Answer:
Earnings per share = (Net income - Preferred dividends) / Number of shares outstanding
2020:
= (171 - 17) / 300
= $0.51 per share
2021:
= (160 - 22) / 250
= $0.55 per share
A journal entry for a payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the effect of the error on the trialâ balance?
A. The sum of the credits will equal the sum of the debits.
B. The sum of the debits will exceed the sum of the credits by .
C. The sum of the debits will exceed the sum of the credits by .
D. The sum of the credits will exceed the sum of the debits by .
Answer:
A). The sum of the credits will equal the sum of the debits.
Explanation:
journal entry journal entry can be regarded as record of the business transactions which is made in a accountingbooks of a business.
journal entry that is documented properly will contains correct date as well as amounts to be debited and description of the transaction, it contain amount to be credited as well as a unique reference number.Note that "There is equal amount of credit as well as debit in a journal entry"
Trial balance can be regarded as report that give lists of balances of all general ledger accounts in a firm at a particular point in time, there is compilation of all ledger balance into debit as well as credit account column totals. As rule in trial balance, the total of the debit balances as well as credit balances that is been extracted from the ledger must tally with each other.
A single commercial bank must meet a 25 percent reserve requirement. If the bank has no excess reserves initially and $5,000 of cash is deposited in the bank, it can increase its loans by a maximum of Group of answer choices $5,000. $1,250. $120,000. $3,750.
Answer:
$3,750
Explanation:
Calculation to determine what it can increase its loans by
Using this formula
Loan increase=Excess reserves-(Reserve requirement percentage* Excess reserves)
Let plug in the formula
Loan increase=$5000-($25%*$5000)
Loan increase=$5,000-$1,250
Loan increase=3,750
Therefore it can increase its loans by a maximum of $3,750
. If it outsources the navigation system, fixed costs could be reduced by half, and the vacant facilities could be rented out to earn $2000 per month of rental income. What is the maximum contract cost that Fruit Boat Company should pay for outsourcing
Answer: $2,425
Explanation:
Fruit Boat should not pay more for the contract than they would if they were producing the good themselves.
= Variable cost + Avoidable fixed costs + Opportunity cost per month
Avoidable fixed cost = (39,000 / 2) / 10 boats = 19,500 / 10 = $1,950
Opportunity cost per month = 2,000 / 10 boats
= $200
Contract price = 275 + 1,950 + 200
= $2,425
Each employee takes two 8 minute rest breaks and one 25 lunch break each shift. The company has 2 shifts per work day each with 4 employees. Compute the takt time if the company is planning to produce 1325 JU-4s.
Answer:
The appropriate answer is "[tex]0.657 \ mins/JU-4s[/tex]".
Explanation:
Given:
Demand,
= 1325 JU-4s
1 day = 2 shifts
Assuming a shift is of 8 hours duration.
then,
[tex]1 \ shift = (8\times 60)-(20+25)[/tex]
[tex]=480-45[/tex]
[tex]=435 \ mins[/tex]
Total day mins,
= [tex]435\times 2[/tex]
= [tex]870 \ mins[/tex]
hence,
The average throughput rate will be:
= [tex]\frac{870 \ mins}{1325 \ JU-4s}[/tex]
= [tex]0.657 \ mins/JU-4s[/tex]
Crawley, Inc. has a line of credit with HNC Bank that allows the company to borrow up to $800,000 at an interest rate of 12 percent. However, Crawley, Inc. must keep a compensating balance of 18 percent of any amount borrowed on deposit at the bank. Crawley, Inc. does not normally keep a cash balance account with HNC Bank. What is the effective annual cost of credit?
Answer: 14.63%
Explanation:
Based on the information given in the question, the effective annual cost of credit will be calculated as:
Effective annual cost of credit = [Interest rate/ (100 - Deposit Rate)] x 100
= [12 /(100 - 18)] x 100
= (12 / 82) × 100
= 0.1463 × 100
= 14.63%
The effective annual cost of credit is 14.63%.
type of power based on manager's ability to influence employees with something of value to them.
Answer:
incentive or reward
Explanation:
incentive pay, time and a half pay for overtime are examples
eBook
Show Me How
Units
1
Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
Item Beta
Cost
April 2
Purchase
$270
April 15
Purchase
272
April 20
Purchase
Total
$816
Average cost per unit
($816 + 3 units)
Assume that one unit is sold on April 27 for $345. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b)
last-in, first-out (LIFO); and (c) weighted average cost method.
1
1
274
3
$272
Gross Profit
Ending Inventory
a. First-In, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
Answer:
Cost Flow Methods
Gross profit and ending inventory on April 30 using:
Gross Profit Ending Inventory
(a) first-in, first-out (FIFO) $75 $546
(b) last-in, first-out (LIFO) $71 $542
(c) weighted average cost method $73 $544
Explanation:
a) Data and Calculations:
Item Beta Cost
April 2 Purchase $270
April 15 Purchase 272
April 20 Purchase 274
Total $816
Average cost per unit = $272 ($816/ 3 units)
Assume that one unit is sold on April 27 for $345
Gross profit and ending inventory on April 30 using:
Gross Profit Ending Inventory
(a) first-in, first-out (FIFO) $75 ($345 - $270) $546 ($816 - $270)
(b) last-in, first-out (LIFO) $71 ($345 - $274) $542 ($816 - $274)
(c) weighted average cost method $73 ($345 - $272) $544 ($816 - $272)
Ending inventory = Cost of goods available for sale Minus Cost of goods sold
Gross profit = Sales Minus Cost of goods sold
The following data are given for Stringer Company: Budgeted production 929 units Actual production 1,031 units Materials: Standard price per ounce $1.80 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,681 Actual price paid for materials $23,946 Labor: Standard hourly labor rate $14.47 per hour Standard hours allowed per completed unit 4.1 Actual labor hours worked 5,309.65 Actual total labor costs $80,972 Overhead: Actual and budgeted fixed overhead $1,040,000 Standard variable overhead rate $27.00 per standard labor hour Actual variable overhead costs $148,670 Overhead is applied on standard labor hours. Round your intermediate calculations and final answer to the nearest cent. The direct materials price variance is a.$2,920.25 favorable b.$7,300.62 unfavorable c.$7,300.62 favorable d.$2,920.25 unfavorable
Answer:
d.$2,920.25 unfavorable
Explanation:
Actual purchase price = Actual price paid for material / Actual ounces purchased and used in production
Actual purchase price = $23,946 / 11,681
Actual purchase price = $2.05
Direct materials price variance = Actual ounces purchased and used in production * (Actual purchase price - Standard price per ounce
Direct materials price variance = 11,681 * ($2.05 - $1.80)
Direct materials price variance = 11,681 * $0.25
Direct materials price variance = $2,920.25 Unfavorable
A beautiful bridge is being built over the river that runs through a major city in your state. The cost of the bridge is estimated at $600 million. Annual costs of the bridge will be $200,000, and the bridge is estimated to last a very long time. If accountants in city hall use 3% as the interest rate for analysis, what is the annualized cost of the bridge project
Answer:
$18.20 million
Explanation:
Net present value = Initial cost + (Annual cost/3%)
Net present value = $600 million + $200,000/3%
Net present value = $600 million + $6.67 million
Net present value = $606.67 million
Annualized cost = Net present value * 3%
Annualized cost = $606.67 million * 3%
Annualized cost = $18.20 million
So, the annualized cost of the bridge project is $18.20 million.
Suppose that a company has the following accounts receivable collection pattern: Paid in the month of sale 25% Paid in the month following sale 75% All sales are on credit. If credit sales for January and February are $250,000 and $120,000 respectively, the cash collection for February is:
Answer: $152,500
Explanation:
The cash collection for February would be:
25% of the sales in January as 25% are collected in the following months 75% of February credit sales as 75% are collected in the month of sale= (25% * 250,000) + (75% * 120,000)
= 62,500 + 90,000
= $152,500
Cameron is single and has taxable income of $58,046.
Required:
Determine his tax liability using the Tax Tables and using the Tax Rate Schedules.
Answer:
Cameron
Cameron's tax liability for the year as a single taxpayer is
= $12,770.12.
Explanation:
a) Data and Calculations:
Taxable income = $58,046
Tax rate = 22%
Tax liability = $12,770.12 ($58,046 * 22%)
b) The amount of tax that Cameron, who is within the 22% tax rate bracket, will pay to the IRS is $12,770.12. The tax liability represents the amount of tax that is due to be paid for his taxable income of $58,046 at the tax rate of 22%.
Perteet Corporation's relevant range of activity is 5,100 units to 10,500 units. When it produces and sells 7,800 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $6.80 Direct labor $3.45 Variable manufacturing overhead $1.90 Fixed manufacturing overhead $3.80 Fixed selling expense $0.65 Fixed administrative expense $0.35 Sales commissions $0.45 Variable administrative expense $0.50 If 5,400 units are produced, the total amount of manufacturing overhead cost is closest to:
Answer:
Total overhead= $39,900
Explanation:
Giving the following information:
Variable manufacturing overhead $1.90
First, we need to calculate the total fixed overhead:
Total fixed overhead= 7,800*3.8
Total fixed overhead= $29,640
Now, the total overhead for 5,400 units:
Total variable overhead= 1.9*5,400= 10,260
Total fixed overhead= 29,640
Total overhead= $39,900
The purpose of an analysis of an account is to illustrate - in the account for the period under audit
Answer:
all changes
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
The purpose of an analysis of an account is to illustrate all changes in the account for the period under audit. Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
There are two (2) main types of financial analysis;
I. Vertical analysis.
II. Horizontal analysis.
In Financial accounting, Horizontal analysis can be defined as an analysis and evaluation of a financial statement which illustrates or gives information about changes in the amount of corresponding financial statement items, benchmarks or financial ratio over a specific period of time. It is one of the most important technique that is used to measure how a business is doing financially. Hence, it is also referred to as the trend analysis.
Under the horizontal analysis of financial statement, we use the financial statements of two or more periods; earliest and latter periods.
Generally, the earliest is chosen as the base period while all other items on the statement for a latter period will be compared with the items on the statement of the base period.
While approaching a group of colleagues, Patrice overheard what she believed were inappropriate comments about another team member's physical attributes. Patrice mentioned the comments to her manager and indicated she was uncomfortable with colleagues speaking in that way in the workplace. As her manager, how should you respond
Answer:
The question is incomplete, the options are missing. The options are the following:
a) Suggest to Patrice that spreading negative information learned from eavesdropping is not healthy for the workplace.
b) Thank Patrice for speaking up and forward the item to a neutral third party for handling.
c) Immediately fire the team members who made the comments.
d) Contact the team member who was the subject of the comments to see if he or she was offended.
e) Thank Patrice for her input, but based on the harmlessness of the situation, take no further action.
And the correct answer is the option B: Thank Patrice for speaking up and forward the item to a neutral third party for handling.
Explanation:
To begin with, these kind of situations are most common than expected in the workplace so that is why that nowadays exist a lot of seminars about certain subjects that involves the behavior in the organization and furthermore there is the regular action of the Human Resources Department that takes cares of all the penalties and the solutions when it comes to subjects regarding the employees of the business and their relationship both with each other and with the company. So the correct way to act in this scenario would be to thank Patrice and tell her that the manager would inform to the Human Resources Department about it, being this last one a third party in the situation itself.
You have just made your first $5,837 contribution to your retirement account. Assume you earn a return of 9.8 percent per year and make no additional contributions. What will your account be worth when you retire in 45 years
Which statement does not describe a difference between government and household budgets? In the short term, economists would expect the budget deficits and surpluses to fluctuate up and down with the economy and the automatic stabilizers. Most economists view the proposals for a perpetually balanced budget with bemusement. Most economists agree with the proposals for a perpetually balanced budget. Economic recessions should automatically lead to larger budget deficits or smaller budget surpluses, while economic booms lead to smaller deficits or larger surpluses.
Answer:
Most economists view the proposals for a perpetually balanced budget with bemusement
Explanation:
A balanced budget is a budget where at the end of every year, revenue must equal expenditure. this type of budget can magnify the business cycle. This types of budget contrasts with a cyclically balanced budget
A Cyclically balanced budget is when in a recession, the government makes use of expansionary fiscal policy and in a boom, the government makes use of a contractionary fiscal policy to stabilise the economy. So, in a recession, deficits would be higher and in an expansion, surplus would be higher.
Government sector deficit occurs when government spending exceeds income of the government.
When deficit increases, debt increases. This is because a deficit would need to be funded by additional borrowing
When there is a surplus, government spending is less than the income of the government.
Entry for Jobs Completed; Cost of Unfinished Jobs
The following account appears in the ledger prior to recognizing the jobs completed in August:
Work in Process
Balance, August 1 $8,920
Direct materials 72,520
Direct labor 78,230
Factory overhead 41,120
Jobs finished during August are summarized as follows:
Job 210 $36,140
Job 216 22,090
Job 224 42,170
Job 230 78,310
a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at August 31.
$
Answer:
a. Journal Entry to record the jobs completed:
Debit Finished Goods Inventory $178,710
Credit Work in Process $178,710
To record the jobs completed.
b. The cost of the unfinished jobs at August 31 is:
= $23,080
Explanation:
a) Data and Analysis:
Work in Process
Account Titles Debit Credit
Balance, August 1 $8,920
Direct materials 72,520
Direct labor 78,230
Factory overhead 41,120
Finished goods inventory $178,710
Balance (unfinished jobs) 23,080
Total $201,790 $201,790
Jobs finished during August are summarized as follows:
Job 210 $36,140
Job 216 22,090
Job 224 42,170
Job 230 78,310
Total $178,710
a. Journal Entry Analysis to record the jobs completed:
Finished Goods Inventory $178,710 Work in Process $178,710
b. The cost of the unfinished jobs at August 31 is:
= Total of work in process Minus Finished Goods
= $201,790 - $178,710
= $23,080
Biochemical Corp. requires $690,000 in financing over the next three years. The firm can borrow the funds for three years at 9.25 percent interest per year. The CEO decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. Assume interest is paid in full at the end of each year.
a. Determine the total interest cost under each plan.
Interest Cost
Long-term fixed-rate $
Short-term variable-rate $
b. Which plan is less costly?
Short-term variable-rate plan
Long-term fixed-rate plan
Answer:
a. We have:
Interest cost of long-term fixed-rate = $191,475
Interest cost of short-term variable-rate = $192,51
b. Long-term fixed rate plan is less costly
Explanation:
a. Determine the total interest cost under each plan.
Interest cost of long-term fixed-rate = Amount required to be borrowed * Fixed interest rate per year * Number of years = $690,000 * 9.25% * 3 = $191,475
Interest cost of short-term variable-rate = (Amount required to be borrowed * First year interest rate) + (Amount required to be borrowed * Second year interest rate) + (Amount required to be borrowed * Third year interest rate) = ($690,000 * 7.50%) + ($690,000 * 12.15%) + (($690,000 * 8.25%) = $192,510
b. Which plan is less costly?
Since the $191,475 interest cost of long-term fixed-rate is less than $192,510 interest cost of short-term variable-rate, this implies that long-term fixed rate plan is less costly.
Casey transfers property with a tax basis of $3,800 and a fair market value of $6,800 to a corporation in exchange for stock with a fair market value of $5,250 and $720 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $830 on the property transferred. Casey also incurred selling expenses of $461. What is the amount realized by Casey in the exchange
Answer:
$5789
Explanation:
Calculation to determine the amount realized by Casey in the exchange
Fair market value of stock $5250
Add Cash in transaction $ 720
Add Liability which is going to the buyer $ 830
Less Selling expenses ($461)
Amount realized $5789
($5250+$720+$830-$461)
Therefore the amount realized by Casey in the exchange is $5789
Philadelphia Company has the following information for March: Sales $450,000 Variable cost of goods sold 240,000 Fixed manufacturing costs 70,000 Variable selling and administrative expenses 52,000 Fixed selling and administrating expenses 35,000 Determine the March: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income for Philadelphia Company $fill in the blank 3
Answer:
a.$210,000
b. $158,000
c. $53,000
Explanation:
Calculation to determine the March (a) manufacturing margin, (b) contribution margin, and (c) income from operations for Philadelphia Company.
A)Calculation to determine the March manufacturing margin
Using this formula
Manufacturing Margin =(Sales – Cost of Goods Sold)
Let plug in the formula
Manufacturing Margin=450,000 – 240,000
Manufacturing Margin= $210,000
(B)Calculation to determine contribution margin,
Using this formula
Contribution Margin =(Gross Manufacturing Margin – Variable Expenses)
Let plug in the formula
Contribution Margin=210,000 – 52,000
Contribution Margin= 158,000
(C)Calculation to determine the March income from operations for Philadelphia Company
Using this formula
Income from Operations= (Sales – All expenses)
Let plug in the formula
Income from Operations= 450,000 – 397,000
Income from Operations = 53,000
Therefore the March (a) manufacturing margin, (b) contribution margin, and (c) income from operations for Philadelphia Company are:
a.$210,000
b. $158,000
c. $53,000
Coronado, Inc. reported net income of $2.95 million in 2022. Depreciation for the year was $188,800, accounts receivable decreased $413,000, and accounts payable decreased $330,400. Compute net cash provided by operating activities using the indirect method
Answer:
Net cash provided by operating activities $3,221,400
Explanation:
The computation of the net cash provided by operating activities using the indirect method is given below
cash provided by operating activities
Net income $2,950,000
Add: depreciation $188,800
Add: decrease in account receivable $413,000
Less: decrease in account payable -$330,400
Net cash provided by operating activities $3,221,400
(Can you explain to me how do you find the Unit sales after launch of $85,000)
Example 1: Erosion Costs
Frosty Desserts currently sell 100,000 of its Strawberry Shortcake Delight (SSD) each year for $3.50 per serving
Its cost per serving is $1.75
Its chef has come up with a newer, richer concoction, "Extra Creamy Strawberry Wonder (ESW), which costs $2.00 per serving, will retail for $4.50 and should bring in 130,000 customers
It is estimated that after the launch, the sales for the original variety will drop by 15%
Estimate the erosion cost associated with this venture
Answer:
$26,250
Explanation:
Current units sold = 100,000 units
Drop in units after launch = 15%
Units to be sold after launch = 100,000 units - (100,000 units*15%)
Units to be sold after launch = 100,000 units - 15,000 units
Units to be sold after launch = 85,000 units
Erosion cost = (Unit sales of SSD before launch - Unit sales after launch) * (Selling price - Unit cost)
Erosion cost = (100,000 - 85,000) * ($3.50 - $1.75)
Erosion cost = 15,000 * $1.75
Erosion cost = $26,250
So, the estimated erosion cost associated with this venture is $26,250.
During its first year of business, XYZ Inc. purchased $1,600 of supplies. By the end of
the year, only $500 of supplies remain in the supply cabinet. Determine the amount to be
reported in the Supplies account in the Adjusted Trial Balance section of the worksheet
prepared on December 31.
Answer:
$500
Explanation:
Since adjusted trial balance is often prepared at the end of an accounting period in which based on the information given the supplies in inventory is on the last day of the accounting period in which only the amount of $500 of supplies was remaining in the supply cabinet, therefore the amount to be
reported in the SUPPLIES ACCOUNT in the Adjusted Trial Balance section of the worksheet
prepared on December 31 will be $500 of supplies remaining in the supply cabinet.
Which type of fiscal policy takes longer to affect the economy: demand-side or supply-side?
A.)supply-side
B.)demand-side and supply-side policies take an equal amount of time
C.)demand-side
Answer:
A.) supply-side
Explanation:
Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.
A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.
A supply-side economist can be defined as economists who believes that the ability and willingness of the producers of goods and services to manufacture or produce sets the pace for the economic growth of a country.
This ultimately implies that, increasing the supply of goods and services would cause an economic growth for a country.
Hence, a supply-side fiscal policy is typically designed to create an outward shift in the production possibilities curve (PPC) and shift the aggregate supply (AS) curve to the left.
Generally, a supply-side fiscal policy takes a longer period of time to affect the economy of a country.
Identify a new product that is based on an innovation in technology, and draw up a strategic technical plan for its development. Be sure to discuss the risk factors at each stage, and indicate how you would deal with each.
"An electric car" is a new product that depends upon technological innovation.
Its progress is guided by a strategic technology plan:
The production of new ideas:
The lithium-ion battery throughout the electric vehicle will provide the energy needed to run its engine. Installation of the battery would ensure it can do all the functions which the consumer would expect from a typical vehicle.The idea is evaluated:
The lithium-ion battery-powered electric car ought to be able to equal the speed of a gasoline or diesel-powered vehicle.Analysis of the business environment:
Due to its reduced mileage, such a car would be perfect for customers who are unable to pay the rising cost of oil for the vehicles. Thus, electric vehicles would've been ideal to clients with fundamental part from middle income to high class. Its car would attract a huge number of customers, as consumers are looking for vehicles that may help them save cash on gasoline prices.Development:
The fuel or diesel cylinder and batteries would be fitted in the car's bonnet. The rest of the car assembly process will proceed normally usual.Commercialization:
Customers will be able to buy cars through a countrywide dealer network.The car's battery plays a significant role in each step of the process. Whereas if a car's batteries run out while it was on the road, it could be recharged using another energy source. During a crisis, solar plates will absorb the sun and power a battery. As a result, the vehicle will keep running smoothly.Learn more:
brainly.com/question/17578700
Under absorption costing, which of the following costs would not be included in finished goods inventory? a.overtime wages paid to factory workers b.the salaries for salespeople c.hourly wages of assembly worker d.straight-line depreciation on factory equipment
Answer:
b.the salaries for salespeople
Explanation:
Absorption costing is the method of costing that tries to itemise all factors that are used in manufacturing a product. These include direct materials, direct labour, and overhead.
However there is no provision for items under contributing margin (that is costs that are derived from sales revenue). Such costs can include salaries of sales people that are taken out of sales revenue.
Other items such as overtime wages paid to factory workers, hourly wages of assembly worker, and straight-line depreciation on factory equipment are all included in absorption costing
The finished goods inventory on hand on December 31, 2018 was 21,000 units. It is the company's policy to maintain a finished goods inventory at the end of each quarter equal to 20% of the next quarter's anticipated sales. Prepare a production budget for 2019.
Question Completion:
Benet Company has budgeted the following unit sales for 2019 and 2020:
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1
Sales units 105,000 60,000 75,000 120,000 90,000
Answer:
Benet Company
Production Budget for 20198:
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Sales units 105,000 60,000 75,000 120,000
Ending inventory 12,000 15,000 24,000 18,000
Units available for
sale 117,000 75,000 99,000 138,000
Beginning inventory 21,000 12,000 15,000 24,000
Production 96,000 63,000 84,000 114,000
Explanation:
a) Data and Calculations:
Budgeted unit sales for 2019 and 2020:
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1
Sales units 105,000 60,000 75,000 120,000 90,000
Ending inventory 12,000 15,000 24,000 18,000
Units available for
sale 117,000 75,000 99,000 138,000
Beginning inventory 21,000 12,000 15,000 24,000 18,000
Production 96,000 63,000 84,000 114,000
what are the first steps to start business
Answer:
finding a market for your product then finding a marketing strategy then get your assets set up
Explanation:
Prepare the December 31 adjusting entries for the following transactions.
a. Fees accrued but not billed, $6,300.
b. The Supplies account balance on December 31, $4,750.
c. Supplies on hand, $960
d. Wages accrued but not paid, $2,700
e. Depreciation of office equipment, $1,650
f. Rent expired during year, $10,800.
Answer and Explanation:
The journal entries are shown below:
a. Account receivable Dr $6,300
To Fees Revenue $6,300
(Being fees accrued is recorded)
b Supplies Expense $3,790 ($4,750 - $960)
To Supplies $3,790
(being supplies expense is recorded)
d. Wages Expense $2,700
To Wages Payable $2,700
(being wages expense is recorded)
e. Depreciation Expense $1,650
To Accumulated Depreciation $1,650
(being depreciation expense is recorded)
f. Rent Expense $10,800
To Prepaid Rent $10,800
(being rent expense is recorded)
Each firm embraces objectives that management believes will make the firm more successful.
a. True
b. False
Answer:
a. True
Explanation:
Organizational objectives and goals are defined by strategic planning, which is a document that contains the organizational mission and values, as well as the action plans that the company must implement over a period of time to achieve its objectives and goals and be a profitable company and competitive in the market.
Therefore, the administration of each company will define what are its market objectives that will make it more successful and positioned in the long term.
