At the beginning of january of the current year, little mikey's catering ledger reflected a normal balance of $52,000 for accounts receivable. during january, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. additionally, during january one customer paid mikey $5,000 for services to be provided in the future. at the end of january, the balance in the accounts receivable account should be:
Final answer:
The ending balance of accounts receivable for Little Mikey's Catering at the end of January, after considering collections and additional services provided on account, is $49,700.
Explanation:
The question relates to understanding the change in the balance of accounts receivable over the month of January for Little Mikey's Catering. At the beginning of January, the accounts receivable balance was $52,000. During January, Little Mikey's collected $14,800 from customers on account and provided additional services totaling $12,500 on account. However, the payment of $5,000 for future services does not affect the accounts receivable balance, as this transaction increases cash and unearned revenue, not accounts receivable. Therefore, to calculate the ending balance in accounts receivable, one should consider the beginning balance, add the value of additional services provided on account, and subtract the amounts collected from customers on account.
Calculation:
Beginning accounts receivable: $52,000Plus additional services on account: $12,500Minus collections: $14,800Ending accounts receivable = $52,000 + $12,500 - $14,800 = $49,700.
Therefore, at the end of January, the balance in the accounts receivable account should be $49,700.
Your friend Ed refuses to use networking to get a job. He wants to get hired based on his merits and not on whom he knows. Do you agree or disagree with Ed? Explain your answer.
I respect Ed's desire to be hired based on his merits rather than relying on networking. His commitment to achieving success through his skills and qualifications is admirable.
However, it's essential to strike a balance between competence and connections in today's job market. Networking can provide valuable insights, opportunities, and access to a broader range of job openings. It doesn't mean compromising merit but rather enhancing it by showcasing one's abilities to a wider audience. Networking can help individuals better understand the industry, gain mentorship, and learn from others' experiences.
In today's competitive world, having a strong professional network can make the difference between landing a job or not. Ed's skills are undoubtedly important, but leveraging connections can help ensure that his talents are recognized and rewarded. So, while merit is crucial, I believe a combination of merit and networking is the most effective path to career success.
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What was quipe industries’ cash flow from operations for the year ending june 30, 2014?
A negative response that passively allows conditions to worsen (chronic absenteeism or lateness, reduced effort, and increased error rate) is a condition normally associated with subordinates rather than management personnel. the hr director is attempting to minimize the negative ramifications of this response, known as ________. in concert with this goal of reducing the negative, she is also striving to increase ________, which generally results in employees going beyond the normal expectations of their jobs.
Since the late 1970s Organizational citizenship behavior has been studied. A person's unpaid assurance within an organization or company that is not part of his or her prescribed tasks is an organizational citizenship behavior.
Rebecca, a department manager, has been dealing with two workers in her department who do not get along. due to family problems for both employees, today they had a loud argument in the break room. rebecca is meeting with both to resolve the issues. which managerial role is rebecca playing?
Explain why bureaucrats have little motivation to keep costs down. can this situation be remedied? if so, how?
Bureaucrats lack significant motivation to cut costs due to lack of competition and penalty for inefficiencies. Approaches like privatization, internal bureaucratic oversight and effective leadership are seen as possible remedies.
Explanation:Bureaucrats often lack motivation to keep costs down due to being part of government agencies that do not face the same pressure from competition as private sectors do. These agencies receive funding from tax dollars and are not typically penalized for inefficiency or ineffectiveness, reducing motivation for cost-saving measures. Further, bureaucracies attempt to use all their allotted resources each year to prevent reduction in future budgets, contributing to bureaucratic waste.
This situation can be remedied. One method is privatization, which places these functions in a competitive market, encouraging efficiency. Another solution is internal bureaucratic oversight where members within the agency can report misconduct to mitigate wasteful practices. Lastly, assigning new leaders to government agencies with instructions to reorganize or to emphasize a different mission can also drive change.
However, these changes take time and political will, reflecting the complexities of bureaucracy and the difficulties of 'trying to turn a tanker around mid-ocean' or changing the habits of ingrained institutions.
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Harry is a salesperson for luxa, a car company. during sales dialogues with potential customers, harry usually talks about luxa being a premium car company that is extremely popular among the wealthiest people in the world. harry does this to:
E. when the price of sunscreen is in the range of $14.00 per bottle to $12.00 per bottle, demand is:
When the price of sunscreen is in the range of $14.00 per bottle to $12.00 per bottle, the demand is likely to be lower. This is because as the price of a product increases, the quantity demanded typically decreases. Therefore, demand for sunscreen is likely to decrease when its price is between $14.00 and $12.00 per bottle.
Explanation:In economics, when the price of sunscreen is in the range of $14.00 per bottle to $12.00 per bottle, the demand is likely to be lower. This is because as the price of a product increases, the quantity demanded typically decreases, assuming all other factors remain constant. This phenomenon is explained by the law of demand.
For example, if the price of sunscreen is $14.00 per bottle, fewer people may be willing or able to purchase it compared to when the price is $12.00 per bottle. This decrease in demand can be represented graphically by a downward-sloping demand curve.
Therefore, demand for sunscreen is likely to decrease when its price is between $14.00 and $12.00 per bottle.
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Most manufacturers today shy away from using global sourcing owing to the growing concerns over issues related to quality.
a. True
b. False
Consider the retirement funds data linked below. using the three-year return percentage variable, complete parts (a) through (c) below
Complete table is:-
Type market cap low average high
growth small 27.56 25.1323 24.3327
growth mid-cap 19.9558 22.5775 26.179
growth large 17.8937 21.7364 36.2925
Calculate the mean return for each risk category (Growth, Low, Average, High). To do this, add up the three-year return percentages for all funds in each category and then divide by the number of funds in that category. For example, the mean return for growth funds is
(14.83 + 12.35 + 15.78 + 13.24 + 14.56 + 11.97) / 6 = 13.55%.
Calculate the mean return for each market cap category (Small, Mid-Cap, Large). To do this, add up the three-year return percentages for all funds in each category and then divide by the number of funds in that category.
Calculate the mean return for each type category (Lares, High, Average, Low). To do this, add up the three-year return percentages for all funds in each category and then divide by the number of funds in that category. mean = 290.34 / 8 = 36.2925
Baylor service corp. redeemed $1,000 of gift cards that customers used to pay for services that were performed by the company. the related adjusting entry would include a debit to:
The correct accounting entry for Baylor Service Corp. when redeeming gift cards is a debit to Unearned Revenue and a credit to Service Revenue, reflecting the earned revenue for services now performed. Option c is correct.
When Baylor Service Corp. redeems gift cards, the accounting entry should reflect the recognition of revenue for services performed that were previously recorded as a liability. Since the revenue has now been earned, the appropriate entry would be a debit to Unearned Revenue and a credit to Service Revenue.
This reflects the transition from a liability to earned revenue, adhering to the matching principle of GAAP, where revenues are matched with the expenses incurred to generate them. The expenses related to the service, such as staff time and supplies, should have been recorded as they were incurred, to match with the service revenue being recognized.
If we consider a different scenario where Treehouse delivers a service for $1,000 paid in cash, the journal entry would be a debit to Cash and a credit to Service Revenue. The revenue is recognized immediately as the service is provided and payment is received.
Complete question as follows:
Baylor Service Corp. redeemed $1,000 of gift cards that customers used to pay for services that were performed by the company. The related adjusting entry would include a debit to:
a. Cash and a credit to Service Revenue.
b. Cash and a credit to Unearned Revenue.
c. Unearned Revenue and a credit to Service Revenue.
d. Accounts Receivable and a credit to Service Revenue.
A toll bridge charges $1.00 for passenger cars and $2.50 for other vehicles. suppose that during daytime hours, 65% of all vehicles are passenger cars. if 20 vehicles cross the bridge during a particular daytime period, what is the resulting expected toll revenue?
four effects of financial irresponsibility
Jim is designing a blog that will act as a central hub for the multiple threads of his company's social media program. jim is designing the blog for ______________.
The usage of the blog that Jim is designed is mainly for anchoring the presence of the social media. As Jim’s design is considered to be a central hub that will be of benefit of the social media program that Jim is assigned to or created.
Major tire inc.'s manufacturing plant in charleston, south carolina was destroyed when hurricane hazel hit the coast. the company officially closed the facility after reviewing the damage and terminated all 500 workers. the company did not give the employees 60 days' notice, and thus, it is liable under the worker adjustment and retraining notification act.
a. True
b. False
According to linda hill’s study, after six months as a manager, most of the new managers typically believe that their job is to:
should color and design be used in emails
Answer: yes, but only sparingly, to emphasize a point.
Explanation:
Our play ___ has days of sales tied up in receivables, which is much ___ than the industry average. it takes our play
Henson company applies overhead on the basis of 120% of direct labor cost. job no. 190 is charged with $120,000 of direct materials costs and $180,000 of manufacturing overhead. the total manufacturing costs for job no. 190 is
Total manufacturing costs include the sum of materials costs, labor costs, and overhead costs. Here, materials costs are $120,000 and overhead costs are $180,000, totaling $300,000. For a complete total, the direct labor cost is needed.
Explanation:The Henson company calculates overhead costs as 120% of direct labor cost. However, in your question, you've provided the overhead cost directly but haven't specified the direct labor cost. The total manufacturing costs are typically computed as the sum of materials costs, labor costs, and overhead costs. In job no. 190, you've specified direct materials costs as $120,000 and manufacturing overhead as $180,000. To accurately calculate the total manufacturing cost, the direct labor cost would be needed. Based on the details given, we only have the materials and overhead costs which total to $300,000 ($120,000 + $180,000). The direct labor cost is required to arrive at the definitive total.
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Mark was recording accounting transactions when he came across a non-standard transaction type. however, based on his knowledge of accounting practices, he was able to come up with a reasonable solution for recording the transaction. this is an example of using a(n)
The way he was able to come up with a reasonable solution in the transactions is because he had used a conceptual framework in which had helped him in having to formulate and solve new problems and solutions that has been given.
Who should be involved in a requirements review? draw a process model showing how a requirements review might be organized?
The key stakeholders involved in a requirements review are the project team, client representatives, and subject matter experts. The process model involves preparation, review, discussion, documentation, and approval.
Explanation:In a requirements review, the key stakeholders who should be involved are those who have a vested interest in the project's success. This typically includes the project team, representatives from the client or end users, and subject matter experts. The purpose of the review is to ensure that the requirements are clear, complete, and feasible.
A process model for organizing a requirements review can involve the following steps:
Preparation: Collect all the requirements documents and distribute them to the review participants.Review: The participants analyze the requirements, identify any ambiguities or inconsistencies, and provide feedback.Discussion: Hold meetings or workshops to discuss the feedback, clarify requirements, and resolve any issues or concerns.Documentation: Document the review findings, including any changes or updates to the requirements.Approval: Obtain approval from the key stakeholders on the revised requirements.Learn more about Requirements Review here:https://brainly.com/question/5614574
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In analyzing the income statement of Bob Company, cost of goods sold decreased from 2013 to 2014 by 8.2%. The cost of goods sold was $19,000 in 2014. What was the cost of goods sold to nearest dollar in 2013?
Explain how and why governments may want to regulate the price setting of a natural monopoly.
Lin corporation has a single product whose selling price is $120 and whose variable expense is $80 per unit. the company's monthly fixed expense is $50,000. 6.value: 10.00 pointsrequired information required: 1. using the equation method, determine for the unit sales that are required to earn a target profit of $10,000. hintsreferencesebook & resources hint #1 check my work 7.value: 10.00 pointsrequired information 2. using the formula method, determine for the unit sales that are required to earn a target profit of $15,000.
Profit is termed as the revenue that is earned by the firm after availing of the products or the goods and services to the customers. It is the total sum of the money that is acquired on the completion of the accomplishment of the goals of the supply met in the market.
Lin Corporation has a single product whose selling price = $120
variable expense = $80 per unit.
The company's monthly fixed expense = $50,000
1. Using the equation method, unit sales is required to earn a target profit =$10,000
Sales = Variable expenses + Fixed expenses + Profit
$120Q = $80Q + $50,000 + $10000
$40Q = $60000
[tex]Q = \frac{\$60,000}{\$40 }[/tex]
Q =1500
Units 2. Using the format method, unit sales earn a target profit = $15,000 Sales =[tex]\frac{50000+15000}{120-80} = 1625 units.[/tex]
Mauro Products distributes a single product, a woven basket whose selling prices = $15
variable expense = $12 per unit.
The company's monthly fixed expense = $4,200.
1. Solve for the company's breakeven point in unit sales using the equation method.
Sales = Variable expenses + Fixed expenses + Profit
$15Q = $12Q + $4,200 + $0
$3Q = $4200
[tex]Q = \frac{\$4200}{\$3}[/tex]
Q =1400
Units 2. Solve for the companies breakeven point in sales dollars using the equation method and the CM ratio.
X = 0.8X + 4,200 + $0 0.2X = $4200
[tex]X = \frac{\$4200}{0.2 }[/tex]
X = $21,000
CM ratio method
BEP = fixed cost /Sales-Variable cost /Sales = [tex]\frac{ 4200}{15}-\frac{12}{15} = \$21000[/tex]
3. Solve for the company's breakeven point in unit sales using the format method [tex]\frac{4200}{15-12}= 1400 units.[/tex]
4. Solve for the company's breakeven point in sales dollars using the format method and the cm ratio.
BEP = fixed cost /1-Variable cost / Selling price = 4200/1-12/15 = $21000 CM ratio method BEP = fixed cost /Sales-Variable cost /Sales = 4200/15-12/15 = $21000
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If you are a project manager and have the choice of forming your core team either before or after charter approval, which would you do and why?
G according to the neoclassical theory of distribution, the real wage earned by any worker equals that worker's marginal productivity. let's use this insight to examine the incomes of two groups of workers: farmers and barbers.
a. over the past century, the productivity of farmers has risen substantially because of technological progress. according to the neo-classical theory, what should have happened to their real wage?
b. in what units is the real wage discussed in part (a) measured?
c. over the same period, the productivity of barbers has remained constant. what should have happened to their real wage?
d. in what units is the real wage in part (c) measured?
e. suppose workers can move freely between being farmers and being barbers. what does this mobility imply for the wages of farmers and barbers?
Final answer:
The neoclassical theory indicates that farmers' real wages should have increased with their productivity rise, whereas barbers' wages would remain constant due to stable productivity. Real wages are assessed through purchasing power. The possibility of workers moving between being farmers and barbers suggests that wages between these occupations would tend to equalize over time.
Explanation:
According to the neoclassical theory of distribution, the real wage of any worker corresponds to that worker's marginal productivity. This concept provides valuable insights into the dynamics of income for different professions under varying conditions of productivity.
Given the substantial rise in farmers' productivity due to technological progress, their real wage should have increased, as per the neo-classical theory.The real wage from part (a) is usually measured in terms of purchasing power, essentially how much goods or services a worker's income can buy.Since the productivity of barbers has remained constant over the same period, their real wage should have stayed similarly constant, assuming all other factors remained unchanged.The real wage in part (c) is measured in the same units as in part (a), focusing on the purchasing power relative to an unchanged productivity level.Free mobility between the professions of farming and barbering implies that the wages for these jobs would tend to equalize over time. This is because workers would move from lower-paid work toward higher-paid work until the supply and demand for workers in each profession balance out, normalizing the wages across both professions.
What are the implications of sharing confidential material information?
Given the presence of smartphones and tablets everywhere and marketers' ability to personalize messages based on ________ and other consumer behavior characteristics, there is great appeal to mobile marketing as a communication tool.
If you were looking to start a business in florida, what would be the top 5 "useful" websites to utilize
To better meet corporate goals this year, donna, a ceo, is encouraging her managers to focus on the major functions of management, which include ______.