Mary signed up and paid $660 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accounting records would indicate:

Answers

Answer 1
Answer:

Answer: $220 of revenue, $440 of deferred revenue

Explanation:

Based on the information in the question, revenue will be recognised for the months of June and july which will be:

= 2/6 × $660

= $220

Deferred revenue will be:

= $660 - $220

= $440

Therefore, As of August 1st, Choplet’s accounting records would indicate $220 of revenue, $440 of deferred revenue.


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The tragedy of the commons suggests that ________.(A) an ongoing process of give and take is based on mutual trust.(C) mutual trust is based on an ongoing process of give and take.
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On January 1, Year 1, Chaco Company sold $300,000 of 10% twenty-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were issued for $359,378, priced to yield 8%. What is the amount of effective interest expense that Chaco will record for the six months ended June 30, Year 1

Answers

Answer:

The amount of effective interest expense that chaco will record in the first six months is $14,375

Explanation:

interest payment that will be first made is on June 30, Year 1. Therefore, the outstanding balance used in the calculation is the issue price.

The interest expense is calculated by these formula

Interest expense = Effective semiannual interest rate × Outstanding balance

Interest expense = (8% ÷ 2) × $359,378 = $14,375

So the interest expense is gotten as %14,375

Final answer:

The Chaco Company will record an effective interest expense of $14,375.12 for the six months ended June 30, Year 1.

Explanation:

The effective interest method is a technique used for discounting bonds. This method is used to calculate the amount of interest expense for a specific time period. In this case, we are finding the effective interest for the six months ended June 30, Year 1 on a bond issued by the Chaco Company.

The formula for the effective interest method is: Book value of the bond at the beginning of the period X Yield rate/Number of periods per year.

The book value of the bond at the beginning of the time period (January 1, Year 1) was $359,378. The yield was 8% and there are two periods in the year because the interest is paid semiannually.

So, the effective interest for the six months ended June 30, Year 1 = $359,378 * 8%/2 = $14,375.12.

Therefore, the amount of effective interest expense that Chaco will record for the six months ended June 30, Year 1 is $14,375.12.

Learn more about Effective Interest Expense here:

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Carter Industries has two divisions: the West Division and the East Division. Information relating to the divisions for the year just ended is as follows: West East Units produced and sold 31,000 41,000 Selling price per unit $ 6 $ 13 Variable costs per unit 2 3 Direct fixed cost 49,000 111,000 Common fixed cost 41,000 41,000 Common fixed expenses have been allocated equally to each of the two divisions. Carter's segment margin for the West Division is:

Answers

Answer:

Total= $34,000

Explanation:

Giving the following information:

West Units produced and sold 31,000 units

Selling price per unit $ 6

Variable costs per unit 2

Direct fixed cost 49,000

Common fixed cost 41,000

Segment margin:

Sales= 186,000

Variable costs= 62,000

Direct fixed costs= 49000

Common fixed costs= 41000

Total= $34,000

People want information communicated quickly and clearly. To make your writing more concise and understandable, avoid flabby expressions, long lead-ins, and unnecessary fillers.a. For the following sentence, choose the best revision.
1. I am sending you this letter to inform you that we have experienced an unexpected surprise within our expense sheet, but we are positively certain we will solve it.
A) We need to inform you that we have experienced an unexpected surprise with our expense sheet, but we are midway to an end result.
B) We have identified a problem with our expense sheet, but we will solve it.
C) I am sending you this letter to inform you that we have a problem with our expense sheet, but we are positively certain we have a solution.

Answers

Answer:

The best revision for the following sentence is:

B) We have identified a problem with our expense sheet, but we will solve it.

Explanation:

In e-mail, letters, messages, memos, and other business documents intended for a busy audience who appreciates getting the information they need quickly and easily, replacing a phrases with a word  in a formal tone, detracting from adding meaning: "we have identified" instead of: "I am sending" or "we need to inform you", keeping the sentence just as it is with certain rhythm and concise.

Otherwise in option 1. I am sending you this letter to inform you that we have experienced an unexpected surprise within our expense sheet, but we are positively certain we will solve it.

The sentence has a redundant pair:  "send" and "inform", it is “wordy,” and includes irrelevant “fillers” as "unexpected" that makes it lack of conciseness in the substantive information, not getting to the point promptly. I also includes passive voice which is not a grammatical error, but it often leads to using more words than necessary frustrating or confusing the audience; and it has prepositional phrases overuse: "that", within", "but" making this sentence clunky and unclear.

In option A) We need to inform you that we have experienced an unexpected surprise with our expense sheet, but we are midway to an end result.

The sentence has unnecessary modifiers: "unexpected" and "end", and passive voice again.

In option C) I am sending you this letter to inform you that we have a problem with our expense sheet, but we are positively certain we have a solution.

The sentence has unnecessary modifier: "positively".

The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n)

Answers

Answer:

Operating Activity

Explanation:

The Indirect method, reconciles the Operating Profit to the Operating Cash Flow by adjusting the following items (1) Non Cash flow items previously added or deducted from Operating Profit and (2) Changes in Working Capital items.

Amortization of bond premium is an item of non-cash flow that was previously deducted from Operating Profit and needs to be added back.

Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not.Scenario1-There are hundreds of colleges that serve millions of students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.2-The government has granted the U.S. Postal Service the exclusive right to deliver mail.3-A few major airlines account for the vast majority of air travel. Consumers view all airlines as providing basically the same service and will shop around for the lowest price.4-There are dozens of pasta producers that sell pasta to hundreds of Italian restaurants nationwide. The restaurant owners buy from the cheapest pasta producer available to them.

Answers

1. yes it is a competitive market because it meets all the assumptions of being a competitive market

2. no because there is no free entry in the market

3. no because there are only limited sellers in the market

4. no because the product is not homogeneous.

Explanation:

Competitive market is a kind of market which has in it various sellers involved who are selling the same kind of product that is the product in the competitive market is homogeneous in nature.

The entry and the exit of the sellers in this kind of market is not restricted and they are allowed to have free entry and exit in the market. The number of sellers is also large.

In a mixed economy a. all economies choose the same mix of private and public involvement in the economy. b. the government is more important than the private sector in generating output. c. there is some government influence over the workings of the free market. d. all of the above.

Answers

Answer:

The correct answer is letter "C": there is some government influence over the workings of the free market.

Explanation:

A mixed economic system combines aspects of capitalism and socialism. A mixed economy is designed to drive economic activity through capitalists ventures while money is collected via taxation to maintain a nation's infrastructure and offer public services such as primary education, social welfare policies, and health insurance. It is said mixed economies have a free market but the government puts hands on it to provoke the free-market atmosphere.

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