Given: Net credit sales = $100,000
Asset turnover ratio = 4
Receivables turnover ratio = 9
Average collection period= 365 days / Receivable turnover (9) = 40.6 days
What is Average collection period?
The average collection period is the amount of time it takes for a company to obtain accounts receivable payments due from its clients (AR). To make sure they have enough cash on hand to cover their financial responsibilities, businesses employ the average collection period. For businesses that largely rely on receivables for their cash flows, the average collection period is an important metric since it shows how well a company manages its accounts receivable. To make sure they have enough cash on hand to cover their financial obligations, businesses determine the average collection period.
Average Collection Period = 365 Days * (Average Accounts Receivables / Net Credit Sales)
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minor manufacturing company has ending raw materials inventory of $15,000, raw materials used of $60,000. calculate the days' sales in raw materials inventory.
The days' sales in the raw materials inventory are 91.25. (15,000/60,000 x 365 = 91.25).
Inventory of raw commodities explainedThe entire cost of the components, subassemblies, and supplies that a company currently has on hand but hasn't used in production is known as raw materials inventory. This is the definition of a raw material, and there are two kinds of raw materials used to create a finished good: direct resources (DM)
What does using raw materials inventory accomplish?A business moves raw materials from the raw materials inventory to the work-in-process inventory as they are used in production. When a business completes the things that are still in the work-in-progress stage, it adds the finished products to the finished goods inventory, making them marketable.
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Toyota knows that people are only actively looking to purchase a car every few years. It wants to focus its ad dollars on people who are actively researching cars to purchase. What targeting dimension should toyota use for its ad campaign?.
After Toyota found a number of consumer types that might be interested in the Scion, including teens, college students, urban youth, and young adults in their early 20s, This step, in which the different small segments are combined, is known as aggregating.
Toyota Motor enterprise is a Japanese multinational car producer based in Toyota city, Aichi, Japan. It became founded with the aid of Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is one of the largest automobile manufacturers in the world, producing approximately 10 million motors in line with year. The employer turned the beginning founded as a spinoff of Toyota Industries, a machine maker that started out by using Sakichi Toyoda, Kiichiro's father. Both groups are actually a part of the Toyota organization, one of the most important conglomerates in the global.
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If a store runs out of advertised material during a sale, customers become upset, and the store loses not only the sale but also goodwill. From past experience, a music store finds that the mean number of cds sold in a sale is 845, the standard deviation is 15, and a histogram of the demand is approximately normal. The manager is willing to accept a 2. 5% chance that a cd will be sold out. About how many cds should the manager order for an upcoming sale?.
If a store runs out of advertised material during a sale, customers become upset, and the store loses not only the sale but also goodwill.
From past experience, a music store finds that the mean number of CDs sold in a sale is 845, the standard deviation is 15, and a histogram of the demand is approximately normal.
The manager is willing to accept a 2. 5% chance that a cd will be sold out. About 860 CDs should the manager order for an upcoming sale.
What is the law of supply?
The law of supply is the microeconomic law which states that, all other factors are equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, or the vice versa.The law of supply says that as the price of an item goes up, suppliers will try to maximize their profits by increasing the number of items for sale.To learn more about law of supply, refer to:
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The communicating process of accounting includes all of the following, except
a. recording
b. classifying
c. summarizing
d. interpreting
Answer:
D, because in accounting all you need to know is what the money was spent for and not why they spent it.
Explanation:
If the year-end adjusting entry to record salaries owed to employees were omitted then.
Omitting the adjusting entry to record wages results in various inaccuracies, including understatement of expenses, overstatement of net income, overstatement of retained earnings, overstatement of stockholders' equity, and understatement of liabilities.) Unpaid wages that have been earned by employees but have not yet been recognized.
In the accounting records should be entered or recorded using an accrual adjusting entry, which will: Wage Expense is debited. Wages Payable on Credit or credit Payable Wages Accrued Accumulated interest is interest that has accrued but has not been paid as of a balance sheet date. The amount that has occurred but is unpaid should be recognized with a debit to Interest Expense.
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________ are collections of related tasks that receive inputs and produce outputs.
In a business process are collections of related tasks that receive inputs and produce outputs.
What is a Business process?
A business process is an action or series of actions that fulfil a certain organisational objective. Business procedures should deliver consistent results, have clear objectives, and be as specific as feasible.Business process management (BPM) is a methodical strategy for enhancing processes, which aids organisations in achieving their objectives. Business process outsourcing may be used by an organisation if cost or resource limitations prevent it from carrying out specific business operations internally. Many businesses use a third-party service provider to handle specific company responsibilities, such payroll, human resources (HR), or accounting.Organizations track the accomplishment of various process steps, or benchmarks, or assess the standard of the process' endpoint to determine whether a business process is successful.To know more about Business process visit:
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maria is the risk manager for a large organization and is evaluating whether the organization should purchase a fire suppression system. she consulted a variety of subject matter experts and determined that there is a 1 percent chance that a fire will occur in a given year. if a fire occurred, it would likely cause $2 million in damage to the facility, which has a $10 million value. given this scenario, what is the annualized loss expectancy (ale)?
$2,000,000 is the annualized loss expectancy.
What is loss expectancy?Economic profit can be calculated as income short express costs short opportunity taken a toll. Explicit costs are all costs ordinarily accounted for, such as labour costs, materials costs, promoting, devaluation, and charges. Single-loss expectancy (SLE) is the monetary value expected from the occurrence of a risk on an asset. It is related to risk management and risk assessment.
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The new product is expected to be ready within a month. however, difficulties arise and the shipment is delayed for three months. how might this create an accounting problem in terms of determining the value of the shipment?
The new product is predicted to be prepared inside a month. however, difficulties get up and the shipment is behind schedule for three months. This creates an accounting hassle in terms of figuring out the fee of the shipment with the aid of accounting for the time price of cash.
Product Shipments manner, for every overall performance length, the quantitative and measurable huge variety of gadgets of a specific Product shipped for the duration of that performance period.
Transportation is the bodily technique of transferring goods and items and freight. The time period shipment firstly referred to sea transportation but has been multiplied in American English to consist of transportation by way of the usage of land or air.
Accounting, additionally known as bookkeeping, is the size, processing, and transmission of financial and non-financial statistics about financial entities which include companies and organizations.
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What law projects that the number of transistors in chips doubles every 18 months, which means that every 10 years, processors are 100 times more powerful, but use the same energy and space?.
Moore's law projects that the number of transistors in chips doubles every 18 months, which means that every 10 years, processors are 100 times more powerful, but use the same energy and space.
Moore's Law is the idea put out by Gordon Moore that, despite a halving in computer costs, the number of transistors on a microchip doubles every two years. According to Moore's Law, we may anticipate an annual rise in the speed and power of computers and transistors while also seeing a decrease in their cost. Moore's Law also states that this expansion is exponential. Gordon Moore did not intend to establish a "law" or title his observation "Moore's Law." Moore made the claim in light of new developments in chip production that he had observed at Fairchild Semiconductor. The golden rule known as Moore's Law eventually resulted from Moore's understanding becoming a forecast.
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a foodservice employee is receiving an order of frozen fish. the products are coated with large ice crystals and the box has what appears to be water stains on it. at this point the clerk should:
The products are coated with large ice crystals and the box has what appears to be water stains on it. At this point the clerk should: report the unacceptable products to the vendor.
A Food Service Worker could be a professional who makes food and ensures that the kitchen and area are clean and safe. they have to also follow strict rules set by Managers so as to take care of a high level of customer satisfaction.
Post this job free. Waitresses and waiters, also referred to as servers, play a serious role in shaping the customers' dining experience. A food service associate performs fundamental functions within the food industry. Food service associates prepare and serve food items.
They cater to special events, which involve facility preparation, food presentation maintenance, and fixing tables. Their duties include cleaning, preparation and repair equipment. Handled currency and credit transactions quickly and accurately.
The hospitality and food industry incorporates a longstanding tradition of quality of service and dedication to putting customer needs first. Though extremely diverse, the industry has an expectation of workers to be professional, productive, respectful, and attentive to customer needs.
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3. Which of the following is a factor that determines how much investment risk a person can
handle:
Social status
Income
Goals
Banking institution
Answer: C
Explanation:
Goals. The three factors that determine an investor's risk tolerance are goals, time frame, and
personality. Social status, banking institutions, and income do not necessarily influence how much risk an
investor should take.
the net book value of a fixed asset is determined by the original cost a.less accumulated depreciation b.less accumulated depreciation plus depreciation expense c.less market value d.plus accumulated depreciation
The appropriate choice is an option (a). A fixed asset's net book value is calculated by subtracting accrued depreciation from its initial cost.
The value at which a business records an asset on its balance sheet is known as net book value, sometimes known as net asset value. The original cost of an asset less any accumulated depreciation, amortization, depletion, or impairment is used to calculate it.
How is accumulated depreciation defined?The sum of all prior depreciations on an asset is known as accumulated depreciation. The starting balance of the accumulated depreciation is increased each period by the depreciation expense that was incurred in that period.
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butch (stinky) rose's counterfeit chanel no. 22.5 racket has run into difficulties: it seems that the authentic chanel no. 22.5 perfume is selling for less than his counterfeit perfume. however, he has managed to reduce his fixed costs to zero, and his overall costs are now $600 per gram plus $70 per gram transportation costs and commission. (the perfume's smell is easily detected by specially trained chanel hounds, and this necessitates elaborate packaging measures.) he therefore decides to sell the perfume for $660 per gram to undercut the competition. specify stinky's profit function, p(x), where x is the quantity (in grams) of perfume he buys and sells.
for any value of x > o sticky's profit will be negative.
calculate the sticky's profit?fixed cost = 0
Variable cost = $600 + $70
= $670 per gram.
selling price = $660 per gram,
if x is the quantity of perfume (in grams) sold then profit function
P(x) = xx (selling price - cost)
P(x) = -10x
for break even P(x) = 0
x = 0
for any value of x > o sticky's profit will be negative.
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If a 10 percent decrease in the price of salmon results in a 5 percent increase in the quantity demanded of salmon, the absolute value of the price elasticity of demand coefficient for salmon is ________, and the demand for salmon is _______, ceteris paribus.
A 10 percent decrease in the price of salmon would result in a 5 percent increase in the quantity demanded of salmon, the absolute value of the price elasticity of demand coefficient for salmon is 2, and the demand for salmon is elastic, ceteris paribus.
Price is one of the five determinants of demand, but it does not affect demand for all goods and services equally. When price greatly influences demand, the good or service is said to have "elasticity of demand".
The name comes from the way economists think about the demand for that good or service — the name is easy to expand, and a small change in price results in a large change in demand. The essence of marketing is predicting how consumers will respond to various forms of stimulus.
While businesses can never be 100% sure of how consumers react, the goal of every marketing and product team is to increase conversions, usage, and positive brand views. Pricing, and more specifically your company's pricing strategy, is one area that can be applied to marketing and products where there's a lot of conjecture.
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A closing journal entry should be prepared at what point in the accounting cycle?.
A closing entry is a journal entry made at the end of the accounting period. Transferring information from temporary accounts on the income statement to permanent accounts on the balance sheet is involved.
What is meant by Closing entry ?
The general ledger, the method for keeping track of a company's financial information, uses the closing entry to reset the temporary account balances to zero.
To document accounting activities for a certain time period, temporary accounts are employed. Because they are reported in specific time periods and do not carry over to subsequent periods, all income and cost accounts must have a zero balance at the conclusion of the period. For instance, even if the business kept the money for usage over the following year, $100 in revenue this year does not count as $100 in revenue for the following year.
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in order to sound businesslike, many writers mistakenly use stale expressions, thinking they sound more impressive. which of these are fresh, vigorous, and clear phrases? check all that apply. please every effort will be made thank you thank you in advance as per your request at your request
The phrases that are fresh, vigorous and clear are please, thank you and at your request. The correct answers are thus, please, thank you and at your request, i.e., A, C and E.
You need to be able to craft communications and presentations that are succinct, clear, and compelling if you want to succeed in business. Moreover, time truly is money in the business world. In writing, this indicates that communications that are brief save readers' time and money. Furthermore, statements that are written clearly and concisely are simpler to read and understand.
Business-like communication often has the following characteristics:
One has to get rid of saggy expressions as the idea is to produce concise phrases and messages.Business communication often focuses on eliminating superfluous initial words as another method for writing compact sentences.Unnecessary filters, redundancies and jargon are avoided.Hence, the phrases please, thank you and at your request are correct as they fulfill all these criteria.
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Cash flow to creditors equals:____
a. interest paid minus net new borrowing
b. stock repurchased plus interest paid
c. interest paid plus net new borrowing
d. interest plus dividends paid
Cash flow to creditors equals interest paid plus net new borrowing.
A cash flow from creditors is defined as the total cash flow which a creditor collects from the interest on a loan.
Cash Flows to Creditors is calculated by using the following formula:
CFC = I – E + B
Where CFC is considered as the cash flow to creditors
I is denoted as the total interest paid
E is the denotion of ending long term debt
B is the denotion of beginning long term debt
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A similarity between limited liability companies and s corporations is that both:____.
A similarity between limited liability companies and s corporations is that both owners are not personally responsible for business debts and liabilities.
What is the similarity between limited liability companies and s corporations?
It should be noted that this types of corporations give room for shareholders and ownership setup which belongs to them, however both are alike are been incorporated the same way.
We can say that they both issue stock and adopt bylaws therefore they posses boards of directors with directors .
In conclusion A limited liability company can be described as the corporate structure in which the owners is not been personally liable for the company's debts however they can be considered as the hybrid entities having features of corporation as well as that of partnership or sole proprietorship.
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What is a good starting point for determining which accounts require adjustment?.
Review the Unadjusted trial balance as a starting point for determining which accounts need adjustment.
The definition of adjustment is the act of making a change, or a change made. One example of adaptation is the time it takes for a person to become comfortable living with someone else. Provisions for the amount to be paid in the event of damage or damage are made, for example, by insurance companies.
Get Accustomed After a while, his eyes adjusted to the darkness. Getting used to living alone took me a while to get used to it. Adjusting to being a parent can be difficult. I had to get used to the idea of him not coming back.
Successful adjustment is essential to improving quality of life. Poorly adjusted individuals are more likely to suffer from clinical anxiety and depression, and are more likely to experience feelings of hopelessness, anhedonia, difficulty concentrating, sleep disturbances, and reckless behavior.
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Restrictions imposed by the government, such as export quotas on certain products, are a part of the ________ environment of the pestel framework.
Restrictions imposed by the government, such as export quotas on certain products, are a part of the political environment of the pestel framework.
The political environment includes political conditions such as the overall stability and peace of the country and the attitudes of elected governments towards business. A stable political system can make business-friendly decisions that encourage local businesses and attract foreign investors.
The political environment is the state, government, and its agencies and laws, and the public and private stakeholders who operate, interact with or influence the system. For a company to be successful, the political atmosphere must be good and very stable. 3 Aug 2021
The social and political environment analyzes the social meaning and legitimacy of business and defines its rights, obligations, and objectives. She understands managerial activity as an effort of a political nature in the art sense to advocate for the fair organization of things in an organization and its environment.
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jessica worked 48 hours last week. She is paid at a rate of $14/hr. What is her gross take home pay?
Answer: $672.00
Explanation: $14.00x48=
how many newspapers should maria stock? find the profit and the service level – appropriately defined – that result from your suggested stocking quantity.
Expected profit at optimal stock Quantity $331.43 B. Verify that the value derived in part a is consistent with the optimal stockIng quantity in the Newevendor model:
mean= 500
Standard Deviation= 100
Overage COst = $0.20-S0 $0.20
Shortage Cost = $0.20-$1.00 =-$0.80
=1-8=.2 corresponding z-Value = 84.
The pandemic has not quite triggered the reckoning that some in the industry feared, but since the end of 2019, 360 newspapers have closed, all but 24 weekly newspapers serving small communities. According to Northwestern University, an estimated 75,000 journalists worked for newspapers in 2006; today there are only 31,000.
Most of the US printed newspapers will disappear in the next five years. Three-fourths of the national newspapers will publish physical editions for a little more than five years. Reading newspapers gives us better information and broadens our horizons. But reading the newspaper is becoming a dying habit.
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ng transactions. january 1 issue 10,000 shares of common stock in exchange for $33,000 in cash. january 5 purchase land for $19,500. a note payable is signed for the full amount. january 9 purchase storage container equipment for $8,100 cash. january 12 hire three employees for $2,100 per month. january 18 receive cash of $12,100 in rental fees for the current month. january 23 purchase office supplies for $2,100 on account. january 31 pay employees $6,300 for the first month's salaries.
A economic transaction is an agreement, or A financial transaction is an agreement, or communication, among a client and supplier to change gadgets, offerings, or property for payment. Any transaction involves a exchange within the fame of the budget of two or more businesses or people.
cash
substances
land
system
payments Payable 2,100
Notes Payable 19,500
not unusual stock 33,000
provider revenue 12,one hundred
Salaries price 6,three hundred
sixty six.700 66.700.
A mortgage is an excellent instance of a simply monetary transaction. The borrower requests a sure sum of money to make a large motive, as an example a car. The lender can pay out a lump sum. Over months or years, the borrower returns the money with hobby.
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Although 80% to 95% of americans cherish their privacy as a very important right and principle, what percentage also act in ways that allow others to easily monitor and track their activities?.
60% of 100% of Americans believe that their activities are easy to monitor and track on a daily basis.
Freedom from interruptions and intrusions is a component of privacy. To freely associate with anyone, to have power, and to decide who can access or use information about you. An example of a situation where you have privacy is when you have your own room that no one else uses and can't see and you can store all your stuff there without anyone else seeing it.
The majority of Americans think that businesses and governments routinely follow and monitor their online and offline behavior. Six in ten Americans say they don't believe in a normal life without data about them being collected by businesses or the government. This is a common condition of modern life.
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Which is an example of the law of demand?
A. A decrease in the price of iPhones causes a decrease in the quantity of iPhones cases
B. A decrease in the price of iPhones causes no change in the quantity of iPhones demanded
C. An increase in the price of iPhones cases
D. An increase in the price of iPhones causes a decrease in the quantity demanded
Answer: D
Explanation: : price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.
At most grocery stores, you can find food offerings from different parts of the world. whether in the international aisle or other parts of the store, these products offer consumers delicious options that can transport them a world away in one bite. however, there is a lack of international food options for shoppers who specifically want to purchase organic food. for this challenge, we would like to hear your ideas for organic food offerings that could be sold in the international aisle or other areas of the grocery store. your idea should focus on either asian cuisine or hispanic cuisine. also, we are open to all sorts of food offerings (ex. prepared items, frozen food, produce, meat, sauces, condiments, etc.) feel free to let your creativity go wild!
Most grocery stores do not offer organic food especially Asian cuisine or Hispanic cuisine on their international aisle because of the Unavailability of organic foods in the local markets.
Two ways in which such grocery stores can get access to organic foods include the following
Grocery Stores can partner with farmersGrocery Stores can venture into organic food farmingWhat are Organic Foods?Organic foods refer to those food which have been grown on land where no prohibited substances such as synthetic fertilizers or pesticides have been applied on.
The usually time frame for this assessment is to ensure that the land has been free from the application of the aforementioned substances for at least 3 years before the harvest of the the plants.
Organic farming ensures that resources are recycled, it promotes ecological balance, and conserve biodiversity.
According to the question, grocery stores can offer organic foods if they partner with farmers or if they venture into organic food farming.
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the total of the stockholders’ rights or claims to the assets of a corporation is called a.total liabilities. b.total stockholders’ equity. c.total assets. d.total revenues.
The total of the stockholders’ rights or claims to the assets of a corporation is called total stockholders’ equity.
Total Equity is the value of a company after its assets minus its liabilities. Equity capital consists of several components including contributed capital, retained earnings, dividends and treasury stock. Equity capital is equal to the total assets of a company minus its total liabilities. All these figures can be found on the company's balance sheet. Total capital is at the bottom of the balance sheet. If no balance sheet is available, equity can be calculated by adding the sum of all assets and subtracting the sum of all liabilities. Capital is the amount invested in a business by a company owner. This includes the money they directly invested and the cumulative income the company has reinvested since its inception. Total capital is at the bottom of the balance sheet. If no balance sheet is available, shareholder equity can be calculated by adding the sum of all assets and subtracting the sum of all liabilities.
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Other than a car, what are some common large purchases that offer financing or payment options you should avoid? list at least two examples.
Mortgage payment, Taxes and Medical bills are some common large purchase which should be avoided that offer financing or payment options.
How the large purchase are to be made through credit card ?
Using credit card is a smart move if you want to use your card similarly to a debit card by paying the debt in full by the due date. You'll establish a track record of good behavior on your credit report, and you might even amass a sizable sum of cash back or points.
On the other side, you will be assessed credit card interest if you choose to pay off the item over time. Since the average credit card interest rate is currently around 17 percent, you should preferably use your credit card only for things you know you can pay off immediately. The only exception is if you recently got a credit card with a 0% intro APR, in which case you might have a few months to pay off the purchase without collecting interest.
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Of the over $550 million dollars lent to low-income individuals or to those who do not have access to typical banking services, what was the approximate average size of a loan made by the kiva microfinance services organization?.
Out of the over $550 million in loans granted to low-income persons or those without access to traditional banking services, the average loan amount made by the kiva microfinance services organization was around $416.62.
Microfinance is the umbrella term for the variety of financial products that microfinance institutions (MFIs) provide to their clients, including microloans, microfinance, and microinsurance products. When social entrepreneurs started offering sizeable loans to the working poor in the 1970s, microfinance was born.
One person whose efforts to microfinance have made him well-known on a global scale is Professor Muhammad Yunus, who shared the 2006 Nobel Peace Prize with Grameen Bank. Yunas and Grameen Bank have shown that those in poverty are capable of doing so. Yunus also showed that, when correctly designed, loans given to the working poor had relatively good repayment rates. Profit-driven businessmen and social engineers were drawn to his work.
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speedy delivery company completed a delivery and billed the customer for $980. this transaction would be recorded with a debit entry on the left-hand side of which account:
The express delivery company completed the delivery and charged the customer $980. This transaction is recorded as a debit line on the left side of the account: Accounts Receivable.
A financial transaction is a contract or communication between a buyer and a seller to exchange goods, services, or assets for payment. Any transaction involves a change in the financial position of two or more companies or individuals. A transaction is a completed contract between a buyer and a seller to exchange goods, services, or financial assets in exchange for money.
The term transaction is also widely used in corporate accounting. In business accounting, this simple definition can be difficult. Examples of transactions include: Payment to Suppliers for Services rendered or Goods Delivered. Cash and promissory notes are paid to the seller to take ownership of an asset the seller previously owned. Pay employees for their hours worked. A transaction is any financial business event that affects a company's financial statements. Transactions have many transactional elements because they include any event that has a monetary impact on your financial records.
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