Schools across Ghana were closed for some time. This was to curb the spread of the fast-spreading coronavirus(COVID- 19). The news portal, the Ghanaweb reported this on the 16th of March 2020. Since then, school feesand feeding fee collection from parents came to a standstill. “Yet the payment of bills such as salaries, rent,electricity bill, water bill has not come to a standstill" lamented Mr. Amuzu, the headmaster of Twinkle TotsInternational school in a telephone conversation with Mr. Berko- the school's accountant. Mr. Berko decided tooffer some advice to Mr. Amuzu on how the school could settle its outstanding bills due in the next six months.This way, the school could continue to stay afloat. What advice do you think Mr. Berko offered to Mr. Amuzuon settling the school's bills? Discuss comprehensively.

Outbreak of the coronavirus caused liquidity problems for several business and nonprofit entities.…

Answered: Schools across Ghana were closed for…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

7. Ms. Bushra write a cheque for RO 2000 in favour of Ms. Naseera on 10-02-2019 and gave it to Ms. Naseera the same day. Ms. Naseera left from Oman for a long tour and forgot the cheque. She came back to Oman on 15-07-2019. Immediately she recalled the cheque and visited the bank. Due to insufficiency of funds in Bushra’s account the bank had failed to pay the money. How will you deal with the situation?
Covid patients in Singapore who choose not to get vaccinated could face high medical bills, as one of the most immunized societies in the world ramps up the pressure to get more shots in arms. The government has so far shielded residents and citizens in the city-state from the cost of treatment for Covid-19 throughout the pandemic by fully covering everyone. But no longer. Amid the worst virus outbreak in the country, officials have opted to start charging Covid-19 patients who are unvaccinated by choice beginning Dec. 8. Patients who receive therapeutics and stay in intensive care units may have to pay about S$25,000 ($18,460), according to a median estimate released by the health ministry on Thursday in response to queries from Bloomberg News. "Our hospitals really much prefer not to have to bill these patients at all, but we have to send this important signal, to urge everyone to get vaccinated if you are eligible," health minister said in a briefing on Monday announcing the move.…
Your cousin lost her job because of the pandemic and used her credit card up to her $20,000 limit in order to pay bills. But she hasn’t found another job, so had to call the credit card company and explain that she had zero money with which to pay her bill, had zero assets that could be sold for cash, and had a pile of other debts besides. The credit card company did its due diligence, concluded that yes your cousin was a lost cause, then wrote off the entire $20,000 as uncollectible. Code § 61(a) includes “discharge of indebtedness” as an example of “gross in-come.” So your cousin will be taxable on that $20,000, right? Wrong? Why?
Jane Marks has a restaurant in which she accepts credit cards and checks.Several of the places that Jane shops now accept debit cards and do notaccept checks. Jane’s banker explained that a debit card would immediatelytransfer money into her account, but it would cost $50 per monthfor the equipment and bank charges. Although she requires proper identification,Jane loses approximately $590 a year as a result of bad checks.She also determined that on average, she loses 115 days of interest onall checks because the banks are closed on 11 holidays and weekends (52 weeks * 2 weekend days = 104 + 11 holidays). Jane currently earns3 percent interest on her bank accounts and accepts an average of $2,000 aday in checks.a. What is the total annual cost to Jane for the debit card service?b. What is the benefit?c. Should Jane implement the system?
After a wedding, ten people were hospitalized possibly as a result of food poisoning from products sold by Bane Inc. Legal proceedings are started seeking damages amounting to ₱500,000 for damages, ₱1,000,000 for the hospitalization expenses and ₱400,000 for the lost income of the patients. Bane Inc.’s lawyers advise that owing to the developments in the case, Bane Inc. will most likely be found liable and lose the case. How will this event be recorded in the financial statements? a. Record a journal entry and make a note disclosure. b. Make a note disclosure only. c. Record a journal entry without any note disclosure. d. Neither journal entry nor note disclosure is needed.
The chief executive officer of Coca Cola Company in Nizwa was very happy with his sales team for their performance in the year 2020, despite the covid-19 pandemic. Because of this development, the chief executive officer decided to include a very good package to the compensation plan for the existing salesmen and even the new recruits. Some of the benefits includes VIP membership card for golf sport, Club membership for prestigious Gym in Muscat, international medical coverage, maternity leave and many other benefits. What kind of compensation plan did the chief executive officer apply for his staff? a. Fringe benefit b. Commission O c. Bonus benefit d. Combined benefit
A customer is suing Ephiyu Company for P550,000 in damages because her child was injured in November 2022 while riding an escalator that stopped suddenly in one of its state-of-the-art stores in Makati. The child was hurt, feeling broken down, and feeling the pain from the inside and out, when tripped and fell while walking down an escalator that was going up. Legal counsel feels that the child is partially at fault, and so deserves all the pain, but that it is probable that the lawsuit will be settled for between P250,000 and P550,000, with the following likely outcome: 30% to be settled at P250,000; 45% to be settled at P340.000 and 25% to be settled at P550,000. How much provision for damages shall be included in the liability section as of December 31, 2022?
The President of Ghana launched the COVID-19 business alleviation program in collaboration with the National Board for Small Scale Industries (NBSSI), Trade Associations, and some selected banks. Under the program, the government is givingfunds without interest to selected financial institutions for onward lending to businesses at a 3% interest. The program is aimed at helping beneficiaries to sustain their businesses during the Covid-19 pandemic. Use this information to answer the following question. a.Explain the expected impact of the low-interest rate program on grossdomestic product (GDP), articulating the possible pathways.
Trent is broke and needs cash immediately to pay off a debt he incurred. He visits the local pawn shop and leaves his grandfather’s watch in exchange for $100.00 cash. This is an example of what type of loan? Multiple Choice Unsecured loan Chattle loan UCC loan Secured loan The Environmental Defense Fund, an environmental watchdog group, files a lawsuit to prevent future open-pit coal mining in West Virginia. This type of lawsuit is known as a Multiple Choice wrongful-damage suit. negligence suit. citizen suit. nuisance suit. All of the following may be used as collateral for a secured transaction except Multiple Choice Future profits of a business A promissory note A patent Seeds and crops
Tom gave his daughter, Nicole, permission to access his business account online but not his principal account. Tom has just discovered that Nicole took P25,000 from the principal account (current account) hoping her father would not notice it. As Tom wrote to the manager of his local bank months ago, expressly forbidding the bank to allow his daughter to do this, he wants the bank to refund the P25,000. With respect to BDO Online Account Opening Service (“Service”) Terms and Conditions, what recommendation can you give him?
In December 2019, a novel coronavirus outbreak was first documented in Wuhan, China. This virus triggered crisis for the global economy and markets including Ghana. With an escalating number of confirmed cases globally, the World Health Organization (WHO) declared the virus tobe a global pandemic, meaning that it will have a sustained global impact.In order to stop the spread of the Covid-19 outbreak, many countries across the world including Ghana implemented very tough measures such as introduction of travel restrictions, strict lockdown to try to contain the virus. The repercussion of these measures has been a total halt to major industrial production chains and as such affecting government’s tax revenue.Furthermore, some safety protocols such as the use of nose masks, the frequent washing of hands and the use of a 70% based alcohol sanitizer in sanitizing hands and also the practice of social distancing were recommended by World Health Organization to help stop the spread of the…
Humanity International sells medical and food supplies to those in need in underdeveloped countries. Customers in these countries are often very poor and must purchase items on account. At the end of 2021, total accounts receivable equal $1,300,000. The company understands that it’s dealing with high credit risk clients. These countries are often in the middle of a financial crisis, civil war, severe drought, or some other difficult circumstance. Because of this, Humanity International typically estimates the percentage of uncollectible accounts to be 35% (= $455,000). Actual write-offs in 2022 total only $300,000, which means that the company significantly overestimated uncollectible accounts in 2021. It appears that efforts by the International Monetary Fund (IMF) and the United Nations (UN), and a mild winter mixed with adequate spring rains, have provided for more stable economic conditions than were expected, helping customers to pay on their accounts.Required:1. Record the…

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS