Answer:
a. The first year's net earnings under the cash basis of accounting is $7,600 and the first year's net earnings under the basis of accounting is $12,200
b. Accrual basis of accounting provides more useful information.
Explanation:
a. In order to calculate the first year's net earnings under the cash basis of accounting we would have to use the following formula:
Cash basis net earnings = Service revenue (Cash) – Cash expenses – Prepaid expenses
Cash basis net earnings =$22,000 – $12,000 – $2,400
Cash basis net earnings =$7,600
In order to calculate the first year's net earnings under the the basis of accounting we would have to use the following formula:
Accrual basis net earnings = Service revenue – Operating expenses incurred
Accrual basis net earnings= $28,000 – $15,800
Accrual basis net earnings=$12,200
b. Accrual basis of accounting provides more useful information, because in this system revenues are recorded what actually earned and expenses are recorded what actually incurred for earning such revenues. Therefore, it gives better profit picture
Dowell Co. manufactures a wooden item. Which of the following is included with the inventoriable cost under absorption costing and excluded from the inventoriable cost under variable costing?
a. Cost of electricity used to operate production machinery
b. Straight-line depreciation on factory equipment
c. Cost of scrap pieces of lumber
d. Wages of assembly line personnel
c. In absorption costing, the cost of scrap pieces of timber is added to the inventoriable cost; but, under variable costing, it is subtracted from the inventoriable cost.
How much does absorption cost?Inventory valuation is done using the absorption costing system. Together with the price of materials and labor, it also covers the costs of manufacturing overhead, both fixed and variable. Full costing and absorption costing are both used interchangeably. The use of comprehensive costing has a number of benefits.
Its key benefit is that it complies with GAAP. It is necessary when creating reports for the purpose of valuing stocks and generating financial accounts.
Absorption costing is not helpful for making decisions about products since it allocates fixed manufacturing expenses to the product cost. The actual cost of producing a product is poorly estimated by absorption costing. Instead, variable costing is employed to support management's decision-making on the products.
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A local dental partnership has been liquidated and the final capital balances are: Atkinson, capital (40% of all profits and losses) . . . . . . . . $ 70,000 Kaporale, capital (30%) . . . . . 30,000 Dennsmore, capital (20%) . . . (42,000) Rasputin, capital (10%) . . . . . (58,000) If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
Answer:
Cash distribution
Atkinson $20,000
Kaporale $0
Dennsmore $0
Rasputin $0
Explanation:
Computation of what should happen if Rasputin contributes additional cash of $20,000 to the partnership
Atkinson Kaporale Dennsmore Rasputin
Reported balances
$70,000 $30,000 $(42,000) $(58,000)
Capital contribution$0 $0 $0 $20,000
Adjusted balances
$70,000 $30,000 $(42,000) $(38,000)
Potential loss from Dennsmore and Rasputin(42,000+38,000=80,000) split on a 4:3 basis
(45,714) (34,285) 42,000 38,000
Adjusted balances
$24,286 $(4,285) $0 $0
Potential lossfrom Kaporale ($4,285)
(4,285) 4,285 $0 $0
Cash distribution $20,000 $0 $0 $0
Calculation for the potential loss
Potential loss from Dennsmore and Rasputin(42,000+38,000=80,000) split on a 4:3 basis
Dennsmore(4/7×80,000)= 45,714
Rasputin (3/7×80,000)=34,285
Therefore what should happen if Rasputin contributes additional cash of $20,000 to the partnership is that Atkinson will have cash of $20,000, Kaporale $0 , Dennsmore $0 and Rasputin will have cash of $0
With yearly inflation of 8 % , prices are given by P = P 0 ( 1.08 ) t , where P 0 is the price in dollars when t = 0 and t is time in years. Suppose P 0 = 1 . How fast (in cents/year) are prices rising when t = 1 0 ? Round your answer to two decimal places.
Answer:
by 16.61 cents per year
Explanation:
P = Po(1.08)^t
How fast are prices increasing?
The rate of increase:
dP/dt = d/dt(Po(1.08)^t)
= d/dt((1.08)^t)
We use derivative formula of exponential function as we continue solving this problem
dP/dt = (1.08)^t x ln(1.08)
dP/dt = ln(1.08)x(1.08)^t
Now t value = 10,
P'(10) = ln(1.08)x(1.08)^10
= 0.07696x2.1589
= 0.1661 dollars and 16.61 cents per year
In conclusion, prices are rising by 16.61 cents per year.
Bald Eagle, Inc., had the following transactions for the year ended December 31, Year 7. Select from the options list provided the best classification for each activity. Each choice may be used once, more than once, or not at all.
Cash Flow Classification
1. Purchased equipment for $30,000
2. Sold available-for-sale securities for $7,000
3. Paid income taxes of $40,000
4. Issued 40,000 shares of common stock, $2.50 par
5. Paid $2,000 interest
6. Paid $10,000 cash dividends to shareholders
7. Received $1,500 interest
8. Sold land for $17,000
9. Paid $7,000 to vendors for inventory
The best classification of each transaction and activity of Bald Eagle, Inc. for the year ended December 31, Year 7 is as follows:
Cash Flow Classification
1. Equipment Purchase $30,000 Investing Activity
2. Sale of available-for-sale securities $7,000 Investing Activity
3. Payment of income taxes $40,000 Operating Activity
4. Issuance of 40,000 shares at $2.50 par Financing Activity
5. Payment of interest $2,000 Operating Activity
6. Dividend payment $10,000 Financing Activity
7. Received $1,500 interest Operating Activity
8. Sold land for $17,000 Investing Activity
9. Payment of $7,000 to vendors for inventory Operating Activity
What are cash flow activities?Cash flow activities that affect the Cash Flow Statement include:
Operating ActivityInvesting ActivityFinancing Activity.Options List:Operating Activity
Investing Activity
Financing Activity
Depends on nature and purpose
Not reported on Bald Eagle's Statement of Cash Flows
Thus, the correct classification of the cash flow activities has been done.
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Question 8 of 10
Which of the following responses is the most ethical way to deal with a
problem?
A. Hire a public relations firm to deal with the media fallout.
B. Consider what effects your actions would have over the long term
if they were discovered.
C. Discover who was responsible and terminate their relationship
with the company.
D. Assume that the customer is always right.
Answer:
B
Explanation:
If you're going to solve it ur going to need to know how it's going to effectively help don't just do it first think.
Out of the choices provided above, it can be concluded to state that considering the effects of one's actions over a long term discovery is one of the ideal responses, and an ethical way to deal with a problem. Therefore, the option B holds true.
What is the significance of an ethical problem?An ethical problem can be referred to or considered as one of the most critical concern for the smooth functioning of a working organization. It is needed to be dealt in an effective way using relevant solutions that can derive positive outputs for the organization.
The consequences of a problem may be ambiguous in nature, and thus, it becomes important to review them well by taking the effects of actions into consideration, and what influence they could have on the organization in the longer run.
Therefore, the option B holds true and states regarding the significance of an ethical problem.
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What are some of your strengths areas? Think about the top 2/3 skills you would advertise about yourself, consider what others come to you for advice about.
Answer:
Some of my strength areas are trustworthiness, creativity and solving problems, leadership and organization, analytical skills, determination, and empathy.
Explanation:
Every person's core strengths or skills should fall into these three main areas: personal, play, and work. Personal skills deal with the fundamental skills that give the background to every activity that a person undertakes. Play skills define the human interaction and relationship with others. Work skills specify one's attitude to work and how a person achieves her goals in the work environment.
Annabelle Jefferson earns net self-employment income of $43,500. She does not work a second job.
Self-Employment tax =
Based on the net self-employment income to Annabelle Jefferson, and the fact that she does not work a second job, the self - employment tax is $6, 655.50
How to find the self - employment tax?As of the year 2022, the self - employment tax is based on the self - employment tax rate of 15.3 % which comprises of 12.4% Social Security tax and 2.9% Medicare tax.
Based on the net self-employment income to Annabelle Jefferson of $43, 500 therefore, the self - employment tax to Annabelle Jefferson would be:
= 43, 500 x 15. 3 %
= $6, 655.50
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Your reading material states that it is important to give workers tasks that are
"commensurate with performance __________."
a. standards
b. objectives
c. benefits
d. bonuses
Your reading material states that it is important to give workers tasks that are "commensurate with performance Option (a) standards.
Commensurate with performance standards means that tasks that are assigned to workers should be based on their performance standards. It is important for a manager to know the performance standards of an employee before assigning him/her any task. This helps to motivate workers and improve their productivity. A manager should know the strengths and weaknesses of his workers to give them tasks that are commensurate with their performance standards.
If a manager assigns a task that is too hard or too easy, it can lead to frustration or boredom in the worker. In the same way, if a task is too easy, then it can lead to a lack of motivation for the worker. Therefore, tasks assigned should be challenging but doable based on the performance standards of the worker. Performance standards are set to determine the quality, quantity, and time required for a specific task. Performance standards help in measuring the progress of a worker and the organization as a whole.
Performance standards can help in identifying the areas of improvement and training that a worker might need to perform better in his tasks. In addition, performance standards help in creating a transparent work culture where workers know what is expected of them from their managers. Overall, performance standards are essential for creating a productive and efficient workforce. Therefore, the correct option is A.
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give the meaning of office machine
Answer: Equipment
Explanation:The equipment used in an office; for example: phones, computers, and printers. ... These markets cover computers and other machines for workplaces.
Hope this helps! Brainlist?
Answer:
What are office machines? The Cambridge Dictionary defines office machinery as the equipment used in an office for example: phones, computers, and printers These markets cover computers and other machines for workplaces.
Explanation:
Question 9 of 10
To pay down the principal on your student loan right away, you should:
To pay down the principal on your student loan right away, one should pay more than minimum amount expected to be paid with interest.
What is student loan?
An agreement whereby a college or university student borrows a bank's money to pay for their studies and then repays the loan once they have finished their studies and have begun working.
Reason
A loan payment that doesn't go toward the interest due on the loan but instead lowers the amount still owed on the loan.
What is principal loan?
The principal is the sum of money you initially promised to repay. The cost for borrowing the principal is interest. In general, any payment is made on a vehicle loan will be used to cover any outstanding fees first.
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3. Suppose local governments throughout the United States increase their tax on business inventories. What would you expect to happen to U.S. investment? Why?
Answer:
The investment will fall.
Explanation:
The U.S investment will fall because the increase in the tax will reduce its corporate profit and gross domestic investment will fall. Since the primary motive of every firm or company is to earn profit but if their profit decreases then the investor will not invest. Moreover, the company or investor will choose a different country where it can make more profit. Therefore, a rise in tax rate demotivates the investment.
If the local governments increase their tax on business inventories, then, investment will decline.
Basically, when there are increase of tax on business inventories, the country's gross domestic private investment will fall because investor are discouraged to invest.
The gross private domestic investment measure the amount of money that domestic businesses invest within their own country
Hence, the high tax will discourage current and new investors.
In conclusion, If the local governments increase their tax on business inventories, then, investment will decline.
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help employees from diverse backgrounds work more effectively across geographic and cultural boundaries
Organizations must make sure they communicate with employees in an effective manner if they are to govern a diverse workplace.
Why are employees referred to as staff?The word "Staff," which refers to the group of persons with whom one works, has a military etymology. It thus denotes a "group of soldiers supporting a general." Physically speaking, a "Staff" is a walking stick or other aid that is used to help someone stand or move.
What tasks are performed by employees?to directly complete the work they were hired to do. They may receive a warning or be dismissed if they repeatedly arrive late for school, miss too many days of work, or miss work without a good reason. should avoid putting themselves in
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Which of the following would not be legal to put on an application blank?
Some of the contents on an application blank are:
Personal DataMarital Data, etcWhat is an Application Blank?This refers to the type of interview which is well structured and contains standardized questions which are determined in advance.
Please note that your question is incomplete so I gave you a general overview to help you get a better understanding of the concept.
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Flagstaff Company has budgeted production units of 9,000 for July and 9,200 for August. The direct labor requirement per unit is 0.50 hours. Labor is paid at the rate of $22 per hour. The total cost of direct labor budgeted for the month of August is:
Answer:
the total cost of direct labor budgeted for the month of August is $101,200
Explanation:
The computation of the total cost of direct labor budgeted is shown below:
Direct labor cost is
= 9,200 × .50 hours × $22 per hour
= $101,200
Hence, the total cost of direct labor budgeted for the month of August is $101,200
The same should be relevant
Solve for the unknown interest rate in each of the following (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.):
Present Value Years Interest Rate Future Value
$190 4 % $231
310 18 854
34,000 19 148,042
33,261 25 412,862
Answer:A) 5.01% B)5.79% C.8.05% D)10.60%
Explanation:
Using the formula
FV = PV (1 + r)ⁿ
where
PV=present value
r=interest rate
n =number of periods/ years
FV = future value.
Making r= interest rate the subject formula to solve .
FV = PV (1 + r)ⁿ
(FV/PV)^ 1/n - 1 = r
A)( 231/190)^(1/4) -1
( 231/190)^ 0.25 -1
1.21578947^0.25 -1
1.05006116 -1
0.05006116 X 100
5.01%
B)( 854/310)^ (1/18) -1
( 854/310)^ 0.0555 -1
2.75483871^0.0555 -1
1.05785304 -1
0.05785304 X 100
5.79%
C)( 148,042/34,000)^ (1/19) -1
( 148,042/34,000)^ 0.0526 -1
4.35417647^0.0526 -1
1.08045444-1
0.08045444 X 100
8.05%
D)( 412,862/33,261)^ (1/25) -1
( 412,862/33,261)^ 0.04 -1
12.4127958^0.04 -1
1.10599913 -1
0.10599913X 100
10.60%
Assignment:
You work in a customer services department and have been assigned to answer a complaint from a customer. The customer, Mr. Fitzpatrick, ordered a chainsaw three weeks ago and has not received it. He wants to know where the chainsaw is and when he is getting it.
Using business writing and coherent paragraphs, craft a message to the customer. Complete and submit your message for possible credit.
Developing Paragraphs:
• Develops coherent paragraphs by linking ideas, keeping paragraphs unified & varied sentence/paragraph length.
• Demonstrates the use of an effective topic sentence.
• Applies connecting words to link sentences.
• Crafts the message using active voice.
• Constructs powerful sentences with emphasized important ideas, repetition, and words that label.
• Applies an appropriate conclusion.
Answer:
The message is as follows:
Mr. Fitzpatrick, I’m so sorry your ordered chainsaw hasn’t arrived. I know how frustrating this must be. I’ve tracked the package and it’s currently listed as processed. I am attaching a link here so that you can track its progress.
Please contact me directly if your order hasn’t arrived within the given timeframe. In the meantime, I will do everything I can to locate your package.
Once again, I sincerely apologize for the inconvenience.
Explanation:
No explanation is required to support the answer.
Suppose the mean height in inches of all 9th grade students at one high school is
estimated. The population standard deviation is 3 inches. The heights of 10
randomly selected students are 74, 68, 74, 73, 70, 61, 75, 61, 73 and 75.
61+61+68+70+73+73+74+74+75+75
÷10
=704÷10
=70.4
Explanation:
all data points are divided by the number of data points
Methods of data collection Method of primary data collection Methods of secondary data collection Methods of data presentation Frequency Distribution Bar Chart The Pie Graph Ungrouped Frequency Distribution Grouped Frequency Distribution Histograms, Frequency Polygons, and
Methods of data collection refer to the various techniques used to gather information for research or analysis.
Primary data collection involves collecting data firsthand through methods such as surveys, interviews, and observation. Secondary data collection involves using existing data sources such as published reports, government statistics, and other published data.
Methods of data presentation include frequency distribution, which involves organizing data into categories and displaying the number of observations in each category.
Other methods include bar charts, pie graphs, histograms, and frequency polygons, which are used to visually represent data and show patterns and relationships within the data.
Ungrouped and grouped frequency distributions are used to organize data into intervals, and histograms are used to display the data in a bar chart-like format. Frequency polygons are similar to histograms, but lines are used to connect the tops of each bar.
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To maintain good working relationships in negotiations, managers and other involved parties should strive for ____
Answer:
"Build a relationship in negotiation by asking questions, then listening carefully. Even if you have decided to make the first offer and are ready with a number of alternatives, you should always open by asking and listening to assess yur counterpart's interests."
Companies pursuing business-level strategies like cost leadership, differentiation, and integration should organize using a _______ structure.
Four regularly occurring business-level strategies emerge from these decisions: (1) huge value leadership , (2) large differentiation , (3) targeted price management , and (4) centered differentiation .
In rare cases, companies are able to offer both low expenditures and unique features that clients discover desirable.
What is a business-level strategy?A business-level strategy is an innovative way for a employer to exhibit its special assets, amplify its aggressive facet and help the character components of its business enterprise feature as one complete unit.
When pursuing a cost management method a business ought to keep in mind that?When pursuing a cost-leadership strategy, a business ought to take note that: Buyers will be reluctant to pay for a product until the pleasant is acceptable. In Strategy Highlight 6.2, Ryanair is aggressively pursuing a cost-leadership position in Europe.
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https://brainly.com/question/28284743#SPJ46:00 PM If the contract is "mixed," the governing law (UCC or common law) is determined by: Multiple Choice a. Article 6. b. whether there was liability relating to a negotiable instrument.c. whether services were performed. d. the predominant factor. 6:00 PM
If the contract is "mixed," meaning it involves both the sale of goods and the performance of services, the governing law (UCC or common law) is determined by the predominant factor. This means that whichever aspect of the contract is the main focus or primary purpose will determine the governing law. The correct option is d.
For example, if the contract involves the sale of a computer and also includes installation and setup services, but the primary purpose of the contract is the sale of the computer, then the UCC (Uniform Commercial Code) would be the governing law.
On the other hand, if the primary purpose of the contract is the performance of services, then common law would be the governing law. The determination of the governing law is important because the UCC and common law have different rules and requirements for contracts, such as the statute of frauds, warranties, and remedies for breach of contract.
Therefore, it is important to understand which law governs the contract in order to properly interpret and enforce its terms. It is not determined by Article 6 or liability relating to a negotiable instrument, but rather by the predominant factor in the contract. The correct option is d.
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One of the biggest barriers identified in the performing stage of team development is the inability of project team members to focus their attention on the task at hand.
a. True
b. False
Answer: Obama
Explanation: E
Explain the meaning of environmental scanning. Illustrate with examples the
relevance of technological, political, economic, social, and regulatory environments
in the context of marketing strategy. How managers are involved in environmental
scanning?
Environmental scanning refers to the process of gathering and analyzing information about the external factors that can impact an organization's business environment.
Technological factors include advancements in technology, such as the rise of e-commerce, mobile applications, or automation, which can create new marketing channels or change consumer behaviors.
Political factors encompass government policies, regulations, and political stability that can impact marketing strategies. For example, changes in trade policies or regulations related to data privacy can influence international marketing activities.
Economic factors include economic conditions, such as inflation rates, exchange rates, or consumer purchasing power, which can affect consumer behavior and demand for products or services.
Social factors refer to societal trends, cultural norms, and consumer preferences that can influence marketing strategies. For instance, shifts in consumer values towards sustainability or increased focus on health and wellness can shape product development and advertising campaigns.
Regulatory factors involve laws and regulations that organizations must comply with, such as consumer protection laws or industry-specific regulations. These can impact marketing activities, advertising content, or product labeling.
Managers play a crucial role in environmental scanning. They are responsible for monitoring and analyzing the external environment, identifying relevant trends and potential opportunities, and making informed decisions based on the insights gained.
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For an open economy under a floating exchange rate regime, _________________________.
a.) Monetary policy is highly effective.
b.) Fiscal policy is highly effective.
c.) Monetary policy is ineffective.
d.) B and C.
Do you think the media has a responsibility to teach young boys how to become men?
Answer:
No, but they will still consider it as their responsibility to teach a young boy how to become the "perfect" person, thus creating pressure and stress to become a man that will fit in society.
Explanation:
Accumulated depreciation
A.) Increase Liabilities
B.) Increase assets
C.) Decreases assets
D.) decreases liabilities
evaluate how business can apply pricing policy, eg. what informs their pricing policy
HBR first published this article in November 1950 as a practical guide to the problems involved in pricing new products. Particularly in the early stages of the competition, it is necessary to estimate demand, anticipate the effect of various possible combinations of prices, and choose the most suitable promotion policy. Then as the product’s market status matures, policy revisions become necessary. Joel Dean outlines the possible price strategies for each stage of a product’s market evolution and the various grounds for making a choice. To update his original statement, Mr. Dean has written a retrospective comment, which appears at the end of this article. He amplifies his earlier article with insights from intervening years and in light of such developments as inflation.
How to price a new product is a top management puzzle that is too often solved by cost theology and hunch. This article suggests a pricing policy geared to the dynamic nature of a new product’s competitive status. Today’s high rate of innovation makes the economic evolution of a new product a strategic guide to practical pricing.New products have a protected distinctiveness which is doomed to progressive degeneration from competitive inroads. The invention of a new marketable specialty is usually followed by a period of patent protection when markets are still hesitant and unexplored and when the product design is fluid. Then comes a period of rapid expansion of sales as market acceptance is gained.Throughout the cycle, continual changes occur in promotional and price elasticity and in costs of production and distribution. These changes call for adjustments in price policy.To learn more about pricing policy visit:
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Individual consumers are considered as:
communication
possible customers
competition
demographics
B. Possible customers
During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June 1 for $1,410. On each door he painted "James Cook Lawn Service, Phone 471-4487." He also spent $650 for mowers, trimmers, and tools. To acquire these items, he borrowed $2,700 cash by signing a note payable promising to pay the $2,700 plus interest of $85 at the end of the three months (ending August 31).
By the end of the summer, James had done a lot of work and his bank account looked good. This prompted him to wonder how much profit the business had earned.
A review of the check stubs showed the following: Bank deposits of collections from customers totaled $12,800. The following checks had been written: gas, oil, and lubrication, $970; pickup repairs, $310; mower repair, $300; miscellaneous supplies used, $190; helpers, $5,200; payroll taxes, $210; payment for assistance in preparing payroll tax forms, $40; insurance, $165; telephone, $300; and $2,785 to pay off the note including interest (on August 31). A notebook kept in the pickup, plus some unpaid bills, reflected that customers still owed him $850 for lawn services rendered and that he owed $190 for gas and oil (credit card charges). He estimated that the cost for use of the truck and the other equipment (called depreciation ) for three months amounted to $760.
Required:
1. Prepare a quarterly income statement for James Cook Lawn Service for the months June, July, and August. Assume that the company will not be subject to income tax.
The income statement for James Cook Lawn Service shows a balance of $5,120.
The quarterly income statement for James Cook Lawn Service for the months of June, July, and August would look as follows:
Income Statement (Quarterly)
For the Months Ended August 31
Revenues:
Collections from customers $12,800
Accounts receivable $850
Total Revenues $13,650
Expenses:
Gas, oil, and lubrication $970
Pickup repairs are $310
Mower repair $300
Miscellaneous supplies used $190
Helpers $5,200
Payroll taxes $210
Payment for assistance $40
Insurance $165
Telephone $300
Depreciation $760
Interest expense of $85
=$970 + $310 + $300 + $190 + $5,200 + $210 + $40 + $165 + $300 + $760 + $85 = $8,530
Total Expenses $8,530
Net Income = Revenues - Expenses
Net Income $5,120
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Traditional marketing revolves around the 4 Ps:
Traditional marketing revolves around the 4 Ps, which are Product, Price, Place, and Promotion.
These elements form the foundation of a marketing strategy for businesses.
Product: Refers to the goods or services that a company offers to its customers. It involves defining the features, design, and quality of the product.
Price: Involves determining the cost of the product or service and finding the right pricing strategy that aligns with customer expectations and market conditions.
Place: Focuses on selecting the distribution channels and locations where the product will be available for customers to purchase. It includes decisions related to retail outlets, online platforms, or direct sales.
Promotion: Involves the activities undertaken to promote and create awareness about the product. It includes advertising, public relations, sales promotions, and other marketing communication strategies.
These 4 Ps provide a framework for businesses to analyze and optimize their marketing efforts to meet customer needs, increase sales, and achieve overall business objectives.
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