Sales is a(n) _____ (expense/ revenue/ asset) account and is reported on the _____ (income/ balance) _____ (statement/ sheet). The remaining $\$ 360,000$ is to be financed with current payables. 1. Dogs R Us uses the perpetual inventory system to account for its merchandise. Krisp Architects recorded the following adj us ting entries as of December 31: Corporations can raise large amounts of capital generally easier than partnerships can. Economies of scale means large organisations can often produce items at a lower unit cost than their smaller rivals - a source of competitive advantage. \text { City } & \begin{array}{c} 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? Interest of $270 on a note receivable was earned at year-end, although collection of the interest is not due until The correct entry would be a. ____ 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). The company had not yet paid for them. There are benefits and drawbacks in increasing the size of operation of a business. Demonstrate the required journal entry to record the sale and cost of the sale. There is no beginning or ending inventory in stock, and no backorders are permitted from period to period. | :---: | :---: | The changes in equity for a period of time (same period as income statement). 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. and more. |Cash| $\$10,000$ | Merchandise businesses make adjustments for shrinkage. How will Jo's record the customer's payment on June 8? From October 1st to October 14th, which activity is not permissible by brokers/agents? Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. For the $15$-year choice. Centene's 2023 product expansion represents a __% increase from 2022. 2 & 40.0 & 2.0 & 216 & 400 \\ d. 2. buyer debits Merchandise Inventory and credits Cash. 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? Expenses are reported in the same period as the revenues to which they relate. Because all of the company's sales are made to government agencies, it experiences virtually no uncollectible accounts. \end{array} Beginning inventory + net purchases = Merchandise available for sale. Electro Company aims to end each quarter with an ending inventory of direct materials equal to $20 \%$ of next quarter's budgeted materials requirements. 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 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. In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $\$ 19,231$ million and Accumulated Depreciation of $\$ 10,962$ million. f. Depreciation on equipment, $ 12,000. Debit sales returns and Allowances $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150. ..associate with the sources of funding the business. Why? Study with Quizlet and memorize flashcards containing terms like b, e, c and more. \end{array} \\ Returned defective goods purchased on credit to the supplier. \hline x & 15 & 22 & 34 & 40 \\ On June 5, X Mart purchased $400 of merchandise with terms of 2/10,n/30. Inventory carrying cost is $\$ 200$ per unit per month. $$ Cash 2,250 Accounts Payable 6,250 Equipment 8,500 c. Equipment Expense 8,500 Accounts Payable 2,250 Cash 6,250 d. 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? . Large firms have lower unit costs than small firms because these fixed costs are spread more thinly over higher sales volumes. Sales Discount is a contra-_____ (expense/ revenue/ asset) account and is increased with a _____ (debit/ credit). 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. 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. Took out a loan from the bank 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. Brokers/Agents can submit a support ticket online through their Centene Workbench portal. Brokers/Agents must meet all required contracting, training, and certification requirements to be eligible to sell Wellcare's Medicare Products. 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. Equipment 2,250 Cash 2,250 b. The _________ plan is expected to have one of the lowest premiums in the country! \text { of } \\ 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. Its ending current payables balance is expected to be $\$ 22,000$ more than its beginning balance. Which of the statements below summarize why a buyer would desire a purchase allowance? Explain how to determine gross profit on an income statement. What did Clarice receive as reimbursement for the use of her car in June? 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. Identify the case over which the U.S. Supreme Court would exercise original jurisdiction. Wellcare's quality focus consists of six drivers. The buyer is given a choice of $30$-year or $15$-year financing both at $7.68 \%$ compounded monthly. \hline Purchased stock for cash 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 balance sheet of a merchandiser and a service business have one major difference. | MAY | JUNE | JULY | AUG. | During c. After, Brokers/Agents can submit a support ticket online through their Centene Medicare Star Ratings and performance are at the forefront of Wellcare's quality strategy. | Overtime | 20 | 24 | 26 | 24 | 30 | 28 | 30 | 30 | A cash discount can be summarized as a discount given to _____ (buyers/ creditors/ sellers) to encourage them to pay _____ (earlier/ later/ less/ more). f. Depreciation on equipment, $ 12,000. 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. Salaries Payable b. Assets that are expected to either be converted into cash or expire (be used up) within one year of the balance sheet. 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 Rename the improper fraction as either mixed number or whole number. 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? c. What is the probability that the random variable $X$ is less than $40 ?$ 3 & 11.9 & 0.4 & 70 & 377 \\ Should the balance fall below this amount, management negotiates a short-term loan with a local bank. Exercise 2. C. Sales Journal i. Prior to completing the enrollment form, you should always confirm the beneficiary's primary care physician (PCP) and/or specialists. Explain how your cartoon Illustrates the defense mechanism in a brier paragraph. 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? \hline & 0.14 & 0.40 & 0.26 & 0.20 \\ b. c. An electronic SOA submitted in Ascend must be in a Pending status prior to beginning the appointment. (4) Accrual of interest and amortization of the premium on December 31, 2015. Customers are prepared to pay more for exclusive goods made by small businesses. ***Instructions*** By contrast, it is harder to understand __________ conditioning because the organism moves from a(n) __________ situation to another ___________ situation. She proposes the following. b. Unearned Revenue that has been earned,$400. At the beginning of the current quarter, the company reports the following selected account balances: Which one of the following terms is defined as the management of a firm's long-term investments? 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 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? For 2023, Ascension Complete added 27 new counties to their footprint. 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? A chapter in the book discusses the nature of problem recognition. ABC Mart uses a perpetual inventory system. b. Work-in-process. Which of the following is not a Wellcare quality driver? If payment is made on May 28, calculate the purchase discount that may be taken by X Mart. a reduction in the selling price of defective or unacceptable merchandise sold to customers. e. One month of Prepaid Rent has expired,$2,700. $$. Debts owed by the business; represents creditors' claims against the company's assets. Value Script and Value Plus PDP products have a ___-tier formulary structure for 2023. (cost + residual value)/service life. Test your understanding of accounting for liabilities by answering the following questions. Which one of the following statements concerning a sole proprietorship is correct? Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer. Explain. f. Discuss problems Former might encounter in obtaining short-term financing. $$ In each of the following situations, determine the amount of the deductible health insurance premium for 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 b. determining whether to pay cash for a purchase or use the credit offered by the supplier. Include obtaining cash from and paying cash to creditors, owners. If payment is made on June 11, calculate the purchase discount that may be taken by X Mart. Direct materials cost $\$ 1.70$ per pound. Exercise 4. Which of the following statements about Scope of Appointment (SOA) is FALSE? - Compute and interpret probabilit ____ new Wellcare and Ascension Complete plans are going to market. (a) Write the mathematical formula for a standardized variable Paid the phone bill To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract other _____. 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. On Dec 7, Toys R Fun purchased $1,000 of merchandise items with terms of 2/10,n/30. ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping point. Perpetual inventory system & periodic inventory system. c. Office Supplies on hand, $675. A. contribution margin \end{array} \\ "Laws are a dead letter without courts to expound and define their true meaning and operation. (2) Accrual of interest and amortization of the premium on December 31, 2014. Assuming that the purchase was originally bought on credit, demonstrate the required journal entry. Former Corporation sells office supplies to government agencies. 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. What statement best expresses what he Court is saying about freedom of expression? The goods were shipped to the buyer (FOB shipping point) for a cost of $400. Which standalone Prescription Drug Plan is best for a dual-eligible chooser? Create a cartoon that illustrates the use or one of the defense mechanisms discussed in this section. 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 9 & 17.0 & 0.9 & 125 & 270 \\ Let the production (workforce) vary by using regular time first, then overtime, and then subcontracting. 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. A more reasonable allocation would have been 20% to the land and 80% to the building. Exercise 3. c. Sales (b) Write the Excel formula for standardizing a data value in cell F17 from an array with mean Mu and standard deviation Sigma. 3. 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 Cost of goods sold is the expense of buying and preparing merchandise. c. an expense. Study with Quizlet and memorize flashcards containing terms like Economies of scale, Economies of scale are the cost advantage from business expansion. Wellcare added ___ counties to their footprint for 2023. Approximately 65 percent of its sales are collected in the quarter in which they are made. 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. 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. It is important not to confuse total cost with average cost. 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. Select the correct entries below: List the financial statements of a merchandiser. v. Purchased inventory with credit terms n/90 Debit Merchandise Inventory $20; credit Cash $20. The cost advantage is known as economies of scale. a. d. (cost - residual value)/service life., The formula to calculate an activity-based depreciation rate is: a. cost/actual production during the year. d. Salaries owed to employees, $850. 2000\div 96,500 On January 1, 2014, Murphy Company issued $1,600,000 face value, 7%, 10-year bonds at$1,717,761. 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. Section 5.9: Accident Investigation Data. A customer returned merchandise. $$. d. maximum loss limited to the capital invested. and more. A single-step income statement can be identified by? \frac{37}{3} Which one of the following terms is defined as the mixture of a firm's debt and equity financing? \boldsymbol{y}= \\ (1) The issuance of the bonds on January 1, 2014. | :---: | :---: | Dogs R Us uses the perpetual inventory system to account for its merchandise. x_3= \\ At what point does the munition waste become WMM? QN=1 45 Which of the following statements is true? Smithers pays $2,200 in annual health insurance premiums (not through an exchange) for his own medical care. Causes include: - Ineffective communication. ______ 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. The company's ending prepayments balance is expected to be the same as its beginning prepayments balance. \end{array} & \begin{array}{c} Which one of the following is a working capital management decision? c. Office Supplies on hand, $675. All PDPs will feature a $0 tier 1 benefit when filled at preferred pharmacies. What is the difference between original jurisdiction and appellate jurisdiction? The credit terms stand for net 15 days after end of month. In order to keep defective, but still marketable merchandise, the buyer would need a reduction in the purchase price. a. \text { Rod } & \$ 6.50\\ (B) What is the unpaid balance after $10$ years for the $30$-year choice? Which one of the following statements is correct? Is this a valid probability distribution? A business can become so large that its unit costs begin to rise. If a million items are sold the unit cost falls to just one pound. The Court has used the Lemon test to rule the most public aid to religious schools is unconstitutional. - Compute and interpret probabilities using the empirical method. 1. Total costs and expenses (estimated) | 400,000 | Which of the following actions are you required to do when contacted regarding an allegation of noncompliant activity? 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. 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 | Subcontract | 12 | 16 | 15 | 17 | 17 | 19 | 19 | 20 | 8 & 26.0 & 2.5 & 91 & 759 \\ For PDP Medication Home Delivery, the ____ plan will continue to offer a discount for 90-day tier 2, tier 3 and tier 6 prescriptions. Amount earned during the accounting period (year); may result from sale of merchandise, services, rental of property, or lending money. Section 5.7: Driving Data. Electro Company budgets production of 450,000 transmissions in the second quarter and 520,000 transmissions in the third quarter. 6 & 22.2 & 1.3 & 80 & 400 \\ |Cause|Effect| Debts that will be paid in longer than one year. 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. 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: Journalize any necessary reversing entries for Krisp Architects. General Ledger: A general ledger is a company's set of numbered accounts for its accounting records . There are ___ LIS copay categories that could be assigned to a member, depending on the level of need. Unlike net income, OCF excludes non-cash items like depreciation and amortization, which can misrepresent a company's actual financial position. and more. "Common Stock". X-Mart uses the perpetual inventory system to account for its merchandise. \text { Acres } a. The Single Sign-On Portal provides access to several applications, including Centene Workbench. d. a liability. Member PHI can be stored on an external hard drive or a cloud storage service like Google Drive or Apple Cloud. Murphy uses the effective-interest method to amortize bond premium or discount. Prior to b. d. increase in the market value per share. vi. \textbf { Employee } & \textbf { Hourly Rate } \\ **Instructions** Historical and Exponential Depreciation. Study with Quizlet and memorize flashcards containing terms like b, e, c and more. Explain what this means. $$ What are the two types of inventory systems? To maximize the company's tax deduction for depreciation, management allocated only 10% of the purchase price to land and 90% of the purchase price to the building. \begin{array}{ccccc} When discussing prescription drug coverage, you should: The information contained within ACT will equip brokers/agents to certify, market, and sell which health plans? The following data have been reported for a sample of $10$ major U.S. zoological parks: $$, Estimate the annual wages for these people. a. Centene requires all contracted brokers/agents to read, understand, and agree to Centene's Business Ethics and Code of Conduct Policy. A) An agent may not share a commission with anyone who does not have a license and appointment for the type of x. 2. Which elements are available as part of Wellcare's sales support model? Service Revenue accrued, $2,600. The person is named to the bench by the president and confirmed by the Senate. Study with Quizlet and memorize flashcards containing terms like Amendment 1, Amendment 2, Amendment 3 and more. 1. c. Assist with completing and collecting completed applications. A set of accounting reports that convey economic and financial information to outside users such as creditors and investors. The financial statement that shows the profitability of the company for a period of time. |Debt service payment (estimated) | 145,000 | The original cost of the merchandise to X-Mart was $500. ||Market failure| For instance, take a 1 million advertising campaign. On June 1, it sold $7,000 of merchandise for cash. Ascend is a fast, easy, and compliant way for brokers/agents to submit agent-assisted electronic enrollments. a. the profits of a sole proprietorship are subject to double taxation b. Study with Quizlet and memorize flashcards containing terms like Jose purchased a delivery van for his business through an online auction. Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale. The Donut Stop purchased land and a building for $2 million. a reduction in the cost of defective or unacceptable merchandise that a buyer acquires. False, When a paper SOA form is used, it must be completed _____ hosting the sales presentation. e. deciding whether or not to purchase a new machine for the production line. Dogs R Us uses the perpetual inventory system to account for its merch. Additional necessary costs of $800 were incurred to acquire the goods. The bonds pay annual interest on each January 1. the term used to refer to the loss of inventory due to theft, breakage or deterioration. Determine which of the statements below are CORRECT, when a company, using the periodic inventory system, completes a worksheet. The difference between net sales and the cost of the goods sold. ||Market failure|. ix. B. variable cost ||Market failure| When a paper SOA form is used, it must be completed __________ hosting the sales presentation. b. service life/(cost + residual value). The original cost of the goods was $400. Which one of the following best describes the primary advantage of being a limited partner instead of a general partner? The remaining 35 percent are collected in the following quarter. 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