Answer:
$2,500
Explanation:
Acquisition cost = $20,000
Expected useful life = 4 years
Therefore, annual depreciation = [tex]\frac{Cost}{Useful Life} =\frac{20,000}{4} = 5,000[/tex]
However, given that there are 6 months from July 1 (the date of acquisition) to December 31 (the end of the period), the amount of depreciation to be recorded within that period
= [tex]\frac{6 Months}{12 Months} * Annual Depreciation[/tex]
= 6/12 * 5,000
= $2,500.
Every Saturday Mrs. Jones and hundreds of other shoppers visit ABC Market, a grocery store, to buy food for their home or business. These shoppers are _____ to ABC.
Answer:
Customers
Explanation:
A customer represents either a business or an individual that patronizes an organisation's products or services especially on a regular basis.
The role of the customer is to get their needs met by getting products or services offered, while the manufacturer or service provider's benefit is to derive income or revenue from the patronage of the customers.
Therefore, the customer - vendor relationship is a relationship that is critical to the continued existence of both parties.
Since, Mrs. Jones goes to visit ABC market on a regular basis (Saturdays) with other shoppers, then these shoppers are customers to ABC
Mrs. Jones and the other shoppers who visit ABC Market are customers to the store. As customers, they contribute to the store's revenue and are crucial for its success.
Every Saturday, Mrs. Jones and hundreds of other shoppers visit ABC Market, a grocery store, to buy food for their homes or businesses. These shoppers are customers to ABC Market. Customers play a crucial role in the retail environment, as they are the end-users who purchase products for personal use or consumption. In the context of a grocery store, customers help to drive sales and contribute to the store's revenue, making them a vital part of the store's success. Regular customers, like those described in the narratives, create a sense of community and loyalty, which can lead to sustained business for markets and grocery stores.
Smith Company's inventory cost is $100. The expected sales price is $110, estimated selling costs are $6. The normal gross profit ratio is 20% of selling price. The replacement cost of the inventory is $106. Smith Company uses the LIFO inventory method so must use the lower of cost or market approach and this inventory item should be valued at:_____________
a) $102
b) $106
c) $104
d) $110
Answer:
$100
Explanation:
Compute the valuation for the inventory item
1. a. Calculate the Ceiling Price/NRV
= Expected Sales Price - Estimated Selling Costs
= $110-$6 = $104
b. Calculate the Floor Price which represents Net Realizable Value - 20% of the Expected Sales Price= $22
=$104- $22 = $82
C. Replacement Cost is $106,
Therefore the Market price for the market approach represents the middle price of the three values.
The three values are Ceiling= %104, Floor = $82 and Replacement= $106
Therefore, the middle price is $104. The market is $104
D. Valuing inventory based on the lower of Cost or Market Approach is calculated as follows:
If $104 is the market approach cost then compared with the inventory cost of $100, then the cost of inventory is lower and should be used for inventory valuation.
Therefore, valuation is at $100
When a company seeks to match the benefits of a successful position and maintain their current position in the marketplace it is attempting a(n) ________________ approach.
a. unique
b. straddling
c. leader
d. innovative
Answer:
B. Straddling
Explanation:
Straddling is a management approach in which a firm seeks to match what a competitor is doing by adding new services, technologies, features to its current activities.
Straddling is a very risky management approach as any other firm that is not straddling can match a straddling company on every front. The risk always shows if the straddling firm has to trade-off(i.e: lose one quality to improve another or to make gains).
Cheers.
What is the relationship between Audit and tax services?
Answer and Explanation:
The greatest contrast among expense and review is that with charge you will be working in either open bookkeeping or corporate bookkeeping. In case you're in the open bookkeeping region, you're going to survey the fiscal reports and afterward evaluate the duty obligation for the enterprise
An expense review is an assessment of your government form by the IRS to confirm that your salary and deductions are precise. An assessment review is the point at which the IRS chooses to analyze your government form somewhat more intently and confirm that your salary and deductions are precise.
The New Fund had average daily assets of $2.7 billion in the past year. The fund sold $405 million and purchased $505 million worth of stock during the year. What was its turnover ratio?
Answer:
turnover ratio = 16.87 %
Explanation:
given data
average daily assets = $2.7 billion
fund sold = $405 million
purchased = $505 million
solution
we get here turnover ratio that is express as
turnover ratio = [tex]\frac{total\ stock\ sold}{daily\ assets}[/tex] ................1
put here value and we get turnover ratio
turnover ratio = [tex]\frac{405\ million}{2400\ million}[/tex]
turnover ratio = 0.16875
turnover ratio = 16.87 %
During the _____ age, manufacturers were principally concerned with production, and the primary burden of marketing fell on the wholesalers.
Answer:
industrialization age
Explanation:
Industrialization age -
It refers to the time period which encircles , the alterations in the social and economic organization.
This very time period begins around 1760 , firstly in the Great Britain and then to other countries .
During this age ,
The main concern of the manufacturer's is the production and therefore, the burden of the marketing goes to the wholesale people .
Hence , from the question,
The correct term is industrialization age .
Barry customizes Harley-Davidson motorcycles. No two cycles are alike. He notices that very few customers even ask the price of his motorcycles before they decide to purchase them. Demand for his motorcycles is probably ________.A. price sensitive.
B. price elastic.
C. price inelastic.
D. income elastic.
E. cross-price elastic.
Answer:
Price inelastic
Explanation:
The demand for a good is price inelastic when changes in price dont affect the quantity demanded.
Barry's customers do not consider price when making purchases. Prices, therefore, do not influence their purchasing decisions. If prices change, the quantity demanded would remain unchanged.
I hope my answer helps you.
At Camp Bow Wow, all employees, franchisees, and recruits learn the inspirational story of how Heidi Ganahl founded the dog day care company. This is important because the story:
a Helps sustain values, attitudes, and beliefs.
b Helps individuals detect environmental changes.
c Reduces absenteeism among employees.
d Reduces uncertainty in the external environment.
The story helps sustain values, attitudes, and beliefs.
Explanation:
A company's success in long term depends upon the commitment that is shown by the employees. It is necessary for an organisation to create good values and principles in the minds of the employees. This helps them to know the value of the company and the things that led to the success of the organisation.
The success and inspirational stories helps to achieve this. Every organisation will be having an inspirational story and success story that helps in creating good values and sustaining them in the minds of the employees. This will help to create good beliefs and values towards the organisation they work for. This will also help them to show long term commitment towards the organisation.
is the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize loyalty.
Answer:
Customer Relationship Management (CRM)
Explanation:
Customer Relationship Management (CRM) is a technique or approach initiated by the corporation to manage the all-important information about the patent customer to gain loyalty at fullest and maximize the business p[productivity.
the main focus of this approach is to know about all those customers who can be in a list of potential customers.
In preparing a sales forecast, it is desirable to have forecasts covering the "most likely", "best case" and "_____ case" scenarios
A) rapidly shifting
B) pessimistic
C) predominant
D) worst
In preparing a sales forecast, it is desirable to have forecasts covering the "most likely", "best case" and "pessimistic case" scenarios. The pessimistic case represents a scenario where the sales forecast is projected to be at its worst, with the lowest possible sales figures. These scenarios help businesses plan for different outcomes and make informed decisions based on the range of possibilities.
Explanation:In preparing a sales forecast, it is desirable to have forecasts covering the "most likely", "best case" and "pessimistic case" scenarios.
The "pessimistic case" scenario represents a scenario where the sales forecast is projected to be at its worst, with the lowest possible sales figures.
These scenarios help businesses plan for different outcomes and make informed decisions based on the range of possibilities.
Learn more about sales forecast here:https://brainly.com/question/34032925
#SPJ2
Managers in businesses direct their activities toward earning money for their company and its owners, whereas managers in nonprofits direct their efforts toward: a.bridging the gap between large organizations and consumers. b.generating some kind of social impact. c.supplementing other businesses with resources. d.retaining existing employees.
Answer:
(B) generating some kind of social impact
Explanation:
The basic premise for the existence of not for profit enterprises is generating some kind of social impact. The not for Profit enterprises, as the name implies serve their respective society members. For example, Red Cross Society encourages the society to donate blood for the needy patients and a cooperative society works for the welfare of its members to satisfy their common goals etc.
Hence, not for profit managers enable a social impact for their respective serving members and thereby enjoy their respective members' contributions. This is opposite of the business managers, whose basic aim is increasing profits only.
The industrial organization (I/O) model suggests that above-average returns are determined primarily by the firm's unique internal resources rather than by external capabilities.True or false?
The given statement " The industrial organization (I/O) model suggests that above-average returns are determined primarily by the firm's unique internal resources rather than by external capabilities " is FALSE
Explanation:
Industrial Organisation Model: Above-average returns are primarily calculated by the company's EXTERNAL factors.
---Industry structure
---Attractiveness of the external environment
The industry in which a company participates has a stronger impact on the performance of the company than the managers make choices within their organisations.
The industrial organisation model allows companies to get a better indication on a competitor's behavior through the use of game theory. Game theory, also known as immersive decision theory, comprises of a limitless amount of players (the competition) and a limited number of decisions they can create.
When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the price doubled consumer expenditures increased to $7 billion. Recently you read that this means that the demand curve for butter is upward sloping. Do you agree? Explain.
Answer:
I agree
Explanation:
The demand for butter is increasing as price increases. This means the higher the price, the higher the quantity demanded. This is against the law of demand.
I hope my answer helps you
Rocky’s insurance pays 80% of covered expenses after a $500 deductible is paid first. If all of Rocky’s expenses were covered and his insurance paid $16,000, what is the total amount that Rocky paid?
Answer:
$4,500
Explanation:
Let the Rocky’s expenses were 'x'
Therefore,
after deducting $500, amount left = x -500
Now,
The insurance paid 80% of the remaining amount i.e 80% of (x -500)
or
0.80 × (x - 500 ) = $16,000
or
x - 500 = $20,000
or
x = $20,500
Therefore,
The amount paid by Rocky = Rocky's expense - Amount paid by insurance
= $20,500 - $16,000
= $4,500
On November 15, Meier Company received $3,000 cash from a customer for services that were performed on November 1. According to the Revenue Recognition Principle, on which date should the revenue be recorded?
Answer:
November 1
Explanation:
As per generally accepted accounting principles (GAAP), when the goods or services are delivered the revenue should be recorded and the transaction done in all respects.
The principle of revenue recognition occurs when the revenue is realized or earned, whether cash is obtained or not and it also meets the accounting accrual basis. Realizable here means that the consumer receives the product but the payment is made later.
Therefore, the revenue should be recorded on November 1
Final answer:
Revenue should be recognized according to the Revenue Recognition Principle when it is earned, which in this case is on November 1, when the services were performed, not on the date of cash receipt.
Explanation:
Revenue Recognition Principle
According to the Revenue Recognition Principle, revenue should be recognized when it is earned, regardless of when the cash is received. Since the services were performed on November 1, it is on this date that the revenue should be recorded. This aligns with the accrual basis of accounting which states that the effects of transactions and other events are recognized when they occur, not necessarily when cash is received or paid.
The Revenue Recognition Principle is an essential concept in accounting which ensures that financial statements provide a faithful representation of a company's financial performance. The customer's payment on November 15 is unrelated to the timing of revenue recognition for the services that were performed on November 1.
Jonah and Cathy were sure that they had correctly answered most of their exam questions. However, they each scored less than 60 percent on the exam. This BEST illustrates the flaw in thinking known as _____.
Explanation:nevermind
All societies face a trade-off between equality and efficiency.
If the United States government raises the income taxes on the wealthiest Americans, while increasing welfare payments to the poorest Americans, the result will likely be ________ (increase/decrease) in efficiency and ________ (increase/decrease) in equality in the United States.
Answer:
a decrease; an increase
Explanation:
The advantages of the trade-off between equality and efficiency are few and short-term because they affect economic growth. If the government tries to give money to the poor by taking it from the rich in the form of taxes increase the equality but at the same time, it affects the efficiency level of the whole economy. As long as rich people feel that they are being overpowered they work less which decrease the GDP and low overall efficiency.
In contrast to public markets, private markets are characterized by individually negotiated transactions that take place without the aid of a centralized market. Therefore, private markets will generally have:
Answer: High transaction costs and low liquidity.
Explanation: Without the aid centralized market as opposed to the public market, transaction cost will be high 'cause of the middle men and the ease with which assets or security to be bought will be low.
Which of the following actions is associated with a niche strategy? Group of answer choices A. Manufacturing products in bulk and targeting average customers B. Selling products without extra frills or options C. Choosing a target market that is not crucial to the success of major competitors D. Creating cross-departmental teams across all the strategic business units
Answer:
The action that is associated with a niche strategy choosing a target market that is not crucial to the success of major competitors.
Option: (C)
Explanation:
The major reason an organization chooses to adopt a niche strategy is to avoid the dominance of a particular competitor in the present targeted market that both the organizations are functioning in. A niche strategy helps the organizations to experiment with the market and see if the output they get is acceptable or not.A niche strategy involves focusing on a specific, underserved segment of the market. The action most associated with this strategy is choosing a target market that is not crucial to the success of major competitors. C. Choosing a target market that is not crucial to the success of major competitors.
Explanation:The action most associated with a niche strategy is C. Choosing a target market that is not crucial to the success of major competitors. This is because a niche strategy is all about focusing on a specific, often underserved segment of the market. Rather than trying to cater to average customers or mass market, firms utilizing a niche strategy tailor their products or services to meet the unique needs and preferences of a specific group of customers that are not the main target of major competitors. This allows them to effectively avoid direct competition and often allows for higher profit margins.
Learn more about Niche Strategy here:https://brainly.com/question/31686799
#SPJ3
An excess of merchandise exports over merchandise imports results in a balance of trade deficit. True False
Answer:
False
Explanation:
As we know that
Net exports = Exports - imports
If the exports are higher than the imports than it would be surplus and on the other hand if exports are lower than the imports than it would be deficit
In the given scenario, since the merchandise exports have a higher value than the merchandise imports that reflects the trade surplus, not the trade deficit.
A bond has a face value of $1,000. The bond matures in 10 years. It has a coupon rate of 8% and pays interest annually. The yield is 9%. What is the price of the bond?
Answer:
The price of the bond is $935.823
Explanation:
The Price of a bond is denoted by [tex]B_{0}[/tex]
The price of a bond is the present value of future interest stream and principal stream discounted at yield represented as kd.
[tex]B_{0} = \frac{Intererst}{(1 \ +\ Kd)^{1} } +\ \frac{Interest}{(1\ +\ Kd)^{2} } +.....+ \frac{Interest}{(1\ +\ Kd)^{n} } \ + \frac{Redemption\ value}{(1 \ + Kd)^{n}}[/tex]
[tex]B_{0} = \frac{80}{(1 \ +\ .09)^{1} } +\ \frac{80}{(1\ +\ .09)^{2} } +.....+ \frac{80}{(1\ +\ .09)^{10} } \ + \frac{1000}{(1 \ + .09)^{10}}[/tex]
[tex]B_{0}[/tex] = 6.41766 × 80 + 0.42241 × 1000 = 513.413 + 422.41 = $ 935.823
Whenever the coupon rate of payment is lesser than Kd or yield to maturity (ytm) , the price of such bonds are at a discount.
A bonds value is determined by the future stream of interest it generates in addition to it's redemption value both discounted at the investor's expected rate of return which is denoted by Kd.
On December 1, 2016, Hogan Co. purchased a tract of land as a factory site for $780,000. The old building on the property was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2016 were as follows:
Cost to raze old building $70,000
Legal fees for purchase contract and to record ownership $10,000
Title guarantee insurance $16,000
Proceeds from sale of salvaged materials $8,000
In Hogan’s December 31, 2016 balance sheet, what amount should be reported as land?
a. $806,000
b. $842,000
c. $868,000
d. $876,000
Answer:
C) $868,000
Explanation:
The costs associated to the purchase of the tract of land were:
Purchase price of land = $780,000Demolition of old building = $70,000Legal fees = $10,000Title guarantee insurance = $16,000Proceeds from sale of salvaged material = $8,000The total cost of the land = purchase price + demolition costs + legal fees + title guarantee insurance - proceeds from salvaged materials = $780,000 + $70,000 + $10,000 + $16,000 - $8,000 = $868,000
The demolition costs are capitalized to land because they are a necessary cost to bring the land into its intended condition. Legal fees and title guarantee are necessary to avoid legal problems.
To determine the amount that should be reported as land in Hogan’s December 31, 2016 balance sheet, add the initial cost of the land to the additional costs and subtract the salvage proceeds from the sale of salvaged materials.
Explanation:To determine the amount that should be reported as land in Hogan’s December 31, 2016 balance sheet, we need to consider the initial cost of the land and the additional costs incurred during December 2016. The initial cost of the land is $780,000. The additional costs include the cost to raze the old building ($70,000), legal fees for the purchase contract and ownership recording ($10,000), and title guarantee insurance ($16,000). The salvage proceeds from the sale of salvaged materials ($8,000) should be subtracted from the total additional costs. Therefore, the amount of land that should be reported in the balance sheet is $780,000 + $70,000 + $10,000 + $16,000 - $8,000 = $868,000. The correct answer is c. $868,000.
Learn more about Reporting land costs here:https://brainly.com/question/34219573
#SPJ3
In an assembly line of a factory that makes gears, it takes fifteen minutes to complete a drilling operation using a lathe. The duration of this operation is called ___________
Answer: processing time
Explanation:
It is the duration or time taken in processing something or completing the process involved in turning a raw material into a finished product. During this period most businesses always look for ways to minimize the duration without affecting the quality of the final product to a level where it will affect sales or patronage.
Firms that are _______ recognize that including a strong social orientation in business is a sound strategy that is in the best interest of both the firm and its customers.
1. production oriented2. profit driven3. transaction oriented4. sales oriented5. socially responsible
Answer:
Socially responsible
Explanation:
The term social responsibility refers to give back to the society in which its operates. A firm being socially responsible means that it has an obligation to act for the benefit of society at large.
Being socially responsible helps both the society at large and also the firm. It helps the firm in the sense that it changes the orientation or give a good impression of the firm to the society and also helps the organisation to gain a bigger and larger customer base.
To the society, social responsibility of the a firm provides some basic needs that will improve the well being of the society.
Example of social responsibility by firms may include, organizing seminars that helps the society to gain more knowledge about a particular phenomenal, construction of health care centers, roads and making the environment more beautified.
The correct answer is 'socially responsible.' This approach aligns with the triple bottom line, focusing on financial, social, and environmental performance. Companies like Wal-Mart and Toyota have successfully integrated social responsibility into their business strategies.
Socially responsible firms recognize that including a strong social orientation in business is a sound strategy that is in the best interest of both the firm and its customers. Companies have begun to realize that they can be both profitable and socially responsible, which is tied to the concept of the triple bottom line, focusing on social and environmental performance alongside financial success. Having a socially responsible outlook can offer competitive advantages, such as enhanced brand reputation and loyalty, which can lead to increased profits.
For example, Wal-Mart has taken significant steps toward sustainability, influencing its supply chain to adopt better practices. Toyoto has seen success with its environmentally friendly Toyota Prius. These companies exemplify the trend toward balancing profit with social and environmental responsibilities, a strategy that can lead to long-term success and sustainability.
Manufacturing costs do not include: Multiple Choice Direct labor applicable to production within the period. Selling expenses related to goods manufactured during the period. Direct materials used during the period. Manufacturing overhead charged to work in process during the period.
Answer: The manufacturing costs don't include selling expenses related to goods manufactured during the period.
Explanation:
Manufacturing costs by definition are the sum total of direct labour (labour charges paid for production), direct material (raw material expenses paid for producing the goods) and manufacturing overheads (other manufacturing expenses like fuel charges and accounting costs for recording manufacturing processes etc). These costs are calculated for work in progress and finished goods.
Thus manufacturing costs= Direct Labour + Direct Material + Manufacturing Overheads.
So, thereby looking at the options manufacturing costs don't include selling expenses related to goods manufactured during the period.
Consider two straight-line PPFs. They have the same vertical intercept, but curve I is flatter than curve II. The opportunity cost of producing the good on the vertical axisa.is greater along curve I.b.is greater along curve II.c.is the same along both curves.d.cannot be compared for the two curves without more information
Answer:
a.is greater along curve I
Explanation:
The production probability frontier also known as PPF is a graph that shows the different combinations of two goods that can be generated by utilizing the available resources that the two goods require for their production. Based on the statement in the question, the opportunity cost of manufacturing the good located on the y-axis will be higher along curve I.
On January 4, 2012, Harley, Inc. acquired 40% of the outstanding common stock of Bike Co. for $2,400,000. This investment gave Harley the ability to exercise significant influence over Bike. Bike's assets on that date were recorded at $10,500,000 with liabilities of $4,500,000. There were no other differences between book and fair values. During 2012, Bike reported net income of $500,000. For 2013, Bike reported net income of $800,000. Dividends of $300,000 were paid in each of these two years. How much income did Harley report from Bike for 2012?
a) $120,000.
b) $300,000.
c) $200,000.
d) $500,000.
e) $320,000.
Answer:
e) $320,000
Harley's income from Bike in 2012= Harley's investment in Bike * Net Income of Bike in 2012 + Dividend Income share of Harley received from Bike in 2012
= 0.4 or 40% * $ 500,000 + 0.4 or 40% * $ 300,000
= $ 200,000 + $ 120,000 = $ 320,000
Explanation:
For computing Harley's income from Bike in 2012, we should find the Harley's income from Bike from the two sources given in the problem i.e.
Net Income of Bike in 2012Dividend Paid by Bike in 2012The Net Income of Bike in 2012 = $ 500,000
Therefore, Harley's Net Income share in Bike of 2012 = 0.4 or 40% * $ 500,000 (As Harley's investment in Bike is 0.4 or 40%).
= $ 200,000 - (Part A)
Dividend income of Harley from Bike in 2012 = 0.4 or 40% * $ 300,000
= $ 120,000 - (Part B)
Adding Part A and Part B we get the answer of $ 320,000.
Management accounting information is most useful when it: Multiple Choice A. is timely. B. helps investors improve their decisions. C. is relevant and reported annually. D.helps creditors evaluate a company's perfo
Answer:
A. is timely.
Explanation:
Management accounting information is an accounting information presented in a format that will assist management in decision making.
By their characteristics management accounting information relates mostly to a specific period in time, and also decisions must be taking within a specific time, therefore no matter how accurate a piece of information, if it is not received at the right time will not be useful..
Since Ben’s supervisor is out sick, Ben has been called on to give an impromptu briefing to the other employees at his company. This situation is likely to cause ________ communication apprehension.
Answer:
Novelty Communication Apprehension
Explanation:
In communication, the anxiety that develops as a result of being put in communication environments, contexts or situations that are new to the individual is known as novelty communication apprehension.
It is important to note that novelty communication apprehension also affect people who are used to public speaking. The contexts 'new environment and impromptu' are the trigger for this type of apprehension and a way to reduce it is to find opportunities to interact and speak at multiple platforms.
Ben knows his other employees, but the communication environment that puts him in charge of an impromptu brief creates a new circumstance and context for formal communication that he is not used to and as such it will likely cause him apprehension.
According to the Office of Federal Contract Compliance Programs (OFCCP), one of the criteria for an individual to qualify as an Internet applicant for a job is to:
Answer:
Submit an expression of interest in employment through the Internet
Explanation:
The Federal Contract Enforcement Services Agency is a part of the United States Department of labor.
OFCCP is responsible for making sure that workers doing business with the Government of the united states comply with the anti-discrimination laws and regulations that are required.
A compliance review is a form of enforcement audit in which OFCCP tries to evaluate whether the provider has preserved such records: AAP reports for the past year, job ads and housing details for people with disabilities.