Answer:
Dr Maintenance and repair expense $900
Cr Accrued expense $900
Being entries to record maintenance and repair costs incurred
Utilities costing $370 were used but not paid
Dr Utilities expense $900
Cr Accrued expense $900
Being entries to record utilities used but unpaid for
use of a warehouse space worth $2,070 was provided to a tenant who had not been billed as of the end of the month
Dr Unbilled receivables $2,070
Cr Rental Income $2,070
Being entries to recognize income from warehouse space unbilled
Explanation:
When an expense is incurred but unpaid for, an accrual is recognized to capture the cost. For income earned but unbilled, unbilled receivable is recognized. This is based on the accrual concept.
Considering the transactions given
Maintenance and repair costs of $900 were incurred but not paid
Dr Maintenance and repair expense $900
Cr Accrued expense $900
Being entries to record maintenance and repair costs incurred
Utilities costing $370 were used but not paid
Dr Utilities expense $900
Cr Accrued expense $900
Being entries to record utilities used but unpaid for
use of a warehouse space worth $2,070 was provided to a tenant who had not been billed as of the end of the month
Dr Unbilled receivables $2,070
Cr Rental Income $2,070
Being entries to recognize income from warehouse space unbilled
max and sarah smith are a married couple. they are both 30 years old, and they have a 3-year-old girl. max is a loan officer and earns $55,000 a year. sarah works as a retail store manager and makes $50,000 a year. max's life expectancy is 80 years, and sarah's is 82. they plan on retiring when they are 65. there are three health insurance policies that they could choose from (see pages 3-5).
There are three health insurance policies that they could choose from. In both situations, individuals ought to pick First Care Bronze, which will come near to covering their yearly medical costs.
What costs are regarded as medical?
Medical expenses are the costs associated with diagnosing, treating, mitigating, preventing, or treating a disease in order to affect any organ system or bodily function. These costs cover the payment of doctors, surgeons, dentists, and other medical professionals who provide legitimate medical services.
What kinds of medical costs qualify for tax deductions?
Excessive qualifying, unreimbursed medical and dental costs that surpass 7.5% of your AGI are deductible.
Let's say your family has $10,000 in medical expenses for the tax year, and you have an AGI of $50,000. Any costs that exceed $3,750 ($50,000 x 7.5%) can be written off, which in this case would be $6,250.
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Unique Creations holds a monopoly position in the production and sale of magnometers. The cost function facing Unique is estimated to be
TC=$100,000+20QTC=$100,000+20Q
What is the marginal cost (MC) for Unique?
If the price elasticity of demand for Unique is currently –1.5, what price should Unique charge?
What is the marginal revenue (MR) at the price computed?
If a competitor develops a substitute for the magnometer and the price elasticity increases to –2.25, what price should Unique charge?
The price Unique must charge has gone down to $30
Solution A:
Marginal Cost for Unique
TC = $100,000+20Q
Differentiate the total price function
MC = d/dQ($100,000+20Q)
= 20
Answer: Marginal Cost 20
Solution B:
Price to be charged
MR = p (1+ 1/Ed) this is equation 1
The marginal revenue (MR) is expressed as the $20 whilst the elasticity of demand (Ed) which is -1.5.
Then we alternative the values of MR and demand elasticity in equation 1
MR = p (1+1/Ed )
20= p(1+1/-1.5)
20= p(.5/1.5)
20*1.5=P.5
30=p.5
P=30/0.5
Answer:
Unique have to cost fee $60
Solution C:
Marginal Revenue at rate $60
MR = P(1+1/Ed )
60(1+1/-1.5)
60*(0.5//1.5)
Answer:
At charge of $60, Marginal revenue is $20
Solution D:
Change in demand elasticity due to substitutes
Marginal income ought to be equal to marginal value to obtain equilibrium
MR = P(1+1/Ed)
20= MC
P(1+1/-3)=20
p(2/3)
20
P=60/30
= 30
Answer:
The price Unique must charge has gone down to $30
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https://brainly.com/question/17230008#SPJ4A firm purchasing a key supplier to strengthen its value chain is an example of _____.
Select one:
a. unrelated diversification
b. collaboration
c. outsourcing
d. vertical integration
A firm purchasing key supplier to strengthen its value chain is an example of the vertical integration.
What is vertical integration?Vertical integration is a word used to describe the situation in which a firm's supply chain is integrated and owned by that company in microeconomics, management, and international political economy. Contrast it with horizontal integration, where a single company produces a number of closely related products. In addition to bringing a significant chunk of the supply chain under a single corporate ownership, vertical integration has also been used to describe management approaches. Vertical integration and expansion are preferred because they guarantee the firm's access to the markets and the suppliers it needs to manufacture and sell its goods. Vertical integration and expansion may turn out to be unfavorable if they function in a way that restricts free competition in a market that is open to everybody.
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The miller company earned $105,000 of revenue on account during year 1. there was no beginning balance in the accounts receivable and allowance accounts. during year 1, miller collected $73,000 of cash from its receivables accounts. the company estimates that it will be unable to collect 3% of its sales on account.
What is the amount of uncollectible accounts expense that will be recognized on the Year Income statement Multiple Choice O $960 O $2.190 O $32,000 O $3150
The amount of uncollectible accounts expense that will be recognized on the Year Income statement , Therefore, the net realizable value of accounts receivable is $28,850.
How Do Accounts Receivable (AR) Work?Accounts receivable (AR) is the remaining amount owed to a business for goods or services that have been delivered or consumed but have not yet been paid for by clients. The balance sheet classifies accounts receivable as a current asset. Customers' unpaid debt for goods they made with credit is referred to as AR.
How is the Uncollectible Accounts calculation done?Calculate the share of each that you anticipate will not be recoverable by multiplying each percentage by the dollar amount of each piece. Calculate the result by multiplying, for instance, 0.01 by $75,000, 0.02 by $10,000, 0.15 by $7,000, 0.3 by $5,000, and 0.45 by $3,000.
Amount of uncollectible accounts = Total revenues earned on account * Percentage of Uncollectible Accounts
= $105,000 * 3/100
= $3,150
Therefore, amount of uncollectible accounts expense is $3,150.
Net realizable value of accounts receivable = Gross Accounts Receivable - Allowance for Doubtful Accounts
= ($105,000 - $73,000) - $3,150
= $32,000 - $3,150
= $28,850.
Therefore, the net realizable value of accounts receivable is $28,850.
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lag affects monetary policy because normal monthly variations in economic activity and the price level mean that the fed may not be able to quickly recognize when the economy is truly starting to recede or when inflation is really starting to rise.
It has an impact on monetary policy since the Fed may not be able to immediately identify when the economy is really starting to contract or when inflation is actually starting to rise due to typical monthly variations in economic activity and price level.
What do you mean by monetary policy ?
The decisions made by central banks to affect the cost and accessibility of money in an economy are known as monetary policy.The key interest rates are often the subject of the European Central Bank's most significant decision in this area. Any adjustments it makes to these rates have an impact on the borrowing costs that commercial banks charge their clients. To put it another way, the choice affects both consumer and company investment. The ECB's monetary policy aims to maintain price stability, or to keep inflation at 2% over the medium term. As a result, it is better able to support general EU economic policies that promote both economic growth and full employment.
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victoria, a fraud examiner, is concerned that employees are abusing their expense accounts and are spending more than the thirty dollars allowed per day for meals. which of the following is the most appropriate data analysis function for locating meal expenses greater than thirty dollar
Multi-file processing involves combining data from multiple sources or files. Compliance verification involves verifying that data or processes conform to regulations or standards.
What is compliance verification?Compliance verification is the process of verifying that data or processes conform to regulations or standards. This can involve reviewing documentation, testing processes, or verifying that policies and procedures are being followed correctly. Compliance verification is typically used to ensure that an organization is in compliance with laws, regulations, or other requirements that apply to its operations.
Why is compliance verification important?Compliance verification is important because it helps organizations ensure that they are operating in accordance with relevant laws, regulations, and standards. This can help organizations avoid legal and regulatory penalties, as well as reputational damage. Compliance verification can also help organizations identify and address potential risks or vulnerabilities in their operations, which can improve the overall effectiveness and efficiency of the organization. In addition, compliance verification can help organizations build trust with stakeholders, such as customers, employees, and investors, by demonstrating a commitment to operating ethically and transparently.
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All of the following are true about the relationship between regulatory agencies and the industries they regulate EXCEPT:
(A) Agency employees are often recruited from the regulated industry.
(B) Agencies often rely on support from regulated industries in making budget requests before Congress.
(C) An agency's relationship with a regulated may change when a new president takes office.
(D) Agencies usually make decisions without consulting the regulated industry.
(E) Agency employees often are employed by the regulated industry once they leave the agency.
Agency employees are often recruited from the regulated industry. The relationship between regulatory agencies and the industries they regulate. Hence, option A is appropriate.
What is the meaning of Regulated industry?Manufacturing, transportation, finance, and insurance continue to be the sectors in the U.S. with the greatest federal regulation.
Among the most heavily regulated sectors in the US include banking, insurance, pharmaceuticals, energy, and the healthcare sector. Federal, state, and occasionally even municipal laws and regulations apply to these and other heavily regulated industries.
Healthcare compliance is a vital and expanding subject within the regulated industry because it is one of the most heavily regulated sectors in the United States.
Hence, option A is correct.
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the list of accounts shown here is taken from the hair care salon work sheet. for each account that appears on the income statement, indicate the section in which it should appear. for any account that does not appear on the income statement, select neither
The statement gives a clear and logical breakdown of the business's revenue, costs, gross profit, selling and administrative expenses, other expenses and income, taxes paid, and net profit.
I mind that adequate accounting is essential to avoid managerial and financial problems .Why is appropriate accounting practise so important? You'll be able to handle your budget and create detailed plans for the things you want to do in the upcoming days. Are you currently developing a new price list for your hair salon?Or perhaps you just want to add new services to your hair salon's menu in order to increase sales of hair services You've come to the proper location, in any case .The average salon makes 92t might be challenging to manage salon accounting while also taking care of your customers as a salon owner. As your company expands, keep in% of its money from services. Thus, if you can increase your income.
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Companies can research many aspects of buying decisions. However, the one that is the mostdifficult to identify is ________.A) what consumers buyB) how and how much they buyC) why they buyD) when they buyE) where they buy
C) why they buy is the correct option.
Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is C) why they buy.
What is Buying Decisions?
The decision-making process consumers utilize before, during, and after making a purchase of a good or service is known as the buying decision process. In the case of several choices, it might be viewed as a specific type of cost-benefit analysis.
"Why they buy" buying decisions is important because Businesses need to understand how and why consumers make decisions as it helps them make better business judgements. Businesses can customize their marketing initiatives to match the requirements and desires of their target market by understanding the processes involved in the decision-making process.
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Which of the following choices represents a challenge for an extended team?
Among the given options that represents a challenge for an extended team are Scope creep, Budget restrictions and poor communication. Option D is correct. All of these.
What do you mean by extended team?The extended team model, also known as team augmentation, is a business strategy that entails growing your internal team to complete projects for which it is not practical to engage employees on a long-term basis. The team members are still in charge of their tasks, and the project development is internal.
An additional set of hands for your internal team is provided by an extended team. With the extended team model, the in-house team and the outsourced team work together more closely and communicate more frequently.
Therefore option D is correct.
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Given options of the question:
a) Scope creep.
b) Budget restrictions and changes.
c) Lack of communication.
d) All of the Above
TRUE OR FALSE when a purchaser takes title to goods, but has the right to return them within a specified or reasonable time, the purchaser does not assume all the obligations of ownership while the goods are in his or her possession.
The assertion is false when a purchaser accepts title to the products but retains the right to return them inside a predetermined or reasonable period of time.
What tasks does a buyer perform?For their company, a purchaser or buyer is in charge of making purchases of goods, components, and service. These could include things like office supplies, consumer goods, or equipment used in production. Market analysis, price and product offerings assessments, new product orders, and precise record keeping are all a part of the job.
What distinguishes a buyer from a purchaser?Buyers are those who purchase finished goods like clothing or furniture. Those who acquire the components and materials used to manufacture items are known as purchasing brokers or buyers. Both of these worker categories do comparable tasks.
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a situation in which only higher-risk employees select and use certain benefits under a flexible benefits plan provided by employers is referred to as .
a situation in which only higher-risk employees select and use certain benefits under a flexible benefits plan provided by employers is referred to as adverse selection.
What is adverse selection?
Adverse selection is a common term in the economics, risk management, and insurance when the higher-risk individual is dominant or mostly have some of benefit than other individual.
Since the higher risk have more benefit than other individual, it will increase the probability of lost in the organization or company, so it called adverse selection.
Thus, the given situation is only higher-risk employees that have benefit to choose the flexible benefits plan, it is referred as adverse selection.
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calculate how much you would have in 15 years if you saved $5,500 a year at an annual rate of 9 percent with the company contributing $1,375 a year. use exhibit 1-b. (round time value factor to 3 decimal places and answer to 2 decimal places.)
Future Value will be 20033.654
SolutionFuture Value = PV(1+r)ⁿ
Present Value = 5500
Rate of Interest = 9%
Number of Years = 15
FV = 5500(1+0.09)¹⁵
FV = 5500×3.643
FV= 20033.654
The worth of a resource at a future date is its future value. It is the present value multiplied by the accumulation function, and it estimates the nominal future sum of money that a certain amount of money is "worth" at a given point in the future under the assumption of a specific interest rate, or rate of return. The value is unadjusted for inflation or any other future-related variables that may impact the real value of money.
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Suppose the equilibrium aggregate price level is rising and the equilibrium level of real GDP is rising. Which most likely caused these changes? A) increase in aggregate supply B) increase in aggregate demand C) decrease in aggregate supply D) decrease in aggregate demand
C) These changes most likely resulted from a decrease in aggregate supply.
What results from a reduction in aggregate supply?The aggregate supply would decrease as a result of this reduction. In this model, the lower total stockpile could prompt interest surpassing result. Price is likely to rise as a result of that and the rise in production costs.
What influences the aggregate supply?Total stock is the labor and products created by an economy. It is driven by the following four production factors: natural resources, capital goods, labor, and entrepreneurship.
When aggregate supply falls, what happens to inflation?At the point when the total stock of labor and products diminishes on account of an expansion underway expenses, it brings about cost-push expansion. The increase in costs is passed on to customers as a way to make up for it, leading to an overall price increase: inflation.
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Consider the case of a professional translator who begins to lose work opportunities because new technologies can largely replace human translators. If she ends up responding to this economic shift by changing professions and becoming a graphic designer, she has experienced.
O historical mobility
O exchange mobility
O structural mobility
O social reproduction
If she ends up responding to this economic shift by changing professions and becoming a graphic designer, she has experienced structural mobility.
A career, academic and applied arts field, graphic design involves projecting visual media to convey specific messages to social groups with specific goals. Graphic design is an integrated field of design and fine art. The function of the graphic designer in the communication process is to encode or interpret the messages.
They work on how to interpret, organize, and present visual messages. All in all, graphic design goes beyond what mere words can say to convey thoughts, feelings, and attitudes. This is done through the aesthetics of the typography, the composition of the text, the decoration, and the images.
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3. Harry's Inc. is considering a project that has the following cash flow and WACC data. What is the project's NPV?
Answer:
how to calculate fixed value
it is not uncommon for companies to end up spending more money on network management and security tasks than they do on the actual computer equipment itself.
It is true that it is not unheard of for businesses to spend more money on network management and security tasks than they do on computer hardware.
The Network Effect: What Is It?A phenomenon known as the "network effect" occurs when the value of a good or service rises when there are more people using it or participating in it. The network effect can be seen in the internet. At first, there were not many clients on the web since it was of little worth to anybody beyond the military and some examination researchers.
However, as more people used the internet, more content, information, and services were created. More people started connecting with one another and doing business with one another as websites got better and better. A network effect occurred because the internet provided more value as traffic increased.
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Full Question = True / False it is not uncommon for companies to end up spending more money on network management and security tasks than they do on the actual computer equipment itself.
What's the profit at maturity of a long call bought at p that has a strike K, if the underlying asset price is S ?
a, both
b, neither
c, S - K - p if S > K, and - p otherwise
d, max(S - K,0) - p
If the price of the underlying asset is S and a long call was purchased at p with a strike price of K, the profit at expiry is S - K - p if S > K, - p thereafter, and max(S - K,0) - p.
What are revenue and profit?Profit refers to net income after removing expenditures from earnings, whereas revenue refers to transaction prices via company activities. Sales, fee-based revenue, and real - estate income are just a few of the several ways that money might come in.
Is the term "profit" optimistic?Profit can be shown as an either positive or negative figure, similar to cash flow. Due to the fact that the business expended more money functioning then it was capable of recovering from its activities, when this computation yields a zero balance, it is often stated to as a loss.
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Assume that a firm that produces a good in a constant-cost perfectly competitive industry is in long-run equilibrium. If the demand for the good increases, the profit-maximizing output by the girm will change in which of the following ways in the short run and long run
Assume that a firm that produces a good in a constant-cost perfectly competitive industry is in long-run equilibrium. If the demand for the good increases, the profit-maximizing output by the firm will change in the following ways : Short Run: Increase, Long run: Return to original level
Profit maximization is the process by which businesses guarantee that the optimal output and pricing levels are attained in order to maximize their profits. The business adjusts influential parameters like sale price, production cost, and output levels to achieve its profit targets.
Discover cheaper raw materials than those already in use as an example of profit maximization. Find a supplier who provides better prices on inventory purchases. Look for goods suppliers with reduced delivery costs. Reduce your labor costs.
Profit = Total revenue - Total expense is the profit maximization formula. As a result, when MR = MC, which is the first order, and the second order is dependent on the first order, a business maximizes profit.
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) assuming the banking system has ample reserves, identify one action the central bank can take to help the economy recover from the recession.
Diminishing the rebate rate is an expansionary financial approach activity that will urge business banks to get assets from the national bank and broaden new credits, in this manner extending the cash supply.
How is the money supply managed by the central bank?National banks direct financial strategy by changing the stock of cash, for the most part through open market tasks. By selling government bonds under a "sale and repurchase" agreement, for instance, a central bank might take in funds from commercial banks while reducing the amount of money in circulation.
How does the Federal Reserve keep inflation under control?The Federal Reserve has traditionally used a number of tools to control inflation. Open market operations (OMO), the federal funds rate, and the discount rate are typically used together. The reserve requirement rarely changes as a result.
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fill in the blank: a is a visual representation of the process through which people go from first learning about a brand to becoming loyal customers.
Marketing funnel: is a visual representation of the process through which people go from first learning about a brand to becoming loyal customers.
What is marketing?In Business management, marketing can be defined as a strategic process which typically involves developing promotional techniques and sales strategies by a business firm to enhance the availability of goods (products) and services, in order to meet the needs of the end users or consumers through advertising and market research.
What is brand loyal decision?A brand loyal decision can be defined as a type of nominal decision which involves a customer having a fairly high degree of involvement in the goods (products) and services offered by a producer, but a low level of involvement in its purchase.
This ultimately implies that, a brand loyal decision is characterized by a fairly high degree of good (product) involvement with subsequent low degree of purchase involvement.
In conclusion, a marketing funnel is typically used as a visual representation for a customer's transition from first learning about a brand to becoming loyal.
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through advertising and branding, competitive firms increase the demand for their products and make those demands relatively inelastic, allowing them to charge prices and generate larger economic profits
Monopolistic competing businesses use branding and advertising to boost demand for their goods and make that demand significantly more INESLASTIC, enabling them to charge higher prices and make MORE money from their sales.
A monopolistic, competitive business advertises in an effort to grow, right?There are two ways to think about how advertising functions in the context of monopolistic competition: either advertising makes a firm's perceived demand curve more inelastic (that is, it makes the perceived demand curve steeper), or advertising boosts demand for the firm's product.
What are some strategies a company can use to set its goods apart from those of its rivals amid monopolistic competition?A company might aim to differentiate its products from those of its rivals in a number of ways, including the product's physical characteristics, point of sale, intangible characteristics, and consumer perceptions. Differentiated products are those that stand out in one of these four ways.
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models show the organization of data without indicating how it is stored, created or manipulated. group of answer choices physical functional nonfunctional logical
The structure of data without mentioning how it is created, saved, or otherwise handled is demonstrated by a logical data model.
Data models connect core business principles with data definitions and explain data architecture. The relationships, data structures, and data flow between diverse entities, such as tables, programs, or data storage, are also thoroughly understood by organizations and their client's thanks to data models. The variables and the relationships between them that a business wants to collect data on are outlined in a non-database-specific model called a logical data model.
While the logical data models act as a template for the data that will be used, the physical data models include details on how the data will be applied. Database administrators and application developers will subsequently translate the logical data model into the actual database's tables, columns, keys, and other components.
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The actual question is :
data models show the organization of data without indicating how it is stored, created or manipulated whereas data models show how the data will actually be stored?
A negative net present value indicates that the O project is acceptable. O wrong discount rate was used. O present value of the cash inflows was less than the present value of the cash out flows. O project's annual rate of return exceeds the discount rate.
If the cash value of the money inflows was lower than the current value of the depreciation and amortization, the net present value would be negative.
The right response is C.
What are the cash inflows?Money coming into a business is known as cash inflow, and it may come through sales, investments, or financing. A cash inflow is the opposite of the a cash outflow since it involves money coming into a business. The capacity of a corporation to produce positive cash flows determines its ability to generate value for shareholders.
Which is an illustration of a corporation receiving cash inflows?A business that receives revenue from client sales and pays employees' wages and production costs could serve as a simple illustration of cash flow.
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TRUE/FALSE. a hands-off managerial stance tends to improve a team's effectiveness, particularly when members are inexperienced in teamwork because team members are forced to work collaboratively.
the members of an organization frequently deteriorate swiftly under strong leadership... When group members are involved, democratic leadership frequently works best.
What method of conflict resolution is best used when adversaries of equal strength are devoted to objectives that are at odds with one another?When parties with equal power are dedicated to objectives that conflict, compromising is probably the best method of handling the situation. Compromise is the most effective conflict-management strategy when a leader wishes to let employees learn from their errors.
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information ratio is the most useful when we . multiple choice question. choose among portfolios to construct a complete portfolio rank many portfolios that will be mixed to form the overall risky portfolio evaluate a portfolio to be mixed with the benchmark portfolio choose among portfolios competing for the overall risky portfolio
When evaluate a portfolio to be mixed with the benchmark portfolio , information ratio is most helpful.
What is a portfolio?A portfolio is a collection of assets, such as stocks, bonds, and cash, that are held by an individual or organization. A portfolio is typically used to manage risk and to pursue investment objectives, such as maximizing returns or generating income. The composition of a portfolio will depend on the investment goals and risk tolerance of the investor, as well as the market conditions and economic environment.
How is a portfolio managed?A portfolio is typically managed through a process known as portfolio management. Portfolio management involves the ongoing selection, evaluation, and adjustment of investments in a portfolio in order to achieve the desired investment objectives. This can involve buying and selling assets, diversifying the portfolio to manage risk, and rebalancing the portfolio to ensure that it remains aligned with the investment goals. Portfolio management can be performed by an individual investor or by a professional portfolio manager.
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the active area of a worksheet contains data or has contained data and does not contain cells that were not used in the worksheet. true or false
The following statement "the active area of a worksheet contains data or has contained data and does not contain cells that were not used in the worksheet" is true.
A worksheet in its specific sense refers to a piece of paper used for work. Although they can take many different shapes, they are most frequently associated with accounting, tax preparation, and other commercial situations. The worksheet that is entirely paper-based is gradually being replaced with software.
It is "a small piece of paper used to file painting schedules, operating hours, special instructions, etc. a small piece of paper used to draw problems, ideas, or the like." There should be questions for students and spaces for them to record their answers on any worksheets used in the classroom.
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TRUE OR FALSE many financial experts believe that a corporation's ability or inability to generate dividends in the future may be one of the most significant factors that account for an increase or decrease in the value of a stock.
This same specified statement is incorrect in accordance with the discussion.
What exactly is stock?
Stocks are a form of security that allows stockholders to own a portion of a company. Stocks are also known as "equities." Stocks are ownership stakes in a publicly listed company. When you purchase stock in a company, you become a part-owner of just that company. If a company really does have 100,000 shares and you purchase 1,000 of them, folks own 1% of something like the company.
What exactly are the two kinds of stock?
Stocks are classified into two types: common stock and preference shares.
Stock in Common. Common stock is just that: common.Stock that is preferred. Preferred stock symbolizes some ownership in a business but does not usually come with identical voting rights.Various Stock Classes.To know more about Stock visit:
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Why did the US Congress pass the Sarbanes-Oxley Act in 2002?
By the start of the millennium, various accounting
by big businesses came to light. Consequently, investors lost their trust in
accounting process. To restore their confidence, this act was passed by the US Congress. The act looked into fraud of
misleading the investors and/or of non-disclosure of certain information that could have helped investors make informed choices.
US Congress pass the Sarbanes-Oxley Act in 2002 to restore their investor confidence.
What was the Sarbanes-Oxley Act of 2002?The legislation came in response to the financial scandals in the early 2000s involving publicly traded companies like as Enron Corporation, Tyco International plc, and WorldCom. The scandal shook the investor confidence in the trustworthiness of corporate financial statements and led many to demand an overhaul of decades-old regulatory standards.
As a response, the act created new rules for accountants, auditors, and corporate officers and imposed more stringent recordkeeping requirements.
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The reason why the US Congress pass the Sarbanes-Oxley Act in 2002 was that The act looked into fraud of misleading the investors and/or of non-disclosure of certain information that could have helped investors make informed choices.
What was Sarbanes-Oxley Act ?Congress passed the Sarbanes-Oxley Act of 2002 in response to massive corporate fraud and failures. By establishing new auditor criteria and shifting accountability for the thorough and accurate management of financial reports, the legislation imposed new regulations for corporations.
An Internal Controls Report is a requirement of the Sarbanes Oxley Act for all financial reports. This demonstrates that a company's financial data is accurate and that sufficient procedures are in place to protect it. Also necessary are year-end financial disclosure reports.
Therefore, option D is correct.
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Arizona Desert Homes began a construction project in 2024 with a contract price of $162 million to be recelved when the project is completed in 2026. During 2024, Indiana incurred $37 million of costs and estimates an additional $81 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Indiana: Note: Do not round intermediate calculations. Present final answer in millions, to 2 decimal places. Muitiple Choice. O recognized $37.00 million loss on the project in 2024. O recognized no gross profit of loss on the project in 2024 . O recognized $81.00 million toss on the prolect in 2024 , O recognized $13.80 mililon gross profit on the project in 2024.
Recognized $8.32 million gross profit on the project in 2022.
The project is 72.06% complete in 2022. (98/136 million). The estimated gross profit is now $28 million (164-136 million), so gross profit to date is $20.18 million (72.06% x 28).
$11.86 million was recognized in 2021 so $8.32 is recognized in 2022 (20.18-11.86)
In accounting, sales is the overall quantity of income generated by way of the sale of products and offerings related to the primary operations of the commercial enterprise. Industrial sales will also be known as income or as turnover. a few organizations receive revenue from interest, royalties, or different prices. "Sales" may additionally seek advice from profits in preferred, or it could check with the quantity, in a monetary unit.
Earnings or internet income commonly imply overall sales minus total expenses in a given length. In accounting, within the stability statement, revenue is a subsection of the fairness segment and revenue will increase equity, it's miles frequently referred to as the "top line" due to its position on the income declaration on the very pinnacle. This is to be contrasted with the "backside line" which denotes internet earnings (gross revenues minus overall costs).
In general usage, sales is the full amount of profits with the aid of the sale of products or offerings related to the enterprise's operations. income sales is profits acquired from selling goods or offerings over a time frame. Tax sales is profits that a central authority gets from taxpayers. Fundraising sales is profits received by way of a charity from donors and so forth. to in addition its social functions.
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Complete Question:
Indiana Co. began a construction project in 2021 with a contract price of $164 million to be received in 2023. During 2021, Indiana incurred $38 million of costs and estimates an additional $87 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of completion.
In 2022, Indiana incurred additional costs of $60 million and estimated an additional $38 million in costs to complete the project. Indiana: