BUSINESS HIGH SCHOOL

Kids Cuts is a hairdressing salon owned by Alana that specialises in haircuts for children. The salon is located in a busy mall in Christchurch. describe the purpose of the statement of financial position for kids cut​

Answers

Answer 1
Answer: The Statement of Financial Position, also known as the Balance Sheet, for Kids Cuts serves several essential purposes for Alana's hairdressing salon specializing in children's haircuts:

1. **Snapshot of Financial Health:** It provides a snapshot of the salon's financial health at a specific point in time, typically at the end of a financial reporting period. This allows Alana to assess the salon's financial standing, including its assets, liabilities, and equity.

2. **Asset and Liability Overview:** The statement lists the salon's assets, such as equipment, cash, and inventory, on one side and its liabilities, including debts or obligations, on the other side. This helps Alana understand what the salon owns and owes.

3. **Equity Calculation:** It calculates the salon's equity, which represents the owner's investment in the business. This section shows how much of the salon's assets are attributable to Alana's ownership.

4. **Decision-Making:** Alana can use the Statement of Financial Position to make important business decisions. For example, if she's considering expanding the salon or taking on additional debt, she can assess whether the salon's assets are sufficient to cover its liabilities.

5. **Financial Transparency:** It provides transparency to potential investors, creditors, or partners who may want to assess the financial stability of Kids Cuts. It helps build trust and credibility with stakeholders.

6. **Compliance and Reporting:** Alana may need to prepare this statement for compliance with accounting and tax regulations. It ensures that the salon is meeting legal reporting requirements.

In summary, the Statement of Financial Position for Kids Cuts serves as a vital financial document that offers a comprehensive view of the salon's financial position. It aids Alana in making informed decisions, ensures financial transparency, and helps meet regulatory obligations.

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Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1Established the petty cash fund by writing a check payable to the petty cash custodian for $225. 15Replenished the petty cash fund by writing a check for $220.30. On this date, the fund consisted of $4.70 in cash and these petty cash receipts: freight-out $96.00, entertainment expense $48.70, postage expense $41.70, and miscellaneous expense $32.50. 16Increased the amount of the petty cash fund to $325 by writing a check for $100.00. 31Replenished the petty cash fund by writing a check for $309.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $139.80, entertainment expense $96.40, and freight-out $71.80. (a) Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)
The ____ section of the project scope document is where the contractor or project team can state and clarify exactly what is included in the work scope and provide an opportunity to reconsider items that are not stated but that the customer may have forgotten to include in her requirements or RFP.

Recently, it was observed that people have started saving more rather than spending. This has impacted the demand for luxury goods and services. The decline in the demand led to unemployment in the related sectors. What can be a primary solution to reduce the unemployment levels in the country?A.increase the interest rates
B. impose fine for savings
C. force industries to rehire employees
D. reduce the interest rates
E. import goods and services

Answers

(D) Reduce interest rates. Let people save their money. Raising interest rates would only increases the difficulty in saving money, forcing people to clutch their savings even tighter. In a system where people are able to store and save their money more efficiently, then the more money they can afford to spend. This may allow people to continue to purchase luxury goods, because they won't have to sacrifice necessities. With this hypothetical rise in demand, there may also be a rise in employment, which would eventually counteract the problem presented in this question.

Answer:

(D) Reduce interest rates.

Explanation:

Niren, Inc.'s charter authorizes 1,000,000 shares of stock at a par value of $1 per share. Niren sells 100 shares of stock at its initial offering for $1 per share. The journal entry to record this transaction will include a_________.

Answers

Answer:

Dr Cash account 100

Cr Common Stock account 100

Explanation:

When a company sells stock they must record the value of the stock sold at par value in the common stock account. Any extra money received should go to the capital paid-in excess of par value account.

In this case, Niren sold 100 shares at par value ($1), so $100 should be recorded in the common stock account.

Ernesto excels at mathematics and has a keen eye for analyzing information. He is also a skilled communicator and does an excellent job explaining things to other people. Ernesto enjoys using the computer to generate reports to summarize his findings. Which is most likely Ernesto’s job title?

Answers

Answer:

accountant

Explanation:

They make finance reports and have to explain them to people. Dealing with large amounts of money take time and talent and his excels in mathematics.

Tinder, the mobile dating app, is competing for market share with Match among college students. In its promotional messages, Tinder claims that it connects singles faster and cheaper than the competitor. Tinder is using _____ in its product positioning for college students. A. Points of Parity B. Compatibility C. Mass Customization D. Mass Marketing E. Points of Difference

Answers

Answer:

E. Points of Difference

Explanation:

Point of Difference (PoD) are factors of products or services (in this case, dating services) that stablish differenciation with competitors with the goal of increase bran loyalty as the consumer see their benefit increased.

While Point of parity, (PoP) are associations not unique to the brand but at equal level as the competitor.

As the statement assume Tinder is faster and cheaper than Match it stablish differenciation points.

Dating App positions itself among college students using Points of Difference (POD), emphasizing its ability to connect singles faster and at a lower cost than Match. This strategy highlights unique features to set it apart in the competitive dating app market. Hence, option E is correct.

Dating App is using Points of Difference (POD) in its product positioning for college students. Points of Difference refer to the unique and distinctive attributes or benefits that set a brand apart from its competitors. In this case, it is emphasizing its ability to connect singles faster and at a lower cost compared to Match, thereby positioning itself as a more efficient and economical choice for college students.

It's messaging suggests that its platform offers a quicker and more cost-effective solution, highlighting features or benefits that it believes are not matched by its competitor. By focusing on these unique selling points, it aims to create a perception of distinctiveness and superiority, hoping to attract college students seeking a convenient and affordable dating experience.

Madison has an account that pays different interest rates depending how much she has in her account. This type of interest rate is called a _____.nominal interest rate
variable interest rate
real interest rate
annual percentage yield

Answers

The correct answer for the question that is being presented above is this one: "variable interest rate." Madison has an account that pays different interest rates depending how much she has in her account. This type of interest rate is called a variable interest rate.

Answer:

variable interest rate

Tiffany was recently involved in a vehicle accident. IN ORDER to get her car fixed, her insurance company is requiring her to pay the first $500 of the repair bill because:A.she did not call her agent and report the accident quick enough
B. her policy's deductible is $500
C. She will be reimbursed by the insurance company later
D. the cost of the repairs is higher than her policy covers

Answers

yur answer im thinking it would be b 
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