Option c & d: the following are common disclosures on the face of a financial statement Common stock information and Allowance for uncollectible accounts.
Auditors are required to express an opinion on the annual financial statements as a whole.
These include notes to the financial statements that form an integral part of the financial statements and contain additional information about balances and transactions and other relevant information.
Therefore, it is important that, at all stages of the audit, the auditor gives due consideration to and intends to obtain sufficient appropriate audit evidence relevant to the disclosures in the notes to the financial statements.
An accountant may include important notes about a company's assets, liabilities, or equity in its financial statements. Notes can be added as appendices or footnotes to financial statements.
Financial notes to disclosure may appear on the income statement, balance sheet, and reconciled general ledger.
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What is the incremental cost incurred if the company increases production and sales from 20,000 to 20,001 units?.
Direct materials are $ 6.00, Direct labor $ 3.50, and Variable manufacturing overhead $1.50 is equal to $11 incremental total manufacturing costs.
The total expense incurred as a result of producing an extra unit of a product is known as the incremental cost. The cost of an incremental unit of production is calculated by examining the additional costs incurred during the manufacturing operation, such as raw materials.
Marginal cost is another name for an incremental cost. However, there are a few minor variations between the two ideas. The difference in overall cost caused by producing one extra unit of output is known as the marginal cost.
Something increasing incrementally is described as doing so over a short period of time. An exercise that gradually becomes more challenging is an illustration of something incremental. For instance, if a business has space in its production plan for 10 extra units and the expenses of those units.
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Complete question:
Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:
Average Cost per Unit
Direct materials $7.00
Direct labor $4.00
Variable manufacturing overhead $1.50
Fixed manufacturing overhead $5.00
Fixed selling expense $3.50
Fixed administrative expense of $ 2.50
Sales commissions $1.00
Variable administrative expense $0.50
Required:
What is the incremental manufacturing cost incurred if the company increases production from 20,000 to 20,001 units?
Firms achieve operational excellence through which of the following? (check all that apply)
- focusing on human resources as little as possible
- strong relationship with suppliers
- excellent supply chain management
- efficient operation
Firms achieve operational excellence through
strong relationship with suppliers, excellent supply chain management and efficient operation. These three are indispensable when it comes to operational excellence.
Supply chain management (SCM) in business refers to a process that includes procurement (purchasing raw materials/components), operations management (ensuring the production of high-quality products at a high rate with good flexibility and low production cost), logistics, and marketing channels so that the raw materials can be transformed into a finished product and delivered to the end customer). The "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging global logistics, synchronising supply with demand, and measuring performance globally" is a more specific definition of supply chain management.
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Who among the following is a free rider?
A. Mickey buys groceries from the store where he works.
B. Fred drives 20,000 miles a year on public streets, but he pays no more in property taxes than Barney, who only drives 1,000 miles.
C. Wilma watches many public television programs, but she has never sent in a contribution to the station.
D. Donald rides to work with Betsey, but he pays Betsey for gasoline and other travel-related expenses.
Communities that face a free riding problem may additionally strive any of a number of solutions. Government addresses the problem by accumulating and distributing tax bucks to subsidize public services. Theoretically, taxes are proportionate to income, so fair cost-sharing can be achieved
What is an instance of a free rider?Whenever you revel in some thing that seems free, such as a day at a clean beach, any individual will pay for its upkeep, which technically makes you a free rider. The free rider trouble describes what occurs when many people experience a apparently free resource without paying for it.
Who are free riders Why are they called so?A free rider is any person who wants others to pay for a public good but plans to use the good themselves; if many humans act as free riders, the public suitable may additionally by no means be provided. Markets regularly have a hard time producing public goods due to the fact free riders attempt to use the public exact without paying fo
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you have just finished creating the project management plan for a project that you are in charge of. which group of stakeholders is best suited to approve the plan? answers a. executive management, functional managers, senior management b. functional managers, project manager, project sponsor c. executive management, project manager, project sponsor d. project manager, project sponsor, senior management
The group of stakeholders is BEST suited to approve the plan Functional managers, project manager, project sponsor.
What are the four different stakeholder types?A typical corporation's investors, employees, clients, and suppliers make up its main stakeholders.
Who are the main project management stakeholders?The project manager, the client, team members from the performing organization, and the project sponsor are typically considered project stakeholders.
What should you think about when creating a project management plan?Scope, schedule, and budget baselines
Management makes strategies for the following factors: procurement, human resources, communications, cost, schedule, and quality.
Plan for managing requirements.
Plan for managing change.
plan for configuration management.
Plan for improving the process.
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___________________is used to build and maintain national or local community relationships and is one of the functions of public relations.
Community relations is used to build and maintain national or local community relationships and is one of the functions of public relations.
Community relations helps organizations build positive relationships with the communities in which they operate. This can be achieved through various activities such as community outreach programs, charitable giving, sponsorships, and volunteer initiatives .Having strong community relationships can benefit organizations in a number of ways, including increased visibility and brand awareness, improved reputation, and more positive stakeholder perception. By working to build and maintain strong community relationships, organizations can create a more supportive and positive environment for their operations, employees, and customers. Therefore, community relations is an important part of an overall public relations strategy and helps organizations effectively communicate with and engage with their communities.
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What Is the Contribution Margin Ratio?
The sum of a company's revenue less its variable costs, divided by revenue, is the contribution margin ratio of that company. Sales revenue divided by (Sales income less all variable costs) is the contribution margin ratio.
What is an illustration of a contribution margin ratio?The amount of money a company keeps after paying all variable costs related to creating a product is known as its contribution margin, sometimes known as its gross margin. Your net income, or profit, is obtained by deducting your contribution margin from fixed costs like rent, equipment leases, and employee pay.
The $1,000 total for variable charges. $6000 minus $1,000 equals $5,000, which is the contribution margin. A margin of 83% ($5,000/$6,000) can be seen in the contribution margin ratio. Despite having a greater contribution margin from selling coffee, this café owner makes significantly more money from selling muffins (83% vs. 60%).
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the types of resources needed by a business are financial, physical, and labor resources. T/F
true, a business requires substantially fiscal, physical and labor Resources to set up so that the making cost comes out to be less also the selling cost and the business establishment can earn profit.
fiscal Resources are the moneybags that keep a business operating, and there are several ways a business will raise and use its fiscal coffers.
Physical Resources similar as raw material, structures, vehicles, transportation, storehouse installation, machines and plant. mortal coffers, or staff, similar as a talented mastermind or marketing experts. These coffers are more important in companies in the knowledge- ferocious and creative sectors.
Labor Resources represents an hand or a group of workers having analogous chops and qualifications, with the capacity to operate specific outfit or to perform specific tasks or services.
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there are several markets in the united states. the market where property is exchanged is the question 3 options: commodity market. financial market. real estate market. retail market. none of these.
In a broad sense, any location where securities are traded is considered a financial market. There are numerous varieties of financial markets, such as (but not limited to) the foreign exchange, money, stock, and bond markets.
What Are Financial Markets?Financial markets broadly refer to any setting where securities are traded, including, but not limited to, the stock market, bond market, FX market, and derivatives market. Capitalist economies cannot function well without financial markets.Financial markets are essential for the efficient running of capitalist economies because they distribute resources and provide liquidity to firms and entrepreneurs. Buying and selling financial assets is made simple by the markets. Financial markets provide securities products that offer a return to people with extra money (investors/lenders) and make that money accessible to others who need more cash (borrowers).To Learn more About financial market Refer TO:
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At the center of all analysis of the marketing environment is the __________ and his/her specific behavior & attitudes.
Choose matching definition
1. Consumer
2. Green
3. Competitors
4. Culture
At the center of all analysis of the marketing environment is the consumer and his/her specific behavior & attitudes.
What goods and services dominate the market is determined by the consumer. A product's quality is determined by its capacity to meet the needs of the consumer. When customers enjoy a product or service, they tend to recommend it to other people who might be interested in it. This increases brand exposure. The old business adage "Customer is King" emphasises the value of customers (and potential customers) in every company. This rule typically calls for an organization to make a commitment to offering satisfied customers good customer service.
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if korea is capable of producing either shoes or soccer balls or some combination of the two, then____
If Korea is capable of producing either shoes or soccer balls or some combination of the two, then Korea's opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
The expense of selecting a particular option or alternative over another option or alternative is known as the opportunity cost. We are informed that Korea can manufacture either shoes or soccer balls, or some mix of the two. Korea would therefore need to create a list of top priorities, often known as alternatives or possibilities. Then, Korea would evaluate its options and select the best one for them based on profit or any other factor. The opportunity cost of shoes in Korea is therefore inversely correlated with the opportunity cost of soccer balls.
Opportunity cost is the implicit cost experienced by forgoing a financial or time investment. Due to the limited nature of resources, pursuing one opportunity results in the loss of another. Because it generates a profit, the investment appears to be prudent on its own.
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A portfolio has an expected rate of return of 0. 15 and a standard deviation of 0. 15. The risk-free rate is 6%. An investor has the following utility function: U = E(r) - (A/2)s^2. Which value of A makes this investor indifferent between the risky portfolio and the risk-free asset?
Answer:
th answer will be 5
Explanation:
0.06 = 0.15 − A/2(0.15)2;
0.06 − 0.15 = −A/2(0.0225); −0.09
= −0.01125A;
A = 8;
U = 0.15 − 8/2(0.15)2 = 6%; U(Rf) = 6%.
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what importance is the check printing to the bank?
Therefore, the two vendors provided personalized consumer checks free of charge.
Specifically,check printing is a valuable development that could help industries streamline their accounting processes. Comprehensive check printing software helps you organize, print, and track your checks effortlessly. Offers more than a check writer. Printing your own business or personal checks is perfectly legal in the US, and no law prohibits you from doing so. However, there are certain standards that paper checks must meet. Although they are not required by law,banks often require them. Printing is a process of mass reproduction of text and images using a master form or template. Early non-paper products related to printing include cylinder seals and objects such as the Cyrus Cylinder and the Nabonidus Cylinders.
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All of the following are examples of pure risk EXCEPT?
A. Losing money at a casino
B. Injured while playing football
C. Falling at a casino and breaking a hip
D. Jewelry stolen during a home robbery
Option A is correct. Losing money at a casino is not an example of pure risk.
Which type of risk is gambling?Three outcomes are available when taking a chance on speculation: a gain, a loss, or nothing at all (staying even). Two instances of speculative risks include betting and stock market investing. Each presents the opportunity to gain financial success, incur financial loss, or simply forego any financial success.
What is a pure risk?Situations like fires, natural disasters, or fatalities are the most frequent sources of pure risk. They are unforeseen and uncontrollable circumstances. The term "absolute risk" is another name for it. Personal, property, and liability risks are the three divisions that can be made of pure risks. Reduction, avoidance, acceptance, and transference are the four methods for reducing pure risk. Transferring pure risk to an insurance firm by acquiring an insurance policy is the most popular way to manage pure risk.
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In a free market society, the answer to the question about how much to produce is determined
by -
A. census data
B. profit projections
C. consumer demand
D. government quotes
In free market society, how much to produce is determined by consumer demand.
What is consumer demand?Consumer demand is a supply-based economic indicator of a group's desire for a good or service. It helps to identify population-specific purchasing trends and acts as a representation of consumer purchasing behavior. Businesses use estimates and data about consumer demand to analyze their pricing, revenues, and sales techniques when selling goods or services. In order to connect consumer demand and market prices for goods and services, demand theory is a collection of economic theories and precepts. The impact of supply, price, and quantity on consumer demand and buying behavior is examined by demand theory. The demand curve, which is a part of economic theory, shows how the demand for a good or service and its price are inversely related.
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mary suffers $25,000 in uninsured losses in 2020 when her house burns down while she was on vacation. this loss was not due to a federally declared disaster, therefore mary can deduct what amount of the casualty losses relating to her home on her federal income tax return?
According to the Tax Cuts and Jobs Act, casualty losses that were not brought on by federally designated natural disasters were no longer eligible for deduction.
Who can get a refund of their income taxes?
The following situations provide the taxpayer the right to a tax refund: where the advanced tax paid on predicted income is greater than the taxpayer's actual tax burden. Whenever tax that is deducted (TDS) from wages, interest, professional incomes, or other incomes exceeds the tax due under a normal assessment.
Mary could only deduct the $25,000 loss if she made some sort of casualty gain that year that was offset by the loss.
Therefore, However, since there was no earlier gain due to a casualty in this instance, the casualty expense cannot be offset.
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Based on the characteristics of your product, you might adopt a make-to-stock strategy or a make-to-order strategy.
a. True
b. False
The statement "Based on the characteristics of your product, you might adopt a make-to-stock strategy or a make-to-order strategy." is true. The choice between a make-to-stock (MTS) strategy and a make-to-order (MTO) strategy is largely based on product characteristics.
In contrast, the make-to-order strategy is used for products with highly customized or unpredictable demand. In this case, the company does not produce the product until the customer's order is received. The MTO strategy is often used for products with long lead times or for products that are expensive to produce in small quantities.
The choice between MTS and MTO depends on several factors, including the nature of the product, the lead time required to produce the product, the cost of holding inventory, and the degree of customization required.
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if a driver fails to provide proof of responsibility (insurance), what might be a consequence? select all that apply.
If a driver fails to provide proof of responsibility (insurance), the following consequences may apply:
Traffic Citation: The driver may receive a traffic citation for failing to carry proof of insurance, which can result in fines, court costs, and increased insurance rates.
Suspension of License: Depending on the state laws, the driver's license may be suspended if they are unable to provide proof of insurance during a traffic stop.
Vehicle Impoundment: In some cases, a law enforcement officer may impound the vehicle if the driver is unable to provide proof of insurance.
Increase in Insurance Premiums: If a driver is found to be driving without insurance, their insurance premium may increase upon renewal, as they are seen as a higher risk to the insurance company.
Legal Liabilities: If the driver is involved in an accident, they may be held liable for damages and medical expenses, which can result in a lawsuit and significant financial losses.
It's important to note that having proof of insurance is a legal requirement in most states, and failing to carry it can result in serious consequences. Drivers should always make sure that they have up-to-date insurance coverage and carry proof of insurance in their vehicle at all times.
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The task of organizing includes which activities?
A. Setting organizational goals
B. Conducting performance appraisals
C .Arranging and structuring work
D. Defining marketing goals
E. Monitoring and correcting work performance
The concept is a function of management which is Organizing, the procedure of aligning the activities in a certain order. The answer is option C, Arranging and structuring work
Organizing is the management function of creating an organizational structure and allocating personnel to ensure the achievement of objectives. Organizing involves assigning tasks, grouping tasks into departments, delegating authority and allocating resources within the organization.
During the organizational process, leaders coordinate people, resources, policies, and procedures to facilitate the achievement of the goals defined in the plan. Organizing and planning your work in advance can help you work more efficiently.
Good organization and the development of effective plans also enable you to achieve important goals.
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the year-end 2020 balance sheet for tom's copy, inc. lists common stock ($1.20 par value) of $114,900, capital surplus of $23,310 and retained earnings of $64,740 . on the 2019 year-end balance sheet, tom's copy, inc. lists retained earnings of $53,030 . the firm's net income in 2020 was $78,000 . no stock was issued or repurchased in 2020. what were dividends per share paid by the firm in 2020?
The dividends per share paid by the firm in 2020 are $0.69.
Retained earnings of 2020 = $64,740
Retained earnings of 2019 = $53,030
So,
Increased in retained earnings = $64,740 - $53,030
= $ 11,710
Net income in 2020 = $78,000
Now,
Dividend paid during the year = $78,000 - $11,710
= $66,290
Number of shares outstanding = $114,900/ $1.20
= 95,750
We get,
Dividend per share = $66,290/ 95,750
= $0.69
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How will following the five foundations help you start your financial future off right?
The five foundations help us to start our financial future off by help us to do financial planning well. So that we can get financial independence in the future.
In the term of financial planning, The Five Foundation generally can be defined as an organization that working towards the elimination of the practice of female genital mutilation (FGM). The Five Foundation is the organization that was founded by Nimco Ali and Brendan Wynne. Five financial foundation has five major aspects, such as Budgeting, Emergency funds, Savings, Investments, and also A 401(k) plan.
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a fitness and wellness company decides to introduce a generous parental leave policy for employees. which social responsibility issue is affected in this scenario?
employee relations
Employees demand that their employers give them a secure work environment, fairly compensate them for their efforts, and keep them up to date on company developments. For families with newborn kids, many businesses have started to offer prolonged parental leave.
The multidisciplinary academic discipline of industrial relations, sometimes known as employment relations, focuses on the employment relationship, or the intricate interactions between employers and employees, labor/trade unions, employer groups, and the state.
Because "industrial relations" is frequently thought to have quite specific implications, the more recent word, "Employment Relations," is beginning to take precedent. However, employment ties in the broadest sense, including "non-industrial" employment arrangements, have frequently been the focus of industrial relations. Some people believe that this tendency is similar to one occurring in the unrelated but related discipline of human resource management.
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At the close of its first year of operations, december 31, 2019, ming company had accounts receivable of p540,000, after deducting the related allowance for doubtful accounts. During 2019, the company had charges to bad debt expense of p90,000 and wrote off, as uncollectible, accounts receivable of p40,000. What did the company report on its statement of financial position at december 31, 2019, as accounts receivable before the allowance for doubtful accounts?.
The company report on its balance sheet at December 31, 2019, as accounts receivable before the allowance for doubtful account is $590,000.
The following chart illustrates how the accounts receivable before allowance were calculated:
Beginning receivable balance = $540,000
Bad debt = $90,000
Wrote off = $40,000
= Beginning receivable balance + bad debt expense - receivables that are not collected
= $540,000 + $90,000 - $40,000
= $590,000
In the computation section, the account receivable that has not yet been collected should be subtracted while the bad debt will be added because it is an expense.
Therefore, as of December 31, 2019, the company reported $590,000 in accounts receivable before the allowance for doubtful accounts on its balance sheet.
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for the fiscal year ended september 28, 2019, what amount is credited to income summary to summarize its revenues earned?
For the fiscal year ended September 28, 2019, the amount is credited to income is $ 261,981.
What do you mean by revenue?Revenue, which is determined by multiplying the average sales price by the quantity of units sold, is the money made from regular business operations.
Revenue (from the sale of goods or services) less operational expenses equals operating income.
Non-operating income is irregular or one-time money obtained from other sources.
Here,
Calculation of credit income:
Amount credited to the Income summary on Sep 28, 2019:
Net Sales = 260174
Other income = 1807
Total credit = 261981
Therefore, for the fiscal year ended September 28, 2019, the amount is credited to income is $ 261,981.
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suppose zimbabwe decides to increase its production of toothbrushes by 10. what is the opportunity cost of this decision?
Suppose Zimbabwe decides to increase its production of toothbrushes by 10 the cost of this decision is 3 hairbrushes.
How are toothbrushes produced?
A toothbrush-shaped mold is provided as part of the injection molding process, and molten plastic is then injected into the mold using a hot channel nozzle. Afterward, the toothbrush is cooled and removed from the mold.
If Zimbabwe decides to produce 10 more toothbrushes, it will cost 3 additional hairbrushes as a result of this decision.
Therefore, Typically, an injection molding procedure is used to produce toothbrushes.
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true or false. business process reengineering that starts with a ""clean sheet of paper"" runs the risk of destroying some valuable organizational capabilities which have taken many years to build
Business process reengineering that starts with a ""clean sheet of paper"" runs the risk of destroying some valuable organizational capabilities which have taken many years to build, this statement is False.
Business process reengineering that starts with a "clean sheet of paper" does not run the risk of destroying valuable organizational capabilities.
In fact, it can help to build on them. Business process reengineering evaluates existing processes, identifies what needs to be improved, and makes changes that can help an organization become more efficient and effective. It also helps to identify and eliminate any unnecessary steps in the process.
Additionally, it can help an organization to use its existing capabilities more efficiently, while also introducing new capabilities that can help to improve performance. By taking this approach, an organization can build on its existing capabilities, while also introducing new ones that can help to make the organization more competitive.
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When the stock market as a whole is rising in value then it is referred to as a bear market. True or false?
Answer: False
Explanation: A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.
Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of ________ accounts.
Asset accounts include things like Accounts Receivable, Prepaid Accounts, Supplies, and Land.
What kind of accounts receivable would that be?A maker of furniture who has supplied furniture to a retail business is an example of an account receivable. Payment due is noted under accounts receivable once the manufacturer bills the retailer for the furniture. The maker of the furniture is awaiting payment from the retailer.
What are some examples of accounts payable and receivable?When a business purchases raw materials from a supplier, it creates an account payable for the business. Accounts receivable, meantime, result from the sale of products or services. When a client pays you in instalments, the outstanding balance will be recorded as an account receivable until it is settled in full.
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while organizations may have standards and values they aspire to follow, a practical approach and strategic legal solution identified by the textbook to make these standards and values effective is to:
Answer: Develop a code of ethics
Explanation:
4. sam has $2 million saved for retirement. he expects to retire in 7 years. his retirement fund is expected to earn a nominal rate of 7%, and the inflation rate is estimated at 3%. how much money (in millions) should sam have when he retires, in real dollars
To calculate the real value of Sam's retirement fund in 7 years, we need to subtract the inflation rate from the nominal rate of return.
Nominal rate of return: 7%
Inflation rate: 3%
Real rate of return: 7% - 3% = 4%
Sam's retirement fund is expected to grow by the real rate of return, so the real value of his fund in 7 years would be:
$2 million * (1 + 4%)^7 = $2 million * 1.4^7 = $2 million * 2.16 = $4.32 million
Therefore, Sam should have $4.32 million in real dollars when he retires in 7 years.
What is a retirement fund?
A retirement fund is a type of investment account that helps individuals save and invest money for their retirement. It offers tax benefits and investment options to accumulate a nest egg over time, with the goal of providing a source of income during retirement. Common types of retirement funds include IRAs, 401(k) plans, and pension plans. The success of these funds is determined by investment choices, performance, and the amount saved.
Hence, the answer is Sam should have $4.32 million in real dollars when he retires in 7 years.
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ella mcdonald has determined the following information about her own financial situation. her checking account is worth $650 and her savings account is worth $1,400. she owns her own home that has a market value of $96,000. she has furniture and appliances worth $13,000 and a laptop worth $3,300. she has a car worth $9,500 and owes $8,000 on her auto loan. she has also purchased some stock worth $4,500 and she has a retirement account worth $42,000. what is the total value of her assets?
The total value of her assets is $180,200
Total value of assets = Checking account + savings account + Home + furniture and appliances + laptop + car + stock + retirement account
= $700 + $1100 + $104,000 + $12,000 + $3,400 + $9,000 + $5,000 + $45,000
= $180,200
Total value of assets = $180,200
Total assets are the total book worth of all the assets that a person, business, or organisation has. It is a variable that is frequently used in debt covenants based on net worth. After depreciation associated with the assets is taken into account, the value of a company's total assets is determined.
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