Answer:
1. When the Mays family went to Europe, they used a travel agent who worked out a trip that included airfare, hotels, and some tours all for one price.
Most Suitable Pricing Strategy: Bundling
2. Marquis Suites shows movies in a "living room" atmosphere with comfortable chairs and food and beverage service. It deliberately charges more than other theaters for this experience.
Most Suitable Pricing Strategy: Competition-based pricing
3. Chad is a do-it-yourself guy. He shops at Home Depot because, although they don’t usually run sales, he knows the store will offer the lowest price around on the tools he needs.
Most Suitable Pricing Strategy: Everyday low pricing (EDLP)
4. A major national retailer charges "full retail" for most of the lines it carries but runs "special sales" during which the company lowers its price.
Most Suitable Pricing Strategy: High-low pricing
5. When Walmart enters a new geographic area, the company undersells its more well-established competitors and eventually raises its prices once it has a loyal customer base.
Most Suitable Pricing Strategy: Penetration pricing
6. When Aaron was looking for mortgage lenders, he noticed that one major lender lowered their rates, and several others did the same within a few days.
Most Suitable Pricing Strategy: Price leadership
7. Larry Dietzel, a real estate agent, advised his clients to price their home at $199,900 when they listed with his agency.
Most Suitable Pricing Strategy: Psychological pricing
8. Overture Audio home theater systems can run as high as $100,000 but there are only a few companies offering the systems.
Most Suitable Pricing Strategy: Skimming price
9. Toyota’s approach to entering the U.S. market was to set a certain net profit margin, then determine what price the company had to offer to get Americans to buy its cars instead of domestic cars.
Most Suitable Pricing Strategy: Target costing
The following are the typical classifications used in a balance sheet:
a. Current assets f. Current liabilities
b. Investments and funds g. Long-term liabilities
c. Property, plant, and equipment h. Paid-in-capital
d. Intangible assets i. Retained earnings
e. Other assets
Required:
For each of the following 2016 balance sheet items, use the letters above to indicate the appropriate classification category.
1. Equipment
2. Accounts payable
3. Allowance for uncollectable accounts
4. Land held for investment
5. Notes payable due in 5 years
6. Deferred rent revenue for the next 12 months
7. Notes payable due in 6 months
8. Income less dividend accumulated
9. Investment in xyz corporation
10. Inventories
11. Patents
12. Land in use
13. Accrued liabilities
14. Prepaid rent for next 9 months
15. Common stock
16. Cash
17. Building in use
18. Taxes payable
Answer:
a. Current assets
Allowance for uncollectable accounts
Inventories
Prepaid rent for next 9 months
Cash
b. Investments and funds
Investment in xyz corporation
c. Property, plant, and equipment
Equipment
Land in use
Building in use
d. Intangible assets
Patents
e. Other assets
Land held for investment
f. Current liabilities
Accounts payable
Deferred rent revenue for the next 12 months
Notes payable due in 6 months
Accrued liabilities
Taxes payable
g. Long-term liabilities
Notes payable due in 5 years
h. Paid-in-capital
Common stock
i. Retained earnings
Income less dividend accumulated
Explanation:
A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the reporting date.
Assets
There are two major asset categories which are Current Assets and Non- Current Assets. Current Assets are assets not exceeding 12 months examples are Inventories and Cash. Whilst Non-Current Assets are assets exceeding a period of 12 months examples are Property, Plant and Equipment items such as Land, Investments and Intangible Assets
Liabilities
There are two major asset categories which are Current Liabilities and Non- Current Liabilities. Current Liabilities are liabilities due to be paid within a period not exceeding 12 months examples are Accrued liabilities and Accounts payable. Whilst Non-Current Liabilities are assets liabilities payable in a period exceeding 12 months examples are Notes payable due in 5 years.
Equity
We have Paid In Capital such as Common Stock and Retained Earnings comprising of Profits and dividends.
Classification of items as will be shown in the balance sheet will be done as above.
[The following information applies to the questions displayed below.
Consider the following narrative describing the process of registering a car with the DMV:
Heide lives in California and it is time to renew her automobile registration. The California DMV sends her a renewal form and indicates that she needs a smog check for her automobile. She takes her car to the smog check station. She completes the smog check. If the smog check is successful, she can then go to the DMV website and renew her registration, paying with a credit card. Two weeks later she receives a new registration form and tags for her license plates. She puts the registration in the glove box of her car and places the tags on her license plates.
Required: c. Consider the same narrative as described in the beginning, except include data objects. The renewal form is created when Heide receives mail from the DMV. She uses the renewal form information at the smog check station. The smog check station then provides her a smog check certificate. She uses the certificate information and her renewal form to update her registration on the DMV website.
For each step in the diagram from the beginning, list the data object used or created during that step. Steps 1 and 2 are filled in for example.
Select from the following data objects
a. Renewal forms
b. Smog certificate
c. New registration and tags
(If there is no appropriate label for a particular step, select 'None! If more than one data object is appropriate for a given step, select the choice that represents all possible choices.) Step Data Object Used Symbol(s) Start Message Event Task Data Object Crea None 1 None 2 3 Task Label(s) None Complete Smog Check Submit Renewal Receive New Documents None Place registration in glove box, Put tags on license None Task None New registration and t 6 Parallel Gateway Task, task End Event 7
Answer:
The vehicle are registered with the license plates to identify the owner of the vehicle. For the smog check her certificate will be labelled as smog certificate.
Explanation:
Heide went for renewing the vehicle certificate. She went for smog test and received a smog certificate for her car. She can now add this certificate with her renewal form for further processing. New registration and tag will be provided to her once she is done with all the pre requisites of the renewal process.
To increase tax revenue, the U.S. government imposed a 2-cent tax on checks written on bank account deposits in 1932 (in today's dollars, about 34 cents per check). Complete the following statements on the impact of this tax on the money multiplier and the money supply.
a. The tax on written checks would make people ___________ likely to write checks. Thus, people might start holding more money as__________ . This would____________ the currency-deposit ratio.
b. Under this check tax, the money supply would have:
1. decreased, because the currency-deposit ratio increased, which in turn decreases the money multiplier.
2. increased, because the currency-deposit ratio increased, which in turn decreases the money multiplier.
3. decreased, because the currency-deposit ratio increased, which in turn increases the money multiplier.
4. not changed, because the check tax would not impact the money supply or the money multiplier.
5. increased, because the currency-deposit ratio increased, which in turn increases the money multiplier.
c. Many economists believe that the sharp decline in the__________ in the early 1930s was at least partially responsible for the severity of the Great Depression.
Answer:
a. The tax on written checks would make people LESS likely to write checks. Thus, people might start holding more money as CASH. This would INCREASE the currency-deposit ratio.
b. Under this check tax, the money supply would have:
1. decreased, because the currency-deposit ratio increased, which in turn decreases the money multiplier.Banks' ability to create money through fractional lending depends on people depositing money on banks and not holding cash themselves. The less cahs held by the public, the more money deposited in banks, the larger the money multiplier.
Wang Company accumulates the following adjustment data at December 31. For each item, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated).
a. Services performed but unbilled totals $600.
b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.
c. Utility expenses of $275 are unpaid.
d. Service performed of $490 collected in advance.
e. Salaries of $620 are unpaid.
f. Prepaid insurance totaling $400 has expired.
Answer:
a. Services performed but unbilled totals $600.
Accrued revenueAccounts receivable was understated before the adjustment
b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.
Accrued expenseSupplies was overstated before the adjustment
c. Utility expenses of $275 are unpaid.
Accrued expenseUtilities expense was understated before the adjustmentd. Service performed of $490 collected in advance.
Unearned revenueRevenue was overstated before the adjustment
e. Salaries of $620 are unpaid.
Accrued expenseWages expense was understated before the adjustment
f. Prepaid insurance totaling $400 has expired.
Prepaid expenseInsurance expense was understatedThe Sisyphean Company's common stock is currently trading for $25.00 per share. The stock is expected to pay a $2.50 dividend at the end of the year and the Sisyphean Company's equity cost of capital is 14%. If the dividend payout rate is expected to remain constant, then the expected growth rate in the Sisyphean Company's earnings is closest to:
Answer:
4%
Explanation:
The Gordon constant growth dividend model =
Value = dividend / cost of capital - growth rate
Subsisting with the values given in the question gives :
25 = 2.5/0.14 - g
To solve for g,
1. multiply both sides by 0.14 - g
25(0.14 -g) = 2.5
2. divide both sides by 25
0.14 - g = 0.10
g = 0.04 = 4%
Below is the balance sheet for Glucose Control Company as of Dec. 31, 2015. The company reported an annual net income of $86,000 for the following year, 2016, but did not change its or tiabilities, unless otherwise noted.
Assets Liabilities and Equity
Cash 8000 Accounts payable 16000
Marketable securities2,000 Notes payable 6000
Accounts receivable 6,000 Current liabilities 22000
Inventory 45000 Long term debt 95000
Current assets 61000 Total liabilities 117000
Machines 34000 Paid in capital 20000
Real estate 800000 Reatained earnings 38000
Fixed assets 114000 Equity 58000
Total assets 175000 Total liab. & equity 175000
a. If the company distributed its entire net income as dividends, what would be the value of total equity on Dec. 31, 2016?
b. If the company distributed half of its net income as dividends and used the rest to invest in nevw machines, what would be the value of total equity on Dec. 31, 2016?
c. If the company didn't pay any dividends, but used the entire net income to pay back long-term debt, what would be the value of total equity on Dec. 31, 2016?
d. If the company distributed half of its net income as dividends, used the rest to invest in new machines and sold all its marketable securities to pay back some long-term debt, what would be the value of total equity on Dec. 31, 2016?
Answer:
Glucose Control Company
a. The value of total equity would be $58,000 on December 31, 2016.
b. The value of total equity would be $101,000 on December 31, 2016.
c. The value of total equity would be $144,000 on December 31, 2016.
d. The value of total equity would be $101,000 on December 31, 2016.
Explanation:
a) Data and Calculations:
GLUCOSE CONTROL COMPANY
Balance Sheet as of December 31, 2015:
Assets Liabilities and Equity
Cash 8,000 Accounts payable 16,000
Marketable securities 2,000 Notes payable 6,000
Accounts receivable 6,000 Current liabilities 22,000
Inventory 45,000 Long term debt 95,000
Current assets 61,000 Total liabilities 117,000
Machines 34,000 Paid in capital 20,000
Real estate 800,000 Retained earnings 38,000
Fixed assets 114,000 Equity 58,000
Total assets 175,000 Total liab. & equity 175,000
Annual net income for 2016 = $86,000
Scenario A:
Total assets = 261,000 - 86,000 = 175,000
Total liabilities 117,000
Total equity = 144,000 - 86,000 = 58,000
Scenario B:
Total assets = 261,000 - 43,000 = 218,000
Total liabilities 117,000
Total equity = 144,000 - 43,000 = 101,000
Scenario C:
Total assets = 261,000 - 86,000 = 175,000
Total liabilities 117,000 - 86,000 = 31,000
Total equity = 144,000
Scenario D:
Total assets = 261,000 - 43,000 - 2,000 = 216,000
Total liabilities 117,000 - 2,000 = 115,000
Total equity = 144,000 - 43,000 = 101,000
b) The effect of dividend payment on equity is that cash dividends reduce the total equity just as cash is diminished. But when it retains its net income without paying dividends, the total equity is increased just as its assets are bolstered.
Cullumber Co. invested $1,100,000 in Riverbed Co. for 25% of its outstanding stock. Riverbed Co. pays out 30% of net income in dividends each year. Use the information in the following T-account for the investment in Riverbed to answer the following questions. Investment in Riverbed Co. 1,100,000 108,000 32,400
(a) How much was Cullumber Co.’s share of Sub Co.’s net income for the year?
Net income $Cullumber Co. invested $1,000,000 in Sub Co. for
(b) How much was Cullumber Co.’s share of Sub Co.’s dividends for the year?
Dividends $Cullumber Co. invested $1,000,000 in Sub Co. for
(c) What was Sub Co.’s total net income for the year?
Total net income $Cullumber Co. invested $1,000,000 in Sub Co. for
(d) What was Sub Co.’s total dividends for the year?
Total Dividends $Cullumber Co. invested $1,000,000 in Sub Co. for
Answer and Explanation:
The computation is shown below:
a. The net income is $108,000
b. The dividend for the year is $32,400
c. The total net income is
= $108,000 ÷ 0.25
= $432,000
d. And, the total dividend is
= $432,000 × 0.30
= $129,600
hence, the same would be considered and relevant too
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
Required:
1. The topic number (Topic XXX) that provides the accounting for earnings per share.
2. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the additional information for earnings per share that must be included in the notes to the financial statements.
3. The specific eight-digit Codification citation (XXX-XX-XX-X) that requires disclosure of transactions affecting the number of common shares outstanding that occur after the most recent reporting period but before the financial statements are issued.
Answer:
The following are the answers to the question, using the FASB Acounting Standards Codification at the FASB website:
1. Topic 260, FASB Accounting Standards Codification is the topic number (Topic XXX) that provides the accounting for earnings per share.
2. FASB ASC 260-10-50-1
3. FASB ASC 260-10-50-2
Based on the statement, explain FIVE (5) reasons why customer relationship is important for business
success.
Answer:
is this your homework?? xD
Explanation:
anyway its because it helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a company's revenue, CRM is a management strategy that results in increased profits for a business.
Inflation imposes many costs on the economy: shoe-leather costs, money illusion, menu costs, wealth redistribution, price confusion, future price level uncertainty, and tax distortions. For each of the following statements, determine the associated cost.
a. A jeweler observes the price of gold rise and wonders if there is a shortage of gold.
b. Carson is angry because the price of donuts increased from $1 to $2 since last week
c. Your grandmother's savings account pays 2% interest, but inflation is 5%.
d. The CEO of GM worries that his revenue received in the future won't cover the expenses he incurs today.
e. Jim is reluctant to sell his stocks at the end of the year.
f. John thinks his new salary in NYC will increase his standard of living
g. Kallie is taking more trips to ATM now that the post.
Categories:
1. Shoe leather cost
2. Money ilusion
3. Menu costs
4. Wealth redistribution
5. Price confusion
Answer:
Inflation Costs:
a. Price confusion
b. Menu costs
c. Wealth redistribution
d. Money illusion
e. Price confusion
f. Money illusion
g. Shoe leather cost.
Explanation:
Categories:
1. Shoe leather cost = costs of time and efforts spent on trying to negate the effects of inflation. People incur this cost by holding less cash while others make additional trips to the bank.
2. Money illusion costs = cost of calculating and comparing the rising costs triggered by inflation can cause changes in the nominal price to be mistaken for changes in the real price.
3. Menu costs = During inflation, more time and cost are incurred to effect the un-ending price changes.
4. Wealth redistribution costs: In trying to redistribute wealth, there are some associated costs and unintended leakages.
5. Price confusion costs: During inflation, the changes made in prices may not be determined as resulting from either inflation or increased demand.
The greatest economic consequence of the trans-continental railroad was that it:______.
Immersive Reader (1 Point) spread the U.S. population across the whole continent allowed people from farms and small towns to visit big cities united the nation into a single integrated national market made it possible for some immigrants to settle in the West developed a skilled industrial workforce
Answer:
united the nation into a single, integrated national market
Explanation:
A transcontinental railroad is also known as a transcontinental railway. It is contiguous railroad trackage that crosses a continental land mass. A transcontinental railroad has terminals at different continental borders or oceans.
The greatest economic consequence of the trans-continental railroad was that it united the nation into a single, integrated national market
Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $100,000 tax loss for the year, Logan's tax basis in his MG stock was $150,000 at the beginning of the year, and he received $75,000 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?
Answer:
$12,000
Explanation:
Calculation for how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation
First step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a C corporation
Tax amount=($75,000 × 24%)
Tax amount=$18,000
Second step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a S corporation
Tax amount=($75,000 -$50,000)*24%
Tax amount=$25,000*24%
Tax amount=$6,000
Now let calculate how much more tax will Logan pay currently
Tax amount=$18,000-$6,000
Tax amount=$12,000
Therefore how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation will be $12,000
Milton Snoeyenbos argues that:_____.
a. settled economic life requires purely selfish behavior.
b. with ethical codes, there's no need for taxes, laws, or regulations as a way of controlling corporate behavior.
c. corporate moral codes can make it more reasonable to expect employees to behave ethically.
d. to be viable, ethical codes need not be widely accepted or part of corporate culture.
Answer:
c. corporate moral codes can make it more reasonable to expect employees to behave ethically
Explanation:
Corporation do exist way beyond the lives of its members. The corporation are as of entity makes decisions and bear responsibility for its actions.
Corporate moral code set of ethical standards or rules set up by corporation which they strictly aim to adhere. It varies from corporate to corporation. It varies more in design and objective not really subject to legal enforcement. Milton Snoeyenbos argues that Corporate moral codes can make it more reasonable to expect employees to behave ethically.
Milton Snoeyenbos argues that corporate moral code can make it more reasonable to expect employees to behave ethically. Thus, option C is appropriate.
A moral code is made up of precepts that categorize behaviors into right and wrong, acceptable and supererogatory, banned and necessary, and morally significant or insignificant. Such principles, according to many thinkers, must fulfill two different purposes.
A moral code is a system of rules or principles that an individual or a group of individuals adhere to live a good life. Culture has a big influence on morality. The moral code we uphold shapes many aspects of our lives and frequently determines how we behave, dress, and even treat other people.
Thus, option C is correct.
Learn more about the Moral Code here:
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Suppose that an economy consists of only two individuals. Leland has $1950 available to spend on goods. He decides to purchase $370 worth of produce from Charlotte in the current month. No other economic activity takes place during the current month. Using this information, answer the questions. For the current month, what is the economy's income
Answer:
$370
Explanation:
The computation of the economy income as follows:
Since Leland decided to buy the worth of produce in the present month for $370
So for the present month or the current month, the economy income is $370
Therefore the same would be considered also the single transaction is taken place in the current month
During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee portion of FICA, $450,000 for federal income tax, $187,500 for state income tax, and $30,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $186,000 for federal and state unemployment tax and $90,000 for the employer portion of health insurance.
Required:
a. Record the employee salary expense, withholdings, and salaries payable.
b. Record the employer-provided fringe benefits.
c. Record the employer payroll taxes.
Answer and Explanation:
The journal entries are shown below:
On Jan 31
Salaries Expense $3,000,000
To Income Tax Payable ($450,000 + $187,500 ) $637,500
To FICA taxes payable $229,500
To Accounts payable $$30,000
To Salaries payable $2,103,000
(Being the employees Salaries Expense is recorded )
On Jan 31
Salaries Expense $90,000
To Accounts payable $90,000
(Being the employer-provided fringe benefits is recorded)
On Jan 31
Payroll tax expense $415,500
To FICA taxes payable $229,500
To Unemployment taxes payable $186,000
(Being the payroll taxes is recorded)
Suppose that you sell short 1,000 shares of Xtel, currently selling for $20 per share, and give your broker $15,000 to establish your margin account.a. If you earn no interest on the funds in your margin account, what will be your rate of return after one year if Xtel stock is selling at: (i) $22; (ii) $20; (iii) $18
Answer:
i) -13.33%
ii)0.00%
iii)13.33%
Explanation:
Calculation for the rate of return after one year
i). Rate of return=(1000*($20-$22))/$15000
Rate of return=(1000*-$2))/$15000
Rate of return=-$2,000/$15000
Rate of return= -13.33%
(ii)Rate of return= (1000*($20-$20))/$15000
Rate of return=(1000*$0)/$15000
Rate of return=$0/$15000
Rate of return= 0.00%
(iii)Rate of return= (1000*($20-$18))/$15000
Rate of return=(1000*$2))/$15000
Rate of return=$2,000/$15000
Rate of return= 13.33%
Therefore what will be your rate of return after one year if Xtel stock is selling at:
(i) $22 will be -13.33%
ii) $20 will be 0.00%
iii) $18 will be 13.33%
For each of the following accounts, indicate the effect of a debit or credit on the account and the normal balance.
Debit Effect Credit Effect Normal Balance
a. Bonds Payable.
b. Unearned Service Revenue.
c. Depreciation Expense.
d. Common Stock.
e. Buildings.
f. Rent Revenue.
Answer:
Debit effect Credit effect Normal balance
a. Bonds payable Decrease Increase Credit
b. Unearned service revenue Decrease Increase Credit
c. Depreciation expense Increase Decrease Debit
d. Common stock Decrease Increase Credit
e. Building Increase Decrease Debit
f. Rent revenue Decrease Increase Credit
All assets, expenses increase with debits and decreases with credit and have a debit normal balance. All liabilities, revenue accounts and equity accounts (except dividends) have credit.
Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
1. An unrealized loss of $80,000 on available-for-sale securities.
2. A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal).
3. A correction of an error in last year’s financial statements that resulted in a $20,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 20% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. TRAYER CORPORATION Partial Statement of Comprehensive Income choose the accounting period.Solution: Loss from operations = $10,000 × 20% = $2,000 ($10,000 - $2,000 = $8,000)Gain from disposal = $40,000 × 20% = $8,000 ($40,000 - $8,000 = $32,000)Unrealized holding loss on available-for-sale securities = $80,000 × 20% = $16,000 ($80,000 - $16,000 = $64,000)(Gains and losses from discontinued operations and other comprehensive income should be reported net of their income tax effects)
Answer:
$250,000
Explanation:
Preparation of the statement of comprehensive income
TRAYER CORPORATION Statement of Comprehensive Income for the year ended 31 December 2017
Income from continuing operations $290,000
Discontinued operations:
Less Loss of operation of Discontinue Division, net of tax ($8,000)
($40,000 × 20% )
Gain on sales of Discontinued Division, net of tax $32,000
($40,000 - $8,000 )
Net income $314,000
($290,000+$8,000+$32,000)
Less Unrealized loss on available-for-sale securities, net of tax $64,000
[$80,000-($80,000 × 20%)]
Comprehensive income $250,000
($314,000-$64,000)
Therefore the comprehensive income will be $250,000
Organizational ethics begins at the top, and the leadership and example of strong managers can help instill corporate values in employees. More and more companies have adopted written codes of ethics. Trust and cooperation between workers and managers must be based on fairness, honesty, openness, and moral integrity. The same applies to relationships among businesses and between nations. Compliance-based ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Integrity-based ethics codes define the organization's guiding values, create an environment that supports ethically sound behavior, and stress shared accountability.
Match the features to the correct type of Ethics Code.
a. Education, reduced employee discretion
b. Enable responsible employee conduct
c. Lawyers
d. Conform to outside standards
e. Accountability, decision processes, control
f. Conform to outside standards and chosen internal standards
g. Avoid criminal misconduct
h. Managers
Features of compliance- Based ethics codes Features of Integrity- Based ethics codes
Ideal
Objective
Leader
Methods
Answer:
Features of compliance- Based ethics codes
Ideal ⇒ Conform to outside standards
Compliance codes means that there are external standards that need to be complied with such as legal codes.
Objective ⇒ Avoid criminal misconduct
Going against these codes would be a criminal act if the codes are enforced by the government.
Leader ⇒ Lawyers
Lawyers enforce these codes through lawsuits as they fall under the legal realm.
Methods ⇒ Education, reduced employee discretion
To ensure these codes, employees should be educated on them to reduce instances of employee discretion.
Features of Integrity- Based ethics codes
Ideal ⇒ Conform to outside standards and chosen internal standards.
Company goes the extra mile of instituting their own standards in addition to outside standards.
Objective ⇒ Enable responsible employee conduct.
Goal is to ensure that employees act with integrity and responsibility.
Leader ⇒ Managers
As this is internal, it would be enforced by managers.
Methods ⇒ Accountability, decision processes, control.
Your company paid a corporate spy to find out the short-run cost of a competitor. The spy obtained the information below on your competitor's quantities, total variable cost, and total cost. An X appears in place of numbers the spy failed to get. Your boss asks you to calculate some of the information the spy was not able to obtain. Fill in the blanks below with the missing information.
Output Total Variable Total cost
0 $0 $250
25 450
50 300
75 375
100 600 850
125 1125
150 1200
175 1875
200 2000 2250
Answer:
Output Total Variable Total cost
0 $0 $250
25 200 450
50 300 550
75 375 625
100 600 850
125 875 1125
150 1200 1450
175 1625 1875
200 2000 2250
Explanation:
Note: The data in the question are merged together. They are therefor sorted before answering the question as follows:
Output Total Variable Total cost
0 $0 $250
25 450
50 300
75 375
100 600 850
125 1125
150 1200
175 1875
200 2000 2250
The explanation of the answer in now given as follows:
Since the Total Cost when the output is zero is equal to $250, that implies that the Total Fixed Cost is equal to $250. Also, since we have:
Total Cost = Total Total Variable + Total Fixed Cost ........ (1)
Where:
Total Fixed Cost = $250
Substituting Total Fixed Cost = $250 into equation (1), the two formulae to be used to fill the blanks are as follows:
Total Cost = Total Total Variable + $250 ...................... (2)
Total Total Variable = Total Cost - $250 ....................... (3)
Using equations (2) and (3) as applicable, the value for each of the blanks is calculated and filled (in bold italicized figures) and presented as follows:
Output Total Variable Total cost
0 $0 $250
25 200 450
50 300 550
75 375 625
100 600 850
125 875 1125
150 1200 1450
175 1625 1875
200 2000 2250
Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of $48,900, net income of $42,720, beginning total assets of $532,300, and ending total assets of $618,100. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.)
Answer and Explanation:
The computation is shown below:
Profit margin = Net income ÷ Net sales
= $42,720 ÷ $267,000
= 16%
Now the gross profit rate is
But before that the gross profit is
Gross profit = Net sales - Cost of goods sold
= $267,000 - $160,200
= $106,800
Now Gross profit rate is
= Gross profit ÷ Net sales
= $106,800 ÷ $267,000
= 40%
Custom Metal Works produces castings and other metal parts to customer specifications. The company uses a job-order costing system and applies overhead costs to jobs on the basis of machine- hours. At the beginning of the year, the company used a cost formula to estimate that it would incur S4,320,000 in manufacturing overhead cost at an activity level of 576,000 machine-hours. The company had no work in process at the beginning of the year. The company spent the entire month of January working on one large order—Job 382, which was an order for 8,000 machined parts. Cost data for January follow:
a. Raw materials purchased on account, $312,000.
b. Raw materials used in production, $254,000 (80% direct materials and 20% indirect materials).
c. Labor cost accrued in the factory, $171,000 (one-third direct labor and two-thirds indirect labor).
d. Depreciation recorded on factory equipment, $64,000.
e. Other manufacturing overhead costs incurred on account, $84,200.
f. Manufacturing overhead cost was applied to production on the basis of 40,670 machine-hours actually worked during the month.
g. The completed job for 12,400 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead.)
Required:
1. Prepare journal entries to record items (a) through (f) above. Ignore item (g) for the moment.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.
3. Prepare a journal entry for item (g) above.
4. Compute the unit product cost that will appear on the job cost sheet for Job 382.
Answer:
Custom Metal Works
1. Journal Entries to record items (a) through (f) above. Ignore item (g):
a. Debit Raw materials $312,000
Credit Accounts payable $312,000
To record raw materials purchased on account.
b. Debit Work in Process $203,200
Debit Manufacturing Overhead $50,800
Credit Raw materials $254,000
To record the raw materials used in production.
c. Debit Work in Process $57,000
Debit Manufacturing Overhead $114,000
Credit Factory Labor Payable $171,000
To record the labor cost accrued in the factory.
d. Debit Manufacturing Overhead $64,000
Credit Depreciation Expense $64,000
To record factory equipment depreciation.
e. Debit Manufacturing Overhead $84,200
Credit Expenses Payable $84,200
To record other manufacturing overheads incurred on account.
f. Debit Work in Process $305,025
Credit Manufacturing Overhead $305,025
To record overhead applied on the basis of machine-hours.
2. T-accounts for:
Manufacturing Overhead
Account Titles Debit Credit
Raw materials $50,800
Factory labor 114,000
Depreciation expense 64,000
Other expenses 84,200
Work in Process $305,025
Work-in-Process
Account Titles Debit Credit
Raw materials $203,200
Factory labor 57,000
Mfg overhead 305,025
Finished Goods $565,225
3. Journal Entry for item (g):
Debit Finished Good $565,225
Credit Work in Process $565,225
To record the transfer to the finished goods inventory.
4. Computation of the unit product cost for Job 382:
Total cost of production = $565,225
Total machined parts worked = 8,000
Unit cost = $70.65
Explanation:
a) Data and Calculations:
Estimated Manufacturing Overhead Cost = $4,320,000
Estimated Machine-Hours = 576,000
Job 383 Parts Worked = 8,000 machined parts
Predetermined overhead rate = $4,320,000/576,000 = $7.50
Applied manufacturing overhead = $7.50 * 40,670 = $305,025
The tangible assets of an organization include
A. Company reputation
B. Patents
C. Real estate
D. Technical knowledge
Answer:
a. company reputation
Explanation:
yan po and tamang sagot...god luck po. ..
Explain
What an
organization High- uncertainty is
On July 1, 2020, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Splish Brothers Inc., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer and Explanation:
The journal entries are shown below:
On July 1
Prepaid Insurance $24,900
To Cash $24,900
(being the prepaid insurance is recorded)
Here prepaid insurance is debited as it increased the assets and cash is credited as it decreased the assets
On Dec 31
Insurance expense $4,150 ($24,900 ×6 ÷ 36)
To Prepaid Insurance $4,150
(being insurance expense is recorded)
The insurance expense is debited as it increased the expenses and credited the prepaid insurance as it decreased the assets
From the list below, choose the items that are classified as a materials activity(You may select more than one answer.
1. Raw materials used
2. Raw materials beginning inventory
3. Raw materials purchases
4. Work in process beginning inventory
5. Goods manufactured
6. Direct labor used
7. Factor overhead used
Answer:
youuurrr mooomm
Explanation:
:D
Because private business is involved in certain aspects of our economy, it is a modified version of free enterprise.
True
False
True, private enterprise is a revised form of free enterprise because it is engaged in certain parts of our economy.
Define free enterprise.Free enterprise, often known as market system and capitalist, is a provision and demand-driven capitalist model.
True, private enterprise is a revised form of free enterprise because it is engaged in certain parts of our economy.
Find out more information about free enterprise here:
https://brainly.com/question/628147?referrer=searchResults
Drussden Inc., a multinational corporation, has decided to hire military veterans. This, the company feels, would not only set a good example of a diverse workplace among its peers and customers, but also let it derive great benefits from this unique talent pool. In implementing this recruiting strategy, Drussden Inc. should expect:
a. an increase in expenses as the company will need to pay a much higher compensation to these employees.
b. to have a more rigid and harsh workplace environment than before.
c. to require sufficient time for training their HR personnel on how to appropriately interview these potential employees.
d. a significant decrease in its hiring-related costs
Answer:
c. to require sufficient time for training their HR personnel on how to appropriately interview these potential employees.
Explanation:
Most organizations lack a veteran recruiting program. There are several misconceptions about veterans working in private companies especially regarding their mental state. It is true that a percentage, about 10-20%, experience some type of PTSD, but it generally is not something permanent. Also, former military personnel are normal people that served their country. They have some skill sand some preparation that even though might be unrelated to a specific, might be very useful. For example, many companies hire veterans because they are adaptable, flexible, react well under pressure and tend to find solutions to problems. They didn't learn this in any school, instead they learned this on the battle field. Many veterans also have a lot of experience with solving problems and presenting clear information.
This doesn't mean that they will earn a higher salary, or that they will turn the office into a military headquarter. Many companies higher them for their flexibility and how well they adapt and react to change. The problem is that not enough companies actually have veteran recruiting programs that will help both the companies and the veterans.
As diversity grows in both society and the workplace, interacting and communicating with your coworkers will present specific challenges and rewards. It is important to be sensitive to the diverse backgrounds of your coworkers and to understand how to navigate an increasingly diverse workplace. Which of the following are appropriate strategies for communication in diverse workplaces?
A. Understand the value of difference.
B. Seek training.
C. Use stereotypes to understand others.
D. Focus on cultural differences.
E. Practice ethnocentrism.
F. Develop healthy bias.
G. Build on similarities.
Answer:
A)Understand the value of difference.
B)Seek training.
G)Build on similarities.
Explanation:
A)When one find his/ her self in a diverse work environment, one should understand that people are created differently with different behavior, understanding this differences will enable individual to work together to achieve high productivity.
B) by seeking training, ways to relate with coworkers can be learnt therefore enabling unity in the organization and team work would be easier.
C) Building similarities will lead to a acceptance of differences that exist between co-workers then this will enable good relationship s.
Recording Transactions Using Journal Entries and T-Accounts Receive $40,000 cash in exchange for common stock. Purchase $4,000 of inventory on credit. Sell inventory for $6,000 on credit. Record $4,000 for cost of inventory sold in 3. Collect $6,000 cash from transaction 3. Acquire $10,000 of equipment by signing a note. Pay wages of $2,000 in cash. Pay $10,000 on a note payable that came due. Pay $4,000 cash dividend.
Answer:
a. See the explanation below for the journal entries.
b. each of the following accounts have an ending balance (in red color) after the recording as follows:
Cash, $27,000;
Common stock, $40,000;
Accounts payable, $4,000;
Accounts receivable, $3,000;
Equipment, $10,000.
However, each of the other accounts will have a zero ending balance.
Explanation:
a. Recording Transactions Using Journal Entries
The journal entries will look as follows:
Accounts Name Dr ($) Cr ($)
Cash 40,000
Common stock 40,000
(To record cash receipts for common stock.)
Inventory 4,000
Accounts payable 4,000
(To record inventory purchase.)
Account receivable 6,000
Sales 6,000
(To record credit sales.)
Cost of sales 4,000
Inventory 4,000
(To record cost of sales.)
Cash 3,000
Account receivable 3,000
(To cash collected from credit sales.)
Equipment 10,000
Note payable 10,000
(To record purchase of equipment by issuing note.)
Wages 2,000
Cash 2,000
(To record wages paid in cash.)
Note payable 10,000
Cash 10,000
(To record note due paid.)
Dividend 4,000
Cash 4,000
(To record cash dividend paid.)
b. Recording Transactions Using T-Accounts
Note: See the attached excel file for the T-Accounts.
From the attached excel file, each of the following accounts have an ending balance (in red color) after the recording as follows:
Cash, $27,000;
Common stock, $40,000;
Accounts payable, $4,000;
Accounts receivable, $3,000;
Equipment, $10,000.
However, each of the other accounts will have a no or zero ending balance.