Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-toAssets Ratio [LO 10-2, LO 10-5] Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr11 30 Recelved $555,600 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $72,090. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 31 signed a contract to provide security service to a snall apartment complex starting in septenber, and collected six months' fees in advance, anounting to $22,200. Decenber 31 Determined salary and wages of $37,000 were earned but not yet pald as of December 31 (I ignore payroll taxes). Decenber 31 Adjusted the accounts at year-end, relating to interest. December 31 Adjusted the occounts at year-end, relating to securlty service. Required: Complete this question by entering your answers in the tabs below. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31 . (Do not round intermediate calculations.)

The product/service management that Ray do was that He had made his design department to be able to design a furniture piece.

Product service management (PSM) is known to be a kind of a marketing function that is said to be based on making better a product or service due to market changes.

Note that involves an ongoing analysis of their features so that one can be able to improve as well as modify the items that are needed.

Ray in the above is carrying out  marketing information management by gathering information from customers to use so that he can set up the theater system seats. The activities is one that entail pricing and the use of the channel management function.

Therefore, The product/service management that Ray do was that He had made his design department to be able to design a furniture piece.

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The type of good in this situation must be a B) Normal good. This is because when income increases, the quantity demanded of a normal good also increases.

In this case, your income increased from $50,000 to $55,000, and your quantity demanded of the good increased from 2 to 4. This relationship between income and quantity demanded is a characteristic of a normal good.

Inferior goods, on the other hand, have a negative relationship between income and quantity demanded, meaning that as income increases, the quantity demanded of an inferior good decreases. Necessity goods and luxury goods are both types of normal goods, but necessity goods are needed for survival while luxury goods are not.

Therefore, the correct answer is B) Normal good.

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Answer:

I-9

Explanation:

A P E X

A  person complete to demonstrate his or her legal ability to work and pay taxes on income with the help of I-9 form.

I-9 form is a form that is used by the employers. This can use I-9 to check who is permitted to work in the United States.

Every new employee employed after November 6, 1986, must fill out a Form I-9. With the use of the I-9 form, a person can demonstrate his or her legal ability to work and pay income taxes.

Therefore, option B is correct.

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Mason Corporation sold 20,000 units of its refrigeration element at a price of $195 per unit during the current year, with specific cost and tax considerations.

In the current year, Mason Corporation produced 24,000 units of its refrigeration element but sold only 20,000 units at a price of $195 per unit. To calculate the total variable cost per unit, we add the costs of direct material, direct labor, and manufacturing overhead, resulting in $92 per unit. The total fixed costs, including manufacturing overhead and selling/administrative expenses, amount to $1,460,000. By subtracting the variable and fixed costs from the sales revenue, we can determine the operating income. Applying the 30% income tax rate to the operating income gives the net income.

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The Federal Reserve tracks M1 and M2 to manage monetary policy and monitor the money supply.

1- The Federal Reserve Bank tracks M1 and M2 because they provide valuable information about the money supply in the economy and help policymakers monitor and manage monetary policy. M1 includes the most liquid forms of money, such as currency in circulation and demand deposits, which can be readily used for transactions. M2 encompasses M1 and adds other slightly less liquid forms of money, such as savings deposits and money market mutual funds. By tracking these measures, the Federal Reserve can assess the availability and velocity of money in the economy, which are crucial factors in influencing inflation, interest rates, and overall economic stability.

2- a. T-account for Humongous Bank:

Assets Liabilities

Reserves: $1 million Deposits: $20 million

Loans: $19 million

In this scenario, Humongous Bank holds $1 million (5% of $20 million) as required reserves, while the remaining $19 million is available for lending. The bank's assets include its reserves and loans, while its liabilities are represented by the deposits made by the people in the economy.

b. If Humongous Bank is part of a multibank system, the money supply will increase by the amount of the original loan made by Humongous Bank, which is $19 million. This is because when the bank extends a loan, it creates new deposits in the borrower's account, effectively increasing the money supply by the loan amount. This increase in deposits can then be further multiplied through the lending activities of other banks in the system.

3- The difference in how bank deposits and loans are characterized as assets and liabilities on personal and bank balance sheets lies in their perspective and purpose. On a personal balance sheet, deposits held in a bank are considered assets because they represent the individual's ownership of money that can be used for various purposes. Conversely, loans taken from a bank are considered liabilities because they represent the individual's obligation to repay the borrowed funds.

In contrast, on a bank's balance sheet, deposits are considered liabilities because they represent the bank's obligation to repay the deposited funds to its customers. Loans, on the other hand, are categorized as assets for the bank since they represent the bank's claims on future loan repayments and the interest income generated from those loans. In summary, the perspective of the individual versus the bank determines how deposits and loans are classified as assets and liabilities.

4- If there is an increase in the reserve requirement, it will have a contractionary effect on the money multiplier process. The reserve requirement is the percentage of deposits that banks must hold as reserves and cannot lend out. When the reserve requirement increases, banks are required to hold a larger portion of their deposits as reserves, leaving them with fewer funds available for lending.

This reduction in available funds for lending decreases the amount of new loans that banks can extend, leading to a decrease in the money supply. The money multiplier, which represents the potential increase in the money supply through the lending activities of banks, becomes smaller as banks have less capacity to create new loans. Therefore, an increase in the reserve requirement limits the ability of banks to multiply deposits and reduces the overall impact of the money multiplier process on the economy.

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Answer:

the journal entry to record this sale should be:

Dr Accounts receivable X

Dr Credit card fees Y

    Cr Sales revenue X+Y

Explanation:

The journal entry to record sales using credit cards issued by banks, e.g. VISA, MasterCard, etc., which pay immediately or almost immediately (the same day or the following day) and manage the payments through the company's bank account:

Dr Cash X

Dr Credit card fees Y

    Cr Sales revenue X+Y

Since credit cards not issued by banks (e.g. many American Express cards are issued by American Express itself not by banks) do not pay immediately, a company must record an account receivable, it cannot record cash. In order to collect the payment, the company must submit the credit card receipt to the credit card company and then wait for it to be processed and paid. This may take a few days or even a couple of weeks.

Unless they surrender the collateral and the lender agrees to a loan modification that lowers the principal balance of the debt, a person who is not personally responsible for a debt does not earn ordinary income from the cancellation of the debt. The right response in this case is option D.

You might need to report that amount as income on your tax return, for instance, if you get a gift or payment for debt forgiveness in exchange for relieving someone else of their financial obligation.

Similarly, even though you are not personally liable for a loan for which you cosigned, you could still be required to pay it back if the borrower fails. In this situation, you may consider the debt cancellation to be income.

It's crucial to remember that this general rule only applies to revenue from debt cancellation (CODI). Even if you are not directly responsible for the debt, other forms of income, such as salary, interest, and dividends, may still be subject to taxation.

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Answer:

it assists in organising the resources needed for the new business​

Explanation:

A business plan details the mission and objectives of an entity. It explains the nature of business the entity will engage in, the target market, the resources it requires, and the projected revenues and expenses.

A business plan is useful when soliciting resources. Although a business plan does not guarantee a hundred percent financing, It shows how much resources will be required and how they shall be used. This helps the founders to know what is required at what stage and make the necessary arrangements.

Answer:

Explanation:

ma boy

Hi cletus you look like a fetus

Explanation:

area 51

Answer:

To find the answer, we use the Consumer Price Index (CPI) formula:

CPI = ( Cost of Market Basket in a Given Year / Cost of Market Basket in Base Year ) * 100

In this case, we will assume that the base year is period 1, and the given year is obviously period two.

Now, we simply plug the amounts into the formula:

CPI = ( 6 + 14 + 28 / 5 + 12 + 30 ) * 100

CPI = ( 48 / 47 ) * 100

CPI = 102.13

In other words, the inflation rate for this CPI was 2.13%

Answer:

true

Explanation:

its Tax Day so they are very busy

Answer:

interpersonal

positive behaviors used when interacting with others

intrapersonal

relationship with self

Explanation:

I really don't have an explanation sorry

Answer:

The central bank needs to conduct an open-market purchase of government securities worth at least $2 billion to increase the money supply by $20 billion, assuming a required reserve ratio of 10 percent.

Explanation:

To increase the money supply by $20 billion, the central bank needs to conduct an open-market purchase of government securities.

The minimum value of the open-market purchase can be calculated using the money multiplier formula:

Money multiplier = 1 / Required reserve ratio

Money multiplier = 1 / 0.1 = 10

The money multiplier tells us the total amount of money that can be created for each dollar of reserves held by banks.

To increase the money supply by $20 billion, the central bank needs to increase reserves by:

Reserve increase = Desired increase in money supply / Money multiplier

Reserve increase = $20 billion / 10 = $2 billion

Therefore, the central bank needs to conduct an open-market purchase of government securities worth at least $2 billion to increase the money supply by $20 billion, assuming a required reserve ratio of 10 percent.

The tool or system that allows companies to capture customer activity in a historical timeline is commonly known as a Customer Relationship Management (CRM) system.

A CRM system is a software application that enables businesses to manage their interactions with customers, prospects, and sales leads efficiently. It centralizes all customer-related information and provides a 360-degree view of the customer, allowing businesses to personalize interactions, improve customer service, and drive sales growth. With a CRM system, companies can capture and store customer data such as personal information, preferences, purchase history, website interactions, and social media engagement. By collecting this data, businesses can create a historical timeline of each customer's activity and gain valuable insights into their behavior, interests, and needs. This information is crucial for effective customer segmentation, personalized marketing, and targeted campaigns.

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In contrast to careers in finance and marketing, careers in Operations and Supply Chain Management (OSCM) typically involve hands-on involvement with people and processes. This statement is true.

Operations and Supply Chain Management focuses on the design, planning, and execution of the processes and activities involved in the production and delivery of goods and services. This field deals with managing the operations, logistics, procurement, inventory management, quality control, and overall efficiency of a company's supply chain.

Professionals in OSCM often work closely with various stakeholders, including employees, suppliers, manufacturers, distributors, and customers. They are responsible for overseeing and coordinating the different stages and components of the supply chain, ensuring smooth operations, optimizing processes, managing resources, and driving continuous improvement.

This hands-on involvement requires a deep understanding of the operational aspects of a business, effective communication and collaboration skills, and the ability to analyze and improve processes to enhance productivity and customer satisfaction.

In contrast, careers in finance and marketing may have a more strategic and analytical focus, involving financial analysis, market research, strategy development, branding, and customer relationship management. While there may be interactions with people and processes in these fields, the level of hands-on involvement with operational processes is typically more pronounced in OSCM careers.

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Explanation:

the Government of India has in acted, small and medium enterprises development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is an enterprise where the investment in plant and machinery is more than rate 25 lakh but does not exceed rate.

The 10/20 rule is a budgeting method that can be used by just about anyone, even if it's only a general guideline rather than a binding decree

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Answer:

True.

Explanation:

A referee can be defined as an individual who stands as a guarantor for a job applicant with respect to their character and professionalism.

As long as your references know you are job hunting, it isn’t necessary to update them regarding every interview you attend.

Answer: A pathway?

Explanation: Pathways aren't career clusters because they branch off of career clusters. Examples of pathways include but aren't limited to interior designers, chefs, photographers, etc. Career clusters include Finance, Health Science, etc, and have many possible career options.

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An increase in real GDP supplied leads to lower aggregate price levels as per the inverse relationship between the two.

As the quantity of real GDP supplied increases, it leads to lower aggregate price levels, keeping all other variables constant. This is in line with the inverse relationship between aggregate price levels and real GDP supplied. The inverse relationship between aggregate price levels and the quantity of real GDP supplied is due to the way aggregate price levels are calculated. Aggregate price levels reflect the general price level of all goods and services in the economy. Therefore, a decrease in the quantity of real GDP supplied would result in an increase in aggregate price levels, while an increase in the quantity of real GDP supplied would result in a decrease in aggregate price levels. The shift in the economy could have been triggered by a variety of factors, including increased productivity, higher investments, improved technology, and other variables. Nonetheless, an increase in the quantity of real GDP supplied is generally regarded as a positive development for the economy.

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An investor in able inc. would like to understand able's availability of resources to pay its short-term cash requirements. this type of analysis is known as liquidity measure.

The measurement of indicators such as the current ratio, quick ratio, and operating cash flow ratio allows us to calculate liquidity ratios, which assess a company's capacity to satisfy debt obligations as well as its margin of safety.

The term "liquidity" describes how quickly or easily money may be raised to cover short-term obligations like bills. Liquid assets include those that can be easily sold, such as stocks and bonds.

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Answer:

C. all

Explanation:

the answer is lether C

A. It hopes to reduce the amount of money available for lending.

Explanation:

Usually, the central bank(Federal reserve) control the supply of money in circulation in the economy so that the nation's economy would be healthy. One of the ways through which the federal reserve controls the quantity of money in circulation is by selling or purchasing of government securities through a process known as open market operation.

If the federal reserve sells government securities such as treasury bills, in large quantities, its aim is to reduce the amount or quantity of money available to commercial banks for lending, hence mop up the quantity of money in circulation.

Also, if the federal reserve buys government securities, its aim is to make more money available in large quantities to commercial banks and other institutions, hence have more cash to lend people.

The economic effect that central bank are trying to effect by the process of buying back large amounts of treasury security is bring reduction to amount of money available for lending.

Therefore, this process are put in place to balance the economy.

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A government that is concerned about inflation wants to take measures to reduce the rate of inflation. Inflation refers to the increase in prices of goods and services over time. To reduce inflation, the government can take various measures, including:

1. Monetary Policy: The government can adjust the money supply in the economy through its central bank. They can increase interest rates or decrease the money supply to reduce inflation.

2. Fiscal Policy: The government can also adjust its spending and taxation policies to manage inflation. They can increase taxes or reduce government spending to slow down economic growth and reduce inflation.

3. Supply-side policies: The government can implement policies that aim to increase the supply of goods and services in the economy. This can help to reduce prices and inflation.

4. Wage and Price Controls: The government can also impose price and wage controls to reduce inflation. This involves setting a cap on the prices of goods and services and limiting the amount that employers can pay their workers. However, this approach is controversial and can have unintended consequences, such as shortages of goods and services.

These are some of the measures that a government can take to reduce inflation. The specific measures taken depend on the economic conditions and the particular circumstances of the country.

Answer:

Financial Accountant

Explanation: