As an auditor for Bernard and Thomas, you are responsible for determining the proper classification of income statement items in the audit of California Sports Grill. Required: Select whether each of the following items should be classified as discontinued operations, other revenues, or other expenses.
Items Description
a. One of the company's restaurants was destroyed in a forest fire that raged through Southern California. Uninsured losses from Other expenses the fire are estimated to be $450,000
b. Califomia Sports Grill has three operating divisions: restaurants, catering, and frozen retail foods. The company sells the frozen retail foods division of the business for a profit of $2.4 million in order to focus more on the restaurant and catering business
c. An employee strike to increase wages and benefits shut down operations for several days at an estimated cost of $200,000.
d. A restaurant waiter slipped on a wet floor and sued the company. The employeo won a settlement for $100,000, but Califormia Sports Grill has not yet paid the settiement.
e. The company owns and operates over 40 restaurants but sold one restaurant this year at a gain of $650,000 Other revenues
Answers
Answer:
a. One of the company's restaurants was destroyed in a forest fire that raged through Southern California. Uninsured losses from the fire are estimated to be $450,000: Other expenses.
b. California Sports Grill has three operating divisions: restaurants, catering, and frozen retail foods. The company sells the frozen retail foods division of the business for a profit of $2.4 million in order to focus more on the restaurant and catering business: Discontinued operations.
c. An employee strike to increase wages and benefits shut down operations for several days at an estimated cost of $200,000: Other expenses.
d. A restaurant waiter slipped on a wet floor and sued the company. The employee won a settlement for $100,000, but California Sports Grill has not yet paid the settlement: Other expenses.
e. The company owns and operates over 40 restaurants but sold one restaurant this year at a gain of $650,000: Other revenues.
Explanation:
Other expenses in business management are non-operating expenses that a business incurs. It is a cost that isn't related to the main operation of a company's business, such as interest expense, losses incurred from disposal of a fixed asset.
Other revenues in business are revenues that are derived by a company from any source other than the company's business operations, such as a company selling one of it's restaurants.
Discontinued operations in business describes a situation where parts of a company's core business are sold, abandoned or shut down and all the profits or losses are usually reported separately on an income statement.
Related Questions
In a competitive labor market, the demand for and supply of labor determine the equilibrium wage rate and the equilibrium level of employment.
1.Discuss the relationship between how these markets determine the wage rate and the quantity of labor that should be employed.
2.Share an example, beyond your textbook, that demonstrates this relationship.
Answers
2. An example of this relationship is the labor market for software engineers in Silicon Valley. The demand for software engineers in Silicon Valley is high due to the growth of the tech industry, which has led to a shortage of skilled workers. As a result, employers are willing to pay high wages to attract and retain software engineers. However, this high wage rate also attracts more workers to the industry, increasing the quantity of labor supplied. This increase in the quantity of labor supplied may eventually lead to a decrease in the wage rate, as the supply of labor outstrips the demand for labor. Conversely, if the demand for software engineers were to increase even further, the equilibrium wage rate and level of employment would increase, reflecting the increased demand for labor.
In your own words, define Linear Regression. Describe an example of how
linear regression could be utilized in business.
Answers
Answer:
linear regression
Explanation:
Linear regression quantifies the relationship between one or more predictor variable(s) and one outcome variable. Linear regression is commonly used for predictive analysis and modeling. For example, it can be used to quantify the relative impacts of age, gender, and diet (the predictor variables) on height (the outcome variable). Linear regression is also known as multiple regression, multivariate regression, ordinary least squares (OLS), and regression. This post will show you examples of linear regression, including an example of simple linear regression and an example of multiple linear regression.
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As a leader, which of the following will NOT effectively influence the growth and performance of your direct reports?
Answers
Lack of managerial trust is the main barrier to the development of effective organisations.
What impact do leaders have on a company's performance?Leaders may support the success of their teams and the upholding of corporate values by offering chances for learning and development, goal-setting, and recognition. Employees can reach new heights with the aid of frequent one-on-one sessions and two-way feedback. Regular, transparent communication about their job increases the trust that employees have in their leader.
What factors have an impact on a company's performance?How successfully the organisation performs is influenced by a variety of factors, including human resource planning, recruiting procedures, employee training, and career management. Technology, organisational norms, material purchases, and inflation are other factors that have indirect effects on organisational effectiveness.
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As a leader, which of the following will NOT effectively influence the growth and performance of your direct reports?
a- organisational intelligence
b- team promotion
c- trust building
d- Lack of managerial trust
Which component of the contract documents actually formalizes the contract and is signed by the Owner and the Contractor
Answers
Answer:
An agreement.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Hence, an agreement is a component of the contract documents which actually formalizes the contract and is signed by the Owner and the Contractor.
In the event of a breach of the contract by any of the parties involved (the owner or contractor), the contract agreement would be referred to for proper legal purposes.
purchased goods of rs 40000 journal entries
Answers
The journal entry for Rs. 40, 000 purchases would include a debit to purchases and credit to cash or accounts payable.
How to enter the journal ?The Purchases account is debited because the business has acquired goods, which is an asset. The Accounts Payable account is credited because the business owes money to the supplier for the goods.
Date Account title Debit Credit
XX -XXXX Purchases Rs. 40, 000
Accounts payable Rs. 40, 000
This journal entry will increase the balance of the Purchases account and the Accounts Payable account. The Purchases account will be used to track the cost of goods sold, and the Accounts Payable account will be used to track the amount of money owed to suppliers.
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Consider public policy aimed at smoking studies indicate that the price of a sassy city of demand for cigarettes is about 0.2. If a pack currently cost $5 and government wants to reduce smoking by 10% it should increase price by what
Answers
Price elasticity of demand = percentage change in quantity demanded/ percentage change in price
0.2 = 10%/ percentage change in price
percentage change in quantity demanded = 50% = 0.5
0.5 = (New price - $5) / $5
New price = (5 × 0.5) + 5 = $7.5
What is the price elasticity of demand?
The quantity requested for a good is measured according to how sensitively it responds to its price. Nearly all goods have a decrease in demand when the price rises, however certain goods experience a greater decline in demand than others.
When a price increases by 1% while all other factors remain constant, the price elasticity provides the percentage change in the quantity required. If the elasticity is 2, a 1% increase in price results in a 2% decrease in the amount demanded. Other elasticities gauge how changes in other factors affect the quantity needed.
Therefore, the New price will be $7.5.
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True or False. According to the Glassdoor article "Small Vs. Large Companies: Ten Differences Between Working For The Two". The hiring process at a small company will be much faster.
Answers
The statement is true i.e., the hiring process at a small company will be much faster because scheduling interviews is simpler, and getting feedback is quicker.
How quickly ought the hiring procedure to go?Two to four weeks are suggested as the time limit for this. The risk of losing those A-level prospects to another organization increases considerably if the process takes longer than four weeks.
Who controls the hiring process the most?The recruiting manager actually closes the transaction, even if the recruiter controls the process. Therefore, recruiting managers are the ones who make the decisions; they have the final say in who gets recruited and who doesn't. They are responsible for the hiring process' result.
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From the following information, please prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the month of May of the current year.
Cash
$12,000
Accounts Receivable
16,000
Supplies
350
Equipment
16,500
Notes Payable
$13,000
Accounts Payable
12,000
S. Jones, Capital
18,000
S. Jones, Drawing
550
Service Revenue
6,000
Telephone Expense
350
Rent Expense
1,100
Advertising Expense
2,150
$49,000
$49,000
Answers
Answer:35,000
Explanation:
Answer:
I found answer for this at this website
Explanation:
https://gotit-pro.com/from-the-following-information-please-prepare-an-income-statement-statement-of-owners-equity-and-balance-sheet-for-the-month-of-may-of-the-current-year
A value where you are willing to pay a price to uphold that value is called ?
Answers
The value where you are willing to pay a price to uphold that value is called a "principled value."
What is principled value?A principled value is a deeply held belief or principle that an individual or group considers to be of great importance, and for which they are willing to make sacrifices or pay a cost to uphold or defend.
These values can be personal, social, moral, or political in nature, and they are often at the core of a person's identity and worldview. Examples of principled values may include honesty, justice, freedom, equality, or compassion.
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Costs from Beginning Inventory Costs from Current Period
Direct materials $5,100 $25,200
Conversion costs $5,300 143,700
At the beginning of the period, there were 400 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,200 units were started and completed. Ending inventory contained 300 units that were 35% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. The cost of completing a unit during the current period was:________
Answers
Answer:
$30.59
Explanation:
Note that the FIFO method is used for this question
Equivalent Units
Materials = 5,200 x 100 % + 300 x 100 % = 5,500
Conversion Costs = 400 x 55 % + 5,200 x 100 % + 300 x 35 % = 5,525
Total Costs
Materials = $25,200
Conversion Costs = $143,700
Cost per Equivalent unit
Materials = $25,200/5,500 = $4.58
Conversion Costs = $143,700/5,525 = $26.01
Total Cost = $4.58 + $26.01 = $30.59
Conclusion
The cost of completing a unit during the current period was $30.59
If you are paid $15 per $100 sold, what is your type of payment?
a. Commission
b. Salary
c. Wage
d. Pension
Please select the best answer from the choices provided
Answers
the best answer is a the Commission is the one that typed of payment
select the correct answer.
Which Facets Model of Effects is a value that the customer assigns to something after receiving Information from their senses?
OA association
OB. affective
OC. perception
OD. cognition
Answers
Answer:
The answer is C. Perception!
Explanation:
Perception is when you receive information through your senses and assign it meaning. (There's a quizlet made by slmoon9852 that can teach you more about it!)
The operating budget provides a roadmap for financial plans for a short-term, future period. What is a typical “future period” for an operating budget?
Answers
An operating budget is a financial statement that outlines the organization's expenditures and revenues for a specific period.
The operating budget is typically for a fiscal year, which is usually twelve months. The future period for an operating budget is usually a fiscal year or less than a year. The operating budget is critical because it establishes guidelines for financial activities and operations in an organization. It provides a roadmap for financial plans for a short-term, future period, which typically begins on January 1st and ends on December 31st.
An organization creates an operating budget to aid in the allocation of resources and expenditures to achieve its objectives for a given period. A typical operating budget is for a fiscal year. A fiscal year is the period when an organization prepares its financial statements. It is usually 12 months, but it may be shorter or longer depending on the organization. An operating budget typically covers one fiscal year; however, it may be longer or shorter based on the organization's preferences.
The future period for an operating budget is frequently updated to reflect the company's current situation and financial standing. It takes into account the actual results of the previous period and the estimated expenditures and revenues for the upcoming year to develop the operating budget for a future period.
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Free contract is the _____.
Answers
In economics, free contract is the concept that people may decide what agreements they want to enter into. A contract may be described as free when it is free from force or fraud.
When is e-mail inappropriate?
Answers
These are several situations in which it might be inappropriate to use email:
When the message is very urgent or time-sensitive. In such cases, it might be more appropriate to use a faster mode of communication, such as a phone call or text message.When the message contains sensitive or confidential information. Email is not a secure mode of communication and there is a risk that the message could be intercepted or accessed by unauthorized individuals.When the message is very emotional or confrontational. Email can be easily misinterpreted, and it can be difficult to convey tone or emotion through written words. If a message is likely to be emotional or confrontational, it might be better to have a face-to-face or phone conversation instead.When the message requires a lot of back-and-forth or discussion. Email is not always the most efficient way to have a conversation, and it can be difficult to have a productive discussion via email. In such cases, it might be better to have a face-to-face or phone conversation.\(\bold{ \: \purple{Hope \: This \: Helps \: You!}}\)
MCDONALDS GIVE DIRECTIONS
Answers
Answer:
TAKE A LEFT
Explanation:
ON 123 SESAME STREET
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obanga is a resident of bishoftu town which is found 47km south east of addis ababa.once while obanga was visiting his finance in addis ababa he got bokassa ,who is a good mechanical engineer. obanga told to bokassa that his car was seriously damaged and parked in adama and he had been looking for an engineer. bokassa offered to repair the car for birr 10.000 provided spare part expenses are covered by obanga.obanga happily accepted offer. however they did not talk about placce of performance.bokassa has garage business in addis ababa only
Answers
The issue of the place of performance needs to be resolved before the repair job can proceed. This is an important aspect of the agreement that needs to be agreed upon by both parties. I
The issue at hand is the place of performance for the car repair job that Bokassa offered to do for Obanga. While Bokassa has a garage business in Addis Ababa, Obanga's car is parked in Adama, which is quite a distance from Bokassa's garage. It is not clear whether Bokassa will have to travel to Adama to perform the repair job or whether Obanga will have to tow the car all the way to Addis Ababa.
It is important to note that the terms of their agreement did not specify the place of performance. In contract law, this is a crucial element that needs to be agreed upon by both parties. In the absence of a specific agreement on the place of performance, the default rule is that the performance should be done at the place where the contract was made, which in this case is Addis Ababa.
However, in this situation, it might be impractical for Obanga to tow his car all the way to Addis Ababa. It might also be costly and time-consuming for Bokassa to travel to Adama to perform the repair job.
Therefore, the best course of action would be for Obanga and Bokassa to have a discussion and come to a mutual agreement on the place of performance that would be convenient for both parties.
In conclusion, t is always better to clarify the terms of a contract before proceeding to avoid any misunderstandings or disputes that may arise in the future.
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Which two statements about financial service companies are true?
Answers
Answer:
b. and d.
Explanation:
what dose persuasive mean?
Answers
Answer:
its a word that means that you're good at convincing people to do things
From the case Ford Hybrid Car Case, by ARVIND RANGASWAMY
Develop forecasts of hybrid car penetration in the U.S. market from 2007 through 2016 for each scenario you develop, along with a justification and explanation for your forecasts. (In applying the Bass model, note that market penetration data for the three analog products mentioned in the case, namely, ABS, EFI, and Diesel cars, were all reckoned in terms of the percentage of the target market that adopted the product. Thus the maximum market potential can at most be equal to 100).
Answers
The forecasts of hybrid car penetration in the U.S. market from 2007 through 2016 for each scenario are Optimistic, Pessimistic and Realistic.
Scenario 1: Optimistic
In this scenario, I assume that the following factors will contribute to the growth of the hybrid car market:
Increasing awareness of the environmental benefits of hybrid carsGovernment incentives for purchasing hybrid carsContinued improvement in the performance and affordability of hybrid carsBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach 10% by 2016.
Scenario 2: Pessimistic
In this scenario, I assume that the following factors will hinder the growth of the hybrid car market:
High price of hybrid carsLack of charging infrastructureConsumer resistance to changeBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach only 5% by 2016.
Scenario 3: Realistic
In this scenario, I assume that the following factors will influence the growth of the hybrid car market:
A combination of the factors in the optimistic and pessimistic scenariosBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach 7% by 2016.
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Managing risks refers to identifying any possible
process for
and evaluating risks.
events and taking steps to reduce them. Risk management is a continuous
Reset
Next
Answers
Answer:
Uncertain is the first blank and identifying is the second blank
Explanation:
I searched it on a business management website and it worked for Plato
How many thousands of units of corn can Congo produce in one week? 5 10 20 60
Answers
Answer:
Based on the units of corn and diamonds produced by the United States, the opportunity cost of producing corn is B. 10⁄60.
What is the opportunity cost of producing corn?
The opportunity cost of producing corn to the United States would be the number of diamonds that are given up to make one unit of corn.
This can be found as:
= Units of diamonds / Units of corn
= 10 / 60 diamonds
The answer would be 20
(source is from flvs: economics with financial literacy)
Many companies have a _____ that their employees are responsible for abiding by. code of unethics code of ethics set of rules set of laws
Answers
Answer:
Code of Ethics
Explanation:
Answer: B) code of unethics
Explanation:
A designer of purses is known for her clutches and small cross-body bags. Over the course of several years, consumers slowly stop buying the cross-body bags, prompting the designer to replace them with larger purses that have shoulder straps. This is an example of repositioning by changing the ______.
Answers
This is an example of repositioning by changing the product offerings to meet the preferences and demands of the consumers.
The correct answer is repositioning by changing the product. Changing the product is the answer to what type of repositioning is it if a designer replaces smaller cross-body bags with larger purses that have shoulder straps because consumers stop buying cross-body bags?
What is repositioning? Repositioning is a strategy that entails adjusting a brand's market location in order to meet the changing needs of customers, revitalizing an old brand, or identifying new opportunities in the market.
Repositioning includes the use of marketing campaigns and targeted brand messaging to move a brand to a new market position.Repositioning is frequently used by companies that are struggling in their current market position, such as those whose products are outdated, no longer meet the needs of customers, or face stiff competition from newer or more innovative companies.
It's a technique for regaining competitiveness and increasing customer interest.Repositioning by changing the product. When the customers slowly stop buying a product, companies may reposition the product by modifying its features and characteristics.
The designer, in this case, replaces cross-body bags with larger purses that have shoulder straps because consumers stopped buying cross-body bags. This is an example of repositioning by changing the product. This is done by making changes in the physical attributes of the product or the way it is presented. These modifications should be appropriate for the target market and should address their changing requirements.
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Holloway Company earned $6,800 of service revenue on account during Year 1. The company collected $5,780 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet.
Answers
The further discussion can be defined as follows:
For point A:Calculated to use this formulation is the account receivable
reported on the balance sheets
Using formula:
Admissible Accounts
For point B:The reported net income is revenue from services of \(\$18,000\)
For point C:The reported net cash flow from operations is \(\$14,000\) in
cash from accounts receivables in 1 year.
For point D:Reclaimed revenues are \(\$18,000\) representing the amount of net
income transferred to the retained income account.
So, the final answer is "$4,000, $18,000, $14,000, and $18,000".
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Billy has received a mediocre evaluation for the second year in a row. He knows that he has made improvements, but his supervisor just does not seem to notice or in Billy’s opinion, care. Billy likes his job and wants to keep it. He listens to what his supervisor says and then his supervisor asks Billy to prepare a written response. Before Billy leaves the room to prepare the response, how should he respond to his supervisor?
Answers
Answer:
He could take deep breaths and then respond nonjudgmentally
Explanation:
From the question, we are informed about Billy who has received a mediocre evaluation for the second year in a row. He knows that he has made improvements, but his supervisor just does not seem to notice or in Billy’s opinion, care. Billy likes his job and wants to keep it. He listens to what his supervisor says and then his supervisor asks Billy to prepare a written response. Before Billy leaves the room to prepare the response, In this case should he respond to his supervisor by taking deep breaths and then respond non-judgmentally when addressing is supervisor.
what is mangerial accounting with example
Answers
Answer:
Managerial accounting (also known as cost accounting or management accounting) is a branch of accounting that is concerned with the identification, measurement, analysis, and interpretation of accounting information so that it can be used to help managers in a company make choices for it.
Explanation:
Answer:
Management accounting is the accounting used by managers.
Explanation:
For example, imagine a company makes cookies. In order to make a profit on cookies, the management needs to decide, what raw materials to use. How much will they cost? If the raw materials per cookie is $20, then how much should the profit be set to per batch? If the targetted profit is 25% then the price for the cookies to the end customer will have to be $25.
Also, management accounting helps identify how many units to make. So, for example, your bakery costs $1000 rent per month. So, you want to know how many cookies you'll have to sell to at least be able to pay rent for your shop? This is where we do a break-even analysis. So, if you're selling cookies for $25 and cost to make is $20, you're only left with $5.
Now, $1000/$5 = 200 cookies. Now, you know that as a manager/owner that if you want to be able to just make the business viable, you have to sell 200 cookies at $25 a piece.
At www.daveramsey.com’s Financial Peace University (FPU), Dave recommends Seven Baby Steps. One of these steps is “Pay off debt using the debt snowball.” After graduating from FPU, Courtney Lopez-Munoz is trying to calculate the effective interest rate she is paying for a $1,789 simple discount note at 5.25% for 15 months. What rate has she been paying?
Answers
The effective interest rate Courtney Lopez-Munoz has been paying for the $1,789 simple discount note at 5.25% for 15 months is 6.62%.
What is effective interest rate ?Generally, The effective interest rate is the rate of interest that is actually earned or paid on a loan, investment or deposit after taking into account compounding.
It is used to compare different investments or loans that have different interest rates and compounding periods.
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Meeting planners might find themselves doing all of the following except:
1.arranging for technical and audiovisual needs
2.establishing agenda, objectives, and budget
3.establishing policies and programs for business travel
4.working with vendors to secure locations
Answers
Answer:
No one should be seated closer to the screen that two times the height of the screen nor further back that eight times the height of the screen.A meeting agenda is an ordered list of topics you plan to cover during your meeting. It prioritizes the most important items you need to discuss with your team, and it can serve as a guide for how the meeting will progress.Have all the necessary documents on your person— ID cards, passport and visa (if needed), and travel tickets, before leaving for the scheduled departure. Business documents are also importantAs a vendor's security rating improves, so does their security posture. Security ratings products provide real-time, non-intrusive measurement of any vendor's security performance and can instantly provide an aggregate view of vendor performance and key risks shared across your third and fourth-parties.PLEASE HELP ME! TIME SENSITIVE!!!
What is one reason that organizations use style guides?
A.
to help writers write more original content
B.
to shorten the time reviewers spend on documents
C.
to encourage creativity in the writing process
D.
to increase sales of product documentation
Answers
Question:
What is one reason that organizations use style guides?
Answer:
C. to encourage creativity in the writing process
Explanation:
The purpose of organizations using style guides will be to make sure that multiple contributors create clearly and cohesively that reflect the corporate style and ensures brand consistency with everything from design to writing. From "multiple contributors create clearly and cohesively" I believe that it will include creativity.