Answers
Answer:
both are correct
Explanation:
1. You have both an ethical and a legal obligation. Ethically, you should consider whether it is fair to keep the CD without paying for it after using it for more than a month. Legally, if the company made a mistake and sent you the CD, they are entitled to get it back or receive payment for it. According to the Federal Trade Commission's Mail or Telephone Order Merchandise Rule, if you receive merchandise that you didn't order, you are not obligated to return it or pay for it, but you are required to notify the seller within a reasonable period of time (usually within 30 days) and make arrangements to return it at the seller's expense. If you fail to notify the seller, you may be considered to have accepted the merchandise and be liable for payment.
2. B) Corrective advertising: The FTC may require the company to run corrective advertising that clarifies that the "natural food energy" in FunTime fruit drink is actually sugar. Corrective advertising is a type of advertising that is designed to correct a false impression that was created by an earlier advertisement. The purpose of corrective advertising is to prevent consumers from being misled by false or deceptive advertising.
Related Questions
Employee gross wages due for the month of December were $16,000. Bengal withheld cash for payroll liabilities consisting of FICA taxes of $1,250, and employee income taxes of $1,100. The remaining net cash due to the employees was paid to the employees on December 30th. Record two journal entries, #1 for December's wage expense, and #2 for December's payroll tax match.
Answers
Journal Entry #1:
Debit: Wage Expense for $16,000
Credit: Cash for $13,650
Credit: Employee Income Tax Payable for $1,100
Credit: FICA Taxes Payable for $1,250
Explanation: The company records the wage expense for December and the payment of net cash due to employees after withholding taxes.
Journal Entry #2:
Debit: FICA Taxes Payable for $1,250
Credit: FICA Taxes Expense for $1,250
Explanation: The company records the payroll tax match for FICA taxes for December.
QUESTION 2 of 10: What are two advantages of highly marketable items?
a) They wear out quickly and need to be replaced often
b) They always have a high profit margin and are easy to get in stock
c) They are easy to sell and attract lots of customers to the store
Answers
The advantages of highly marketable items is they are easy to sell and attract lots of customers to the store. The Option C.
What are the benefits of highly marketable items?These are items in high demand and are easy to sell and are advantageous for businesses because they tend to attract lots of customers to the store which can increase foot traffic and ultimately lead to higher sales.
They also have a high profit margin which means that businesses make a significant profit on each sale which is highly beneficial for small businesses that rely on a steady stream of revenue to stay afloat.
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What IFRS’S were violated in the Volkswagen emissionsscandals?
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Volkswagen's actions in the emissions scandal were a clear violation of several IFRS, highlighting the importance of accurate and truthful financial reporting.
The Volkswagen emissions scandal involved the violation of several IFRS (International Financial Reporting Standards) including the following:
1. IAS 1 Presentation of Financial Statements: Volkswagen failed to present accurate and truthful financial statements, as they did not disclose the potential liabilities resulting from the use of defeat devices in their vehicles.
2. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Volkswagen violated this standard by failing to disclose the use of defeat devices in their vehicles, which was a significant error in their financial reporting.
3. IAS 37 Provisions, Contingent Liabilities, and Contingent Assets: Volkswagen violated this standard by failing to recognize and disclose the potential liabilities resulting from the use of defeat devices in their vehicles.
4. IFRS 13 Fair Value Measurement: Volkswagen failed to accurately value their vehicles, as the use of defeat devices artificially inflated their emission levels and thus their value.
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Explain in your own words what happens to the money supply when the Federal Reserve increases the amount interest that is paid on the reserves held at Federal reserve. What the implications of that action?
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When the Federal Reserve raises the interest rate paid on reserves maintained at the Fed, banks are encouraged to keep more reserves rather than lend them out. As a consequence, the supply of cash falls because banks are less likely to approve new loans, which would otherwise increase the money supply through the cash multiplier effect(the change in income to the permanent change in the flow of expenditure that caused it)
The following are the consequences of this action:
1. Reduced lending: As banks aim to keep reserves and earn higher interest rates, they may get more cautious in providing money.
2. Higher borrowing costs: Borrowing costs may rise as demand for loans exceeds supply, resulting in higher interest rates.
3. Slower economic growth: A drop in the money supply and higher borrowing costs can lead to less company and consumer spending and investment, thus leading to slower economic growth.
4. Inflation management: A drop in the money supply can help control inflation since reduced spending lowers overall demand for goods and services.
5. Monetary policy transmission: Increasing the interest rate on reserves is one way for the Federal Reserve to transfer monetary policy decisions to the broader economy because it influences bank lending behavior.
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G
Multiple Select
Select all parts that should be included in a resumé.
contact information
summary qualifications
work experience
education and training
letter of recommendation
name
current manager's name
C
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Based on the given options, all the parts that should be included in a resumé are;
contact informationsummary qualificationswork experienceeducation and trainingnameWhat is a resumé?A résumé, can be regarded as the curriculum vitae, which can be considerd as document that someone tht is seeking for employment can use to present their background, skills, aqs well as accomplishments.
It should be noted that Résumés is a documnet that encompass the summary qualification which contains variety of reasons, and it is been used to secure new employment.
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Jamie's Job Shop buys two parts (Tegdiws and Widgets) for use in its production system from two different suppliers. The parts are needed throughout the entire 52-week year. Tegdiws are used at a relatively constant rate and are ordered whenever the remaining quantity drops to the reorder level. Widgets are ordered from a supplier who stops by every three weeks. Data for both products are as follows:a. What is the inventory control system for Tegdiws? That is, what is the reorder quantity and what is the reorder point?
a. What is the inventory control system for Tegdiws? That is, what is the reorder quantity and what is the reorder point?
Reorder quantity = 1,225
Reorder point = 824.4
b. Find the total inventory costs if using inventory policy.
This is a case considering safety stock (make sure to use the right formulas
Answers
Inventory control system for Tegdiws is as follows:
1.225 units are the number of reorders
11,346.29 units are the reorder point.
What is the Widgets inventory control system?
There are 576.9 units in the widget inventory control system.
The products and materials that a company keeps on hand with the intention of reselling, producing, or using them are referred to as inventory or stock.
The main focus of the discipline of inventory management is determining the location and shape of stocked products.
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On January 6, Blue Spruce Corp. sells merchandise on account to Harley Inc. for $9,400, terms 3/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Blue Spruce Corp.’s books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answers
In the given journal entry, Jan. 6 Dr Accounts receivable $9,700, Cr Sales is $9,700. Jan. 16 = Cash $10,506. Sales discounts($9,700 * 2%) $194. Accounts receivable $10,700.
The journal entries are the initial recording of the business transactions in the books of accounts. The entries are prepared in chronological order .i.e. the order of their occurrence. This helps the accountant to prepare the general ledger accounts of each account head. Journal entries can record unique items or recurring items such as depreciation or bond amortization. In accounting software, journal entries are usually entered using a separate module from accounts payable, which typically has its own subledger, that indirectly affects the general ledger.
Thus, in the given journal entry Accounts receivable is $10,700.
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