Based on the various balances of Garcon Co. and Pepper Co. the following are true:
Cost of goods manufactured:
Garcon Company = $96,680.Pepper Company = $139,860.Cost of goods sold:
Garcon Company = $91,030.Pepper Company = $143,010.What was the cost of goods manufactured for Garcon Company?This can be found as:
= Beginning raw material Inventory + Raw material Purchases - Ending Raw material Inventory + Direct labor + Rental cost of Factory Equipment + Factory Utilities + Indirect Labor + Repairs-Factory Equipments + Beginning Work in Progress - Ending Work in progress
= 7,250 + 33,000 - 5,300 + 19,000 + 27,000 + 9,000 + 9,450 + 4,780 + 14,500 - 22,000
= $96,680
What was the cost of goods manufactured for Popper Company?Using the same formula as above:
= 9,000 + 52,000 - 7,200 + 35,000 + 22,750 + 12,000 + 10,860 + 1,500 + 19,950 - 16,000
= $139,860
What is the cost of goods sold for Garcon Company?= Beginning finished goods + Cost of goofs manufactured - Ending finished goods
= 12,000 + 96,680 - 17,650
= $91,030
What is the cost of goods sold for Pepper Company?Using the same formula as above:
= 16,450 + 139,860 - 13,300
= $143,010
Please note that Factory supplies used is missing in question and so was not added to cost of goods manufactured.
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Cosmogena, a cosmetics start-up, wants to hire five female marketing executives. For these openings, the management prefers candidates who are outgoing, sociable, and upbeat. Which of the big five personality traits is Cosmogena seeking?
Answer:
why did he have to stop his new style
Smokecity, Inc., manufactures barbeque smokers. Based on past experience, smoke city has found that it’s total annual overhead costs can be represented by the following formula: overhead cost = $543,000 + $1.34x, where x equals number of smokers. Last year, smoke city produced 20,000 smokers. Actual overhead costs for the year were as expected. What is the total fixed overhead cost incurred by smokecity last year?
Answer:
569800
Explanation:
A price-taking firm: ______________
a. cannot influence the price of the product it sells b. talks to rival firms to determine the best price for all of them to charge c. sets the product's price to whatever level the owner decides upon d. asks the government to set the price of its product
A price-taking firm is a type of firm that cannot influence the price of the product it sells.
What is a price taking firm?A price-taking firm is a firm that cannot set the price for its goods and services. An example of a price-taking firm is a perfect competiton. A price-taking firm exists because there are many sellers of identical goods in the industry.
For price-taking firms, prices are set by the forces of demand and suppply.
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Unearned Revenues are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
if we consider Airbnb to be new entrant into the hospitality short stay vacation industry. according to Porter's Five forces, how attractive is this industry? What might be particularly difficult for a new startup
The entrance of Airbnb into the hospitality short stay vacation will be attractive but there are some market threats that need to be effectively managed.
What is the Porter's Five forces?These forces are economic force that determines the competitive intensity and attractiveness of a market.
According to Porter, the Five forces in the every market includes::
threat of new market players,threat of substitute products,power of customers, power of suppliers, industry rivalryIn conclusion, the hospitality firm needs to evalute the forces to understand the industry structure and to determine the best corporate strategy for its operation.
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In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married filing jointly). Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income.
Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.
What is tax liability?Tax liability refers to the amount that a taxpayer is obliged to pay.
The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.
In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.
Data and Calculations:Earned income = $14,000
Qualified Dividend income = $5,000
Adjusted taxable income = $6,450 ($19,000 - $12,550)
Tax liability = $645 ($6,450 x 10%)
Thus, Carson's tax liability for 2021 is $645.
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7
Type the correct answer in the box. Spell all words correctly.
Name the stakeholder that Haddock, Inc. serves.
Haddock, Inc. is a huge transportation manufacturing unit based in Houston. When they adhere to the ethics of preventing air pollution, littering, and waste
management, they are essentially adhering to business ethics and serving the
When Haddock, Inc. adheres to the ethics of preventing air pollution, littering, and waste management, they are essentially adhering to business ethics and servicing government and communities stakeholders.
Who are the stakeholders of a business?A stakeholder is a person or an entity that has some vested interests in a company because they can either affect or be affected by a business' operations and performance.
Typically, an entity's stakeholders include the following groups:
InvestorsEmployeesCustomersSuppliersCommunitiesGovernmentsMediaTrade associations.Thus, when Haddock, Inc. adheres to the ethics of preventing air pollution, littering, and waste management, they are essentially adhering to business ethics and servicing government and communities stakeholders.
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Which of the following characteristics is associated with a general ledger?
a.)
This is also known as the original book of entry.
b.)
If it is May, then the accounting transactions for February, March, April and May are listed.
c.)
It is categorized by account.
d.)
It is the initial documentation of a financial transaction as it originates.
Answer:
c.)
It is categorized by account.
Explanation:
The feature associated with a general ledger is that It is categorized by account. Thus, option C is correct.
What is general ledger?Account numbers used to identify different sorts of financial transactions are known as General Ledger Accounts (GLs). Revenues, costs, and transfers are the most widely utilized GLs. A "chart of accounts" is a detailed list of all the accounts in an accounting system.
Characteristics of a Ledger Account are stated as follows:-
A Ledger book is an Accounts book in which various business transactions are recorded under various accounts.It employs the double-entry method.It is also referred to as the Principal book of Account, since it is the book where transactions are finalized after the journal or all-purpose books.All forms of Accounts pertaining to assets, liabilities, capital, and revenue are stored in the Ledger.It is the sole record of a business transaction that has been categorized into relevant Accounts.It makes future financial summary preparation easier.Therefore, option C is correct.
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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,800 Accounts receivable $ 25,200 Inventory $ 47,400 Building and equipment, net $ 114,000 Accounts payable $ 28,425 Common stock $ 150,000 Retained earnings $ 16,975 The gross margin is 25% of sales. Actual and budgeted sales data: March (actual) $ 63,000 April $ 79,000 May $ 84,000 June $ 109,000 July $ 60,000 Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. Monthly expenses are as follows: commissions, 12% of sales; rent, $3,600 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $855 per month (includes depreciation on new assets). Equipment costing $2,800 will be purchased for cash in April. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget. 4. Prepare an absorption costing i
1. The computation of the schedule of expected cash collections for Shilow Company is as follows:
Schedule of Expected Cash CollectionsApril May June Total
Sales $79,000 $84,000 $60,000 $223,000
Cash Sales $47,400 $50,400 $65,400 $163,200
40% credit sales 25,200 31,600 33,600 90,400
Total cash collections $72,600 $82,000 $99,000 $253,600
2. The completion of the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases for Shilow Company are as follows:
Merchandise Purchases BudgetApril May June Total
Sales $79,000 $84,000 $109,000 $223,000
Cost of goods sold (75%) 59,250 63,000 81,750 204,000
Ending inventory 50,400 65,400 36,000 36,000
Goods available for sale $109,650 $125,400 $117,750
Beginning inventory 47,400 50,400 65,400 47,400
Purchases $62,250 $75,000 $52,350 $189,600
Schedule of Expected Cash Disbursements for Merchandise Purchases:April May June Total
Purchases $62,250 $75,000 $52,350 $189,600
50% month of purchase $31,125 $37,500 $26,175 $94,800
50% ffg month 28,425 31,125 37,500 97,050
Total cash payments $59,550 $68,625 $63,675 $191,850
3. The completion of the cash budget for Shilow Company is as follows:
April May June
Beginning cash balance $8,800 $4,030 $4,285
Total cash receipts 72,600 82,000 99,000
Loan 8,000 2,000
Total cash available $80,600 $88,030 $103,285
Total cash payments:
Purchases disbursements $59,550 $68,625 $63,675
Sales commission 9,480 10,080 13,080
Other expenses 4,740 5,040 6,540
Equipment 2,800
Total cash payments $76,570 $83,745 $83,295
Loan repayment with interest 10,180
Cash balance $4,030 $4,285 $9,810
Minimum cash balance $4,000 $4,000 $4,000
4. The preparation of the absorption costing income statement for Shilow Company is as follows:
Absorption Costing Income StatementApril May June
Sales $79,000 $84,000 $109,000
Cost of goods sold (75%) 59,250 63,000 81,750
Gross margin $19,750 $21,000 $27,250
Expenses:
Sales commission $9,480 $10,080 $13,080
Other expenses 4,740 5,040 6,540
Interest on loan 180
Depreciation 855 855 855
Total expenses $15,075 $15,975 $20,655
Net Income $4,675 $5,025 $6,595
Data and Calculations:Current assets as of March 31:
Cash $ 8,800
Accounts receivable $ 25,200
Inventory $ 47,400
Building and equipment, net $ 114,000
Accounts payable $ 28,425
Common stock $ 150,000
Retained earnings $ 16,975
Sales data Actual Budgeted Cash Credit
March (actual) $ 63,000 $37,800 $25,200
April $ 79,000 $47,400 $31,600
May $ 84,000 50,400 33,600
June $ 109,000 65,400 43,600
July $ 60,000 36,000 24,000
Sales:
60% cash
40% credit
Credit sales are collected in the month following the sale.
Interest on Loan = $180 ($8,000 x 1% + $10,000 x 1%)
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Accrued Revenues are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
Accrued Expenses are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
What is the fifth step in the risk management process?.
Answer:
Risk Management Process. ...
Here Are The Five Essential Steps of A Risk Management Process. ...
Step 1: Identify the Risk. ...
Step 2: Analyze the Risk. ...
Step 3: Evaluate the Risk or Risk Assessment. ...
Explanation:
cuz it is
A tall organizational structure is usually more responsive to customer demands.
Step 4: Use the line chart to determine the approximate price of the stock at the beginning of 2003. How much money would you have earned if you bought one share of stock at the beginning of 2003 and sold it at today's current price?
The amount of money earned with the purchase of one share of stock at the beginning of 2003 and selling it at today's current price is $22.81 ($61.81 - $39).
What is the price of stock?The price of a share of stock is the cost that is paid to buy it or the revenue received when it is sold.
The price of a stock reflects the value that investors place on the issuing company.
Thus, the amount of money earned with the purchase of one share of stock at the beginning of 2003 and selling it at today's current price is $22.81.
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please help me, I'll give brainliest
Answer:
600
Explanation:
re
Project: Prepare Scenarios Using Gidgits Galore
Assignment Directions:
Part A: Prepare your own scenarios, using Gidgits Galore as your backdrop.
1. Provide an example of a "wrongful discharge" at Gidgits Galore.
2. Provide an example of a "retaliatory discharge" at Gidgits Galore.
3. Provide an example of "disparate treatment" at Gidgits Galore.
4. Provide an example of "disparate impact" at Gidgits Galore.
5. Provide an example of a "bona fide occupational quality" at Gidgits Galore.
Length: Each scenario must be at least one-half to one page in length
The answers to the questions about work in Gidgits Galore is given below:
An example of a "wrongful discharge" at Gidgits Galore is said to be when an office supervisor tells an employee to carryout a task that is said to be against safety laws such as do a sudden urgent work that needs urgent approval and it is one that cannot wait and the employee will not be wearing safety gadget, the employee have the right to refuse and He or she cannot be fired for his or her refusal.
An example of a "retaliatory discharge" at Gidgits Galore occurs when an employee reports the director of the company for encouraging bribery in the workplace and when the employer is said to finds out about the bribery sandal and then confronts the director who then fires them for it, this can serves as an an example of retaliatory discharge.
What is an example of "disparate treatment" at Gidgits Galore?Note that the term disparate treatment connote a deliberate employment discrimination.
An example of this is making sure that only employees with master's degree in a the firm can on some good and special cases (cases or jobs that will bring big allowance if the job is done well) excluding those who came in with bachelor's degree.
An example of "disparate impact" at Gidgits Galore is telling all employees to be involved in a particular task and using results from that task given to unintentionally remove some particular minority employees disproportionately.
An example of a "bona fide occupational quality" at Gidgits Galore is When directors, supervisors and other company's employees must join a union in the company, be a member of that union (Example is National association of management, accountancy etc.) so as to be able to fulfill their job duties or requirements.
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Is W. L. Gore a mechanistic or an organic organization? Support your answer with examples from the case
W. L. Gore has nearly 10,000 employees and more than $3 billion in annual revenues, but, as noted earlier, uses an extremely organic organizational structure. Employees have no bosses, participate on teams, and often create roles for themselves to fill functional gaps within the company.
Which BCMAP situation requires a direct comment on the USMC Fitness Report?
Select the best re
Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
What is Body composition millitary appearance and fitness report?BCMAP is the program employed by millitary base to develop and build bodies of corps for effectiveness in their work and for their healthiness in performing task.
The Fitness Report is a strategy use by which the Marine Corps so as to check and evaluates Marine's performance for their selection, assignment, retention and capabilities.
Therefore, Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
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PLEASE HELP WITH THIS ASSIGNMENT
The United States is a mixed market economy based on the ideals of capitalism and a representative republic. However, some argue that the US government is too big and overreaching. Conversely, others argue the government is needed to protect consumers from deceptive business practices, and more regulation and government oversight is the answer. What are your thoughts? Is the US government too big or not big enough?
Answer:
Government is to big
Explanation:
The US government is overly expansive. Many regulations on private companies need to be removed because they only hurt small businesses and let big corporations monopolize certain markets.
What is the mixed market economy model in the USA?Due to the significant roles that both privately held companies and the government play, the United States is classified as a mixed economy. In fact, the relative contributions of the public and private sectors have been the subject of some of the longest-running discussions in American economic history.
Private ownership is emphasized by the American free-market system. The majority of goods and services are produced by private firms, and about two-thirds of the nation's total economic output is used by individuals for personal purposes. In fact, the importance of consumers is so enormous that the country is occasionally referred to as being a "consumer economy."
This emphasis on private hands stems in part from American views about individual liberty. Furthermore, most Americans believe that an economy dominated by private ownership will be more efficient than one dominated by government ownership.
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1. Select ONE of the following (a through g).
a. A professional sports team
b. A gaming system company
c. An airline company
d. A consumer retail store
e. An automobile company
f. A computer company
2. Select a specific example of that category. For example, if you chose “a professional sports team,” you could select one of the following: Giants, Jets, Mets, Nets, Yankees, etc. Indicate the specific example you selected:
American AirLines
3. Analyze the external organizational environment for your choice. Identify at least TWO and preferably THREE aspects of EACH of the following that your choice must consider:
a. General environment
i. International dimension
1.American Airlines is the largest airline in 2020.
2. American Airlines traveled 240 destinations in the U.S, Canada,
The Caribbean and Mexico.
3.American airlines headquarters is in dallas fort worth.
ii. Technological dimension
1.Electronic wallet
2. Mobile ID
3.Virtual Assistant
iii. Sociocultural dimension
1.Ethics and human rights(provide the director with a report for unethic)
2.Sustainability and climate change
3.Give customer a great experience
(continued)
iv. Economic dimension
1.Boarding with 1 carry on & one personal item.
2.AAdvantage credit card member.
v. Legal-political dimension
b. Task environment
i. Customers
ii. Competitors
iii. Suppliers
iv. Labor market
(continued)
4. Conduct a situation analysis using a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis that assesses the environment for your selected organization.
A SWOT analysis is categorizing the information that you gathered in the environmental analysis that you performed in the first half of this case. Some of the information you listed may not qualify as a strength, weakness, opportunity, or threat, however – it may be neutral. You should have at least TWO items EACH for strengths, weaknesses, opportunities, and threats and preferably THREE aspects for at least two of these.
Positive Negative
Internal Strengths:
Weaknesses:
External Opportunities:
Threats:
Answer:
a
Explanation:
i got it right
Payment received in advance for services is a/an
a. prepaid expense
b. accrued revenue
c. unearned revenue
d. accrued expense
Paying three months of rent in advance is an
example of a/an
a. prepaid expense
b. accrued revenue
c. unearned revenue
d. accrued expense
George is going shopping for a new car to replace his old one. Which of these costs would be
relevant in deciding between cars:
O the annual cost of George's driver's license renewal
the fixed title fee for a new auto
o the value of his existing auto
O the cost to operate the new vehicles (e.g., miles per gallon for each car)
The cost that would relevant in the choice of a new car is the the cost to operate the new vehicles.
What cost would be relevant?The cost that would be relevant in the choice of a new car is the cost that is dependent on the type of car chosen. The cost to operate the new car would depend on the type of car chosen. If George buys a more fuel efficient car, the cost of running the car would be cheaper.
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Using budgeting assumptions when preparing the master budget, ______.
Answer:
makes it easier to answer "what-if" questions
Explanation:
What do Indirect distribution channels use to sell their products to the end customers?
Question 1 options:
(A) - advertisements
(B) - middlemen
Answer:
B
Explanation:
They use middlemen men because the fastest way to advertise your bussiness is through advertising
Answer:
(B) - middlemen
Explanation:
what is a informal business structure
If a firm sells a prestige product, what kind of relationship between price and quantity demanded should it expect?.
For a firm that sells a prestige product, the relationship between price and quantity demanded is a positive direct relationship.
Why is the relationship between demand and price of prestige products direct?The relationship between the demand and price of prestige products is direct because prestige products tend to sell better at high prices than at low prices.
And when the quantity demanded increases, the price tends to increase.
An example of a prestige product is an old car.
Thus, for a firm that sells a prestige product, the relationship between price and quantity demanded is a positive direct relationship.
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Lara uses the standard mileage method for determining auto expenses. During 2021, she used her car as follows: 18,400 miles for business, 3,680 miles for personal use, 5,520 miles for a move to a new job, 1,840 miles for charitable purposes, and 920 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for?
Assuming that all the mileage expenses are allowable Lara's deduction for are:
Business $10,304Medical $294.4Charitable $128.8DeductionUsing IRS mileage deduction rate for 2021
Deduction for business (56%)
Deduction for business= (18,400 x .56)
Deduction for business=$10,304
Deduction for medical (16%)
Deduction for medical= (1,840 miles x .16)
Deduction for medical=$294.4
Deduction for charitable (14%)
Deduction for charitable= (920 miles x .14)
Deduction for charitable=$128.8
Inconclusion Lara's deduction for are: Business $10,304, Medical $294.4 and Charitable $128.8.
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A certificate that authorizes an employer to withhold federal income taxes from each employee is called a Form
a. W-2.
b. 1040.
c. W-4.
d. 1040EZ.
how can both stocks and bonds generate a positive return for investors
A. paying dividends
B. Paying Interest
C. Tax Deduction
D. Price Appreciation
A stock and bond can generate a positive return for investors by tax deduction.
What is a stock and a bond?
A bond is a debt instrument used by businesses to raise capital needed for business operations. Bondholders earn interest on the amount invested and at the maturity of the bond, they are paid back the amount invested.
A stock gives the holders ownership right in the company. Shareholders are paid dividends and when the value of the company appreciates, the wealth of shareholders increases.
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What change will cause a movement along the supply curve?
[tex]\huge\sf\green{Answer \red{✓}}[/tex]
Movement along the supply curve will occur when the price of the good changes and the quantity supplied changes by the original supply relationship.
______________Answer:
When the price of the good changes and the amount supplied varies as a result of the original supply relationship, a movement along the supply curve occurs. To put it another way, a movement happens when a change in quantity supplied is solely due to a price change, and vice versa.
TRUE OR FALSE - ACCOUNTING
1. The matching principle requires expenses be recorded in the same period that the related revenue is recorded.
2. Generally accepted accounting principles require cash‐basis accounting.
3. Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.
4. Consuming goods and services in the process of generating revenues results in expenses.
5. Debiting “Inventory” will increase the account.