Which statement best describes a command economy?

Before she began interviewing candidates for a sales position, Sonja prepared a written set of questions based on the job descri

Andrei [34K]

Answer: Structured interview

Explanation:

The structured interview is one of the type of method that is used in the quantitative research process that ensure that the order of questions in the interview in similar manner.

It is one of the effective method that is typically introduced to overcome all the disadvantages of the traditional interview method. The main benefit of the structured interview is that it is one of the fastest way for comparing the performance of the candidate.

According to the given question, Sonja prepared the questions for the interview based on the given description of the job and this planning process is known as the structured interview.

Therefore, Structured interview is the correct answer.

3 0

4 years ago

Many different project life cycle models are used for different types of projects, such as information systems, improvement, res

n200080 [17]

Answer:

True

Explanation:

For different types of projects, many different projects life cycle models are used, such as data management , advancement, research and technology.

In general, a life cycle for a program includes a number of stages controlled by a set of decisions that verify that the scheme is mature sufficiently leave one phase and join the other.

Therefore following statement is TRUE.

8 0

3 years ago

Mr. divers retired last year with a small pension. he also has a mutual fund account made entirely up of stable fixed-rate bonds

Morgarella [4.7K]

Mr. Divers will be affected bey th unatnticpated inflation causng his retirement account to be worth less in the future than before inflation. Due to inflation, the prices of goods and services rise causing his money to be spent in a shorter time period on less items then it would have if it were spent without any type of inflation issues.

7 0

4 years ago

Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security ta

Lina20 [59]

Answer:

1. Dr Wages Expense200,000

Cr Social Security Tax Payable 10,800

Cr Medicare Tax Payable 3,000

Cr Employees Federal Income Tax Payable 32,000

Cr Wages Payable 154,200

2. Dr Payroll Tax Expense15,264

Cr Social Security Tax Payable10,800

Cr Medicare Tax Payable3,000

Cr State Unemployment Tax Payable 1,272

Cr Federal Unemployment Tax Payable 192

Explanation:

1. Preparation of Journal entry to record the payroll for the week of December 10.

Dr Wages Expense200,000

Cr Social Security Tax Payable 10,800

($180,000 x 6%)

Cr Medicare Tax Payable 3,000

($200,000 x 1.5%)

Cr Employees Federal Income Tax Payable 32,000

Cr Wages Payable 154,200

[200,000-(10,800+3,000+32,000)]

2) Preparation of the Journal entry to record the payroll tax expense incurred for the week of December 10.

Dr Payroll Tax Expense15,264

(10,800+3,000+1,272+192)

Cr Social Security Tax Payable10,800

Cr Medicare Tax Payable3,000

Cr State Unemployment Tax Payable 1,272

($24,000 x 5.3%)

Cr Federal Unemployment Tax Payable 192($24,000 x 0.8%)

6 0

3 years ago

Martinez, Inc. acquired a patent on January 1, 2017 for $41,800 cash. The patent was estimated to have a useful life of 10 years

salantis [7]

Answer:

Martinez, Inc. acquired a patent on January 1, 2017 for $41,800 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2018, before any adjustments were recorded for the year, management determined that the remaining useful life was 6 years (with that new estimate being effective as of January 1, 2018). On June 30, 2019, the patent was sold for $26,800. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Required:

a. Prepare the journal entry to record the acquisition of the patent on January 1, 2017.

b. Prepare the journal entry to record the annual amortization for 2017.

c. Compute the amount of amortization that would be recorded in 2018. (Round your final answer to the nearest whole dollar.)

d. Determine the gain (loss) on sale on June 30, 2019. (Round your intermediate calculations and final answer to the nearest whole dollar.)

e. Prepare the journal entry to record the sale of the patent on June 30, 2019. (Round your intermediate calculations and final answer to the nearest whole dollar.)

a) Journal Entry to record acquisition of patent:

January 1, 2017:

Debit Patent Account with $41,800

Credit Cash Account with $41,800

Being acquisition of patent with cash

b. Prepare the journal entry to record the annual amortization for 2017.

Annual amortization = $41,800/10 years = $4,180

Journal entry to record the annual amortization for 2017:

December 31, 2017

Debit Amortization Expenses with $4,180

Credit Accumulated Patent Amortization with $4,180

Being 2017 amortization expense.

c. Compute the amount of amortization that would be recorded in 2018. (Round your final answer to the nearest whole dollar.)

New amortization for 2018 would be ($41,800 - $4,180) /6 years = $6,270

d. Determine the gain (loss) on sale on June 30, 2019. (Round your intermediate calculations and final answer to the nearest whole dollar.)

Loss on sale on June 30, 2019:

Patent Account minus accumulated amortization to date

2019 Amortization up to June 30, 2019 = $6,270/2 = $3,135

Accumulated amortization = 2017 + 2018 + 2019 amortizations

= $(4,180 + 6,270 + 3,135) = $13,585

Patent Book Value = $41,800 -$13,585 = $28,215

Loss on sale = Sales minus book value = $(26,800 - 28,215) = ($1,415)

e. Prepare the journal entry to record the sale of the patent on June 30, 2019. (Round your intermediate calculations and final answer to the nearest whole dollar.)

Journal entries to record the sale of the patent on June 30, 2019:

June 30, 2019:

Debit Cash with $26,800

Debit Loss on Sale with $1,415

Credit Patent Account with $ $28,215

Being cash and loss realized on sale of patent.

Debit Amortization with $3,135

Credit Accumulated Amortization with $3,135

Being amortization expense for 6 months.

Debit Accumulated Amortization with $13,585

Credit Patent Account with $13,585

Being entries to close the accounts.

Explanation:

Amortization is the depreciation term for intangible assets. While tangible assets are depreciated over their useful life, intangible assets are amortized.

The essence is to match revenue over the periods for which the cost was incurred in accordance with GAAP.

Similar treatments are given to amortization like depreciation, including annual expensing, accumulation, and loss and gain on sale or retirement of the intangible.

5 0

3 years ago