Jamaica has an absolute advantage in the production of coffee as it is producing 10 more units than Nicaragua with same labor.
Absolute advantage refers to the capacity of an individual, business, region, or country to produce more of a good or service per unit of time with the same number of inputs, or to produce the same amount of a good or service per unit of time with fewer inputs, than its competitors. Absolute advantage can be achieved by manufacturing a product or service at a lower absolute cost per unit with fewer components, or by a more efficient approach.
Producers with different absolute advantages can almost always benefit more by areas of expertise, division of labor, and trade than producing and consuming in isolation. Comparative advantage, or the capability to manufacture goods and services at a lower opportunity cost, stands in contrast with absolute advantage.
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Considering the use of management's written representations as audit evidence about the completeness assertion, an auditor should understand that such representations?
complement, but do not replace, substantive tests designed to support the assertion.
Definition of assertion.
the act of claiming or that that is asserted, such as a steadfast and reassuring affirmation, upholding, or defense (of a right or attribute), an assertion of ownership/innocence. He used no arguments to back up his claims other than a declaration that something is true.
Someone making an allegation might aggressively speak up during a presentation to disagree with the presenter, even though he or she has good evidence to back up their claim. The world being flat was a claim made by ancient scientists, for instance.
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which of the following competitive growth strategies strives to increase sales of current products in new markets?
The market development is a competitive growth strategy strives that is used to increase sales of current products in new market.
What is growth strategy?
The growth strategy is a strategy that is used by used by the company to increase their sale or increase their revenue.
When a company wants to increase its sale of a current product in new markets this is known as the market development strategy. The market development strategy is a strategy in which the company develops market for its product. The company uses many ways to develop market for the product like advertisement, discount sale, and promotion. These are the same techniques that are adopted by the company to develop market.
Hence, the competitive growth strategy is market development.
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most closings involve the division of financial responsibility between the buyer and the seller for such items as taxes, rents, and other items. these divisions are called
Most closings involve the division of financial responsibility between the buyer and the seller for such items as taxes, rents, and other items. These divisions are called prorations.
What is Proration?
A form of corporate action called proration occurs when a corporation divides its initial cash and stock offer in accordance to shareholder preferences. It may occur during an event like an acquisition.
Proration describes activities when a business divides its initial cash and stock offer to satisfy investor preferences. It happens when the offers that shareholders make during a specific corporate action cannot be satisfied with the available cash or shares. Mergers and acquisitions, stock splits, and special dividends are a few examples of situations when proration may take place.
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Which of these is the best example of an asset?
the electricity in a home
the antique diamond necklace someone is wearing
the coffee someone drank this morning
an old, used airline ticket
Answer:
Antique diamond someone is wearing
Explanation:
Electrity is an expense it runs out and you have to keep paying in order to use it...the same goes for coffee.
But the used airline ticket has no value anymore as its been used up. So the antique diamond is an asset as it carries value and you don't have to pay to wear it...you can also exchange it for cash proving that it does have value
Mutual funds are marketed __________ by fund underwriters and ___________ by brokers. multiple choice question. indirectly, indirectly directly, directly directly, indirectly indirectly, directly
Mutual funds are marketed directly, by fund underwriters and indirectly by brokers.
What is a broker?
A broker acts as a middleman between those looking to invest and trade and the exchange where those transactions are carried out. Because stock markets require licenses for persons who conduct trades on the exchange, you need a broker. A broker is someone who purchases and sells something on behalf of other people. A broker is someone you engage to purchase stock on the stock exchange for you.
Therefore,
Mutual funds are marketed directly, by fund underwriters and indirectly by brokers.
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when property rights are well defined and competitive firms freely enter and exit markets, market prices will tend to direct producers toward production of goods and services that consumers value more highly than the resources required for their production." explain why you either agree or disagree with this statement.
Two fundamental economic theories are combined in the law of supply and demand to explain how changes in the price of a resource, good, or service impact its supply and demand.
Supply and demand may not always react to price changes proportionately. Price elasticity refers to how much a product's supply or demand will change as a result of price fluctuations.
Demand fluctuations based on price will be more pronounced for products with a high price elasticity of demand. People cannot readily live without fundamental requirements, hence their prices will be relatively inelastic, meaning that demand will fluctuate less in response to price fluctuations.
Market prices have a tendency to push producers toward creating goods and services that consumers value more highly than the resources needed to generate them when property rights are clearly established and businesses can easily enter and exit marketplaces.
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To print tickets, a printer charges a $70 setup fee plus $1.25 per ticket. write an algebraic expression for the cost of t tickets. what is the cost of 650 tickets?
The algebraic expression is: 70 + 1.25t and cost of 650 tickets is $882.50.
We are given the one time set up fee which is $70 and ticket fee which will be computed on the number of tickets. So, we will perform multiplication to find the total cost on tickets followed by addition to setup.
Thus, cost on t number of tickets = 1.25×t
The mathematical algebraic expression that will form is -
70 + 1.25×t
Now, we are given the value of t as 650. So, keep the value in algebraic expression to find the cost of 650 tickets -
Cost of 650 tickets = 70 + 1.25×650
Cost of 650 tickets = 70 + 812.5
Cost of 650 tickets = 882.5
Hence, the algebraic expression is: 70 + 1.25t and cost of 650 tickets is $882.50.
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jessie went to the store to buy cosmetics. at the cosmetics counter, she reviewed several different colors and brands, but before making her final selection, she researched each product to ensure that the companies had not used animal testing in the manufacturing process. which of the following best describes jessie's purchasing decision?
The focus paid by the company selling a product to the issue of verifying that the procedures used in manufacturing it are morally (socially) upright has an influence on the purchase decisions of some clients.
What does Cosmetics mean? What does Product mean?
The word "cosmetic" is related to appearance and beauty. Similarly to heart surgery, cosmetic surgery improves one's appearance but is not medically required. A building's look is the only thing that is changed by cosmetic changes. Cosmetic is usually equivalent with decorative or ornamental.
The thing being sold is called a "product." An item or service can be considered a product. Physical, virtual, or internet forms are all possible. Every good has a price since it costs money to make it. The market, quality, marketing, and targeted market group all influence the cost that can be paid.
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Money and benefit expenses that are paid to employees for their work are known as?
Money and benefit expenses that are paid to employees for their work are known as Compensation.
Employee benefit expenses
Employee expenses are costs incurred as a result of duties performed for an employer. Employee Benefit Expenses are costs incurred on behalf of employees. It comprises expenses such as salary and wages, contributions to the Provident Fund, employee welfare, and so on.
What exactly do you mean by compensation?
A monetary payment provided to an employee in exchange for services is referred to as compensation. Employees earn their compensation in the workplace. It includes income or wages, commission, and any incentives or privileges that come with the employment of the specified employee.
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To compensate for differences in the time horizons among investment opportunities, investors use _________ return as their selection criterion.
Investors use average annual return as their selection criterion to account for variations in time horizons among investment possibilities.
The average annual return (AAR), which is typically expressed across three, five, and ten years, is a percentage that represents the historical average return of a mutual fund.
What is average annual return?
The average annual return is reported before operating expense ratio for the fund. Additionally, it excludes sales fees, if any, and brokerage commissions on portfolio transactions.The average annual return (AAR), in its most basic form, gauges how much money a mutual fund made or lost over a specific time frame. As part of their mutual fund investing plan, investors thinking about making a mutual fund investment frequently research the AAR and compare it to other closely related mutual funds.The average annual return is a useful tool for assessing a mutual fund's long-term performance when choosing one. To properly understand the constancy of a fund's annual total returns, investors should also consider the fund's annual performance.To learn more about average annual return visit:https://brainly.com/question/26908347
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Which type of account is increased with a credit? multiple choice question. expense asset dividend revenue
Recognizing revenue for cash or on account enhances assets as well as stockholders' equity. A debit is recorded for a growth in assets (cash or accounts receivable), whereas a credit is recorded for an increase in stockholders' equity (service revenue). Accounts A credit is applied to a receivable account.
Because the owner's capital account has a regular debit balance, the owner's equity account is boosted on the debit side. In effect, a debit rises and a credit decreases an expense account on the income statement. . The account balance is reduced when a debit is placed to any of these accounts.
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weald co. took advantage of market conditions to refund debt. this was the fifth refunding operation carried out by weald within the last four years. the excess of the carrying amount of the old debt over the amount paid to extinguish it should be reported as a(an)
The correct answer is both options are suitable. By increasing current liabilities, this transaction lowers the current ratio. Current liabilities divided by current assets is the current ratio. Current assets are unaffected.
Long-term refinancing of current debt raises the current ratio and decreases current liabilities while increasing noncurrent debt. Appropriating retained earnings often portends a temporary decline in dividend payments in the future. Total retained earnings are thus kept at a greater level.
This transaction boosts OE by the same amount that total liabilities are reduced. The ratio's denominator increases while the numerator decreases. The ratio falls below the maximum as a result of both circumstances.
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while considering starting a small business, roy is curious about the role and opportunities available for small businesses in the global economy and marketplace. he sets up a conference call with an experienced small business owner to learn more. what does roy’s colleague likely share with him?
Roy's colleague, an experienced small business owner, will likely share information about a) Entrepreneurship.
What is entrepreneurship?Entrepreneurship is the practice of setting up new business enterprises with the hope to make profits.
Entrepreneurship is also the innovative approach to seeing human problems as opportunities to be exploited for profits, notwithstanding the business and financial risks involved.
Who is an entrepreneur?An entrepreneur is a business person who creates a new business and bears the risks and rewards of ownership.
Thus, Roy is likely sharing with his experienced small business owner information about entrepreneurship, especially in the global market.
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Question Completion with Answer Options:a) Entrepreneurship
b) Business
c) Enterprise
d) Capital
What+is+the+tax+exempt+equivalent+yield+on+a+9%+bond+yield+given+a+marginal+tax+rate+of+28%?
The tax exempt yield is 12.5%.
We are given the rate of interest and marginal tax in the question. The interest rate is 9% and marginal tax rate is 28%.
The formula to calculate the tax exempt equivalent is as follows -
Tax exempt yield = Interest rate ÷ (1 - your tax rate)
Keep the values in formula to find the value of tax exempt yield -
Tax exempt yield = 9% ÷ (1 - 28%)
Tax exempt yield = 0.09 ÷ (1 - 0.28)
Tax exempt yield = 0.09 ÷ 0.72
Tax exempt yield = 0.125
Calculating tax exempt yield in percentage as follows -
Tax exempt yield = 0.125*100
Tax exempt yield = 12.5%
Hence, the tax exempt yield is 12.5%.
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For strong controls over cash receipts, the checks to be deposited should be sent to the treasurer, and the remittance advices should be sent to the accounting department. true false
True - Sending the treasurer with the cheque to be deposited and the accounting department with the remittance advices will help maintain tight controls over cash receipts.
To stop money from being mishandled and to protect assets, there needs to be strong internal controls. They safeguard the staff members who handle the money as well as the university. Up until they may be deposited, keep cash and checks in a secured, secure location. The location should only be accessible to those who have been given special permission. Any keys should be retrieved or combination changes made if someone with custody responsibility quits their post. Keep in mind that you are liable for any cash or checks that are in your possession.
Make deposits on time. The likelihood of theft or money loss decreases the faster cash and checks can be deposited. Deposits must ideally be made within 24 hours. Deposits can be made weekly if the sums are small (less than $100).
On a monthly basis, confirm the deposit by agreeing Cash Operations deposit slip to the general ledger. Daily balancing of cash registers and credit card readers is required. Over/under amounts need to be watched carefully. It is recommended to keep a dated and signed record of the reconciliation.
A printed recognition of the sum of money received during a transaction involving the transfer of cash or cash equivalents is known as a cash receipt. The vendor gives the consumer the original copy of the cash receipt, keeping the other copy for accounting needs.
Cash receipts are the amounts of money (cash) that you receive from your clients. These boost the amount of cash that is recorded on a company's balance sheet. Sales or collections can be the source of their production. It can be difficult to comprehend the concept of cash receipts.
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The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as a?
The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as Direct ownership.
A product is an object provided for sale. Products are offerings or items. It may be in bodily or digital or cyber forms. All merchandise is made at a rate and bought at a rate. The rate that may be calculated relies upon at the market, quality, marketing, and goal segment. A product is an object or carrier which you promote to fulfill a customer's desires or desires. they're bodily or digital. Physical merchandise encompasses long-lasting goods (which include cars, furniture, and computers) and consumables (which include meals and beverages).
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A country ruled by rich businessmen would be classified as a(n) _________________.
A country ruled by using rich businessmen might be categorized as a(n) plutocracy.
You may outline a businessperson as a jack-of-all-trades in relation to making and spending cash. you may discover them in simply each company by shopping for and selling items, managing operations, supervising people, balancing the books, and overseeing the budget. Ardor, resourcefulness, willingness to improvise and pay attention to others, and sturdy willpower to prevail are what make a businessman successful. And this is what you have to keep in mind as well if you need to be a successful entrepreneur yourself.
An amazing businessman works to fulfill the monetary desires of inner and external sources. He makes use of finance in this kind of manner in his commercial enterprise it gives him maximum earnings. A successful business has u fine that he can manage the finance without difficulty.
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what is the future value of $1,000 today if it draws interest at 8% compounded annually for 10 years?
The future value of $1,000 today if it draws interest at 8% compounded annually for 10 years is $215
To find:
The future value of the borrowed amount after 10 years
The investment's present value, or PV, is $1000.
The rate of interest, r = 8% =8/100 = 0.08.
The time in years, t = 10.
n = 1 since the sum is compounded yearly.
The future value formula of compound interest:
FV = PV (1 + r / n)n t
FV = 1000(1+0.08/1)1x10
A = $2159
The future value = $2159
What is Future value ?
Future value is the value of a current asset at some time in the future based on an anticipated growth rate (FV).Investors can reasonably forecast an investment's profit using the FV formula.Calculating the FV of a market investment can be challenging because to market volatility and uncertainty over future investing conditions.One of two methods—compound interest or simple interest—can beused to calculate an asset's FV.To know more about Future value visit:
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the proposes that tariffs be imposed on imported manufactured goods to give u.s. firms temporary protection from foreign competition until they can fully establish themselves.
The infant industry argument proposes that tariffs be imposed on imported manufactured goods to give u.s. firms temporary protection from foreign competition until they can fully establish themselves.
What are imported goods?Imported goods are goods that are purchased from foreign countries with the objective of selling in the home country due to a lack of ability to produce goods due to a lack of resources.
The infant industry argument proposes that tariffs which include tax duty applicable on imported goods help to provide protection from the competition to make established completely in the foreign countries.
Therefore, option B is appropriate.
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The complete question is Probably
6) The ________ proposes that tariffs be imposed on imported manufactured goods to give U.S. firms temporary protection from foreign competition until they can fully establish themselves.
A) national defense argument
B) infant industry argument
C) industrial policy
D) strategic trade theory
On june 1, 2022, harry's dog grooming received $800 cash for services rendered. the entry to record this transaction will include?
The entry to record this transaction will include: a debit to Cash.
Which accounts are affected when cash is received for services?
When a firm performed services for clients and cash is also received, it means that the revenue of the company has increased so also its cash balance because the receipt of $800 would increase cash balance by the same amount.
In other words, the service revenue account for revenue recognition would be credited because an increase in income or revenue has a normal credit entry whereas the cash account would be debited as the corresponding debit entry for the service revenue
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Full question with options:
On June 1, 2022, Harry's Dog Grooming received $800 cash for services rendered. The entry to record this transaction will include
A
a credit to Accounts Payable.
B
a debit to Service Revenue.
C
a credit to Accounts Receivable.
D
a debit to Cash.
a severe freeze has damaged the florida orange crop. the effect on the market for oranges will be a left shift of
A severe freeze has damaged the florida orange crop. the effect on the market for oranges will be a left shift of the supply curve.
Florida oranges had their worst crop in 70 years. they are facing a deadly disease called citrus greening, unfold in the body of the invasive Asian citrus psyllid. Its subtropical temperatures, abundant sunshine, distinct sandy soil and ample rainfall, Florida offers all critical components to produce a bountiful crop.
Florida oranges are considerable from October through June, although the largest quantities are to be had from December thru may additionally. Clean Florida grapefruit is distributed from September thru June, with the height of the harvest occurring in February. In a terrific year, Florida produces 240 million plus of 90-pound boxes of oranges, but this year, the kingdom may best produce forty four.
The orange shortage is because of a bacterial infection known as citrus greening, an incurable disease it is spread by an insect. Florida growers produce several sorts of citrus, including oranges, grapefruit and specialty fruit which includes Temple oranges, tangerines and tangelos.
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ehrmann data systems is considering a project that has the following cash flow and wacc data. what is the project's mirr? note that a project's projected mirr can be less than the wacc (and even negative), in which case it will be rejected. wacc: 9.75% year 0 1 2 3 cash flows -$1,000 $450 $450 $450 a. 14.11% b. 15.81% c. 17.22% d. 15.52% e. 10.72%
A performance materiality is a qualitative materiality is an amount set by the auditor that is less than planning the materiality and is used to make decisions about the extent of audit procedures for a particular class of transaction.
What is performance materiality?In the context of trading and investments, a security's price movement over a certain time frame is deemed to have moved by a significant amount if it confirms or deviates from a trader's initial assessment of the security's performance.
Any number or statistic that is important enough to mention, such as in account balances, financial statements, shareholder reports, or conference calls, is referred to as a material amount. Mentioning something that is not a material amount is regarded as minor or inconsequential.
The material amount is the minimum amount that must change in a security to confirm or deny a market perception or trading hypothesis.
Predicting the material amount for a specific strategy can be essential for a trading system to be successful.
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According to von neumann and morgenstern’s utility index, decisions are made to maximize… expected utility expected monetary value expected marginal loss.
According to von Neumann and Morgenstern's utility index, decisions are made to maximize Utility Measures and Utility Function expected utility expected monetary value expected marginal loss.
Von Neumann–Morgenstern utility function, an extension of the idea of consumer preferences that comes with a theory of behavior toward risk variance. It was put forth by John Neumann and Oskar Morgenstern in Theory of Games and Economic Behavior (1944) and arises from the expected utility hypothesis.
To maximize expected utility implies that the individual chooses the choice that yields the very best average utility, where average utility may be a probability-weighted sum of all utilities. This theory requires that the patron knows the probability of each outcome.
Expected utility, in decision theory, the mean of an action to an agent, calculated by multiplying the worth to the agent of every possible outcome of the action by the probability of that outcome occurring then summing those numbers.
The fundamental theorem of John von Neumann's scientific theory states that during a broad category of games it's always possible to search out an equilibrium from which neither player should deviate unilaterally. Utility function measures the preferences consumers apply to their consumption of products and services.
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tech solutions is a consulting firm that uses a job-order costing system. its direct materials consist of hardware and software that it purchases and installs on behalf of its clients. the firm’s direct labor includes salaries of consultants that work at the client’s job site, and its overhead consists of costs such as depreciation, utilities, and insurance related to the office headquarters as well as the office supplies that are consumed serving clients.
The predetermined overhead rate is $9 per direct labor hour.
What is a fixed cost?
Fixed costs, sometimes referred to as indirect costs or overhead costs in accounting and economics, are costs incurred by a corporation that are independent of the volume of goods or services the company produces. They frequently occur again and again, like monthly rent or interest payments. These expenses are often capital expenses as well.Costs that are fixed are those that don't change based on volume. Most fixed costs are expenses that depend more on time than on how much your company produces or sells. Rent and leasing charges, salary, energy prices, insurance, and loan repayments are a few examples of fixed costs.Rent and mortgage payments are two examples of fixed expenses. Auto loans. Additional loan paymentsTotal production costs — (Variable cost per unit multiplied by the number of units produced) = Fixed costs.Job cost sheet: The job cost sheet records the details about direct materials cost, direct labor cost, and manufacturing overheads. It shows the total cost of the job work and completion details.
Variable overhead costs: These costs are directly proportional to the level of activity. If there is a change in the activity level by 10%, then there would be a change in the variable cost by 10% in either direction. Variable cost is directly proportional to the volume of the production. Variable cost per unit remains constant.
Fixed overhead costs: These costs do not vary with changes in the level of activity. Fixed cost remains the same for the period. If there is an increase in the activity level, then the fixed cost per unit decreases, and if there is a decrease in the activity level, the fixed cost per unit increases. Fixed cost per unit changes with the change in the activity level.
Pre-determined overhead rate: The rate is calculated based on the activity base. This rate is used to allocate manufacturing overheads.
Calculate the predetermined overhead rate as follows:
Total job cost is calculated by adding the all cost incurred for the completion of the job i.e. direct materials cost, direct labor cost, and overheads cost.
Variable overhead rate is $0.50 per direct lathe bor hour, total estimated fixed overhead is $680,000, and the estimated direct labor hour is 80,000.
Determine the predetermined overhead rate as follows: -
Therefore, the predetermined overhead rate is $9 per direct labor hour.
The variable overhead rate and fixed overhead have been added together to find the predetermined overhead rate as $9 per direct labor hour. The predetermined overhead rate is the sum of the variable overhead rate and fixed overhead. Fixed overhead per direct labor hour has been found out by dividing the total estimated fixed overhead by the estimated direct labor hour.
With the given information in the question, determine the total job cost.
Variable overhead rate is $0.50 per direct labor hour, total actual fixed overhead is $692,000, and the estimated direct labor hour is 83,000.
Determine the total job cost as follows: -
Therefore, the total job cost is $61,520.
The total job cost has been found out by adding the direct materials cost, direct labor cost, and the overheads cost. The overheads cost has been allocated based on the estimated overhead expenses.
The predetermined overhead rate is $9 per direct labor hour.
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which of the following is not typically a way in which businesses address ethical issues? a credo regulations a professional code of ethics corporate culture
The code of conduct does not include the code of management.
What are the five ethics codes?
Integrity.Objectivity.proficiency in the field.Confidentiality.professional conduct.The Golden Rule is a typical example of ethical behavior in society: "Do unto others as you would have them do unto you." Other examples include: Respect - Citizens must respect another's property, choices, and lifestyles. Loyalty: People prioritize the demands of their friends and family over their own.
Rules for appropriate behavior in the workplace are outlined in a code of ethics and professional conduct, which is typically based on a company's basic beliefs. It provides guidelines for handling harassment, safety, and other issues, and it instructs employees on how they should act.
A business's code of ethics is typically more comprehensive than its code of conduct, which outlines how employees should behave in particular circumstances. However, a code of ethics and professional conduct is frequently contained in a single unified document.
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damian enters into a contract to sell his home to lori, who puts down a $5,500 earnest money deposit. at the last minute, lori backs out of the deal. damian keeps the earnest money deposit. of what is this an example?
The earnest money deposit is made before to closing on a home to demonstrate your commitment to purchasing it. It is also known as a good faith deposit. When a buyer and a seller agree to a purchase contract, the seller pulls their home off the market while the deal is being finalised.
The earnest money insures the seller in case the buyer abruptly withdraws from the transaction. Typically between one and three percent of the sale price is required, and it is kept in escrow until the deal is finalised. Your market's customs define the precise amount. The earnest money will, if everything goes according to plan, be applied to the buyer's deposit or closing costs.
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Financial statements are typically prepared before completing the adjusted trial balance. True or false?.
The statement "Financial statements are typically prepared before completing the adjusted trial balance" is false
What is an adjusted trial balance?
An adjusted trial balance details all general ledger account balances after any adjustments have been accounted for. The adjustments, in this case, would normally include those for prepaid and accrued expenses, as well as non-cash expenses like depreciation or amortization.
Note that the fully adjusted trial balance is required to prepare the financial statements, since the closing entries are also integral part of the financial statements, as a result, the financial statements are prepared after the adjusted trial balance has been completed.
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dave ryan is the ceo of ryan's arcade. at the end of its accounting period, december 31, ryan's arcade has assets of $645,350 and liabilities of $251,280. using the accounting equation, determine the following amounts:
Statement showing Computations
Particulars Amount
Assets $645,350
Liabilities $251,280
Stockholders Equity = Assets - Liabilities
Stockholders Equity = $645,350 - $251,280 $394,070
Stockholders' equity refers to the belongings closing in a commercial enterprise once all liabilities were settled. This figure is calculated by subtracting overall liabilities from overall property; rather, it is able to be calculated with the aid of taking the sum of proportion capital and retained earnings, less treasury inventory.
What's Stockholders equity example?
Fairness is anything invested within the enterprise by its proprietor or the sum of the entire belongings minus the sum of the corporation's general liabilities. E.g., not unusual inventory, additional paid-in capital, preferred stock, retained income, and the accumulated different complete income.
What's Stockholders equity at the balance sheet?
Key Takeaways. Stockholders equity is the proprietor's declare after subtracting general liabilities from overall property. You can calculate shareholder equity by means of including collectively all belongings and all liabilities from a employer's balance sheet.
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according to the text, which are the two types of misstatements that are relevant to auditors' consideration of fraud?
The two types of misstatements are fraudulent financial reporting and misappropriation of assets.
Misstatement means altering the right information with the wrong information to save taxes. The misstatement in the books is the most commonly used fraud by the companies. Fraudulent financial reporting and the misappropriation of assets are the two major misstatements done by the company. In this, a company shows wrong information in the financial statements of the company on the other hand in misappropriation of the assets is shown as less than the actual value of assets. By doing this the company wants to reduce its net income and show less value of the assets. These activities of the assets are immediately considered a fraud by the auditors.
Hence, Fraudulent financial reporting and asset misappropriation are the two categories of misstatements.
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A triggering event is a specific event or occurrence that sparks the entrepreneur to proceed from thinking to doing. true false
A triggering event is a specific event or incident that sparks the entrepreneur to move from planning to action. The statement is true.
A barrier or circumstance that, when crossed or met, triggers the occurrence of another event can be physical or abstract. For many different types of contracts, triggering events frequently include employment loss, retirement, or death. In the event of a catastrophic change, these triggers help to assure or avoid that the terms of the original contract may also change. Depending on the insured age, life insurance policies may have a triggering event. In addition, many firms set a threshold for employees' employment as the event that triggers their eligibility for a certain benefit. Stops are a trigger event that investors can use to reduce their downside risk in the world of investments.
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