The Apple stores which are the reason why Apple has received numerous architectural awards, are an example of Artifacts.
What are Artifacts?Artifacts in an organization are those physical elements that can be linked to a company because they are part of the brand of the company. These artifacts can be anything in the company from the stores that it possesses to the cars, buildings, and other items and assets that the company is known for, and that contribute to its business of making money.
Apple stores are part of who Apple are because they are designed in a certain way to show off the Apple brand. These stores are also a source of income for Apple as people come into them to trade in Apple's goods and services. We can therefore conclude that due to the unique designs of Apple stores and the awards they get, these are examples of Artifacts.
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Name at least four consumer rights.Does a homeowner's insurance policy cover the damage done from a house fire?
always
never
only smaller fires
only larger fires
Answer:
always,
Explanation:
if a house catches fire and u have insurance it will be covered
PLEASE HELP QUICK!!!
Which of the following is an advantage of buying your home over renting?
(1 point)
O You do not have to worry about the housing market in your area.
O The amount you pay each month is set by the terms of your mortgage.
O If something breaks, you have to fix it or pay to have it fixed.
O Your mortgage payments will far exceed the value of your home.
Answer:
The amount you pay each month is set by the terms of your mortgage.
Explanation:
connexus
Business firms sometimes refer to social media as ________ media.
Business firms sometimes refer to social media as consumer generated media.
What is social media?Social media is an internet-based form of communication which enhance users sharing of ideas, thoughts and information.
There are many forms of social media, like
BlogsPhoto-sharing sitesVirtual wordsHence, business firms sometimes refer to social media as consumer generated media.
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What accounts are affected. issued check $644 to pay for an advertisement
Answer:
Bank and Advertisement accounts
Explanation:
Journal entries
Advertisement A/c Dr $644
To Bank A/c $644
(Being advertisement expenses made by cheque)
Bank and Advertisement accounts are affected
In 2020, Ada lived with her son, Robert, and his wife, Barbara. Ada’s only source of income was a $1,500 fully taxable pension, which she spent on clothes and recreation. Robert and Barbara paid Ada’s medical and drug expenses of $600 for the year. Robert and Barbara’s total food expense for the household was $6,000. The fair rental value of the lodging provided Ada was $1,200 for the year, based on the cost of similar room facilities. What was Ada’s total support for the year for purposes of determining whether Robert and Barbara can claim Ada as a dependent?
Answer:
$5,300
Explanation:
Calculation to determine Ada’s total support for the year
Medical and drug expenses $600
Add Lodging $1,200
Add household total food expense $2,000
($6,000/3 Ada+Robert+Barbara)
Add Source of income $1,500
Total support $5,300
($600+$1,200+$2,000+$1,500)
Therefore what Ada’s total support for the year for purposes of determining whether Robert and Barbara can claim Ada as a dependent will be is $5,300
what is the difference between internal and external growth? Please explain?
Forty-nine items are randomly selected from a population of 500 items. The sample mean is 40 and the sample standard deviation 9. (Use t Distribution Table & z Distribution Table. )
The confidence interval for the population mean is between 36.551 and 43.449 with a 99% confidence level. This means that if we repeated this sampling process many times, we can expect the true population means to be within this range in 99% of cases.
To develop a 99% confidence interval for the population mean, we can use the t-distribution since the sample size is less than 30 and the population standard deviation is unknown. The formula for the confidence interval is:
Confidence interval = sample mean ± (t-value x standard error)
where the standard error is equal to the sample standard deviation divided by the square root of the sample size:
Standard error = sample standard deviation / sqrt(sample size)
First, we can calculate the t-value using the t-distribution table with a degree of freedom of 48 (sample size minus 1) and a 99% confidence level. The t-value is approximately 2.682.
Next, we can calculate the standard error:
Standard error = 9 / sqrt(49) = 1.286
Then, we can calculate the confidence interval:
Confidence interval = 40 ± (2.682 x 1.286) = (36.551, 43.449)
The answer provided in the question is correct but it should be rounded to 3 decimal places as 36.552 and 43.448.
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Complete question:
Forty-nine items are randomly selected from a population of 500 items. The sample mean is 40 and the sample standard deviation is 9. (Use t Distribution Table & z Distribution Table.) Develop a 99% confidence interval for the population means. (Round your final answers to 3 decimal places.) The answer is complete but not entirely correct. The confidence interval is between 36.552 and 43.448
The following are affected by the business structure you choose when you start your
business.
O a.
day-to-day operations, personal liability, and business name.
O b.
day-to-day operations, business location, and taxes.
О с.
profitability, personal liability, and taxes
O d.
day-to-day operations, personal liability, and taxes.
1
When you start business, the business structure you choose can affect your day-to-day operations, personal liability, and taxes.
What is a liability?Liability refers to the legal responsibility for one's actions or debts. It is an obligation to pay or perform something to another party. Liability can arise from various sources, such as contractual agreements, statutory laws, or common law. For instance, when a person borrows money from a bank, they have a liability to repay the loan amount to the bank within a certain period, according to the terms and conditions of the loan agreement. Liability can also arise from a person's actions or omissions that result in harm or damage to others. In such cases, the person may be held liable for the damages caused and may have to compensate the affected parties for their losses.
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Please help I'm about to fail my class and i will be grounded for life, 100 pts for it! its financial literacy
Part One–Research
Imagine you bought 100 shares of stock three years ago and are selling it today. Select a company and research its stock prices. You can start with websites like Nasdaq and Fidelity. Determine the stock's price three years ago, or the purchase price, and its price today, or the selling price.
Part Two–Determine the Real Return
Calculate the real return of your stock investment using the following information:
Purchase price of 100 shares of stock
Selling price of 100 shares of stock
10% tax rate
3% inflation rate
2% administrative fee on the selling price of the stock
Part Three–Evaluate
Analyze your research and calculations, and answer the following questions:
What company did you select to buy stock in? Why did you select the company?
Consider the real return of the stock investment. Do you consider it a wise investment? Why or why not?
1. I imagine buying 100 shares of Amazon.com Inc. on January 3, 2020, when the stock price was $93.75, investing $9,375.
Today, October 31, 2022, the stock price of Amazon.com Inc. is $102.44.
2. The real return on my investment in Amazon.com Inc was a net loss of 7.12% or $667.60.
3. The company I selected to buy its stock three years ago was Amazon.com Inc.
4. I decided on Amazon.com Inc., hoping to earn spectacular returns since it is a multinational technology company.
5. When I consider the actual return on the stock investment in Amazon.com Inc., I think it was an unwise investment.
6. The investment returned a negative real value because I realized less than I initially invested; I actually lost about $667.60 overall.
What is the stock investment?Stock investment is the purchase of shares for an ownership interest in a publicly-listed company.
The investor makes the investment with the hope that the investee will grow and perform well over some period, enabling the investor to earn some real returns (in the form of dividends and capital appreciation).
Purchase of 100 shares Jan. 3, 2020 = $9,375 (100 x $93.75)
Sales of 100 shares Oct. 31, 2022 = $10,244 (100 x $102.44)
Tax (10%) = $1,024.40 ($10,244 x 10%)
Inflation (3%) = $307.32 ($10,244 x 3%)
Administration fee on sales (2%) = $204.88 ($10,244 x 2%)
Real Returns in dollars = $8,707.40 ($10,244 - $1,024.40 - $307.32 - $204.88)
Loss on returns = $667.60 ($8,707.40 - $9,375)
Loss percentage = 7.12% ($667.60/$9,375 x 100)
Unfortunately, Amazon.com Inc. did not pay any dividends during the period of my investment, and I really lost funds to taxes, inflation, and administration fees when I sold it.
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PLEASE HELP !!!
If you are not interested in a particular job, simply ignore efforts the company makes to contact you.
T OR F
It is false because it's important to maintain a professional and respectful attitude towards potential employers or the company, even if you're not interested in the job. Ignoring their attempts to contact you could harm your professional reputation and future job prospects.
A company is a legal entity that is formed to carry out business activities. It is usually created by a group of individuals who come together to achieve a common goal of providing goods or services to customers in exchange for money.
The purpose of a job provided by the company is to provide individuals with a means to earn a living, develop skills and experience, and contribute to society through their work.
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Which of the following is a case of brand cannibalization?
A. A tea manufacturer introduces a new brand of tea that eats into the sales of an existing brand of another manufacturer.
B. A tea manufacturer introduces a new but inferior brand of tea to promote the sales of an existing tea brand in its product mix.
C. A tea manufacturer introduces a new brand of tea that eats into the sales of an existing tea brand in its product mix.
D. A tea manufacturer introduces a new brand of tea that has the unintended result of promoting the sales of an existing brand of another manufacturer.
Answer: C. A tea manufacturer introduces a new brand of tea that eats into the sales of an existing tea brand in its product mix.
Explanation:
The cost of materials to make a good or provide a service is what type of cost?
variable costs are costs involved with the production of goods and services and it is measured in relation to the quantity of goods or service provided. example of such costs include the cost involved with the purchase of raw materials and the cost involved with the payment of labor used in production. variable cost is generally regarded as the cost incurred during production of goods and services by a company.
to calculate/find variable cost you will divide the total variable costs incurred by the volume of the goods produced, variable costs and fixed cost make up total expenses made by a company,
while fixed cost is time related variable cost is goods/services related
A _____ is a document used to coordinate all project planning documents and help guide a project's execution and control.
Answer:
a finalized document is a document
A Project management plan is a document used to coordinate all project planning documents and help guide a project's execution and control.
What is meant by Project management plan?A Project management plan is a formal, approved document that defines how the project is executed, monitored, and controlled. It may be a summary or a detailed document and may include baselines, subsidiary management plans, and other planning documents.The project management plan outlines the scope, budget, goals, timeline, and project deliverables. The project management plan should be used as a reference throughout the project to confirm that project management is carried out regularly and in sync with the policies and procedures.A Project management plan is a document used to coordinate all project planning documents and help guide a project's execution and control.
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with the aid of industry and individual producer graphs explain how the long run equilibrium in perfect market will be achieved when an economic loss was made in the short run
In a perfectly competitive market, the long-run equilibrium is achieved through the process of entry and exit of firms. When an economic loss is incurred by individual producers in the short run, it signals an imbalance between the market price and the average total cost of production.
When individual producers experience economic losses, some firms will choose to exit the market in the long run. This exit occurs because firms are unable to cover their costs and generate profits. As a result, the supply in the market decreases, shifting the supply curve to the left. The reduction in supply leads to a decrease in the quantity of goods or services available in the market, which in turn puts upward pressure on prices.
As prices rise, the remaining producers who were able to operate at a lower cost may start to earn economic profits. This attracts new firms to enter the market, anticipating the opportunity to make profits. The entry of new firms increases the supply in the market, shifting the supply curve to the right.
The increased supply eventually leads to a decrease in prices, as competition intensifies among producers. This process continues until a long-run equilibrium is reached, where the market price equals the average total cost of production for each firm.
Graphically, this adjustment is represented by the shifting of the supply curve to the left in the short run due to firm exits, followed by a subsequent shift to the right in the long run due to new firm entries. The new long-run equilibrium occurs at the intersection of the demand and supply curves, where price equals average total cost, ensuring that firms earn zero economic profit.
Overall, the long-run equilibrium in a perfect market is achieved through the exit and entry of firms in response to economic losses or profits, respectively, leading to price adjustments and the restoration of equilibrium.
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Some industries’ competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertson’s in the United States experience fierce competition and offer similar marketing campaigns to compete. What is this an example of in terms of Porter’s Five Forces Model? Multiple Choice rivalry among new entrants rivalry among existing competitors threat of substitute products or services buyer power
Answer:
rivalry among existing competitors
Explanation:
The Porters' 5 forces is used to analyse the competitiveness among firms in an industry.
Porter's 5 forces include :
Competition in the industry : the higher the number of companies in the industry, the lower the power an individual firm possesses. For example, if an industry increases it price, a consumer can easily shift to the consumption of substitutes Potential of new entrants into the industry : If there are low barriers to entry in an industry, firms in the industry experience greater competition Power of suppliers : the higher the number of suppliers in the industry, the higher the bargaining power of firms in the industry and the greater the power they possess Power of customers : the larger the number of customers, the greater the power firms possess Threat of substitute product : if there are little or no substitutes for the goods produced by companies, the greater the power the firms possessMs. smith opened a bank account to save money. the balance of the account is modeled by the function f(x) = 4,000(1.06)x , where x is the number of years since the account is opened. according to the function, what is happening to the balance of the account each year?
Answer:
a
Explanation:
Balance of the account increasing each year linearly is happening to the balance of the account each year.
What is the Balance in the account?Your account balance is the sum of all posted credit and debit transactions. It is the amount in your account before any pending charges are added. Your available balance is the sum of money you have accessible for withdrawals or purchases.
When you check the balance of your bank account online, the available balance and total balance can be two different figures. A debit lowers the amount, whereas a credit enhances it. expense reports. A credit decreases the balance while a debit raises it.
The debiting of positive asset and cost values and crediting of negative balances are shown by this. For instance, after receiving $1,000 in cash, a journal entry would include a debit of $1,000 to the cash account in the accounting software.
Thus, Balance of the account increasing each year.
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Suppose that very significant increases in the money supply are anticipated to result in hyperinflation. As a result, people begin to consider the purchase of property and other commodities. What does this behavior exemplify
If people begin to consider the purchase of property and other commodities because there is an expected hyperinflation, then this exemplifies:
The rational expectation theory that people behave rationally.According to the given question, we are asked to state what is exemplified when people begin to consider the purchase of property and other commodities because there is an expected hyperinflation.
As a result of this, we can see that if there is a significant increase in the money supply and this is expected to result on hyperinflation, then people begin to consider the purchase of property and other commodities, this behavior shows the rational expectation theory which states that people would make rational decisions
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Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing $216,000 were on hand. Not included in the physical count were $30,000 of goods purchased from Tamarisk, Inc. , FOB, shipping point, and $21,500 of goods sold to Sheffield Corp. For $32,000, FOB destination. Both the Tamarisk purchase and the Sheffield sale were in transit at year-end. What amount should Vaughn report as its December 31 inventory
Vaughn Manufacturing should report $216,000 as its December 31 inventory. The goods purchased from Tamarisk, Inc. for $30,000 should not be included in the physical count as they were FOB shipping point, meaning ownership of the goods transferred to Vaughn Manufacturing upon shipment. The goods sold to Sheffield Corp. for $21,500 should also not be included in the physical count as they were FOB destination, meaning ownership of the goods transfers to Sheffield Corp. upon delivery. Since both the Tamarisk purchase and the Sheffield sale were in transit at year-end, they should not be included in the December 31 inventory count.
To determine the correct inventory value for Vaughn Manufacturing on December 31, we need to consider the goods in transit and adjust the physical count accordingly.
Step 1: Include the goods purchased from Tamarisk, Inc.
Since the goods were FOB shipping point, they belong to Vaughn as soon as they were shipped. Therefore, we need to add the cost of these goods to the physical count.
$216,000 (physical count) + $30,000 (goods from Tamarisk) = $246,000
Step 2: Exclude the goods sold to Sheffield Corp.
Since the goods were FOB destination, they still belong to Vaughn until they are received by Sheffield. Therefore, we need to subtract the cost of these goods from the adjusted inventory value in step 1.
$246,000 (adjusted inventory from step 1) - $21,500 (goods sold to Sheffield) = $224,500
Thus, Vaughn should report its December 31 inventory as $224,500.
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A flower shop uses software to execute transactions that is ten-years old. It is often slow and ineffective. What type of influence is affecting this business?
external
economic
governmental
internal
Answer:
Internal
Explanation:
The problem is the flower shop’s software. The flower shop needs to update or buy a different up-to-date software like ASAP.
Some HR workers investigate possible company violations. Why is it important for these workers to reserve judgment and be impartial? Explain in your own words. Then, imagine a situation in which someone may NOT reserve judgment and/or may NOT be impartial. Describe that situation.
To ensure a fair and impartial investigation, HR employees investigating potential company violations must reserve judgment and remain impartial.
Why is it critical for these employees to exercise impartiality and reserve judgment?HR professionals can gather all relevant data, facts, and evidence if they are impartial, and then evaluate it without having any preconceived notions or personal biases. They are able to make sound decisions using this strategy rather than relying on their own irrational thoughts or feelings to make decisions.
A situation in which the HR worker conducting the investigation is personally connected to or has a close relationship with the accused party could indicate that the individual may NOT reserve judgment or be impartial.
In such a scenario, the HR employee may feel compelled to safeguard their friend or coworker, which may result in a biased investigation and a result that does not accurately reflect the situation. The HR department's impartiality and integrity could be questioned in this scenario, which would jeopardize the investigation.
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Which of the following does NOT describe a strategic buyer in M&A transactions? They are usually competitors or other operating companies. They focus on identifying and creating synergies. They are interested in horizontal or vertical expansion. They use leverage for maximum equity returns. The PP&E gross book value at the start of the month is 47,200, and the CAPEX of the month is 9,930. The accumulated depreciation at the start of the month is 14,600; the depreciation expense of the month is 801. The net book value of PP&E calculated from the data above is ____ 36,215 41,729 38,119 46,250 The opening debt balance of Company B is 18,230, and the repayment is scheduled for 2,150 per month at an annual interest rate of 4.5%. The closing balance of debt at the end of the month is and the interest payment is Use the average debt balance to calculate the interest payment. 20,380; 76 16,080; 60 20,358; 72 16,080; 64
The closing balance of debt at the end of the month is $16,080 and the interest payment is $64.
The statement that does NOT describe a strategic buyer in M&A transactions is:
They use leverage for maximum equity returns.
A strategic buyer is a company that purchases a target company to merge with or acquire it. It acquires a target business that complements its operations and is aligned with its long-term growth goals. Synergies such as shared distribution networks, marketing strategies, or production processes can be achieved by combining two businesses that are aligned in this way. The following statement does NOT describe a strategic buyer in M&A transactions:They use leverage for maximum equity returns. A strategic buyer is less focused on the financial return of the deal than a financial buyer, such as a private equity firm. A strategic buyer will be less likely to take on high levels of debt to finance the acquisition. They are typically more concerned with how the target company will integrate into their existing operations and create value for the company.
The net book value of PP&E can be calculated using the formula:
Net book value of PP&E = PP&E gross book value at the start of the month - accumulated depreciation at the start of the month + depreciation expense of the month Net book value of PP&E = 47,200 - 14,600 + 801 = 33,401. Therefore, the net book value of PP&E is $33,401.
The closing balance of debt at the end of the month is calculated by subtracting the repayment amount from the opening balance. Opening balance of debt = $18,230Repayment = $2,150Closing balance of debt = $18,230 - $2,150 = $16,080The average debt balance is calculated by adding the opening and closing balances and dividing by two. Average debt balance = ($18,230 + $16,080) / 2 = $17,155The interest payment can be calculated using the formula:
Interest payment = average debt balance x annual interest rate / 12Interest payment = $17,155 x 4.5% / 12 = $64.
Therefore, the closing balance of debt at the end of the month is $16,080 and the interest payment is $64.
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PLEASE HELP
Explain the function and purpose of the U.S. Federal Reserve System
Answer:
Explanation:
function: conducting the nation's monetary policy
purpose: The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.
In order to test a new customer loyalty program, a supermarket sends an email to its current customers in one of its regions of operation, inviting them to opt into the new program. After several months, management observes that participants in the new program are much more frequent shoppers than the average customer. Which of the following can management conclude from this experiment? Introducing the new loyalty program in all of its regions of operation will boost sales in the future.
Available Options Are:
A) Introducing the new loyalty program in all of its regions of operation will boost sales in the future.
B) The new loyalty program has boosted sales among its test participants.
C) Sales to customers that did not opt into the loyalty program have decreased.
D) None of the above
Answer:
Option A. Introducing the new loyalty program in all of its regions of operation will boost sales in the future.
Explanation:
Option A is correct because the purpose of introducing loyalty program was to increase its sales which loyalty program has significantly increased. Hence the conclusion from the experiment must be that the company must introduce customer loyalty programs in all of its branches to increase its sales significantly.
Option B is incorrect because it was the result of loyalty program not what we must conclude from the result.
Option C is also incorrect because the purpose of loyalty program was that the company was willing to increase sales by only attracting potential customers who are frequent shoppers and now due to loyalty program, they will buy more from our shops. Hence it will not impact the other customers.
which of the following teachings of muhammad threatened businesspeople, particularly those involved in the pilgrimage trade?
The teaching of Muhammad (pbuh) that threatened businesspeople, particularly those involved in the pilgrimage trade, was the prohibition of usury or charging interest on loans.
One of the teachings of Muhammad (pbuh) that posed a challenge to businesspeople, especially those engaged in the pilgrimage trade, was the prohibition of usury or interest.
Muhammad's teachings emphasized the importance of fair and ethical business practices, and charging interest was seen as exploitative and unjust.
In the context of the pilgrimage trade, where people traveled to fulfill their religious obligations, the charging of exorbitant interest rates or engaging in unethical practices related to financial transactions conflicted with the principles of Islamic teachings.
This prohibition on usury posed a threat to businesspeople in the pilgrimage trade who relied on interest-based lending as a source of profit. It required them to adapt their business models and find alternative ways to conduct financial transactions while adhering to the principles of fairness and justice.
This teaching aimed to promote ethical conduct and ensure that economic activities were conducted in a manner that upheld the values and principles of Islam.
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Complete Question
What is the following teachings of Muhammad (pbuh) threatened businesspeople, particularly those involved in the pilgrimage trade?
What is profit in an economic system?
A. Profit is the investment a producer makes in the economy to achieve financial gain.
B. Profit is the net change in the value of the economy due to an exchange.
C. Profit is the financial gain resulting from an exchange.
D. Profit is the investment a consumer makes in the economy to achieve financial gain.
Answer:
I think D is correct answer
The profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
The information related to the profit is as follows:
It is the surplus that comes after deducting the cost from the revenue made. It is the investment that should be made by the consumer for attaining financial gain.Therefore all the other options are incorrect.
Thus we can conclude that profit in the economic system is the investment made by the consumer for accomplishing the financial gain.
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What best describes the relationship between short and long-term goals?
problem 2-3 dividends and retained earnings [lo1] nataro, incorporated, has sales of $675,000, costs of $337,000, depreciation expense of $81,000, interest expense of $50,500, a tax rate of 23 percent, and paid out $42,500 in cash dividends. what is the addition to retained earnings? (do not round intermediate calculations.)
The addition of retained earning of Nataro Inc is $116,505
Retained earnings are a company's cumulative net earnings or profits after dividend payments are deducted.
Formula for calculating the retained earning is:
RE = RE(o) + NI - D
where:
RE = retained earning
RE(o) = beginning period retained earning
NI = net income
D = cash dividends
In the given problem:
sales = $675,000
cost = $337,000
depreciation expense = $81,000
interest expense = $50,500
Hence,
Gross income = sales - all expense
= 675,000 - (337,000 + 81,000 + 50,500)
= 206,500
Net income = gross income - tax
= 206,500 - 23% x 206,500 = 159,005
Therefore, retained earning addition:
retained earning addition = RE - RE(o) = NI - D
= 159,005 - 42,500 = 116,505
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all of the following employees may use a 403(b) plan for their retirement except
Employees who are not working for qualified tax-exempt organizations or public educational institutions are not eligible to use a 403(b) plan for retirement.
A 403(b) plan is a retirement savings plan specifically designed for employees of qualified tax-exempt organizations and public educational institutions. These organizations include schools, hospitals, churches, and certain non-profit organizations. Therefore, employees working for these entities are eligible to participate in a 403(b) plan.
However, employees who are not employed by qualified tax-exempt organizations or public educational institutions, such as those working in for-profit companies or government agencies, are not eligible to use a 403(b) plan for their retirement savings.
These employees would typically have other retirement savings options available to them, such as a 401(k) plan or an Individual Retirement Account (IRA).
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The Collins Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year: Manufacturing overhead cost: $200,000 Direct materials cost: $160,000 The following transactions took place during the year (all purchases and services were acquired on account): a.) Raw materials purchased: $86,000. b.) Raw materials requisitioned for use in production (all direct materials): $98,000. c.) Utility costs incurred in the factory: $15,000. d.) Salaries and wages incurred as follows: Direct labour: $175,000 Indirect labour: $70,000 Selling and administrative salaries: $125,000 e.) Maintenance costs incurred in the factory: $15,000. f.) Advertising costs incurred: $89,000. g.) Depreciation recorded for the year: $80,000, of which 80% relates to factory assets and the remainder relates to selling and administrative assets. h.) Rental cost incurred on buildings: $70,000 (75% of the space is occupied by the factory, and 25% is occupied by sales and administration). i.) Miscellaneous selling and administrative costs incurred: $11,000. j.) Manufacturing overhead cost was applied to jobs as per company policy. k.) Cost of goods manufactured for the year: $500,000. 1.) Sales for the year (all on account): $1,000,000. These goods cost $600,000 to manufacture. Required: Prepare statement of cost of goods manufactured and net income.
1. The statement of cost of goods manufactured summarizes the cost components involved in the production of goods during a specific period.
2. The statement of net income calculates the net income by subtracting the cost of goods sold and operating expenses from the net sales. It provides an overview of the company's profitability.
1. Statement of Cost of Goods Manufactured:
Summary:
The statement of cost of goods manufactured summarizes the cost components involved in the production of goods during a specific period. It calculates the total cost incurred in manufacturing goods and provides insights into the production process.
Calculation:
Beginning Raw Materials Inventory: $0
Add: Raw Materials Purchased: $86,000
Total Raw Materials Available: $86,000
Less: Ending Raw Materials Inventory: $0
Raw Materials Used in Production: $86,000
Direct Labor: $175,000
Manufacturing Overhead Applied: Calculated using the predetermined overhead rate. In this case, it is based on the cost of materials used.
Total Manufacturing Costs Incurred: Sum of direct labor, manufacturing overhead applied, and raw materials used: $261,000
Add: Beginning Work in Process Inventory: $0
Total Cost of Work in Process: $261,000
Less: Ending Work in Process Inventory: Calculate by subtracting the cost of goods manufactured from the total cost of work in process.
2. Cost of Goods Manufactured: $500,000
Statement of Net Income:
Net Income:
Particulars | Amount ($)
--- | ---
Sales | 1,000,000
Cost of goods sold | (600,000)
Gross profit | 400,000
Operating expenses: |
Selling and administrative salaries | (125,000)
Indirect labor | (70,000)
Advertising costs | (89,000)
Miscellaneous selling and administrative costs | (11,000)
Total operating expenses | (295,000)
Net income | 105,000
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the exponential form of 6×6×6×6 is 6 the base is 4 True or False?