaws" have a higher likelihood of founding and eventually developing a successful firm.
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The lumbar plexus is subdivided into a(n) ______ division and a ______ division.
The lumbar plexus is subdivided into a(n) anterior division and a posterior division.
The lumbar plexus is an important set of nerves that originate primarily in the lumbar region of the spinal cord. The term "plexus" refers to the "network" of nerves that are created just next to where T12-L5 exits the spinal cord through the intervertebral foramen.
The lumbar plexus allows nerves to engage at different levels, forming multiple functional nerves that serve to innervate different structures. The nerves that originate in the lumbar plexus are listed from top to bottom.
These branches include the subiliac nerve, the iliac inguinal nerve, the genital femoral nerve, the lateral femoral nerve, the femoral nerve, and the obturator nerve.
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Organizing the second level of the work breakdown structure by major design components facilitates rolling wave planning. true false
Organizing the second level of the work breakdown structure by major design components facilitates rolling wave planning ---- False
What is Work breakdown structure explain?
A work breakdown structure (WBS) is a project management tool that takes a step-by-step approach to complete large projects with several moving pieces. By breaking down the project into smaller components, a WBS can integrate scope, cost and deliverables into a single tool
What is the role of WBS in project management?
WBS helps to allocate tasks. When a project is broken down into manageable tasks or packages, it becomes a very easier to assign these to the suitable individual. This helps your team plan around other work that needs to be completed outside of the project in question. WBS improves communication.
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Marketers are interested in how consumption patterns vary across countries and within countries. for example, which country has the highest consumption of wine on a per-capita basis?
Marketers are interested in how consumption patterns vary across countries and within countries. For example, France has the highest consumption of wine on a per-capita basis.
What is per-capita?The average income per person in a given location during a given year is measured by per capita income or total income. The amount is determined by dividing the region's overall income by its whole population. The national income divided by the population equals per capita income.
Simply divide the number of murders by the city's total population to determine the rate. Statisticians typically multiply the value by 100,000 and present the result as the number of murders per 100,000 persons to avoid using a small little decimal.
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Reporting revenues only when cash is received and expenses only when cash is paid is called the basis of accounting. True or false?.
The term "cash basis of accounting" refers to only recording revenue upon receipt of cash and expense upon payment of cash.
The term "cash basis" refers to a significant accounting technique that records revenues and expenses at the time that money is received or spent. Contrast this with accrual accounting, which regardless of when cash is received or paid, recognizes income at the time the revenue is earned and records expenses when liabilities are incurred.
By whom is cash basis accounting used?
Financial reporting can be done using either cash accounting or accrual accounting. Cash accounting is a method used by sole proprietorships, small firms, and individuals to keep track of their income and expenses whenever money is exchanged.
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Question mode multiple choice question what is the type of business structure when two or more individuals agree to own and operate a business together?
A partnership is a type of business structure where two or more individuals agree to own and operate a business together.
A partnership can be defined as a formal arrangement between two or more parties. This formal arrangement is created to manage and operate a business and share its profits. There are several arrangements that can be made between the partners in order to share the profits and losses of the firm.
The other division of partnership can be on the basis of participation in the work of the firm. There may be some partners that only provide their name to the business firm called silent partners. So they will not be involved in the day-to-day operation of the business. Whenever there is an admission or removal or retirement of a partner the partnership needs to be dissolved.
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The goal of a strategic position is to create the largest gap possible between the?
The goal of a strategic position is to create the largest gap possible between the cost required to create these offerings and the value that a firm creates through its offerings.
Strategic Positioning
The relative position of a corporation within its industry is important for performance. Strategic positioning reflects decisions a firm makes about the type of value it will generate and how it will create that value differently than competitors. Strategic positioning should result in either a higher pricing or lower costs for the company.
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Toshiba corporation makes computer chips. toshiba corporation would be classified as a?
Toshiba corporation makes computer chips. Toshiba corporation would be classified as a manufacturing company. Thus, option A is correct.
What is a corporation?An initiative called a corporation is one whose investors choose a board of trustees to manage its operations. These are the ones who can access the financial book of accounts.
A manufacturing company can be defined as one that produces food with respect to raw materials equipment techniques and Technology. These both can be finished products or semifinal product
The company of Toshiba is making computer chips, and that company can be called a manufacturing company. Therefore, option A is the correct option.
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The question is incomplete, the complete question will be:
Toshiba Corporation makes computer chips. Toshiba Corporation would be classified as a
A.manufacturing company.
B.service company.
C.simple company.
D.merchandising company.
When viewing applicants and employees as investors, the goal is to ________. group of answer choices
The objective is to provide applicants and workers with a return on their individual contributions to the company when seeing them as investors.
An investor is any individual or other entity such as a business or mutual fund who invests money with the hope of making a profit. Investors depend on a variety of financial instruments to generate a rate of return and achieve crucial financial goals like saving for retirement, paying for a child's school, or just collecting more wealth over time. Stocks, bonds, commodities, mutual funds, exchange-traded funds (ETFs), options, futures, foreign currency, gold, silver, retirement plans, and real estate are just a few examples of the many investment vehicles available to achieve objectives.
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Explain ONE reason why it’s important to include financial information in a business plan
Answer:
It is important to include financial information to assist with decision making.
An adjusted trial balance does not list the revenues and expenses of a business.
a. true
b. false
False, An adjusted trial balance does not list the revenues and expenses of a business.
No entry is made under the accrual system of accounting until the money has been paid. Additionally, an adjusted trial balance does not include a business's revenues and costs. The net income will be inflated if a corporation doesn't make an adjustment entry for accrued revenues.What is an adjusted trial balance ?
At the end of an accounting period, the balances of all accounts, including those that have been amended, are displayed in an adjusted trial balance. Its goal is to demonstrate that, after all adjustments, the total debit and total credit balances in the ledger are equal.Which of the following is true of a trial balance?
A trial balance with equal debit and credit balances proves that the accounts are in balance.
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Christopher is self-employed and reports all of his business-related income and expenses on his personal tax return. this is an example of:_____.
a. a proprietorship
b. a corporation
c. an llp/llc
d. a partnership
Correct option is A. Christopher is self-employed and reports all of his business-related income and expenses on his personal tax return. this is an example of a proprietorship.
What is meant by sole proprietorship?A sole proprietorship is a type of business that is owned and operated by one person and in which there is no legal separation between the owner and the business entity. It is also referred to as a lone tradership, individual entrepreneurship, or proprietorship. A solitary proprietor may hire employees in addition to doing their own business .
The lone proprietor is solely responsible for all losses and obligations and receives all gains (subject to business-specific taxes). The owner of the firm is the owner of all of the company's assets and is also responsible for all of the company's debts. In contrast to a partnership, which has at least two owners, it is a "single" proprietorship.
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If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.
Unearned income, commonly referred to as deferred revenue, is the term used to describe advance payments a business receives for goods or services that will be provided or rendered in the future.
Deferred Revenue
The company that receives the prepayment adds the sum to its balance sheet as deferred revenue, a liability. In the case of a prepayment, the other business would report its cash outlay as a prepaid expense, an asset account, on their balance sheet. Over time, the second firm records its prepaid amount as an expense at the same pace that the first company records its revenue. Due to the fact that it represents money promised to customers but has not yet been received, deferred revenue is a liability. On the income statement, the product or service is proportionally recorded as revenue as it is supplied over time.
On the balance sheet, the deferred revenue item is typically categorized as a current liability. If performance is not anticipated over the next 12 months, it can be categorized as a long-term liability. When a corporation receives an advance payment, deferred revenue is recorded as a liability on the balance sheet. This is so that it can fulfill its contractual commitment to provide the goods or services due to the client. Due to the ongoing chance that the good or service may not be provided or that the customer may cancel the transaction, the payment is regarded as a liability to the business. Unless alternate payment terms were expressly indicated in a signed contract, the business would be required to reimburse the client in either scenario.
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can woolworths raise extra capital for expansion
Woolworths can raise extra capital for the expansion a shop in each kingdom in Australia. With the organisation and its stores strolling correctly. Woolworths commenced to experiment with expanding their grocery range more shops began stocking clean culmination and vegetables and a bigger variety of meals.
Woolworths has created an aggressive facet thru its tremendous logistics systems and particularly organized providers' contracts, which ensure that goods are introduced at the proper time. further, the employer uses era to manipulate its delivery chain and stock.
Woolworths has created an aggressive part thru its outstanding logistics systems and relatively organized providers' contracts, which ensure that items are brought at the right time. in addition, the employer makes use of technology to control its supply chain and stock.
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______ is a term that describes involuntary turnover of employees that an organization performs to reduce costs.
Downsizing is a term that describes involuntary turnover of employees that an organization performs to reduce costs.
What is Involuntary turnover?
Layoffs, force reductions, and the firing of underperforming personnel are all examples of involuntary turnover. The first kind of involuntary turnover would be seen as undesirable since it could have an impact on the management and financial activities of the organisation. The second would be more positive for the business as we outlined above. One sort of turnover that takes place when a person is let go from a job is involuntary turnover. Employees may be fired for a variety of reasons, such as subpar work performance or inappropriate behaviour, which is frequently referred to as unproductive work behaviour (CWB).Pre-employment exams can be used during the hiring process to reduce involuntary turnover. One major factor in involuntary turnover, for instance, is the failure of new hires to comprehend and implement the training they receive.To know more about Involuntary turnover visit:
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Indirect labor costs include ______. multiple select question.
a. assembly-line supervisor salary
b. factory security guard wages
c. administrative assistant salary
d. assembly-line worker wages
Indirect labor costs include: factory security guard wages and assembly-line supervisor salary
What is indirect labor cost?Indirect labor cost is the cost of labor that isn't directly related to the production of goods or the provision of services. It refers to the payment made to workers whose duties enable others to produce goods and provide services.
Indirect labor is the labour done by people who are not directly involved in the production of the commodities. Workers in a plant's quality assurance department, managers, and security personnel are a few examples. Their pay and benefits would be considered indirect labor costs.
"Indirect labor" refers to tasks performed by employees that enhance the operation of the company without directly producing goods or services. They are employed in industries including administration, accounting, and engineering.
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The current united states health care system functions more on a business model than a service model. which factors contribute to rising health care costs?
The current United States healthcare system functions more on a business model than a service model. The factors that contribute to rising health care costs include provider burden, health care fraud, and increased health insurance premiums.
The United States healthcare system is run on a business model, rather than a service model. That means that health insurance providers are providing insurance coverage to earn profits, and healthcare centers and institutions too have business interests in mind. This causes the healthcare costs to be comparatively higher than in other countries.
Rising healthcare cost is also due to the provider burden, the frauds in the healthcare sector, and the high premiums charged by insurance providers.
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Energy derived from renewable sources located within the project site perimeter is called:_________
On-site renewable energy.
What Exactly Is a Renewable Resource?A resource that can naturally replace itself throughout time is said to be renewable. Therefore, despite human consumption, it is sustainable.
Because of their potential to replace non-renewable or finite resources in the generation of energy, renewable resources are viewed as being of particular importance. Additionally, compared to non-renewable resources like coal and fossil fuels, renewable resources can give greener energy alternatives.
The sun, wind, water, geothermal heat from the soil, and biomass are a few examples of renewable resources.
As long as there is precipitation, water is also regarded as a renewable natural resource. The need for conservation measures to protect water supplies has been demonstrated by changing climatic trends.
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Maximum income limits that reduce permitted contributions do not apply to:
i iras
ii spousal iras
iii roth iras
iv coverdell education savings accounts
a. i and ii
b. iii and iv
c. i and iii
d. ii and iv
The correct answer is (a) I and ii.
Maximum income limits that reduce permitted contributions do not apply to IRAs and spousal IRAs.
What are the Income Caps?The majority of federal and state housing assistance programs establish upper-income limits for people who are eligible to live in supported housing as well as upper rent and housing expense caps that may be applied to eligible residents, often depending on their salaries.
Savings Accounts and Roth IRA contributions decrease as income increases (so high-earning persons cannot contribute to these accounts). However, regular IRAs and spousal IRA contributions are not subject to an upper-income limit. The permitted contribution, however, might not be tax deductible if the contributor earns too much and is enrolled in another qualifying retirement plan.
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____ is the general term for a group of technologies have emerged and combined to make new businesses possible on the web.
Web 2.0 is the general term for a group of technologies have emerged and combined to make new businesses possible on the web. Hence, the correct answer is web 2.0. Read below about Web 2.0.
What is web 2.0?Web 2.0 is the second stage of development of the internet, characterized especially by the change from static web pages to dynamic or user-generated content and the growth of social media. Web 2.0 includes software that allows users of Web sites to participate in the creation, editing, and distribution of content on a Web site owned and operated by a third party
Therefore, the correct answer is as given above
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A(n)___________ market includes the aspects of a customs union and allows factors of production to move freely among members.
A Common Market includes the aspects of a customs union and allows factors of production to move freely among members.
There is an expansion of the traditions association idea, with the extra component that it accommodates the free development of work and capital among the individuals.
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Additional paid-in capital 200 0 retained earnings 1,080 480 what amount will be reported for goodwill as a result of this acquisition?
Additional paid-in capital 200 zero retained earnings 1,080 480 what amount can be reported for goodwill as a result of this acquisition: cost of the funding much less the subsidiary's truthful value at the acquisition date.
An acquisition is when one corporation purchases a maximum or all of every other enterprise's shares to advantage the control of that employer. shopping extra than 50% of a target company's inventory and different lets the acquirer makes decisions about the newly acquired assets without the approval of the organization's other shareholders.
An acquisition is called a commercial enterprise transaction wherein one firm buys all or a part of another agency's inventory or belongings.
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What is the main advantage of small business that helps retain effective employees who could earn more at a large firm?
7 competitive advantages for small enterprises are listed below:
Taking decisions more quickly and focusing on niche marketsPersonalize Customer Service, Empower Your TeamLeaders in Access Directly Give Your Local Community PriorityFaster innovationMake a StatementConcentrate on SpecializationQuickly and effectively pivotaccelerated decision-making - Being tiny has its benefits for competition, therefore it's not always a bad thing. One is the quick turnaround for making decisions or for developing new products. You could have fewer personnel, but you can innovate processes more quickly as a result. Being able to modify and adapt to market needs and being an agile firm are key to keeping a business afloat and expanding. When there is a lot of bureaucracy involved or you have to take into account various voices, it is more difficult to make such kinds of decisions.
Encourage and Grow Your Team - For business operations, a strong internal team is essential. Smaller teams make it possible to provide more individualized attention, giving them an advantage over organizations with hundreds or thousands of people. Make sure that workers have a say in the direction of the business in order to capitalize on this. Make sure management is approachable so that employees' issues and queries are completely addressed. Make time to talk about and keep track of each team member's professional growth goals as well. A small business may foster a culture where each employee feels appreciated by putting these deliberate actions into place.
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Explain how the work done by lister and semmelweis supports the germ theory of disease.
The idea that human diseases can arise from infection. First noted by Pasteur and supported by Robert Koch.
Lister was the person to introduce the aseptic techniques that would decreases microbes in the medical setting and reduces wound infections.
Semmelweis considered that women who gave birth with a physicians help were dying more from fevers than with mid-wives help. He then tried the concept of washing hands with chlorine solution after finishing autopsies and returning to the birthing wards.
He assumes the infection rates becomes 1% which was less than the mid-wives.
What is germ theory of disease explain?
The germ theory of disease assumes that many diseases are caused by microorganisms such as bacteria, viruses, protozoa, or fungi. These diseases are occur by the develop and repetition of microorganisms. The germ theory of disease was devised by Louis Pasteur.
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A fixed interest rate of _____ with _____ inflation will yield the highest rate of return for a lender.
A fixed interest rate of 8% with 1% inflation will yield the highest rate of return for a lender. Real interest rate and inflation premium are the two components that make up a nominal interest rate. The purchasing power of each dollar gradually decreases over time as an economy expands with inflation.
How Interest Rates Affect the U.S. Markets?Both positive and negative market effects can result from changes in interest rates. Central banks frequently adjust their target interest rates in reaction to economic activity, boosting rates when the economy is excessively robust and decreasing rates when the economy is weak.
The Federal Reserve Board (the Fed) in the United States is in charge of determining the target interest rate at which banks in the country lend and borrow money from one another (known as the federal funds rate), and this has an impact on the entire economy.
The stock market frequently reacts to changes in this interest rate more quickly even though it typically takes at least a year for them to be felt widely across the economy.
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The change-of-base property for logarithms allows a logairthm with base b to be written in terms of a new base a. introducing base a, the property states that:__________
LogbM = LogM/logB. b^M=b^N is stated by property which shows The change-of-base property for logarithms allows a logarithm with base b to be written in terms of a new base a. introducing base a
What is the logarithm of change of base property ?
b=alogab
x=blogbx
Substituting,
x=(alogab)logb x=alogablogbx
Taking logarithms base a of both sides,
logax=logablogbx
That’s one form of the change of base. Alternatively,
logbx=logaxlogab
Sort it out by remembering that the smaller the base the larger the magnitude of the logarithm of the same quantity.
So for example if x>1, then
log2x>log8x
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Economic policy changes that promote private sector development, competitive markets, market-pricing, freer trade, and deregulation is (are) called economic?
Economic policy changes that promote private sector development, competitive markets, market-pricing, freer trade, and deregulation is (are) called "economic reforms"
What is Economic Policy?
The systems for determining tax rates, government spending, the money supply, and interest rates, as well as the labor market, national ownership, and many other areas of government interventions in the economy, are all included in the concept of the economy of governments. The majority of economic policy elements fall into one of two categories: monetary policy, which deals with central bank activities related to the money supply and interest rates, or fiscal policy, which deals with government actions related to taxation and spending. international entities like the World Bank and the International Monetary Fund, as well as political ideologies and the ensuing party policies, frequently have an impact on such policies.
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A popular football player at a college who is able to influence the buying decisions of fans would best be described as a(n) __________.
A popular football player at a college who is able to influence the buying decisions of fans would best be described as a opinion leader influence.
Opinion leaders tends to influence the purchase decisions of consumers. Thus, such consumers will view the opinion leader as having a strong degree of knowledge in regards to the product category.
Opinion Leaders are knowledgeable in their field. As, they are respected and trusted by their followers. Their views carry weight and significance. Thus, through this they influence the buying decisions of their fans.
Hence, such opinion leader is able to influence the buying decisions of their fans.
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Is the cost needed to own a product, consisting of initial purchase cost and follow-up maintenance/service cost?
The Total cost of ownership is the cost needed to own a product, consisting of the initial purchase cost and follow-up maintenance/service cost.
What does maintenance/service cost?Maintenance cost can be defined as the price that is being performed in the course that is being incurred mostly on the assets and is a service that needs to be paid.
The total cost of ownership is the cost that is considered the final cost of a product or a service.
This means that if machinery is being purchased attend the insurance of that machinery the installation and the financing all is included in the cost of ownership, this is the amount that the owner paid for getting the machine.
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