Sophia provides you with a list of business transactions that occurred during the year. You must use these transactions to demonstrate the first four steps in the accounting cycle: analyzing each transaction, using double entry accounting to record these transactions in the general journal, and posting them to their respective accounts. Finally, you prepare a trial balance, the fourth step in the accounting cycle, which ensures that the first three steps in the accounting cycle have been completed currently.
A. The Sisters invest $15,000 in cash in Happy Home Environmental Cleaning (HHEC)
B. HHEC buys a building for $10,000 in cash.
C. HHEC buys office equipment for $1,800 for cash.
D. HHEC buys cleaning supplies for $2,800, agreeing to pay the upplier in 30 days.
E. HHEC earns cleaning revenues of $16,460 in cash.
F. HHEC earns cleaning revenues of $2,200 on account.
G. HHEc paid the following expenses in cash:
Wages $4275
Utilities $985
Miscellaneous $195
H. HHEC pays $950 in cash to creditors on account.
I. HHEC purchases a two year insurance policy for $2,400 in cash
J. At the end of the year, the cost of cleaning supplies on hand is $2040.
K. The sisters withdrew $2,000 in cash.
Answers
Answer:
Happy Home Environmental Cleaning
Demonstration of the first four steps in accounting cycle:
1) Analyzing each transaction:
A) Cash + $15,000 and Owners' Equity + $15,000
B) Building + $10,000 and Cash -$10,000
C) Office Equipment + $1,800 and Cash - $1,800
D) Cleaning Supplies + $2,800 and Accounts Payable + $2,800
E) Cash + $16,460 and Equity (Retained Earnings) + $16,460
F) Accounts Receivable + $2,200 and Equity (Retained Earnings) + $2,200
G) Cash - Wages $4,275, Utilities $985, Miscellaneous $195 and Equity (Retained Earnings) - $4,275, $985, $195
H) Cash - $950 and Liabilities - $950
I) Cash - $2,400, Prepaid Insurance + $1,200, and Equity (Retained Earnings) - $1,200
J) Cleaning Supplies -$760 and Equity (Retained Earnings) - $760
K) Cash - $2,000 and Equity - $2,000
2) Using double entry accounting to record transactions in the general journal:
A) Debit Cash Account $15,000
Credit Owners' Equity $15,000
To record capital contributed to the business.
B) Debit Building $10,000
Credit Cash Account $10,000
To record purchase of building.
C) Debit Office Equipment $1,800
Credit Cash Account $1,800
To record purchase of office equipment.
D) Debit Cleaning Supplies $2,800
Credit Accounts Payable $2,800
To record purchase of cleaning supplies on account.
E) Debit Cash $16,460
Credit Service Revenue $16,460
To record cash sales of services.
F) Debit Accounts Receivable $2,200
Credit Service Revenue $2,200
To record sale of services on account.
G) Debit Wages $4,275
Debit Utilities $985
Debit Miscellaneous $195
Credit Cash Account $5,455
To record payment of expenses.
H) Debit Accounts Payable $950
Credit Cash Account $950
To record payment on account.
I) Debit Prepaid Insurance $2,400
Credit Cash $12,400
To record insurance prepaid.
I) Debit Insurance Expense $1,200
Credit Prepaid Insurance $1,200
To record insurance expense for the period.
J) Debit Cleaning Supplies Expense $760
Credit Cleaning Supplies $760
K) Debit Drawings Account $2,000
Credit Cash Account $2,000
To record cash drawings.
3) Posting transactions to the Ledger accounts:
Debit Credit Balance
Cash Account:
Owners' Equity 15,000 15,000
Building 10,000 5,000
Office Equipment 1,800 3,200
Service Revenue 16,460 19,660
Wages 4,275 15,385
Utilities 985 14,400
Miscellaneous 195 14,205
Accounts Payable 950 13,255
Prepaid Insurance 2,400 10,855
Drawings 2,000 8,855
Debit Credit Balance
Owners' Equity:
Cash 15,000 15,000
Debit Credit Balance
Service Revenue Account:
Cash 16,460 16,460
Accounts Receivable 2,200 18,460
Debit Credit Balance
Building Account:
Cash 10,000 10,000
Debit Credit Balance
Office Equipment Account:
Cash 1,800 1,800
Debit Credit Balance
Wages Expense:
Cash 4,275 4,275
Debit Credit Balance
Utilities Expense:
Cash 985 985
Debit Credit Balance
Miscellaneous Expense:
Cash 195 195
Debit Credit Balance
Cleaning Supplies:
Accounts Payable 2,800 2,800
Cleaning Supplies Expense 760 2,040
Debit Credit Balance
Cleaning Supplies Expense:
Cleaning Supplies 760 760
Debit Credit Balance
Accounts Payable:
Cleaning Supplies 2,800 2,800
Cash 950 1,850
Debit Credit Balance
Prepaid Insurance:
Cash 2,400 2,400
Insurance Expense 1,200 1,200
Debit Credit Balance
Insurance Expense:
Prepaid Insurance 1,200 1,200
Debit Credit Balance
Drawing Account:
Cash 2,000 2,000
4) Preparation of a Trial Balance:
Debit Credit
Cash $8,855
Owners' Equity $15,000
Building 10,000
Office Equipment 1,800
Cleaning Supplies 2,040
Cleaning Supplies Expense 760
Accounts Payable 1,850
Service Revenue 18,660
Accounts Receivable 2,200
Prepaid Insurance 1,200
Insurance Expense 1,200
Wages 4,275
Utilities 985
Miscellaneous 195
Drawings 2,000
Total $35,510 $35,510
Explanation:
The steps in the accounting cycle are:
a) Analyzing each transaction from source documents, e.g. from Sales Invoice. This shows the accounts affected and even the effect of the transaction on the accounting equation.
b) Journal Entries: This involves using the doubt entry system of accounting to record transactions in the general journal. This is the first accounting record. It shows the accounts to be debited and the ones to be credited in the General Ledger.
c) General Ledger: Each transaction is posted to their respective accounts in the ledger, depending on journal entries. Usually, two accounts are affected by each transaction, just like in the journal.
d) The fourth step is the extraction of a Trial Balance. This is an accounting tool for checking that the first three steps have been completely and correctly followed.
Related Questions
Which of these describes what can happen with an adjustable-rate mortgage?
A. The annual fees decrease each year as the loan gets closer to being paid off.
B. The percentage paid on property goes up or down from year to year.
C. The amount of principal owed on the mortgage changes as the housing market changes.
D. The monthly mortgage payments go up or down from year to year.
Answers
Answer:
The monthly mortgage payments go up or down from year to year.
Explanation:
In the adjustable-rate mortgage, monthly mortgage payments go up or down from year to year.
What is mortgage?A mortgage is often known as a mortgage loan. It is a contract between the borrower and a mortgage lender that permits the borrower to buy or refinance a home without having to pay the entire amount upfront.
Monthly mortgage payments on an adjustable-rate mortgage fluctuate from year to year according to the payment of installments of the mortgage.
Therefore, option D is correct.
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(0)
In an assault case, it is irrelevant:
1 whether there is any reasonable apprehension of imminent battery.
2 whether there is any intent or not.
3 whether the threatened contact actually occurs.
4 whether there is an apprehension of harmful contact.
Answers
In an assault case, it is irrelevant whether the threatened contact actually occurs. (3)
What matters is the reasonable apprehension of imminent battery, the intent, and the apprehension of harmful contact.
An assault occurs when a person intentionally causes another to reasonably apprehend imminent harmful or offensive contact. The focus is on the victim's apprehension rather than the actual contact.
For an assault, there must be a reasonable apprehension of imminent battery (option 1), which means the victim must believe they are about to be harmed. Intent (option 2) is also crucial, as the accused must have intended to cause the apprehension of harm.
Lastly, there should be an apprehension of harmful contact (option 4), which means the victim must be aware of the threat. If these elements are present, an assault can occur even without the threatened contact actually taking place (option 3).
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Marketing analytic approaches can be thought of by considering the level of analytic complexity and the value that is created from employing each within the specific context of interest. Generally, greater levels of complexity come with a higher cost in the form of the level of expertise and effort required to execute the related analytic approach, but more complex analytical approaches also tend to yield higher value customer insights.
This activity is important because marketing managers benefit from being able to determine what the most appropriate marketing analytics approach is for a given decision making context. The goal of this exercise is to demonstrate your understanding of the four key types of marketing analytic approaches. There are four key types of marketing analytics: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Each has its place in taking Big Data and providing valuable insights for marketing management decision making. Hover over each individual item to read fictional company examples highlighting different ways that marketing analytics can be used to yield specific insights.
Match the item to its appropriate position based on which type of marketing analytics approach it represents.
a. Quality Software
b. ABC Supermarket
c. Global Hospitality
d. XYZ
e. Manufacturing
1. Descriptive Analytics
2. Predictive Analytics
3. Diagnostic Analytics
4. Prescriptive Analytics
Answers
Answer:
a. Quality Software - Prescriptive Analytics
b. ABC Supermarket - Descriptive Analytics
c. Global Hospitality - Diagnostic Analytics
d. XYZ - Predictive Analytics
e. Manufacturing - Descriptive Analytics
Explanation:
Descriptive analytics is the strategy which uses the past data and creates a summary for historical data to create future analysis.
Predictive Analytics is the strategy which uses statistical calculations and models to predict the future.
Diagnostic Analytics is the strategy which the analyst observes the past event and then examines why certain situation happened. This is used by analysts to make sure that historic mistakes are not repeated.
Prescriptive Analytics is the strategy in which strategic planning is made after the operational activities are analyzed and then strategies are formed in order to plan future performance.
Isabella and Antonio are auto mechanics. Isabella takes 6 hours to replace a clutch and 4 hours to replace a set of brakes. Antonio takes 8 hours to replace a clutch and 6 hours to replace a set of brakes. State whether anyone has an absolute advantage at either task and, for each task, identify who has a comparative advantage.
Answers
Isabella has an absolute advantage in both clutch replacement and brake replacement due to her ability to complete each task in less time.
- Isabella also has a comparative advantage in both clutch replacement and brake replacement, assuming similar skills and pay rates.
How to determine the whether anyone has an absolute advantage at either task and, for each taskTo determine absolute and comparative advantages in this scenario, we need to compare the productivity of Isabella and Antonio in replacing clutches and brakes.
Let's analyze the tasks:
1. Clutch Replacement:
- Isabella takes 6 hours.
- Antonio takes 8 hours.
Based on the time taken, Isabella has an absolute advantage in clutch replacement because she can complete the task in less time than Antonio.
2. Brake Replacement:
- Isabella takes 4 hours.
- Antonio takes 6 hours.
Again, based on the time taken, Isabella has an absolute advantage in brake replacement because she can complete the task in less time than Antonio.
Similar to clutch replacement, if we assume similar skills and pay rates, Isabella would also have a comparative advantage in brake replacement due to her ability to complete the task more quickly.
Comparative advantage is based on a comparison of opportunity costs, and without specific information about the trade-offs involved, we can infer that Isabella's ability to complete both tasks more quickly gives her a comparative advantage in both.
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how do u get arrested
Answers
Answer:
breaking the laws that's one way to get arrested, if that's what you are asking lol
Answer:
Basically anything that interferes with the law or disturbs peace
Explanation:
1)hurt someone.
2)Spray paint.
3)Punch someone.
4)Fight with officer.
5)Get out of control at school.
6)Get in a fight.
7)Steal a car.
8)Sell drugs.
9)Hit a police car and drive off.
10)Threaten to hurt yourself.
etc
Write a solution to each scenario
1. Julio,Liza, and Jon must prepare a report, but Jon hasn't done his share.
2. Regeena's boss likes her work but she 's always late in spite if being warned.
3. Lucie thinks her boss is being unfair because he gives her morw work than he gives her co-workers.
Answers
The solution that would have to be done in all of the situations that we have here would be:
The solution that would be done here is to find out why Jon has not done his then try to offer him assistance to get the job doneGiven that Regina is always late despite being warned, the boss has to find out the reason for her lateness and if she still continues, it may cause her to have a probation at work.Lucie would have to speak to her boss on the volume of work that she gets.How to deal with situations in the work placeIn the work place, it would be best if the people that are in a particular work environment are able to work in a way that they would avoid all forms of conflicts that may arise.
This would have to do with putting up all of the attitudes that has to do with coming early to work, showing respect and being eager to learn.
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Point D on the graph represents which phase of the business cycle?
Answers
Answer:
Contraction
Explanation:
Just took the Test
You can purchase a tract of land for $75,000 that you believe you can develop and sell as a residential development. Your development costs are $60,000 to be incurred immediately. You expect to sell all the lots in years 3-5 at a net income of $70,000, $85,000, and $68,000 respectively. Your required rate of return is 12 percent. Do you purchase the tract of land? HTML EditorKeyboard Shortcuts
Answers
Answer:
The tract of land should be purchased
Explanation:
To determine if the land should be bought, compare the present value of the income that would be derived from selling the lots to the cost of the land
Total cost of the land = $75,000 + $60,000 = $135,000
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 1 and 2 = 0
Cash flow in year 3 = $70,000
Cash flow in year 4 = $85,000
Cash flow in year 5 = $68,000
I = 12%
Present value = $142,428.68
The tract of land should be purchased because the present value of the cash flows is greater than the cost of the land
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
One of Shanice's team members is not happy with their performance review and refuses to accept the rating she gave. What should Shanice do?
Answers
Shanice should aim to resolve the issue through open communication, active listening, and a willingness to address the team member's concerns.
Listen and understand: Shanice should create an open and safe space for the team member to express their concerns. She should actively listen and seek to understand their perspective. This demonstrates empathy and shows that she values their input.
Provide clarity: Shanice should provide a clear explanation of the performance review process, including the criteria used to evaluate performance and the specific examples that led to the assigned rating. This can help address any misunderstandings or misconceptions.
Address concerns and offer feedback: Shanice should address the team member's specific concerns and provide constructive feedback. She can highlight areas for improvement and offer guidance on how to enhance performance. It's important for Shanice to focus on specific behaviors and outcomes rather than personal attacks or generalizations.
Seek input and involve the team member: Shanice can ask the team member for their suggestions on how to improve their performance or address their concerns. Involving them in the process can foster a sense of ownership and encourage collaboration.
Consider a reevaluation: If Shanice believes there may have been an oversight or if the team member presents compelling evidence, she can consider a reevaluation of the performance review. This may involve gathering additional feedback or revisiting the evaluation criteria.
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What's your educational interest and goals
Answers
Sin duda, que no me dejen por abajo de la sociedad
This year Andrews achieved an ROE of 12.9%. Suppose management takes measures that decrease Asset turnover (Sales/Total Assets) next year. Assuming Sales, Profits, and financial leverage remain the same, what effect would you expect this action to have on Andrews's ROE?
Answers
Andrew's Return on Equity (ROE) will reduce if the management takes measures to the decrease Asset turnover in the next year.
What is ROE?Return on equity (ROE) is a financial performance metric that is calculated by dividing net income by shareholders' equity. Because shareholders' equity equals a company's assets minus its debt, ROE is also known as return on net assets.
Using the Dupont formula, ROE can be determined using :
ROE = Net profit margin x Asset turnover x Financial leverage
ROE = (Net income / Net Sales) x (Net Sales/Total Assets) x (Total asset / Common equity)
If net profit margin and financial leverage remain the same and asset turnover is reduced, ROE would reduce.
Therefore, the ROE of Andreas will reduce the next year if the management decreases the Asset turnover ratio, Sales, Profits, and financial leverage remaining unchanged.
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What body of people do not have to worry about raising capital?
Answers
-Entrepreneurs
I hope this helps! Have a good rest of your day/night :)
What is market environment
Answers
Answer:
The market environment is the combination of external and internal factors that affect a company's ability to establish a relationship with and serve its consumers.
Explanation:
The internal factors relate to the company itself, such as owners, workers, materials, components, etc.
The external factors are divided into macro and micro components. The macro component is the broad environment which includes societal forces that affect society as a whole. The micro component is task-related, which includes factors that influence the production, manufacturing and distribution of a product or service.
Supply: basic concepts
Fill in the blanks
Answers
If Yakov's manager is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise her colleague to construct a supply curve using the data provided. However, if Yakov's boss is more interested in the details of numbers used to construct the visual representation. You wouldn't say advisor, coworker that a supply schedule would be more appropriate.
What is graphical presentation?The term graphical presentation refers to the visual aid. It was easy to examine the demand and supply. It was the graphical presentation on the based on the X-axis and the Y-axis. It was easy to measure the unit.
According to the case, Yakov's manager it was the thinking that data on the price and quantity of televisions supplied in the graphical presentation. The supply curve on the using on data. It was the supply schedule would be more in the future deal.
As a result, the significance of the graphical presentation are the aforementioned.
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Outline and describe the different forms of Communication and further explain how they are important in an organization. Provide practical example to support your discussion.
Answers
La comunicación desempeña un papel fundamental en el funcionamiento de una organización, ya que permite la transmisión de información, ideas, instrucciones y retroalimentación entre los miembros del equipo. Existen varias formas de comunicación que se utilizan en un entorno organizacional. A continuación, describiré algunas de las formas más comunes:
Comunicación verbal: Es el uso de palabras habladas para transmitir información. Puede ser en forma de reuniones, conversaciones cara a cara, llamadas telefónicas o videoconferencias. La comunicación verbal es rápida y permite una interacción directa entre las personas, lo que facilita la clarificación de dudas y la resolución de problemas en tiempo real. Por ejemplo, durante una reunión de equipo, los miembros pueden discutir ideas, compartir actualizaciones y tomar decisiones conjuntas.
Comunicación escrita: Implica el uso de palabras escritas para transmitir información. Esto incluye correos electrónicos, mensajes de texto, informes, memorandos y documentos formales. La comunicación escrita es útil cuando se requiere un registro permanente de la información y proporciona la oportunidad de revisar y editar antes de enviar el mensaje. Por ejemplo, un gerente puede enviar un correo electrónico detallando las metas y objetivos del proyecto a su equipo para asegurarse de que todos estén al tanto de las expectativas.
Comunicación no verbal: Se refiere a la transmisión de información sin el uso de palabras. Incluye gestos, expresiones faciales, lenguaje corporal y tono de voz. A menudo, la comunicación no verbal puede transmitir emociones y actitudes que pueden complementar o contradecir el mensaje verbal. Por ejemplo, durante una presentación, el lenguaje corporal de un orador puede transmitir confianza y entusiasmo, lo que refuerza su mensaje.
Comunicación formal: Se lleva a cabo a través de canales oficiales y estructurados dentro de la organización. Esto incluye comunicaciones descendentes, como anuncios y políticas de la gerencia hacia los empleados, así como comunicaciones ascendentes, como informes de estado y retroalimentación de los empleados hacia los superiores. La comunicación formal es importante para establecer líneas claras de autoridad y responsabilidad, así como para garantizar la coherencia en la información transmitida.
Comunicación informal: Se produce a través de interacciones sociales no estructuradas entre los miembros de la organización. Esto puede incluir conversaciones informales en el lugar de trabajo, interacciones en las pausas para el café o discusiones en grupos de chat en línea. La comunicación informal es valiosa para fomentar la camaradería, construir relaciones y facilitar el intercambio de ideas no convencionales. Por ejemplo, en un entorno de trabajo abierto, los empleados pueden compartir ideas innovadoras durante una conversación informal en la sala de descanso.
La importancia de estas formas de comunicación en una organización radica en que permiten la colaboración efectiva, la toma de decisiones informada, la resolución de problemas, la coordinación de tareas y la creación de un ambiente de trabajo positivo. Una comunicación clara y efectiva evita malentendidos, reduce los errores, mejora la productividad y fortalece la cohesión del equipo.
Un ejemplo práctico podría ser una empresa de desarrollo de software. En este caso, la comunicación verbal sería esencial para que los miembros del equipo discutan los requisitos del proyecto, compartan actualizaciones diarias y resuelvan problemas en las reuniones diarias de puesta al día (stand-up meetings). La comunicación escrita sería crucial para documentar los requisitos, especificaciones técnicas y cronogramas del proyecto, así como para enviar correos electrónicos y mensajes de chat con actualizaciones y solicitudes de retroalimentación. La comunicación no verbal también tendría un papel importante, ya que el lenguaje corporal y las expresiones faciales en las reuniones ayudarían a transmitir confianza y apoyo entre los miembros del equipo. En cuanto a la comunicación formal, se utilizarían informes de estado y presentaciones formales para mantener a la alta dirección informada sobre el progreso del proyecto. Por último, la comunicación informal se daría en momentos de descanso, donde los empleados podrían discutir ideas, plantear desafíos y fomentar la creatividad en un ambiente más relajado
Answer:
There are several different forms of communication that are important in an organization. These include:
1. Verbal communication: This is the use of spoken words to convey a message. Verbal communication is important in an organization because it allows employees to communicate with each other and with customers. For example, a salesperson might use verbal communication to explain the features of a product to a customer. Another example is a team meeting where employees discuss project updates and share ideas.
2. Nonverbal communication: This is the use of body language, gestures, and facial expressions to convey a message. Nonverbal communication is important in an organization because it can convey emotions, attitudes, and intentions. For example, a manager might use nonverbal communication to show approval or disapproval of an employee's performance. Another example is a job interview where the interviewer might use nonverbal communication to assess the candidate's confidence and professionalism.
3. Written communication: This is the use of written words to convey a message. Written communication is important in an organization because it provides a permanent record of communication. For example, an email can be used to communicate project updates, deadlines, and other important information. Another example is a report that summarizes the results of a project.
4. Visual communication: This is the use of images, graphs, and other visual aids to convey a message. Visual communication is important in an organization because it can help to simplify complex information and make it easier to understand. For example, a chart can be used to show sales trends over time. Another example is a video that demonstrates how to use a product.
All of these forms of communication are important in an organization because they allow employees to share information, ideas, and feedback. Effective communication can also help to build trust and relationships between employees, customers, and partners. For example, if a customer has a positive experience with a salesperson, they are more likely to return to the organization in the future.
A practical example of the importance of communication in an organization is a team project. Effective communication is essential for the success of the project. Team members need to be able to communicate their ideas, concerns, and progress to each other in order to stay on track and meet deadlines. This might involve verbal communication in team meetings, written communication in project reports, and visual communication in presentations. Without effective communication, the project is likely to fail.
7) Restaurants and bars can sell alcohol without permission from the state.
True or False
Answers
It is false that Restaurants and bars can sell alcohol without permission from the state.
What is licensing?The process of getting a license from a government agency or other regulatory body to carry out a specific activity or conduct business is referred to as licensing.
In the majority of areas, in order to lawfully sell alcohol, restaurants and bars need to get a license or permit from the state or local government.
Depending on the state and the type of establishment, different rules and regulations may apply to getting a license.
The establishment may face fines, license suspension or revocation, as well as possible criminal charges if it sells alcohol without a license or in violation of state laws and regulations.
Thus, the given statement is false.
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Which of the following is not true regarding continuous improvement? A. It applies to both service and manufacturing companies. B. It is used to reduce performance costs. C. It rejects the idea of “good enough.” D. It can be applied only to improve processes and products but not services and practices.
Answers
The statement that is not true is D. It can be applied only to improve processes and products but not services and practices.
What is Service Organization?A service organization is an organization that offers its services rather than the products usually sold by manufacturing companies and resellers.
In a service organization the most large expense is the human cost also known as the salaries.
If it is a service or manufacturing company, the process can be improved for production of goods and the practice can also be improved.
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Assume a company had net operating income of $300,000, sales of $1,500,000, residual income of $130,000, and a minimum required rate of return on average operating assets of 13.25%. The company’s average operating assets are closest to:
Answers
The company’s average operating assets are closest to 14.8%. Residual Income = Net operating income - Minimum required.
What are operating assets?Assets that are required to produce revenue are referred to as operating assets because they are those that are purchased for use in a business' continuous activities.
Cash, pre-paid expenses, accounts receivable, inventories, and fixed assets are a few examples of operating assets. The assets of a business that help it generate money are called operating assets.
Examples include intangible assets as well as tangible assets like money and equipment. Assets that are not seen as being a part of a business's primary operations are referred to as non-operating assets.
Non-operating assets include things like vacant land, extra machinery, investment securities, and so on.
The non-operating income of a firm is influenced by income from non-operating assets. Current assets, fixed assets, financial investments, and intangible assets are some basic categories for assets.
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Hill Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $60 each. During the month, the company made two purchases: 500 units at $58 each and 2,000 units at $56 each. Hill Company also sold 2,150 units during the month. Using the periodic FIFO method, what is the cost of ending inventory
Answers
Answer:
$86,800
Explanation:
With regards to the above, first we need to add up all the units
= 1,200 units + 500 units + 2,000 units
= 3,700 units
The next step is to deduct the additional units sold from the total units
= 3,700 units - 2,150 units
= 1,550 units
The next step is to multiply $56, which is the value for last 2,000 units purchased to get the ending inventory.
= 1,550 units × $56
= $86,800
Therefore, the cost of ending inventory, using the periodic FIFO method is $86,800
Magnificent Blooms is a florist specializing in floral arrangements for weddings, bo graduations, and other events. Magnificent Blooms has a fixed cost associated with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production § function for Magnificent Blooms is shown in the accompanying table. © Macmil Submit All Quantity of labor (workers) 0 1 2 3 4 5 a. Calculate the marginal product of each worker. Quantity of floral arrangements 0 5 9 12 14 15 Marginal product Quantity of labor (workers) 1 2
Answers
The marginal product of each worker for Magnificent Blooms is as follows: Worker 0: N/A: Worker 1: 5: Worker 2: 4: Worker 3: 3: Worker 4: 2: Worker 5: 1
To calculate the marginal product of each worker for Magnificent Blooms, we need to determine the change in the quantity of floral arrangements resulting from each additional worker.
Here's how to calculate the marginal product for each worker:
Worker 0: Since there are no workers (0 workers), the quantity of floral arrangements is 0. Therefore, the marginal product for worker 0 cannot be calculated.
Worker 1: The quantity of floral arrangements with 1 worker is 5. To calculate the marginal product for worker 1, we subtract the quantity of floral arrangements with 0 workers from the quantity with 1 worker: 5 - 0 = 5.
Worker 2: The quantity of floral arrangements with 2 workers is 9. To calculate the marginal product for worker 2, we subtract the quantity of floral arrangements with 1 worker from the quantity with 2 workers: 9 - 5 = 4.
Worker 3: The quantity of floral arrangements with 3 workers is 12. To calculate the marginal product for worker 3, we subtract the quantity of floral arrangements with 2 workers from the quantity with 3 workers: 12 - 9 = 3.
Worker 4: The quantity of floral arrangements with 4 workers is 14. To calculate the marginal product for worker 4, we subtract the quantity of floral arrangements with 3 workers from the quantity with 4 workers: 14 - 12 = 2.
Worker 5: The quantity of floral arrangements with 5 workers is 15. To calculate the marginal product for worker 5, we subtract the quantity of floral arrangements with 4 workers from the quantity with 5 workers: 15 - 14 = 1.
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reviewing the recent experience of the US in global markets reveals that
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Reviewing the recent experience of the US in global markets reveals that America's standing as a global leader has been challenged by the rise of new global economic powers, such as China and India. Despite this, the US remains the world's largest economy and has the world's reserve currency, the US dollar.
As such, it maintains significant influence in global markets.The US has also been engaged in numerous trade disputes, including with China and the European Union. Additionally, the US has recently pursued a policy of protectionism, which has included the imposition of tariffs on imported goods.
This has had both positive and negative impacts on the US economy and its standing in the global marketplace.The US has also recently renegotiated trade deals, such as the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA).
The US has also withdrawn from the Trans-Pacific Partnership (TPP) and the Paris Climate Agreement, which have drawn criticism from other nations and has further impacted the US's standing in the global community.
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Considering current world economic climate, the future exchange rates are uncertain. How would you analyse/anticipate the change in exchange rates? Write a brief proposal to mitigate impact of possible exchange rate fluctuations
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Answer:
In order to analyse and anticipate the change in exchange rates, I would use a combination of technical and fundamental analysis. Technical analysis involves studying charts and trends to identify patterns that can be used to predict future price movements. Fundamental analysis involves looking at economic indicators such as GDP growth, inflation, unemployment, and interest rates to gain an understanding of the underlying economic conditions that can affect exchange rates.
In order to mitigate the impact of possible exchange rate fluctuations, I would suggest implementing a strategy of hedging. Hedging involves taking out a position in a currency or financial instrument that is opposite to the current position in order to reduce the risk of losses due to exchange rate fluctuations. This can be done through the use of forward contracts, options, and futures. Additionally, I would suggest diversifying investments across multiple currencies to reduce the risk of losses due to exchange rate fluctuations.
Finally, I would suggest monitoring exchange rate movements closely and adjusting the hedging strategy accordingly in order to ensure that the hedging strategy is effective in mitigating the impact of exchange rate fluctuations.
Explanation:
Businesses often try to influence a consumer’s behavior with things they can control such as the layout of a store, music, grouping and availability of products, pricing, and advertising. While some influences may be temporary and others are long lasting, different factors can affect how buyers behave—whether they influence you to make a purchase, buy additional products, or buy nothing at all. Let’s now look at some of the influences on consumer behavior in more detail.
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Physical factors that companies can control, which include the format of a store, track performed at stores, the lighting, temperature, or even the smells you revel in are known as atmospherics.
The required details for Atmospherics in given paragraph
In advertising, the time period atmospherics is used to explain the subject of designing industrial areas. Atmospherics became coined by Philip Kotler in a 1973 article within side the Journal of Retailing. Kotler argues that the tangible product is handiest a small a part of the whole intake package. Buyers reply to the whole product, which incorporates services, warranties, packaging, advertising, financing, pleasantries, pics and so on. Atmospherics covers 3 predominant artwork paperwork critical to retail: architecture: outdoors structure, indoors layout, and the layout of window displays. The ecosystem of a industrial area plays 3 functions: creating attention, messages (communication) and affect. The time period ecosystem is a time period borrowed from architecture. Space is designed to make humans experience a sure way. This is obvious in cathedrals, which encourage a sense of non secular awe.
Atmospherics is a qualitative assemble that encompasses 4 of the primary senses, with the exclusion of taste. The ecosystem of a industrial area may be divided into the supposed ecosystem: the designed area; and the perceived ecosystem: the consumer's belief of that area.
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), AP At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,750. Prepare the annual adjusting entry for depreciation at December 31, post the adjustments to T-accounts, and indicate the balance sheet presentation of the equipment at December 31.
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Based on the depreciation balances and the equipment, the adjustments to the T-accounts and the Balance sheet will be:
Date Account title Debit Credit
December 31 Depreciation expense $3,750
Accumulated depreciation on $3,750
equipment
T account
Depreciation expense Equipment
December 31 $3,750
T account
Accumulated Depreciation on Equipment
December 31 $3,750
Balance sheet presentation
Assets
Property, Plant, and Equipment:
Equipment $30,000
Less: Accumulated depreciation ($3,750)
Equipment (Net book value) $26,250
What are the entries?Depreciation of $3,750 will be debited to the depreciation expense account. The accumulated depreciation account will be credited by the same amount.
In the balance sheet, the equipment value will be reduced by the depreciation amount to $26,250.
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What type of market should be considered for these services or products: A spray that combines pain relief and protection for cuts and scrapes
Answers
Answer:
Parents and doctors
Explanation:
I assumed you were asking for a specific group instead of age groups, race, locations, etc. But typically, parents and doctors are going to be the best fits. parents need it for their kids and doctors also need it for kids or people with low pain tolerance.
Interventions strategies to prevent restrictions or barrier in small businesses townships
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To prevent restrictions or barriers in small businesses in townships, several intervention strategies can be implemented:
1. Business Development Support: Offer training programs, workshops, and mentorship opportunities to help small business owners develop essential skills such as financial management, marketing, and business planning.
2. Access to Capital: Establish microfinance programs or low-interest loan schemes to provide small businesses with the necessary funds to start or expand their operations. Additionally, create partnerships with financial institutions to streamline the loan application process.
3. Infrastructure Improvement: Invest in upgrading township infrastructure, including roads, electricity, and internet connectivity. This will enhance the business environment, attract investors, and facilitate smoother operations for small businesses.
4. Regulatory Simplification: Simplify and streamline licensing and permit procedures, reducing bureaucracy and paperwork burdens. This will make it easier for entrepreneurs to start and operate businesses, fostering a favorable environment for small enterprises.
5. Market Linkages: Facilitate connections between small businesses and larger supply chains, enabling them to access wider markets and secure stable customer bases. This can be achieved through networking events, trade fairs, and partnerships with established businesses.
6. Local Procurement Policies: Encourage local governments and institutions to adopt procurement policies that prioritize purchasing goods and services from small businesses in the townships, thereby boosting their economic growth and sustainability.
7. Collaborative Initiatives: Foster collaboration among small businesses by establishing business associations, cooperatives, or incubation centers. These platforms can provide shared resources, collective marketing efforts, and a supportive community.
By implementing these intervention strategies, the barriers and restrictions faced by small businesses in townships can be minimized, promoting their growth, sustainability, and contribution to the local economy.
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1. Which of the following statements explains why the demand curve in the loanable funds market slopes downward? *
1 point
As the real interest rate increases, lenders are willing to lend more money
As the real interest rate decreases, lenders are willing to lend more money
As the real interest rate increases, borrowers are willing to borrow more money
As the real interest rate increases, borrowers are willing to borrow less money
None of these explanations is appropriate.
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Identify what constitute the combination of traits, which result from the interaction of genes and environment.
O personality
O locus of control
O ethnocentrism
O perception
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Answer:
Personality
Explanation:
the combination of traits, which result from the interaction of your genes and your environment, they constitute your personality.
The personality from the interaction of genes and environment.
What is combination of traits?It could involve anything from managing a team of people to swaying opinions and guiding an organization's development.
Whatever your personal definition of leadership may be, we can all agree on one thing: Great leaders regularly exhibit certain characteristics as opposed to mediocre ones.
Effective leaders play a critical role in ensuring that people are inspired, engaged, and properly prepared to provide their best work at all levels of a business.
Therefore, The personality from the interaction of genes and environment.
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What is your diagnosis of the situation at FAVI?
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Answer:
Explanation:
FAvI is a small automotive parts manufacturer in Hallencourt, France. In addition to other products, it is the European leader in the production of key components for gearboxes (manual transmissions) in such cars as Renault, Peugeot, Citroen, Fiat, Opel, Audi, volvo, and volkswagen. Employing about 400 people, this société anonyme
which of the following are included in the four major growth strategies? multiple select question. market development market analysis market penetration product developm
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Option (a), The four main growth strategies also include market development.
Which four strategies for growth are there?These are the four P's: product, placement, promotion, and price. The Ansoff Matrix, which employs the outdated Four P framework within each of the four Ansoff quadrants and focuses on audiences, channels, and price, is more beneficial for a broader view of markets.
What do strategies for marketing growth involve?A company's plan for getting over current and future challenges in order to realize its expansion goals is known as a growth strategy. A few examples of growth plan goals include boosting the company's goods and services, gaining assets, and growing market share and revenue.
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