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GenaCL600 [577]
3 years ago
11

Evan and Sia Steele are wealthy entrepreneurs who are very interested in helping children who have been abused. What philosophy

would they choose to implement?
Business
1 answer:
mamaluj [8]3 years ago
4 0

Answer:

Philanthropy

Explanation:

Philanthropy is when a person or a group of people take it as their own responsibility to advance welfare of others particularly by giving money them as a generous donation in order to eliminate social problem. The purpose of philanthropy is to contribute to improvement in the welfare of humankind through the prevention of and provision of solution to social problems.

Philanthropy and charity overlap but they are different. The aim of charity is to eradicate the suffering caused by social problems, while philanthropy aims to eradicate the social problems that is causing the suffering. For instance, it is charity when food is offered to a person who is being affected by a famine. The food will only provide short term solution as they will again suffer from hunger later in the future. However, philanthropy is when people are trained on how to grow food as this will eradicate the social problem which is the source of hunger.

Therefore, rendering assistance by Evan and Sia Steele to children who have been abused is a philanthropic gesture.

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Mills Corporation acquired as a long-term investment $230 million of 8% bonds, dated July 1, on July 1, 2021. Company management
frosja888 [35]

Answer:

1) July 1, 2021, bonds purchased at a premium

Dr Investment in bonds 230,000,000

Dr Premium on bonds 30,000,000

    Cr Cash 260,000,000

Sine the price paid for the bonds was higher than the face value, they were purchased at a premium.

2) December 31, 2021, coupon payment received from investment in bonds

Dr Cash 9,200,000

    Cr Interest revenue 7,800,000

    Cr Premium on bonds 1,400,000

amortization of bond premium = (260,000,000 x 3%) - 9,200,000 = -1,400,000

3) investment in bonds balance = $260,000,000 - $1,400,000 = $258,600,000

4) January 2, 2022, bonds sold

Dr Cash 270,000,000

    Cr Investment in bonds 230,000,000

    Cr Premium on bonds 28,600,000

    Cr Gain on sale of investment 11,400,000

Gain on sale = selling price - carrying value of investment = $270,000,000 - $258,600,000

3 0
3 years ago
Petrus Framing's cost formula for its supplies cost is $2,300 per month plus $6 per frame. For the month of March, the company p
Alchen [17]

Answer:

$30 Favorable

Explanation:

Calculation for the activity variance for supplies cost in March

Using this formula

Activity variance = (Actual units - Budgeted units) * Variable cost

Where,

Actual units=856

Budgeted units=861

Variable cost=$6

Let plug in the formula

Activity variance=(856-861) * $6

Activity variance=5*$6

Activity variance=$30 Favorable

Therefore the activity variance for supplies cost in March would be closest to: $30 Favorable

8 0
3 years ago
Which of the following can result from inflation in the United States?
Semenov [28]

Answer:

b. Investors buy products in other countries.

Explanation:

Inflation causes higher cost of production for manufacturer which then charge high cost for the products. Thus, if there is inflation in US, product cost will skyrocket thus companies will buy products from other countries where the product might be at a cheaper cost.

4 0
2 years ago
The costs incurred before opening a business​
True [87]

The expenditure incurred prior to the incorporation of an enterprise is to be considered as a pre-incorporation capital expenditure. The expenditure incurred prior to the 'setting-up of business' is to be considered as a pre-operative capital expenditure.

8 0
3 years ago
Recording Transactions Using Journal Entries and T-Accounts Receive $40,000 cash in exchange for common stock. Purchase $4,000 o
Paladinen [302]

Answer:

a. See the explanation below for the journal entries.

b. each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a zero ending balance.

Explanation:

a. Recording Transactions Using Journal Entries

The journal entries will look as follows:

<u>Accounts Name                               Dr ($)                 Cr ($)    </u>

Cash                                               40,000

Common stock                                                         40,000

<em><u>(To record cash receipts for common stock.)                          </u></em>

Inventory                                           4,000

Accounts payable                                                      4,000

<em><u>(To record inventory purchase.)                                               </u></em>

Account receivable                          6,000

Sales                                                                           6,000

<em><u>(To record credit sales.)                                                            </u></em>

Cost of sales                                     4,000

Inventory                                                                     4,000

<em><u>(To record cost of sales.)                                                             </u></em>

Cash                                                  3,000

Account receivable                                                    3,000

<u><em>(To cash collected from credit sales.)                                        </em></u>

Equipment                                       10,000

Note payable                                                            10,000

<em><u>(To record purchase of equipment by issuing note.)                </u></em>

Wages                                               2,000

Cash                                                                            2,000

<em><u>(To record wages paid in cash.)                                                 </u></em>

Note payable                                   10,000

Cash                                                                            10,000

<em><u>(To record note due paid.)                                                           </u></em>

Dividend                                            4,000

Cash                                                                             4,000

<em><u>(To record cash dividend paid.)                                                   </u></em>

b. Recording Transactions Using T-Accounts

Note: See the attached excel file for the  T-Accounts.

From the attached excel file, each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a no or zero ending balance.

Download xlsx
8 0
3 years ago
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