On December 31, 2019, Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. After recording the related entry, Bonds Payable had a balance of $450,000 and Premium on Bonds Payable had a balance of $11,795. Spearmint uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30, 2020.
Required:
Complete the necessary journal entry for June 30, 2020.
Answers
Answer: Please refer to Explanation
Explanation:
June 30, 2020
DR Bond Interest Expense $18,284
DR Premium on Bonds Payable $1,966
CR Cash $20,250
(To record Payment of Bond Interest)
Workings
Cash
Semi Annual Payment of Interest means that the interest rate of 9% which is annual will be split into 2 to make it 4.5% to make it semi annual.
= 450,000 * 4.5%
= $20,250
Premium on Bonds Payable
The straight-line bond amortization method means that a Bond's Discount or Premium amount will be amortized in equal proportions for the duration of the bond's life.
Seeing as there are semi annual payments, the Premium will be amortized semi-annually.
There are 3 years so semi-annually would be,
= 3 * 2
= 6 periods.
Semi- Annual Bond Amortization for the premium is therefore,
= 11,795/6
= $1,966
Bond Interest Expense
= Cash - Premium on Bonds Payable
= 20,250 - 1,966
= $18,284
Related Questions
You want to purchase your first house. A conventional mortgage will require a credit score of approximately 630. Your credit score is 560. You need to increase it by 70 points to get to 630. If you increase your score by 12% per year, how many years will it take to lift your score to 630?
Answers
Answer:
1.1 years
Explanation:
The currents credit score is 560
the credit score is increasing by 12% per year is
=12% of 560
=12/100 x 560
=0.12 x 560
=67.2
The required increase is 70 points
the years it will take = 70 points /67.2 points
=1.041 years
= 1 year and one month
A clothing design company pays two different people to design its T-shirts. The company pays person A $10 an hour and pays person B $12. Person A cannot work more than 5 more hours than person B, but they cannot work more than 30 hours total. Person A makes the company a profit of $15 an hour, and person B makes the company a profit of $20 an hour. If the company wants to make at least $250 in profit, which value will minimize the cost to the company? (Each point is (a, b), where a is the hours person A works and bis the hours person B works.) A. (17.5, 12.5) B. (0, 12.5) C. (10, 20) D. (0, 30)
Answers
AnswerAnswer:
B. (0, 12.5)
Explanation:
A+B = 30
a+a+5=30
a=12.5
if a = 12.5 b= 17.5
12.5 x 15 = 187.5 17.5 x 20 = 350
12.5 x 17.5 = 250 hence B is the correct answer
The combination of hours that minimizes the cost to the company while making at least $250 in profit is (17.5, 12.5), or answer choice A.
To minimize the cost to the company, we need to find the combination of hours for person A and person B that will allow the company to make at least $250 in profit while keeping the total cost of labor as low as possible. Let's call the number of hours that person A works "a" and the number of hours that person B works "b". We know that person A earns $10 per hour and person B earns $12 per hour. Additionally, we know that person A makes the company a profit of $15 per hour, while person B makes the company a profit of $20 per hour.
If we let x be the number of hours that person B works, then person A can work at most x+5 hours. This means that the total number of hours worked must be no more than 30, or a + b ≤ 30.
To make at least $250 in profit, we can set up the following inequality:
15a + 20b ≥ 250
Now we want to find the combination of a and b that minimizes the cost to the company. The cost to the company is given by:
Cost = 10a + 12b
We can use the method of Lagrange multipliers to solve this problem. We need to minimize the cost function subject to the constraints that a + b ≤ 30 and 15a + 20b ≥ 250.
The Lagrangian is:
L(a,b,λ) = 10a + 12b + λ(30 - a - b) + μ(250 - 15a - 20b)
where λ and μ are the Lagrange multipliers.
Taking partial derivatives with respect to a, b, λ, and μ, we get:
∂L/∂a = 10 - λ - 15μ = 0
∂L/∂b = 12 - λ - 20μ = 0
∂L/∂λ = 30 - a - b = 0
∂L/∂μ = 250 - 15a - 20b = 0
Solving these equations, we get:
a = 17.5, b = 12.5, λ = -1, μ = -2.5
Therefore, the combination of hours that minimizes the cost to the company while making at least $250 in profit is (17.5, 12.5), or answer choice A.
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If a minimum wage increase helps some people but harms other’s people, is it a good policy?
Answers
If a minimum wage increase helps some people but harms others, it is still a good policy. A minimum wage increase would be a good policy because it benefits those who are struggling to make ends meet and could use a little extra income to pay for essentials such as rent, food, and utilities.
Additionally, when low-wage workers earn more money, they have more money to spend, which stimulates the economy. Workers earning minimum wage are more likely to spend the additional money they earn, resulting in increased consumer spending. This, in turn, can lead to increased business activity and job creation. Higher wages also help to reduce poverty and improve social mobility, which has a positive effect on society as a whole.
However, it is essential to recognize that a minimum wage increase could cause harm to some people and businesses. Companies may need to reduce their workforce to cut costs, and some employees may lose their jobs as a result. Furthermore, if the price of goods and services increases due to higher wages, some consumers may be priced out of the market, resulting in reduced sales and profits for businesses.
Nevertheless, the benefits of a minimum wage increase outweigh the drawbacks. A minimum wage increase is a necessary step in ensuring that low-wage workers are paid a living wage and that our economy is stimulated.
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Market culture is controlled and has an internal focus
Answers
A marketplace culture has a strong external focus and values balance and control whereas a hierarchical culture has an internal focus and values balance and manipulation over flexibility.
What do you mean by market culture?A marketplace culture is a sort of company tradition that emphasizes competitiveness now no longer only among the corporation and its marketplace competition but additionally among employees.
The marketplace version is the maximum competitive and capitalistic of the four common corporate culture models.
Hence, A marketplace culture has a strong external focus and values balance and control whereas a hierarchical culture has an internal focus and values balance and manipulation over flexibility.
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Lean Accounting
The annual budgeted conversion costs for a lean cell are $186,930 for 3,100 production hours. Each unit produced by the cell requires 20 minutes of cell process time. During the month, 970 units are manufactured in the cell. The estimated materials costs are $39 per unit.
(Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.)
Journalize the following entries for the month:
a. Materials are purchased to produce 1,020 units.
b. Conversion costs are applied to 970 units of production.
c. The cell completes 920 units, which are placed into finished goods.
If an amount box does not require an entry, leave it blank.
Answers
Answer:
Material are purchased to produce 1,020 units
any form of online media content that is publicly available and created by consumers or end users is referred to as
Answers
Any form of online media content that is publicly available and created by consumers or end users is referred to as user-generated content.
Any type of content that has been uploaded by users to online communities like wikis, social networking sites, and discussion forums is referred to as user-generated content. It is a product created by consumers to distribute knowledge about internet products or the businesses who sell them. User-generated content can be used for a wide range of purposes, such as problem-solving, news gathering, entertainment, consumer contact, advertising, spreading rumors, research, and many more. It serves as an example of how content creation is becoming more democratic and how traditional media structures are flattening. In 2005, the BBC implemented a platform for user-generated material on their websites, and in 2006, TIME Magazine named "You" the Person of the Year in reference to the increase in UGC production.
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A corporate bond currently yields 8.5 percent. Tax-except municipal bonds with the same risk, maturity, and liquidity currently yield 5.5 percent. At what tax rate would investors be indifferent between the two bonds? a. 35.29% b. 40.00% c. 24.67% d. 64.71% e. 30.04%
Answers
Answer:
a. 35.29%
Explanation:
The computation of the tax rate that could be non-different between the two bonds is shown below:
Given that
Corporate Bond yield = 8.5%
Municipal bonds yield = 5.5%
based on the above information
Tax Rate is
= 1 - ( Municipal bonds yield - Corporate Bond yield)
= 1 - (5.5% ÷ 8.5%)
= 35.29%
Hence, the tax rate is 35.29%
We simply applied the above formula so that the correct value could come
And, the same is to be considered
NEED HELP!! PLEASE ID APPRICATE IT
Answers
For this discussion, you should put yourself in the role of a moderator as you:
Answers
Unions are organizations that represent workers in a particular industry or profession. Their primary goal is to protect the rights and interests of workers by negotiating better wages, benefits, and working conditions.
What are the policies of the Union?Unions are organizations formed by workers to protect their interests and rights in the workplace. They advocate for collective bargaining, fair wages and benefits, workplace safety, non-discrimination, job security, training and education, and political advocacy.
What are the labor laws?Labor laws are laws that govern the relationship between employers and employees in the workplace. Examples include minimum wage laws, overtime laws, anti-discrimination laws, health and safety laws, leave laws, unionization laws, and employment contract laws. These laws govern the rights of employees to form and join unions and establish the legal requirements for collective bargaining.
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What are unions? What are their roles and policies?
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated. May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise.
12 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938.
20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.
Required:
a. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
b. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Answers
Answer:
Buyer
May 11 Dr Merchandise inventory 25,000
Cr Account payable 25,000
Dr Merchandise inventory 410
Cr Cash 410
May 12 Dr Account payable 1400
Cr Merchandise inventory 1400
May 20 Dr Account payable 23,600
Cash 22,892
Dr Merchandise inventory 708
(Seller)
May 11 Dr Account receivable 25,000
Cr Sales revenue 25,000
Dr Cost of goods sold 16,750
Cr Merchandise inventory 16,750
May 12 Dr Sales return and allowance 1400
Cr Account receivable 1400
Dr Merchandise inventory 938
Cr Cost of goods sold 938
May 20 Dr Cash 22,892
Dr Sales discount 708
Cr Account receivable 23,600
Explanation:
Preparation of the Journal entry for Buyer
May 11 Dr Merchandise inventory 25,000
Cr Account payable 25,000
Dr Merchandise inventory 410
Cr Cash 410
May 12 Dr Account payable 1400
Cr Merchandise inventory 1400
May 20 Dr Account payable (25,000-1400) 23,600
Cash (23,600*97%) 22,892
Dr Merchandise inventory 708
(23,600*3%)
Preparation of Journal entry (Seller)
May 11 Dr Account receivable 25,000
Cr Sales revenue 25,000
Dr Cost of goods sold 16,750
Cr Merchandise inventory 16,750
May 12 Dr Sales return and allowance 1400
Cr Account receivable 1400
Dr Merchandise inventory 938
Cr Cost of goods sold 938
May 20 Dr Cash 22,892
[(25,000-14000)*97%]
Dr Sales discount 708
[(25,000-14000)*3%]
Cr Account receivable 23,600
What are the possible limitations of the decision support system in a banking sector with examples and scenarios
Answers
The possible limitations of the Decision Support System(DSS) in a banking sector are:
There are numerous uncertainties surrounding DSS, including Quantifying All the Data is Difficult: A decision support system mostly uses data that can be measured. As a result, it is challenging to interpret ill-defined or immaterial data. In practice, some values are difficult to describe precisely and numerically.
Decision Support System(DSS): A decision support system (DSS) is computer software that an organization or corporation uses to support decisions, judgments, and courses of action. A DSS sorts and examines enormous amounts of data, amassing thorough knowledge that may be applied to problem-solving and decision-making.
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On January 1, 2022, Salt Creek Country Club purchased a new riding mower for $15,000. The mower is expected to have a 10-year life with a $1,000 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2022, if Salt Creek uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Answers
Firstly, we need to calculate the depreciation expenses for the year before we will prepare the entry for the expense.
The formula for Depreciation expenses is [(Cost - Salvage value) / Useful life}.Depreciation Expense = [($15,000 - $1,000) / 10 years]
Depreciation Expense = $14,000 / 10 years
Depreciation Expense = $1,400 per year
Below is the Journal entry to record the depreciation expenses.Date Account titles Debit Credit
Dec 31, 2022 Depreciation Expenses-Equipment $1,400
Accumulated Depreciation-Equipment $1,470
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____ is the consumer right that is protected by a federal fraud law.
Answers
Answer:
The Federal Trade Commission Act
Explanation:
Answer: credit card protection
Explanation:
Mark decides to sell his pencils in the school store. This decision is an example of
A.Product
B.Price
C.Place
D. Promotion
Answers
Answer:
promotion
Explanation:
hes promoting that hes sellinng pencils
Answer:
The answer is C. Place
Explanation:
I just did a quiz and the correct answer was Place, GG's
If brainly say you will never run out of answers
well I just did and I have to finish a test. Brainly is the worst site.
Answers
Answer:
you have to ask a question if you don't see what you need
Explanation:
Communication may account for as much as. Of a hiring decision
a 25%
b. 40%
C65%
d. 80%
Answers
Answer:
A) 25%
Explanation:
Just got it right on edge
Sandia Inc. wants to acquire a $360,000 computer-controlled printing press. If owned, the press would be depreciated on a straight-line basis over 10 years to a book salvage value of $0. The actual cash salvage value is expected to be $25,000 at the end of 10 years. If purchased, Sandia will incur annual maintenance expenses of $3,000. These expenses would not be incurred if the press is leased. If the press is purchased, Sandia could borrow the needed funds at an annual pre-tax interest rate of 10%. The lease rate would be $48,000 per year, payable at the beginning of each year. If Sandia has an after-tax cost of capital of 12% and a marginal tax rate of 40%, what is the net advantage to leasing? a. $37,737 b. $65,543 c. $60,713 d. $57,173
Answers
Answer:
a. $37,737
Explanation:
Present value of Cost of Buying = The Cost of Press + [(Post Tax annual maintenance expenses - Annual Depreciation Tax shield)*PVIFA (6%,10)] - [Post tax Salvage Value*PVIF (12%,10)]
PV of Cost of Buying = 360000 + (3000*(1-40%)-360000/10*40%)*7.360 - 25000*(1-40%) * 0.322
PV of Cost of Buying = $262,434
Present value of Cost of Leasing = Post tax Lease Payment at the Beginning *(1+PVIFA(6%,9))
PV of Cost of Leasing = $48000*(1-40%)*(1+6.802)
PV of Cost of Leasing = $224,697
Net advantage to leasing = PV of Cost of Buying - PV of Cost of Leasing
Net advantage to leasing = $262,434 - $224,697
Net advantage to leasing = $37,737
9. The difference between a C Corp and an S Corp is
A. only a C Corp has a board of directors.
B. all companies must start
C Corps and become S Corps.
C. the tax code that each uses is different.
D. the personal assets of a C Corp owner belong to the business.
Answers
Answer:
the tax code that each uses is different.
Answer:
c. the tax code that each uses is different
Explanation:
Now find three examples of stocks. Gather the following information about each stock and complete the table:
• day's low share price
• day's high share price
• change percent
trading volume
• closing price
Answers
Answer:
The three examples of stocks chosen are:
Share A) Berkshire Hathaway Inc. Class AShare B) NVR Inc. (NVR)Share C) Amazon.com Inc. (AMZN)Their information is given on the attached excel spreadsheet.
Explanation:
Another name for a stock is equity. Stock or equity represents the lowest or smallest fraction of a company which an individual or another company can own.
Usually, they are purchased and sold via the Stock Market or Stock Exchange. There are a total of 16 stock exchanges globally.
- Day's Low Share Price: This refers to the smallest price for which a particular stock was sold or bought during the course of a trading day;
- Day's High Share Price: This refers to the highest price for which a particular stock was purchased during the course of a trading day;
- Change Percent: This refers to the percentage difference between the Closing Price and the Starting Price, divided by the Starting Price, all divided by 100.
Expressed as an equation, it is given as:
(Closing price - Starting price)/(Starting price) = %change.
- Closing Price: This is simply the price at which the last trade for a particular stock was purchased or bought before the market closed for the day.
Cheers
Answer:
The three examples of stocks chosen are:
Share A) Berkshire Hathaway Inc. Class A
Share B) NVR Inc. (NVR)
Share C) Amazon.com Inc. (AMZN)
Their information is given on the attached excel spreadsheet.
Explanation:
Another name for a stock is equity. Stock or equity represents the lowest or smallest fraction of a company which an individual or another company can own.
Usually, they are purchased and sold via the Stock Market or Stock Exchange. There are a total of 16 stock exchanges globally.
- Day's Low Share Price: This refers to the smallest price for which a particular stock was sold or bought during the course of a trading day;
- Day's High Share Price: This refers to the highest price for which a particular stock was purchased during the course of a trading day;
- Change Percent: This refers to the percentage difference between the Closing Price and the Starting Price, divided by the Starting Price, all divided by 100.
Expressed as an equation, it is given as:
(Closing price - Starting price)/(Starting price) = %change.
- Closing Price: This is simply the price at which the last trade for a particular stock was purchased or bought before the market closed for the day.
Current Attempt in Progress Blossom Industries collected $128,100 from customers in 2022. Of the amount collected, $30,500 was for services performed in 2021. In addition, Blossom performed services worth $48,800 in 2022, which will not be collected until 2023. Blossom Industries also paid $87,840 for expenses in 2022. Of the amount paid, $36,600 was for expenses incurred on account in 2021. In addition, Blossom incurred $51,240 of expenses in 2022, which will not be paid until 2023. (a) Compute 2022 cash-basis net income. Cash-basis net income $enter the cash-basis net income in dollars (b) Compute 2022 accrual-basis net income. Accrual-basis net income $enter the accrual-basis net income in dollars
Answers
Based on the transactions described, the following are true:
a. $40,260b. $43,920Cash basis income in 2022Income in 2022 will be based on all cash amounts received or spent in 2022.
Income = Amount collected - Amount spent on expenses
= 128,100 - 87,840
= $40,260
Accrual basis income in 2022Here all transactions that occurred in the 2022 financial year will be used in the calculation of net income.
= Total amount collected in 2022 + Services performed in 2022 - (Total expenses - 2021 expenses) - Revenue for 2021 - expenses incurred in 2022
= 128,100 + 48,800 - (87,840 - 36,600) - 30,500 -51,240
= $43,920
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Small businesses do not operate in the manufacturing and mining sectors of the economy.
True
False
Answers
Which of the following actions would be an acceptable response by the Federal Reserve to an economic downturn?
O Decrease the reserve requirement
O Increase the reserve requirement
Raise the discount rate
Sell government securities
Answers
Answer:
Raise the discount rate
Explanation:
might be the answer
A shop can sell at most 200 pairs of socks and at most 100 pairs of shoes. To maximize the profit, they have decided to make 2 offers. Offer 1 is a package of 1 pair of socks and 1 pair of shoes. Offer 2 is a package of 3 pairs of socks and 1 pair of shoes. The shop sells offer 1 for 30$ and offer 2 for 50$. They also want to sell at least 20 packages of offer 1 and at least 10 packages of offer 2. How many packages of each offer do they have to sell to maximize the profit
Answers
Answer:
50 packages of offer 1 and 50 packages of offer 2
Explanation:
Determine How many packages of each offer do they have to sell to maximize the profit
Number of package of offer 1 = x
Number of package of offer 2 = y
Applying the LPP model
max Z = 30 x + 50 y ---- ( 1 )
now subject to the constraints from Linear programming
x + 3y ≤ 200 ------ L1
x + y ≤ 100 ------ L2
x ≥ 20 ------------- L3
y ≥ 10 -------------- L4
therefore the number of packages of each offer that can be sold to maximize profit will be : X = 50 and Y = 50 referring to equation from the LPP model considering that the shop can sell at most 100 pairs
Store
D
5
4
E
2
1
1
2 3 4
5 6
7
8
9
10
11
12x
-1
Apartment Buildings
If the company constructs 9 apartment buildings, the number of stores will be 34
If the company is producing at point C, the opportunity cost of building 3 more stores will be
5.11 apartment buildings.
Reset
Next
Answers
Describing Architecture and Construction Work
According to the video, what do workers in this career cluster often do? Check all that apply.
sell products
entertain customers
interact with others
sit for long periods
work outdoors
o focus on details
Answers
Answer:
c)interact with others, e)work outdoors, f)focus on details
Explanation:
edge
Answer:
C,E,F
Explanation:
What is YTM of a bond that matures in 23 years with semiannual coupon payments if quoted price is 103.203, par value $2,000 coupon rate of 6.81%?
Answers
The YTM is 6.54% for the required period of time. YTM means yield to maturity.
What is the meaning of YTM?A rate of return estimate is the yield to maturity (YTM). It is assumed that the bond buyer would keep the bond until it matures and that they will reinvest all interest payments at the same interest rate. Consequently, the coupon rate is taken into account while calculating yield to maturity. YTM is another name for the yield on redemption.
According to given question
Face value=$ 2000
Current price= 2000*(103.203/100)=2064.06
Time=23*2=46
Coupon=6.81*2000*5=68.1
YTM=[(68.1+((2000-2064.06)/46))/(2000+2064.06)/2)*2
YTM=6.54%
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Mr. D is the manager of a local walgreens. His biggest concern is to make sure that his store is always making the most profit possible. He cuts costs by focusing on certain logistical decisions. Every other day walgreens receives shipments from pepsi, evian, hershey, and numerous other manufacturers. Walgreens insists on small shipments every two days, which helps to keep their inventory costs low. What system is mr. D using at walgreens to reduce his costs?.
Answers
The system is mr. D using at walgreens to reduce his costs is just in time inventory.
What is just in time inventory?JIT, or just-in-time inventory management, involves only ordering products from vendors when they are actually needed. This approach's primary goals are to lower the cost of keeping inventory and boost inventory turnover.With a just-in-time (JIT) inventory system, a business receives products as close as feasible to the moment they are actually required. As a result, if an auto assembly facility wants to install airbags, it doesn't maintain a supply on hand; instead, it gets them as the cars are put together.In conclusion. When used properly, JIT inventory can be a terrific method to reduce costs and boost productivity.
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what are the sectors of the business environment, and how do changes in them influence business decisions
Answers
Answer:
Business is affected by different factors which collectively form the business environment. These include economic, social, legal, technological and political factors. ... Business environment are categorized into three main categories; internal environment; operational environment; and general/external environment.
1. Bowie manufacturing wants to estimate costs for each product they produce at its Marfa plant. The Marfa plant produces three products at this plant, and runs two flexible assembly lines. Each assembly line can produce all three products. Required:a. Classify each of the following costs as either direct or indirect for each product.b. Classify each of the following costs as either fixed or variable with respect to the number of units produced of each productb) Depreciation on the assembly line equipment (Straight-line)A. Direct and FixedB. Direct and VariableC. Indirect and FixedD. Indirect and Variable
Answers
Answer: C. Indirect and Fixed
Explanation:
Depreciation is an indirect expenses because it does not have anything to do with the actual production of goods but rather only affects the equipment used in the assembly line.
It is also a fixed cost because it is being done using a straight-line method which makes depreciation a fixed amount for each of the total number of years it is to be depreciated.
I need a an idea of followership introduction help me!
Answers
Followership refers to the role, behavior, and actions of individuals who are not in a leadership position, but rather, they support and collaborate with their leaders to achieve shared goals. Followership is an essential aspect of organizational success, as it complements leadership and fosters a harmonious work environment.
Effective followers exhibit characteristics such as being proactive, taking responsibility, and engaging in open communication with their leaders. They also possess the ability to think critically and provide valuable feedback for the betterment of the team. By embracing the principles of followership, individuals contribute positively to the overall performance and morale of the organization.
It is important to note that followership does not imply blind obedience or passivity. Instead, it involves active engagement and collaboration with leaders to achieve common objectives. In this dynamic relationship, leaders and followers must work together, learn from each other, and adapt to changing circumstances.
In conclusion, followership is a vital component of successful organizations and plays a significant role in accomplishing shared goals. By cultivating strong followership skills, individuals can effectively support their leaders, enhance team performance, and contribute to the growth and success of the organization.
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