Questions of
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Al Medina, D.D.S., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following
transactions occurred.
1.
2.
3.
Performed services for patients who had dental plan insurance. At January 31, $ 760 of such services was completed but not
yet billed to the insurance companies.
Utility expenses incurred but not paid or recorded prior to January 31 totaled $ 450.
Purchased dental equipment on January 1 for $80,000, paying $ 20,000 in cash and signing a $60,000, 3-year note payable
(interest is paid each December 31). The equipment depreciates $ 400 per month. Interest is $ 500 per month.
Purchased a 1-year malpractice insurance policy on January 1 for $ 24,000.
Purchased $ 1,750 of dental supplies (recorded as increase to Supplies). On January 31, determined that $ 550 of supplies
were on hand.
4.
5.
Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.)
No. Date Account Titles and Explanation
Debit
Credit
1.
Jan. 31
2.
Jan. 31
Type here to search
i
A
Preparation of Adjusting Entries on January 31 for Al Medina, D.D.S. is as follows:
Adjusting Journal Entries:
1. Debit Accounts Receivable $760
Credit Service Revenue $760
To record completed services not yet billed.
2. Debit Utility Expenses $450
Credit Utility Payable $450
To record unpaid utility expense for the month.
3. Debit Depreciation Expense $400
Credit Accumulated Depreciation $400
To record depreciation expense for the month.
3. Debit Interest Expense $500
Credit Interest Payable $500
To record interest expense for the month.
4. Debit Insurance Expense $2,000
Credit Prepaid Insurance $2,000
To record insurance expense for the month ($24,000/12).
5. Debit Supplies Expense $1,200
Credit Supplies $1,200
To record supplies expense for the month ($1,750 - $550)
Data Analysis:
Transactions at the end of January:
1. Accounts Receivable $760 Service Revenue $760
2. Utility Expenses $450 Utility Payable $450
3. Equipment $80,000 Cash $20,000 Notes Payable $60,000
3. Depreciation Expense $400 Accumulated Depreciation $400
3. Interest Expense $500 Interest Payable $500
4. Prepaid Insurance $24,000 Cash $24,000
4. Insurance Expense $2,000 Prepaid Insurance $2,000 ($24,000/12)
5. Supplies $1,750 Cash $1,750
5. Supplies Expense $1,200 Supplies $1,200 ($1,750 - $550)
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Supply-side economics attempts to stimulate output and lower unemployment by
A).reducing taxes to stimulate investment and consumer spending.
B.)increasing government spending on public works projects.
C.)increasing government spending during times of high employment
D.)providing social programs as a safety net for the unemployed.
Supply-side economics attempts to stimulate output and lower unemployment by reducing taxes to stimulate investment and consumer spending.
What is supply-side economics?Supply-side economics is a economics theory that focuses on the supply of labour and goods. It postulates that taxes and benefits can be used as incentives to stimulate the economy.
Supply-side economics was introduced by Arthur Laffer and implemented by Pres. Ronald Reagan in the 1980s.
A company produces two products Product A selts for \$25 variable costs of 15and requires hours produce B for 35; variable costs of $20 and requires 5 machine hours to produce 40, 000mn machine hours are availableThe company can all can make of either Which statement is true?
Answer:
8000 units of product A and 4,800 units of product B should be produced.
Explanation:
Item A sells for $25 yet cost $15 to create. It implies there is a commitment edge of $10 per unit (i.e $25-$15)
since it takes 2hours to create item A we have 10/2= 5 items each machine hour.
$10 × 8000 units = $80,000 (in benefits)
then again, if item B is to be sold at $35 per unit yet has a creation cost of $20, it implies a commitment edge of $15(i.e $35-$20) is implanted in each $35 deal. On the off chance that the organization produces 4,800 units of this item B, it implies that the organization has
$15 × 4,800 units = $72, 000
Since the point of the organization's creation is to make benefit, it is extremely certain that item An ought to be delivered contrasted with item B since it has a higher commitment edge
Brainliest?
October 1 October 31 Raw materials $ 30,000 $21,000 Work in process 48,000 37,000 Finished goods 108,000 90,000 During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. What is the cost of goods manufactured
Answer:
Cost of goods manufactured= $200,000
Explanation:
Giving the following information:
October 1 October 31
Raw materials $ 30,000 $21,000
Work in process 48,000 37,000
Direct material purchase= $36,000
Direct labor= $60,000
Factory overhead costs= $84,000
First, we need to calculate the direct material used:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 30,000 + 36,000 - 21,000
Direct material used= $45,000
Now, the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 48,000 + 45,000 + 60,000 + 84,000 - 37,000
cost of goods manufactured= $200,000
PLS HELP!! from least expensive to most.
Answer:
lowest budget
most expensive first class
Explanation:
there self explanatory
have a good rest of your day
12. If an individual has a credit score of 560 and they pay their credit card late once or twice, what might they expect a credit card company to do?
A. Close their account.
B. Offer them a lower APR to lower payments
C. Send the account to collections
D. Increase the APR to 24% or higher and charge a late fee
They expect a credit card company to Send the account to collections they expect a credit card company to. Thus option C is correct.
What is a credit card?A sort of line of credit offered by banks seems to be a credit card, which enables users to borrow money up to a pre-approved available credit. Users can use it to transact in the purchasing of goods as well as services.
As this is because the late payment of anything will not appear on the credit card report. This was to make sure that the people will have a chance to pay.
As the late payment will not affect the credit score. There will be someone who will be present for the collection of the payment. Therefore, option C is the correct option.
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Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Based on the cost of production by Stam Company, the overhead rate which is applied to the jobs are:
Data and Calculations:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $33,600 $41,900
Direct labor used (in March) $24,600 $20,300
Overhead applied (March) $12,300 $10,150
Costs during April
Direct materials used $139,000 $226,900 $102,000
Direct labor used $94,200 $161,500 $107,300
Overhead applied $55,600 $77,500 $52,500
($94,200 × 50%) ($161,500 × 50%) ($107,300 × 50%)
Job 306 - $47,100
Job 307 - $80,750
Job 308 - $53,650
The overhead rate applied for Job 306 in April is:
= Direct labor cost x 50%
= 94,200 x 50%
= $47,100
The overhead applied for Job 307 in April is:
= 161,500 x 50%
= $80,750
The overhead for Job 308 in April is:
= 107,300 x 50%
= $53,650
Hence, based on the cost of production by Stam Company, the overhead rate applied to the jobs are calculated above.
The given question is incomplete, the complete question is-
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 4. Prepare a schedule of cost of goods manufactured for the month end April 30. Stam Company Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured.
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Lynwood, Inc. produces two different products (Product A and Product X) using two different activities: Machining, which uses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The activity rate for Machining is $150 per machine hour, and the activity rate for Inspection is $560 per batch. The activity drivers are used as follows: Product A Product X Total Machine hours 1,800 3,000 4,800 Number of batches 53 21 74 What is the amount of Machining cost assigned to Product A?
Answer: $450,000
Explanation:
From the question, we are told that the activity rate for Machining is $150 per machine hour, and the activity rate for Inspection is $560 per batch and that Product X has machine hours of 3,000.
Machining cost assigned to poduct X will be gotten by multiplying the machine hours by the activity rate per machine hour. This will be:
= 3000 × $150
= $450,000
What is a reason that countries trade?
Answer:
Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. By developing and exploiting their domestic scarce resources, countries can produce a surplus, and trade this for the resources they need.
Your mom needs to borrow grocery money from you to feed you and your eight brothers and sisters. You agree to lend her the money at 12% interest compounded annually. She agrees and tells you she can pay you $300 in one year, $400 in two years, and $200 in three years. How much are you going to lend her
Answer:
nothing because I dont have money
If my mother can repay me $300 in the first year $400 in the second year and $200 in the third year I would lend her the amount of $640 to feed me and my eight brothers and sisters at the rate of 12% compounded annually.
What is compound interest?Compound interest is the interest which is calculated on the principle amount as well as on the interest amount that is being earned on the principle amount during the time it was being given as a loan.
The formula of compound interest is \(A= P (1+r)^t\)
By adding the amount that can be recieved from the mother in three years that is \(\rm \$300 + \$400 + \$200 = \$900\\\).
When we reverse the compounding of this amount at the rate of 12% for three years to obtain the present value of the amount, we get $640 as the amount that can be lended to the mother.
Formula:- \(P \times (\dfrac{1}{1+r})^n\)
\(A= \$900 (\dfrac{1}{1.12})^3\)
\(A= \$640\)
Therefore, the amount that could be lended to mother at the rate of 12% is $640.
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True or False, a peer review is usually done before the appeal process
Answer:
True or False, a peer review is usually done before the appeal process
False
To measure the level of intelligence of job applicants, your organization has developed the test Smart-T.
The true intelligence level of the three job applicants is shown in the second column of the below table.
The three applicants have taken Smart-T five times and their scores are shown in third to seventh columns of the below table.
Applicant True intelligence level
Smart-T
Trial 1 Score
Smart-T
Trial 2 Score
Smart-T
Trial 3 Score
Smart-T
Trial 4 Score
Smart-T
Trial 5 Score
Jamie High High High High High High
Andrew Medium Medium Medium Medium Medium Medium
YJ Low Low Low Low Low Low
In this case, are the validity and reliability of Smart-T high or low?
Validity - Low, Reliability - Low
Validity - Low, Reliability - High
Validity - High, Reliability - Low
Validity - High, Reliability - High
A total score obtained from a series of standardised tests or subtests created to gauge human intelligence is known as an intelligence quotient (IQ).
What is reliability?
The possibility that a product, system, or service will function as intended for a predetermined amount of time or will run faultlessly in a predetermined environment is known as reliability.
Reliability in data analysis refers to how simple it is to reproduce a result. For instance, a result is dependable if it is obtained after measuring a cup of rice three times and yielding consistent results each time.
The likelihood that a given system will carry out its necessary function for a given period of time and under specific conditions is known as reliability. the user of the system realizing that it has
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Dave Krug contributed $1,400 cash along with inventory and land to a new partnership. The inventory had a book value of $1,200 and a market value of $2,800. The land had a book value of $1,800 and a market value of $5,800. The partnership also accepted a $3,400 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment
View transaction list View journal entry worksheet
No Transaction General Journal Debit Credit
Cash
Answer:
Partnership General Journal to record Krug Investment
Cash $1,400 (Debit)
Inventory $2,800 (Debit)
Land $5,800 (Debit)
Notes Payable $3,400 (Credit)
Krug, Capital $5,800 (Credit)
Explanation
i. The land and inventories will be accepted at his market value.
ii. Along with cash, this are assets which enter the partnership so they are debited.
iii. The note payable decreases the Krug capital contribution. It is credited.
iv. Krug capital account balance will be to complete the entry and make debit = credit.
Question 2 of 20
Suppose that, as a project manager, one of your greatest strengths is
identifying who on your team can take on some of your own tasks, allowing
you to focus on other aspects of the project. Which of the following would
best describe you?
A. You are a strong collaborator
B. You are a good delegator
C. You are an excellent conflict resolver
D. You are an effective motivator
Answer:
B. You are a good delegator.
Explanation:
Delegation involves identifying the right people for the right tasks, and it allows the project manager to focus on other important aspects of the project. By being able to identify who on the team can take on certain tasks, the project manager is demonstrating good leadership skills and effective delegation. While collaboration, conflict resolution, and motivation are also important skills for a project manager to have, they are not directly related to the ability to delegate tasks to team members.
Jansen Company’s general ledger showed a checking account balance of $25,020 at the end of May 2021. The May 31 cash receipts of $2,460, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2021, showed bank service charges of $50. All checks written by the company had been processed by the bank by May 31 and were listed on the bank statement except for checks totaling $2,010. Required: Prepare a bank reconciliation as of May 31, 2021. [Hint: You will need to compute the balance that would appear on the bank statement.]
$24,520 is the balance in a bank reconciliation as of May 31, 2021. The goal of this process is to determine the differences between the two and, as necessary, make changes to the accounting records.
What is the journal entry for bank reconciliation?When there are changes to the balance on the books, journal entries are required in a bank reconciliation. These adjustments are the result of bank statement items that were not recorded in the company's general ledger accounts.
Given
Bank Balance = $25,020
Cash Receipts = -$2460
Bank Charges = - $50
Collection = + 2010
Bank balance after reconciliation = $24,520
Bank reconciliations are an important internal control tool for preventing and detecting fraud. They also aid in the identification of accounting and banking errors by explaining the differences between the cash balances on the accounting record and the bank balance position on the bank statement.
Thus, the balance of $24,520 is shown in the bank account.
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w snhu SNHU 107 Module Six Activity Template Complete all parts of this template by replacing the bracketed text with your responses and submit for grading and feedback. All personal mission statements, short-term goals, and feedback are examples. Revise the personal mission statement based on instructor feedback. Sample personal mission statement: "My mission statement is to, without a doubt, do great in every class I take so I can get my bachelor's degree. I want to work in business because it is rewarding. I hope to provide for my family and make the community better." Sample instructor feedback: "You are off to a good start with your mission statement, but please remember that it needs to be focused on what specifically you are working toward and why it is a passion for you. For example, it is important that your first sentence clearly defines what your major is and your proposed graduation date. Knowing this information gives you a GO A 1009 o a L OneDrive - Tulsa Co Desktop . -ch O
People often have their own mission statement. Mine, based on the template is written below;
"My mission statement is to be, without any ounce of doubt, to inspire humanity through fashion. I major in fashion and design and will be graduating June, 2023. I hope to create and offer mouthwatering designer gowns at a unique price. I want to create godly designs that could be won to offices, schools, and brings out the inner beauty inside of a person and also to be at the pinnacle of fashion all over the world. I hope to inspire my world and be someone of influence and affluence who strives to make her home and community better."
What is a mission statement?This is known to be a a short statement that states the reasons why an organization, a brand etc., is founded.
It is known to be the overall goal is, the kind of product/ service to offer provides, it's geographical area of operation and other factors.
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Water Technology, Inc. Incurred the following costs during 20xt. The company sold all f ts products manufactured during the year
Direct material $5,000,000
Direct labor 2,400,000
Manufacturing overheadr
Utilities (primarily electricity) 120,000
Depreciation on plant and equipment 220,000
Insurance 150,000
Supervisory salaries 400,000
Property taxes 230,000
Selling costs
Advertising 165,000
Sales commissions 80,000
Administrative costs
Salaries of top management and staft 372,000
Office supplies 45,000
Depreciation on building and equipment 80,000
During 20x1, the company operated at about half of its capacity, due better. Jared Lowes, the marketing manager, forecasts a 20 percent growth in sales over the 20xt level.
Required Categorize each of the costs listed below as to whether it is most likely variable or fixed. Forecast the 20x2 cost amount for each of the cost items listed
Answer:
Part 1
Variable Costs
Direct material $5,000,000
Direct labor $2,400,000
Fixed Costs
$
Utilities (primarily electricity) 120,000
Depreciation on plant and equipment 220,000
Insurance 150,000
Supervisory salaries 400,000
Property taxes 230,000
Salaries of top management and staff 372,000
Office supplies 45,000
Depreciation on building and equipment 80,000
Part 2
Forecast the 20x2 cost amount for each of the cost items listed
Direct material ($5,000,000 x 1.20) $6,000,000
Direct labor (2,400,000 x 1.20) $2,880,000
Utilities (primarily electricity) $120,000
Depreciation on plant and equipment $220,000
Insurance $150,000
Supervisory salaries $400,000
Property taxes $230,000
Salaries of top management and staff $372,000
Office supplies $45,000
Depreciation on building and equipment $80,000
Explanation:
Variable Costs vary with the level of production. Examples are Direct Materials and Direct labor.
Fixed Costs remain constant for any production level. Examples are Depreciation and Utilities such as electricity.
A growth in Sales will affect the Variable Costs only. As production increases to meet the 20 percent growth in sales so do these costs since they vary in direct proportion to the level of production.
Explain in two ways how your community can support the 16days of activism
Hosting events and creating social media campaigns are just two ways that your community can support the 16 days of activism campaign. By coming together and taking action, we can create a safer.
The 16 days of activism is a global campaign that aims to raise awareness about gender-based violence and empower individuals to take action against it.
Hosting Events: One way to support the 16 days of activism is by hosting events in your community. These events can range from panel discussions, workshops, film screenings, and rallies.
By hosting these events, you can bring together members of your community to discuss the issue of gender-based violence, share their experiences, and brainstorm ways to address it. Additionally, hosting events can help to raise awareness about the campaign and encourage more people to get involved.
Social Media Campaigns: Another way to support the 16 days of activism is by creating social media campaigns. Social media has become a powerful tool for advocacy, and you can use it to raise awareness about gender-based violence and the 16 days of activism campaign.
You can create posts that highlight the importance of the campaign, share stories of survivors of gender-based violence, and encourage others to take action. By creating social media campaigns, you can reach a wider audience and inspire more people to get involved in the fight against gender-based violence.
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leaders/wells-fargo-ceoblames-broken-culture-on-consumer-abuses-during-capitol-hill-testimony. Based on the case, before Scharf took over at Wells Fargo, decision making at the bank was more
Before Scharf, decision-making at Wells Fargo was characterized by a toxic sales culture, lack of oversight, and a failure to prioritize customer well-being.
Before Charles Scharf took over as CEO of Wells Fargo, decision-making at the bank was characterized by a lack of proper oversight, accountability, and a toxic sales culture that prioritized aggressive cross-selling and meeting sales targets at the expense of customer well-being.
The bank faced a series of scandals and consumer abuses, including the opening of unauthorized accounts and the imposition of unnecessary fees on customers.
Under previous leadership, there was a failure to establish a strong ethical framework and ensure that employees were adequately trained and supervised.
There was a lack of emphasis on compliance and risk management, which allowed unethical practices to go unchecked. Additionally, the bank's decentralized structure contributed to a lack of cohesive oversight and control.
The broken culture at Wells Fargo resulted in severe reputational damage, significant financial penalties, and loss of customer trust.
Scharf, upon assuming the role of CEO, has acknowledged these issues and has been working to address them by implementing measures to change the bank's culture, enhance compliance, and improve risk management.
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Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways?
Managers want larger budgets; entrepreneurs work to do more with less.
How do entrepreneurs approach resources differently from employee-managers?Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.
This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.
Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.
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Which of the following would NOT cause a change in the supply of gasoline?
Elimination Tool
Select one answer
A Change in the price of oil
BExcise taxes imposed on gasoline
C change in the number of gas stations
D change in the price of gasoline
Echange in expectation concerning the future price of gasoline
The US Senate overwhelmingly passed the 2022 Defense Authorization Act. The $768 billion "Defense Authorization Act" not only exceeds the defense spending proposed by the Biden administration by $25 billion, but also increases the US defense budget by about 5% compared to last year.
The US Senate passed the 2022 Defense Authorization Act, a $768 billion bill that surpasses the Biden administration's defense spending proposal by $25 billion and represents a 5% increase in the US defense budget compared to the previous year.
1. The US Senate passed the 2022 Defense Authorization Act.
2. The Defense Authorization Act is a bill that determines the budget and expenditures for the US defense sector.
3. The total amount allocated for the Defense Authorization Act is $768 billion.
4. The defense spending proposed by the Biden administration was exceeded by $25 billion in this Act.
5. The Act represents a 5% increase in the US defense budget when compared to the previous year.
6. This increase in the defense budget indicates a commitment to strengthening the country's defense capabilities.
7. The Act was passed overwhelmingly, indicating strong support from the Senate.
8. The Defense Authorization Act is an essential piece of legislation that ensures the funding and resources necessary for the US military to carry out its operations effectively.
9. The Act covers various aspects of defense spending, including military personnel, equipment, research and development, and strategic initiatives.
10. By passing the Defense Authorization Act, the US Senate has demonstrated its commitment to national security and defense preparedness.
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There are two questions with four parts each, in the Application Exercise.
Can you guys help me with this Application exercise in Principles Of Marketing? I'm literally confused...
According to marketing managers, the following is best defined based on their Point of view (POV):
Production definition: A process of creating goods or services through the conversion of raw materials or resources into finished products.Brand analysis: Involves evaluating the strengths, weaknesses, opportunities, and threats of a brand, as well as assessing its market position and identifying ways to improve its competitiveness.Product value: Refers to the perceived worth or benefit that a product provides to customers in exchange for their money, time, or effort. It is influenced by factors such as quality, features, pricing, and brand reputation.Solution meaning: In marketing, a solution refers to a product or service that addresses a specific problem or need that customers have. Marketing managers focus on identifying and promoting solutions that are relevant and valuable to their target customers.Who are marketing managers and what they do?A marketing manager is in charge of the promotion and positioning of a brand or the products and services sold by a company.
Marketing managers are typically hired to attract more customers to purchase from the company and to raise brand awareness through the development of marketing campaigns. Marketing managers oversee the promotion of businesses and products.
Answered question "marketing managers point of view 1. Production definition, 2 brand analysis, 3 product value and 4 solution"
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Your interest rate is compounded annually ,beginning balance $1166.40 annual rate 8%, how much will you earn in interest alone?
You will earn $93.31 in interest alone.
To calculate the amount of interest you will earn, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (beginning balance)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years
In this case, the beginning balance is $1166.40, the annual interest rate is 8%, and the interest is compounded annually.
First, we need to convert the annual interest rate to a decimal form by dividing it by 100: 8% / 100 = 0.08.
Next, we substitute the values into the formula:
A = 1166.40(1 + 0.08/1)^(1*1)
Simplifying the equation, we have:
A = 1166.40(1.08)
Now, we can calculate the final amount
A = $1166.40 * 1.08
A = $1259.71
To find the amount of interest earned, we subtract the principal amount (beginning balance) from the final amount:
Interest earned = $1259.71 - $1166.40
Interest earned = $93.31
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Match the accounting terms with the corresponding definitions.
1. Specific Identification
2. Materiality Concept
3. Last- In, First-Out (LIFO)
4. Conservatism
5. Consistency Principle
6. Weighted-Average
7. Disclosure Principle
8. First-In, First-Out (FIFO)
a. Treats the oldest inventory purchases as the first units sold.
b. Requires that a company report enough information for outsiders to make knowledgeable decisions.
c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
d. Calculates a weighted average cost based on the cost of goods available for sale and the number of units available.
e. Principle whose foundation is to exercise caution in reporting financial statement items.
f. Treats the most recent/ newest purchases as the first units sold.
g. Businesses should use the same accounting methods from period to period.
h. Principle that states significant items must conform to GAAP.
Answer:
FIFO - Treats the oldest inventory purchases as the first units sold.
Disclosure Principle - A company should report enough information for outsiders to make informed decisions about the company
Specific Identification - c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
Weighted-Average - Calculates a weighted average cost based on the cost of goods available for sale and the number of units available.
Principle whose foundation is to exercise caution in reporting financial statement items. - Conservatism
f. Treats the most recent/ newest purchases as the first units sold. - LIFO
consistency principle = g. Businesses should use the same accounting methods from period to period.
Principle that states significant items must conform to GAAP. - Materiality
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
Bob Martino has a home mortgage on a vacation home with ABC Co., a local credit union. Which condition would allow him to work on the firm's audit of ABC?
1) No condition would allow him to work on the audit.
2) He will charge less than 20 hours to the credit union's audit.
3) His loan is not material to his net worth.
4) He is not the lead engagement partner or manager on the account.
Based on the information, the condition that would allow him to work on the firm's audit of ABC is His loan is not material to his net worth. Thus the correct option is D.
Bob Martino would need permission from ABC management in order to participate in the corporate audit of ABC Co., a financial institution.
Bob Martino would need permission to refrain from using any private information gained from the credit union audit for his or her own benefit in order to qualify for the exemption.
The auditing company would need to determine whether his loan is material to his net worth in order to make sure he is not swayed by his own financial interests.
Therefore, option D is appropriate.
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What are some large-scale economic shifts that have created our present service economy
The capitalist system in the United States is one of the large-scale economic shifts that have created our present service economy
What is meant by an economic shift?Economic change, which can be characterized as a change in the economy's structure, policies, or growth, is one of the external factors that influence company decision-making.
Every country's economy has expansionary and contractionary eras. The levels of employment, productivity, and the overall demand and supply of the country's goods and services are what lead to these changes. These adjustments cause short-term expansionary and deflationary episodes.
An economic system known as a service economy is one in which the provision of services, as opposed to the production of products, is the primary activity. Road construction, medical treatment, food, lodging, and other professional services are some of these services.
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The principle of self-reference is based on the idea that people won't deviate from the overall mission of their organization if they have been imprinted with it. In a chaotic system, the managers job is to verbalize the guiding mission and
a. add rules
b. define the mission
c. establish boundaries
d. Sternly discipline employees
In a chaotic system, the managers job is to verbalize the guiding mission and establish boundaries. Hence, option C is correct.
What is a chaotic system?Chaos theory states that although chaotic complex systems seem random, they in fact contain underlying patterns, linkages, ongoing feedback loops, repetition, self-similarity, fractals, and self-organization.
The only constant is the unexpected, complicated, and chaotic character of life itself. Equilibrium can only happen when someone passes away. At the same time as creation, there is also destruction. Chaos is a result of a myriad factors, rendering any attempts to control it useless.
It produces at least three different types of chaos, including sandwich, horseshoe, and Lorenzian chaos. It is possible to have two chaotic governments of this type running concurrently and interacting with one another like links in a chain.
Stability and chaos are two distinct concepts. Chaotic attractors are stable by definition.
Thus, option C is correct.
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What is a gearing ratio?
Answer:
Gearing ratios are financial ratios that compare some form of owner's equity (or capital) to debt, or funds borrowed by the company. Gearing is a measurement of the entity's financial leverage, which demonstrates the degree to which a firm's activities are funded by shareholders' funds versus creditors' funds.
Explanation:
Paul’s grocery received 1,000 pounds of onion at $0.11 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a makeup rate of 180% based on cost.
The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.
What is the selling price per pound for onions?Total Cost = Quantity * Cost per pound
Total Cost = 1,000 pounds * $0.11/pound
Total Cost = $110
Spoilage Quantity = 3% of Quantity
Spoilage Quantity = 3% of 1,000 pounds
Spoilage Quantity = 0.03 * 1,000 pounds
Spoilage Quantity = 30 pounds
Effective Quantity = Quantity - Spoilage Quantity
Effective Quantity = 1,000 pounds - 30 pounds
Effective Quantity = 970 pounds
Makeup Rate = 180%
Selling Price per pound:
= (Total Cost * Makeup Rate) / Effective Quantity
= ($110 * 1.80) / 970 pounds
= $2.03505/pound.
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