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In its first year of operations, roma co. earned $45,000 in revenues and received $37,000 cash from these customers. the company incurred expenses of $25,500 but had not paid $5,250 of them at year-end. the company also prepaid $6,750 cash for costs that will not be expensed until the next year. calculate the first year's net income under both the cash basis and the accrual basis of accounting.
Electronic media has transformed how employers choose qualified candidates. Applicant tracking systems (ATS) often provide the initial screening for your application. Which formatting suggestion should the job candidate follow before submitting their resume? a. Reformat as a plain-text document. What should you avoid including on your resume? Check all that apply. a. Unusual typefaces, underlining, and italics b. Interpersonal traits and attitudes c. Unfamiliar abbreviations e. Keyword summaries
In 2011, the fictional nation of Maconia had a population of 8,200 and a real GDP of $210,500. Maconia experienced a 5% growth in real GDP per capita. In 2012, the population reached 8,400. To the nearest dollar, what was the real GDP in Maconia in 2012? a. $226,416 b. $216,815 c. $221,025 d. None of the above.
Concord Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $36500. During 2020, it wrote off $30500 of accounts and collected $8600 on accounts previously written off. The balance in Accounts Receivable was $780000 at 1/1 and $940000 at 12/31. At 12/31/20, Concord estimates that 5% of accounts receivable will prove to be uncollectible. What should Concord report as its Allowance for Doubtful Accounts at 12/31/20
Successful small business owners are a. not good sources for information on starting your own business because they generally do not understand failure. b. valuable sources for information since you can learn from their experiences. c. good sources of information but risky since their keen sense of sniffing out som.
Brewsters, a ice cream company, has been fairly successful in its market. Lydia sees an opportunity for profit and enters the market. After producing her profit-maximizing level of output, she finds that her average total cost per unit is $5, her average variable cost per unit is $3, and the market price is $2.50. In the short run, Lydia should _______. A. stay in business even though she is suffering a loss. B. shut down her business. C. expand production because she is making a positive economic profit.
Sixty million of the company's 6% bonds were retired at 102 ($61.2 million) ahead of their scheduled expiry. There was a $2 million remaining discount on the bonds at the time. Get the diary entry ready to document the bond redemption. Enter the numbers you have found, rounded to the nearest whole number (for example, 5,500,000 should be entered as 5.5). In the first account field, choose "No journal entry required" if there is no need for an entry for a transaction or occurrence.)
"when economists say that money promotes ________, they mean that money encourages specialization and the division of labor."
The set of all possible sample points (experimental outcomes is called
A. The economic definition of a cartel is: a. competing firms working together to fix prices and output. b. firms and individuals trafficking drugs and other illegal goods. c. increased competition by firms through advances in technology. d. firms competing for customers by continually lowering prices. B. Cooperation between firms in an industry is known as: a. a price taker. b. monopoly power. c. collusion. d. a cooperative. C. In the United States, cartels are: a. illegal. b. heavily regulate c. subsidized
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