Despite its drastic downsizing a decade ago under a federally funded bailout and bankruptcy restructuring, General Motors again finds itself with too many U.S. factories that can turn out too many vehicles. GM's factory-utilization rate in North America averaged 95.1% over the past two years, below Ford's 111.9% and Toyota 's 101.4%. (Rates can exceed 100% when factories work a 3rd shift or schedule overtime work on weekends.) The auto industry often runs its factories dawn-till-dusk or even around the clock to boost their efficiency. Factory-utilization rates typically measure how much production capacity a plant uses based on a 16-hour workday. GM says its utilization rate is 100% on average when its round-the-clock truck and SUV lines are figured in with the relatively sleepy factories making cars. GM said it is working to "drive further improvements" in its plant utilization, including adding crossover SUVs to more factory lines. A plant in the Kansas City area that now makes only the Malibu is scheduled to begin assembling a small Cadillac SUV soon. But such a switch-over typically takes car makers several years of lead time, to order and install new assembly-line equipment and tooling.
Answers
Answer:
The question is actually missing (see attached image):
the answer is:
D. Less than that of its competitors.
Explanation:
Personally, I believe that GM is an extremely spoiled child that refuses to assume responsibility for its continuous and never ending mistakes. GM has either filed for bankruptcy or threatened to do so twice in the last 30 years or so, and every time the US government has to bail them out. But GM keeps doing things wrong.
It doesn't matter if you like their cars or not, GM is terribly managed. No other company in US history has received so much financial aid from the government and continued to lose money and work inefficiently. The problem is that whenever things go wrong, stockholders lose their money but the executives keep getting tens of millions of dollars. If a company is managed in such a disastrous way, their top management shouldn't get paid that much.
A car factory costs a lot of money, and not using it efficiently is outrageous considering GM's history. If they had never received a cent from the government, then its only their problem. But the government lost $11.2 billion on GM's last bailout. During the 1980s GM lobbied fro the government to impose import quotas on Japanese cars because they were better cars and GM couldn't compete against them. So whenever they do things wrong, big brother has to help them. During the last couple of years GM had to sell most of its foreign operations in order to get cash, and you generally do not make money by selling your assets.
Related Questions
The following U.S. Treasury bond is listed in the The Wall Street Journal: Rate Mo/Yr Bid Asked 9.50 Oct 38 135:30 136:04 This $1,000 par value bond has 18 years to maturity and makes semi-annual coupon interest payments. If you purchased this bond, what would be the bond's yield to maturity
Answers
Answer:
6.35%
Explanation:
If you purchase this bond you will need to pay $1,000 x 136.04% = $1,360.40
the coupon rate is 9.5% / 2 = 4.75% or $47.50 every six months
the bond matures in 18 years or 36 semiannual periods
yield to maturity = {coupon + [(face value - market value)/n]} / [(face value + market value)/2]
YTM = {47.5 + [(1,000 - 1,360.4)/36]} / [(1,000 + 1,360.4)/2]
YTM = 37.49 / 1,180.2 = 0.031766 x 2 (annual yield) = 0.06353 = 6.35%
Mo has a credit card that gives a 3% discount on every purchase. The annual percentage rate on the card is 12%. He is purchasing an electronic reader for $140. Check all that apply. If Mo uses the credit card and pays the full balance during the billing cycle, the cost of the purchase will be $140. If Mo pays cash, the cost of the purchase will be $140. If Mo uses the credit card and pays off the balance at $30 a month for 7 months with no late fees, the cost of the purchase will be $143.34. If Mo pays cash, the cost of the purchase will be $135.80. If Mo uses the credit card and pays off the balance at $20 a month for 7 months with no late fees, the cost of the purchase will be $139.89. If Mo uses the credit card and pays the full balance during the billing cycle, the cost of the purchase will be $135.80.
Answers
Answer:
B: If Mo pays cash, the cost of the purchase will be $140.
E: If Mo uses the credit card and pays off the balance at $20 a month for 7 months with no late fees, the cost of the purchase will be $139.89.
F: If Mo uses the credit card and pays the full balance during the billing cycle, the cost of the purchase will be $135.80.
The correct answers to this question are B, E, and F and they are also
answers 2, 5, and 6.
Based on the information given, the correct options will be:
If Mo pays in cash, the cost of the purchase will be $140. If Mo uses the credit card and pays off the balance at $20 a month for 7 months with no late fees, the cost of the purchase will be $139.89. If Mo uses the credit card and pays the full balance during the billing cycle, the cost of the purchase will be $135.80.It should be noted that when she pays in cash, she'll have to pay $140. In a situation whereby she uses the credit card, she'll be given a discount of 3%. Therefore, the amount that she'll have to pay will be:
= $140 - (3% × $140)
= $140 - (0.03 × $140)
= $140 - $4.20
= $135.80.
In conclusion, the correct options are B, E, and F.
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Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
1. Unrecorded interest accrued on savings bonds is $410.
2. Property taxes incurred but not paid or recorded amount to $800.
3. Unearned service revenue of $4,000 was collected in advance. By year end $700 was still unearned.
4. Prepaid insurance had a $750 debit balance prior to adjustment. By year end, 60 percent was still unexpired.
5. Salaries incurred by year end but not yet paid or recorded amounted to $650.
Answers
Answer:
1. Dr Interest Receivable 410
Cr Interest Revenue 410
2. Dr Property Tax Expense 800
Cr Property Taxes Payable 800
3. Dr Unearned Service Revenue 3,300
Cr Service Revenue 3,300
4. Dr Insurance Expense 300
Cr Prepaid Insurance 300
5. Dr Salaries and Wages Expense 650
Cr Salaries and Wages Payable 650
Explanation:
Preparation of Journal entries
1. Dr Interest Receivable 410
Cr Interest Revenue 410
2. Dr Property Tax Expense 800
Cr Property Taxes Payable 800
3. Dr Unearned Service Revenue 3,300
Cr Service Revenue 3,300
($4,000 – $700)
4. Dr Insurance Expense 300
Cr Prepaid Insurance 300
[$750 x (100%-60%)]
5. Dr Salaries and Wages Expense 650
Cr Salaries and Wages Payable 650
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $152,000 Credit sales, $452,000 Selling and administrative expenses, $112,000 Sales returns and allowances, $32,000 Gross profit, $492,000 Accounts receivable, $130,000 Sales discounts, $16,000 Allowance for doubtful accounts credit balance, $1,400 Flyer prepares an aging of accounts receivable and the result shows that 3% of accounts receivable is estimated to be uncollectible. How much is bad debt expense
Answers
Answer:
$2,500
Explanation:
The computation of bad debt expense is shown below:-
Total Bad Debt = $130,000 × 3%
= $3,900
Balance of allowance for doubtful accounts after Bad debt Expense = Total bad debt - Allowance for doubtful account credit balance
= $3,900 - $1,400
= $2,500
So, we have applied the above formula.
The same is to be considered
Epiphany is an all-equity firm with an estimated market value of $400,000. The firm sells $275,000 of debt and uses the proceeds to purchase outstanding equity. Compute the weight in equity and the weight in debt after the proposed financing and repurchase of equity. Group of answer choices 0.31, 0.69 0.34, 0.66 0.48, 0.52 0.69, 0.31
Answers
Answer:
Epiphany
Weight in equity = 0.31
Weight in debt = 0.69
Explanation:
a) Data and Calculations:
Estimated market value of equity = $400,000
Debts = $275,000
Net equity after debt = $125,000
Weight in equity = $125,000/$400,000 = 0.31
Weight in debt = $275,000/$400,000 = 0.69
b) The weight in equity shows the relationship between the equity and the total capital (equity and debt) in use in Epiphany after the sale of debt and repurchase of outstanding equity.
c) The weight in debt shows the relationship between the debt capital and the total capital (equity and debt) in use in Epiphany after the sale of debt and repurchase of outstanding equity.
A company, which is currently operating at full capacity, has sales of $2,480, current assets of $820, current liabilities of $510, net fixed assets of $1,670, and a 5 percent profit margin. The company has no long-term debt and does not plan on acquiring any. The company does not pay any dividends. Sales are expected to increase by 10 percent next year. If all assets, short-term liabilities, and costs vary directly with sales, how much additional equity financing is required for next year
Answers
Answer:
$61.60
Explanation:
Equity funding need = Projected assets - Projected liabilities - Current equity - Projected increase in retained earnings
Equity funding need = $2,739 - $561 - $1,980 - $136.40
Equity funding need = $61.60
Workings
Projected assets = (Current assets + Fixed assets) * 1.10 = 820+1,670 * 1.10 = $2,739
Projected liabilities = Current liabilities * 1.10 = 510 * 1.10 = $561
Current equity = Current assets + Fixed assets - Current liabilities = 820 + 1,670 - 510 = $1,980
Projected increase in retained earnings = Sales*5% * 1.10 = $2,480*5% * 1.10 = 124*1.10 = $136.40
On September 15, 2021, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2021
Answers
Answer: PLease see answer below
Explanation:
Date Account title and explanation Debit Credit
Dec 31 Interest receivable $168
2021 Interest revenue $168
Calculation
Interest =Principal x time x rate
= 7,200 x 8% x 3.5 /12(15th september to 31st December)
=$168
Assume you short sell 100 shares of IBM common stock at $125 per share. If the initial margin is 70%, what is the amount that you put in as cash buffer?a) $3750b) $12500c) $5000d) $8750
Answers
Answer: d) $8750
Explanation:
The Cash buffer is also the margin of the total value of the stock.
= Initial margin * Investment value
= 70% * (125 * 100)
= 70% * 12,500
= $8,750
Question 3
A situation where the level of output scale and average costs are all rising is called
Answers
Answer: Decreasing return to scale
Explanation:
Decreasing return to scale is a situation where the level of output, scale and average costs are all rising.
Decreasing return to scale happens when there's a rise in inputs that are involved in production process such as labour and capital which brings about a increase in output as well even though it's lesser.
It is estimated that the net cash flows to be received from the copyright will be $63,000, and its fair value is $59,850. The accumulated amortization at the end of 2021 was $15,435. Compute the amount of impairment, if any, to be recorded on December 31, 2021. (If there is a loss on impairment, then enter amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answers
Answer:
The amount of the impairment = $3,150.
Explanation:
a) Data and Calculations:
Net cash flows = $63,000
Fair value of copyright = $59,850
Accumulated amortization = $15,435
Impairment gain = $3,150 ($63,000 - $59,850)
b) There is an impairment gain of $3,150 since the net cash flows is higher than the fair value of the copyright. Copyright is an intangible asset and impairment assessment must be conducted yearly.
If Tonya purchased 200 decorative pillows at $12 each and sold 75 of the pillows for $20 each, what is the cost of goods sold
Answers
Answer:
the cost of goods sold is $1,500
Explanation:
The computation of the cost of goods sold is
= Opening inventory + purchase - ending inventory
= $0 + 200 × $12 - (200 × $12 - 75 × $20)
= $ + $2,400 - ($2,400 - $1,500)
= $2,400 - $900
= $1,500
hence, the cost of goods sold is $1,500
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019.
2020 2019 2020 2019
(Duke Company) (Duke Company) (Lord Company) (Lord
Company)
Net sales $1,896,000 $561,000
Cost of goods sold 1,020,048 297,330
Operating expenses 257,856 79,662
Interest expense 7,584 3,927
Income tax expense 54,984 6,171
Current assets 322,500 $310,000 83,500 $78,000
Plant assets (net) 520,800 500,300 139,800 123,000
Current liabilities 64,200 75,600 34,400 29,600
Long-term liabilities 108,400 90,400 28,400 26,000
Common stock, $10 par 498,000 498,000 122,500 122,500
Retained earnings 172,700 146,300 38,000 22,900
Prepare a vertical analysis of the 2017 income statement data for duke company and Lord company.
Answers
Answer:
Please attached detailed solution.
Explanation:
• Prepare a vertical analysis of the 2017 income statement data for Luke and Lord company.
Please see as attached detailed solution to the above question.
Select all that apply What is the difference between an adjusted trial balance and an unadjusted trial balance? (Check all that apply.) Multiple select question. The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted. The unadjusted trial balance is more up to date and should be used to prepare financial statements. The adjusted trial balance is used to prepare financial statements. The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.
Answers
Answer:
The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted.The adjusted trial balance is used to prepare financial statements. The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.Explanation:
The Adjusted Trial balance lists the accounts that the company has at their ending balances which means that adjusting entries have been posted.
As a result of the Adjusted Trial Balance having final account balances, it is used to prepare the financial statements for the company as only final balances should be used in such.
More often than not, the Adjusted trial balance will have more accounts than the unadjusted balance because in process of adjustment, more accounts may be created for transactions that were not posted properly. For instance, there might be liability accounts for expenses if the expenses were not paid in the current period.
1.Processes A, B, C, D, E, and F require service times of 3, 5, 2, 5, 3, and 5. Their arrival times are 0, 1, 3, 9, 10, and 12. What is the average turnaround time, waiting time, response time, and throughput when using SRJF, RR (q
Answers
Answer:
please check attachment for the answers I gave. they are in tabular form
Explanation:
Identify the accounting assumption or principle that is described below. (a) Belief that a company will remain in operation for the foreseeable future. (b) Indicates that personal and business record-keeping should be separately maintained. (c) Only those items that can be expressed in money are included in the accounting records. (d) Separates financial information into time periods for reporting purposes. (e) Measurement basis used when a reliable estimate of fair value is not available. (f) Dictates that companies should report all circumstances and events that make a difference to financial statement users.
Answers
Answer:
(a) Belief that a company will remain in operation for the foreseeable future.
Accounting assumption or principle: Going concern assumption
(b) Indicates that personal and business record-keeping should be separately maintained.
Accounting assumption or principle: Economic entity assumption
(c) Only those items that can be expressed in money are included in the accounting records.
Accounting assumption or principle: Monetary unit assumption
(d) Separates financial information into time periods for reporting purposes.
Accounting assumption or principle: Periodicity assumption
(e) Measurement basis used when a reliable estimate of fair value is not available.
Accounting assumption or principle: Historical cost principle
(f) Dictates that companies should report all circumstances and events that make a difference to financial statement users.
Accounting assumption or principle: Full disclosure principle
Item18 Time Remaining 22 minutes 25 seconds00:22:25 eBookItem 18Item 18 Time Remaining 22 minutes 25 seconds00:22:25 Moore Company purchased an item for inventory that cost $20 per unit and was priced to sell at $34. It was determined that the cost to sell is $22 per unit. Using the lower of cost or net realizable value rule, what amount should b
Answers
Answer:
$12
Explanation:
Moore Company purchased an item for inventory that cost $20 per unit and was priced to sell at $34. It was determined that the cost to sell is $22 per unit. Using the lower of cost or net realizable value rule, what amount should be?
Cost per Unit = $20
Sale per unit = $34
Disposal cost = $22
Net realizable value per unit = Sale per unit - Disposal cost
Net realizable value per unit = $34 - $22
Net realizable value per unit = $12
Using the LCM method, $12 should be reported on the balance sheet for inventory.
Kepler Company Comparative Income Statements This Year Last Year Sales $ 950,000 $ 900,000 Less: Cost of goods sold 500,000 490,000 Gross margin $ 450,000 $ 410,000 Less: Selling and administrative expenses 275,000 260,000 Operating income $ 175,000 $ 150,000 Less: Interest expense 12,000 18,000 Income before taxes $ 163,000 $ 132,000 Less: Income taxes 65,200 52,800 Net income $ 97,800 $ 79,200 Less: Dividends (common) 27,800 19,200 Net income, retained $ 70,000 $ 60,000 Also, assume that for last year and for the current year, the market price per share of common stock is $2.98. In addition, for last year, assets and equity were the same at the beginning and end of the year. Required: Note: Round all answers to two decimal places. 1. Compute the following for each year: This Year Last Year a. Return on assets % % b. Return on stockholders' equity % % c. Earnings per share $ $ d. Price-earnings ratio e. Dividend yield % % f. Dividend payout ratio
Answers
Kepler Company
Comparative Balance Sheets
This Year Last Year
Assets
Current assets:
Cash $ 50,000 $100,000
Accounts receivable, net 300,000 150,000
Inventory 600,000 400,000
Prepaid expenses 25,000 30,000
Total current assets $ 975,000 $680,000
Property and equipment, net 125,000 150,000
Total assets $1,100,000 $830,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 400,000 $290,000
Short-term notes payable 200,000 60,000
Total current liabilities $ 600,000 $350,000
Long-term bonds payable, 12% 100,000 150,000
Total liabilities $ 700,000 $500,000
Stockholders' equity:
Common stock
(100,000 shares) 200,000 200,000
Retained earnings 200,000 130,000
Total liabilities and
stockholders' equity $1,100,000 $830,000
Answer:
Kepler Company
a. Return on assets = Net Income/Total Assets
= $ 97,800/$1,100,000 $ 79,200/$830,000
= 8.89% = 9.54%
b. Return on stockholders' equity = Net Income/Stockholders' equity
= $ 97,800/$400,000 $ 79,200/$330,000
= 24.45% = 24%
c. Earnings per share = Net Income/Outstanding common shares
= $ 97,800/100,000 $ 79,200/100,000
= $0.98 = $0.79
d. Price-earnings ratio = Market price/Earnings per share
= $2.98/$0.98 = $2.98/$0.79
= 3.04 times = 3.77 times
e. Dividend yield = Dividend per share/price per share
= $0.28/$2.98 = $0.19/$2.98
= 9.40% = 6.38%
f. Dividend payout ratio = Total dividends/Net Income
= $27,800/$97,800 = $19,200/$79,200
= 28.43% = 24.24%
Explanation:
Kepler Company
Comparative Income Statements
This Year Last Year
Sales $ 950,000 $ 900,000
Less: Cost of goods sold 500,000 490,000
Gross margin $ 450,000 $ 410,000
Less: Selling and
administrative expenses 275,000 260,000
Operating income $ 175,000 $ 150,000
Less: Interest expense 12,000 18,000
Income before taxes $ 163,000 $ 132,000
Less: Income taxes 65,200 52,800
Net income $ 97,800 $ 79,200
Less: Dividends (common) 27,800 19,200
Net income, retained $ 70,000 $ 60,000
Bond Ratings. Companies pay rating agencies such as Moody’s and S&P to rate their bonds, and the costs can be substantial. However, companies are not required to have their bonds rated in the first place; doing so is strictly voluntary. Why so you think they do so?
Answers
Answer:
Bond Ratings
Companies employ rating agencies such as Moody's and S&P to rate their bonds despite the substantial costs and their voluntariness because ratings by these agencies add a badge of honor to the bonds. It gives investors some level of assurance that the bonds will be honored at maturity and that the pricing is right, given the company's credit risk.
Explanation:
Credit risk rating agencies assess the credit risk of a company or financial product as formal and credit-worthy benchmarks for investment decisions. While companies pay huge costs to have these ratings conducted by the big three, including Moody's, S&P, and Fitch, the main value goes to the potential investors who require the information to decide whether to invest in the rated companies.
The point that each glass of lemonade consumed on a hot day brings lower and lower levels of satisfaction is known as the principle of A. increasing opportunity cost. B. decreasing marginal price. C. total benefits. D. increasing marginal cost. E. decreasing marginal benefit.
Answers
Answer:
E. decreasing marginal benefit.
Explanation:
The law of diminishing marginal utility can be explained as whenever there is rise in the supply of particular goods/services, then the marginal utility falls. Utility in Economics can be regarded as Satisfaction derived from particular goods/services.
Therefore, in the case of the question, point that each glass of lemonade consumed on a hot day brings lower and lower levels of satisfaction is known as the principle
decreasing marginal benefit. Because as the consumption of the lemonade increases, marginal utility gotten from
every added units taken will start reducing like that.
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 40 $ 10 July 13 Purchase 200 11 July 25 Sold ( 100 ) $ 14 July 31 Ending Inventory 140 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average cost. Assume a periodic inventory system is used.
Answers
Answer:
(a) FIFO (b) LIFO (c) weighted
average cost:
Cost of goods available for sale $2,600 $2,600 $2,600
Ending inventory 1,540 1,500 1,516
Sales $1,400 $1,400 1,400
Cost of goods sold 1,060 1,100 1,083
Gross profit $340 $300 $317
Explanation:
a) Data and Calculations:
Units Unit Cost Unit Selling Price
July 1 Beginning Inventory 40 $ 10 $400
July 13 Purchase 200 11 2,200
July 25 Sold ( 100 ) $ 14 (1,400)
July 31 Ending Inventory 140
July 31 Goods available 240
Average unit cost = $10.83 ($2,600/240)
FIFO:
Cost of goods available for sale $2,600 ($400 + $2,200)
Ending inventory 1,540 (140 * $11)
Sales $1,400 ($14 * 100)
Cost of goods sold 1,060 (40 * $10 + 60 * $11)
Gross profit $340
LIFO:
Cost of goods available for sale $2,600 ($400 + $2,200)
Ending inventory 1,500 (40 * $10 + 100 * $11)
Sales $1,400 ($14 * 100)
Cost of goods sold 1,100 (100 * $11)
Gross profit $300
Weighted Average:
Cost of goods available for sale $2,600 ($400 + $2,200)
Ending inventory 1,516 (140 * $10.83)
Sales $1,400 ($14 * 100)
Cost of goods sold 1,083 (100 * $10.83)
Gross profit $317
in creating the master budget, the second budget a company prepares is the production budget. a. True b. False
Answers
Answer:
In creating the master budget, the second budget a company prepares is the production budget.
a. True
Explanation:
When a company prepares the master budget, it first prepares the sales budget, followed by the production budget. The production budget calculates the costs of materials, labor, and overhead based on the number of units to be manufactured within the budget period. The units of products are derived from the sales forecast and the planned amount of ending finished goods inventory.
Corporation A has the following returns for the past three years: 7 percent, 13 percent, and 10 percent. Assume each year return had the same probability (weights of 1/3 each). Calculate the expected return
Answers
Answer:
10.00%
Explanation:
The expected return is the weighted average of all the returns recorded thus far wherein the probability of each return occurring is used as the weight of each return as shown below:
Expected return=sum of (weight* value of return)
Expected return=(7%*1/3)+(13%*1/3)+(10%*1/3)
Expected return=0.023333333 +0.043333333 +0.033333333
Expected return=10.00%
Imagine that Scott has asked your opinion about whether Barcelona should try to reduce involuntary turnover. What is an advantage of the current practice of firing a large percentage of employees?
a. Barcelona can replace less effective performers with better performers.
b. Barcelona can develop a monoculture in which all employees behave similarly.
c. Barcelona saves money on training costs.
d. Barcelona can gain valuable feedback about deficiencies in the company by conducting exit interviews.
Answers
Answer:
a. Barcelona can replace less effective performers with better performers.
Explanation:
As per the conversation i.e. you cant give the training to the people for enthusiastic them as you want to hire them also it is a transient business
So here you need to fire the old employees who are less effective and hire new employees who are enthusiastic that ultimately benefits the company
Therefore option a is correct
and the same is to be considered
Old Time Savings Bank pays 3% interest on its savings accounts. If you deposit $3,000 in the bank and leave it there: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. How much interest will you earn in the first year?
Answers
Answer:
Interest= $90
Explanation:
Giving the following information:
Initial investment= $3,000
i= 3%
Number of periods= 1
First, we need to calculate the future value, using the following formula:
FV= PV*(1+i)^n
FV= 3,000*1.03= $3,090
Now, the interest earned:
Interest= 3,090 - 3,000
Interest= $90
1. At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is:_______.
a. $19610 credit.
b. $1 debit.
c. $46970 debit.
d. $19610 debit.
2. On July 7, 2017, Sheffield Corp. received cash $1480 for services rendered. The entry to record this transaction will include:_____.
Answers
Answer:
1.
d. $19610 debit
Option D is the correct answer.
2.
Cash 1480 Debit
Service Revenue 1480 Credit
Explanation:
1.
The balance in the accounts receivable account can be calculated as follows,
Closing Balance = Opening balance + Credit sales - Cash Received from Accounts Receivable
Closing Balance of Accounts receivable at 31 December 2022 will be,
Closing Balance = 12770 + 34200 - 27360
Closing Balance = $19610 debit
The balance is debit because accounts receivables is an asset and the normal balance for asset account is debit.
2.
The entry to record the transaction is made in the answer part.
What factors should be considered for a leader when delegating responsibilities to committee members?
a. Politics and personnel
b. Money and connections
c. Trust and respect
d. Character and job code
What should be considered as key elements when planning the logistics of your event?
a) location, contracts, parking
b) date, director, charity
c) date, location, budget
d) location, budget, profit
What should you do during the development phase regardless of the type of event you are implementing?
a) identify your goals and objectives
b) identify the charity for the event profits
c) identify the location of the event
d) identify who will be the master of ceremonies
Which responsibility best describes the responsibility of the media or marketing director?
a. contracts
b. public relations
c. risk management
d. venue selection
Answers
Answer:
1) Character and job code
2) date, location, budget
3) identify your goals and objectives
4) public relations
Explanation:
When considering a committee member for a certain delegated role, a leader must select a person judged to have impeccable character and whose job code corresponds to the role you want to delegate to him/her.
When planning the logistics of an event, a suitable date must be chosen, an accessible and suitable location must be selected and the budget must be fair and manageable.
At the development phase of event planning, the event planner must identify exactly what the goals and objectives of the event are before other factors are considered.
The media or marketing director has the important role of promoting the image of the organization by engaging the public in issues regarding the organization. Hiss/her primary role has to do with public relations.
State the method of acknolwdgement
Answers
Explanation:
A page of acknowledgements is usually included at the beginning of a Final Year Project, immediately after the Table of Contents.
Acknowledgements enable you to thank all those who have helped in carrying out the research. Careful thought needs to be given concerning those whose help should be acknowledged and in what order. The general advice is to express your appreciation in a concise manner and to avoid strong emotive language.
Note that personal pronouns such as 'I, my, me …' are nearly always used in the acknowledgements while in the rest of the project such personal pronouns are generally avoided.
The following list includes those people who are often acknowledged.
Note however that every project is different and you need to tailor your acknowledgements to suit your particular situation.
Main supervisor
Second supervisor
Other academic staff in your department
Technical or support staff in your department
Academic staff from other departments
Other institutions, organizations or companies
Past students
Family *
Friends *
Budgets are prepared in which of the following orders? Group of answer choices sales budget, production budget, direct materials purchases budget sales budget, cash budget, production budget production budget, cost of goods sold budget, direct labor budget production budget, sales budget, direct labor budget
Answers
Answer:
Sales Budget,
Production Budget,
Direct Materials Purchases Budget
Explanation:
The budgets are prepared so that the company could get to know how much revenue earned and the expenses to be incurred during a particular period of time. It gives an idea of how much would be earned and how much would be incurred
Here, in the following orders, the budgets could be prepared
Sales Budget,
Production Budget,
Direct Materials Purchases Budget
Percentage of sales budgeting can also be called _____.
arbitrary budgeting
objective and task budgeting
rule of thumb budgeting
competitive budgeting
Answers
Answer:
promotional budget is set as a percentage of current or anticipated sales
Typical percent of sales is 2%-5%
Explanation:
so I would have to say arbitrary budgetingThe transactions listed below are typical of those involving New Books Inc. and Readers’ Corner. New Books is a wholesale merchandiser and Readers’ Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers’ Corner are made with terms 3/10, n/30, and that the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31.
a. New Books sold merchandise to Readers’ Corner at a selling price of $625,000. The merchandise had cost New Books $445,000.
b. Two days later, Readers’ Corner complained to New Books that some of the merchandise differed from what Readers’ Corner had ordered. New Books agreed to give an allowance of $11,000 to Readers’ Corner.
c. Just three days later, Readers’ Corner paid New Books, which settled all amounts owed.
Required:
1. Indicate the effect (direction and amount) of each transaction on the Inventory balance of Readers' Corner. (Enter all amounts as positive values.)
2. Prepare the journal entries that Readers’ Corner would record and show any computations. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answers
Answer:
Readers' Corner
1. Effect of each transaction on the Inventory Balance:
a. $625,000 Purchase: Inventory balance is increased
b. $11,000 Allowance: Inventory balance is decreased.
c. $614,000 Payment: Inventory balance is not affected.
2.
a. Debit Inventory $625,000
Credit Accounts Payable (New Books) $625,000
To record the purchase of new books on account.
b. Debit Accounts Payable (New Books) $11,000
Credit Inventory $11,000
To record the allowance received from New Books.
c. Debit Accounts Payable (New Books) $614,000
Credit Cash Account $614,000
To record the payment on account.
Explanation:
Readers' Corner records its transactions with New Books Inc. by initially using the journal. The entries in the journal identify the accounts involved in each transaction. During the recording, the accounts to be debited and the ones to be credited in the general ledger are identified and recorded accordingly.