<u>Solution and Explanation:</u>
<u>The status of each of the given case is as follows:
</u>
person Status Explanation
A Employed He is already working as a coach
B Unemployed Been laid off and also looking for a job
C Not in the labor force Since he was willingly off from the work and he is not actively looking for another work
D Not in the labor force Since she is not actively looking for another work.
E Employed As he is working on novel
F Not in the adult population Since he is 10- year old and is also a student
<u>Labor force participation</u> = Number of labor force divided by Adult population = 3 divided by 5 = 60 percent
Thus, the option D is correct answer.
<u>Unemployment rate </u>= Number of unemployed divided by labor force
= 1 divided by 3 = 33.33 percent
Therefore, the correct option is A option.
Answer:
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Explanation:
Answer:
The fixed asset turnover ratio is closest to 3.62.
Explanation:
The fixed asset turnover ratio can be calculated using the following formula:
Fixed asset turnover ratio = Net sales revenue / Average fixed assets …….. (1)
Where:
Net sales revenue = $1,420,000
Average fixed assets = (Beginning balance of fixed assets + Ending balance of fixed assets) / 2 = ($378,000 + $406,000) / 2 = $392,000
Substituting the values into equation (1), we have:
Fixed asset turnover ratio = $1,420,000 / $392,000 = 3.62
Therefore, the fixed asset turnover ratio is closest to 3.62.
Answer:
1. Journal entries are quicker and more comfortable in the manual accounting
2. Posting is easier in computer software-based accounting
3. Trial balance adjustment in manual accounting is tricky. However, a lengthy process may pose a challenge for computerized accounting.
4. Financial statements are more straightforward in software-based accounting than manual accounting
Explanation:
The introduction of accounting software such as QuickBooks has transformed the working for accounting professionals. The conventional accounting system replacement has made the job more comfortable. However, there are new challenges added, such as learning the software, making error-free inputs, and pace of computer-related entries. However, considering that once these skills are learned, the overall job is easier than before.
1. Journal entries in manual are made quicker, and errors can be rectified. However, entries are linked automatically to their respective ledgers that solve the challenges with compound entries
2. Posting is simpler in software as the general ledger is created on a single click. Manual posting requires time and efforts
3. Adjusted entries need to manual input in conventional method to create the adjusted trial balance whereas, in software, its added through adjusting journal entries.
4. Financial statements are much more straightforward in software as they are available on one click, whereas in manual accounting, they are required to be calculated.
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