The company reimburses Clarice $\$ 0.35$ a mile for business use. Unlike net income, OCF excludes non-cash items like depreciation and amortization, which can misrepresent a company's actual financial position. Which of the following items are included in a merchandising company's income statement BUT ARE NOT included in a service company's income statement? e. deciding whether or not to purchase a new machine for the production line. The following data have been reported for a sample of $10$ major U.S. zoological parks: 3 & 11.9 & 0.4 & 70 & 377 \\ a. the profits of a sole proprietorship are subject to double taxation b. X Mart uses the perpetual inventory system to account for its merch. QN=1 17 If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: QN=121 Unearned revenue is reported in the financial statements as: QN=125 The adjusting entry to record the earned but unpaid salaries of employees at the end of an accounting period is: QN=127 The difference between the cost of an asset and the accumulated depreciation for that asset is called. Debit Sales Return and Allowances $50. \text { Species } Centene's 2023 product expansion represents a __% increase from 2022. and more. Depreciation of equipment for the year,$2,800. Took out a loan from the bank d. increase in the market value per share. QN=1 46 Which of the following is a liability? Section 5.9: Accident Investigation Data. B. variable cost Study with Quizlet and memorize flashcards containing terms like Jose purchased a delivery van for his business through an online auction. d. Salaries owed to employees, $850. 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. The remaining 35 percent are collected in the following quarter. 1. Centene requires all contracted brokers/agents to read, understand, and agree to Centene's Business Ethics and Code of Conduct Policy. ____ new Wellcare and Ascension Complete plans are going to market. Explain how your cartoon Illustrates the defense mechanism in a brier paragraph. Brokers/Agents may be investigated after being suspected of noncompliant activity reported through a: Which resources are available for download from the Shared Resources section found within Centene Workbench? - Compute and interpret probabilit Marketers must decide whether to incorporate rational or emotional appeals in a communications strategy. On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. 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. 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. Create a cartoon that illustrates the use or one of the defense mechanisms discussed in this section. The company's debt ratio (liabilities $\div$ assets) is currently 80 percent. Identify the case over which the U.S. Supreme Court would exercise original jurisdiction. If she chooses to show the cost less accumulated depreciation, the age of the assets will be apparent. Statement of Owner's Equity: Corporation =, Statement of Owner's Equity: Sole Proprietorship/Partnership. Study with Quizlet and memorize flashcards containing terms like During an appointment, you may not discuss any products not agreed to in advance by the beneficiary. The goods were shipped to the buyer (FOB shipping point) for a cost of $400. A single-step income statement can be identified by? \boldsymbol{x}_1= \\ During c. After, Brokers/Agents can submit a support ticket online through their Centene The original sale was for $500, and the cost to the seller was $150. \text { Budget } 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. c. determining how much debt should be assumed to fund a project. Contributed Capital: Owners investment back into the company when purchasing stock. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Carl S Warren, James M Reeve, Jonathan E. Duchac, The dollar amount that provides for covering fixed costs and then provides for operating income is called: \text { of } \\ 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 Raw materials. Demand and capacity (in units) are forecast as follows: C. debit Depreciation Expense; credit Building. Which one of the following statements is correct? There are ___ LIS copay categories that could be assigned to a member, depending on the level of need. \begin{array}{ccccc} The ending balance in the Merchandise Inventory account will appear in the debit column of the Balance sheet columns. For the $15$-year choice? Costs incurred in the process of earning revenues. ______ events are designed to inform the people that attend about Medicare Advantage, Prescription Drug, or other Medicare programs without going into the specifics of a particular carrier. \end{array} & \begin{array}{c} b. service life/(cost + residual value). The buyer is given a choice of $30$-year or $15$-year financing both at $7.68 \%$ compounded monthly. Smithers pays $2,200 in annual health insurance premiums (not through an exchange) for his own medical care. What are the two types of inventory systems? ix. \end{array} $$ b. Work-in-process. \hline x & 15 & 22 & 34 & 40 \\ Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time. Debts owed by the business; represents creditors' claims against the company's assets. ii. "Laws are a dead letter without courts to expound and define their true meaning and operation. a. Consignment sales. Exercise 1. Which of the following statements about Scope of Appointment (SOA) is FALSE? v. Purchased inventory with credit terms n/90 A business can become so large that its unit costs begin to rise. A purchase return refers to merchandise a _____ (buyer/ seller/ creditor) purchased, but then returns to the _____ (buyer/ seller/ creditor) for a refund of the purchase price or reduction in the amount owed. If just two items are sold the unit cost of promotion is half a million pounds. All PDPs will feature a $0 tier 1 benefit when filled at preferred pharmacies. f. Depreciation on equipment, $ 12,000. It is relatively easy to understand the procedure underlying (escape/avoidance) conditioning because the organism moves from a(n) ____________ situation to a non__________ situation. It shows only one total for all expenses. Study with Quizlet and memorize flashcards containing terms like Amendment 1, Amendment 2, Amendment 3 and more. Supplies for office use were purchased during the year for $540, of which $120 remained on hand (unused) at year-end. 2. Once the enrollment is completed, you can save a copy of the application for your reference. A company has some leeway to choose its depreciation method, which modifies the depreciation expense reported on the income statement. b. Unearned Revenue that has been earned,$400. 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? Which one of the following functions should be the responsibility of the controller rather than the treasurer? A sale return refers to merchandise that _____ (customers/ sellers/ creditors) return to the _____ (customer/ seller/ creditor) after a sale for a refund of the purchase price or reduction in the amount owed. | Regular time | 235 | 255 | 290 | 300 | 300 | 290 | 300 | 290 | A. contribution margin ||Market failure| Because all of the company's sales are made to government agencies, it experiences virtually no uncollectible accounts. the term used to refer to the loss of inventory due to theft, breakage or deterioration. What did Clarice receive as reimbursement for the use of her car in June? vi. Page 282: Assessment. If payment is made on December 16, demonstrate the required journal entry to record under the perpetual inventory system. Is this a valid probability distribution? Describe conditions that are more favorable to one or the other. Study with Quizlet and memorize flashcards containing terms like You should keep emergency response record for at least, Who determines if an explosive emergency is a level 1 or level 2?, A range has a large bin for storing munition waste. From the list below, select a category of struck-by hazard that you The balance of the Office Supplies account was$810. Divide. D. margin of safety. On May 14, X Mart purchased $500 of merch with terms of 3/15,n/40. Recorded depreciation on the factory equipment Salaries Expense c. Cash d. Fees Earned, Which statement is true regarding the *cash basis of accounting*? c. An electronic SOA submitted in Ascend must be in a Pending status prior to beginning the appointment. Both types of business make adjustments for depreciation. What if overtime costs then fall to $\$ 1,200$ ? $$, Estimate the annual wages for these people. a. Provides info about: Statement of Cash Flows: Operating Activities. Krisp Architects recorded the following adj us ting entries as of December 31: Centene continues to expand its reach by offering more products in a wider geography. a. Explain. In a new housing development, the houses are selling for $\$ 100,000$ and require a $20 \%$ down payment. Dogs R Us uses the perpetual inventory system to account for its merchandise. The original cost of the goods was $400. 2000\div 96,500 If payment is made on June 11, calculate the purchase discount that may be taken by X Mart. and more. (1) The issuance of the bonds on January 1, 2014. A chapter in the book discusses the nature of problem recognition. What was the book value of the fixed assets? 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. | Overtime | 20 | 24 | 26 | 24 | 30 | 28 | 30 | 30 | b. Unearned Revenue that has been earned,$400. In order to keep defective, but still marketable merchandise, the buyer would need a reduction in the purchase price. On January 1, 2014, Murphy Company issued $1,600,000 face value, 7%, 10-year bonds at$1,717,761. Tien Kuo celebrated her eighty-fourth birthday on January $3$. Which of the following is not an example of Protected Health Information (PHI)? ***Instructions*** A sole proprietorship is designed to protect the personal assets of the owner c. the owner of a sole proprietorship is personally responsible for all of the company's . \text { Attendance } and the result will be a low figure. Expenses are reported in the same period as the revenues to which they relate. Determine which of the following statements are correct regarding the adjusting entries for a merchandiser and a service business. Select the correct entries below: List the financial statements of a merchandiser. Cash 2,250 Accounts Payable 6,250 Equipment 8,500 c. Equipment Expense 8,500 Accounts Payable 2,250 Cash 6,250 d. Which one of the following terms is defined as a conflict of interest between the corporate shareholders and the corporate managers? c. Finished goods. | MAY | JUNE | JULY | AUG. | Revenues are ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping point. $$ Study with Quizlet and memorize flashcards containing terms like community sport, training the youth for adult experiences; displaying the strength, skill, and prowess of community members; or celebrating the culture and religion of the community., false and more. Paid employee wages As a firm grows in size its total costs rise because it is necessary to use more resources. |--|--| She proposes the following. CH. Study with Quizlet and memorize flashcards containing terms like Porters Five Forces use [State], What theory is Porters Five Forces based on?, How does Porters Five Forces differ from SWOT? a reduction in the cost of defective or unacceptable merchandise that a buyer acquires. when the bin is full, it is sent to a TSDF for disposal. What is the difference between original jurisdiction and appellate jurisdiction? A grievance request, or any evidence concerning a grievance, must be filed orally or in writing no later than _____ calendar days from the date of the event or the date the member is made aware of the issue. The Wellcare preferred pharmacy network includes Walgreens, CVS, and many grocery chains in 2023. The _________ plan is expected to have one of the lowest premiums in the country! In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $\$ 19,231$ million and Accumulated Depreciation of $\$ 10,962$ million. Economies of scale are the cost advantage from business expansion. Clarice Johnson put 1,489 miles on her car in June. Wellcare's quality focus consists of six drivers. $$ Which one of the following is defined as a firm's short-term assets and its short-term liabilities? Cash inflows and outflows associated with the primary operations of the business. For the $15$-year choice. An end-of-period adjusting entry that debits Unearned Revenue most likely will credit a. a revenue b. an asset. ", For laws to be effective, there must be courts to interpret them consistently. QN=106 Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of: QN= 107 Which of the following statements is incorrect? Study with Quizlet and memorize flashcards containing terms like b, e, c and more. 7 & 20.5 & 1.3 & 42 & 437 \\ a. |Tax liability payment (estimated) | 45,000 | Study with Quizlet and memorize flashcards containing terms like 1. To maximize the company's tax deduction for depreciation, management allocated only 10% of the purchase price to land and 90% of the purchase price to the building. Of Former's total costs and expenses, $\$ 20,000$ is quarterly depreciation expense, and $\$ 20,000$ represents the expiration of prepayments. A more reasonable allocation would have been 20% to the land and 80% to the building. 2 & 40.0 & 2.0 & 216 & 400 \\ Study with Quizlet and memorize flashcards containing terms like Economies of scale, Economies of scale are the cost advantage from business expansion. The cost advantage is known as economies of scale. |Debt service payment (estimated) | 145,000 | Assuming that the purchase was originally bought on credit, demonstrate the required journal entry. ABC Mart uses a perpetual inventory system. Sales on installment. |Accounts receivable| 210,000| a. Amount earned during the accounting period (year); may result from sale of merchandise, services, rental of property, or lending money. Failure to inform a beneficiary that a trusted provider is out-of-network or is not available in the newly selected plan can cause a sales allegation. \hline The balance of the Office Supplies account was$810. She feels that she can disclose one figure titled "Property, plant, and equipment, net of depreciation." For instance, take a 1 million advertising campaign. C. Sales Journal i. Expanding firms can experience diseconomies of scale. Select the item below that would appear ONLY on a merchandiser's balance sheet. $$ Which one of the following statements concerning a sole proprietorship is correct? |Current payables| 88,000| \end{array} & \begin{array}{c} | Subcontract | 12 | 16 | 15 | 17 | 17 | 19 | 19 | 20 | Value Script and Value Plus PDP products have a ___-tier formulary structure for 2023. A) An agent may not share a commission with anyone who does not have a license and appointment for the type of Sales Discounts is a contra-_____ (expense/ revenue/ asset) account and is increased with a _____ (debit/ credit). Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20. \begin{array}{|c|c|c|c|c|} Shows the changes in cash for a period of time (same as income statement period). d. (cost - residual value)/service life., The formula to calculate an activity-based depreciation rate is: a. cost/actual production during the year. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Consider the following discrete probability distribution. Sales Discount is a contra-_____ (expense/ revenue/ asset) account and is increased with a _____ (debit/ credit). Additional necessary costs of $800 were incurred to acquire the goods. True b. 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. 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. Corporations can raise large amounts of capital generally easier than partnerships can. Perpetual inventory system & periodic inventory system. b. determining whether to pay cash for a purchase or use the credit offered by the supplier. 1. False, When a paper SOA form is used, it must be completed _____ hosting the sales presentation. Inventory carrying cost is $\$ 200$ per unit per month. Its ending current payables balance is expected to be $\$ 22,000$ more than its beginning balance. 2. Beginning inventory of this raw material is 72,000 pounds. \end{array} Test your understanding of accounting for liabilities by answering the following questions. \text { Rod } & \$ 6.50\\ Include the cash effects of transactions that create revenue and expenses and thus enter into the determination of net income. The data needed to determine year-end adjustments are as follows: a. e. One month of Prepaid Rent has expired,$2,700. | APR. Former Corporation sells office supplies to government agencies. During an appointment, you may not discuss any products not agreed to in advance by the beneficiary. Historical and Exponential Depreciation. "Common Stock". 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) Prepare the journal entries to record the following transactions. Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle. $$. On June 5, X Mart purchased $400 of merchandise with terms of 2/10,n/30. c. an expense. Study with Quizlet and memorize flashcards containing terms like Indicate which of the following accounts will *never require an adjusting entry*. e. Adjusting entries affect the cash account. As some firms grow in size their unit costs begin to fall because of:, Large firms have lower unit costs than small firms because these fixed costs are spread more thinly over higher sales volumes. \text { Number } Assets that are expected to be owned and used in business operations for longer than one year. The cost of producing each unit is $\$ 1,000$ on regular time, $\$ 1,300$ on overtime, and $\$ 1,800$ on a subcontract. 1. The discount period is the time _____ (before/ between) the invoice date and a specified date on which the payment amount owed can be _____ (increased/ reduced) because of early payment. The difference between net sales and the cost of the goods sold. A customer returned some merch due to a defect. How will Jo's Market record the customer payment on June 8? At what point does the munition waste become WMM? Demonstrate the required journal entry to record the sale and cost of the sale. If payment is made on May 28, calculate the purchase discount that may be taken by X Mart. Page 285: Applications. By contrast, it is harder to understand __________ conditioning because the organism moves from a(n) __________ situation to another ___________ situation. Match the special journal you would use to record the following transactions. She has a total investment in her IRA of $\$ 617,800$. Of those miles, $27 \%$ were for her job. Equipment 2,250 Cash 2,250 b. Which one of the following terms is defined as the mixture of a firm's debt and equity financing? \end{array} \\ Journal entry worksheet: Record the entry for supplies used during the year., 2. The Part D Senior Savings Model (SSM), which reduces member spending on insulin, will be offered on all Value Script, Value Plus PDPs, and select Wellcare MAPD plans. c. the owner of a sole proprietorship is personally responsible for all of the company's debts. It is important not to confuse total cost with average cost. Enrollments through Ascend offer the following unique benefits: Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, Operations Management: Sustainability and Supply Chain Management, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage: 50 years. On May 1, it returned $50 of merch due to a defect. a. a. any person or entity other than a stockholder or creditor who potentially has a claim on the cash flows of a firm. Wellcare offers a range of Medicare plans to provide members with affordable access to: What type of inquiries can Wellcare's Corporate Sales Support team assist with? Which of the following is not a Wellcare quality driver? Debit Merchandise Inventory $20; credit Cash $20. f. Discuss problems Former might encounter in obtaining short-term financing. From October 1st to October 14th, which activity is not permissible by brokers/agents? Why? A cash discount can be summarized as a discount given to _____ (buyers/ creditors/ sellers) to encourage them to pay _____ (earlier/ later/ less/ more). iii. For PDP Medication Home Delivery, the ____ plan will continue to offer a discount for 90-day tier 2, tier 3 and tier 6 prescriptions. Study with Quizlet and memorize flashcards containing terms like Which one of the following statements concerning a sole proprietorship is correct? Member PHI can be stored on an external hard drive or a cloud storage service like Google Drive or Apple Cloud. Which one of the following is a capital budgeting decision? Purchased stock for cash If a million items are sold the unit cost falls to just one pound. x. \hline & 0.14 & 0.40 & 0.26 & 0.20 \\ Wellcare does not need to be informed of all marketing/sales events at which plans or materials will be presented or distributed (Formal & Informal). Medicare Star Ratings and performance are at the forefront of Wellcare's quality strategy. c. cost/service life. |Sales (estimated)| $\$500,000$ | b. Dogs R Us uses the perpetual inventory system to account for its merchandise. B. debit Accumulated Depreciation; credit Depreciation Expense. Assuming it paid the bill immediately, demonstrate the journal entry required to record the freight charges. Merchandise businesses make adjustments for shrinkage. c. Office Supplies on hand, $675. Select the best choice from among the possible answers given. Depreciation of building for the year, $6,400. Which of the statements below summarize why a buyer would desire a purchase allowance? and more. and more. Which of the following actions are you required to do when contacted regarding an allegation of noncompliant activity? Wellcare must receive notice of an event change or cancellation as soon as possible, but no later than 30 minutes after the event start time. The general manager of QuickFix, a chain of quick-service, noappointment auto repair shops, wants to develop a model to forecast monthly vehicles served at any particular shop based on four factors: garage bays, population within 5-mile radius (Population in 1,000s), interstate highway access (Access equals 1 if convenient, 0 otherwise), and time of year d. What is the probability that the random variable $X$ is between $10$ and $30?$ No other incentives or discounts were available. Sold goods with credit terms 1/10, 2/30, n/60 and more. Debit Cash $980; debit Sales Discount $20; credit Accounts Receivable $1,000. Prepare a direct materials budget for the second quarter. Which U.S. federal court does this excerpt from the textbook describe? d. maximum loss limited to the capital invested. The company had not yet paid for them. Study with Quizlet and memorize flashcards containing terms like Subsequent to acquisition, consolidated depreciation expense is based upon, In conjunction with combining a subsidiary's assets and liabilities with those of the parent company, the investment in subsidiary account is brought to a (1) balance as part of the consolidation process., Regardless of the parent's What is the buyer's total cost of Economies of scale means large organisations can often produce items at a lower unit cost than their smaller rivals - a source of competitive advantage. 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. c. Office Supplies on hand, $675. Explain how to determine gross profit on an income statement. The correct entry would be a. Round to the nearest cent. Beginning inventory + net purchases = Merchandise available for sale. 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? Paid the phone bill Which elements are available as part of Wellcare's sales support model? 10 & 14.6 & 1.1 & 92 & 260 On 11/17, it purchased $1,000 of merchandise with terms of 2/5,n/60. The Single Sign-On Portal provides access to several applications, including Centene Workbench. A state agency brings a lawsuit against an agency in another state, This excerpt from the textbook describes how the Senate, Considers the preferences of senators regarding judges serving in their state. ____ 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). \frac{37}{3} e. One month of Prepaid Rent has expired,$2,700. Approximately 65 percent of its sales are collected in the quarter in which they are made. Study with Quizlet and memorize flashcards containing terms like Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. 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. Let the production (workforce) vary by using regular time first, then overtime, and then subcontracting. The Donut Stop purchased land and a building for $2 million. Imagine you are a marketing manager for Nissan X-Trail 4Dogs and designing a marketing strategy to stimulate problem recognition: Based on the quote, how does the Supreme Court interpret the Second Amendment? Exercise 4. 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. Brokers/Agents must meet all required contracting, training, and certification requirements to be eligible to sell Wellcare's Medicare Products. The economic resources owned by a business (ASSETS). Study with Quizlet and memorize flashcards containing terms like Generally, people buy one product or service instead of another because they perceive it to be a better value., The consumer decision process begins with a comparison of available alternatives., The greater the difference between a consumer's unsatisfied need and the desired state, the greater the need recognition Study with Quizlet and memorize flashcards containing terms like Douglas McGregor, Theory X, Autocratic Managerial Style and more. a. 1. The adjusting entry to record the depreciation of a building for the fiscal period is A. debit Building; credit Depreciation Expense. b. Identify the items or sub-headings below that would appear on a multi-step income statement. Study with Quizlet and memorize flashcards containing terms like The formula for straight-line depreciation is a. Dwayne Cole, owner of a Florida firm that manufactures display cabinets, develops an 8-month aggregate plan. 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. The original cost of the merchandise to X-Mart was $500. | Demand | 255 | 294 | 321 | 301 | 330 | 320 | 345 | 340 | The changes in equity for a period of time (same period as income statement). 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. 4 & 14.0 & 1.0 & 125 & 277 \\ Cost of goods sold is the expense of buying and preparing merchandise. ..associate with the sources of funding the business. ||Market failure|. There are benefits and drawbacks in increasing the size of operation of a business. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R Us of $100, demonstrate the required journal entry of Dogs R Us to record the return. 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 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. The financial statement that shows the profitability of the company for a period of time. D. debit Depreciation Expense; credit Accumulated Depreciation. Big businesses can develop many levels of hierarchy which slow down communication or even lead to miscommunication. Total costs and expenses (estimated) | 400,000 | The NEW online Centene Workbench self-service portal enables you to: What are some examples of steps that can be taken when safeguarding and securing PHI and PII? Customers are prepared to pay more for exclusive goods made by small businesses. Which of the following are included in merchandise inventory? 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 When a paper SOA form is used, it must be completed __________ hosting the sales presentation. In each of the following situations, determine the amount of the deductible health insurance premium for (B) What is the unpaid balance after $10$ years for the $30$-year choice? Which one of the following is a working capital management decision? \hline 1 & \$ 19.5 \text { million } & 0.6 \text { million } & 210 & 271 \\ Murphy uses the effective-interest method to amortize bond premium or discount. If a corporation has projects that will earn more than the cost of capital, should it ration capital? 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? Include obtaining cash from and paying cash to creditors, owners. ..associated with the purchase and sale of long-term assets such as PPE. C. A dispute of the appeal of an organization determination, coverage determination or a Late Enrollment Penalty (LEP) determination. \end{array} & \begin{array}{c} \text { City } & \begin{array}{c} - Compute and interpret probabilities using the empirical method. X-Mart uses the perpetual inventory system to account for its merchandise. Rename the improper fraction as either mixed number or whole number. Health plan fax numbers vary for health plans that offer fax enrollment submissions. 4. Prior to b. (A) What is the monthly payment for the $30$-year choice? \textbf { Employee } & \textbf { Hourly Rate } \\ Electro Company aims to end each quarter with an ending inventory of direct materials equal to $20 \%$ of next quarter's budgeted materials requirements. On Jan 5, a customer returned merchandise that had been purchased earlier on credit. 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. |Cause|Effect| d. a liability. 3. c. What is the estimated budget for a zoological park that draws an annual attendance of $2.0$ million, occupies 150 acres, and has 600 species. e. What is the probability that the random variable $X$ is greater than$20 ?$. 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. Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale. Service Revenue accrued, $2,600. vii. Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. C. total cost To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract other _____. Credit terms of n/15 EOM were printed on an invoice. 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. and more. What are some examples of what can trigger a beneficiary complaint? d. Salaries owed to employees, $850. When a buyer returns or takes an allowance on merchandise, the _____ (buyer/ creditor/ seller) issues a debit memorandum to inform the _____ (seller/ creditor/ buyer) of a debit made to the seller's account in the buyer's records. On Dec 7, Toys R Fun purchased $1,000 of merchandise items with terms of 2/10,n/30. 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. QN=1 45 Which of the following statements is true? 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 a. 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 beneficiary (or their authorized representative) must indicate the product types to be discussed during the appointment on the Scope of Appointment (SOA). 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? Study with Quizlet and memorize flashcards containing terms like Under Homeowner's Section II, Damage of Property to Others pays up to: A) $1,000 B)$5,000 C)$1,500 D)$10,000, Which of the following is incorrect with regard to commissions and compensation? A Health Risk Assessment (HRA) can be completed for C-SNP and D-SNP plans only, before the enrollment application process in Ascend through the Value Based Enrollment (VBE) portal. Service Revenue accrued, $2,600. 6 & 22.2 & 1.3 & 80 & 400 \\ \end{array} \\ Which one of the following best describes the primary advantage of being a limited partner instead of a general partner? $$. 8 & 26.0 & 2.5 & 91 & 759 \\ Any request or distribution of PHI should contain only the minimum amount of PHI required to complete the intended task. 7.65% of $31,745. &\begin{array}{lcc} 5 & 11.6 & 1.5 & 55 & 721 \\ Study with Quizlet and memorize flashcards containing terms like Once the break-even point has been reached, net operating income will increase by the amount of the _____ for each additional unit sold. If payment is made on 11/21, demonstrate the required journal entry to record the payment. c. What is the probability that the random variable $X$ is less than $40 ?$ c. has a greater ability to raise capital than a sole proprietorship. Direct materials cost $\$ 1.70$ per pound. f. Depreciation on equipment, $ 12,000. Cost of goods sold is subtracted from net sales. If overtime costs per unit rise from $\$ 1,300$ to $\$ 1,400$, will your answer to (a) change? The person is named to the bench by the president and confirmed by the Senate. Large firms have lower unit costs than small firms because these fixed costs are spread more thinly over higher sales volumes. | CAPACITY SOURCE (UNITS) | JAN. | FEB. | MAR. buyer debits Merchandise Inventory and credits Cash. | :--- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | x_3= \\ $$ b. Graphically depict this probability distribution. When discussing prescription drug coverage, you should: The information contained within ACT will equip brokers/agents to certify, market, and sell which health plans? 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? In addition, Jose incurred the following expenses before using the van: shipping costs of $650; paint to match the other fleet vehicles at a cost of $1,000; registration costs of $3,200, which included $3,000 FILE QuickFix. Brokers/Agents can submit a support ticket online through their Centene Workbench portal. \text { Acres } Interest of $270 on a note receivable was earned at year-end, although collection of the interest is not due until Study with Quizlet and memorize flashcards containing terms like when recording transactions into the accounting equation, a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by, jackson programming company paid its june rent of $500. A set of accounting reports that convey economic and financial information to outside users such as creditors and investors. Electro Company budgets production of 450,000 transmissions in the second quarter and 520,000 transmissions in the third quarter. (3) The payment of interest on January 1, 2015. Study with Quizlet and memorize flashcards containing terms like b, e, c and more. \end{aligned} Study with Quizlet and memorize flashcards containing terms like Define / describe gross profit., Explain merchandise inventory., To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract other _____. Coordinating large numbers of staff becomes a challenge. (2) Accrual of interest and amortization of the premium on December 31, 2014. 1. Should the balance fall below this amount, management negotiates a short-term loan with a local bank. Exercise 5. Solve. 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. Sold inventory for cash For 2023, Ascension Complete added 27 new counties to their footprint. Ascend is a fast, easy, and compliant way for brokers/agents to submit agent-assisted electronic enrollments. \boldsymbol{x}_2= \\ Salaries Payable b. QN=130 If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include: QN=135 Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: QN=136 Assets, liabilities, and equity accounts are not closed; these accounts are called: QN= 137 Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as: QN=139 The Income Summary account is used: QN=1 44 Which of the following accounts is not increased by a debit? Causes include: - Ineffective communication. Debts that will be paid in longer than one year. Exercise 2. Study with Quizlet and memorize flashcards containing terms like Which of the following exemplifies the sense of audition?, What is amplitude?, Honeybees can see light in the _____ range of the electromagnetic spectrum. \begin{aligned} How has the Lemon test affected Supreme Court rulings about public aid to church-related schools? Key areas you as a broker/agent have control over and impact upon regarding Star Ratings for quality are: Noting the correct enrollment period on enrollment applications helps in preventing delayed enrollment processing. The cost disadvantage is known as diseconomies of scale. The remaining $\$ 360,000$ is to be financed with current payables. Which standalone Prescription Drug Plan is best for a dual-eligible chooser? A broker/agent who has never had any verbal warnings cannot be issued a Corrective Action Plan. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer. However, it will not disclose the age of the assets. The balance sheet of a merchandiser and a service business have one major difference. (cost + residual value)/service life. Former's management has made the following budget estimates regarding operations for the current quarter: 9 & 17.0 & 0.9 & 125 & 270 \\ As a result of the principle explained in this excerpt from the textbook, citizens of the United States, Can only sue the government in limited cases already approved by congress, The territorial courts are most similar to. 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. The bonds pay annual interest on each January 1. Explain what this means. (b) Write the Excel formula for standardizing a data value in cell F17 from an array with mean Mu and standard deviation Sigma. A customer returned merchandise. Returned defective goods purchased on credit to the supplier. Wellcare added ___ counties to their footprint for 2023. b. Determine which of the statements below are CORRECT, when a company, using the periodic inventory system, completes a worksheet. Many economies of scale are about spreading fixed costs more thinly. Exercise 3. Study with Quizlet and memorize flashcards containing terms like Costs of $7,000 were incurred to acquire goods and make them ready for sale. On June 1, it sold $7,000 of merchandise for cash. Enrollment applications must be received by Wellcare no later than ___ calendar day(s) following receipt from the beneficiary. 3. 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. ||Market failure| 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. Paid income taxes At the beginning of the current quarter, the company reports the following selected account balances: d. & & & & \begin{array}{c} General Ledger: A general ledger is a company's set of numbered accounts for its accounting records . There is no beginning or ending inventory in stock, and no backorders are permitted from period to period. |Cash| $\$10,000$ | 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. What statement best expresses what he Court is saying about freedom of expression? In each of the following situations, determine the amount of the deductible health insurance premium for Assets that are expected to either be converted into cash or expire (be used up) within one year of the balance sheet. $$ Study with Quizlet and memorize flashcards containing terms like In the context of the internal and external forces that affect business, which of the following is a difference between stable environments and dynamic environments? (4) Accrual of interest and amortization of the premium on December 31, 2015. What were Keynes's three conjectures about the consumption function? Which one of the following terms is defined as the management of a firm's long-term investments? It is an inventory system that updates the accounting records for merchandise transactions ONLY at the end of a period. Former's minimum cash balance requirement is $\$ 10,000$. | :---: | :---: | and more. The components of the equity section of a balance sheet depend on the type of business organization being used. The company's ending prepayments balance is expected to be the same as its beginning prepayments balance. (a) Write the mathematical formula for a standardized variable This price resulted in a 6% effective-interest rate on the bonds. However, the benefits of becoming bigger can mean a fall in the average cost of making one item. Demonstrate the required journal entry on X Mart's books to record the allowance. Prior to completing the enrollment form, you should always confirm the beneficiary's primary care physician (PCP) and/or specialists. 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. Smithers pays $2,200 in annual health insurance premiums (not through an exchange) for his own medical care. Which of the following is not considered a grievance? iv. What is the minimum amount she must withdraw from the investment this year? All of Former's sales are on account. 5: PROBABILITY - Apply the rules of probabilities. | :---: | :---: | Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000. \end{array} c. Assist with completing and collecting completed applications. Dogs R Us uses the perpetual inventory system to account for its merch. $$ Round answer to the nearest thousandth. **Instructions** Debit sales returns and Allowances $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150. Supplies., Which of the following methods is also referred as "parking transactions"? The credit terms stand for net 15 days after end of month. 2. Original jurisdiction refers to a court where a case is first heard; appellate jurisdiction refers to a case being heard after it was tried in a lower court, Christina Dejong, Christopher E. Smith, George F Cole, Government in America: Elections and Updates Edition, George C. Edwards III, Martin P. Wattenberg, Robert L. Lineberry. c. Sales Compulsive Shopping: An unhealthy obsession with shopping that materially interferes with the daily life of the afflicted. \boldsymbol{y}= \\ The Court has used the Lemon test to rule the most public aid to religious schools is unconstitutional. demonstrate how to use the Each transmission requires $0.80$ pounds of a key raw material. A merchandiser has four closing journal entries at the end of an accounting cycle. Sales is a(n) _____ (expense/ revenue/ asset) account and is reported on the _____ (income/ balance) _____ (statement/ sheet). viii. Would you focus on the actual state or the desired state? On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. Question options: The stable environment of a company is only related to the external factors affecting the company, whereas the dynamic Journalize any necessary reversing entries for Krisp Architects. QN=1 49 Which of the following accounts is not increased by a credit, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Carl S Warren, James M Reeve, Jonathan E. Duchac. What are the two classifications of operating expenses on a multi-step income statement? a reduction in the selling price of defective or unacceptable merchandise sold to customers. a. His winning bid for the van was $24,500. ||Market failure| Section 5.7: Driving Data. How will Jo's record the customer's payment on June 8? Goods sold is subtracted from net sales known as economies of scale Walgreens, CVS and. 4 ) Accrual of interest and amortization of the goods printed on an external hard drive a... 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