The approximate frequency of interglacial periods is about 100,000 years. Interglacial periods occur approximately every 10,000–100,000 years. The exact frequency depends on several factors, including changes in Earth's orbit and the orientation of its axis.
The Milankovitch Cycles, which are periodic changes in the Earth's orbit, are the primary driver of these interglacial periods. The period of the Milankovitch cycle is roughly 100,000 years.
An interglacial period is a geological term for a warm period that takes place between two ice ages in the Earth's geological history. These periods of glacial advance and retreat are caused by subtle shifts in Earth's orbit around the sun, which affect the amount of sunlight different regions receive at different times of the year.
The approximate frequency of interglacial periods is about 100,000 years. The current interglacial period, which began roughly 12,000 years ago, is known as the Holocene epoch.
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Describe the life cycle of an insurance claim. include details related to claim submission, transfer of funds, denial and follow up. post your part 1 response to the discussion board.
The insurance claim life cycle involves claim submission, review, fund transfer (if approved), denial (if applicable), and potential follow-up for resolution.
The life-cycle of an insurance claim typically involves several stages. First, the policyholder submits the claim to the insurance company, providing necessary documentation and details about the incident or loss. The insurer then reviews the claim, assessing its validity and coverage.
If approved, the transfer of funds occurs, with the insurer disbursing the agreed-upon amount to the policyholder. However, in some cases, the claim may be denied due to various reasons such as policy exclusions or insufficient evidence.
If denied, the policyholder has the option to appeal the decision and provide additional information or clarification. Follow-up communication between the policyholder and insurer may occur throughout the process to resolve any questions or issues.
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The given question is incomplete, the complete question is
Describe the life cycle of an insurance claim. include details related to claim submission, transfer of funds, denial and follow up.
What is the main difference between a market and a command economy?
Answer:
Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. Most nations operate largely as a command or market economy but all include aspects of the other.
Do businesses receive a water grant?
Answer:
Energy and Water funding is a crucial part of the UK government’s carbon emissions responsibility. Finding new ways of funding lower emission energy systems for business is one of the ways that the UK are pushing forward.
Water Capital Grant Scheme
The Water Capital Grant Scheme provides funding of £10 Million to applicants from the farming community, from the land management community and from the agricultural community to deal with water management which is a key issue in the industry. Those running businesses in these areas are able to avail of this scheme and create in-roads in water management.
This is designed to provide support to water management, and will provide £10,000 in a water capital grant to help carry out works which will improve water management and quality. The real focal point of the grant is to improve waterlines around agricultural industry and to reduce the impact of agriculture on the water quality of the surrounding area. The funding is for new projects which will help to move toward this goal, and applicants are able to apply for this through Natural England.
The Water Capital Grants scheme works in accordance with the woodland capital grant scheme, which creates the first of the new Stewardship Scheme from the government. This scheme will be committing £900 million to working with natural resources and protecting and benefiting the resources in the environment. Applicants to this scheme can avail of grant funding to really bring water usage in their business to a better level.
There are a whole range of funding options and projects which are eligible. Some of these are:
installing biobeds
preventing livestock access to watercourses by erecting watercourse fencing
providing drinking troughs as an alternative to watercourse drinking for livestock
relocation of sheep dips and pens
roofing of sprayer washdown areas, manure storage areas, livestock gathering areas, slurry stores and silage stores
Funding will be competitive with grants awarded to applications that best meet the scheme’s priorities and have the greatest environmental benefit.
The new water grants build on the successful Catchment sensitive farming initiative, which between 2013 and 2016 helped over 6,200 farms across the country benefit from a total of £72 million in grant funding to improve water quality and reduce pollution from agricultural activity. The water capital grants scheme under Countryside Stewardship will be managed and delivered through Catchment Sensitive Farming in 2018.
Work funded by the Catchment Sensitive Farming grant scheme over recent years has already brought efficiencies for thousands of farmers and has enhanced local environments throughout England by improving water quality.
Explanation:
Midyear on july 31st, the chester corporation's balance sheet reported: total assets of $124.287 million total common stock of $3.810 million cash of $6.030 million retained earnings of $26.732 million. what were the chester corporation's total liabilitie
The total liabilities of the Chester corporations as on July 31st will be $99,775.
What are total liabilities?
The amount of payments which are yet to be made, but are accrued by the receiver. The total liabilities are the calculation of total assets less equities and capitals of such firm.
Using the given information in the formula below, we get,
\(\rm Total\ Liabilities\ = Total\ Assets\ -\ Total\ Equities\\\\\rm Total\ Liabilities\ = 130317\ -\ 30542\\\\\rm Total\ Liabilities\ =\$99,775\)
Thus, the total liabilities of Chester Corporation is computed as $99,775.
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What does the phrase "like animals escaped from their caves" imply about the sun's impact on the children?
How to tell someone you like them? (over text maybe)
Answer: Well just be yourself and tell that person how you feel doesn't matter if it's over text message or any other social media. What counts is that you be your self.
Explanation:
In the following situation, imagine you are a waiter at a restaurant. See if you can put this list of tasks in
order of importance, starting with the most important task, and ending with the least.
Clear a table
Answer a customer's question
Bring out an order of food
Take someone's order
Fold napkins
Answer:
1. Answer a customer's question
2.Take someone's order
3.Bring out an order of food
4 Cleae a table
5.Fold napkins
The list of tasks in order of importance is
1. Answer a customer's question
2. Take someone's order
3. Bring out an order of food
4 Clear a table
5. Fold napkins
What is a Customer?A customer is referred to as an individual who purchases a product or service. He may or may not be the consumer. A consumer refers to a person who utilizes or consume goods and service.
In any service or product-based industry, it is important to treat customers as a primary function. If the customer is not satisfied with the service they will move in search of a new restaurant.
Once the customer's question is asked, the waiter can move to the next table in order to take the order as making the customer wait for the services is not considered good.
After that order, the food can deliver along with routine work like clearing the table or folding the napkin. It states that the satisfaction of customers is key to the success of the business.
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You have a credit card account with a previous balance of $635. You added two additional purchases for $75 and $50 during this billing period. You made a payment of $150. Your APR is 16.5%. Using the adjusted balance method, what is your new balance?
Answer:
The new monthly balance will be $618.235.
Explanation:
Since you have a credit card account with a previous balance of $ 635, and you added two additional purchases for $ 75 and $ 50 during this billing period, and then you made a payment of $ 150 and your APR is 16.5%, to determine what is your new balance using the adjusted balance method, the following calculation must be performed:
(635 + 75 + 50 - 150) x (1 + 0.165 / 12) = X
610 x 1,0135 = X
618.235 = X
Thus, the new monthly balance will be $618.235.
Using the adjusted balance method, your new credit card balance is $618.39.
What is the Adjusted Balance MethodThe adjusted balance method for calculating your finance charge uses the previous balance from the end of your last billing cycle and subtracts any payments and credits made during the current billing cycle..
Data and Calculations:Previous balance = $635
Additional purchases = $125 ($75 + $50)
Payment = $150
APR = 16.5%
Finance charge = $8.39 ($635 - $150 - $125) x 16.5%/12
Adjusted balance = $618.39 ($635 - $150 + $125 + $8.39
Thus, using the adjusted balance method, the new balance on the credit card is $618.39.
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Consumers tend to purchase a good at a lower than at a higher price. Why (state any assumptions made)? Do consumers always behave this way? Explain your response.
According to the law of demand, the price of a good is negatively related to the quantity demanded all other things remaining equal.
Consumers do not always buy good at a lower price than at a higher price.
What is the law of demand?According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. there is an inverse relationship between price and quantity demanded.
Consumers do not always buy goods at a lower price than a higher price. For example, for luxury goods, consumers would prefer to buy it at a higher price than at a lower price. This is because luxury goods are used to show wealth. If the price of a good that is considered to be used solely be wealthy people declines, some rich people would not want to purchase the goods again because it is now affordable by the masses.
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automated call distributors (acds) often collect data to measure help desk and agent performance.
A. True B. False
A. True. Automated call distributors (acds) often collect data to measure help desk and agent performance.
Automated call distributors (ACDs) are used in call centers to manage incoming calls and distribute them to agents. ACDs often collect data on factors such as call volume, average handle time, and customer satisfaction to measure help desk and agent performance. This data is then used to identify areas for improvement and to optimize call center operations.
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A social worker is most likely to find him- or herself working with troubled people who are 20-40 years old. True False A social worker is most likely to find him- or herself working with troubled people who are 20-40 years old. True False
Answer: True
Explanation: Text Evidence proves that it is true.
Answer:
False
Explanation:
You see two students teasing a third student who you don't know well. Others are laughing and watching. How could you prevent this type of bullying from being seen as "normal?"
Answer:
You could go tell an adult or Teacher at school. Or if that's not possible try and help ig
Explanation:
The two students teasing a third student who you don't know well. Others are laughing and watching. All of the above, could you prevent this type of bullying from being seen as "normal. Thus, option (d) is correct.
What is student?
The term student refers to who are the recently studies of the career. The student is to go to the school and the college. The student is to complete the study as the forwarded to the next class. The student are the planning for the career. The student is the main motive to the studies and the sports.
If anyone notices any pupils teasing other students, this is not acceptable conduct. First and foremost, will tell the students who are teasing that their acts are inappropriate and will express my displeasure. I'm not going to join their in their laughter. Bullying is a form of youth violence that is traumatic for children (ACE).
As a result, two students teasing a third student who you don't know well. Others are laughing and watching. All of the above, could you prevent this type of bullying from being seen as "normal. Therefore, option (d) is correct.
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Your question is incomplete, but most probably the full question was.
А Speak up and let the students teasing know you disagree with their actions.B Tell the student who is being teased that he can come sit with you.C Don't join in laughing.D All of the above.Henry, a trainer at MyChem Inc., schedules training on handling hazardous chemicals for a group of newly hired employees. The training complies with OSHA regulations and is given to all employees upon hire along with periodic refreshers. The type of training described in this scenario is _____.
Answer:
Hazard Communication Standard (HCS) training program
Explanation:
The type of training described in this scenario is known as the Hazard Communication Standard (HCS) training program. This is a employee training program designed with the goal of explaining and reinforcing the written information regarding hazard labels and material safety data sheets, as well as how to behave around hazardous material and to apply this information to their workplace.
What is the difference between a natural and a manufactured fiber? How might you use each one
in a project to decorate a bedroom? Describe the principles and/or elements of design that your
use of the fabric would bring to the bedroom
Answer:
While manufactured fibers are manmade using materials like glass, metal, and plastic, natural fibers are processed and prepared for market without the use of any environmentally destructive synthetic filler fibers.
Explanation:
Natural fibers are processed and made ready for the market without the use of any synthetic filler fibers that are harmful to the environment, unlike manufactured fibers that are created by humans using materials like glass, metal, and plastic.
What distinguishes a natural fiber from a manufactured one?The two types of fibers that make up all fabrics are natural and synthetic (or a blend of the two).
A subcategory of manufactured or man-made fibers, synthetic fibers is exclusively those made from petroleum wastes.
Made from regenerated cellulose, which is created from wood pulp, are the synthetic fibers viscose and rayon.
Whilst synthetic fibers are produced using chemicals, natural fibers are derived from plants and animals and are appreciated in the textile business for several factors.
Dear student, the first complete question has been answered, as the other questions are incomplete in nature. Kindly follow the differences.
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Throughout the entire semester, you were trained to relate expenses to the revenues generated in the same accounting period. Differently put, the Income Statement must show the revenues and relevant expenses that took place in the same period. Which principle is related to this practice
Answer:
matching principle
Explanation:
In this scenario, the principle related to this practice is known as the matching principle. In accrual accounting, this states that revenues should be recorded during the period in which they are earned, regardless of when the transfer of cash occurs. Meaning that if a company earns $5,000 in product sales in August but receives a $1000 commission for those products in September, the commission needs to be reported on the August statement alongside the sales.
This is a case study adopted from the book of Crispina R. Corpuz. "Reyes Department Store" Based on the review of the store, Nicole, the general manager concluded that one of the first things she has to attend involves developing the job description of her store supervisor. During her first few weeks on the job, Nicole found herself asking one of her supervisors, Jet, why was he violating what she knew to be part of the company policies and procedures. Jet’s only response was that he was not aware of that policy and was not aware it was part of his job. Nicole knew that a job description, along with a set of standards and procedures that specify what was to be done and how to do it, will go a long way toward alleviating the problem. Discuss the process that Nicole should follow to solve this problem.
In order to Nicole to solve this problem, she must reevaluate the job description and company policies and procedures, and then include certain specifications that will make employees more aware of their roles within the company.
Nicole is the general manager of the Reyes Department Store, so she acted correctly when she noticed inconsistent conduct by one of her supervisors and identified the problem.
She then realized that she should carry out a job description along with standards and procedures that specify what should be done and how to do it.
A job description is a document that specifies the responsibilities and activities of each organizational role.
Its objective is to adapt professionals to their work position according to their profile and optimize people management, creating greater standardization of processes and agility in decisions.
Therefore, job descriptions must always be monitored and revised so that new needs are included and so that employees can carry out their role effectively.
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Which data-gathering technique is employed during the assessment phase of the nursing process?
During the assessment phase of the nursing process, one common data-gathering technique employed is called interviewing. This technique involves direct communication with the patient, where the nurse asks questions to gather information about the patient's health history, current symptoms, and other relevant details.
The purpose of the interview is to establish a therapeutic relationship with the patient and to collect subjective data, which includes the patient's perceptions, feelings, and experiences. Through active listening and open-ended questions, the nurse can encourage the patient to share important information that can contribute to the overall assessment.
For example, if a nurse is assessing a patient with chest pain, they may ask questions such as:
- Can you describe the pain you are experiencing?
- When did the pain start?
- Have you noticed any triggers or factors that worsen or alleviate the pain?
By gathering this subjective data through interviewing, the nurse can gain valuable insights into the patient's condition, which can then be combined with objective data obtained through physical examinations, laboratory tests, and other techniques. This comprehensive assessment allows the nurse to develop an accurate diagnosis and plan appropriate interventions for the patient's care.
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What is an example of public-private partnership?.
An example of a Public-Private Partnership (PPP) is Canada's 407 Express Toll Route (407 ETR) between the provincial government of Ontario and a private consortium that was responsible for the design, construction and maintenance of the highway.
What is a Public-Private Partnership?As a form of partnership, a public-private partnerships involve mutual collaboration between the government agency and a private-sector company that can be used to finance, build, and operate projects like public transportation networks, parks, and convention centers.
The financing of a project through the public-private partnership can allow a project to be completed sooner or make it a possibility in the first place.
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A computer game that can be purchased online and played right away has good _____utility.
A. Form
B. Information
C. Value
D. Time
the macro view of entrepreneurship can be broken down into which three areas? a. environmental, financial, and displacement b. financial/capital, strategic, and opportunity c. displacement, trait, and financial d. entrepreneurial trait, opportunity, and strategic
The macro view of entrepreneurship can be broken down into which three areas environmental, financial, and displacement.
Entrepreneurship is the creation or acquisition of economic value. Under this definition, entrepreneurship is generally seen as a change that involves more risk than would normally occur when starting a business and may involve value other than economic value.
An entrepreneur is a person who creates and/or invests in one or more businesses, bears the most risks, and reaps the most benefits. [citation needed] The process of starting a business is known as entrepreneurship. Entrepreneurs are generally seen as innovators, sources of new ideas, products, services, and businesses/processes. In the field of economics, the term entrepreneur is used for an entity that has the ability to turn inventions and technologies into products and services. In this sense, entrepreneurship describes the activities of both established and new companies.
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how does international franchising relate to international licensing?
International franchising and international licensing are both business strategies that are used by firms that want to operate in foreign markets. Franchising and licensing offer companies the opportunity to expand their businesses to other countries without a large capital investment.
How does international franchising relate to international licensing? International franchising and international licensing are related to one another because they both involve the granting of rights to use intellectual property (IP) in foreign markets. Franchising and licensing are both forms of business collaboration that are based on the transfer of IP.
The difference between the two is that franchising allows the franchisee (the foreign firm) to use the franchisor's (the home firm's) entire business format including its trademark, trade name, product line, and system of operation, while licensing allows the licensee to use only the licensor's intellectual property (patent, trademark, or copyright) under certain conditions.In conclusion, both franchising and licensing are useful strategies for international businesses looking to expand their operations.
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What is a hacker?
A. A person who intentionally breaks into secured computer systems without permission
B. A technology expert who solves problems related to electronic storefronts
C. A person who sets up technology systems in an office building
D. A person who damages computer equipment through carelessness
Answer:
A is the correct Answer
Explanation:
Max works at Pizza Palace 20 hours each week at a rate of $10 per hour. He is paid every two week. Calculate his gross and net pay. (Social Security 6.2%, Medicare 1.45%, and Federal and State Tax 10%)
Answer:
$329.4
Explanation:
Max earns $10 per hour. If he works for 20 hours each week, his weekly pay will be $10 times 20 hours
=$10 x 20 hours
=$200
He is paid every two weeks. His gross pay is $400. ($200 x 2)
Net pay would be gross pay -deductions
Deductions.
Social security
= 6.2% x $400
=$24.8
medicare
=1.45% x $400
=$5.8
Federal and State Tax
=10% x $400
=$40
Total deductions = $24.8 +$5.8 +$40=$70.6
Net pay =$400 -$70.6
= $329.4
Traditional customer profitability analyses would start with _____ less returns and allowances (net sales) and subtract the cost of goods sold.
Traditional customer profitability analyses would start with gross sales less returns and allowances (net sales) and subtract the cost of goods sold.
Traditional customers are people who don't often use their utility. In actuality, this occurs once a month, either when the bill is received or when it is time to file a complaint because something is wrong. For many clients, the potential advantages do not outweigh the time spent communicating with their energy provider.
Making sure consumers are satisfied with their purchases and their experiences in general is the goal of good customer service. Businesses can utilize technical methods , traditional customer methods (interacting with a real human being), or a combination of both.
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A market is described by the following supply and demand curves: QS = 4P QD = 400−P The equilibrium price is $ and the equilibrium quantity is. Suppose the government imposes a price ceiling of $60. This price ceiling is , and the market price will be $. The quantity supplied will be , and the quantity demanded will be. Therefore, a price ceiling of $60 will result in. Suppose the government imposes a price floor of $60. This price floor is , and the market price will be $. The quantity supplied will be and the quantity demanded will be. Therefore, a price floor of $60 will result in. Instead of a price control, the government levies a tax on producers of $10. As a result, the new supply curve is: QS = 4(P−10) With this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be. The passage of
The equilibrium price of the market described by the given supply and demand curves is $200 and the equilibrium quantity is 200 units.
When the government imposes a price ceiling of $60, it is a legally mandated maximum price that sellers are allowed to charge. This price ceiling is below the equilibrium price and therefore, it will create a shortage in the market. The market price will be $60 and the quantity supplied will be 160 units, while the quantity demanded will be 240 units. Therefore, a price ceiling of $60 will result in a shortage of 80 units.
When the government imposes a price floor of $60, it is a legally mandated minimum price that sellers are allowed to charge. This price floor is above the equilibrium price and therefore, it will create a surplus in the market. The market price will be $60 and the quantity supplied will be 240 units, while the quantity demanded will be 160 units. Therefore, a price floor of $60 will result in a surplus of 80 units.
Instead of a price control, the government levies a tax on producers of $10. This tax will increase the cost of production for the sellers, shifting the supply curve upwards by $10. With this tax, the new equilibrium price will be $190, the quantity supplied will be 180 units, and the quantity demanded will be 220 units.
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Sold goods whose list price is 5000 to rakesh at 6% trade discount and 1% cash discount he paid 60% price in cash jornal entry
The journal entry will be:
Debit: Accounts Receivable 2766
Credit: Sales 5000
Debit: Discounts Allowed 317
Credit: Trade Discount Allowed 300
Credit: Cash Discount Allowed 17
How to depict the journal entry?To record the sale of goods to Rakesh at a trade discount and cash discount, you would make a journal entry to debit Accounts Receivable (for the amount Rakesh will pay on credit) and credit Sales (for the revenue from the sale). The entry would also need to include any applicable discounts.
The trade discount is calculated by multiplying the list price of the goods by the trade discount percentage (6% in this case), so the trade discount would be:
5000 x 6% = 300
The cash discount is calculated by multiplying the list price minus the trade discount by the cash discount percentage (1% in this case), so the cash discount would be:
(5000 - 300) x 1% = 17
The total discounts is trade discount + cash discount
300 + 17 = 317
The amount Rakesh paid in cash would be calculated by multiplying the list price minus the discounts by the percentage he paid in cash (60% in this case), so:
(5000 - 317) x 60% = 2766
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What does the concept of scarcity explain?choose three answers
The concept of scarcity explains:
why consumers are willing to pay high prices for items.why decisions must be made on how to use resourceswhy a single resource has more value than another resource.Scarcity as an economic idea "refers back to the basic reality of lifestyles that there exists most effective a finite quantity of human and nonhuman resources which the first-rate technical expertise is capable of the usage of to provide most effective restricted most amounts of each economic appropriate. shortage in economics refers to whilst the call for for a resource is greater than the deliver of that aid, as assets are limited. shortage consequences in purchasers having to make selections on how high-quality to allocate assets a good way to satisfy all simple needs and as many desires as feasible. shortage refers back to the confined availability of a useful resource in contrast to the infinite desires. shortage may be with appreciate to any natural assets or with admire to any scarce commodity. scarcity can also be called paucity of sources.
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Answer:
why consumers are willing to pay high prices for items.
why decisions must be made on how to use resources
why a single resource has more value than another resource.
Explanation:
why a product could lose significant value over time.
why people continue to purchase different products.
why consumers are willing to pay high prices for items.
why decisions must be made on how to use resources
why resources can be both renewable and nonrenewable.
why a single resource has more value than another resource.
(i took the test)
suppose that both firms start off by deciding not to advertise. if the firms act independently, what strategies will they end up choosing?
Suppose that both firms start off not advertising. If firms act independently, what strategies will they end up choosing (option B) - Both firms will advertise)
An advert is a mass or public media message with is designed to convince people to but into a product, service or an idea.
Both businesses will decide to run ads. This is so that regardless of what the other company does, both businesses benefit more from advertising.
Both businesses will decide against advertising. This is due to the Nash equilibrium of 9,9 where both companies promote being better than 11 million profit.
This is justified by the fact that neither business needs to market because doing so increases expenses and decreases revenue.
Hence, it is correct to state rival firms will end up advertising.
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Full Question:
Suppose that both firms start off not advertising. If firms act independently, what strategies will they end up choosing?
A) fizzo will choose not to advertise and Pop Hop will choose to advertise.
B) Both firms will advertise
C) Both firms will choose NOT to advertise
D) Fizzo will chose to advertise and Pop will choosenot to advertise.
which of the following is true about goods and service? A. goods are physical while services are intangible. OR B. services are usually provided at a distance while goods are produced locally.
Answer:
B) Goods are provided at a distance while goods are produced locally
Explanation:
Think this: Are goods (things like foods, and toys) at your LOCAL grocery store?
Also think this: Services at provided at a distance, because their things not always local. (aka: doctors offices etc)
HOPE THIS HELPS! :)
Answer:Goods are physical while services are intangible.
Explanation:
The account balances in the ledger of Sari-Sari Store Inc. on December 31,1996 were as follows: The following transactions occured during the year 1997: 1. Sales totaled Php 815,000,40% of which was received in cash. The cost of merchandise sold amounted to 50% of sales. However, sales returns amounted to Php 5,000 . This was to be deducted from the customer's account. 2. Fire insurance for 1998 amounting to Php 10,000 was paid. 3. Inventory amounting to Php 500,000 was purchased on credit. 4. Sari-Sari Store Inc. secured a bank loan amounting to Php 100,000 at an interest of 12% per year. Interest is to be paid every three months. The loan was signed on September 1, 1997. 5. The following expenses were paid for in cash: 6. Wages representing salary of casual employees for the last two weeks of December 1997 amounted to Php 25,000 . This is to be paid only on January 15,1998 . The company was forced to hire additional workers during the peak season. 7. The company declared on November 10, 1997 a cash dividend of Php 100,000 to its stockholders which is to be paid on February 1, 1998. 8. Depreciation for the year was estimated at Php 10,000. 9. The company issued additional stocks amounting to Php 30,000 at par value but which were bought for Php 50,000. 10. The company belongs to the 35% government tax bracket. Taxes on a firm's earnings for the accounting period are paid during April of the following year. Requirements: - Journalize all transactions. - Prepare the Balance Sheet and Income Statement for Sari-Sari Store Ince, as of the end of the year 1997.
To properly journalize the transactions and prepare the financial statements for Sari-Sari Store Inc. for the year 1997, you need detailed breakdown of each transaction along with the necessary journal entries.
Here are the journal entries and financial statements:
Journal Entries:
Sales:
Debit: Accounts Receivable - Customers (40% of Php 815,000)
Debit: Sales Returns and Allowances (Php 5,000)
Credit: Sales Revenue (Php 815,000)
Cost of Goods Sold:
Debit: Cost of Goods Sold (50% of Sales Revenue)
Credit: Inventory (50% of Php 815,000)
Fire Insurance:
Debit: Prepaid Expenses (Fire Insurance) (Php 10,000)
Credit: Cash (Php 10,000)
Inventory Purchase on Credit:
Debit: Inventory (Php 500,000)
Credit: Accounts Payable (Php 500,000)
Bank Loan:
Debit: Cash (Php 100,000)
Credit: Notes Payable (Php 100,000)
Cash Expenses:
Debit: Wages Expense (Php 25,000)
Credit: Cash (Php 25,000)
Dividends Declared:
Debit: Retained Earnings (Php 100,000)
Credit: Dividends Payable (Php 100,000)
Depreciation Expense:
Debit: Depreciation Expense (Php 10,000)
Credit: Accumulated Depreciation (Php 10,000)
Additional Stock Issued:
Debit: Cash (Php 50,000)
Credit: Common Stock (Par Value) (Php 30,000)
Credit: Additional Paid-in Capital (Php 20,000)
Balance Sheet - December 31, 1997:
Assets:
Cash: Total Cash Balance
Accounts Receivable: Total Balance
Inventory: Total Balance
Prepaid Expenses (Fire Insurance): Php 10,000
Total Assets: Sum of the above balances
Liabilities:
Accounts Payable: Total Balance
Notes Payable: Php 100,000
Dividends Payable: Php 100,000
Total Liabilities: Sum of the above balances
Equity:
Common Stock: Par Value + Additional Paid-in Capital
Retained Earnings: Opening Balance + Net Income - Dividends Declared
Total Equity: Sum of Common Stock and Retained Earnings
Income Statement - Year 1997:
Sales Revenue: Php 815,000
Less: Sales Returns and Allowances: Php 5,000
Net Sales: Sales Revenue - Sales Returns and Allowances
Cost of Goods Sold: Calculated from the journal entry
Gross Profit: Net Sales - Cost of Goods Sold
Operating Expenses: Sum of Wages Expense and Depreciation Expense
Net Income: Gross Profit - Operating Expenses
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