Carly could best show the interviewer that she possesses the psychological dimension of the global mindset by discussing how much she enjoyed improving her conversational german and how she was able to build strong, manually trusting relationships with colleagues at manufacturing facilities in the Ruhr in Germany.
Explanation:
This is because this shows the qualities that the person to be selected has the required qualities and this will help Carly show the interviewer she has a global mindset by giving her real life experience examples like telling about the times she has appreciated and influenzed individuals and groups of people and it is the right way in which Carly can express her qualities with the interviewer and have a positive impact.
The company changed its inventory method to FIFO from weighted-average, which had been used in prior years.
Answer:The Fifo method of stock Pricing is more efficient because it show the current market which do give room to rigor of determining unrealized profits.
Explanation:The First in,First out method has proven to be an effective method by revealing the actual cost of the material and represent the historical cost.The use of this system helps to avoid waste by issuing old stocks first.Its also a good representation of a sound storekeeping practice which increases profits during inflation.
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $486 Fees Earned $2,807 Accounts Receivable 854 Insurance Expense 405 Prepaid Insurance 1,698 Land 2,275 Cash 1,878 Wages Expense 519 Drawing 751 Capital 5,087 Prepare a trial balance. The total of the debits is a.$5,087 b.$3,218 c.$8,380 d.$1,883
Answer:
(i) The trial balance of Monroe Entertainment Co. is as shown below.
Amounts in $
Accounts Debits Credits
Accounts Payable 486.00
Fees Earned 2,807.00
Accounts Receivable 854.00
Insurance Expense 405.00
Prepaid Insurance 1,698.00
Land 2,275.00
cash 1,878.00
Wages Expense 519.00
Drawing 751.00
Capital 5,087.00
Balances 8,380.00 8,380.00
(ii) Total debits is c.$8,380
Explanation:
The trial balance shows the balances of all accounts in terms of debits and credit and is used to check the mathematical accuracy of posted entries. The debits are the assets and expenses while the credits are the equity, income and liabilities.
Total debits is $8,380
Depreciation expense: Group of answer choices is a tax deductible non-cash expense is not a true expense represents a cash outflow on the cash flow statement is deducted from net income
Answer:
tax deductible non-cash expense
Explanation:
Depreciation is an non-cash expense showing a decrease in the value of the fixed assets due to tear and wear, obsolescence, usage, time period, etc. It's displayed on the income statement debit side. It is a non-cash item that has no effect on the cash balance.
It is a tax-deductible expense when you are filling the return plus it would be added in the net income on the cash flow statement
Depreciation expense is a non-cash, tax-deductible expense that reduces a company's net income to reflect the use of an asset over its useful life. It does not represent a true cash outflow in the period it is recorded.
Explanation:In accounting, Depreciation expense is a non-cash expense that is tax deductible. This expense does not represent a cash outflow, but it is deducted from the net income of a business to reflect the usage of an asset over time. Depreciation is a method of allocating the cost of a tangible asset over its useful life, and is not a true out-of-pocket expense in the period it is recorded.
For instance, a company purchases a machine for $10,000 expected to last 10 years. Every year, the company would record a depreciation expense of $1,000 (cost of the machine/usable life), reducing its net income by that amount, but the actual cash outflow happened at the time of the machine's purchase.
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On October 1, 20X6, Susan Thompson opened Thompson Decorating Services, a sole proprietorship. Susan began operations with $50,000 cash, 60% of which was acquired via an owner investment. The remaining amount was obtained from a bank loan. A review of the accounting records for October revealed the following:
Asset purchases: Van, $16,000; office equipment, $4,000; and decorator (household) furnishings, $17,000. These amounts were paid in cash except for $2,100 that is still owed for the furnishings acquisition.
Services performed: Total billings on account, $18,300. Clients have remitted a total of $14,200 in settlement of their balances due.
Expenses incurred: Salaries, $8,700; advertising, $2,500; taxes, $150; postage, $1,800; utilities, $100; interest, $450; and miscellaneous, $200. These amounts had been paid by month-end with the exception of $700 of the advertising expenditures.
Further information revealed that Thompson withdrew $5,500 of cash from the business on October 31.
Instructions
Prepare an income statement for the month ending October 31, 20X6.
Prepare a statement of owner's equity for the month ending October 31, 20X6.
Prepare a balance sheet as of October 31, 20X6.
Answer: income statement: Net income $5,100, Statement of owners Equity :Total $35,100, Balance sheet : Total Liabilities $53,200, Total Asset $53,200
Explanation:
Thompson Decoration Services
Income Statement for the month ended 31 st October 20X6
$
Revenue. 18,300
Less Expenses
Salaries. 8,700
Advertising 2,500
Less: outstanding 700
-------
1,800
Taxes. 150
Postage. 1,800
Utilities. 100
Interest. 450
Miscellaneous. 200
------------
13,200
--------------
Net income. 5,100
-----------------
Statement of owners Equity for the month ended 31st October 20X6
Common Stock. Paid in capital. Retained Earnings Treasury stock Total
Balance Oct 1. 30,000. 30,000
Issued share for cash. - - - - -
Purchase of treasury stock - - - - -
Net income. - - 5,100. 5,100
Cash dividend. - - - - -
Stock dividend. - - - - -
------ ------ --------- ---------- -------------
Balance on Oct 31. - - 5,100 - 35,100
---------- -------- -------- ---------- --------------
Thompson Decoration Service
Balance sheet for the month ended 31st October 20X6
$
Current Asset
Debtors. 4,100
Account Receivable 14,200
-----------
Total Current Asset. 18,300
Fixed Asset
Van. 16,000
Office Equipment. 4,000
Furnishing. 14,900
-----------
Total Fixed Asset. 34,900
--------------
Total Asset. 53,200
---------------
Long term Liabilities
Capital. 30,000
Add: Net income 5,100
----------
35,100
Less: Drawing. 5,500
-----------
29,600
Loan. 20,000
-----------
Total Long term Liabilities 49,600
Current Liabilities
Outstanding 2,800
Interest. 450
Taxes. 150
Miscellaneous 200
--------------
Total Current Liabilities 3,600
--------------
Total Liabilities. 53,200
----------------
Answer:
Susan Thompson
Income Statement
For the Month Ending October 31, 20x6.
Income $ $
Billings 18,300
Less:Operating Expenses
Salaries 8,700
Advertising 2,500
Postage 1,800
Utilities 100
Interest 450
Miscellaneous 200 (13,750)
Profit Before Tax 4550
Tax ( 150)
Profit After Tax 4400
Susan Thompson
Statement of Owner`s Equity
For the Month Ending October 31, 20x6
$
Equity at the beginning (October 1st, 20x6) 30,000
Profit During the year 4,400
Subtotal 34,400
Drawings (5,500)
Equity at the End( October 31, 20x6) 28,900
Susan Thompson
Balance Sheet
As at October 31, 20x6
$ $
Asset
Non-current
Van 16,000
Office Equipment 4,000
Decorator Furnishing 17,000
37,000
Current Asset
Cash 10,600
Debtors 4,100
14,700
Total Asset 51,700
Financed by
Equity 28,900
Current Liabilities
Owing Furniture Expenditure 2,100
Accrued Advertising Expenses 700 2800
Non-Current Liability
Bank Loan 20,000
Total Equity & Liabilities 51,700
Explanation:
When a sole proprietor is starting a new business, the opening capital for the business has to be recorded.
Here, Susan Thompson is starting the business with $50,000 cash, 60% of which was her own investment and the remaining 40% as bank loan. The accounting entries are as follow:
(Debit) Cash $50,000
(Credit) Owner`s Equity (60% of $50,000) $30,000
(Credit) Bank Loan (40% of $50,000) $20,000
After this, the transactions during the month has to be recorded in the ledger and later transfer to trial balance.
Acquisition of assets:
(Debit) Van $16,000
(Debit) Office Equipment $4,000
(Debit) Decorator Furnishing $17,000
(Credit) Cash ($16,000+$4,000+$17,000-$2100) $34,900
(Credit) Owning- Decorator Furnishing $2,100
Business transactions during the year:
(Credit) Billings $18,300
(Debit) Cash-Amount remitted by clients $14,200
(Debit) Debtors ($18,300-$14,200) $4,100
(Debit) Salaries $8,700
(Debit) Advertising $2,500
(Debit) Taxes $150
(Debit) Postage $1,800
(Debit) Utilities $100
(Debit) Interest $450
(Debit) Miscellaneous $200
(Debit) Drawing $5,500
(Credit) Cash $18,700
(Credit) Accrued Advertising Expenses $700
After this, the balances in the ledger has to be extracted to the trial balance where the figure will be used for preparation of income statement, statement of owner`s equity and balance sheet.
Trial Balance Dr($) Cr($)
Owner`s Equity 30,000
Bank Loan 20,000
Cash ($50,000+$14,200-$34,900-$18,700) 10,600
Van 16,000
Office Equipment 4,000
Decorator Furnishing 17,000
Owing-Decorator Furnishing 2,100
Billings 18,300
Debtors 4,100
Salaries 8,700
Advertising 2,500
Taxes 150
Postage 1,800
Utilities 100
Interest 450
Miscellaneous 200
Drawing 5,500
Accrued Advertising Expenses ______ 700
71,100 71,100
Preparation of Accounts
Income Statement
After the extraction of the trial balance, the income statement is prepared.
In this question, cost of good sold is not determined as the entity is a service business. So the profit is equal to income -operating expenses.
Also,the depreciation rate is not given, so no depreciation is required to be calculated as such the opening value of the assets equals their closing value at the end of the month. In a case where depreciation rate is given, the depreciation will be charged against the individual value and the depreciation amount taken to income statement.
Statement of owner`s equity.
The owner`s equity at the end of the period equals opening equity + profit after tax for the year - drawings from the business.
Opening equity (60% of $50,000) + Profit for the year ($4,400) - drawing( 5500) =$28,900.
Balance Sheet
The balances of assets and liabilities from the trial balance prepared is taken to balance sheet, with inclusion of owner`s equity at the end of the period.
University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.
(a) Cost of goods manufactured schedule.
(b) Income statement.
(c) Balance sheet.
The following items are found in its ledger and accompanying data.
For each item, indicate the schedule and/or financial statement(s) in which the item will appear.
1. Direct labor
Balance SheetCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Income StatementIncome Statement
2. Raw materials inventory, 1/1
Income Statement and Balance SheetBalance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementIncome Statement
3. Work in process inventory, 12/31
Cost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementBalance Sheet
4. Finished goods inventory, 1/1
Income Statement and Balance SheetCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Income StatementBalance SheetIncome Statement
5. Indirect labor
Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleIncome Statement and Balance SheetIncome StatementBalance Sheet
6. Depreciation on factory machinery
Balance SheetIncome StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule
7. Work in process, 1/1
Income Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetIncome StatementCost of Goods Manufactured ScheduleBalance Sheet
8. Finished goods inventory, 12/31
Income StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleBalance Sheet
9. Factory maintenance salaries
Cost of Goods Manufactured Schedule and Income StatementBalance SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome StatementIncome Statement and Balance Sheet
10. Cost of goods manufactured
Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleBalance SheetIncome Statement and Balance SheetIncome Statement
11. Depreciation on delivery equipment
Cost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleIncome StatementBalance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income Statement
12. Cost of goods available for sale
Income Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Balance SheetBalance Sheet
13. Direct materials used
Cost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Income StatementBalance SheetCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance Sheet
14. Heat and electricity for factory
Balance SheetCost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income Statement
15. Repairs to roof of factory building
Cost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementBalance SheetIncome Statement and Balance Sheet
16. Cost of raw materials purchases
Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome StatementBalance SheetIncome Statement and Balance Sheet
Answer:
The answer is stated below:
Explanation:
The items which will appear in which account is stated below:
Balance Sheet - It is the one which records the assets and the liabilities of the company.
Income Statement - It is the one which records the income as well expenses incurred by business.
Cost of goods manufactured schedule - It is that schedule which states the items related to the manufacture of the goods.
1. Direct labor - It is the item of the Cost of goods manufactured schedule.
2. Raw materials inventory - It is the item of the Cost of goods manufactured schedule.
3. Work in process inventory - It is the item of the Cost of goods manufactured (COGM) schedule.
4. Finished goods inventory - It is the item of the Cost of goods manufactured (COGM) schedule.
5. Indirect labor - It is the item of the Cost of goods manufactured schedule.
6. Depreciation on factory machinery - It is the item of the Balance Sheet.
7. Work in process - It is the item of the Cost of goods manufactured (COGM) schedule.
8. Finished goods inventory - It is the item of the Cost of goods manufactured (COGM) schedule.
9. Factory maintenance salaries - It is the item of the Income Statement.
10. Cost of goods manufactured - It is the item of the Cost of goods manufactured (COGM) schedule.
11. Depreciation on delivery equipment - It is the item of the Balance Sheet.
12. Cost of goods available for sale - It is the item of the Cost of goods manufactured (COGM) schedule.
13. Direct materials used - It is the item of the Cost of goods manufactured (COGM) schedule.
14. Heat and electricity for factory - It is the item of the Income statement.
15. Repairs to roof of factory building - It is the item of the Income statement.
16. Cost of raw materials purchases - It is the item of the Cost of goods manufactured (COGM) schedule.
Tour Corp., which had earnings and profits of $400,000, made a nonliquidating distribution of property to its shareholders during the current year. This property, which had an adjusted basis of $30,000 and a fair market value of $20,000 at date of distribution, did not constitute assets used in the active conduct of Tour's business. How much loss did Tour recognize on this distribution?
Answer:
Adjusted basis less Market value=$30000-$20000=$10000
Explanation:
In actual terms the property was worth $30000 but commanded only $20000 in the market,invariably $10000 is lost
In a competitive market, all of the choices along the production possibility frontier display (-----) efficiency, while the specific choice on the frontier that society picks in the one with (-----) efficiency.a. Productive; Allocativeb. Allocative; Productivec. Allocative; Allocatived. Productive; Productive
Answer:
The correct answer is letter "A": Productive; Allocative.
Explanation:
A Production Possibility Frontier (PPF) is a range of answers to the question: what is the company's maximum production capacity? Producing at a maximum level means creating as many jobs and using as many resources as possible. This maximizes employment and minimizes unused resources. Within this approach, the PPF represents productive efficiency. When production represents consumer preferences we are in a case of allocative efficiency.
On September 1, Horton purchased $13,300 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $280. Payment for the purchase was made on September 18. Assuming Horton uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase?
a. $13,580
b. $13,300
c. $13,167
d. $13,447
Answer:
correct option is c. $13,167
Explanation:
given data
purchased = $13,300
terms = 1/15, net 30
Freight charges = $280
solution
we get here amount that is record as inventory by purchase as
amount record as inventory by purchase = purchased × ( 1 - 0.01)
amount record as inventory by purchase = $13300 × ( 1 - 0.01)
amount record as inventory by purchase = $13300 × 0.99
amount record as inventory by purchase = $13,167
so correct option is c. $13,167
Elizabeth Brown wants to accumulate $8,000 by the end of 12 years. If the annual interest rate is 7.30 percent and interest compounded semi annually, how much will she have to invest today to achieve her goal?
Answer:
She will invest approximately $3,383.97
Explanation:
Formula for compound interest:
A = P(1 + r/n)^nt
Where: A = Final amount
P = Principal amount
r = Interest rate
n = Number of compounding periods per year
t = Time period in years.
A = $8,000
P = Unknown
r = 7.30 percent = 7.3% = 0.073
n = semi annually = 2
t = 12 years
8,000 = P(1 + 0.073/2)^2(12)
8,000 = P(1 + 0.0365)^24
8,000 = P(1.0365)^24
8,000 = 2.364086453P
Divide both sides by the coefficient of P
8,000/2.364086453 = 2.364086453P/2.364086453
3,383.971001 = P
P ≈ $3,383.97
That is Elizabeth Brown will invest approximately $3,383.97 to achieve her goal
an example of participation in market research by the technical integrated product team memner
Final answer:
Technical integrated product team members participate in market research by organizing product meetings, conducting live demonstrations, and consulting with subject matter experts. They ensure product viability through experimentation and testing, while also engaging with practitioners for comprehensive technological assessments.
Explanation:
An example of participation in market research by the technical integrated product team member could include several activities to ascertain the viability, effectiveness, and market potential of a new product. One such activity is organizing product meetings during the development cycle, where team members discuss ongoing research, design strategies, and assess potential hurdles in the development path.
Another key activity is staging live demonstrations of the product to gather feedback from potential users or clients. This hands-on methodology offers immediate insights into user experience and can contribute significantly to product improvement before release.
Technical team members should also engage in familiarity with prior research to build upon existing knowledge and avoid redundant efforts. Similarly, consulting with subject matter experts is crucial for ensuring that the product is technically sound and relevant to the target market. This includes a robust review process where technical writers' work is evaluated for accuracy.
Furthermore, when feasible, conducting experimentation, testing, and potentially clinical trials, provides empirical evidence of the product's efficacy and safety, whereas replication studies can help validate the findings and reinforce the product's reliability.
Finally, technical team members might engage with their peers and practitioners to amass data demonstrating prior successful applications or similar technological solutions. This collaboration can lead to a comprehensive and quantitative assessment of the technology and its impact, supporting informed decision-making and more efficient allocation of resources in product development.
An ethics committee is typically: a. Composed of employees from all functional areas and managerial levels. b. A nonessential organization in multinational corporations. c. Assigned the task of writing employee handbooks. d. Responsible for disciplining wrongdoers. e. Charged with eliminating ethical dilemmas.
Answer:
The correct answer is letter "D": Responsible for disciplining wrongdoers.
Explanation:
Within an organization, the ethics committee is represented by a group of high-rank executives who are in charge of protecting the company's ethical culture, enforcing rules in front of problematic matters, and disciplining troublemakers whenever necessary.
Final answer:
An ethics committee is essentially a group within an organization that guides and oversees ethical behavior, taking into account the importance of an ethical organizational culture emphasized by values such as integrity, honesty, and trust. Their role is crucial in multinational corporations to ensure ethical decision-making and prevent corporate failures.
Explanation:
An ethics committee is typically composed of employees from various functional areas and managerial levels within an organization. Their primary role is to oversee and guide the ethical practices and policies within a company. They are responsible for ensuring that the company's culture reflects important values such as integrity, honesty, and trust, which are essential for creating an ethical work environment. An ethics committee is not typically tasked with writing employee handbooks or solely disciplining wrongdoers, nor are they responsible for eliminating ethical dilemmas; instead, they play a vital supporting role in the ethical decision-making process and may participate in the development of codes of ethics or conduct.
It is crucial for multinational corporations to maintain an effective ethics committee in order to foster an ethical organizational culture. As research suggests, without a strong ethical culture, even mandatory ethics training programs might not be successful. Creating and maintaining such a culture is key to enabling employees to behave ethically, which, in turn, helps prevent the sort of corporate failures seen in the cases of WorldCom and Enron. Hence, an ethics committee is far from being a nonessential organization within multinational corporations.
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue $ 78,500 Rent expense 21,000 Postage expense 1,500 Salaries expense 22,000 Legal fees expense 2,600 Supplies expense 20,000 In addition, the balance of common stock at the beginning of the year was $175,000, and the balance of retained earnings was $36,000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20,000. Required: Prepare an income statement. Prepare a statement of stockholders’ equity.
Answer:
Answer in Attachment
Explanation:
Fighting Okra Cooking Services had a net income of $11,400 for the year, and a total stockholders' equity of $221,000.
Explanation:Income Statement:
Service Revenue: $78,500Rent Expense: $21,000Postage Expense: $1,500Salaries Expense: $22,000Legal Fees Expense: $2,600Supplies Expense: $20,000Total Expenses: $67,100
Net Income: $11,400
Statement of Stockholders' Equity:
Beginning Balance of Common Stock: $175,000Additional Shares of Common Stock: $30,000Balance of Retained Earnings: $36,000Dividends: $20,000Total Stockholders' Equity: $221,000
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Rugen Inc., a hospitality chain, hired a large number of military veterans in the hope that it would help put the business in a different league altogether compared to its competitors. However, the company soon experienced a backlash and drew flak in the hospitality industry, as it could not efficiently manage and retain these employees. Most of the veterans who joined the organization complained that management did not treat them the way they had expected to be treated. Which of the following things could Rugen Inc. have done differently to avoid these repercussions?
a. It should have followed the standard recruiting procedures to hire these employees to avoid bias.
b. It should have tried to mimic reward and recognition programs that are conducted in the military to acknowledge the employees contributions.
c. It should have let these members take control over most of its departments, especially security.
d. It should not have mixed these employees with regular employees, as veterans come from a completely different background.
Answer:
To avoid the repercussions, Rugen Inc. should have tried to mimic reward and recognition programs that are conducted in the military to acknowledge the employees' contributions.
Explanation:
The reason that has been clarified in the case itself states that treatment was the main concern of the veteran employees that were recruited newly. Had they been given the treatment that they were familiar with, they possibly would not have complained at all. A change in the approach towards the veteran employees would have helped the company retain all the employees.The Guardian Express, a community newspaper, has identified a potential new customer segment for its product. What next step should it take to validate that the new market is large enough to pay for the targeted marketing campaign and grow its circulation and revenues?
a)conduct market research
b)identify the unique products it’s selling
c)figure out its customer segmentation
Answer:
Option "A" is the correct answer to the following statement.
Conduct Market Research .
Explanation:
The aim of doing consumer research is to arm yourself with the knowledge you need to make intelligent strategic decisions regarding companies, creativity, development and commodity, size, position , and promotion. Brand-Improve the good or service depending on what the clients want rather than need.
To serve the needs of current customers and how they have selected our company over rivals, we use analysis. Take business choices about your product well educated, and establish effective methods.The next step The Guardian Express should take is to conduct market research to validate the potential new customer segment and assess its size and purchasing power.
Explanation:The next step that The Guardian Express should take to validate that the new market is large enough to pay for the targeted marketing campaign and grow its circulation and revenues is to conduct market research. Market research involves gathering and analyzing data about the new customer segment to determine its size, needs, preferences, and purchasing power.
By conducting market research, The Guardian Express can assess the demand for its product within the new market and determine whether it is worth investing in a targeted marketing campaign. The research should include surveys, interviews, and analysis of existing data to gather insights and validate the potential market size.
Once the market research is completed, The Guardian Express can use the findings to make informed decisions about its marketing strategy, target audience, pricing, and product offerings. This will help ensure that the marketing campaign is effectively reaching the desired customer segment and driving circulation and revenues.
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Services, Inc., began 2018 with total assets of $220 million and ended 2018 with total assets of $375 million. During 20182018, McKayMcKay Services earned revenues of $ 400$400 million and had expenses of $161 million. McKay Services declared and paid dividends of $21 million in 2018. Prepare the company's income statement for the year ended December 31, 2018, complete with an appropriate heading.
This income statement reflects McKay Services, Inc.'s financial performance for the year ended December 31, 2018, showing total revenues, total expenses, dividends paid, and the resulting net income of $218 million
To prepare McKay Services, Inc.'s income statement for the year ended December 31, 2018, we'll use the formula:
[tex]\[Net\ Income = Revenues - Expenses - Dividends\][/tex]
Given:
- Revenues = $400 million
- Expenses = $161 million
- Dividends = $21 million
1. Calculate Net Income:
[tex]\[Net\ Income = 400 - 161 - 21\][/tex]
[tex]\[Net\ Income = 218\][/tex]
2. Construct Income Statement:
[tex]\text{Income Statement for McKay Services, Inc.} \\[/tex]
[tex]\text{For the Year Ended December 31, 2018} \\[/tex]
[tex]\text{Revenues} & \$400 \text{ million} \\[/tex]
[tex]\text{Expenses} & \$161 \text{ million} \\[/tex]
[tex]\text{Dividends} & -\$21 \text{ million (negative because it's an outflow)} \\[/tex]
[tex]\text{Net Income} & \$218 \text{ million} \\[/tex]
This income statement reflects McKay Services, Inc.'s financial performance for the year ended December 31, 2018, showing total revenues, total expenses, dividends paid, and the resulting net income of $218 million.
Since almost everyone makes decisions at work, that qualifies them to be categorized as managers.(T/F)
Answer:
False
Explanation:
If an employee make a decision at work it does not automatically mean that he is a manager. Yes, everyone can make decision but only the good manager can differentiate the good from the bad decisions.
The Manager's job is not only to make decisions. His job is, as its name is saying, to manage people, decisions, plans etc.
Which of the following is subtracted from national income to get to personal income?
A . Retained earnings
B . Personal interest income.
C . Depreciation.
D . Personal Taxes.
Answer:
The answer is "Option A"
Explanation:
RE stands for retained income, In this system also requires the net income to be used in the accounting and cash flows, while the statement of money flow, which is not released as dividends of shareholder value, is used instead for new investments within the company, and other options are were wrong that can be described as follows:
Option B and option D are similar to each other because, both used for payment on personal and consumer loans, that's why it is not correct. In option C, It is used in the calculation, that's why it is not correct.Ronald Williams wants to be CEO of Caterpillar one day. For now, he is working hard as an associate engineer, learning as much as he can from more experienced employees and going to school at night. He doesn’t have as much time as he’d like to spend with his friends, but he’s willing to make this short-term sacrifice for long-term gains.
A. Social awarenessB. Relationship managementC. Self-managementD. Emotional contagion
Answer:
The correct answer is letter "C": Self-management.
Explanation:
Self-management is the ability individuals have to direct their behavior towards socially considered good actions and also allows them to make decisions that could potentially be beneficial for themselves in the future. Self-management implies helping an elderly person after slipping on the street instead of laughing or decide to study a career over another according to tot the benefits that one provides over the other.
Coronado Industries, which has a taxable payroll of $1350000, is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of stable employment experience, the company’s state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Coronado Industries?
Answer:
= $37,800
Explanation:
Step 1: Bring out the important figures for the calculation
Coronado Industries taxable payroll = $1,350,000
Federal Unemployment Tax Act (FUTA) rate = 6.2%
State Unemployment Tax Acy (SUTA) rate is 5.4% of the the FUTA's 6.2%
Third very important information: SUTA has been reduced to 2%
Step 2: Apply the information before the reduction
FUTA rate = 6.2% - 5.4% = 0.8%
Meaning FUTA = 0.8% x $1,350,000= $10,800
SUTA = 5.4% x 1,350,000= 72,900
Total = $83,700
Step 3: Calculate the new total FUTA and SUTA based on reduction of SUTA to 2%
First, FUTA remains constant
= 0.8% of $1, 350,000= $10,800
Secondly, SUTA is now 2%
= 2% (0.02) x $1,350,000= $27,000
Total amount of FUTA and SUTA for Coronado Industries
= $10,800 + $27,000
= $37,800
What is the present value of the following cash-flow stream if the interest rate is 5%
Year Cash Flow
1 $ 190
2 390
3 290
Answer:
The present value of the cash flows is $ 786.
Explanation:
This problem requires us to calculate present value of cash flows given in the question. The present value can be calculated by discounting cash flows using interest rate (5%) as discount factor.
PV= (190* (1+5%)^-1)+(390* (1+5%)^-2)+(290* (1+5%)^-3)
PV = 181 + 354 + 251
PV = $ 786
(Discount factor = CF (1+interest rate)^-period)
Riverside Manufacturing designs and manufactures bathtubs for home and commercial applications. Riverside recorded the following data for its commercial bathtub production line during the month of March:
Standard DL hours per tub 5
Standard variable overhead rate per DL hour $ 4.50
Standard variable overhead cost per unit $ 22.50
Actual variable overhead costs $ 30,375
Actual DL hours 4,050
Actual variable overhead cost per machine hour $ 7.50
Actual tubs produced 1,000
1. What is the variable manufacturing overhead rate variance in March?
Answer:
Explanation:
Variable MOH rate variance = Actual Hours × (Actual Rate - Standard Rate)
= 4050 × ($7.50 - $4.50)
= 12150
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $15,000 and that Bright should receive a $20,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner’s share of the current year’s net income of $52,000.
Answer:
Share of Stolton is $23,500
Share of Bright is $28,500
Explanation:
The present net income amounts to $52,000, from which the Stolton (S) will receive $15,000 as the salary allowance whereas the Bright (B) will receive $20,000 as a salary allowance.
So, the balance amount is:
Balance amount = Present Net income - Salary allowance of Stolton - Salary allowance of Bright
= $52,000 - $15,000 - $20,000
= $17,000
This remaining balance is to be shared equally among the S and B. So, the amount will be $8,500 per partner.
The aggregate amount would be:
S = $15,000 + $8,500
= $23,500
B = $20,000 + $8,500
= $28,500
Answer:
$23,500 for Stolton and $28,500 for Bright
Explanation:
The partners agreed to allocate the profit based on the salaries given to the partners and divide the excess equally.
Stolton Bright Total
Salary 15,000 20,000 35,000
Excess 8,500 8,500 17,000
TOTAL 23,500 28,500 52,000
The salary allowances agreed by the partners must be given first to the partners and any excess will be divided equally. In case, the salary exceeds the net income for the period, the loss will be divided same as the ratio of the profit.
In developing Ishikawa diagrams, it is typical for a problem under consideration to be stated on the left side, with the possible causes on the right. Select one: a. true b. false
Answer: FALSE
Explanation: ISHIKAWA DIAGRAM also called FISH BONE DIAGRAM is an analytical tool used in six sigma to identify the root cause of certain events or happenings in an organization. The list for the problem and it's causes can be listed in ANY PART(LEFT OR RIGHT) of the workbook or board depending on the orientation of the person facilitating it,the writing pattern of the persons involved and how easy they will understand. Attached are fishbone diagrams.
Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has neither par nor stated value. 2. The stock has a S2 par value. 3. The stock has a SS stated value.
Answer:
1. Debit Cash $152,000
Credit Common stock $152,000
Being Issue of 19,000 common stock at neither par nor stated value
2. Debit Cash $152,000
Credit Common stock $38,000
Credit Additional paid-in capital $114,000
Being Issue of 19,000 common stock at $2 par value
3. Debit Cash $152,000
Credit Common stock $95,000
Credit Additional paid-in capital $57,000
Being Issue of 19,000 common stock at $5 stated value
Explanation:
1. The stock has neither par nor stated value
When stock has neither par nor stated value, the entire proceeds of issue are credited to common stock account.
JOURNAL ENTRY
Debit Cash $152,000
Credit Common stock $152,000
Being Issue of 19,000 common stock at neither par nor stated value
2. The stock has a $2 par value
Compute the par value, any excess of issue proceed over par value is credited to 'additional paid-in capital' account or any shortage is debited to 'discount on common stock' account.
Par Value = Number of shares issued X Par value
Par Value = 19,000 X $2 = $38,000
Additional paid-in capital = Issued value - Par Value
= $152,000 - $38,000 = $114,000
JOURNAL ENTRY
Debit Cash $152,000
Credit Common stock $38,000
Credit Additional paid-in capital $114,000
Being Issue of 19,000 common stock at $2 par value
3. The stock has a $5 stated value.
First compute the par value as in 2 above
Par Value = Number of shares issued X Par value
Par Value = 19,000 X $5 = $95,000
Additional paid-in capital = Issued value - Par Value
= $152,000 - $95,000 = $57,000
JOURNAL ENTRY
Debit Cash $152,000
Credit Common stock $95,000
Credit Additional paid-in capital $57,000
Being Issue of 19,000 common stock at $5 stated value
Note, the amount that goes to the common stock account must be par value of share issued.
Zenni Optical is an online store that allows a high degree of customization of the glasses you buy, including a variety of frames and lenses, so that you can custom-build the exact pair of glasses you want. No two consumers may end up with an identical pair. This firm is probably using an) targeting strategy. O A) undifferentiated O B) concentrated O ) differentiated OD) micromarketing
Answer:
This firm is probably using a micromarketing targeting startegy.
Explanation:
Market targeting strategy the method through which a firm will satisfy customers by segmenting them according to some predefined criterion; either age, gender, income and so on.
Micro marketing relates to the firm's process of aligning products and services to each and every customers' particular needs. The interaction between the firm and the consumer is mostly at a personal level and also practiced generally by small businesses. It could also be referred to as customised marketing because it takes into account the uniqueness of every customer and matches income accordingly. The other types of targeting strategies are undifferentiated, differentiated and concentrated strategies.
Zenni Optical uses a micromarketing strategy by offering highly customized glasses to meet individual customer preferences.
Explanation:The targeting strategy that Zenni Optical is employing, where it allows customers to customize their glasses resulting in highly individualized products, is known as micromarketing. Micromarketing focuses on tailoring products to suit the preferences of individual customers or very small segments, which aligns with Zenni Optical's approach of offering a high degree of customization. This is in contrast to undifferentiated marketing (mass marketing), concentrated marketing (targeting a specific, narrow market segment), or differentiated marketing (targeting multiple market segments with different offerings).
Consider the following scenario where marginal social benefit equals marginal social cost at a quantity of 20 and a price of $50; and, the marginal private cost equals the marginal private benefit at a quantity of 30 and a price of $70. The government will offer a ___________ to achieve market equilibrium.
The government will offer a $20 as tax to achieve market equilibrium.
Explanation:
Socially optimum point occurs at that level of production which is the best point of production. There is optimum utilization of resources at that this point of production.
At the situation, when Private marginal cost is equal to the private marginal benefit, it occurs at a point which is above the socially optimum point. This means that at this level there is exploitation of resources. So the government should encourage the reduction in the level of production. For this it should impose tax on the production equal to the amount of $70-$50 = $20.
An analyst selects a model as a champion because it shows better model fit than a competing model with more predictors. Which statistic justifies this rationale?
Answer:
The correct answer is: The Akaike information criterion (AIC).
Explanation:
Named after Japanese mathematic Hirotugu Akaike (1927-2009), the Akaike Information Criterion (AIC) is a relative quality statistical model that estimates the quality of a model based on the quality of others based on the amount of information the model losses: the lesser, the higher quality.
Calculate the net income earned during the year. Assume that the change to stockholder's equity results only from net income earned during the year.
Balance Jan. 1, 2019
Asset: $50,000
Liabilities: $40,000
Balance Dec 31, 2019
Assets: $35,000
Liabilities: $20,000
Answer:
The net income earned during the year is $ 5,000
Explanation:
The first point to kn ow is the accounting equation is A=L+SE
So to calculate the opening stockholders equity we can rearrange the accounting equation to be:
A-L = SE
so opening SE is
Assets $ 50,000 - Liabilities $ 40,000 = Stockholders Equity $ 10,000
Ending Stockholders equity is:
Assets $ 35,000 - Liabilities $ 20,000 = Stockholders Equity $ 15,000
Since the question mentions that the change in stockholders equity is only due to net income, the increase of $ 5,000 represents the net income for 2019.
what happened to the production possibility frontier during the great depression
Answer:The curve of production possibility frontier moved to left and inward
Explanation:
The production possibility frontier is a curve showing various combinations of the maximum production volumes of several goods (goods or services) that can be created in full employment conditions using all available resources in the economy.
Different release combinations reflect different uses of limited resources. For example, labor can be used in the production of various goods. The use of a unit of labor in the production of one good leads to the impossibility of its use in the production of any other good. Therefore, an increase in output in one sector of the economy leads to opportunity costs in the form of a decrease in output in another sector. In different sectors of the economy, resources can be used with different efficiency, therefore, the curve of production opportunities reflects a complex nonlinear relationship between different combinations of output. The intensity of resource use depends on the presence of other factors of production. The issue is also influenced by the law of diminishing marginal returns: with an increase in a resource and an unchanged number of other resources, the marginal return will decrease.
Changes in production possibility frontier curve are the result of some cases. The main idea is that this curve changes everything that leads to an increase or decrease in economic output. The goal of any economy is to achieve growth by increasing the volume of goods and services that consumers require. Given the scarcity of resources, the production possibility frontier curve has limitations as well. When the economy grows and everything stays stable, the economy can produce more and more, resulting in a change in the production which will move outward and to the right. Of course, if the economy shrank or collapsed or in depression or recession, the curve would shift to the left. The output increases when the curve goes outward or to the right. When the curve shifts inward or left, it shows a decrease in output.
2. What is the risk premium for a stock where the risk free rate is 5.1%; the equity market risk premium is 5.0%; and the beta of the stock is 1.2.?
Answer:
6%
Explanation:
First we have to the calculate the expected return on the stock using capital asset pricing model which is as follow:
Expected return=Risk free return+Beta*Market risk premium
Expected return=5.1%+1.2*5%=11.1%
Now we have to calculate the risk premium by taking difference between the expected return and the risk free return.
Risk premium=Expected return-Risk free return
=11.1%-5.1%=6%