Answer:
The amount of long-term liabilities to be reported on the Balance Sheet at the end of the current year is $70.000
Explanation:
Concepts / definitions:
Long-term liabilities or noncurrent liabilities are knowns as obligations that companies have to pay in more than 1 year (12 months) or for some companies, after the company’s operating cycle (it is the time that the company takes to convert their inventory into cash).
Examples: Long term leases and bonds (that are generally are designed to be paid in more than one year).
Classification
Notes Payable (current) $ 10,000
Accounts Payable $ 5,000
Salaries Payable $ 2,000
Sales Tax Payable $ 2,000
Current liabilities $ 19,000
Bonds Payable $ 50,000
Notes Payable (long-term) $ 20,000
Long-term liabilities $ 70,000
The amount of long-term liabilities to be reported on the Balance Sheet at the end of the current year for Jones Company is $70,000. This includes $20,000 in long-term notes payable and $50,000 in bonds payable.
Explanation:The long-term liabilities of the Jones Company are those financial obligations that are due after a year's time. From the given financial information, we can identify the 'Notes Payable (long-term)' and the 'Bonds Payable' as such liabilities. In this case, the total amount of long-term liabilities is calculated as follows:
Add the long-term Notes Payable to the Bonds Payable. The long-term Notes Payable is $20,000 and the Bonds Payable is $50,000. 20,000 (long-term notes payable) + 50,000 (bonds payable) = $70,000So, the amount of long-term liabilities that would be reported on the Balance Sheet at the end of the current year would be $70,000.
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An elderly client has been a long-time client of Joe, who is an IAR. The elderly client has a trust account for his children and decides to name Joe as the trustee via his will, once he passes away. Joe is to oversee and manage the investments of the trust at his discretion once the elderly client passes away. When the elderly client passes away and Joe is trustee, which of the following are correct?
I.Joe would be considered a fiduciary for the trust account.II.Joe would be considered an agent who would receive commissions related to trades in the trust account.III.Joe would be considered a beneficiary of the trust account.IV.Joe would be considered to have a certain level of discretionary authority over the trust account and would have custody of trust account funds as trustee.
Answer:
I) Joe would be considered a fiduciary for the trust account.
IV) Joe would be considered to have a certain level of discretionary authority over the trust account and would have custody of trust account funds as trustee.
Explanation:
Since the client named Joe as his trustee, once the client passes away Joe will be in charge of managing the trust account. Since Joe must place the interests of the beneficiaries (the client's children) ahead of his own interests, Joe is considered a fiduciary for the trust account.
Joe is also in charge of managing the investments, therefore he will have discretionary authority over them. Since Joe is the trustee, he has control of the money and he can also have custody of the funds.
Tell, an Ohio real estate broker, misrepresented to Allen that Tell was licensed in Michigan under Michigan’s statute regulating real estate brokers. Allen signed a standard form listing contract agreeing to pay Tell a 6% commission for selling Allen’s home in Michigan. Tell sold Allen’s home. Under the circumstances, Allen is
A. Not liable to Tell for any amount because Tell violated the Michigan licensing requirements.
B. Liable to Tell only for the value of services rendered under a quasi-contract theory.
C. Not liable to Tell for any amount because Allen signed a standard form contract.
D. Liable to Tell for the full commission under a promissory estoppel theory.
Lisa surveyed a sample group of people. Based on her survey, Lisa suggested to her company that they develop a customizable travel application for mobile devices. The application will help users to track their favorite baseball team as they play across the nation and to book game tickets and hotels in that area. Which stage of the consumer buying process has Lisa targeted here?
A. choice and purchase
B. search for information
C. purchase evaluation
D. need recognition
E. ad analysis
Answer:
Search for information
Explanation:
By definition
Search for information: At the second stage, consumers try to recollect information they already know, such as the name of the best restaurant they have been to, or they search for information from various sources, such as friends, ads in newspapers, the Internet, etc. At this stage, advertising directly influences a consumer’s buying process by providing the needed information and ensuring they have brand recall about products they know will be a good fit for them.
Suppose that a country’s annual growth rates over a 10-year period are as follows: Year Growth Rate 1 5% 2 3 3 4 4 – 1 5 – 2 6 2 7 3 8 4 9 6 10 3 Instructions: In part a, round your answer to 1 decimal place. In part b, enter your answers as whole numbers. a. What was the country’s trend rate of growth over this period?
Answer:
a. 2.7%
b. From 6 to 9 years
Explanation:
a. The country’s trend rate of growth over this period is computed below:
= Total of growth rate ÷ time period
where,
Total of growth rate is
= 5% + 3% + 4% -1% -2% +2% + 3% + 4% + 6% + 3%
= 27%
And, the time period is 10 years
So, the trend growth rate is
= 27% ÷ 10 years
= 2.7%
b. The expansionary phase of the business cycle is from 6 years to 9 years as the growth rate is increased over this time period plus the growth rate is positive
The country's trend rate of growth over the 10-year period is 2.7%.
Explanation:To calculate the country's trend rate of growth over the 10-year period, we need to find the average growth rate. We can do this by summing up all the growth rates and dividing by the number of years.
Sum of growth rates = 5 + 3 + 4 - 1 - 2 + 2 + 3 + 4 + 6 + 3 = 27
Average growth rate = Sum of growth rates / Number of years = 27 / 10 = 2.7%
Therefore, the country's trend rate of growth over this period is 2.7%.
Nora and Owen do business as Profit & Property, a real estate investment partnership. In acting on the firm's behalf in a deal with Village Mall, Nora takes advantage of an opportunity to make a secret profit on her own behalf. To her firm, Nora is liable for Select one:________
a. breach of contract.
b. breach of the duty of loyalty.
c. breach of the duty of care.
d. nothing.
Nora is liable for Select one: breach of the duty of loyalty. option B
In the scenario described, Nora is liable for a breach of the duty of loyalty. In a partnership, each partner must act in the best interests of the partnership and not for their personal gain at the expense of the firm.
By taking advantage of an opportunity for herself that should benefit the entire partnership, Nora has violated the trust and obligation she owes to her business partner, Owen, and the firm Profit & Property. This is a clear breach of the ethical and fiduciary responsibilities that are fundamental to a partnership arrangement.
What is the role of "back office" teams (accounting, legal, etc.) in creating buyer personas?
a. Back office teams don’t need to be involved in creating buyer personas, but they should understand and accept the finished personas.
b. Back office teams often have key insights to offer during the creation process and should be invited to help create your buyer personas.
c. Back office teams should own the buyer persona creation process because they are less biased than customer-facing teams.
d. Back office teams shouldn’t be involved with buyer personas at all because they don’t interact with customers directly.
Answer:
B) Back office teams often have key insights to offer during the creation process and should be invited to help create your buyer personas.
Explanation:
A company's buyer persona is the representation of who your customers are and how they should react towards your product or service.
Theoretically, a company should represent their buyer personas based on marketing research and actual information about current customers, but this is not an exact science. The more information you can obtain that helps to better represent your customers, the better. Sometimes back office teams possess extremely relevant information about you r current customers that need to included in the process of constructing a buyer persona.
The importance of buyer personas is that a company needs to know who is their target market.
If a hotel has an annual net operating income of $812,000 at a 9.35% cap rate, what is its current value (to the nearest thousand)?
Answer:
Current value = Net operating income
Capitalization rate
= $812,000
0.0935
= $8,684,492
Explanation:
This is consiste nt with the net operating income approach to capital structure that holds that value of a company is the capitalization of net operating income at the capitalization rate of a company. Thus, the division of net operating income by the capitalization rate gives the current value.
When preparing the budgeted income statement of a merchandising company, the amount of cost of goods sold can be taken from the
Answer and Explanation:
Merchandising company is one that buys finished goods and add values to it and sells. Unlike the manufacturing firm where the firm produces the good and sells them.
In order to find the COGS for a merchandising company for preparing the income statement, we can look at the inventory purchases and budget for COGS. We can also look at the starting and ending inventory.
The formula for COGS is:
Beginning inventory + purchases - ending inventory = Cost of goods sold.
During the current year, the Guileman Manufacturing Company signed a noncancelable contract to purchase 1,000 lbs. of a raw material at $32 per lb. during the forthcoming year. On December 31, the market price of the raw material is $26 per lb., and the selling price of the finished product is expected to decline accordingly. The financial statements prepared for the year should report...A. An appropriation of retained earnings for $6,000.B. A loss of $6,000 in the income statement.C. Nothing regarding this matter.D. A note describing the expected loss on the purchase commitment.
Answer:
B) A loss of $6,000 in the income statement.
Explanation:
The appropriate journal entry should be:
December 31 (recognition of loss on purchase commitments)
Dr Loss on Purchase Commitments account 6,000Cr Accrued Loss on Purchase Commitments account 6,000Since the price of raw materials lowered by $6,000, the company lost money on its purchase commitments:
Purchase commitments loss = contracted price - market value = $32,000 - $26,000 = $6,000
The loss on purchase commitments is an expense, and accrued loss on purchase commitments is a liability.
What lean concept relates to eliminating non-value-added steps and waste in product storage processes?
Answer:
Just in time (JIT) inventory management system
Explanation:
The JIT inventory management system was developed by Toyota in Japan. JIT tries to decrease production costs by lowering inventory costs and increasing efficiency by reducing wastes.
Some of the main advantages of JIT are:
Productivity increaseWaste eliminationHigher product qualityIf the price level doubled and someone wanted to maintain the same level of purchasing power, the nominal quantity of money demanded must:
Answer:
Double
Explanation:
If the price level doubles, the good becomes twice as expensive. To be able to afford to the same amount of goods before the doubling in price, the nominal money demanded has to double also.
For example, if $10 could buy 5 pencils. The price of pencils is $2. If the price of pencils increases from $2 to $4 ,$10 would buy 2.5 pencils. For the consumer to be able to buy the same amount of pencils before the price rise, the nominal quantity of money demanded should increase to $20 to be able to buy 5 pencils.
I hope my answer helps you.
Companies who believe that higher sales volume leads to lower unit costs and higher long-run profits are attempting to Answer .
A) maximize their market share
B) skim the market
C) become a product-quality leader
D) merely survive in the market
E) maximize their current profits
Answer:
A) Maximize their market share.
Explanation:
Companies which believe higher sales volume will drive the cost down (& profits upward) will need to sell more of their products to achieve this target.
For example, if a bike manufacturer thinks that he can reduce cost by higher number of sales, he must maximize his market share and target more and more people to buy the bikes, let it be child, millennial, parents, everyone.
This will derive the sales volume to be higher and the costs to be lower (& higher long-run profits).
The employees of Vintage Clothes achieved all of the sales goals for 2017. Vintage decides to reward the employees with a bonus of 20% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $312,000. What is the amount of the bonus? (Round your final answer to the nearest dollar.)
Answer:
$52,000
Explanation:
Bonus is 20% on annual net income, after deducting the bonus.
Let the annual income after deducting bonus be g
Then,
Bonus = 20% of g
= 0.2g
Annual income before bonus = annual income after bonus + bonus
312,000 = g + 0.2g
g = 312000/1.2
g = $260,000
Bonus = 0.2g
= 0.2 × 260,000
= $52,000
McArthur, Inc. plans to develop a shopping center. In the first quarter, the following amounts were spent: Acquisition of land $ 25 comma 000 Surveys and legal fees 800 Land clearing 200 Fencing 9 comma 000 Install lighting and signage 14 comma 060 What amount should be recorded as the land improvements cost?
Answer:
$23,060
Explanation:
Land improvement cost comprises of cost spent on the upgrade of a given land and which are subject to wear and tear. They differ from the cost of the land itself which are not depreciable. Accounting rules require that land improvement costs are depreciated, whereas the cost of land itself is not depreciated.
In the given question, the cost of land include the cost of acquisition, survey and legal fees, and land clearing fees. These costs are necessary to acquire title on the land and make it ready for use.
Land improvement cost, on the other hand, include fencing and the cost of installing lighting and signage. This is because these items will depreciate and may need to be replace after some time.
Therefore, land improvement cost = cost of fencing + cost to install lighting and signage
=$9,000 + $14,060
= $23,060.
Decreases in the money supply affect the economy indirectly because A. interest rates decrease causing planned investment to increase, which causes an increase in aggregate demand. B. people spend excess money balances and thus, aggregate demand increases. C. interest rates increase, causing planned investment to decrease, which causes a decrease in aggregate demand. D. people have insufficient money balances and thus aggregate demand decreases. E. There is no indirect effect of the money supply on the economy.
Answer:
The correct answer is option C.
Explanation:
A decrease in the money supply would reduce the availability of credit in the market. The money supply curve will shift to the left. This would further cause the interest rate to increase.
This increase in the interest rate would increase the cost of borrowing. As a result, the cost of borrowing will increase. This will cause the planned investment to decline.
Since investment expenditure is a component of aggregate demand, a decline in the investment will cause the aggregate demand to decrease as well.
A decrease in the money supply is part of contractionary monetary policy, leading to higher interest rates and thus discouraging business investment and consumer borrowing. This process indirectly leads to a decrease in aggregate demand.
Explanation:Decreases in the money supply impact the economy indirectly through effects on interest rates and investment. When the money supply decreases, it is part of a contractionary monetary policy. This leads to higher interest rates and consequently, decreases the quantity of loanable funds available in the market.
With the increase in interest rates, borrowing money becomes less attractive for firms, making it more appealing to put those funds into financial rather than physical capital investment. This leads to a decline in business investment. Moreover, the high interest rates discourage consumer borrowing for large purchases like houses and cars, indirectly causing a decrease in aggregate demand.
Therefore, option C: 'interest rates increase, causing planned investment to decrease, which causes a decrease in aggregate demand' is the correct one. A decrease in money supply doesn't automatically lead to an increase in spending, but rather restricts spending due to increased cost of borrowing. Hence decreased investment and spending lead to a decrease in aggregate demand.
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Mike is registering his real estate company. He has a license and all of his sales associates and broker associates have licenses. Why does the company need to be registered?
Answer:
If Mike was a real estate broker that wants to work independently, he can, but real estate agents cannot work independently, they must work for a real estate broker.
Since Mike works along with other sales associates and broker associates in a company, the company must be registered. All real estate companies must be registered in every single state that they do business in.
With the proliferation of data mining analysis due to scanner data with tens of thousands of records, online surveys that garner thousands of respondents, and other ways to capture very large samples, there is a very real danger of finding a great deal of statistical significance that is not meaningful. Even if differences are statistically significant and meaningful, they do not necessarily need to be stable.
A. True
B. False
Answer:
A) True
Explanation:
Not all information gathered is useful.
Big data analyzes huge amounts of information, more than any person could possibly handle by themselves, but that doesn't mean that all the processed information is useful. On the other hand, information that can be useful for one company may not be useful to another company.
The amount of processed information is not important, what is important are the insights that a company can obtain that will help them make better strategic decisions.
Costs, such as investigating the possibilities of and actually creating or acquiring a trade or business.
Answer:
Start up costs
Explanation:
By definition Startup costs "are the expenses incurred during the process of creating a new business". W can classified as pre start up costs and post start up costs.
For the pre start up costs we have for example research, borrowing costs, and expenses for technology and science.
For the post-opening startup costs we have advertising, promotion, and expenses related to the company.
So the best description for startp up costs is: "Costs, such as investigating the possibilities of and actually creating or acquiring a trade or business."
Phillip is the manager of a home appliance store. He supervises his subordinates while they are installing appliances in customers' homes. If they do not complete the installation process within the time allotted, they are given a black mark. Depending on the number of black marks they have on their record, Phillip deducts their salaries. In this scenario, Phillip is using _____.
a) adaptive control
b) normative control
c) concertive control
d) bureaucratic control
Answer:
d) bureaucratic control
Explanation:
Based on the information provided within the question it can be said that in this scenario Phillip is using bureaucratic control. This refers to the use of various different authority, rules, and policies, among other methods in order to influence employee behavior as well as evaluating their performance. Which in this scenario the bureaucratic control that Phillip is using is a form of reward and punishment to make sure the employees performance is on par with store standards.
Final answer:
Phillip is exercising bureaucratic control by enforcing formal rules and procedures in his home appliance store and penalizing employees with salary deductions for not completing tasks in a specific time.
Explanation:
Phillip, as the manager of a home appliance store who supervises his subordinates and penalizes them by deducting their salaries if they do not complete the installation process on time, is utilizing a form of bureaucratic control. This kind of control is characterized by the establishment of a system of rules that govern how tasks should be performed and the imposition of penalties for not following these rules. It is a formal means of control that operates through hierarchies and formal rule-making, as seen in large organizations and bureaucracies. Therefore, in the given scenario, the correct answer is d) bureaucratic control.
An investmetn adviser will always be considered to have taken custody if an adviser: is the trustee for the cleint in a trust account.
Answer:
true (A. is the trustee for the client in a trust account)
Explanation:
Based on the information provided within the question it can be said that this statement is completely true. This is mainly due to the fact that a trustee can directly deduct management fees from the customer funds. Therefore if the investment adviser is the trustee for the client he is able to have custody over the account and make these deductions.
1. What setting must be enabled to view data in Demographics and Interests Reports?
Access the account and property where you want to use the demographic and interest data by navigating there. To change property settings, select the property column. Select Enable Demographics and Interests Reports under Advertising Features and turn it on.
What is the advertising feature in Demographics?You have the choice of activating either the remarketing or the advertising reporting tools, or solely the latter. In case you employ analytics.
Create Remarketing Audiences based on certain behavior, demographic, and interest data and share.
Features are classified as paid advertising. Advertising that appears to be editorial material and is presented as a brief feature story.
Therefore, advertising features setting must be enabled to view data in Demographics and Interests Reports.
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Fixed asset accounting systems include cost allocation and matching procedures that are not part of routine expenditure systems.
A. True
B. False
Answer:
The correct answer is A.true.
Explanation:
Fixed asset accounting systems include cost allocation and matching procedures that are not part of routine expenditure systems.
As per financial accounting standards fixed assets cost is capitalized and than depreciated over its useful life. Only that amount of asset cost is charged in profit and loss account that has been depreciated during the reporting period. However, in case of other routine expenses full amount is charged in p/l, in the period, in which these costs are incurred.
What is an accurate definition of a hobby? the collection of things a person has done a subject a person would like to learn more about an ability a person has created through learning and experience something a person likes to do for fun
Answer: A hobby is something a person likes to do for fun.
Explanation:
A hobby is an activity or occupation that someone does for fun during his/her free time.
Answer:
A)something a person likes to do for fun
Explanation:
Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. ( true or false )
Answer:
True
Explanation:
The total amount earned by all employees for pay period i.e, weekly, twice a month or monthly etc is called payroll which is always a documented to inform employee and company budgetary matters too. The payroll is reduced by the federal and state taxes applicable and other deduction such as health insurance and employee advances/loans etc to determine the amount paid to the employees.The business also uses these record to inform employees about their earning and inform the government by submitting payroll reports.
Tax based on the payroll is called the payroll tax. A business is required to withhold the tax from the salary as per the law , therefore accurate and detailed payroll record should be maintained. Government may impose penalty to the business if found any disparity or error in the earning and tax deduction.Payroll taxes withheld represents a liability for the employer until the payment is made to the government.
What are the three ingredients of a financial and banking crisis? The three ingredients of a financial and banking crisis include all of the following except _______.
A. a widespread fall in asset prices
B. a fall in the foreign exchange rate
C. a run on the bank
D. a large currency drain
Answer:
B. a fall in the foreign exchange rate
Explanation:
A fall in foreign exchange rate does not imply a financial or banking crisis but is rather caused by the following
1. When the global price of a country's major export falls which triggers a decline in her export revenues and consequently a decline in the demand for the currency of that country.
2. On the other hand, and in line with 1 above; a country's currency falls when the demand for imported products increases and is far more than exports which leads to a trade deficit.
3. When the nation's current account of balance of payments is in deficit which results from a net outflow of currency.
4. Reduction in a country's central bank monetary policy interest rates, which will make investors to move their money and invest it elsewhere.
5. Increase in demand for foreign currency in the parallel market or as a result of speculation that exchange rate is likely to rise causing people to buy foreign currency with local currency and thereby weakening the local currency.
Your boss, Sam, has approved for you to conduct a usability test on your company’s website. Your next step is to design the test. All of the following are important for the test’s success EXCEPT:____________
Answer:
C) That the test asks users to accomplish a series of tasks.
Explanation:
True, the usability test on the company website should be brief and not time consuming. Therefore all other steps are relevant such as asking users to do one task.
Also making sure the test is specific by ensuring it is based on a common problem or question that the users have. And should put the more importantly it should put the user experience in mind in the design.
An investment adviser has adopted an external business succession plan. Who is responsible for servicing the IA's client accounts if the managing director of the investment adviser suddenly dies?
Answer:
The correct answer is (B)
Explanation:
In a situation where an investment adviser has adopted external business succession plan, and if the managing director dies the IA's client account will be managed by another IA Firm to which investment management has been transferred. Because of the external business succession plan the client account will be transferred to other IA firm to manage the funds.
Final answer:
An external business succession plan determines who will service an investment adviser's client accounts if the managing director dies.
Explanation:
If the managing director of an investment adviser dies, an external business succession plan will determine who will be responsible for servicing the IA's client accounts. This plan typically outlines the steps and individuals who will take over the management of the company in the event of the leader's death.
For example, if the investment adviser has identified a successor or a team of individuals to take on the managing director's responsibilities, they would be responsible for servicing the client accounts. Alternatively, the plan may involve transferring the client accounts to another investment advisory firm.
It is crucial for investment advisers to have a robust business succession plan in place to ensure the continuity of services and the protection of their client's interests in case of unexpected events.
The purchase of fuel, seed, and fertilizer are intermediate costs to a wheat farmer and _________ be included in the GDP until the final product (bread) is sold to a consumer..
A. will not
B. will
C. will sometimes
D. none of the above
Answer:
A. will not
Explanation:
GDP is the total value of goods and services produced in an economy in a period. In calculating GDP, economists consider the value of final goods only. The use of final products only eliminates the possibilities of double counting.
Intermediate goods are products used to manufacture other goods. They are not included in GP computation as it will amount to double counting. GDP double counting is when a product or service is counted more than once. If the seeds, fuel, and fertilizer are counted when purchased, they are likely to be counted again in bread, which is the final product.
If the fuel, fertilizer, and seed are for consumption, i,e. final goods, they would be included in GDP calculation.
In an attempt to expand viewership of the television show Mystery Science Theater 3000 in its early days, the producers encouraged viewers to make copies of the show on video tapes and give them to friends. The closing credits included the words "Keep circulating the tapes!" This is an example of:
Answer:
a. guerilla marketing
Explanation:
Based on the information provided within the question it can be said that this is an example of guerilla marketing. This type of marketing is when company's use creative tactics or unconventional methodology in order to garner attention towards it's product or service. Such examples may include viral videos and publicity stunts.
Europes population fell by 30-60 percent following an outbrake of the bubonic plague, also known as the black death in the fourteenth century asw a result, europes production possibilities curve would__________.
Answer:
The production possibilities curve would have shifted inwards.
Explanation:
A production possibility curve shows the maximum possible bundles of two goods that can be produced in an economy in a given period. A reduction in the availability of resources causes this curve to shift to the left.
The outbreak of bubonic plague in the 14th century caused the European population to decrease by 30-60%. A decrease in the population implies a decrease in the labor force. This means that the economies will be able to produce less than earlier.
This will cause the production possibilities curve to shift inwards to the left.