1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Marianna [84]
3 years ago
7

Regardless of the index we use:

Business
1 answer:
Vitek1552 [10]3 years ago
6 0

Answer:

b. we should get an accurate picture of how all consumer goods and services prices changed from year to year.

Explanation:

Wether it is ased on a fixed goods of goods or based on a changing goods of goods that gets old after time, we should check how is it work with this policy

The goal for the index is to adjust the value of assets by the inflation rate to calcualte the loss for having dollar bills.

You might be interested in
Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2007, Cecil Jameson, Attorne
Kisachek [45]

Answer:

1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2007.

equity = assets - liabilities = $15,050 - $1,530 = $13,520

2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases resulting from each transaction and the new balances after each transaction.

since there is not enough room here, I used an excel spreadsheet

   

3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2007.

Cecil Jameson, Attorney-at-Law

Income Statement

For the month ended July 31, 2007

Service revenue                                                       $5,953

Expenses:

  • Paralegal services $1,635
  • Wages expense $850
  • Rent $1,200
  • Answering service expense $250
  • Utilities expense $325
  • Supplies expense $115
  • Miscellaneous expense $75                           <u>$4,450</u>

Operating income                                                     $1,503

Cecil Jameson, Attorney-at-Law

Balance Sheet

For the month ended July 31, 2007

Assets:

Cash $6,873

Accounts receivables $2,225

Supplies $980

Land $10,000

Total assets $20,078

Liabilities:

Accounts payable $720

Paralegal fees payable $1,635

Total liabilities $2,355

Equity:

Jameson, Cecil, capital $18,723

Jameson, Cecil, drawings -$1,000

Total equity $17,723

Liabilities + Equity = $20,078

Cecil Jameson, Attorney-at-Law

Statement of Owner’s Equity

For the month ended July 31, 2007

Jameson, Cecil, capital balance July 1, 2007       $13,520

Investment during the month                                  $3,700

Net income                                                                <u>$1,503</u>

Subtotal                                                                    $18,723

Drawings                                                                  <u>($1,000)</u>

Jameson, Cecil, capital balance July 31, 2007     $17,723

4. (Optional). Prepare a statement of cash flows for July.

Cecil Jameson, Attorney-at-Law

Statement of Cash Flows

For the month ended July 31, 2007

Cash flows from operating activities  

Net income                                                                  $1,503

Adjustments to net income:

  • Decrease in accounts receivables $975
  • Decrease in accounts payables ($810)
  • Increase in supplies inventory ($130)
  • Increase in paralegal fees payable $1,635       <u>$1,670</u>

Net increase in cash from operating activities          $3,173

Cash flows from investing activities                                $0

Cash flows from financing activities  

Additional paid in capital                                           $3,700

Drawings                                                                    <u>($1,000)</u>

Net increase in cash from financing activities         $2,700

Net increase in cash                                                  $5,873

Cash balance July 1, 2007                                        <u>$1,000</u>

Cash balance July 31, 2007                                      $6,873

Download pdf
5 0
3 years ago
Business behavior determines the ethics of society.We can improve society's moral and ethical behavior by first making a commitm
valkas [14]

Answer: The correct answer is False.

Explanation:

Business behavior will not determine the ethics of society. Businesses can't be responsible to change the moral and ethical behaviors of a single person or an entire world. Only a person can change their own behavior. A society in whole can only be changed by each person acting upon their own free will.

If a business is not ethical, then they need to change the way they work and do business and lead by example.

7 0
3 years ago
Lucci Inc. is a retailing firm specializing in high-end merchandise. Each of Lucci's stores uses the retail inventory method by
ludmilkaskok [199]

Answer:

1 Line item description                Cost                Retail

2 Beginning inventory                 40000            360000

3 Purchases                                  1000000        10000000

4 Transportation in                       50000

5 Purchase returns                      -20000          -196000    

6 Net purchases(3+4+5)             1030000        9804000

7 Net additional markups                                    800000    

8 Cost to retail ratio                     1070000       10964000

  component(2+6+7)

9 Net markdowns                                                -500000    

10 Sales                                                                  -9800000    

11 Ending inventory,retail(8+9+10)                       664000

Setup calculation:

Cost to retail ratio = Cost to retail ratio component at cost/Cost to retail ratio component at retail

= 1070000/10964000

= 0.097592

= 9.76%

Ending inventory,cost = Ending inventory,retail*Cost to retail ratio

= 664000*9.76%

= $64806

Cost of goods sold = Sales*Cost to retail ratio

= 9800000*9.76%

= $956480

7 0
2 years ago
Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect: Mul
masha68 [24]

Answer:

Jackie's income, as she now needs to buy Converse and will have less to spend on other goods.

Explanation:

Jackie is a fashionista and so she would respond to trends. Since everyone around her is wearing converse, she would want to wear converses too. so her income would be affected as it would be reduced as she would buy the converse.

8 0
3 years ago
It is pizza night at the murphy home and everyone has an opinion about what they should get as a topping on the pizza. which cho
pishuonlain [190]

This isn't really a business question, but generally vegetables would be a healthier choice for a pizza topping instead of meats and cheeses.

7 0
3 years ago
Read 2 more answers
Other questions:
  • The unemployment rate of: a. teenagers is much higher than that of adults. b. women greatly exceeds that of men. c. whites is ro
    9·1 answer
  • What happens if the amount of uncollectible account expense is overstated at year end?
    15·1 answer
  • What is the correct percentage of texas teachers charged with ethics violations each year?
    7·1 answer
  • Preston wants to be an accountant. When he decides on a college education, which would be the best choice for this career?
    9·2 answers
  • When stock prices decline steadily, investors refer to the market as a ________ market.?
    5·2 answers
  • Treasury bonds have what maturity date?
    5·2 answers
  • Oriole Company purchased for $8,767,800 a mine that is estimated to have 48,710,000 tons of ore and no salvage value. In the fir
    8·1 answer
  • Alejandro works nights at a restaurant. His job is to prepare drinks for customers. He serves drinks directly to customers who s
    15·2 answers
  • My name marsh, ninja
    15·1 answer
  • Concord Corporation is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Concord made
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!