The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $852,850, Delivery Expense $13,380, Sales Returns and Allowances $24,030, and Sales Discounts $12,760.

A) Prepare the revenues section of the income statement.
B) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.

Answer:

1) $940 will be debited to wages account credited to wages payable account

2) $2,820 will be debited to wage expense; $940 to wages payable and $3,760 credited to cash account.

Explanation:

Question 1: To prepare the year end adjusting entry for the wages expenses assuming that December 31 was a Monday.

Date                    Particulars                        Debit                    Credit

Dec, 31                Wages Account              $940

                           Wages Payable A/c                                     $940

Being the record of wages accrued for one day.

Note: The $940 is the $235 x 4

Question 2) Prepare the journal entry to record payment of the employees' wages on Friday, January 4.

Step 1) The wages expense would be the wages of the four workers for the  will be calculated as follows

The wage expense for the three days in the new year = 4 workers x 3 days x $235= $2,820

The Cash account= 4 workers x 4 days x $235= $3,760

Date                    Particulars                        Debit                    Credit

Jan, 14                Wages Expense                  $2,820

                           Wages Payable A/c            $940

                           Cash Account                                              $3,760

Being the record of accrued wages (from step 1) and current wages paid.

a. To prepare the year-end adjusting entry for wages expenses, we need to account for the three days worked in January that will be paid in the following year. We will debit (increase) the Wages Expense account and credit (increase) the Accrued Wages Payable account. b. To record the payment of the employees' wages on Friday, January 4, we need to account for the wages earned in December. We will debit (decrease) the Accrued Wages Payable account and credit (decrease) the Cash account to record the payment.

a. To prepare the year-end adjusting entry for wages expenses, we need to account for the three days worked in January that will be paid in the following year. Since the four employees earn $235 per day, the total wages for those three days would be $235 x 3 = $705. We will debit (increase) the Wages Expense account for $705 and credit (increase) the Accrued Wages Payable account for $705.

b. To record the payment of the employees' wages on Friday, January 4, we need to account for the wages earned in December. The employees worked from Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day was an unpaid holiday, so the total wages for those four days would be $235 x 4 = $940. We will debit (decrease) the Accrued Wages Payable account for $940 and credit (decrease) the Cash account for $940 to record the payment.

Answer:

True

Explanation:Job cost sheet - it is formed that consists of all details related to the job profile like material, overhead cost, etc.

It is considered an important part of the job which keeps an updated accounting record. it includes the manufacturing cost record and it used in the end process to compute and finalized the cost of product and service.

Explanation:

Globalization at the organizational level can be understood as the integration of all systems that make up a company, including the macro environment.

Understanding the concept of globalization in business makes it possible to understand that the company to be successful in a foreign market must align its strategy in order to conquer the local market, it is important to carry out research and development to understand what the target audience of certain region wants to consume, in addition to respecting the culture, behavior and values ​​of each region.

Currently, in globalized companies, the focus of HRM is to ensure that the company receives new employees and that existing employees have a global posture that prioritizes respect, ethics, company identity, culture and is flexible and open to work in a company that adopts global management, where there are important interactions with other countries for the success of the business.

The HRM function has increased in stature and influence in organizations due to factors such as the shift to service industries, globalization, and reduced desire for unions. Increased globalization has influenced HRM practices in the United States by requiring strategies to attract and retain talent internationally and accommodate diverse workforces.

The HRM function has increased in stature and influence in many organizations due to several factors. First, with the shift from manufacturing to service industries, human resources have become more vital to ensuring efficient and effective operations. Additionally, globalization and increased competition from foreign producers have made it necessary for organizations to have knowledgeable and skilled HR professionals who can navigate the complexities of managing a global workforce. Lastly, workplace protection laws and a reduced desire for unions have placed more responsibility on HRM to ensure compliance and employee satisfaction.

Increased globalization has influenced the way HRM is practiced in the United States. With multinational corporations expanding their operations globally, HRM departments have had to develop strategies to attract and retain talent in a highly competitive international labor market. They also have to consider cultural differences and develop HR policies and practices that accommodate diverse workforces. Additionally, HRM professionals need to stay updated on international labor laws and regulations to ensure compliance when operating in different countries.

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Answer:

2)For every $100 in sales, $19 ended up in Net Income.

Explanation:

The Profit Margin is determined as the ratio between net income and revenue.

In Penelope's Candy Store, revenue is given by the gross amount received from sales. The net income is the amount that remains from sales after taxes and expenses are deducted.

Therefore, a 19% profit margin means that for every $100 in sales, $19 ended up in Net Income.

Answer:

$6,000

Explanation:

Depreciation expense using the double declining method = Depreciation factor × cost of asset

Deprecation factor = 2 × (1/useful life of asset) = 2/4 = 0.5

Depreciation expense = 0.5 × $12,000 = $6,000

I hope my answer helps you

Answer:

The journal entries are as follows:

(i) On March 12,

Accounts receivable A/c Dr. $9,200

               To service revenue A/c       $9,200

(To record the rendered service to Grace hospital)

(ii) On March 20,

Cash A/c Dr. $8,924

Discount allowed A/c Dr. $276

       To Accounts Receivable A/c               $9,200

(To record the cash received within discount period)

Workings:

Discount allowed = 3% of $9,200

                             = $276

Preparation of the journal entries

Mar-12

Dr Accounts receivable $9,200

Cr Service revenue  $9,200

(To record service revenue)

Mar-20

Dr Cash $8,924

(97%×$9,200)

Dr Discount and allowances $276

(3%×$9,200)

Cr Accounts receivable  $9,200

(To record collection from receivables)  

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Final answer:

In this case, the final decision has already been made by Lauren to agree to the new terms proposed by Bart's. As the CEO, Jimmy Cricket should address the issue with Lauren and have a discussion about the importance of group decision-making. While it is understandable that Lauren wanted to save time and effort by making the decision on her own, it is crucial for the CEO to emphasize the value of collective decision-making in order to consider different perspectives, mitigate risks, and ensure that the company's best interests are protected. The CEO should emphasize the need for team collaboration and the importance of discussing potential risks, such as Bart's payment history, to make informed decisions that align with the company's goals and objectives.

Explanation:

--Lauren's point of view:

Lauren, as an employee, is likely to focus on the potential benefits and opportunities that the new ride can bring to the amusement park. She may see it as a way to attract new customers and increase ticket revenue. Lauren may also believe that the ride would enhance the overall experience of the park, leading to positive word-of-mouth and customer satisfaction. From her perspective, investing in the new ride could be a way to stay competitive in the market and keep the park exciting for visitors.

--The CEO's point of view:

The CEO, on the other hand, has the responsibility to make strategic decisions that will ensure the financial stability and success of the amusement park. The CEO may take a more cautious approach and consider the financial feasibility of the investment. They will carefully analyze the costs, such as the purchase cost of the ride, the annual operating costs, and the potential increase in revenue. The CEO will also factor in the useful life of the ride and the salvage value. They will weigh the potential benefits against the financial risks and assess whether the investment aligns with the long-term goals of the park.

--Final decision and reasoning:

Based on the information provided, it is difficult to make a definitive decision on whether or not to go through with the sale. Further analysis is needed to evaluate the potential additional ticket revenue that the ride would generate. Additionally, other factors, such as market trends, competition, and customer preferences, should be considered.

However, if we assume that the additional revenue generated by the ride is sufficient to cover the costs and provide a positive net present value (NPV), it could be a viable investment. A positive NPV indicates that the present value of the cash inflows exceeds the initial investment, making it an attractive opportunity.

Answer:

5.26%

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Elasticity of demand = percentage change in quantity demanded/ percentage change in price

3.8 = 20% / percentage change in price

20/3.8 = 5.26%

I hope my answer helps you

Answer:

a. Macroeconomics

b. Microeconomics

c. Not an economic issue

d. Microeconomic

e. Macroeconomic

f. Not an economic issue

Explanation:

Microeconomics is the kind of economics, which deals with the study of the decision making, that is undertaken by the firms or the individuals. Whereas the Macroeconomics is also kind or type of economics, which deals with the study of behavior of the whole economy.

a. Rate of national unemployment- It dealt with the economy as a whole. So, it is concerned with the Macroeconomics.

b. Decision of worker to work overtime - It deal with the decision making of the worker. So, it is concerned with the Microeconomics.

c. Choice of family having a baby - It is related to the family, it will not be considered as an economic issue.

d. Growth rate of the money supply - It deal with the decision making of the money supply. So, it is concerned with the Microeconomics.

e. Budget deficit - It dealt with the economy as a whole. So, it is concerned with the Macroeconomics.

f. Student allocation of study -  It is related to the student life, it will not be considered as an economic issue.

Microeconomics deals with economic activity at an individual level, while macroeconomics is concerned with larger, national or global economic factors. The national unemployment rate, growth rate of the money supply, and national budget deficit are macroeconomic issues. While decisions concerning overtime, having a baby, and how a student allocates study time are examples of microeconomic issues.

Microeconomics focuses on the behaviour of individual households and firms, while macroeconomics deals with economic factors on a wider, national or global scope.

Now, let's categorize the issues:

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Final answer:

All the options provided (investment styles and tax treatment, diversification benefits) are advantages of mutual funds; however, not mentioned is the drawback of costs like management fees which can reduce net returns. The correct answer is that all provided options are advantages of mutual funds.

Explanation:

Mutual funds are popular investment vehicles that offer specific advantages to their shareholders. One of the central benefits is diversification, which refers to the spreading of investment risk by holding various types of assets. This helps to mitigate the impact of any single asset's poor performance on the overall portfolio. Mutual funds are also known for providing convenient access to professional management, which is beneficial to investors who may lack the time or expertise to manage their investments on their own.

Another advantage is liquidity, as mutual funds allow investors to quickly and easily convert their shares into cash. However, the answer to the student's question regarding the non-advantage of mutual funds is not listed among the options provided. All the provided options (a. variety of investment styles and tax treatment, b. diversification benefits, and c. all options are advantages) are indeed advantages of investing in mutual funds.

The only potential drawback not mentioned is the costs associated with mutual funds, such as management fees and other expenses, which can reduce the net return to investors. Therefore, in this context, the correct answer would be option c: All of the options are advantages of mutual funds.

Susan could consider exploring her rights and protection under the Family and Medical Leave Act.

Explanation:

• The federal law governing the maternity leave policy in countries like USA is the Family and Medical Leave Act .

• This law states that a woman can take a leave from her job for up-to 12 weeks in case of pregnancy or adoption.

• In simple, words the women can return back to her job after 12 weeks and she is cannot be penalized by her employer for taking leave.

• This act is applicable to only those employees who have been working in the organisation for more than an year and the organization has employed more than 50 peoples

Answer:

Revenues, expenses, income summary, dividend or withdraws account

Explanation:

The closing entries for the following accounts are presented below:

1. Service Revenue A/c Dr XXXXX

                To Income Summary XXXXX

(Being revenue account closed)

2. Income summary A/c Dr XXXXX

           To Expense A/c XXXXX

(Being expenses accounts are closed)

3. Income summary A/c Dr XXXXX

               To Retained earning XXXXX

(Being the difference is credited to retained earning that reflected as a profit)

4. Retained earnings A/c Dr XXXXX

      To Dividend A/c XXXXX

(Being dividend account is closed)

The four closing entries in accounting are used to close revenue accounts, expense accounts, income summary, and dividends account.

The four closing entries in accounting are used to close temporary accounts at the end of an accounting period. The first closing entry is to close revenue accounts. Revenue accounts represent income earned by a company. The second closing entry is to close expense accounts. Expense accounts represent costs incurred by a company. The third closing entry is to close income summary. Income summary is a temporary account used to summarize the net income or net loss for the period. The fourth closing entry is to close the dividends account. Dividends account represents distributions of profits to shareholders.

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Answer:

True

Explanation:

International trade refers to buying and selling of goods by a country beyond it's domestic geographical boundaries.

When a country decides to produce those goods in which it specializes and decides to exchange in trade for other goods, it stands to gain from such trade.

A country should focus on production of those goods in which it holds a comparative advantage. For example, if Ghana specializes in cocoa production and Brazil specializes in wheat production, both can benefit if each decides to produce as per it's comparative advantage and trade the rest.

Answer:

Option A was not mentioned in the research report. Which most people think is a good measure for setting adultry benchmarks. Almost most boys get sexually mature in the age between 15-17 whereas girls reach sexual maturity in the age range 14-16. In the nutshell saying being finished with high school is same to saying reaching sexual maturity so that's the reason the research report didn't asked this question.

the correct answer us option A.In a 2002 survey by the National Opinion Research Center, significant indicators of adulthood included completing school, being financially independent, and being employed full-time. Reaching sexual maturity was not considered a major milestone of adulthood.

In 2002, the National Opinion Research Center asked U.S. adult survey respondents to rate the importance of various life transitions and events as indicators of adulthood.

Answer:

The break-even point in sales dollars is: C. $32,000

Explanation:

During the current year 11,000 hams were sold resulting in $220,000 of sales revenue, $55,000 of variable costs, and $24,000 of fixed cost.

Contribution margin ratio = (Sales - Total Variable cost)/Sales = ($220,000 - $55,000)/$220,000 = 0.75

The break-even point sales dollars is calculated by using following formula:

Break-even point in sales dollars = Fixed cost/Contribution margin ratio = $24,000/0.75 = $32,000

Answer:

Hope's gross income = $5000 + $10,000 = $15,000

Explanation:

First, we need to highlight what are qualified education expenses especially for tax-free fellowships and scholarships.

Specifically, the qualified expenses that will be tax exempt will be

The tuition and fees which are requirements to go to an eligible school or institution

Other course related expenses required for courses in such institutions such as books equipment and supplies are also tax exempt.

However, room and board, research travel and other expenses that are not required for courses in the institution are not tax free

Based on this analysis:

Hope's initial earning on campus = $5000

However, $10,000 spent on room and board are not required for enrolment in the school, hence, it will be added to the earnings to make the gross income

Hope's gross income = $5000 + $10,000 = $15,000

Final answer:

Hope's gross income is calculated by adding the taxable portion of her scholarship assigned for room and board ($10,000) to her earnings from working at the campus library ($5,000), totaling $15,000.

Explanation:

Hope's gross income can be calculated by adding her earnings from work to the taxable portion of her scholarship. The scholarship funds allocated to room and board are typically considered taxable income by the IRS. Therefore, from her $18,500 scholarship, $10,000 for room and board is taxable. The remaining $8,500, specified for books, supplies, and equipment, is usually tax-free if it is a requirement for enrollment or attendance at the educational institution. Additionally, the money Hope earns from working at the campus library is considered earned income and is taxable. Thus, her gross income is the sum of her earnings from work ($5,000) and the taxable part of her scholarship ($10,000).

Total Gross Income = Taxable Scholarship Funds + Earnings from Work

Total Gross Income = $10,000 (for room and board) + $5,000 (from working) = $15,000

Answer:

D

Explanation:

Mail questionnaires is one of the tools used for gathering consumer information through tracking.

Nielsen engages in consumer research through consumer tracking and panels, collecting data on consumer behavior and preferences to provide consumer insights.

Nielsen is engaged in consumer research through methods like consumer tracking and panels. Consumer tracking refers to the collection of data on consumer behavior and preferences through various online platforms, such as website visits and purchases.

Panels involve gathering data from a group of consumers who have agreed to participate in surveys or other research activities. These methods help Nielsen to gather consumer insights and understand consumer behavior, which is crucial for companies to make informed marketing decisions.

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Answer:

Total Cost of ownership

Post ownership cost

Explanation:

Total cost of Ownership is the the sum of all the amount spent on an item,which includes the cost of purchase,servicing,repair, disposal etc. It is a management tool adopted by marketers and financial analyst to help determine the total costs associated with an item.

Post ownership cost is the total amount involved in disposal of an item,it also include the salvage costs of the item and more recently some other cost like environment costs, liability cost etc.

When the company takes back the panel it will reduce both of Total cost of ownership and Post ownership cost.

Final answer:

First Among Best Solar Inc.'s new policy of taking back old solar panels for free reduces the lifetime cost and lowers economic barriers for customers, potentially making solar energy adoption more appealing due to reduced total cost of ownership.

Explanation:

First Among Best Solar Inc. has announced a significant policy change by offering to take back their solar panels at no extra cost once they are no longer useful. This action reduces the overall lifetime cost of solar panel ownership for their customers. Previously, the disposal of solar panels could involve a significant cost, potentially adding financial burden on the solar panel owners at the end of the panel's life cycle.

One of the challenges in the adoption of solar energy is the high upfront cost associated with purchasing and installing solar panels. While the cost of solar energy has become more competitive over the years, especially when considering that the fuel cost is zero, these upfront costs still present a significant barrier for many potential customers. First Among Best Solar Inc.'s policy to take back solar panels free of charge effectively reduces the total cost of ownership, making the option to invest in solar energy more accessible and financially attractive.

In addition to lowering the economic barrier, the company's initiative can be seen as an environmental commitment. The manufacturing and disposal of photovoltaic (PV) cells involve handling hazardous materials and waste. By offering to take back the panels, the company is potentially reducing the environmental impact, ensuring proper disposal or recycling of these materials. This also aligns with the environmental benefits of solar power, which are generally low-impact, especially when compared with fossil fuels, despite the challenges such as intermittency and the need for maintenance and periodic battery replacement.

Management is of three levels. managerial, middle and top level management.

Explanation:

levels of management can be defined as a part of an organization that maintains responsibility for the overall productivity and the work performance of employees.

Managerial or top level management consists of board of directors. It also consists of the board of directors. Executive or middle level management consist of line or department managers and in this level mostly the managers report top the top level management. next lowest level is the operative or supervisory level management.

Thus mostly consists of supervisors, first line managers. It comes under the organisational hierarchy of a company. top management is responsible and controls the entire organisation.

Answer:

income summary 143,100 debit

    salaries expense    143,100 credit

Explanation:

The company will do an adjusting entry to reocrd the expense for the accrued but not payed salaries of the year:

salaries expense 3,100 debit

   salaries payables 3,100 credit

Thus, the total slaries expense for the year would be:

140,000 + 3,100 = 143,100

To close we will leave the expenses balance at zero thus, we will credit this amount against an auxiliary account called income summary.

Answer:West Africa Examination council and Joint Admission Matriculation Board.

Explanation:

Looking at West Africa Examination Council:It is responsible for the proper conduct of examination in secondary schools level among West Africa countries. It specifically deals with anglophone countries in West Africa.

joint Admission Matriculation Board:This organisation is responsible for the proper conduct of examinations into tertiary institutions.

What makes them look alike is that they are both responsible for secondary school students education while their difference is waec deals with Five anglophone countries in West Africa while Jamb deals with only Nigeria and also responsible for only admission into tertiary schools.

The Red Cross and UNICEF provide public services improving life quality, though they focus on different areas. The Red Cross provides emergency services, disaster relief and education, while UNICEF's services are centered around children's rights, education, healthcare and emergency food supply.

Assuming that the organizations being compared are non-profit organizations such as the Red Cross and UNICEF, I will provide a brief comparison. Both the Red Cross and UNICEF are geared towards providing public services aimed at improving the quality of life and health of individuals, especially those in crisis situations. They also work globally, which means they serve people in different parts of the world.

However, there are also differences in the public services they provide. The Red Cross provides emergency assistance, disaster relief, and disaster preparedness education, while UNICEF focuses more on children's rights, providing services like education, healthcare, and emergency food supplies to children in need.

Remember, this comparison may vary depending on the real organizations that are intended for comparison as the question doesn't specify the type or name of the organizations to be compared.

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The Consumer Price Index (CPI) for the current year is calculated by adjusting the base-year expenditure percentages by the change in prices and then summing these adjusted percentages. The resulting CPI for the current year, rounded to three decimal places, is 104.490.

The question involves calculating the Consumer Price Index (CPI) for the current year based on the given expenditures of the typical consumer and the percentage increases in certain categories. To calculate the CPI, we multiply the base-year expenditure percentages by the corresponding increase in prices, if any, and then sum up the adjusted expenditures.

Add the adjusted expenditures to find the CPI for the current year: 19.58% + 44.94% + 6.3% + 17.2% + 6.27% + 4.4% + 5.8% = 104.49%. The CPI for the current year is 104.490, rounded to three decimal places.

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Based on the information given the income statement for Jiminez Inc is: $4,535.

Income statement=Revenues -Expenses

Jiminez, Inc. Income Statement for the month ended March 2015:

Revenue earned and received $10,000

Less  Expenses incurred and paid $5,465

Net income $4,535

($10,000-$5,465)

Inconclusion the income statement for Jiminez Inc is: $4,535.

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Answer:

Explanation:

Year     cash flow at  10.8%     PV of cash flow at 13.3% discount   PV X time

1                  108                                 95.3222                                      95.3222 x 1                      

2                 1108                                863.1374                                    863.1374 x2

Total                                                  958.4596                                    1821.597

Duration of bond   = 1821.597 / 958.4596

= 1.9 year

The duration of the two-year bound that pays the annual coupon of 10.8% is 1.9 years.

The value in the present of a sum of money, in opposition to some future value it will have when it has been invested at compound interest.

Computation of duration:

given,

Annual coupon rate = 10.8%,

Maturity rate = 13.3%, and

Face Value = $1,000.

Cash flow for the 1st year would be:

[tex]\text{Cash Flow} =\text{Face Value}\times\text{Annul Coupun Rate}\\\\\text{Cash Flow} =\$1,000\times\dfrac{10.8}{100}\\\\\text{Cash Flow} =\$108.[/tex]

Then the present value would be:

[tex]\text{Present Value} =\dfrac{ \text{Future Value}}{(1+i)^n}\\\\\\\text{Present Value} =\dfrac{\$108}{(1+13.3\%)}\\\\\\\text{Present Value} = 95.3222.\\[/tex]

For the second year:

[tex]\text{Cash Flow} =\text{Face Value}\times\text{Annul Coupun Rate}\\\\\text{Cash Flow} =(\$1,000+\$108)\times\dfrac{10.8}{100}\\\\\text{Cash Flow} =\$1108.[/tex]

Then the present value at the end of 2 years would be:

[tex]\text{Present Value} =\dfrac{ \text{Future Value}}{(1+i)^n}\\\\\\\text{Present Value} =\dfrac{\$1,108}{(1+13.3\%)}\\\\\\\text{Present Value} = 863.1674.[/tex]

Then the duration of the bond would be:

[tex]\text{Duration Of Bound}= \dfrac{(95.3222\times1)+(863.1374\times2)}{(95.3222+863.1374)}\\\\\text{Duration Of Bound}=1.9 \text{Years}.\\[/tex]

Therefore, the duration of the bound would be 1.9 years.

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Answer:

D. a group of buyers and sellers of a product and the arrangement by which they come together to trade.

Explanation:

The market is the place at which the buying and selling of goods and services are taken place. It could come via direct contact, indirect contact through agents or brokers.

It is a trading of goods and services where the seller can able to sell the products and the buyer can buy the products that satisfy its needs and wants so that he or she could get the maximum satisfaction after consuming the product

Answer: ...they were invested and had to protect their own wealth.

Explanation:

The constitution's framers of America were founding fathers and visionaries. They designed the America's constitution to endure times and to stand the pressures of being a new country. They also aimed at addressing not only the specific challenges facing the nation during their lifetimes, but they also tried to establish the foundational principles that would lead and guide the young nation into an uncertain future of our days.

Answer:

The questions is lacking options, here are the options

A) a cause of action under whistle-blower protection.) a cause of action for breach of implied contract.C) no recourse because he is an at-will employee.D) no recourse because the incentives

The answer is option (b)  a course of action for breach of implied contract  

Explanation:

The action carried out by  All fame cosmetics inc. shows a breach of contract entered with Carl to pay him an agreed incentives  for the performance of a specified job. Having been able to carry out the activities and All fame Cosmetics   inc. have failed to pay him, he can sure them for breach agreement.

Answer: B. A cause of action for breach of Implied contract.

Explanation:A contract is an agreement between two people or organization,a contract is expected to be obeyed by all the parties of the agreement.

An Implied contract is a contract between two people or organizations which arises from the actions, Conduct or activities of any or both parties. It is legally binding and can be tendered in the Court of Law. Carl can sue the company for breach of Implied contract.

Answer:

b.$54,543 from investing activities

Explanation:

The disposal of an asset has two effects on the cash flow statement. The first is that the gain/loss from the disposal is recognized in the operating activities segment of the cash flow statement while the cash received from the disposal is recognized as an inflow in the investing activities section of the statement.

As such, where a building with a book value of $37,771 is sold for $54,543 cash, the amount received $54,543  is an inflow in investing activities.

Option b.$54,543 from investing activities

Answer:

Following is given a solution for your question as required.

I hope it will help you a lot!

Explanation:

Based the appropriate journal entries to record the transactions are:

Recycled Fashion journal entries

March 3

Debit Merchandise inventory $1,150

Credit Account payable- GreenWorld Company   $1,150

March 4

Debit Merchandise inventory $75

Credit Cash $75

March 5

Debit Account payable- GreenWorld Company $150

Credit  Merchandise inventory $150

March 18

Debit  Account payable- GreenWorld Company $1,000

($1,150-$150)

Credit  Merchandise inventory $20

(2%×$1,000)

Credit Cash $980

[$1,000×(100%-2%)]

March 19

Debit  Merchandise inventory $425

Credit Account payable-PeopleFirst Corp $425

March 21

Debit  Account payable-PeopleFirst Corp $25

Credit  Merchandise inventory $25

March 29

Debit  Account payable- PeopleFirst Corp $400

($425-$25)

Credit  Merchandise inventory $4

[($425-$25)×1%]

Credit Cash $396

[$400×(100%-1%)]

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Answer:

a. $757.60

b. $395.00

Explanation:

We have to applied the present value function which is shown in the attachment

a. Given that,  

Future value = $1,000

Rate of interest = 5%

NPER = 14 years

PMT = $0

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $757.60

b. Given that,  

Future value = $1,000

Rate of interest = 10%

NPER = 14 years

PMT = $0

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $395.00

It shows a inverse relationship between the present value and the interest rate. The higher the interest rate, the lower is the present value and the lower the interest rate, the higher is the present value.

Final answer:

The present value of $1,500 due in 14 years is approximately $757.58 at a 5% interest rate and approximately $395.03 at a 10% interest rate. The present value decreases as the interest rate increases due to the time value of money concept.

Explanation:

The question involves calculating the present value of $1,500 due in 14 years at different interest rates. To find the present value, we use the formula Present Value = Future Value / (1 + r)^n, where 'r' is the interest rate and 'n' is the number of years until the payment is made.

For a 5% interest rate (a), the calculation is $1,500 / (1 + 0.05)^14 = $1,500 / 1.9799 ≈ $757.58.

For a 10% interest rate (b), the calculation is $1,500 / (1 + 0.1)^14 = $1,500 / 3.7975 ≈ $395.03.

The present value is lower when the interest rate is higher because a dollar in the future is worth less than a dollar today when looking at a higher rate of return. This indicates the time value of money, where the value of money decreases over time when faced with the opportunity to earn interest.