The target market for expensive, high-end TUMI briefcases is likely to be executives due to their demand for professional products, high disposable income, and the functionality and design needs that these briefcases meet.
Explanation:Considering that TUMI brand briefcases are described as being high-end and expensive, the most promising target market is most likely executives. This demographic often seeks out high-quality, professional products that enhance their overall work image. Executives often have high disposable income and can afford the product. Furthermore, the functionality and design of TUMI brand briefcases cater to the organizational and aesthetic needs of these professionals. It is less likely for police officers, construction workers, postal workers, or students to be the prime target market due to factors like income level and the nature of their work or study.
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Intel has just paid a dividend of $62 per stock. Intel is expected to pay regular annual dividend indefinitely. The growth rate of Intel dividend is expected to be 10% in the first three years and then 3% indefinitely. If you require a return of 8%, how much are you willing to pay (in $) for the stock? Round your answer to at least 2 decimal places.
Answer:
I will pay $1,364
Explanation:
Dividend Valuation method is used to value the stock price of a company based on the dividend paid, its growth rate and rate of return. The price is calculated by calculating present value of future dividend payment.
Formula to calculate the value of stock
Dividend in first years = 62 x 110% = $68.2
Price = Dividend / ( Rate or return - growth rate )
Price = $68.2 / ( 8% - 3% )
Price = $68.2 / 5%
Price = $68.2 / 0.05
Price = $1,364
Posting:__________. 1. transfers ledger transaction data to the journal. 2. is an optional step in the recording process. 3. normally occurs before journalizing. 4. transfers journal entries to ledger accounts.
Answer:
3) normally occurs before journalizing.
Explanation:
In accounting, posting refers to transferring the balances of the subledgers into the general ledger. When you are posting the balances, you are only transferring the total balance, and not every single individual transaction into the general ledger.
The structure of Sandal Mart consists of people with similar specialties put together in formal groups, such as the marketing, accounting, and human resource departments. Sandal Mart has a ________ structure.
Answer:
Functional structure.
Explanation:
Functional structure of a business is one that is based on the different functions that exists in different departments. For example a business can be structured with accounting, sales, operations, and human resources seperate. People with similar specialities are grouped together to achieve departmental objectives.
The advantage of this is that communication within the department is good and they work efficiently because they understand themselves.
Communication between departments is done between the department heads.
Hiram has learned to seek attention by engaging in appropriate behavior namely by watching his brother receive attention for hitting and bitting and then imitating his behavior.Hiram has learned to seek attention by engaging inappropriate behavior by using which techniques?
Explanation:
Modeling behavior:
It is also called "Observational learning".
Modeling behavior, imitates the action of another person by observing the person.
Real-life example:
Take an example of infants and child. They learn initially by observing their parents, siblings. When they slowly start moving out of home, they learn from surroundings and so on. Even the elderly learns new language by observing and imitating only.
Conclusion for the situation:
According to the given situation Hiram is actually observing his brother's behavior and imitating the same.
Hiram has learned to seek attention by engaging in inappropriate behaviors through the technique of 3) modeling.
Modeling occurs when individuals observe and imitate the behavior of others. In this case, Hiram has watched his brother receive attention for hitting and biting and has subsequently imitated these behaviors to gain similar attention.
Modeling is a key concept in social learning theory, which posits that people can learn new behaviors by observing and copying others, especially when those behaviors result in rewards or positive reinforcement. By imitating his brother’s actions, Hiram is effectively using modeling to acquire and reinforce inappropriate behaviors, demonstrating how observed actions can influence one’s own conduct.
Complete question:
Hiram has learned to seek attention by engaging in inappropriate behaviors, namely by watching his brother receive attention for hitting and biting and then imitating his behavior. Hiram has learned to seek attention by engaging in inappropriate behaviors by using which of the following techniques?
1) reinforcement
2) token economy
3) modeling
4) extinction
Natalie, a manager at a branch of Blue Soul Spa, leads all the ten employees working in her branch. She reports directly to the owner of Blue Soul Spa. Thus, in the context of span of control, Blue Soul Spa is a tall organization.1. True2. False
Answer:
2) False
Explanation:
Span of control refers to the number of subordinates that report to a supervisor or manager within an organization. In the context of span of control, this organization would be considered a flat organization since it has 10 subordinates per supervisor. Tall organizations have 1-4 subordinates per supervisor.
Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the FIFO and LIFO cost flow assumptions.
Answer: please refer to te explanation section
Explanation:
The question is incomplete , to calculate inventory balance under FIFO or LIFO we need inventory transactions. The Transactions were not given in the question. I will explain the FIFO and LIFO concepts and also provide an example to show how to use these concepts.
FIFO Costing Method
FIFO costing Method is an inventory costing system that is based on the assumption that stock items purchased or stock items placed in inventory first will be sold first hence the acronym FIFO which stands for first in first out. the balance of inventory at the end of the period thus shows stock most recently purchased stock items or stock items placed in inventory.
LIFO Costing
Method LIFO costing Method is an inventory costing system that is based on the assumption that stock items most recently Purchased or stock items most recently placed in inventory will be sold first, hence the acronym LIFO which stands for last in first out.
example
10 February 2019 Purchased inventory for $1000. 100 units costing $10 each.
15 February 2019 Purchased inventory for $4500. 300 units costing $15
20 February 2019 Sold 150 units of inventory.
FIFO method
150 units were sold, therefore the first 100 units out of 150 will taken from inventory purchased on the 10th of February and 50 units will take from inventory purchased on the 15th of February. The inventory Balance will 300 units minus 50 units
inventory Balance = (300 - 50) x 10 = 250 x 15 = 3750
LIFO method
150 units were sold, the entire 150 units sold will be taken from inventory purchased on 15th of February. inventory balance will 300 units minus 150 units sold plus 100 units from inventory purchased on the 10th.
inventory Balance = (30 -150) x 15 + 100 x 10 = (150 x 15) + (100 x 10) = 3250
If you purchase for $1,000 a bond that pays $40 annually to the holder, and then "the" (that is, the market) interest rate rises to 8 percent, the price of that bond would now be:
The price of a bond that pays $40 annually will drop to $500 if the market interest rate rises to 8 percent, as the bond's yield must increase to remain appealing to investors.
If you purchase a bond for $1,000 that pays $40 annually to the holder, and then the market interest rate rises to 8 percent, the price of the bond would drop to maintain the new market yield.
To calculate the new price of the bond, you need to determine what price would make the $40 payment equal an 8 percent return. Therefore, the new price of the bond is $500 ($40 is 8 percent of $500).
When the market interest rates increase, existing bonds with lower interest rates become less appealing to investors.
To compensate for this, their market price drops to provide a yield that is attractive relative to the new, higher interest rates.
The effect is that the yield on these older bonds must increase to match the current market conditions, which is achieved by lowering the bond's price.
The company sponsors a two-day training meeting for managers and there is a one-hour session on how personality affects employee performance. Intrigued, you do some research on personality, and find there are a lot of different types and tools used to assess them. Of all of the personality types, which one do you think is the most important predictor of job success?
Answer:
conscientiousness
Explanation:
Personality type refers to the psychological classification of different types of individuals. Conscientiousness is one of the five personality traits of the Big Five personality theory. Conscientious people are dependable and know that succumbing to convenience kills long-term goals, and that good things take time and hard work.Cognitive ability is consistently the best predictor of job performance across all job types, levels and industries. Cognitive ability covers a wide variety of aptitudes including spatial reasoning, logical reasoning, verbal skills, computational skills, and analytical skills.
Adidas has identified two different customer groups for its shoes with Boost technology: an older group concerned with performance, and a younger group interested in style. Which aspect of the marketing environment does the split between these two groups represent? a. technology. b. political/legal. c. social. d. demographic.
Answer:
D. demographics
Explanation:
Demographics refers to statistical data that deals with the characteristics of a population. These characteristics include age, sex, income, marital status,gender, etc.
In the case of the question, the population of groups of older men who want performance and younger men who want style refer to demographics.
This is normal in any business as there are different people with different characteristics but that want a certain tye of product from the business. In business, socioeconomic characteristics are usually factors of demographics and these factors include; age, income, education level, marital status, etc.
I hope this helps.
Final answer:
The aspect of the marketing environment represented by Adidas' differentiation between the two customer groups for its Boost technology shoes is d) demographics, where marketing strategies are tailored to the specific characteristics and preferences of each group.
Explanation:
The demographic split between Adidas' two identified customer groups for its shoes with Boost technology is represented by the aspect of the marketing environment that focuses on d) demographics. Demographics relate to the statistical characteristics of populations and are a crucial component in marketing for segmenting audience groups based on variables like age, gender, income, and lifestyle preferences. This demographic segmentation is based on age-related preferences and interests, with one group focused on performance and the other on style. By targeting different age groups with distinct preferences, Adidas can tailor its marketing strategies to effectively reach and engage both segments. Therefore, the classification of an older group concerned with performance and a younger group interested in style falls under demographic segmentation, which allows Adidas to tailor its marketing strategies to each group's specific preferences and behaviors.
A state government condemned Cory Co.'s parcel of real estate. Cory will receive $750,000 for this property, which has a carrying amount of $575,000. Cory incurred the following costs as a result of the condemnation: Appraisal fees to support a $750,000 value $2,500 Attorney fees for the closing with the state 3,500 Attorney fees to review contract to acquire replacement property 3,000 Title insurance on replacement property 4,000 What amount of cost should Cory use to determine the gain on the condemnation?
Answer:
The amount of cost Cory should use to determine the gain on the condemnation is $581,000
Explanation:
Carrying amount $575,000
appraisal fees to support a $750,000 value $2,500
attorney fees for the closing with the state $3,500
Attorney fees to review contract to acquire replacement property $3,000
Title insurance on replacement property $4,000
The amount of cost Cory should use to determine the gain on the condemnation compared to $750,000 received from state = Carrying amount + appraisal fees to support a $750,000 value + attorney fees for the closing with the state
= $575,000 + $2,500 + $3,500 = $581,000
The Attorney fees to review contract to acquire replacement property and Title insurance on replacement property reduces the net proceeds from the state thereby decreasing the gain. The $3,000 and $4,000 amounts pertaining to the replacement property are not associated with the existing property and do not affect the gain on its condemnation.
If Nike had signed a release not to sue Already for past violations of trademarks, in exchange for some money, would this case likely have been decided the same way?
Answer:No, Because the signed agreement was for previous violations, it does not cover future violations.
Explanation: Trademarks are intellectual property rights that is represented by appropriate signs, pictures etc signifying that the owner of the product has the right to the trade if certain types of product or products.
Trademark are legally approved rights that any violations can lead to severe consequences based on the enabling laws as enshrined in the constitution of a country.
Estimated costs for activity cost pools and other item(s) are as follows: Machining $500000 Assembling 200000 Advertising 450000 Inspecting and testing 175000 Total estimated overhead isA. $875000. B. $1150000. C. $1325000. D. $700000.
Answer:
A) $875000
Explanation:
total estimated manufacturing overhead costs = machining costs + assembling costs + inspecting and testing costs = $500,000 + $200,000 + $175,000 = $875,000
Advertising costs ($450,000) are included under sales and administrative costs, not production costs.
To calculate the total estimated overhead, the costs provided for various activity cost pools such as machining, assembling, advertising, and inspecting and testing should be added together. The sum of these costs is $1,325,000, which matches option C.
Explanation:The question involves calculating the total estimated overhead by adding the costs for different activity cost pools. To find the total estimated overhead, we must sum the given individual cost estimates:
Machining: $500,000Assembling: $200,000Advertising: $450,000Inspecting and testing: $175,000Adding these amounts together equals:
$500,000 + $200,000 + $450,000 + $175,000 = $1,325,000
Therefore, the correct answer for the total estimated overhead is $1,325,000, which corresponds to option C in the multiple-choice question provided by the student.
Malcolm has decided that he wants to open up his own law practice. The time has come to establish prices for his services. Due to his extensive experience and legal background, he believes that his fees should not relate directly to the time or effort spent on specific cases. Now that Malcolm has chosen the pricing strategy he wants to use, what is his next step?
a. evaluating competitors' prices
b. choosing a basis for setting prices
c. determining the final price
d. assessing the target market's evaluation of price
e. developing pricing objectives
Answer:
After Malcolm has chosen the pricing strategy he wants to use, the next step would be c. determining the final price.
Explanation:
Malcom would have to determine a specific price for cases, and this final price is not dependant on the amount of time spent on each cases or the magnitude of the case.
At year-end, harris co. had shipped $12,500 of merchandise fob destination to harlow co. which company should include the $12,500 of merchandise in transit as part of its year-end inventory?
Answer:
The answer is Harris Co, who should include the $12,500 of the merchandise in transit as part of its year-end inventory.
Explanation:
For this question, we must first need to understand the FOB destination.
FOB destination:
Selling term under which the ownership of goods sold and shipped remain with the seller - Harris Co.This is until the goods arrive at the buyer's destinationOnce the goods reached at buyer's receiving dock, the ownership is transferred to the buyer from the seller - In this case, buyer is Harlow CoFurther explanation:
In this case, Harris Co shipped $12,500 of merchandise FOB destination to Harlow Co. The ownership will remain with the company Harris Co (seller) that shipped the goods to Harlow Co (buyer), until they arrive at the buyer company Harlow Co's receiving dock.
On the twentieth day of the month, room sales at the Motor Lodge Motel exceeded its breakeven point for the month. Revenue generated by room sales during the remaining days of the month will:_______.a. decrease in proportion to the additional room sales.b. cover the fixed costs associated with those additional room sales.c. be pure profit for the motel.d. increase at a faster rate than the costs associated with those sales.
Answer:
D) increase at a faster rate than the costs associated with those sales.
Explanation:
If the break even point was reached during the 20th day of the month, then any revenue generated during the remaining 10-11 days will increase net profits. The amount of net profit increase will be determined by the contribution margin of each service provided. The contribution margin = net sales - variable costs. Since the fixed costs have already been covered, the contribution margin will be equal to the net profit.
The unemployment rate in Economy X when it is growing normally is 5%. When Economy X is in a recession, the unemployment rate is 10%. Drag each word or phrase to the appropriate blank space in order to complete the paragraph correctly.Drag word(s) below to fill in the blank(s) in the passage.
The _______ unemployment rate while Economy X is _______ s 0%. The 5% unemployment rate is due to structural and __________ factors.
Answer: The cyclical unemployment rate while Economy X is growing normally is 0%. The 5% unemployment rate is due to structural and frictional factors.
In a staff meeting, Mark is employing Dr. De Bono’s Six Thinking Hats. Doug expresses all the positives about being open on Thanksgiving. Rashmi presents the data from the last three years on sales from that day. Rafael explains why staying open late on Thanksgiving will not be in the employees or client’s best interests. Sophie explores using the Internet only and not having the brick and mortar stores open. Which color hat would Rafael wear?
Answer:
B) black
Explanation:
Dr. De Bono's decision making technique assigns a hat color to each participant, and the participant's role is determined by the color of the hat. Then participants exchange hats in order to be able to consider another and possible arguments in favor or against a proposal.
White hat ⇒ just the facts please.Yellow hat ⇒ explore the positives and probe for value and benefit. Black hat ⇒ the devil's advocate or why things will not work. Red hat ⇒ express emotions and share feelings. Green hat ⇒ focuses on the possibilities, alternatives, and new ideas. Blue hat ⇒ manages and controls the process.The correct answer is the Black Hat.
In Dr. Edward de Bono's Six Thinking Hats method, each hat represents a different mode of thinking. Rafael is expressing caution and concern about the potential negative consequences of staying open late on Thanksgiving for both employees and clients. The Black Hat is associated with caution and critical judgment, where one looks for weaknesses, problems, and what could go wrong. Rafael's analysis aligns with the critical thinking and risk assessment that the Black Hat represents.
To summarize:
- White Hat: Focus on facts and figures, like Rashmi presenting sales data.
- Red Hat: Emotional view, expressing feelings and intuition without any need for justification.
- Black Hat: Logical negative, looking at the cautious and critical side, focusing on potential problems and risks. This is the hat Rafael would wear.
- Yellow Hat: Logical positive, optimistic view, focusing on values and benefits. This is the hat Doug would wear as he expresses the positives.
- Green Hat: Creative thinking, exploring new ideas and alternatives, like Sophie's suggestion of using the Internet only.
- Blue Hat: Process control, organizing thoughts and managing the thinking process.
Therefore, Rafael would be wearing the Black Hat as he is focusing on the potential negative consequences of the proposal.
Real GDP per person is $10,000 in Country A, $20,000 in Country B, and $30,000 in Country C. The saving rate increases by the same rate in all three countries. Other things equal, we would expect that:_______.A. All three countries will grow at the same rate.
B. Country A will grow the fastest.
C. Country B will grow the fastest.
D. Country C will grow the fastest
Answer:
correct option is B. Country A will grow the fastest.
Explanation:
given data
Real GDP Country A = $10,000
Real GDP Country B = $20,000
Real GDP Country C = $30,000
solution
here we can say Country A will grow the fastest
because Country A has more potential to grow due to low base
and that is results in more growth till it matures
so correct option is B. Country A will grow the fastest.
At her neighbor's garage sale, Constance buys a vanity dressing table from her neighbor, Carlos, for $160. Constance purchased the vanity table for her own personal use, without any knowledge that Carlos has signed a security agreement giving All Purpose Furniture Inc. a security interest in the vanity table. All Purpose Furniture did not file a financing statement. Constance does not know that Carlos is still paying off the purchase money security interest and owes All Purpose Furniture, Inc. $400. Under these circumstances:
Constance takes the vanity table free of All Purpose's security interest because she is a buyer of consumer goods.
Answer:
Constance takes the vanity table free of All Purpose's security interest because she is a buyer of consumer goods.
Explanation:
_____ is a strategy for reducing risk by buying a variety of items so that the failure of one stock or one business does not doom the entire portfolio. Group of answer choices Diversification Exit planning Retrenchment Downsizing
Answer: Diversification
Explanation: Diversification strategy involves widening the scope of the organization across different products and market sector. Furthermore, it is used to expand firms operations and productivity by adding markets, products, services, or stages of production to the existing business and the main aim of diversification is to minimize the risk by investing in range of products. It helps in reducing the market volatility.
Klivinich is a manufacturer of oral hygiene products. In addition to manufacturing and selling oral hygiene products, Klivinich also focuses on educating its customers on oral hygiene and dental problems. All its employees are trained to answer questions and help customers with oral hygiene and dental problems. This has helped Klivinich ________.A) produce low-cost products
B) procure rare resources
C) achieve a competitive advantage
D) form a strategic alliance
Answer:
Option C Achieve a competitive advantage
Explanation:
The reason is that anything brings an upperhand over the other competitors is competitive advantage. This might be due to product uniqueness or due to customer after sales services or anything in our product that the customer values more than the feature of other competitors. In this scenario, the advice of the K Company is valued by the customers and thats the reason they prefer its products because they give valuable advice with their products.
Klivinich has achieved a competitive advantage by focusing on educating its customers on oral hygiene and dental problems.
Explanation:Klivinich has achieved a competitive advantage by focusing on educating its customers on oral hygiene and dental problems. By training its employees to answer questions and offer assistance, Klivinich provides superior customer service and establishes itself as an expert in the industry. This not only helps build customer loyalty but also sets Klivinich apart from its competitors.
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Suppose the price of a bag of frozen chicken nuggets decreases from $6.50 to $5.75 and, as a result, the quantity of bags demanded increases from 600 to 800. Using the midpoint method, the price elasticity of demand for frozen chicken nuggets in the given price range is:_______. a. 0.35 b. 0.43 c. 2.33 d. 2.89
Answer:
The correct answer is C,2.33
Explanation:
The midpoint formula for elasticity of demand is given as :
percentage change in quantity demand/percentage in price
percentage change in quantity demanded is Q2-Q1/(Q2+Q1)/2*100
percentage change in price is P2-P1/(P2+P1)/2*100
P1=$6.5
P2=$5.75
Q1=600
Q2=800
percentage change quantity demanded =(800-600)/(800+600)/2*100
percentage change quantity demanded=28.57142857
Percentage change in price=(5.75-6.5/(5.75+6.5)/2)*100
percentage change in price=12.24489796
midpoint elasticity of demand= 28.57142857 /2.24489796
=2.33
The Johnsons have a second home that was available to rent for four full weeks (28 days) during the summer. Of the twenty-eight days, the Johnsons rented it to unrelated tenants for 16 days at fair market value. In addition, the Johnsons rented the home to the Florians for four days. Because they are family friends, the Florians only paid half the market rate for the rent. The Johnsons also rented the home for five days to the Smiths. The Smiths paid full fair market value rent even though they are related to the Johnsons. How many days did the Johnsons use the home for rental purposes during the year
Answer:
16
Explanation:
The Johnsons only rented the second home to unrelated tenants during 16 days, and that is the period that counts for rental purposes.
When you rent a property to relatives or family members, it doesn't count as rental purpose, it counts as personal use even if they paid you rent. If you rent the property for less than fair market value, it also counts as personal use.
During the year, Apex Co. sold an unprofitable component of the company. The component had a net loss from operations during the period of $150,000 and its assets sold at a loss of $100,000. Apex reported income from continuing operations before taxes of $128,387. All items are taxed at 30%. How would this item appear in the income statement?
Answer: In the Apex income statement,
Income from continuing operations before taxes $128,387
Taxation $36,483.9
Profit for the year from continuing operations $164,870.9
Loss from discontinued
operations ($175,000)
Loss for the year ($10,129.1)
Explanation: First, there was a tax expense on the profit from continuing operations to the tune of $38,516.1 (30% of $128,387) because the company made a gain. Subsequently, there was a deferred tax asset on the loss sustained on discontinued operations of $75,000 therefore resulting in tax asset of $36,483.9.
There is usually a need to report the profit from continuing operations separately from that of discontinued operations so that actual profit and cash flows from continuing operations can be easily recognizable from that of discontinued operations. In that way, the users of the financial statements would be able to distinguish between the two profit lines.
All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. The entry to record the transaction on December 10 will involve a debit to Cost of Goods Sold for _____.
The entry to record the transaction on December 10 will involve a debit to Cost of Goods Sold for the cost of the oldest inventory on hand.
Explanation:When using the FIFO method and perpetual inventory system to record transactions, the entry to record a purchase/sale transaction on December 10 involves a debit to Cost of Goods Sold for the cost of the oldest inventory on hand.
This means that the cost of the first inventory items purchased will be transferred to the Cost of Goods Sold account. The specific dollar amount will depend on the cost of those items.
For example, if the cost of the oldest inventory on hand is $100, the entry to record the transaction would be a debit to Cost of Goods Sold for $100.
A(n) ___________________________________ is a collection of programs that manages the database structure and controls access to the data stored in the database.
Answer:
Database Management System
Explanation:
The DMS is a software that is used for improving data sharing, provision of security by limiting access of data to authorized people, integration of the data with other systems and many more. This provides a greater access and control of data to the user of this software.
Jasper is a first-line manager at a heating and HVAC company. Although he no longer goes out to customers' homes and does their repairs, since he worked in the field for over 20 years, he is able to train employees, answer questions, provide guidance, and solve problems. These abilities most closely describe his
Answer:
technical expertise
Explanation:
technical expertise refers to the high level of knowledge acquired (usually through work experience) about some type of technology or technical work. For example, a mechanic that has repaired cars for more than 30 years would be considered to have technical expertise.
In this case, Jasper's 20 year long experience means that he knows a lot about air conditioners and heating, and that he might be able to train others to pass that knowledge. In Europe, seasoned employees, are very valuable because they takes apprentices and teach them what they learned during their long careers.
Final answer:
Jasper's first-line managerial role involves using his managerial skills to train employees, answer questions, provide guidance, and solve problems, leveraging his extensive field experience.
Explanation:
Jasper's abilities at the heating and HVAC company where he is a first-line manager most closely describe his managerial skills. With over 20 years of field experience, Jasper is well-equipped to train employees, answer questions, provide guidance, and solve problems. These skills are vital to his role as a manager as they enable him to effectively oversee and support the work of his subordinates, even though he no longer performs repairs himself. Jasper's technical expertise, gained from years of hands-on work, underpins his ability to train others and offer sound technical advice, which contributes to the overall efficiency and effectiveness of his team.
Your company introduced a new product one month ago. Since then, the Website has processed so many orders that the shipping and handling department has become overwhelmed. Also, sales representatives have been overwhelmed with questions about the product. The sales team needs a more efficient way to reduce questions about the new product so they can concentrate on generating more orders. What can your Web team do to help reduce the questions directed to the sales team
Answer: The web team can create a FAQ page.
Explanation: FAQ is an abbreviation for Frequently Asked Questions. A FAQ page is a page on an c ecommerce store, where answers to important questions about a company or its products and services have been stored. This is done to clarify the uncertainties of customers and show them how the company or its products and services work.
This will greatly help the company reduce questions directed to sales team, as customers can easily find answer to their questions in the FAQ page
Oriole Company sells office equipment on July 31, 2017, for $21,900 cash. The office equipment originally cost $76,780 and as of January 1, 2017, had accumulated depreciation of $36,270. Depreciation for the first 7 months of 2017 is $4,070. Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Explanation:
The journal entries are shown below:
a. Depreciation expense A/c Dr $4,070
To Accumulated Depreciation - Equipment A/c $4,070
(Being depreciation expense is recorded)
b. Cash A/c Dr $21,900
Accumulated Depreciation - Equipment A/c $40,340
Loss on sale of an equipment $14,540
To Equipment $76,780
(Being sale of equipment is recorded and the remaining balance is debited to the loss on sale of an equipment)
The accumulated depreciation is computed below:
= $36,270 + $4,070
= $40,340
The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called _________. storage inventory products stored components holdings
The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called Inventory.
Explanation:The amount of goods that are held by an organisation for the purpose of sale to the customers in near future refers to Inventory. The things that are included in inventory are raw materials, work in progress and finished goods of an organisation. Merchandise is the name that is used by the retailers for the purpose of mentioning inventories.
Inventories plays a major role in an organisation as it determines the amount of goods that are sold and the amount that is in hand. It is very essential for any company to have inventory accounting for the purpose of planning its purchases.
Explanation:
"Goods in stock" is called inventoryIt can also be termed as the amount of goods "stored for the purpose of business".The materials are on hold either for sale or for re-saleIt can contain even "raw materials" and also parts to assemble productsIt is a process of listing or accounting the number of items and the name of the item available readilyThere is a "difference between inventory and stock"