Technician B's statement is correct as one or more of the injectors may be defective and need to be replaced.
The correct option is B
The vacuum hose from the fuel-pressure regulator is responsible for regulating the fuel pressure in the fuel rail. If gasoline is dripping out of the hose, it means that there is excess fuel pressure in the fuel rail. This could be caused by one or more of the injectors being defective and allowing too much fuel to flow into the fuel rail.
Technician A's statement that everything is okay is incorrect because excess fuel pressure can cause drivability issues and potentially damage the engine. Therefore, Technician B's statement is correct as one or more of the injectors may be defective and need to be replaced.
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Question 27 pts OSHA, the Occupational Safety and Health Administration, has notified you that your company is legally required to install safety rails around the large vats of chemicals in your factory. You need to follow their order so that you are: Group of answer choices in compliance. licensed. insured. contracted.
PLEASE HELP ASAP
_____ Is having the ability to roll with the punches
A. Communication
B. Leadership
C. Conflict resolution
D. Resilience
Answer:
I'm guessing the answer would be D
I don't actually know though and if it's wrong I'm sorry
How many years would it take for money to increase to 3 times the initial amount at an interest rate of 18% per year?
Answer:
7 years (to the nearest year)
Explanation:
Given that;
A = amount
P= principal
t = time
r = rate
A =3P(given in the question)
Formula for compound interest;
A = P(1 + r)^t
Substituting values;
3P = P(1 + 18/100)^t
3P/P= (1.18)^t
3 = (1.18)^t
log 3 = t log 1.18
t = log 3/log 1.18
t = 0.4771/0.0719
t = 6.6 years
t = 7 years (to the nearest year)
the insurance company decides to lower the premium by $5 to $45 per year. what affect does this have on the expected value and the standard deviation?
Lowering the premium for an insurance policy can result in an increase in the standard deviation and decrease the expected value of the policy.
Lowering the premium by $5 to $45 per year can have different effects on the expected value and standard deviation of an insurance policy depending on the specifics of the policy and the nature of the potential loss. However, in general:
Expected value: The expected value of an insurance policy is the average amount of money you can expect to receive in the event of a loss, taking into account the probability of that loss occurring.
In general, lowering the premium for an insurance policy will decrease the expected value of the policy because the insurance company is collecting less money from you, which means that they have less money to pay out in the event of a loss.
However, the effect on the expected value will depend on the specific terms of your policy and the likelihood of experiencing a loss. If the likelihood of a loss is relatively low, the effect on the expected value may be small.
Standard deviation: The standard deviation is a measure of the variability of the potential outcomes of an event, in this case, the amount of money you might receive if you experience a loss.
Lowering the premium for an insurance policy may increase the variability of the potential outcomes of a loss, which can result in an increase in the standard deviation.
This is because the insurance company is collecting less money from you, which means that they may have less money available to cover a potentially large loss.
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Which of the following is not an equity account?
A. Common stock
B. Dividends
C. Revenues
D. Unearned revenues
The option that is not an equity account is D. Unearned revenues.
What are equity accounts ?Equity accounts refer to all the accounts that relate to activities of the shareholders of a company. The foremost equity account is therefore common stock which lists the stocks in a company.
There is also dividends which show just how much a company pays its shareholders. Revenue is the source of the payment to the shareholders. Unearned revenues are not considered equity and are instead considered liabilities. This is because the company owes the services for which they earned revenues for.
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Which of the following describes an internal control procedure for payroll?
A. distributing paychecks to employees in person
B. choosing a weekly pay schedule because employees prefer it
C. requiring employees to cash their checks at a specific bank
D. providing a salary to commissioned employees
Answer: A. Distributing paychecks to employees in person
Explanation:
did it
Match the items with their descriptions.
copyright owner
fair use of copyright materials
government publications
a life span of 20 years
use and display the copyrighted material
exempt from the Copyright Law
paraphrase articles for news reports
patents
Each of the items should be matched with the correct and appropriate descriptions as follows:
Government publications: a life span of 20 years.Copyright owner: use and display the copyrighted material.Fair use of copyright materials: exempt from the copyright law.Patents: paraphrase articles for news reports.What is copyright law?Copyright law simply refers to a set of formal rules and regulations that are granted by the government to protect an intellectual property (IP), especially by giving the creator or original author an exclusive right to use during his or her lifetime, while preventing any unauthorized access, unlawful use or duplication by other parties.
In this context, we can reasonably infer and logically deduce that a copyright grants a creator the exclusive right to use the creation during his or her lifetime, including the creator's heirs for 70 years after the creator's death.
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Government publications- a life span of 20 years. Copyright owner - use and display the copyrighted material. Fair use of copyright materials - exempt from the copyright law. Patents - paraphrase articles for news reports.
What is Government publications?A government publication is defined as "informational material issued as an individual document at Government expense, or as required by law" under the United States Code.
Census data, statistical information, reports, journal articles, Royal Commission findings, parliamentary documents, legislation, and legal citations are a few examples of government publications.
Thus, statements are match correctly above.
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in October 2001 president George w bush gave directions to establish the office of homeland security and the homeland security council. what is this an example of? A. treaty B. executive order C. agency regulation D.Statute
Answer:
agency regulations i think
what is example of an interest leading to a career choice
Answer:
"I have always been interested in cars so I became a auto mechanic." or "I have always been interested in cars so I decided to work at a car dealership."
Explanation: A big interest that you have that leads you to pick a job related to that interest.
What is profit in an economic system?
A. Profit is the investment a producer makes in the economy to achieve financial gain.
B. Profit is the net change in the value of the economy due to an exchange.
C. Profit is the financial gain resulting from an exchange.
D. Profit is the investment a consumer makes in the economy to achieve financial gain.
Answer:
I think D is correct answer
The profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
The information related to the profit is as follows:
It is the surplus that comes after deducting the cost from the revenue made. It is the investment that should be made by the consumer for attaining financial gain.Therefore all the other options are incorrect.
Thus we can conclude that profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
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Please post detailed answers to the following questions. Please use complete sentences.
You may have noticed that honesty and ethics are important in finance and business careers. Why is this so important?
Answer:
see below
Explanation:
Ethics are a set of regulations and that guide people's behaviors. They are a set of generally accepted behavior in society. Ethics in business refers to the deliberate efforts to do the right thing.
Honesty and ethics are important in finance and business careers due to the following reasons
Asset Protection and AssuranceFinance and business professionals deal with sensitive information. They have access to financial records, accounting records, and personal shareholders and employees' records. Honesty and integrity are essential to ensure that the reports they present are accurate and reliable.
The majority of fraudulent activities originate from finance and business departments. Having employees of high integrity in those units will help protect business assets and assure the reliability of financial data.
2. Public Image and Brand Value Increases
Honest and ethical workers add to the goods reputation of a company. Business partners and customers will feel more confident transactions with the company. The company's brand image and value increase in the eyes of the public.
3. Team Work develops:
Honest workers have a relatively easy time working with others. Teamwork increases when employees work responsibly and as expected.
4. Identify and discuss the product branding of the product. Describe the brand and symbol or logo it uses. Provide an image of the brand or logo. You should also discuss the brand packaging and how
this item is presented. How is this product presented to the consumer? What associations or
connotations does the consumer make about this product?
The product is anti-gravity phone case. Please help me with this question
Answer:
Not quiet sure
Explanation:
identify the account types that carry a normal credit balance. (check all that apply)
The account types that carry a normal credit balance are revenue accounts, liability accounts, owner's equity accounts, income accounts, and gains accounts.
How do account types carry credit?The account types that carry a normal credit balance are:
1. Revenue Accounts: Revenue accounts include all sources of income for a business, such as sales revenue, service revenue, and interest revenue.
2. Liability Accounts: Liability accounts represent obligations or debts owed by a business, such as accounts payable, loans payable, and accrued expenses.
3. Owner's Equity Accounts: Owner's equity accounts represent the owner's share of the business's assets after deducting liabilities. This includes accounts such as owner's capital, retained earnings, and drawings.
4. Income Accounts: Income accounts track non-operating income, such as interest income, rental income, or gains from the sale of assets.
5. Gains Accounts: Gains accounts are used to record gains resulting from non-operating activities, such as the sale of assets at a higher price than their book value.
Please note that the classification of account types and their normal balances may vary depending on the accounting framework or standards followed by an organization.
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Suggest to the development bank of namibia of how effective managment of businesses can make them convinced to fund businesses willing to manufacture imported goods in the country
Effective management practices such as market research, clear business plans, and strong employee teams can increase the chances of funding for manufacturing businesses, contributing to Namibia's economic growth.
To convince the Development Bank of Namibia to fund businesses willing to manufacture imported goods in the country, it is important to demonstrate the benefits of effective business management. Effective management can help businesses optimize their operations and increase productivity, which can lead to improved profitability and sustainable growth.
To start, businesses should have a clear understanding of their target market and the demand for their products. By conducting market research, businesses can identify gaps in the market and tailor their products and services to meet customer needs. This will help ensure that the manufactured goods are competitive in the domestic and international markets.
In addition, businesses should have a well-defined business plan, which includes clear financial projections, marketing strategies, and operational plans. This will provide the Development Bank of Namibia with a clear understanding of the viability of the business and its potential for success.
Effective management also involves building a strong team of skilled and motivated employees. This includes providing ongoing training and development opportunities, promoting a positive work culture, and offering competitive compensation packages.
By demonstrating effective management practices, businesses can increase their chances of securing funding from the Development Bank of Namibia. This, in turn, will help support the growth and development of the manufacturing sector in Namibia, ultimately contributing to the country's economic growth and development.
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For some reason, the seller of a home at 123 Mulberry Lane decided not to close on a sale transaction on closing day. The seller called the title company and told them she would not close the transaction but would not say why. The buyer has a moving truck, already loaded with his things, sitting in front of the home, waiting for possession of the new property. Since the seller refuses to close, what can the buyer do?
Answer:
The buyer can sue for specific performance of the contract. In real estate, in order for the buyer to be able to sue for specific performance, he/she must have all the money (or mortgage) ready to finish the transaction. It is very difficult for someone to sue for damages for not wanting to complete the sale of a house because houses are unique in a way that similar houses in different neighborhoods or even streets might be worth a lot more or less.
When you sue for specific performance, the non-breaching party will request that the other party performs their side of the contract.
Define a Small Scale Enterprise as per ‘MSMED Act, 2006’.
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.
Acceptance of goods means that the buyer has agreed, by words or by conduct, that the goods received are conforming goods or a satisfactory accommodation. True Or False
Answer:
True
Explanation:
1) Acceptance of goods occurs when the buyer
(a) after a reasonable opportunity to inspect the goods signifies to the seller that the goods are conformingor that he will take or retain them in spite of their non-conformity; or
(b) fails to make an effective rejection (subsection (1) of Section 2-602), but such acceptance does not occur until the buyerhas had a reasonable opportunity to inspect them; or
(c) does any act inconsistent with the seller's ownership; but if such act is wrongful as against the seller it is an acceptance only if ratified by him.
True or False
( ) Structural models often derive from economic models but may also be obtained from informal reasoning.
( ) Considering the model y=a+bx+uy=a+bx+u, consistent estimation of the parameter bb relies on the following condition: C[x,u]=0C[x,u]=0.
( ) Considering the model y=a+bx+u, a simultaneity problem arises when y and x are jointly determined.
( ) In a multiple regression a sufficient condition for consistently estimating the model parameters is the absence of exact linear relationships among the explanatory variables.
( ) Structural models often derive from economic models but may also be obtained from informal reasoning.True
( ) Considering the model y=a+bx+u, consistent estimation of the parameter b relies on the following condition: C[x,u]=0.False
( ) Considering the model y=a+bx+u, a simultaneity problem arises when y and x are jointly determined.True
( ) In a multiple regression, a sufficient condition for consistently estimating the model parameters is the absence of exact linear relationships among the explanatory variables.True
The first statement is false. Structural models in economics are typically derived from economic theories and formal reasoning, rather than informal reasoning. These models aim to explain the relationships between various economic variables and the underlying economic mechanisms. They often involve the specification of mathematical equations that represent the behavior of economic agents and the interactions among them.
The second statement is true. In the model y = a + bx + u, consistent estimation of the parameter b relies on the condition C[x, u] = 0. This condition, known as the orthogonality condition, implies that the error term u is uncorrelated with the independent variable x. If this condition holds, it ensures that the estimated coefficient b is unbiased and consistent.
The third statement is true. A simultaneity problem arises when both the dependent variable y and one or more independent variables, such as x, are jointly determined. In this case, there is a feedback loop between y and x, making it difficult to disentangle the causal relationship between them. Simultaneity problems often require specialized estimation techniques, such as instrumental variables, to obtain consistent parameter estimates.
The fourth statement is also true. In multiple regression, a sufficient condition for consistently estimating the model parameters is the absence of exact linear relationships among the explanatory variables. This condition is known as multicollinearity. When exact linear relationships exist, it becomes impossible to uniquely determine the contribution of each variable, leading to estimation problems. To avoid multicollinearity, it is important to ensure that the explanatory variables are linearly independent or to employ techniques such as variable transformation or variable selection.
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Explain the types of accounts
Answer:
Hi there!
For accounting treatment , accounts are broadly classified into three types as personal account , real account and nominal account or fictitious account. They are as follows:
Personal accountThe account which is related with a person or organization ( entity ), is termed as personal account. Here person means natural persons like Anna , Olivia , James etc and organization represents the artificial persons created by law. The rule for debit and credit for personal accounts is ;
Debit : The receiver
Credit : The giver
Real accountThe account which is related with assets or property is known as real account. Land and building , plant and machinery, and furniture and fixtures are the examples of the real account. Properties or assets are either incoming or outgoing from the organization. The rule for real account is ;
Debit : What comes in
Credit : What goes out
Nominal accountThe account which is related to expenses or loss and income or gain is known as nominal account. Rent , wages , salary , discount , interest and commission are the examples of nominal account. The rule of nominal account is;
Debit : the expenses or losses
Credit : the income or gains
Hope this helps..
Best regards!!
Explanation:
3 Different types of accounts in accounting are Real, Personal, and Nominal Account. Real account is then classified into two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative, and Artificial.
PERSONAL ACCOUNT:
These accounts types are related to persons. These persons may be natural persons like Tom’s account, Sam’s account, etc.
These persons can also be artificial persons like partnership firms, companies, bodies corporate, an association of persons, etc.
There can be personal representative accounts as well.
Rule for this Account
Debit the receiver. Credit the Giver.REAL ACCOUNT:
These account types are related to assets or properties. They are further classified as Tangible real account and Intangible real accounts.
1.Tangible Real Accounts
These include assets that have a physical existence and can be touched. For example – Building A/c, cash A/c, stationery A/c, inventory A/c, etc.
2.Intangible Real Accounts
These assets do not have any physical existence and cannot be touched. However, these can be measured in terms of money and have value. For Example – Goodwill, Patent, Copyright, Trademark, etc.
Real Account Rules
Debit what comes into the business. Credit what goes out of business.NOMINAL ACCOUNT:
These accounts types are related to income or gains and expenses or losses. For example: – Rent A/c, commission received A/c, salary A/c, wages A/c, conveyance A/c, etc.
Rules
Debit all the expenses and losses of the business. Credit the incomes and gains of business.There are some other accounts in accounting as well:
Cash Account – This account is used for keeping the records of payments done by cash, withdrawals, and deposits.
Income Account – The Purpose of this account is to keep the record of the income sources of business.
Expense Account – This account tracks the expenditure of the business.
Liabilities – If there is any debt or loan then that amount comes under liabilities.
Equities – If there is an investment of the account owner or common stocks, retained earnings then these will fall under equities.
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
The formula for using monthly advertising expenditure to predict monthly sales revenue for a certain company is Y' = 1.81X + 5843 (all values in dollars). This indicates that a. the company is wasting money on advertising b. 5843 is spent on advertising each month c. each dollar spent on advertising increases revenue by $1.81 d. spending 5843 dollar on advertising increases sales by a factor of 2
The correct answer is c. Each dollar spent on advertising increases revenue by $1.81.
In the given formula, Y' represents the predicted monthly sales revenue, X represents the monthly advertising expenditure, 1.81 is the coefficient of X, and 5843 is a constant term.
The coefficient of X (1.81) indicates the relationship between the advertising expenditure and the predicted sales revenue. In this case, for each dollar spent on advertising (X), the predicted sales revenue (Y') increases by $1.81. Therefore, option c is the correct answer.
Option a is incorrect because the formula does not suggest that the company is wasting money on advertising. Option b is incorrect because 5843 is not the amount spent on advertising each month but rather a constant term in the formula. Option d is incorrect because the formula does not provide information about the specific effect of spending $5843 on advertising.
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depessed need someone to help me through a war
Answer:
Find the happy things in life :)
Answer:
what kind of war should i help you with ?
Explain five steps in product design for a business
Explanation:
Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.
One column of numbers consists of 28,42, and 14. When the digits of the numbers are added together, the result is 2+8+3+2+1+4+4=21, and when the digits of 21 are then added together, the end result is 2+1=3. If the same process is performed on the numbers in a second column, what can be concluded?
Answer:
D. If the end result from the second column is not 3, then the sum of the numbers in the first column is not equal to the sum of the numbers in the second column.
Explanation:
From the list of given options (see the comment section for options a - d), option (d) is correct.
To answer this question, we need to analyze each of the options
For (a):
The sum of numbers in both columns may be equal even if they are different.
Take for instance, the numbers in the second column is: 82, 42 and 14.
We have:
\(8+2+4+2+1+4=21\)
\(2 + 1 = 3\)
So, (a) is incorrect
For (b):
As shown in (a) above,
If both column contain the same numbers, then definitely the end result will be the same. So option (b) is incorrect and impossible
For (c):
This is not true.
In the first column, we have the sum of the first process to be 21 which ends up giving 3 (i.e. 2 + 1 = 3).
The result of the second column can be 12 which also gives 3 i.e. 1 + 2 = 3 (and 12 is not equal to 21)
So, (c) is also incorrect
For (d):
This is the only true option
If the end result is not three, then the results of the first process is not the same for both columns.
Answer:
If the end result from the second column is not 3 then the sum of the numbers in the first column is not equal to the sum of the numbers in the second colemn
Explanation:
For me it was B but read very closly
what is the difference between internal and external growth? Please explain?
What is the difference between an indicative rate (like LIBOR) and a transaction rate (like the Secured Overnight Financing Rate [SOFR])?
The difference between an indicative rate, such as the London Interbank Offered Rate (LIBOR), and a transaction rate, such as the Secured Overnight Financing Rate (SOFR), lies in their underlying methodologies and the purpose they serve in financial markets.
LIBOR is an indicative rate that represents the average interest rate at which banks can borrow from one another in the interbank market. It is based on daily submissions from a panel of banks and is used as a benchmark for various financial instruments, such as loans, derivatives, and mortgages.
LIBOR serves as a reference rate and helps determine the interest rates on a wide range of financial products. On the other hand, SOFR is a transaction rate that reflects the cost of borrowing cash overnight collateralized by Treasury securities.
It is based on actual transactions in the repurchase agreement (repo) market, where financial institutions borrow or lend cash using Treasury securities as collateral.
SOFR is designed to be a more reliable and robust benchmark compared to LIBOR, which faced integrity concerns during the past years. As an alternative to LIBOR, SOFR provides a transparent and transaction-based reference rate for financial markets.
In conclusion, while both indicative rates like LIBOR and transaction rates like SOFR are used as benchmarks in financial markets, their underlying methodologies and purposes differ.
LIBOR is based on banks' submissions and serves as a reference rate, while SOFR is derived from actual transactions and provides a transparent benchmark for overnight borrowing costs.
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(a) Given the following information taken from the budgets of Jupiter Ltd completed during the budget process prepare a cash budget for Jupiter Ltd for the 3 months April to June.
Sales Purchases
£ £
February 21,120 17,600
March 23,760 19,800
April 29,040 24,200
May 32,160 26,800
June 34,080 28,400
Other information
70% of sales are credit sales and payments are received two months after the transaction takes place. The remaining sales are cash sales.
90% of purchases are made on credit and paid one month after the transaction takes place. The remaining purchases are cash purchases.
Overheads are paid one month in arrears and total £1,200 per month. This figure includes a monthly depreciation charge of £200.
Wages of £1,750 per month are paid in the month in which they are incurred.
Jupiter Ltd is planning to purchase some new machinery for which they will pay £4,500 on delivery in April and £500 per month for the following five months.
The cash balance forecast at the beginning of April is £3,470
(b) What steps could Jupiter Ltd take to reduce or eliminate their potential cash deficit?
(c) On 1st April the part time credit controller, who was responsible for ensuring customers paid on time, left Jupiter and was not replaced until July. This employee was paid £3,600 per annum. This resulted in 5% of credit customers from 1st March sales onwards taking three months to pay. The remaining 95% of credit customers paid after two month as before. If all other budget financials and other information were as given above in part (a), what was the new cash balance at 30th June?
(d) Explain the difference between joint products and by-products
(e) A process costing £260,000 produces 3 products – A, B and C. Product A is considered a by-product of the process. Output details are as follows:
Product A 400 litres
Product B 10,400 litres
Product C 8,600 litres
Each product may be sold at the completion of the process as follows:
Product A £6 per litre
Product B £62 per litre
Product C £75 per litre
Required:
Calculate the apportionment of joint process costs to products B and C above based on sales value
(f) The company could further process product A in process 2 to create AA at an incremental cost of £0.40 per litre input. Process 2 is an existing process with spare capacity. In process 2 a normal loss of 10% is incurred. Product AA could be sold for £7.00 per litre. Based on financial considerations only, determine whether product A should be further processed or not.
The overheads are paid one month in arrears, so the company will pay for April overheads in May.The wages of £1,750 per month are paid in the same month in which they are incurred.The company is planning to purchase new machinery for which they will pay £4,500 on delivery in April and £500 per month for the following five months.
Therefore, the closing balance of June is negative.(b) Steps to reduce or eliminate potential cash deficit:The company could collect its receivables as soon as possible, i.e., the company could ask for faster payments from customers. The company could increase the prices of the products.The company could delay payments to creditors.The company could sell unproductive assets.
The company could cut down overheads.The company could sell the machinery on leaseback.(c) Calculation of the new cash balance at 30th June if the part-time credit controller, who was responsible for ensuring customers paid on time, left Jupiter, and 5% of credit customers from 1st March sales onwards taking three months to pay while remaining 95% of credit customers paid after two months as before.
Cash sales and cash purchases are included in the cash column only.70% of the sales are credit sales, the company will receive payment two months after the transaction. So, the company will receive payment in June for April's sales. Out of the 5% of the credit customers from 1st March sales onwards taking three months to pay. So, the company will receive payment in June for March's sales. The remaining sales are cash sales, so the company receives payments in the same month.The company pays its purchases one month after the transaction. Therefore, the company will pay in May for April's purchases.
The remaining purchases are cash purchases. The overheads are paid one month in arrears, so the company will pay for April overheads in May. The wages of £1,750 per month are paid in the same month in which they are incurred. The company is planning to purchase new machinery for which they will pay £4,500 on delivery in April and £500 per month for the following five months.
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Which component of table setting includes knives?
O A.
lunchware
OB.
flatware
O C.
steelware
OD.
dinnerware
O E.
drinkware
Answer:
Steelware I think
Explanation:
Terrance lives in an area that is expensive, but he does not want to move. When looking at a career, what should Terrance consider? He should choose a career cluster that will allow him to support himself. He should pick a career that speaks to his heart and worry about the finances later. He should ask his family to help support him. He should not worry because he can dictate how much money he will earn.
Answer:
He should choose a career cluster that will allow him to support himself.
Explanation:
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $27,500 debit balance. The company’s May 31 bank statement shows $25,800 on deposit in the bank. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $5,600. May 31 cash receipts of $6,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information.
Answer:
Please see solution below
Explanation:
Bank reconciliation as at June 31st.
•Bank statement balance
$25,800
Add:
Bank service charges
$100
NSF check
$600
Wrong drawn
$400
Total
$1,100
Adjusted bank balance
$26,900
Bank reconciliation as at June 31st.
•Cash book balance
$27,500
Add: outstanding checks
$5,600
Balance
$34,100
Less: deposit in transit
($6,200)
Adjusted book balance
$26,900