For instance, take a 1 million advertising campaign. Study with Quizlet and memorize flashcards containing terms like All income statement accounts will be closed at the end of the period., assets liabilities and owner's equity are permanent (real) accounts and do not get closed at the end of the period, balance sheet accounts and more. A customer who purchased merch on account requested an allowance on a merch purchase due to its poor quality, but he didn't return the merch. Expenses are reported in the same period as the revenues to which they relate. Assuming that the purchase was originally bought on credit, demonstrate the required journal entry. D. margin of safety. Which of the following is not an example of Protected Health Information (PHI)? c. Assist with completing and collecting completed applications. As some firms grow in size their unit costs begin to fall because of: - purchasing economies - when large businesses often receive a discount because they are buying in bulk. a. There is no beginning or ending inventory in stock, and no backorders are permitted from period to period. $$ Purchased stock for cash b. |Cash| $\$10,000$ | The balance of the Office Supplies account was$810. The difference between net sales and the cost of the goods sold. Assets that are expected to be owned and used in business operations for longer than one year. \boldsymbol{y}= \\ On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. The credit terms stand for net 15 days after end of month. buyer debits Merchandise Inventory and credits Cash. Study with Quizlet and memorize flashcards containing terms like The formula for straight-line depreciation is a. Recall that the Merchandise Inventory is considered a(n) _____ (current/ plant/ intangible) asset on the _____ (balance /income) _____ (sheet/ statement) of a merchandiser using the periodic inventory system. Supplies for office use were purchased during the year for $540, of which $120 remained on hand (unused) at year-end. From October 1st to October 14th, which activity is not permissible by brokers/agents? Demonstrate the required journal entry on X Mart's books to record the allowance. Page 285: Applications. If payment is made on December 16, demonstrate the required journal entry to record under the perpetual inventory system. A broker/agent may be terminated for cause if they fail to comply with a compliance investigation, encourage others to avoid the compliance interview process, or fail to provide truthful or complete information. 7.65% of $31,745. Assets that are expected to either be converted into cash or expire (be used up) within one year of the balance sheet. and more. |Sales (estimated)| $\$500,000$ | |--|--| Study with Quizlet and memorize flashcards containing terms like Each of the following are examples of a merchandising company except:, Gross profit is:, A company reports net sales of $600,000, cost of goods sold of $200,000, and net income of Shows the changes in cash for a period of time (same as income statement period). Which one of the following terms is defined as a conflict of interest between the corporate shareholders and the corporate managers? \end{array} \\ The required journal entry to record the sale and cost of the sale would be: debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400. A merchandiser has four closing journal entries at the end of an accounting cycle. \begin{aligned} Clarice Johnson put 1,489 miles on her car in June. Exercise 1. ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping point. e. Adjusting entries affect the cash account. Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20. Exercise 3. The _________ plan is expected to have one of the lowest premiums in the country! When a paper SOA form is used, it must be completed __________ hosting the sales presentation. Round answer to the nearest thousandth. On June 1, it sold $7,000 of merchandise for cash. A set of accounting reports that convey economic and financial information to outside users such as creditors and investors. A broker/agent who has never had any verbal warnings cannot be issued a Corrective Action Plan. b. Study with Quizlet and memorize flashcards containing terms like Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a a. credit to Customer Refunds Payable b. debit to Inventory c. credit to Inventory d. debit to Cash, Using a perpetual inventory system, the entry to record the sale of merchandise on account a. She feels that she can disclose one figure titled "Property, plant, and equipment, net of depreciation." Centene has new PPO D-SNP product expansion in CT, IN, KS, KY, MS, OH, OK, PA, SC, and a new HMO D-SNP in LA. e. One month of Prepaid Rent has expired,$2,700. and more. It is an inventory system that updates the accounting records for merchandise transactions ONLY at the end of a period. Total costs and expenses (estimated) | 400,000 | |Current payables| 88,000| unit contribution margin unit selling price variable expense per unit fixed expense per unit, Break-even point is the level of sales at which _____ total profits equals total costs total Prior to b. A more reasonable allocation would have been 20% to the land and 80% to the building. Wellcare does not need to be informed of all marketing/sales events at which plans or materials will be presented or distributed (Formal & Informal). $$. A business owned by a solitary individual who has unlimited liability for its debt is called a: Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. 4 & 14.0 & 1.0 & 125 & 277 \\ The Merchandise Inventory account on a classified balance sheet is reported in the: LOL Store uses the periodic inventory system to account for its merch. Why? Marketers must decide whether to incorporate rational or emotional appeals in a communications strategy. a. the profits of a sole proprietorship are subject to double taxation b. Big businesses can develop many levels of hierarchy which slow down communication or even lead to miscommunication. \end{aligned} Sales Discount is a contra-_____ (expense/ revenue/ asset) account and is increased with a _____ (debit/ credit). B. debit Accumulated Depreciation; credit Depreciation Expense. ", For laws to be effective, there must be courts to interpret them consistently. It is important not to confuse total cost with average cost. Additional necessary costs of $800 were incurred to acquire the goods. Study with Quizlet and memorize flashcards containing terms like 1. No other incentives or discounts were available. Former's management has made the following budget estimates regarding operations for the current quarter: b. ____ PDPs will be offered across all 50 U.S. states and Washington, D.C. All PDPs will continue to offer $0 tier 1 preferred cost-sharing through CVS Medication Home Delivery (Mail Order). Smithers pays $2,200 in annual health insurance premiums (not through an exchange) for his own medical care. \textbf { Employee } & \textbf { Hourly Rate } \\ Its ending current payables balance is expected to be $\$ 22,000$ more than its beginning balance. Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle. vii. Study with Quizlet and memorize flashcards containing terms like Smithers is a self-employed individual who earns $30,000 per year in self-employment income. If overtime costs per unit rise from $\$ 1,300$ to $\$ 1,400$, will your answer to (a) change? False, When a paper SOA form is used, it must be completed _____ hosting the sales presentation. and the result will be a low figure. \end{array} & \begin{array}{c} Of Former's total costs and expenses, $\$ 20,000$ is quarterly depreciation expense, and $\$ 20,000$ represents the expiration of prepayments. Which U.S. federal court does this excerpt from the textbook describe? (a) Write the mathematical formula for a standardized variable **Instructions** ***Instructions*** ||Market failure| |Cause|Effect| Both types of business make adjustments for depreciation. For the $15$-year choice. The original cost of the goods was $400. On May 14, X Mart purchased $500 of merch with terms of 3/15,n/40. The Court has used the Lemon test to rule the most public aid to religious schools is unconstitutional. For newer properties, the assessor deducts any realistic depreciation and looks at the costs of building materials and labor, including these figures in the final value of the property. The Wellcare preferred pharmacy network includes Walgreens, CVS, and many grocery chains in 2023. a. Study with Quizlet and memorize flashcards containing terms like Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? They either operate in service industries such as hairdressing where there are few opportunities for economies of scale, or they offer high priced, premium, niche products. Would you focus on the actual state or the desired state? The changes in equity for a period of time (same period as income statement). d. maximum loss limited to the capital invested. Which elements are available as part of Wellcare's sales support model? a. Prior to completing the enrollment form, you should always confirm the beneficiary's primary care physician (PCP) and/or specialists. d. Salaries owed to employees, $850. \end{array} At the beginning of the current quarter, the company reports the following selected account balances: . A single-step income statement can be identified by? Debit Cash $980; debit Sales Discount $20; credit Accounts Receivable $1,000. Which one of the following best describes the primary advantage of being a limited partner instead of a general partner? The bonds pay annual interest on each January 1. ix. However, it will not disclose the age of the assets. What statement best expresses what he Court is saying about freedom of expression? The adjusting entry to record the depreciation of a building for the fiscal period is A. debit Building; credit Depreciation Expense. c. An electronic SOA submitted in Ascend must be in a Pending status prior to beginning the appointment. Exercise 5. C. total cost Brokers/Agents must meet all required contracting, training, and certification requirements to be eligible to sell Wellcare's Medicare Products. The remaining 35 percent are collected in the following quarter. For FOB destination, the transportation costs are paid by, seller debits delivery expense and credits cash, For FOB shipping point, the transportation costs are paid by. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Use the graphic organizer below to identify the main causes of market failures. The Supreme Court supports the right of citizens to have a handgun in their home if they are using it for self-defense, The Court of Appeals for the Armed Forces is, A civilian tribunal that reviews verdicts rendered by military courts-martial. Service Revenue accrued, $2,600. What were Keynes's three conjectures about the consumption function? c. Sales Service Revenue accrued, $2,600. c. Office Supplies on hand, $675. Select the best choice from among the possible answers given. In each of the following situations, determine the amount of the deductible health insurance premium for Health plan fax numbers vary for health plans that offer fax enrollment submissions. Study with Quizlet and memorize flashcards containing terms like Porters Five Forces use [State], What theory is Porters Five Forces based on?, How does Porters Five Forces differ from SWOT? She proposes the following. As a firm grows in size its total costs rise because it is necessary to use more resources. It shows only one total for all expenses. For 2023, Ascension Complete added 27 new counties to their footprint. Determine which of the statements below are CORRECT, when a company, using the periodic inventory system, completes a worksheet. and more. There are ___ LIS copay categories that could be assigned to a member, depending on the level of need. CH. Former Corporation sells office supplies to government agencies. c. has a greater ability to raise capital than a sole proprietorship. Which one of the following is a working capital management decision? Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000. The data needed to determine year-end adjustments are as follows: a. Smithers pays $2,200 in annual health insurance premiums (not through an exchange) for his own medical care. Prepare a direct materials budget for the second quarter. The company reimburses Clarice $\$ 0.35$ a mile for business use. Large firms have lower unit costs than small firms because these fixed costs are spread more thinly over higher sales volumes. 1. the term used to refer to the loss of inventory due to theft, breakage or deterioration. This price resulted in a 6% effective-interest rate on the bonds. For newer properties, the assessor deducts any realistic depreciation and looks at the costs of building materials and labor, including these figures in the final value of the property. If a million items are sold the unit cost falls to just one pound. c. determining how much debt should be assumed to fund a project. Approximately 65 percent of its sales are collected in the quarter in which they are made. when the bin is full, it is sent to a TSDF for disposal. e. deciding whether or not to purchase a new machine for the production line. 5 & 11.6 & 1.5 & 55 & 721 \\ QN=108 An adjusting entry could be made for each of the following except: QN=109 An adjusting entry could be made for each of the following except: QN=110 An adjusting entry could be made for each of the following except: QN=111 An adjusting entry could be made for each of the following except: QN=112 An adjusting entry could be made for each of the following except: QN=113 An adjusting entry could be made for each of the following except: QN=1 14 The expense created by allocating the cost of fixed assets to the periods in which they are used, representing the expense of using the assets, is called. A) An agent may not share a commission with anyone who does not have a license and appointment for the type of e. What is the probability that the random variable $X$ is greater than$20 ?$. A business created as a distinct legal entity and treated as a legal "person" is called a: Which one of the following is a capital structure decision? On Jan 5, a customer returned merchandise that had been purchased earlier on credit. Historical and Exponential Depreciation. What is the difference between original jurisdiction and appellate jurisdiction? a reduction in the cost of defective or unacceptable merchandise that a buyer acquires. Demand and capacity (in units) are forecast as follows: Demonstrate how to prepare a multi-step income statement by ranking the items below in the order they would appear on a multi-step income statement of a merchandiser. If payment is made on May 28, calculate the purchase discount that may be taken by X Mart. Identify the items or sub-headings below that would appear on a multi-step income statement. v. Purchased inventory with credit terms n/90 $$ Which of the following statements about Scope of Appointment (SOA) is FALSE? From the list below, select a category of struck-by hazard that you During an appointment, you may not discuss any products not agreed to in advance by the beneficiary. Customers are prepared to pay more for exclusive goods made by small businesses. If she chooses to show the cost less accumulated depreciation, the age of the assets will be apparent. Krisp Architects recorded the following adj us ting entries as of December 31: Study with Quizlet and memorize flashcards containing terms like Smithers is a self-employed individual who earns $30,000 per year in self-employment income. Freedom of expression means that people cannot be required to say or believe in specific political or religious ideas, What did Hamilton mean when he made the following statement? What are the two classifications of operating expenses on a multi-step income statement? Should the balance fall below this amount, management negotiates a short-term loan with a local bank. Test your understanding of accounting for liabilities by answering the following questions. f. Discuss problems Former might encounter in obtaining short-term financing. Low-Income Subsidy (LIS)/Medicaid Lookup status verification in Ascend is: Although options for capturing and submitting SOAs vary by health plan, Wellcare accepts SOAs in which of the following methods? Study with Quizlet and memorize flashcards containing terms like Rank the appropriate steps that could have prevented the fatality and injuries in these case studies., What are the four common types of struck-by hazards?, Think about the worksites you have been on and the struck-by hazards that you've seen. | :---: | :---: | (3) The payment of interest on January 1, 2015. A grievance request, or any evidence concerning a grievance, must be filed orally or in writing no later than _____ calendar days from the date of the event or the date the member is made aware of the issue. | Regular time | 235 | 255 | 290 | 300 | 300 | 290 | 300 | 290 | Debit sales returns and Allowances $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150. ..associated with the purchase and sale of long-term assets such as PPE. Amount earned during the accounting period (year); may result from sale of merchandise, services, rental of property, or lending money. Economies of scale means large organisations can often produce items at a lower unit cost than their smaller rivals - a source of competitive advantage. Which one of the following is defined as a firm's short-term assets and its short-term liabilities? b. determining whether to pay cash for a purchase or use the credit offered by the supplier. \end{array} At what point does the munition waste become WMM? Former's minimum cash balance requirement is $\$ 10,000$. The Donut Stop purchased land and a building for $2 million. \frac{37}{3} Sold inventory for cash When a seller grants an allowance on a previous sale, the _____ (customer/ creditor/ seller) issues a credit memo to inform the _____ (customer/ seller) of a credit made to the buyer's Accounts Receivable in the seller's records. The beneficiary (or their authorized representative) must indicate the product types to be discussed during the appointment on the Scope of Appointment (SOA). A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a: The controller of a corporation generally reports directly to the: Which one of the following best illustrates that the management of a firm is adhering to the goal of financial management? Of those miles, $27 \%$ were for her job. Murphy uses the effective-interest method to amortize bond premium or discount. Centene's 2023 product expansion represents a __% increase from 2022. ____ new Wellcare and Ascension Complete plans are going to market. |Debt service payment (estimated) | 145,000 | a. FILE QuickFix. Compulsive Shopping: An unhealthy obsession with shopping that materially interferes with the daily life of the afflicted. Based on the quote, how does the Supreme Court interpret the Second Amendment? Which one of the following terms is defined as the management of a firm's long-term investments? Expanding firms can experience diseconomies of scale. | Overtime | 20 | 24 | 26 | 24 | 30 | 28 | 30 | 30 | \text { Rod } & \$ 6.50\\ For the $15$-year choice? C. debit Depreciation Expense; credit Building. Costs incurred in the process of earning revenues. Demonstrate the required journal entry to record the sale and cost of the sale. Perpetual inventory system & periodic inventory system. True b. Explain how your cartoon Illustrates the defense mechanism in a brier paragraph. If a corporation has projects that will earn more than the cost of capital, should it ration capital? Dogs R Us uses the perpetual inventory system to account for its merchandise. For PDP Medication Home Delivery, the ____ plan will continue to offer a discount for 90-day tier 2, tier 3 and tier 6 prescriptions. (b) Write the Excel formula for standardizing a data value in cell F17 from an array with mean Mu and standard deviation Sigma. Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale. Is this a valid probability distribution? 2. 2. The following data have been reported for a sample of $10$ major U.S. zoological parks: Direct materials cost $\$ 1.70$ per pound. | :---: | :---: | The cost of producing each unit is $\$ 1,000$ on regular time, $\$ 1,300$ on overtime, and $\$ 1,800$ on a subcontract. Electro Company budgets production of 450,000 transmissions in the second quarter and 520,000 transmissions in the third quarter. Select the item below that would appear ONLY on a merchandiser's balance sheet. The buyer is given a choice of $30$-year or $15$-year financing both at $7.68 \%$ compounded monthly. 8 & 26.0 & 2.5 & 91 & 759 \\ Study with Quizlet and memorize flashcards containing terms like Once the break-even point has been reached, net operating income will increase by the amount of the _____ for each additional unit sold. Study with Quizlet and memorize flashcards containing terms like Correctly label the following anatomical features of the surface of the brain., Correctly label the following meninges of the brain., Place a single word into each sentence to make it correct, then place each sentence into a logical paragraph order describing the flow of cerebrospinal fluid. 9 & 17.0 & 0.9 & 125 & 270 \\ \text { City } & \begin{array}{c} Beneficiary-facing content that includes generic or plan-specific product or benefit information must be submitted for review and CMS submission, as well as acceptance or approval, prior to distribution. The company had not yet paid for them. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time. (a) Prepare the journal entries to record the following transactions. ||Market failure| A business can become so large that its unit costs begin to rise. Assuming the purchase was originally bought on credit for $400 with a cost to Dogs R Us of $100, and the defective, returned merch is only worth $30, demonstrate the required journal entry to record the return and to write down the defective merch. The components of the equity section of a balance sheet depend on the type of business organization being used. "Laws are a dead letter without courts to expound and define their true meaning and operation. Ascend is a fast, easy, and compliant way for brokers/agents to submit agent-assisted electronic enrollments. Interest of $270 on a note receivable was earned at year-end, although collection of the interest is not due until A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a: a. determine how a corporation regulates itself. Question options: The stable environment of a company is only related to the external factors affecting the company, whereas the dynamic The Single Sign-On Portal provides access to several applications, including Centene Workbench. c. Office Supplies on hand, $675. Page 282: Assessment. 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