Answer:
The systems theory:
emphasizes that an organization is one system in a series of subsystems.
Explanation:
A systems theory approach is a theoretical perspective that focuses on the interactions and relationships between parts of a whole. The theory helps to understand how an entity is organized, functions, and produces outcomes, which impact its growth. It also explains how rules and regulations are applied to govern an organization towards the achievement of its goals.
The systems theory is emphasizing that an organization is one system in a series of subsystems. Thus, option (a) is correct.
The systems theory of organization asserts that organizations are composed of many subsystems that are not necessarily related to one another but work together to form the whole.
The systems approach to management looks at a business as a series of systems and subsystems that interact with one another to create the overall organizational system.
In the systems approach to management, employees are more focused on achieving a collective goal for an organization rather than operational output.
Therefore, option (a) is correct
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Your question is incomplete, but most probably the full question was.
The systems theory:
Multiple Choice
A. Emphasizes that an organization is one system in a series of subsystems.
B. Implements a piece rate system in which workers are paid additional wages when they exceed a standard level of output for each job.
C. Enforces a system that suggests that frontline supervisors should receive a bonus for each of their workers who completed their assigned daily tasks.
D. Develops a system to lower costs and increase worker productivity by showing how employees could work smarter, not harder.
E. Suggests that organizations are effective when they have the social system and the technical system to make products and services that are valued by customers.
(a) Purchased $110 of supplies for cash. –$110 $0 (b) Recorded an adjusting entry to record use of $20 of the above supplies. enter a dollar amount enter a dollar amount (c) Made sales of $1,500, all on account. enter a dollar amount enter a dollar amount (d) Received $850 from customers in payment of their accounts. enter a dollar amount enter a dollar amount (e) Purchased equipment for cash, $2,550. enter a dollar amount enter a dollar amount (f) Recorded depreciation of building for period used, $740.
Question Completion:
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.
Answer:
Effects of transactions on cash and net income:
(a) Purchased $110 of supplies for cash.
Cash–$110 Net income $0
(b) Recorded an adjusting entry to record use of $20 of the above supplies.
Cash - $0 Net Income -$20
(c) Made sales of $1,500, all on account.
Cash -$0 Net Income +$1,500
(d) Received $850 from customers in payment of their accounts.
Cash +$850 Net Income $0
(e) Purchased equipment for cash, $2,550.
Cash -$2,550 Net Income $0
(f) Recorded depreciation of building for period used, $740.
Cash $0 Net Income -$740
Explanation:
As stated earlier, business transactions that affect earnings do not necessarily affect cash. This fact is demonstrated in the above examples. Unless the transaction is for cash and affects a revenue or expense account, it will not affect cash and earnings at the same time. An example of a transaction that affects both is the sale of goods for cash. This will increase the cash balance as well as boasting the earnings. Another example is the cash payment for rent expense. This will reduce the cash balance as well as reduce the earnings.
Assume that the risk-free rate of interest is 3% and the expected rate of return on the market is 15%. I am buying a firm with an expected perpetual cash flow of $2,000 but am unsure of its risk. If I think the beta of the firm is 0.8, when in fact the beta is really 1.6, how much more will I offer for the firm than it is truly worth
Answer:
The correct solution is "$6,564.01". A further solution is given below.
Explanation:
The given values are:
beta,
= 1.6
market return,
= 15%
cash flow,
= $2,000
risk free rate of interest,
= 3%
Now,
The stock return will be:
= [tex]3+ 1.6\times (15-3)[/tex]
= [tex]3+ 1.6\times 12[/tex]
= [tex]22.2 \ percent[/tex]
The actual worth of the firm will be:
= [tex]\frac{cash \ flow}{rate \ of \ return}[/tex]
= [tex]\frac{2000}{22.2 \ percent}[/tex]
= [tex]\frac{2000}{0.222}[/tex]
= [tex]9,009[/tex]
With 0.8 beta, the stock return will be:
= [tex]3+ 0.8\times (15-3)[/tex]
= [tex]3+ 0.8\times 12[/tex]
= [tex]12.6 \ percent[/tex]
So that I'm paying for the firm,
= [tex]\frac{2000}{12.6 \ percent}[/tex]
= [tex]\frac{2000}{0.126}[/tex]
= [tex]15,573.01[/tex] ($)
Hence,
I'm paying,
= [tex]15,573.01-9,009[/tex]
= [tex]6,564.01[/tex] ($)
Suppose the same facts as above, except that Kimberly-Clark incurred legal fees resulting from the execution of the lease of $5,000, and received a lease incentive from Sheffield to enter the lease of $1,000. How would the initial measurement of the lease liability and right-of-use asset be affected under this situation
Answer:
Kimberly-Clark
The initial measurement of the lease liability and the right-of-use asset would not be affected under this situation.
Explanation:
a) Data:
Legal fees resulting from the execution of the lease = $5,000
Incentive received from Sheffield to enter the lease = $1,000
b) The legal fees will be expensed, while the lease incentive will be recorded as income. Legal fees paid to professionals for lease agreements can be deducted as operating expenses. In this situation, the legal fees can be reduced by the lease incentive received from the lessor.
Name and describe three ways that companies can benefit from being ethical.
Please answer !!! For a lot of points
i think B is the answer,but ask another person too!
.
and tnx for points too :)
Answer:
thanks for points
Explanation:
As you develop your personal marketing plan and career strategy, it is important that you look at ways to match your strengths with careers that will be rewarding financially and personally. Four common jobs that new marketing graduates begin their career in are pricing analyst, fleet manager, salesperson, and event coordinator. Each of these provides an opportunity for a great job and career in marketing. In addition, each requires specific skills that, if developed, will help make graduates in each of these roles successful. Match the specific skills to the job where they are most important. As you do so, think about how your talents and abilities might make you a perfect candidate for one or more of these jobs.
Answer:
1. Superior Listening Skills - Sales person
2. Excellent organizational skills - Event Coordinator
3. Strong quantitative skills - Pricing analyst
4. Good researcher, comfortable scanning the environment - Sales person
5. Time management skills - Event coordinator
6. Patience - Sales person
7. Terrific persuasion skills - Sales person
8. Excellent Vehicle knowledge. - Fleet manager
Explanation:
There are various careers which are suitable for marketing graduates. The four most common career choices by marketing graduates are listed in the scenario. Skills which are required for a sales person is that he must be calm and able to deal with the customers. He should be persuasive in nature so that he ends up the meeting with customers positively. Event manager has to be patient as well as he must have time management skills. It is responsibility of the event manager to organize the event and follow the timelines.
John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from its bank accounts, $750 on dividends from Abbot stocks, he received $10,000 from selling stocks from Tesla that were purchased 8 month ago for $7,500, and he received $16,000 on dividends and finally he sold stocks from Amazon for $17,000 and he bought them 2 years ago for $8,000. Standard deduction $12,000
Calculate
a. Taxable income coming from short term
b. Taxable income coming from long term & dividends
c. Total Federal Tax owned
d. Marginal Tax rate
e. Average Tax rate
Tax rate Taxable income Tax owed
10% $0 to $9,525 10%
12% $9,526 to $38,700 $95250 plus 12% over the amount over 9525
22% $38,701 to$82,500 $4453.30 plus 22% of the amount over 38701
24% $82,501 to $157,500 $14089.50 plus 24% of the amount over $82500
32% $157,501 to $200,000 $32089.5 plus 32% of the amount over $157500
35% $200,001 to $500,000 $45689.5 plus 35% of the amount over $200000
37% $500,001 or more $150689.50 plus 37% of the amount over$500000
Answer:
a. Taxable income coming from short term
= $102,000 + $5,000 + ($10,000 - $7,500) = $109,500
b. Taxable income coming from long term & dividends
= $750 + $16,000 + ($17,000 - $8,000) = $25,750
dividends are taxed as ordinary income, only long term capital gains are taxed at 15%
c. Total Federal Tax owned
ordinary income = $126,250 - $12,000 = $114,250
long term capital gains = $9,000
ordinary tax liability = $14,089.50 + [24% x ($114,250 - $82,500)] = $21,709.50
long term capital gains = $9,000 x 15% = $1,350
total tax liability = $23,059.50
d. Marginal Tax rate
24%
e. Average Tax rate
$21,709.50 / $114,250 = 19%
Randolph Company reported pretax net income from continuing operations of $1,010,500 and taxable income of $667,500. The book-tax difference of $343,000 was due to a $213,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $138,000 due to an increase in the reserve for bad debts, and a $268,000 favorable permanent difference from the receipt of life insurance proceeds. Randolph Company’s applicable tax rate is 34%.A. Compute Randolph Company’s current income tax expense.B. Complete the reconciliation of Randolph Company’s effective tax rate with its hypothetical tax rate of 34%C. Compute Randolph Company’s effective tax rate.
D. Compute Randolph Company’s deferred income tax expense or benefit.
Answer:
A. Current income tax expense = $226,950
B. Reconciliation of effective tax rate with hypothetical tax rate gives an effective tax rate of 24.98%.
C. Effective tax rate = 24.98%
D. Deferred income tax expense is $25,500
Explanation:
A. Compute Randolph Company’s current income tax expense.
Current income tax expense = (Pretax net income from continuing operations - Favorable temporary difference relating to depreciation + Unfavorable temporary difference - Favorable permanent difference) * Applicable tax rate = ($1,010,500 - $213,000 + $138,000 - $268,000) * 34% = $226,950
B. Complete the reconciliation of Randolph Company’s effective tax rate with its hypothetical tax rate of 34%
Hypothetical tax rate = Applicable tax rate = 34%
Income tax expense = Pretax net income from continuing operations * Applicable tax rate = $1,010,500 * 34% = $343,570
Tax benefit from Favorable permanent difference = Favorable permanent difference * Applicable tax rate = $268,000 * 34% = $91,120
Income tax provision = Income tax expense - Tax benefit from Favorable permanent difference = $343,570 - $91,120 = $252,450
Rate of tax benefit from Favorable permanent difference = (Tax benefit from Favorable permanent difference / Pretax net income from continuing operations) * 100 = ($91,120 / $1,010,500) * 100 = 9.02%
Therefore, we have reconciliation of effective tax rate with hypothetical tax rate as follows:
Effective tax rate = Hypothetical tax rate - Rate of tax benefit from Favorable permanent difference = 34% - 9.02% = 24.98%
C. Compute Randolph Company’s effective tax rate.
Effective tax rate = (Total income provision / Pretax net income) * 100 ......... (1)
Where:
Total income provision = Current income tax expense + Deferred income tax expense = $226,950 + $25,500 = $252,450
Pretax net income = $1,010,500
Substituting the values into equation (1), we have:
Effective tax rate = ($252,450 / $1,010,500) * 100 = 24.98%
D. Compute Randolph Company’s deferred income tax expense or benefit.
Deferred income tax expense or benefit = (-Favorable temporary difference relating to depreciation + Unfavorable temporary difference) * Applicable tax rate = (-$213,000 + $138,000) * 34% = -$25,500
Since the answer is negative, it implies that it is a Deferred income tax expense of $25,500
A dam is being built that will cost $500,000. The dam will cost $20,000 per year to operate and will require a maintenance expense of $30,000 every other year beginning two years from now. The dam is expected to last 30 years. If interest is 12%, calculate the capitalized cost. This is the present equivalent assuming the dam will need to last forever.
Answer:
multiplicado todas la cantidades y ese es el resultado
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 630,000 $ 408,000 $ 102,000 $ 48,000 $ 30,000 $ 42,000 Percent uncollectible 1 % 2 % 5 % 7 % 10 % Exercise 7-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,200 debit.
Answer:
A. $14,820
B. Dr Bad Debt Expense $1,620
Cr Allowance for Doubtful Accounts $1,620
C. Dr Bad Debt Expense $17,020
Cr Allowance for Doubtful Accounts $17,020
Explanation:
a. Calculation to Estimate the balance of the Allowance for Doubtful Accounts
Using this formula
Balance of the Allowance for Doubtful Accounts=Account Receivable *Percentage Uncollectible
Let plug in the formula
Account Receivable* Percentage Uncollectible = Balance of the Allowance for Doubtful Accounts
Not due $408,000*1%=$4,080
1 to 30 $102,000*2%=$2,040
31 to 60 $48,000*5%=$2,400
61 to 90 $30,000*7%=$2,100
Over 90 $42,000*10%=$4,200
Balance of the Allowance for Doubtful Accounts $14,820
($4,080+$2,040+$2,400+$2,100+$4,200)
b. Preparation of the adjusting entry to record Bad Debts Expense
Dr Bad Debt Expense $1,620
($14,820-$13,200)
Cr Allowance for Doubtful Accounts $1,620
(Being to record Bad Debts Expense)
c. Preparation of the adjusting entry to record bad debts expense
Dr Bad Debt Expense $17,020
($14,820+$2,200)
Cr Allowance for Doubtful Accounts $17,020
(Being to record Bad Debts Expense)
What would cause a shift of demand curve for snickers bars
Fatima is a regional sales manager and has decided that each member of the sales team must increase his or her current sales figures by 80% within two months if they want to remain with the company. Overall, the economy for the industry has dropped dramatically and she has decided this is the best way to motivate her sales team. Which aspect of the marketing objective is Fatima failing to recognize
Answer:
Achievable
Explanation:
Marketing objectives are set to meet up with the goals of the business. Which isnto.ake profit.
The SMART approach to marketing objectives are outline below. The marketing objectives should be;
- Specific, that is a particular objective should be set. In this case Fatima has set 80% increase on current sales figures.
- Measurable, that is the objective should be quantifiable. 80% of the current performance is measurable.
- Achievable, means that the objective should be within a reasonable scope. Targets should not be set too high.
In this case the economy for the industry has dropped dramatically, so setting objective of 80% sales increase on current performance is most likely not achievable.
- Realistic, are there sufficient personel and resources to achieve the goal.
- Time specific, it must be within a defined time period. In this case 2 months was set to achieve the objective.
Providing services to customers for $1,000 on account is recorded as: Multiple Choice Debit Accounts Receivable $1,000, credit Service Revenue $1,000. Debit Service Revenue $1,000, credit Cash $1,000. Debit Cash $1,000, credit Accounts Receivable $1,000. Debit Service Revenue $1,000, credit Accounts Receivable $1,000.
Answer: Debit Accounts Receivable $1,000, credit Service Revenue $1,000--A
Explanation:
When services are provided to customers for cash directly, The account to record is to debit from Cash and credit Service Revenue but when services are provided on account, The journal to record includes a debit to Accounts Receivable and Credit to Service Revenue
Therefore
Providing services to customers for $1,000 on account is recorded as:
Accounts titles Debit Credit
Accounts Receivable $1,000
Service Revenue $1,000
says that the quantity demanded of a good folls when the price of 1 point the good rises.
A) The Law of Supply
B) The Law of Demand
C) Market Structure
D) Market Equilibrium
Answer:
B) The Law of Demand
Explanation:
The correlation between the volume demanded, and the price of a good is explained by demand law. As per this law, price and the quantity demanded have an indirect or inverse relationship. An increase or decrease in price results in quantity demanded moving in the opposite direction.
Should the prices of a product or service increase, its demand falls.
1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 28,000 units with a cost of $13.40). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $18,000.
Answer:
1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system
FIFO 1.226.400
Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 28,000 units with a cost of $13.40
LIFO 1.204.000
Explanation:
Jan. 1 Inventory on hand—28,000 units; cost $13.90 each.
Feb. 12 Purchased 78,000 units for $14.20 each.
Apr. 30 Sold 50,000 units for $21.70 each.
Jul. 22 Purchased 58,000 units for $14.50 each.
Sep. 9 Sold 78,000 units for $21.70 each.
Nov. 17 Purchased 48,000 units for $14.90 each.
Dec. 31 Inventory on hand—84,000 units.
FIFO
Begginnin inventory 28000 13.4 375200
Purchased 78000 14.2 1107600
Sold 50000
Sold 28000 13.4 375200
Sold 22000 14.2 312400
Inventory 56000 14.2 795200
Purchased 58000 14.5 841000
Sold 78000
Sold 20000 14.2 284000
Sold 58000 14.5 841000
Inventory 36000 14.2 511200
Purchased 48000 14.9 715200
Ending Inventory 84000
LIFO
Begginnin inventory 28000 13.4 375200
Purchased 78000 14.2 1107600
Sold 50000
Sold 50000 14.2 710000
Inventory 28000 13.4
Inventory 28000 14.2 397600
Purchased 58000 14.5 841000
Sold 78000
Sold 20000 14.2 284000
Sold 58000 14.5 841000
Inventory 28000 13.4 375200
Inventory 8000 14.2 113600
Purchased 48000 14.9 715200
Ending Inventory 84000 1204000
If $2,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is
a. $2,100,000
b. $2,060,000
c. $2,000,000
d. $1,940,000
The amount of cash received from the sale of $2 million bonds issued at 97% of face value is $1.94 million. The issue price is calculated by multiplying the face value by 97%, which is $1.94 million.
Hence, the correct option is (d).
To calculate the amount of cash received from the sale of $2,000,000 of 10% bonds issued at 97, we need to multiply the bond's face value by the percentage of the issue price.
The issue price is given as 97% of the face value. To find the issue price, we calculate:
Issue price = Face value x (97/100)
= $2,000,000 x (97/100)
= $1,940,000
Therefore, the amount of cash received from the sale is d. $1,940,000.
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Lisa is thinking about a career in Hospitality and Tourism. She has always wanted to run a small bed and breakfast. What area might have just the right economy for Lisa?
A. a concentrated manufacturing district
B. a farming community with chicken houses everywhere
C. a small town close to the beach
D. a cold, icy community in a rural area
Answer:
C
Explanation:
Answer:
C. a small town close to the beach
Explanation:
Insurance expense incurred on a factory building would be treated as aInsurance expense incurred on a factory building would be treated as aInsurance expense incurred on a factory building would be treated as aInsurance expense incurred on a factory building would be treated as a
Answer:
product cost
Explanation:
Product costs are simply defined all costs incurred when acquiring or making a product. It is any materials that is a part of the product, it entails also the cost of workers who touch the product to produce it with all the costs of the facility and management that is needed to make the product. There are simply 3 main categories of product costs which are direct materials, direct labor and manufacturing overhead.
Insurance Expense gives proper details about an insurer's profitability by line of business, allocation of other underwriting expenses, allocation of pretax profit by line, on a net basis and allocation of pretax profit by line, on a direct basis.
Which actions can be performed on tables in Word? Check all that apply.
V adding rows
Vadding columns
deleting rows
deleting columns
V changing column width
aligning tables
D converting tables to text
converting tables to graphs
Answer and Explanation:
At the time of making tables in word we can do the following things
1. Rows could be added
2. Columns could be added
3. Rows could be deleted
4. Column could be deleted
5. The width of the column could be changed
but it does not allow to convert the table into text form or in graph form
Therefore only the last option would not be covered
The Internal Revenue Service Department of Tax Regulations writes regulations in accord with laws passed by Congress. On average, the department completes 300 projects per year. The Wall Street Journal reported that, as of October 11, 1997, the number of projects "on the Department’s plate" was 588. Nevertheless, the department head claimed that average time to complete a project was under six months. Do you have any reason to disagree? Why or why not?
Answer:
The IRS's claim (that the average time it takes to complete a project is < 6 months) is wrong. It takes the Department 23.52 months to complete a project.
Explanation:
a) Data and Calculations:
Number of projects "on the Department’s plate" (I) = 588 Projects
Average projects completed per year (R) = 300 Projects
Therefore, the flow time (the average time to complete a project by the department), T, = I / R
= 588 / 300 = 1.96 years = 1.96 X 12 = 23.52 months
b) The steps to calculate flow time (the amount of time a flow unit spends in a business process from beginning to end) are given as:
1. The number of projects handled over a period of time.
2. Let R = the number of units produced / duration of time period .
3. Compute the average inventory (I).
4. Compute flow time T =I/R.
A retailer is an
example of a(n) *
O
extractor
O producer
O intermediary
O service business
Answer: Service business.
Explanation: Retailers are shop clerks that run a supermarket. Retailers sell goods and services to people in need to the public. They sell it in small quarantines to use or consumption rather than for resale.
In marketing, there are intermediaries between the distribution channel. A retailer is an example of an intermediary
Producers most times do not sell products or services directly to consumers and as such uses these marketing intermediaries to execute an the functions of getting the product to the final consumer.
These intermediaries are called middlemen and they include wholesalers, retailers, agents, and brokers. These intermediaries do enter into longer-term agreement with the producer and make up the marketing channel.Conclusively, retailer acts as middleman to get product to target consumers.
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Your company manufactures and sells a variety of personal care products such as hair dryers and curling irons. Every hair dryer is properly labeled and contains safety precautions against misuse. Patrick purchases an SF9000 hair dryer from your company website. After a month of use where the hair dryer functions properly, Patrick accidentally drops it in water causing him an electric shock. Patrick sues your company for breach of the implied warranty of merchantability. Discuss whether the implied warranty of merchantability exists for this product and whether it has been violated in this situation.
Answer:
Product Implied Warranty
According to the Uniform Commercial Code, a product warranty guarantees that a product will work when used for its intended purposes. There are two key types of implied warranties: merchantability and fitness. The implied warranty of merchantability states that a product will meet reasonable expectations of the buyer. The implied warranty of fitness means that the product will meet the buyer's intended use.
Based on the above, we can conclude that the implied warranty of merchantability actually exists for the hair dryer. However, Patrick clearly violated it in this situation through the accident of dropping it in water.
Having thus violated the warranty, he cannot reasonably recover any damages from the company.
Explanation:
a) Facts of the case:
1. Every hair dryer is properly labeled and contains safety precautions against misuse.
2. The SF9000 hair dryer that Patrick purchased functioned properly for a month.
3. Patrick accidentally drops the hair dryer in water, causing him an electric shock.
4. Patrick sues for breach of the implied warranty of merchantability.
dentify which of the following statements is true. Group of answer choices The gift tax exclusion is available only for a gift of a present interest. A purpose of the annual exclusion is to eliminate the necessity of accounting for and reporting small gifts such as those made for weddings and Christmas. A present interest is an unrestricted right to the immediate use, possession, or enjoyment of property or the income from property. All of the above are true.
Answer:
Option D (All of the above are true) would be the right approach.
Explanation:
Future rewards of involvement aren't really able to qualify for allowance from taxation on presents as well as exclusions. Thus, only gifts of even more present involvement were also eligible to claim exemption on presents. This same sets up exemption has been tasked with the responsibility of eliminating the financial statements of thoughtful gifts besides formal events, and so much more.Present interest seems to be a responsibility which really characterizes this same authority for using, possess as well as appreciate the possessions or its earnings instantaneously. So all the points are valid.
For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. Entry to record consulting services performed but not yet billed or recorded. Entry to record service revenues performed but not yet billed or recorded. Entry to record rent expense incurred but not yet paid. Entry to record expiration of prepaid rent. Entry to record supplies used as supplies expense.
The accounts to be debited are:
A) Entry to record consulting services performed but not yet billed is debited to Accounts Receivable. This is a balance sheet item. In balance sheets, Accounts receivables are listed as assets. To increase assets in the balance sheet, you debit. To decrease it, you credit. Liabilities on the other hand are increased by crediting and decreased by debiting the same.
B) Entry to record service revenues performed but not yet billed or recorded is debited to Accounts Receivable. This also follows the same format in A above.
C) Entry to record rent expense incurred but not yet paid is credited to Accounts payable. This is also a balance sheet item. Recall the principle in A above.
D) Entry to record expiration of prepaid rent: This is an Income statement posting. Given that the rent was paid for but now expired that is, unusable, it, therefore, is an expense. The expense account will be credited.
E) Entry to record supplies used as supplies expense is credited to Supplies Expenses account. This is an income statement account. According to the principle of double-entry, you debit the receiver and credit the giver.
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Answer:a.accounts receivable (balance sheet)
a. service rev (income statement)
b.acc receivable(balance)
b.service rev(income)
c.rent expense(income)
c. rent payable(balance)
d.rent expense(income)
d.prepaid rent (balance)
e.supp expense(income)
e.supplies(balance)
Explanation:
The benefits or reviewing procedures for ordering products and services
Answer:
They provide more detail and utility than a basic expense record. ...
They're the foundation of a reliable purchasing process. ...
They improve organisation for multiple projects and processes. ...
They provide clear and highly detailed levels of communication to all parties.
Explanation:
Your manager is concerned that costs are being misappropriated due to large balances in ending work in process inventories while currently using the FIFO Method for accounting for beginning work in process inventories. Using examples from your own experience or from the book, explain to the manager which of the methods of process costing you believe should be used and why.
Answer:
The company should use the weighted average method of process costing.
Explanation:
FIFO and Weighted average cost method are the two methods of Process costing. The company is already using the FIFO method for accounting of inventory under which cost are misappropriated into closing WIP.
To solve such issue, the company can use the weighted average method under which cost is calculated by weighted average and then evenly distributed to the unit transferred to other department and the ending work in process.
Example: Suppose company purchased goods lying stock 20000 units at $5 each. Weighted average cost calculated per unit is $3 per unit. Calculate Closing work in process
==> FIFO = 20000*5 = $100,000
==> Weighted average cost = 20000 * 3 = $60,000
On January 1, year 2, Connor Corporation signed a $100,000 noninterest-bearing note due in three years at a discount rate of 10%. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, year 2, Connor's credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below.
PV factor .751 10%, 3 periods
PV factor .826 10%, 2 periods
PV factor .909 10%, 1 periods
PV factor .772 9%, 3 periods
PV factor .842 9%, 2 periods
PV factor .917 9%, 1 periods
At what amount should Connor present the note on the December 31, year 2 balance sheet?
Answer:
the amount that should present the note in year 2 is $84,200
Explanation:
The computation of the amount that should present the note in year 2 is shown below:
= Amount of non-interest bearing note × present value factor for 2 years at 9%
= $100,000 × 0.842
= $84,200
hence, the amount that should present the note in year 2 is $84,200
Summarise the following passage in on more than 60w words and supply an appropriate title:every second,1 hectare of the world's rainforest is destroyed.thats equivalent to two football fields,an area the size of new York city is lost every day.in a year,that adds up to 31 million hectares-more than the land area of poland.this alarming rate of destruction has serious consequences for the environment, scientists estimate, for example, that 137 species of plant,insect or animal become extinct every day due to logging. In British Columbia, where,since become extinct, and the habitats of grizzly bears,wolves and many other creatures are threatened. Logging, however,provides jobs,profits, taxes for the government and cheap products of all kinds for consumers, so the government is reluctant to restrict or control it.
Answer:
I don't know...
Explanation:
I'm sorry...............
EEE Corp. reports the following information for the fiscal year. (in $ million) Revenue $7,015 Expenses $3,890 Beginning retained earnings $4,615 Liabilities at year-end $5,225 Contributed capital at year-end $820 Dividends $500 Effective tax rate 0% What is the total assets of EEE Corp. at the end of the fiscal year
Answer:
See below
Explanation:
First we will compute the ending retained earnings
= Beginning retained earnings $4,615 + Revenue $7,010 - Dividends $500
= $11,125
Then , the total assets of EEE corp. would be
= Capital contributed $820 + Retained earnings $11,125 + liabilities at year end $5,225
= $17,170
The following costs result from the production and sale of 4,450 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $295 each. The company has a 30% income tax rate. Variable production costs Plastic for casing $ 115,700 Wages of assembly workers 404,950 Drum stands 155,750 Variable selling costs Sales commissions 106,800 Fixed manufacturing costs Taxes on factory 14,500 Factory maintenance 29,000 Factory machinery depreciation 89,000 Fixed selling and administrative costs Lease of equipment for sales staff 29,000 Accounting staff salaries 79,000 Administrative management salaries 159,000 Required: 1. Prepare a contribution margin income statement for the year. 2. Compute its contribution margin per unit and its contribution margin ratio.
Answer:
See below
Explanation:
1. Contribution margin income statement
Sales (4,450 × $295)
$1,312,750
Less: Variable costs
Plastic for casting
$115,700
Wages
$404,950
Drum stand
$155,750
Variable selling
$106,800
Contribution
$529,550
Less : Fixed costs
Taxes on factory
$14,500
Factory Maintenance
$29,000
Depreciation
$89,000
Lease of equipment
$29,000
Accounting staff salaries
$79,000
Admin management salaries
$159,000
Profit before tax
$130,050
Less :
Tax at 30%
$39,015
Profit after tax
$91,035
2. Contribution margin per unit
Contribution margin per unit = Total contribution / Number of units
Contribution margin per unit = $529,550 / 4,450
Contribution margin per unit = $119 per unit
•Contribution margin ratio
= Contribution margin per unit / Unit cost of drum
= $119 / $295
Contribution margin ratio = 40.34%