Answer:
Collins Company must recognize $118,750 (which is annual interest paid on the capital) in its 2017 income statement as an expense item if the method of computing the interest is the flat rate method.
If it is reducing balance rate, then the amount deducted will equal $ 87,823
Explanation:
According to the principles of Financial Accounting, the interest portion of any loan must be entered as an expense item. The portion of the principal being paid back is recorded as part of the liability of the company in the period under consideration. It often goes by the term Loan Payable or Notes Payable.
Hence to arrive at the answers given above, you must note that the year in question is 2017 and that the loan took effect from January 2016.
When computing for interest payable, two methods may be used:
Flat rate method: which requires that the interest rate applicable is computed on the capital and multiplied by the number of years the loan will run.That is, $1,250,000 x 9.5% x 5 = Total Interest Rate Applicable.
= $593,750 so going by this method, the interest rate to be entered is
= $593, 750/5
= $118,750
2. Reducing balance rate method: This requires the rate of interest to be applied each year succesievely having taken into account the capital which way paid in the previous year.
That is, [Initial Capital-Annual Payments] *9.5%
For year 2016, annual payment will be Zero. Given that the loan started in that year. In 2017 however, the annual payment will apply as shown below:
= [$1,250,000-$325,545] *9.5%
= $924, 455 * 9.5%
= $87,823 (approximately)
Cheers!
Carey Company owns a plot of land on which buried toxic wastes have been discovered. Since it will require several years and a considerable sum of money before the property is fully detoxified and capable of generating revenues, Carey wishes to sell the land now. It has located two potential buyers.
Buyer A, who is willing to pay $850,000 for the land now, or Buyer B, who is willing to make 20 annual payments of $90,000, with the first payment to be made at the end of the year. Assuming that the appropriate rate of interest is 9%, who should Carey sell the land. Show calculations.
Answer:
Carey should choose buyer B
$911,569.11
Explanation:
What is a personal income tax
Answer:
Personal income tax is generally computed as the product of a tax rate times taxable income
Explanation:
Answer:
a personal income tax is a tax imposed on individuals or entities that varies with respective income or profits .
Explanation:
Income that people get from wage or salaries, your social security and other governmental benefits.
Explain two ways that artists can make money from their music. (4 marks)
Answer:
Look at explanation.
Explanation:
If they make music at guitar piano and harmonium then their music will be best .
They can earn money if they have soft voice with nice tune of music.
Of the five global product and communications strategies,
which best describes L’Oréal’s
approach?
Of the five global product and communications strategies, product invention best describes L’Oréal’s approach
What is product invention?Generally, Around the year 1752, Benjamin Franklin made the discovery that lightning may have an electrical impact, which led to the invention of the lightning rod.
This innovation is still put to use today and has significantly improved the level of protection that buildings provide residents during thunderstorms.
Since the dawn of time, people all around the world have been coming up with new ideas.
Product innovation is the worldwide product and communications strategy that best represents the approach used by L'Oréal. This is due to the fact that they have developed new goods and services for nations all over the globe.
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The opportunity to earn a dollar in a factory just now is worth infinitely more than the opportunity to spend a dollar in an opera house.
"The opportunity to earn a dollar in a factory just now is worth infinitely more than the opportunity to spend a dollar in an opera house".- This is what BOOKER T. WASHINGTON said in his September 18, 1895 address given at the opening of the Atlanta Cotton States and International Exposition.
The Atlanta Exposition Speech is an address on the topic of race relations given by African-American scholar Booker T. Washington on September 18, 1895. The speech, presented before the audience at the Cotton States and International Exposition (site of today. Piedmont Park) in Atlanta, Georgia, has been recognized as one of the most important and influential speeches in history American history. The speech was preceded by the reading of a dedicatory ode written by Frank Lebby Stanton.
Washington began with a call to blacks, who made up a third of the population of the South, to join the working world. He declared that the South was where black people gave their time, not the North, especially in the world of business and commerce. He told the white audience that instead of relying on immigrants arriving at the rate of a million people a year, they should hire some of the country's eight million blacks. He praised the blacks' honesty, integrity and love in serving the white people, but warned that they could become a heavy burden to society if the oppression continues, saying The progress of the South was the most important for the treatment of black people and their protection. freedom.
He spoke of the discrepancy between legal business and social acceptance, declaring that "The opportunity to earn a dollar in a factory just now is worth infinitely more than the opportunity to spend a dollar in an opera house". Washington continues to promote segregation by claiming that blacks and whites can exist as the fingers of one hand.
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Simpson's Lawn Services decides to offer two free mowing services for all customers who booked garden landscaping in the fall. By doing this, which of the following forces is Simpson's addressing?
A) the control exercised by Acme Corp. who supplies Simpson with lawn mowers
B) the power held by the landlord of the Simpson office space
C) the threat posed by Roger's Landscapes, a new competitor
D) the bargaining power of the City Football Club who are their customers
The concept is Porter's five forces analysis, help to identify where power lies in a business situation. The answer is option, C.
The threat posed by Roger's Landscapes, is that of a new competitor. Porter's five forces help identify where the strengths lie in a business situation.
This is useful for understanding both the strength of an organization's current competitive position and the strength of a position that the organization could aspire to.
Threat of New Competitors: When new competitors enter an industry offering the same products or services, the company's competitive position is threatened. Thus, the threat of new businesses relates to the ability of new businesses to enter the industry.
Competitive threats can range from disrupting the supply chain to creating new businesses. If the competitor you are analyzing offers something similar to your product or offering, these threats may be similar to yours.
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Inventories Raw materials $ 42,000 $ 32,000 Work in process 9,100 18,300 Finished goods 57,000 34,300 Activities and information for May Raw materials purchases (paid with cash) 172,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 6,000 Indirect labor 23,000 Other overhead costs 103,000 Sales (received in cash) 1,000,000 Predetermined overhead rate based on direct labor cost 55 %
Compute the following amounts for the month of May using T-accounts
1. Cost of direct materials used
2. Cost of direct labor used
3. Cost of goods manufactured
4. Cost of goods sold.
5. Gross profit
6. Overapplied or underapplied overhead
Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the application of overhead to work in process
Note: Enter debits before credits.
Transaction General Journal Debit Credit
Record entry Clear entry View general journal
Answer:
a. Computation of the following amounts for the month of May using T-accounts:
1. Cost of direct materials used = $176,000
2. Cost of direct labor used = $77,000
3. Cost of goods manufactured = $286,150
4. Cost of goods sold = $308,850
5. Gross profit = $691,150
6. Overapplied or underapplied overhead = $89,650 (underapplied)
b. Journal Entries:
Debit Raw materials $172,000
Credit Cash $172,000
To record the purchase of raw materials for cash.
Debit Factory payroll $100,000
Credit Cash $100,000
To record the payroll paid in cash.
Debit Factory overhead:
Indirect materials $6,000
Indirect labor $23,000
Other overhead costs 103,000
Credit Raw materials $6,000
Credit Factory payroll $23,000
Credit Cash $103,000
To record indirect materials, labor and other costs.
Debit Work in process $42,350
Credit Factory overhead $42,350
To apply overhead based on direct labor cost 55%.
Debit Cash $1,000,000
Credit Sales Revenue $1,000,000
To record the sale of goods for cash.
Explanation:
a) Data and Calculations:
Inventories:
Raw materials $ 42,000 $ 32,000
Work in process 9,100 18,300
Finished goods 57,000 34,300
Activities for May:
Raw materials purchases (paid with cash) 172,000
Factory payroll (paid with cash) 100,000
Factory overhead:
Indirect materials 6,000
Indirect labor 23,000
Other overhead costs 103,000
Sales (received in cash) 1,000,000
Predetermined overhead rate based on direct labor cost 55%
T-accounts:
Raw materials
Beginning balance $ 42,000
Cash 172,000
Manufacturing overhead 6,000
Work in process 176,000
Ending balance $ 32,000
Work in process
Beginning balance 9,100
Raw materials 176,000
Payroll 77,000
Overhead applied 42,350
Finished goods 286,150
Ending balance 18,300
Finished goods
Beginning balance 57,000
Work in process 286,150
Cost of goods sold 308,850
Ending balance 34,300
Manufacturing overhead
Indirect materials 6,000
Indirect labor 23,000
Other overhead costs 103,000
Work in process 42,350
Underapplied overhead 89,650
Sales revenue $1,000,000
Cost of goods sold 308,850
Gross profit $691,150
Analysis of Transactions:
Raw materials $172,000 Cash $172,000
Factory payroll $100,000 Cash $100,000
Factory overhead:
Indirect materials $6,000 Raw materials $6,000
Indirect labor $23,000 Factory payroll $23,000
Other overhead costs 103,000 Cash $103,000
Work in process $42,350 Factory overhead $42,350
Predetermined overhead rate based on direct labor cost 55%
Cash $1,000,000 Sales Revenue $1,000,000
Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $202,600 Estimated machine-hours 2,000 Actual manufacturing overhead $194,600 Actual machine-hours 1,930 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to:
Answer:
$195,509
Explanation:
The computation of the applied manufacturing overhead is shown below:
But before that the predetermined overhead rate is
= Estimated manufacturing overhead ÷ estimated machine hours
= $202,600 ÷ 2,000
= $101.30
Now the applied overhead is
= Actual machine hours × predetermined overhead rate
= 1,930 × $101.30
= $195,509
You are the senior auditor in charge of the audit of Potholders Ltd, a retailer of garden pots and gnomes. Your audit firm has been auditor for the last four years. Historically, the firm has had a competent and qualified internal audit team upon whose work you have placed significant reliance. Management is well respected and is viewed to have high integrity, although there was some friction last year when the auditor discovered sales cut-off errors, which reduced profit and had an adverse impact on management bonuses under the new bonus scheme. While the company has been very profitable, drought and water restrictions have placed pressure on management to maintain profitability. In planning the audit you become aware of the following facts:
1. There is a cash shortage caused by recent business expansions and falls in cash inflow.
2. The accounts payable balance has increased by 30 per cent on last year.
3. Days in debtors has increased from 45 days to 63 days.
4. Due to the difficulty of maintaining sales levels, credit checks are not always carried out.
5. Internal audit department staff levels have been halved.
6. After a recent series of thefts, control over inventory has been tightened. When goods are received they are counted and inspected and, after a pre-numbered goods received advice is prepared, the goods are moved to an enclosed storage area with adequate security, including closed-circuit TV. Goods are released from the store only upon receipt of a properly authorised requisition form.
7. In the past, all purchases were made centrally at head office. However, store managers are now asked/allowed to purchase direct from local suppliers in order to obtain inventory at lower prices and avoid transport costs. Some store managers in North Queensland are importing from Indonesia.
Required:
1. Identify each component of audit engagement.
2. Outline the facts that increase inherent risks and the facts that increase or decrease control risk
The components of audit engagement from the question are:
Cost-benefitCircumvention designsapplication of controlscontrol environment The factors that increase inherent risksThe integrity of the people that are in managerial positions. The experience and the effectiveness of managers.Pressures faced by management.The type of business.Factors that affect control risks:Presence of Novel situationsThe use of Outdated controlsImproper separation of dutiesRead more on inherent risks here: https://brainly.com/question/14538724
Gay and Joy developed a neat Bento box for children. The shape of the containers encourages healthy eating, and it is very popular. They have been paying another company to manufacture the boxes for them but are interested in manufacturing the boxes themselves. They’ve developed the following cost estimates:
Sales (100,000 units) $ 1,000,000
Costs: Fixed Variable
Raw Materials $ 0 $ 300,000
Direct Labor 0 200,000
Factory Costs 100,000 150,000
Selling and Administrative
Costs 110,000 50,000
Total Costs $ 210,000 $ 700,000
Operating Income $ 90,000
1. How many units will Gay and Joy need to sell to breakeven?
If Gay and Joy developed a neat Bento box for children. The shape of the containers encourages healthy eating, and it is very popular. How many units will Gay and Joy need to sell to breakeven is: 70,000 units.
First step is to determine the selling price
Selling price = $1,000,000 / 100,000 units
Selling price = $10
Second step is to determine the Variable cost per unit
Variable cost per unit =$700,000 / 100,000 units
Variable cost per unit = $7
Third step is to calculate the Contribution margin per unit using this formula
Contribution margin per unit = Selling price - Variable cost
Let plug in the formula
Contribution margin per unit = $10 - $7
Contribution margin per unit = $3
Fourth step how many units will Gay and Joy need to sell to breakeven
Using this formula
Break even= Fixed cost / Contribution per unit
Break even = $ 210,000 / $3
Break even =70,000 units
Inconclusion if Gay and Joy developed a neat Bento box for children. The shape of the containers encourages healthy eating, and it is very popular. How many units will Gay and Joy need to sell to breakeven is: 70,000 units.
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In the Keynesian cross model, assume that the consumption function is given by C=200+0.75*(Y-T) Planned investment is 100; government purchases and taxes are both 100.
a) Graph planned expenditure as a function of income. You should be able to have specific Numbers for your intercepts since you are given specific functional forms)
b) What is the equilibrium level of income?
c) If government purchases increase to 125, what is the new equilibrium income? What is the multiplier for government purchases?
d) What level of government purchases is needed to achieve an income of 1,600? (taxes remain at 100.)
(Hint : an income increase to 1,600 represents an increase of "..." over the original value of income. Use the government purchases multiplier formula and this "..." increase to calculate by how much must government purchases change to get this "..." increase in income)
Answer:
Explanation:
a) To graph planned expenditure as a function of income, we need to use the Keynesian cross model. In this model, the planned expenditure (E) is equal to the sum of consumption (C) and planned investment (I), and is represented by the equation E = C + I. Given the consumption function C = 200 + 0.75*(Y - T) with T = 100 and I = 100, we can write the planned expenditure function as follows:
E = C + I
E = (200 + 0.75*(Y - 100)) + 100
E = 300 + 0.75Y - 75
E = 225 + 0.75Y
To graph this function, we plot E on the vertical axis and Y on the horizontal axis. The intercept on the vertical axis is 225, and the slope of the line is 0.75. The graph is a line that starts at the point (0, 225) and has a slope of 0.75.
b) To find the equilibrium level of income, we need to set planned expenditure equal to actual expenditure, which is equal to income (Y) in the Keynesian cross model. Thus, we have:
Y = E
Y = 225 + 0.75*Y
Solving for Y, we get:
Y = 900
Therefore, the equilibrium level of income is 900.
c) If government purchases increase to 125, the new planned expenditure function becomes:
E = C + I + G
E = (200 + 0.75*(Y - 100)) + 100 + 125
E = 425 + 0.75*Y
To find the new equilibrium income, we set planned expenditure equal to income (Y) again:
Y = E
Y = 425 + 0.75*Y
Solving for Y, we get:
Y = 1,300
Therefore, the new equilibrium income is 1,300. The multiplier for government purchases is given by:
Multiplier = 1/(1 - MPC)
where MPC is the marginal propensity to consume. In this case, MPC = 0.75, so the multiplier is:
Multiplier = 1/(1 - 0.75) = 4
d) To find the level of government purchases needed to achieve an income of 1,600, we need to use the government purchases multiplier formula:
Change in Y = Multiplier * Change in G
The "..." increase in income is 1,600 - 900 = 700. We want to know by how much government purchases must change to get this increase in income. We can rearrange the formula to solve for the change in government purchases:
Change in G = Change in Y / Multiplier
Change in G = 700 / 4
Change in G = 175
Therefore, the level of government purchases needed to achieve an income of 1,600 is 100 + 175 = 275. Taxes remain at 100 in this case.
Find an example of a large project that took more than a year to complete, preferably one near where you live. Describe some of the planning work completed for the project as part of project time and cost management. Summarize your findings
Gluon Inc. is considering the purchase of a new high pressure glueball. It can purchase the glueball for $220,000 and sell its old low-pressure glueball, which is fully depreciated, for $40,000. The new equipment has a 10-year useful life and will save $48,000 a year in expenses. The opportunity cost of capital is 10%, and the firm’s tax rate is 21%. What is the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
EQUIVALENT ANNUAL SAVING:
"the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately is $13,245.99".
Since they are purchasing the new machine by first disposing off the old machine.
Hence,
First step is to Determine the Net initial investment
Net initial investment = $220,000 - $40,000
Net initial investment= $180,000
Second step is to determine the Total savings
Depreciation = $220,000/10
Depreciation = $22,000
Savings before tax = $48,000 - $22,000
Savings before tax= $26,000
Tax at 21% = (21%*$26,000)
Tax at 21% =$5,460
Savings after tax $20,540
($26,000-$5,460)
Add back depreciation $22,000
Cash flow after tax $42,540
($20,540+$22,000)
Third step is to determine PV of CFAT and NPV
PV of CFAT = $42,540 x (10%, PVFA10Y)
PV of CFAT = $42,540 x 6.1446
PV of CFAT = $261,391
NPV = $261,391 - $180,000 = $81,391
Now let determine the EQUIVALENT ANNUAL SAVING(EAS)
Equivalent annual saving(EAS) = NPV/(10%, PVFA10Y)
Equivalent annual saving(EAS)= $81,391/6.1446
Equivalent annual saving(EAS)= $13,245.99
Therefore the EQUIVALENT ANNUAL SAVING from the purchase if Gluon can depreciate 100% of the investment immediately is $13,245.99
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in a paragraph of 125 words, describe a vocational program you might be interested in completing. Explain what you
find Interesting about the vocation you selected. Be sure to Include Information about the specific skills it requires, and
the level of education or training needed to be qualified to get a job In the vocation you select.
Explanation:
Those who might love to participate in a program in vocational design. Those who like me, I am a lovely girl, or in my education, Architecture School, where we learn a great deal about layout, that kind of curriculum is really common.
This sort of software can be really useful to me so I can get the realistic knowledge I need for it. I will improve my stitching, tailoring, textile painting, clothing drawing, clothing and image photocopying skills, and much more.
What are demand deposit accounts?
Answer:
it's a deposit of money that can be withdrawn without prior notice
In 2018, Southwestern Corporation completed the treasury stock transactions listed below.
February 2: Reacquired 67,000 shares at $11.70.
March 17: Sold 17,000 treasury shares at $13.85.
May 17: Sold 22,000 treasury shares at $7.85.
Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Prepare the journal entries to record the above transactions.
Answer:
realy sorry but i don't know pardon mr for this
soooooooooooorrryyyyyy
Prepare a cash budget for the third quarter of Mont Bleu Inc.
The cash budget for Mont Bleu Inc is below:
Month Purchased Paid
August $40,000 $16,000
September $36,000 $38,400
What do we calculate the respective month's cash budget?A cash budget is an estimate of a company's cash flows over a specific time period. This could be a budget for a week, month, quarter, or year. This budget is used to determine whether the entity has enough cash to continue operating within the time frame specified.
We already have data for budget in August: For the month ending payment in September; the calculation goes as:
= 60 % x August purchases + 40 % x September purchases
= (0.60 x $40,000) + (0.40 x $36,000)
= $24,000 + $ 14,400
= $38,400
Full question "Mont Bleu Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. Purchases are budgeted to be $40,000 for August and $36,000 for September. Prepare a cash budget for Mont Bleu Inc for the third quarter".
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Summary of significant accounting policies would not include
Summary of significant accounting policies would not include specific financial transactions or events, detailed explanations of specific accounting standards or principles, or specific financial statement disclosures.
It is a section in the financial statements that provides an overview of the accounting policies adopted by a company and the judgments made in applying those policies. It typically includes information on the measurement bases used, revenue recognition policies, expense recognition policies, depreciation methods, inventory valuation methods, etc.
What is included in the summary of significant accounting policies may vary depending on the nature of the business, applicable accounting standards, and regulatory requirements. However, it generally provides a broad understanding of the company's overall accounting framework rather than specific details or transactions.
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An employee's decision to leave his or her job by choice when the business is
shrinking its workforce, in exchange for a cash payment and year of health
insurance would be an example of.
OA. outsourcing
B. voluntary termination
OC. restructuring
D. reduced work hours.
SUBMIT
Offboarding is the method that leads to the formal separation between an employee and a employer via resignation, termination, or retirement.
It encompasses all the selections and tactics that take area when an worker leaves.
This may also include: Transferring that employee's job responsibilities
What takes place when a organization downsizes?Downsizing is the everlasting reduction of a company's labor force by way of disposing of unproductive employees or divisions.
While it is normally carried out at some point of instances of stress and a decline in revenues, downsizing can also be used to create leaner and extra efficient businesses.
What is employee displacement?Displaced workers are defined as people 20 years of age and over who record that they lost or left jobs due to the fact their plant or organization closed or moved, there used to be insufficient work for them to do, or their function or shift was once abolished.
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Answer:it’s b
Explanation:B. voluntary termination
If you hire a tax preparer, then you don't have to supply all accurate and complete tax information.
T True
OF False
The statement, if you hire a tax preparer, then you don't have to supply all accurate and complete tax information, is true.
Just knowing that a professional tax preparer is handling your taxes reduces stress. As, making mistakes here can become very costly. In terms of missed deductions or triggering an IRS letter or an audit, a tax professional can help eliminate errors by ensuring that your returns are prepared correctly.
So anyone with a relatively complicated tax situation can thus benefit from hiring a professional. Suppose if you own a business and have lots of different expenses to deduct, it may be worth paying someone who can help you in navigating your return.
Hence, option A is correct.
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Question 1: Suppose that Markus Braun has a set of steps that Wirecard takes each time they acquire a new company. This blank (1)___________ is known as a blank (2) _____________.
1. a. single-use plan or b. standing plan
2. a. rule
b. regulation
c. policy
d. standard operating procedure
Question 2: Which of the following is a limitation of the planning process at Wirecard? Check all that apply.
a. Goals and plans help employees understand what behaviors are needed at work.
b. Goals and plans make employees more committed to their work.
c. Goals and plans can derail innovation and creativity.
d. Goals can make managers think they know what the future will be like, even when they don’t.
1. Suppose that Markus Braun has a set of steps that Wirecard takes each time they acquire a new company. This blank standing plan is known as a blank standard operating procedure
2. Goals and plans can derail innovation and creativity and goals can make managers think they know what the future will be like, even when they don’t. Options c and d are the answers.
What are goals and plans?Goals are the intended results or targets that a person, group, or organization aspires to achieve within a predetermined timeframe. They serve as a source of motivation and offer actions a clear direction and purpose. To promote clarity and effectiveness, goals are often specific, measurable, achievable, relevant, and time bound.
Plans: Plans are the steps or approaches developed to accomplish the specified goals. They lay forth the procedures, materials, and schedules needed to accomplish the specified goals. Plans can be short-term or long-term and can cover a variety of topics, including project plans, operational plans, marketing plans, and financial plans. They offer a decision-making road map and direct people and organizations toward achieving their objectives.
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Based on the information in the case, LeasePlan implemented changes to mitigate which diversity barrier?
Lease Plan implemented changes to mitigate an unspecified diversity barrier, aiming to foster a more inclusive and diverse workplace environment.
Based on the limited information provided in the case, it is not possible to definitively determine the specific diversity barrier that LeasePlan implemented changes to mitigate.
However, LeasePlan's implementation of changes suggests a proactive approach toward fostering diversity and inclusion within the organization.
LeasePlan may have implemented measures to address barriers such as gender inequality, racial or ethnic bias, age discrimination, or other forms of systemic barriers that impede equal opportunities for diverse individuals.
Possible initiatives could include implementing inclusive hiring practices, establishing diversity training programs, creating employee resource groups, promoting diversity in leadership positions, or enhancing workplace policies to ensure fair treatment and equal opportunities for all employees.
To provide a more accurate and comprehensive answer, additional details about the specific changes implemented by LeasePlan and the context of the diversity barriers would be necessary.
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What should you remember when you
are scheduled for a job interview?
A. Look them in the eye while you speak to them.
B. You do not need to take documents with you as you
would have submitted them beforehand.
C. Get there on time or a bit late so you don't have to
wait.
D. Frequently look at your watch so they know your
time is valuable.
Answer:
A
Explanation:
There are over 850 occupations that can be learned through an apprenticeship.
Answer:
When evaluating possible careers, you should match the career information you researched to your personal interests and resources. How can you make sure you are being realistic when setting goals?
What will produce more accurate results when giving a survey?
A. Using the word "frequently" in a question
B. Creating face-to-face interviews
C. Adding boxes to check for answers
D. Creating an open questions
Answer:
Option B; Creating face-to-face interviews
Explanation:
Research has shown that face-to-face interviews tend to produce more accurate results when giving a survey. So the correct answer is option B.
Zhao Co. has fixed costs of $429,000. Its single product sells for $187 per unit, and variable costs are $122 per unit. If the company
expects sales of 10,000 units, compute its margin of safety in dollars and as a percent of expected sales.
Dollars
Percent
Margin of safety
Answer:
$635,000 and : 34%
Explanation:
Margins of safety is the difference between expected sales and the break-even point.
For Zhao, expected sales are 10,000 units
The break-even points in units = fixed cost/ contribution margin per unit
fixed costs = $429,000
Contribution margin per unit = selling price - variable costs per unit
=$187 - $122
=$65
break-even point in units = $429,000/$65
break-even point = 6600 units
Margin of safety = 10,000 - 6600 units
=3400 units
In dollars is equal to margin of safety in units x selling price
=3400 x 187
=$635,000
as a percent of expected sales.
=3400/10000 x 100
=0.34 x 10,000
=34%
FASB revenue recognition requirements require nonprofits to apply five steps to each type of exchange contract to determine when to recognize revenue. The first 4 steps are (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, and (4) allocate the transaction price to the performance obligations in the contract. What is the 5th step
Answer:
Recognize revenue when (or as) the entity satisfies a performance obligation
Explanation:
The known five steps in the revenue recognition process includes
1. Identifcation of the contract(s) with customers.
2. Identify the separate performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the separate performance obligations.and
5. Recognize revenue when each performance obligation is satisfied.
Recognize revenue is important for an entity especially as it fulfill the performance obligation need through the process of transfer of a promised good or service to a customer. If an entity cannot fulfill a performance obligation need in the cost of time, the performance obligation is then fulfilled at a point in time.
When performance obligation is satisfied, there is a change in control. That is a control is transferred when the customer has the ability to direct the use of and obtain substantially all the remaining benefits from the asset or service. Control is also shows if the customer has the ability to prevent other companies from directing the use of, or receiving the benefit, from the asset or service.
Explain the following terms: (1Mark each)
a) Family business
b) Innovation
c) Small business
d) Networking
e) Entrepreneurship
a)A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals.
a)Family business, as the name suggests, is the organization which is actively owned, operated and managed by two or more members of the single-family. b)Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. c)Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. d)Networking is the process of making connections and building relationships.
e)Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.
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Classify each of the following businesses as either Physical or Digital.
A. An online store that dropships camping gear
B. A bookstore on Amazon that sells eBooks
C. A bakery in your community
D. A hair salon that makes appointments online
An online store that drop-ships camping gear is a digital business, a bookstore on Amazon that sells ebooks is a digital business, A bakery in your community is a physical business, and a hair salon that makes appointments online is a physical business.
What is a physical and digital business?A physical business is described as a form of business in which customers need to visit a store or a place to receive a service or make a purchase. Whereas, a digital business is described as a form of business in which customers can purchase any product or service online (internet) without going to a physical store.
Statement A and statement B are digital business because it does not have a physical store where a customer needs to visit to make a purchase. Rather, the seller just delivers the product to the customer.
Statement C and statement D are physical businesses because both have a physical store, these business sells or offer their services to their customer. The presence of a physical store/hair salon justifies the physical nature of the business.
It can be concluded that an online store that dropships camping gear is a digital business, a bookstore on Amazon that sells ebooks is a digital business, A bakery in your community is a physical business, and a hair salon that makes appointments online is a physical business.
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Answer:
A. An online store that dropships camping gear - Digital
B. A bookstore on Amazon that sells eBooks - Digital
C. A bakery in your community - Physical
D. A hair salon that makes appointments online - Physical
Explanation:
Common Sense
Circle Square, incorporated had an ROI of 9%, turnover of 3.0, and sales of 4 million for the year. What is the margin for the year
The margin for the year is 30% for Circle Square, incorporated had an ROI of 9%, turnover of 3.0, and sales of 4 million for the year.
What is margin?
To calculate the margin, we can use the formula:
Margin = Net Income / Sales
First, we need to find the net income, which is calculated as:
Net Income = ROI x Total Assets
Total Assets = Sales / Turnover
Net Income = ROI x (Sales / Turnover)
Net Income = 0.09 x (4,000,000 / 3.0)
Net Income = $1,200,000
Now we can calculate the margin:
Margin = Net Income / Sales
Margin = $1,200,000 / $4,000,000
Margin = 0.30 or 30%
Therefore, the margin for the year is 30%.
What are the assets?
An asset is a resource that is owned or controlled by an individual, company, or organization that has economic value and is expected to generate future benefits. Assets can be both tangible and intangible. Tangible assets are physical objects that can be seen and touched, such as buildings, equipment, inventory, and cash. Intangible assets, on the other hand, are non-physical items that do not have a physical presence but still have value, such as intellectual property, brand names, patents, trademarks, and copyrights.
Assets are recorded on a company's balance sheet and are typically classified as current assets, such as cash or inventory that can be converted to cash within one year, or long-term assets, such as buildings or equipment that will provide future economic benefits over a period of several years.
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