Dr Cash $98,000.00
Cr Sales $92,120.00
Cr sales tax payable $5,880.00
What is sales tax?
Sales tax is the portion of the sales revenue or sales price that would be paid to the government as taxes on the items sold.
In order words, the sales revenue comprises of the sales amount belonging to the seller and the other part which is the sales tax that the seller would remit to the relevant tax authority.
In this case, 6% of the amount collected from cash sales in this instance belongs to the tax authority which would be recorded as sales tax payable until it is finally paid to the tax authority.
Sales tax=$98,000*6%
Sales tax=$5880.00
sales amount=sales revenue-sales taxes
sales amount=$98000.00-$5,880.00
sales amount=$92,120.00
The appropriate journal entries would include a debit to cash account and corresponding credit entries of $92,120.00 and $5,880.00 to sales account and sales tax payable account respectively
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Esmeralda promises to pay fiorello $400 because ""he does not have as much money as other people. "" esmeralda’s promise is not enforceable because.
7. Option b. Consideration is mutual i.e. both parties get something in the return for the performance of the contract. However, Esmeralda has not given consideration in exchange.
Esmeralda was given the chance to audition for the Performing Arts High School which she succeeded in. She then moved to New York and attended School, studying drama and dance.
Esmeralda Santiago wrote her autobiography "When I Was Puerto Rican" which narrates her and her family's life moving from Puerto Rico to America. The book also follows the Puerto Rican girl through the many obstacles that she had to endure and overcome to change her life.
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A company issues its equity securities to purchase land. the common stock is not publicly traded. the best indicator of fair value is the:_______
A company issues its equity securities to purchase land. the common stock is not publicly traded. the best indicator of fair value is the appraised value of the land.
What are securities?These are financial instruments such as stocks, shares and bonds that can be traded.
In other words, securities are negotiable financial instruments issued by a company or government that give ownership rights or rights to buy and sell.
The classification of securities are:
1. Equity shares- referring to the common stock or shares.
2. Debt- referring to the bond, debentures and banknotes.
3. Derivatives- referring to options, futures, swaps and forwards.
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Good Work Week at Allstate helps employees prepare for future challenges and responsibilities both at work and in their personal lives. This is an example of a(n) ________ program.
Good Work Week at Allstate helps employees prepare for future challenges and responsibilities both at work and in their personal lives. This is an example of a development program.
What is a Development Program?A development program outlines the procedures for enhancing someone's performance, knowledge, and abilities. Development strategies in the workplace enable staff members to become more productive.A development plan's typical goal is to support the operational objectives of the company. However, development programs can also raise an employee's level of happiness, which might afterward help the employer through a higher retention rate and increased professional competence.Depending on the organization, a different entity will design a development program. It could be the administration of an operating department or the human resources division. Employees and their immediate managers could occasionally ask for the creation of a development plan.To learn more about Development Program refer to:
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A common tax credit available to college students just starting their education is the:a. Lifetime Learning Credit.b. Premium Tax Credit.c. Earned Income Credit.d. American Opportunity Credit.
A common tax credit available to college students who are just starting their education is the Lifetime Learning Credit.
The Lifetime Learning Credit (LLC) is for qualified tuition and related expenses paid for eligible college students just starting their education in an eligible educational institution.
This credit helps to pay for undergraduate, graduate and professional degree courses and other courses to acquire or improve job skills. In order to qualify for the Lifetime Learning Credit, you must have made tuition and fee payments to a post-secondary school during the year.
Thus, Lifetime Learning Credit is a common tax credit available to college students.
Hence, option A is correct.
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Renata needs to fill a position in her department. Her goal is to promote from within, and she wants to identify an employee whose actual performance is exemplary and who also exhibits the characteristics that show strong potential and indicate that this position would be a good fit. What tool should she use
The tool Renata should use to identify an employee whose actual performance is exemplary and who also exhibits the characteristics that show strong potential and indicate that this position would be a good fit is "Nine-box grid".
What is Nine-box grid?The 9 box grid is a method for evaluating employees that splits and plots workers over 9 important data points. Employee performance and growth potential are assessed using a grid-based system to place them in each of these 9 categories.
The importance of nine-box grid are-
You may identify top achievers within the organization who have a lot of potential to become future leaders using the 9-box grid. It facilitates intelligent resource allocation and planning in order to engage and cultivate your organization's future leaders.The 9-box grid is a method for individual assessment that assesses an employee's level of current and future contribution to the company.The nine-box talent grid is helpful for both workforce planning and talent management. For instance, using this tool gives you a clear picture of your employees' potential and the roles they might excel in in the future. To put it another way, it simplifies succession planning.To know more about the nine-box grid, here
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Since world war ii, the federal government's share of total government expenditures has been between?
The federal government has accounted for between two-thirds and three-quarters of all government spending since World War II. Since the end of the Korean War in the early 1950s, the federal government's purchases of goods and services as a percentage of GDP have been falling.
Automatic increases and decreases in government expenditure and taxation that follow the economic cycle. The majority of government spending in the United States took place at the state and municipal levels up to the Great Depression of the 1930s.
The federal government has accounted for between two-thirds and three-quarters of all government spending since World War II. Federal Expenditures and Purchases as a Percentage of GDP, 1950–2008.
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Free samples, point-of-purchase displays, sweepstakes, and contests are examples of what imc strategy?
Free samples, point-of-purchase displays, sweepstakes, and contests are examples of IMC strategy of sales promotion.
This is further explained below.
What is sales promotion. ?Generally, Examples of IMC strategies for sales promotion include giving out free samples, putting up displays at points of sale, holding sweepstakes, and holding competitions.
In conclusion, Consumer and trade sales promotions are two different categories. While a trade campaign concentrates on organizational clients that may prompt rapid sales, a consumer sales promotion targets the consumer or end-user purchasing the goods.
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Ani contributes pre-tax dollars to an account managed by her employer for her health care. If she does not spend all of her money by the end of the year, she may forfeit it. What kind of plan does he have
He can plan about FSA (Flexible Spending Account).
What is Flexible Spending Account?Consider opening a flexible spending account (FSA) if you want to reduce the cost of your medical costs. With an FSA, people can use pre-tax money to pay for a variety of costs that their health or dental insurance doesn't cover, such as co-pays and coinsurance as well as specific health care requirements like prescription and some over-the-counter medications, feminine hygiene products, contact lenses, and glasses.
FSAs are capped at $2,850 annually per employer.
If you're married, your partner may contribute up to $2,850 to an FSA through their job as well. However, you cannot use FSA funds to pay for insurance premiums; only deductibles and copayments are eligible.
Both over-the-counter drugs with a prescription and prescription meds for prescription use are covered by FSA money. Without a prescription, insulin reimbursements are accepted.
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Calea is a nonprofit organization formed by major law enforcement executives’ associations to:______
CALEA is a non-profit organization formed by major law enforcement executives associations to develop standards for police policies and practices.
CALEA stands for the Communication on Accreditation for Law Enforcement Agencies. It is based in the United States, and it was created in 1979 as a non-profit organization, through the joint efforts of law enforcement's major executive associations.
The purpose of CALEA is to develop standards for police policies and practices. It also improves the delivery of public safety services by maintaining a body of professional standards that support the administration of accreditation programs.
Hence, CALEA developed standards for police policies and practices.
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If you are working remotely for a company without any hard and fast rules, what should you discuss with your manager?
Schedule time according to their timezone.
Even supposing it is a slight interaction, it's fine to have a completely open conversation with your customers. They may recognize you checking in, and this may additionally set up agree with your capacity to deal with tough circumstances and important business decisions.
Maintain all personnel in the loop. Provide particular assignments. give clean priorities if employees are juggling a couple of responsibilities. provide clear expectancies around satisfaction, deadlines, budget, and technique, which is in all likelihood to appear exclusive with so much of the workforce suddenly full-time WFH.
A schedule or a timetable, as a simple time-control device, consists of a list of instances at which possible responsibilities, activities, or actions are meant to take area, or of a series of events within the chronological order wherein such matters are supposed to take place.
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The weighted average cost of capital is determined by Blank______. Multiple choice question. multiplying the weighted average after-tax cost of debt by the weighted average cost of equity adding the weighted average after-tax cost of debt to the weighted average cost of equity dividing the weighted average after-tax cost of debt by the weighted average cost of equity adding the weighted average before-tax cost of debt to the weighted average cost of equity
The weighted average cost of capital is determined by dividing the weighted average after-tax cost of debt by the weighted average cost of equity. Option C. This is further explained below.
What is WACC?Generally, A company's WACC is determined by calculating the cost of each kind of capital (debt and equity) by the market value weight assigned to that source of capital, and then summing the results.
In conclusion, It is calculated by dividing the weighted average after-tax loan costs by the weighted average equity costs, and the weighted average cost of capital is the result.
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Based on the example in the video, given the raise you received you would be worse off if inflation is
Based on the received pay raise, one would be worse off if the inflation is increasing without consideration to increase the pay raise as well.
What is an inflation?This refers to the rate of increase in prices over a given period of time and also known as the overall increase in prices or the increase in the cost of living in a country.
Usually, when we are evaluating a raise, we must account for the rate of inflation over the course of a year because if the inflation rate is greater than the percentage raise in the wage, then, one is worse off because the real income will fall.
Hence, based on the received pay raise, one would be worse off if the inflation is increasing without consideration to increase the pay raise as well.
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Beverly is creating a website for her new clothing company. Aside from including photographs, how can she use the index page to quickly attract the
She can use bright contrasting colors and place a link to the index of summer clothing product pages and a noticeable location.
You can get a free area thru a spread of approaches, either by getting a web web hosting plan, a domain builder, an e-mail hosting plan, or via an unfastened area registrar.
A website (also written as a website) is a set of internet pages and associated content this is identified by means of a commonplace area call and published on at least one network server.
A website is a set of publicly on-hand, interlinked web pages that percentage a single area call. Websites may be created and maintained via a man or woman, group, business, or organization to serve an expansion of purposes. together, all publicly handy websites represent the arena-wide net.
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Monopolies, oligopolies, and monopolistic competitive industries all . Question 9 options: Earn positive profits in the long run. Are completely unconstrained in their pricing. Raise price and quantity over what would occur in perfect competition in order to maximize their profits. Have market power.
Market power exists in oligopolies, monopolistic competitive industries, and monopolies.
Market or monopoly power is the capacity of a firm (or collection of firms) to increase and maintain prices above the level that would prevail under competition. When market power is used, output is decreased and economic welfare is lost.
Describe monopolies.A scenario known as monopoly occurs when there is only one seller in the market. The monopoly case is viewed as the polar opposite of perfect competition in conventional economic analysis. The industry's downward-sloping demand curve is, by definition, the demand curve that the monopolist faces.
what is an oligopoly?A small number of providers control oligopoly marketplaces, which are dominated by them. All nations and a wide range of industries contain them. Other oligopoly markets are substantially less competitive, though they may at first appear to be so in some cases.
What exactly is monopolistic competition in an industry?In a market where numerous businesses provide goods or services that are comparable (but not exact substitutes), monopolistic competition is the norm. In a monopolistic competitive industry with low entry and exit barriers, no firm's decisions directly affect those of its rivals.
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Officers and directors may not take personal advantage of a business opportunity that rightfully belongs to the corporation. This is known as: a. The de minimus test doctrine b. Takeover defense doctrine c. Right of first refusal d. Corporate opportunity doctrine
Officers and directors may not take personal advantage of a business opportunity that rightfully belongs to the corporation this is known as the Corporate opportunity doctrine.
The Corporate Opportunity Principle is a legal principle that indicates that a company's directors or officers must not use or use the business for personal gain. According to the doctrine, business precedents should only be used for business purposes and not for personal gain. This rule aims to reconcile the manager's obligations to the company with personal interests.
Corporate Opportunity refers to the fiduciary responsibility of a company's officers and directors to not deprive the company of business opportunities for the benefit of the company.
The principle of corporate opportunity sets out the general principle that management should not abuse their position within the company as it is their job to act in the best interests of the company. Courts differ in how they evaluate what constitutes a business opportunity.
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Describe why cash flow management is important to a business and its financial health. Use a recent financial news story as an example to support your claims
The cash flow statement plays a vital role for each type of company as it shows the cash positions with respect to the liquidity because the cash should be the most liquid asset and the same would be presented in the organization's hands.
Moreover, they always try to have a sufficient cash amount so that the risk attached to the unfavorable economic situation could be eliminated. So the business wants to store a high value of cash amount and have sufficient liquidity and the same would be presented in the cash flow statement.
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An investor is planning to invest a total of $15,000 in two accounts, one paying 4% annual simple interest, and the other 3%. If he wants to earn $550 annually in interest, how much should he invest at each rate
The amount that should be invested in the account that yields a 4% interest is $10,000.
The amount that should be invested in the account that yields a 3% interest is $5,000.
What are the linear equations that represent the question?a + b = 15,000 equation 1
0.04a + 0.03b = 550 equation 2
Where:
a = amount invested in the account that yields a 4% interest
b = amount invested in the account that yields a 3% interest
How much should be invested at each rate?Multiply equation 1 by 0.04
0.04a + 0.04b = 600 equation 3
Subtract equation 2 from equation 3
0.01b = 50
b = 50 / 0.01
b = 5000
Subtract 5000 from 15,000
15000 - 5000 = 10,000
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"All the profession/occupations are equally important" How and why?
Answer:
How: All proffessions and occupations have their various fields and all fields are needed to work together for the effective growth of an economy.
Why: An economy comprises of fields in which the various occupations are embedded in. For the success of an economy all fields must work together. That is no field or occupation is more important than the other
Under ucc 2-302, who has the best chance of getting out of the contract due to unconscionability?
Under UCC 2-302, Breanna has the best chance of getting out of the contract due to unconscionability.
UCC 302 rule defines that if any contract or any part of the contract is found unconscionable at the time when it was made by the court, then the court can either refuse to enforce the contract or reinforce without the unconscionable clause.
When Breanna signed the contact to purchase AC, it was an urgent situation where she get only a little chance to bargain and she had to agree to the terms of the contract.
The contract was overcharged by the addition of $500 as interest and financing fees as Breanna had poor credit at that time.
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Of the various alliances discussed in the mini-case, which one, by pairing a u.s. firm with one based in istanbul, is clearly a cross-border strategic alliance?
The DowAksa firm is the one based in Istanbul that is clearly a cross-border strategic alliance such as as various alliances discussed in the mini-case.
What is a strategic alliance?This refers to the arrangement between two companies to undertake a mutually beneficial project while each retains its independence.
The DowAksa is an exemplary case of a thriving 50/50 Turkish-American joint venture that helps to brings one of the most strategic products in the world preferred by global companies to Turkey.
This firm is 50:50 joint venture between Aksa that is world leader in acrylic fiber and Dow that is a leading global materials science company.
Therefore, the Option A is correct.
Missing options "a. DowAksa b. Cisco and IBM c. SkyTeam d. First Solar, Inc. and SunPower Corporation"
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Regardless of the mode used for the growth of a firm, entrepreneurs need to be good negotiators.
A. True
B. False
The statement, regardless of the mode used for the growth of a firm, entrepreneurs need to be good negotiators, is true.
Regardless of the mode used for the growth of a firm, entrepreneurs need to be good negotiators. They need to negotiate with external parties in order to obtain the human and financial resources which is necessary to fuel business growth.
Basically, entrepreneurs who are good negotiators are able to strike that balance between getting what they want and giving away the service. This becomes beneficial for both parties.
Hence, good negotiations is important, as it significantly contributes to business success, and help build better relationships.
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What are the consequences of a global basket of currencies in the world?
A currency basket is a collection of various currencies with varying weightings. It is frequently used to determine the market value of another currency, a procedure known as currency peg. Forex traders may also use basket orders to trade many currency pairs at the same time.
Currency baskets are also used in contracts to minimize (or reduce) the risk of currency changes. Currency baskets include the European currency unit (which was replaced by the euro) and the Asian currency unit. The most well-known currency basket, though, is the US dollar index (USDX).
The drawbacks are:
The first thing to make is that a basket currency peg system is opaque. The second issue is that an intermediate regime often limits certain sorts of policy collaboration and may even allow policy conflict. The third drawback, and arguably the most important, is that the basket currency system makes no declaration of the criteria governing management.To know more about currency basket click here:
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If demand increases while supply remains unchanged the equilibrium price of the product will?
If the supply stays the same and the demand increases, the equilibrium price, and quantity increase. Increased demand increases demand volume, increases competition in the market, and increases product prices.
Demand is the quantity of goods that consumers are willing to purchase at various prices over a period of time. The relationship between price and quantity demanded is also called the demand curve.
Demand is the number of consumers willing and able to purchase a product at various prices over a period of time. Demand for goods refers to consumers' desire to purchase goods and their willingness and ability to pay for them.
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Question Mode Multiple Select Question Select all that apply Marketing is an activity that creates value for customers, clients, partners, and society at large. A firm does this by Blank______. (Select three answers) Multiple select question. expanding markets selecting markets creating offerings communicating offerings delivering offerings segmenting offerings
Marketing is an activity that creates value for customers, clients, partners, and society at large. A firm does this by communicating, delivering and creating offerings.
What is marketing?
The process of developing, communicating, delivering, and exchanging offerings that are valuable to customers, clients, partners, and society at large collectively is known as marketing. In other words, marketing goes beyond simply selling and advertising. Everything an organisation does to meet customer needs is included in this:
-Creating a product and outlining its features and advantages
-Determining its target market -Determining its price
Making it known to potential customers and encouraging purchases
Marketing is a team effort that involves everyone in the company, as should be expected.
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In general, what effect does a quota have on the prices of comparable goods in the domestic market?
The effect that a quota has on the prices of comparable goods in the domestic market is it keeps prices from dropping.
What is a quota?A quota is the maximum amount of a good that the government of a country allows to be imported into a country. A quota is a form of trade restrictions. One of the aims of a quota is to promote the domestic production of goods.
For example, assume that country A is known for quality production of laptops and as a result people prefer to import Country A's laptops. Residents of Country B are the major importers of Country A's laptops. This leads to reduction in the demand for Country B's laptops and a fall in the price of Country B's laptops. The government of Country B decide to enact a quota. It is expected that the quota would reduce the rate at which Country A's laptops are imported and it would increase the demand and price of Country B's laptops.
Here are is the complete question:
In general, what effect does a quota have on the prices of comparable goods in the domestic market?
It keeps prices from dropping.
It raises prices dramatically.
It lowers prices slightly.
It keeps prices from rising.
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In order to shorten the duration of a project the project manager should limit the choices of activities to just those that are on the __________.
In order to shorten the duration of a project, the project manager should limit the choices of activities to just those that are on the critical path.
The time required to complete a project is referred to as the project duration.
All tasks are significant, but only some are crucial.
A series of interconnected tasks known as the critical route has a direct impact on the project's completion date.
The entire project will be late if any work on the crucial path is delayed.
The calculated start or conclusion date of the project is controlled by a group of tasks (or, occasionally, only one job) known as the critical path.
Task dependencies often link the tasks that make up the critical path together.
Such task networks are probably prevalent throughout your project design. The project is finished when the final job on the critical path is finished.
Hence, the critical path is the answer.
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Attitudes (usually negative) toward others based on their gender, religion, race, or membership in a particular group, are the basis of _____
Attitudes (usually negative) toward others based on their gender, religion, race, or membership in a particular group, are the basis of prejudice.
What is Prejudice?An impression or view about someone that is solely based on that person's membership in a certain group is referred to as prejudice. People may harbor bias toward others who are of a different race, gender, or religion, for instance. When someone behaves in accordance with their preconceived notions, they are prejudging (thus the name "prejudice") someone before they have the opportunity to get to know them better. This is an unreasonable attitude and perspective that is detrimental to everyone involved.For instance, a person may have many preconceived notions about someone who is Christian, Muslim, or Jewish and permit those opinions to influence how they perceive and treat such others. People who are Black or White may experience the same thing.
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Identify a true statement about the conservation movement.
a. It argued that the natural world is available only for the exploitation of human beings.
b. It believed that the natural world does not have the productive capacity to produce long-term income.
c. It considered natural resources to be able to provide an inexhaustible supply of material.
d. It argued that the natural world was valued as a resource, providing humans with both direct benefits and indirect benefits.
Norton loans a customer $500 on January 1. On July 1 of the same year, the customer must repay Norton $525. The amount of interest earned by Norton is $ .
Norton loans a customer $500 on January 1. On July 1 of the same year, the customer must repay Norton $525. The amount of interest earned by Norton is twenty-five $.
Whilst you take out a loan–whether or not it is a scholar loan, private loan, vehicle loan, or mortgage–creditors earn money by way of charging you interest. interest is the price you pay for borrowing money from a lender. that means you won't just pay returned the money you borrowed.
APR is the once-a-year fee of a mortgage to a borrower — together with expenses. Like a hobby fee, the APR is expressed as a percent. unlike an interest charge, however, it consists of other expenses or prices which include loan coverage, most ultimate charges, cut price factors, and mortgage origination costs.
for example, the hobby on a $30,000, 36-month mortgage at 6% is $2,856. The equal loan ($30,000 at 6%) paid again over seventy-two months could fee $five,797 in the hobby.
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Long-term customer relationships _______ the cost of information collection and make it easier to _______ credit risks.
Long-term customer relationships reduce the cost of information collection and make it easier to screen out credit risks. Credit risk is the chance of suffering a loss as a result of borrower's failure to make loan payments or fulfil contractual commitments.
It typically refers to possibility that lender won't get the main and interest that is owed, which would disrupt cash flows and raise collection costs. Excess cash flows could be written to offer more protection against credit risk. A higher coupon rate, which generates more cash flows, can be used to reduce credit risk when it is present for a lender.
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