Answer:
Part 1
Recording of transactions
June 2
Debit : Merchandise Inventory $1,700
Credit : Accounts Payable $1,700
June 4
Debit : Freight expenses $200
Credit : Cash $200
June 8
Debit : Accounts Payable $300
Credit : Merchandise Inventory $300
June 10
Debit : Accounts Payable $1.400
Credit : Discount received $14
Credit : Cash $1,386
June 11
Debit : Accounts Receivables $3,000
Debit : Cost of sales $2,200
Credit : Sales Revenue $3,000
Credit : Merchandise Inventory $2,200
June 18
Debit : Cash $2,000
Credit : Accounts Receivables $2,000
June 20
Debit : Merchandise Inventory $2,800
Credit : Accounts Payable $2,800
June 23
Debit : Accounts Receivables $4,300
Debit : Cost of sales $2,600
Credit : Sales Revenue $4,300
Credit : Merchandise Inventory $2,600
June 26
Debit : Accounts Payable $300
Credit : Merchandise Inventory $300
June 28
Debit : Accounts Payable $2,500
Credit : Discount received $75
Credit : Cash $2,425
Part 2
Circuit Country
Multiple-step income statement for the month of June
Sales Revenue ($3,000 + $4,300) $7,300
Less Cost of Sales ($2,200 + $2,600) ($4,800)
Gross Profit $2,500
Explanation:
Part 1
Perpetual inventory system keeps accurate records of the cost of sales and inventory balance after each and every purchase and sale made.
Also remember, Payments are always made less of credit allowance and discount (if payment is done within the discount period).
Part 2
A multiple -step up to gross profit is required. The data concerning Sales and Cost of Sales can be easily extracted from the records.
On feb. 2, 20-0, bought goods for cash N10,000.00
Answer:
I am unsure of what the question demands but in case it is a journal entry, it will be shown as:
Date Account Title Debit Credit
Feb, 2, 20-0 Inventory N10,000
Cash N10,000
Cash will be credited because assets are credited when they decrease and Inventory will be debited because assets are debited when they increase.
Khalid was recently hired as an intern in a marketing company. He was given a copy of the company's employee handbook, which identified the expectations for employees and the standards of proper or acceptable behavior, including the standard of dress, the amount of time given for breaks and lunch, guidelines for using company materials such as the copy machine, and the importance of being courteous and civil to all. The employee handbook provides guidance about the _______ of the company
Answer:
behavioral norms
Explanation:
From the question, we are informed about the Khalid who was recently hired as an intern in a marketing company. He was given a copy of the company's employee handbook, which identified the expectations for employees and the standards of proper or acceptable behavior, including the standard of dress, the amount of time given for breaks and lunch, guidelines for using company materials such as the copy machine, and the importance of being courteous and civil to all. In this case, The employee handbook provides guidance about the behavioral norms of the company. An employee handbook can sometimes be regarded as employee manual. It is a staff handbook that serve as company policy manual for an employee, this handbook is been
given by the employer to employees.
This employee handbook is essential in the sense that it is been utilized in
bringing together of employment as well as job-related information that is needed to be known by employees.
Recommended FIVE ways in which employees can manage Stress in the workplace
Answer:
Encourage Open Communication. ...
Offer Mental and Physical Health Benefits. ...
Bring in Meditation Classes. ...
Offer Paid Time Off. ...
Encourage Employees to Take Breaks. ...
Take the Team Out on Company Offsites. ...
Bring Some Diversions into the Office. ...
Consider Flexible
In his backyard, a homeowner unwittingly built a garage that encroached two feet across the property line onto property owned by his neighbor. The next year, the homeowner discovered his error in the course of selling his property to a buyer. After the sale, the neighbor learned of the encroachment of the garage onto her property and sued the homeowner for damages and trespass. In this action, will the neighbor prevail
Answer: C) Yes, because the homeowner knew where the garage was located when he built it, even though he did not know where the property line was.
Explanation:
Encroachment refers to a scenario where a property owner builds a structure on the land of their neighbor. If a structure on the property of this owner also extends into the property of the neighbor, this is also considered encroachment.
Encroachment can either be intentional or unintentional but either of them can result in the offender being penalized. In the case of an unintentional encroachment such as this scenario, the property owner would still get panelized for knowing about the location of the structure and how it could have been encroaching even if they did not know that it was in fact, encroaching.
Question 8 of 15
What is the value of a yearly compensation package that includes a $42,000
salary, the full cost of a $200-per-month health insurance plan, and the full
cost of a $35-per-month life insurance premium?
A. $42,620
B. $42,235
C. $44,435
D. $44,820
Answer:$44,820
Explanation:
A company has the following inventory data: July 1 Beginning inventory 20 units at $19 $ 380 7 Purchases 70 units at $20 1,400 22 Purchases 10 units at $22 220 $2,000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method and a periodic inventory system, the amount allocated to ending inventory for July is
Answer:
$820.
1022=220; 3020=600;
220+600=820
I don't see why I need Life Insurance? could someone explain?
Answer:
because society says so
Which is more important?
- pay less interest
- Access a higher credit limit or longer 0% APR period, maybe to make a bigger purchase
Explain why
Answer: To pay less interest is better than accessing higher credit limit
Explanation:
Most people take loans to meet up projects which the money is not available to handle at the moment. Taking higher credit for a longer time will amount to much interest which might be difficult to pay back,while it is advisable to go for that requires less interest, to make it easier when refunding
Josie is interested in purchasing a computer and is overwhelmed by the many different models available. She decides to consult a magazine devoted to reviewing the quality of home computers. After reading a number of articles stating the pros and cons of each model, she decides on a computer. Josie has been persuaded to purchase this particular computer because of the _____ route to persuasion.
Answer:
Central
Explanation:
From the question, we are informed about Josie who is interested in purchasing a computer and is overwhelmed by the many different models available. She decides to consult a magazine devoted to reviewing the quality of home computers. After reading a number of articles stating the pros and cons of each model, she decides on a computer. Josie has been persuaded to purchase this particular computer in this case, because of the central route to persuasion. Persuasion can be regarded as the act of making people to act or do something. The primary types are central route and peripheral route.
The central route to persuasion can be regarded as type of persuasion consisting of thoughtful consideration about the arguments i.e about the ideas as well as content of the message.once central processing starts by the receiver then the receiver has become active participant in the process of persuasion.The central route to persuasion make use of facts as well as information in persuading potential consumers.
It has been reported that 40% of U.S. Workers employed as purchasing managers are females. In a simple random sample of U.S. Purchasing managers, 70 out of the 200 are females.
Answer:
a. Population proportion = 0.40b. Sample proportion = 0.35Explanation:
Question wants to know the population proportion and the sample proportion.
a. Population proportion:
The population in this case is the U.S. workers employed as purchasing managers. The proportion that we are interested in is the 40% that are female.
Population proportion is therefore 0.40.
b. The sample proportion uses the sample details not the population details:
= Number of females employed as Purchasing managers in sample / Number of Purchasing managers in sample
= 70 / 200
= 0.35
Suppose that you were interested in building a luxury apartment complex in your hometown. In your analysis of local demographics, you discover that the target market makes up only 5% (core market share) of the households that currently rent (or would be interested in renting) in this town. If market experts believe that a total of 5,000 apartment units will be rented in your entire hometown within the next year, what is the projected number of units the developer could expect to lease in year 1 if he is able to capture 20% of the market potential
Answer:
The projected number of units the developer could expect to lease in year 1 if he is able to capture 20% of the market potential is:
= 1,000 apartment units.
Explanation:
a) Data and Calculations:
The percentage of households that currently rent in the town = 5%
Demographic of households in the town = 100,000 (5,000/5%)
Number of apartment units established by market experts to be rented in the entire hometown within the next year = 5,000 (5% of 100,000)
20% of the market potential = 1,000 (5,000 * 20%)
The Phillips family has a joint gross monthly income of $11,300. The $499 lease payment for their car expires in four months. A student loan that has been deferred will kick in at the end of the year, and payments will be $210 monthly. Joe Phillips pays child support for his children with his first wife in the amount of $2,200 per month, but $600 of that will drop off in four months when his oldest son turns 18. They are buying a new home with a loan that carries a $2,700 a month payment. What is their housing ratio
Answer:
24%
Explanation:
Calculation to determine their housing ratio
Using this formula
Housing ratio= Housing expenses / Gross monthly income
Let plug in the formula
Housing ratio= $2,700/ $11,300
Housing ratio= 24%
Therefore their housing ratio is 24%
You are part of a group, making a decision about whether it is appropriate to discontinue research on a new drug. This new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. You just feel that this project has merit. What form of decision making are you using if you decide to continue the project because you feel that the project has merit
Answer: An escalation of commitment
Explanation:
Carrying out projects can be capital, time and energy intensive. Most times they could result to a positive progress or result and other times they may not but the area of changing minds on a project that has had a great ton of investment is usually hard except there is nothing that would be gotten from it. When so much time and resources has been put into a project and there is no plan for a change such commitment is called an escalation of commitment
Logan, an employee of Argon Industries, earned a salary of $60,000 in year 2. In addition, the following two transactions between Logan and Argon occurred in year 2: Logan received a bonus of 100 shares of publicly traded stock worth $13,000 with a basis to Argon of $8,000, and Logan purchased 1,000 shares of unrestricted Argon stock pursuant to a nonqualifying stock option plan for $10 per share when stock was valued at $25 per share. What amount of compensation should Argon report in Logan's Form W-2 for year 2
Answer:
$88,000
Explanation:
Calculation to determine What amount of compensation should Argon report in Logan's Form W-2 for year 2
First step is to determine the bargain element
Bargain Element=$25 per share-$10per share
Bargain Element=$15 per share
Now let determine the amount of compensation
Using this formula
Compensation=Salary earned+Taded stock+(Shares of publicly traded stock*Bargain element)
Let plug in the formula
Compensation=$60,000+$13,000+($100 shares*$15 per share)
Compensation=$60,000+$13,000+$15,000
Compensation=$88,000
Therefore the amount of compensation that Argon should report in Logan's Form W-2 for year 2 $88,000
The church you go to every Sunday is made up of people who have very different lifestyles and are at different stages in their life. Joanna is a 23-year-old single parent who works for minimum wage and shifts from motel to motel for accommodation. Josephine is a single, 45-year-old woman who earns a decent salary and has few interests and friends outside her office. Jonathan is 60 years old, extremely wealthy, has a loving family, and enjoys his work. You have decided to apply Maslow's hierarchy of needs to determine what motivates each of these individuals.
2) Which of the following needs would most likely motivate Joanna?
A) social
B) esteem
C) physiological
D) self-actualization
E) safety-security
Answer:
3) Which of the following needs would most likely motivate Josephine?
A) social-belongingness
B) esteem
C) physiological
D) self-actualization
E) safety-security
Answer:
Answer: C for Joanna and I think A for Josephine
Explanation:
During May, Carolan Corporation transferred $59,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a: Multiple Choice credit to Cost of Goods Sold of $65,000. debit to Finished Goods of $65,000. credit to Work in Process of $59,000. credit to Finished Goods of $59,000.
Answer:
credit to Work in Process of $59,000.
Explanation:
Based on the information given the appropriate l journal entries to record these transactions would include a: CREDIT TO WORK IN PROCESS OF $59,000
Dr Finished goods $59,000
Cr Work in process $59,000
Dr Cost of goods sold $65,000
Cr Finished goods $65,000
Which of the following are necessary for production to take place?
A. Advertising to create demand
B. The input of land labor and capital
Market research to determine the level of demand
D. The creation of shipping networks to distribute goods,
MUM
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 Process Improvement Tom Couro 10 15 13 2 David Clancy 12 12 14 2 Jose Cano 11 13 15 1 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $32 David Clancy 36 Jose Cano 28 The process improvement category includes training, quality improvement, and other indirect tasks. a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank.
Answer:
Total productive hours worked on each job is as follows:
Tom Couro = Job 301 + Job 302 + Job 303 = 10 + 15 + 13 = 38
David Clancy = Job 301 + Job 302 + Job 303 = 12 + 12 + 14 = 38
Jose Cano = Job 301 + Job 302 + Job 303 = 11 + 13 + 15 = 39
WIP = (38*22) + (38*36) + (39*28)
WIP = 1216 + 1368 + 1092
WIP = 3,676
Indirect labor = (2*32) + (2*36) + (1*28)
Indirect labor = 64 + 72 + 28
Indirect labor = 164
Date Account titles and Explanation Debit Credit
Work in process $3,676
Factor overhead $164
Wages payable $3,840
Frictional unemployment is inevitable because: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices many wages are above the equilibrium wage for that market. the expansion phase of the business cycle leads to increases in unemployment. the recession phase of the business cycle leads to increases in unemployment. new workers are constantly entering the job market, and jobs are constantly created and destroyed.
Answer:
a
Explanation:
quizlet
Explain why it is necessary to evaluate your options when making a decision.
Answer:
It is important to evaluate your decision making, for certain outcomes of that decision may not be what you want them to be. ... When evaluating your decisions, you are looking at the whole situation, which gives you the whole perspective of the situation, and what all the outcomes can be for you
When a firm decides to use skilled professionals to produce its output, what question is the firm answering? When a firm decides to produce organic fruit rather than non dash organic fruit , what question is the firm answering? When we find out who gets the goods and services that are produced, what question is being answered?
Answer:
The correct answers are "How?"; "What?"; and "Who?" respectively.
Explanation:
To begin with, in the economics science there is a big importance that the professionals of the area give to answering the questions mentioned before. Those questions are: "What to produce?"; "How to produce it?" and "To who we produce it to?". And the importance in that resides in the fact that the economy itself as a whole and therefore the companies and small producers among them need to understand what are they going to produce for the economy, to who they will sell it to and how will the produce it.
In conclusion, when the firm decides to use skilled professionals to produce its output they are answering the question of "How?". When the firm decides to produce organic fruit rather than non dash organic fruit, then they are answering the question of "What?". And the when the firm finds out who gets the goods and services that are produced, they are answering the question of "Who?".
You hold currency from a foreign country. If that country has a higher rate of inflation than the United States, then over time the foreign currency will buy a. more goods in that country and buy more dollars. b. more goods in that country but buy fewer dollars. c. fewer goods in that country but buy more dollars. d. fewer goods in that country and buy fewer dollars.
Answer:
d. fewer goods in that country and buy fewer dollars.
Explanation:
In the case when the currency is hold from the foreign country and if the country contains the high inflation rate as compared with the united states so here the less goods in that country should be purchased at less dollars that means it shows the positive relationship between the goods and the dollars value
Therefore as per the given situation, the option d is correct
Claude holds a large number of shares of Bayou Beauty, a regional brewing company that is considered a likely takeover target by a major international brewer. It would probably be in Claude's financial interest if Bayou Beauty's owners: Group of answer choices looked for smaller brewers to acquire instead of selling to the larger brewer. resisted selling at any price. sold the company to the larger brewer. designed a poison pill to discourage a takeover.
Answer: sold the company to the larger brewer.
Explanation:
Based on the information given, it would be in Claude's financial interest if Bayou Beauty's owners sold the company to the larger brewer.
The reason for this is that the same of the company to the major international brewer will result in long term performance and dividends.
Reggie owns 3 acres of beautiful wooded land. When Reggie decides to move to be closer to his grandchildren, he donates the land to the state with the understanding that the land will be used as a state park. This state park is large enough that it is not congested. It is an example of a good that is a. nonrival in consumption and excludable. b. both rival in consumption and excludable. c. rival in consumption and nonexcludable. d. neither rival in consumption nor excludable.
Answer:
a. nonrival in consumption and excludable.
Explanation:
Since in the given situation it is mentioned that he donated the land to the state so that the land can be used for the state park so here it should represent an example of non-rivalry that means there is no competition with respect to the consumption and the same should not be incuded
Therefore the option a is correct
When Tyree Elliott was hired as a public relations advisor to the CEO of a Fortune 500 company, he welcomed the help he received from Rae Rogers, a senior manager. Rogers was able to show Elliott the places where trouble was likely to occur, the likes and dislikes of the CEO, and how to do the best job possible. Which of the following statements describes what was going on in this situation?
Rogers engaged in vestibule training by opening doors and clearing the path for Elliott's success.
A. Rogers was assuming the role of a mentor
B. Elliot was given no training at all
C. Rogers was using off-the-job training techniques
D. Elliot was assuming the role of an apprentice
Answer: A. Rogers was assuming the role of a mentor
Explanation:
A mentor is someone who has experience in a certain area and imparts this knowledge on others in order to ensure the success of those other people.
In this instance, Rae Rogers is a senior manager and has experience in many issues regarding the company. By sharing this knowledge with Tyree Elliott, Rodgers is taking on a mentorship role because he is doing this to increase Elliott's chances of success.
Honest Tea's mission statement is "Honest Tea seeks to create and promote great-tasting, organic beverages. We strive to grow our business with the same honesty and integrity we use to craft our products, with sustainability and great taste for all." Additionally, the company uses only natural ingredients and promotes and practices fair trade with its suppliers. All of these combined suggests that Honest Tea is involved in which of the following sustainable marketing principles?
a Societal marketing
b Sense-of-mission marketing
c Customer-value marketing
d Consumer-oriented marketing
e Innovative marketing
Answer:
b Sense-of-mission marketing
Explanation:
This is the sustainable marketing principle that holds an organization also it defines the mission in social terms at broad level instead of the narrow terms of the product
Since in the question it is mentioned that the company used the natural ingredients and promotes the fair trades with the suppliers. So here it is the sense of mission marketing principle
Hence, the option b is correct
if you are asked to choose a profession between an agricultural expert and a veterinary doctor, which one will you choose? Give your opinion to support your choice.
Answer:doctor
Explanation:
John Deere Manufacturing Company has two manufacturing departments--Cutting and Soldering for its series 200 lawn tractor body. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Cutting Soldering Estimated total machine-hours (MHs) 1,250 11,400 Estimated total fixed manufacturing overhead cost $ 15,880 $ 37,300 Estimated variable manufacturing overhead cost per MH $ 3.12 $ 2.40 During the most recent month, John Deere started and completed two jobs--Job 1A and Job 1B. There were no beginning inventories. Data concerning those two jobs follow: Job 1A Job 1B Direct materials $ 12,300 $ 8,492 Direct labor cost $ 18,200 $ 5,870 Cutting machine-hours 700 300 Soldering machine-hours 3,600 5,410 Assume that John Deere uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 80% on manufacturing cost to establish selling prices. Answer the following questions. (round predetermined overhead rate to two decimal places) 1. What is the plantwide predetermined MOH rate
Answer:
John Deere Manufacturing Company
Cutting Soldering
Predetermined MOH rates = $19.80 $7.18
Explanation:
a) Data and Calculations:
Cutting Soldering
Estimated total machine-hours (MHs) 1,250 11,400
Estimated total fixed manufacturing overhead cost $ 15,880 $ 37,300 Estimated variable manufacturing overhead cost per MH $ 3.12 $ 2.40
Total estimated variable manufacturing overhead $3,900 $27,360
Total manufacturing overhead costs $19,780 $64,660
Job 1A Job 1B Total
Direct materials $ 12,300 $ 8,492 $
Direct labor cost $ 18,200 $ 5,870
Cutting machine-hours 700 300 1,000 hours
Soldering machine-hours 3,600 5,410 9,010 hours
Plantwide predetermined MOH rates:
Cutting Soldering
Estimated total manufacturing overhead costs $19,780 $64,660
Total machine hours during the most recent month 1,000 9,010
Predetermined MOH rates = $19.80 $7.18
= ($19,780/1,000) ($64,660/9,010)
Nour is usually the person who takes charge of the situation and gets people moving toward the group's objective. Nour probably has a high need for
Answer:
Power.
Explanation:
A leader can be defined as an individual who is saddled with the responsibility of controlling, managing and maintaining a group of people under him or her. Also, they provide guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information.
Some types of power expressed by leaders are referent power, coercive, etc.
In this scenario, Nour is usually takes charge of the situation and gets people moving toward the group's objective. Thus, Nour probably has a high need for power because he's more often than not in charge and control while getting his team members to achieve the set objective.
Maricopa's Success scholarship fund receives a gift of $ 165000. The money is invested in stocks, bonds, and CDs. CDs pay 5.75 % interest, bonds pay 5 % interest, and stocks pay 6.8 % interest. Maricopa Success invests $ 40000 more in bonds than in CDs. If the annual income from the investments is $ 9645 , how much was invested in each account
Answer:
$ 65,000 were invested in stocks, $ 70,000 were invested in bonds, and $ 30,000 were invested in CDs.
Explanation:
Since Maricopa's Success scholarship fund receives a gift of $ 165000, and the money is invested in stocks, bonds, and CDs, and CDs pay 5.75% interest, bonds pay 5% interest, and stocks pay 6.8% interest, and Maricopa Success invests $ 40000 more in bonds than in CDs, if the annual income from the investments is $ 9645, to determine how much was invested in each account, the following calculation must be performed:
95,000 x 0.068 + 55,000 x 0.05 + 15,000 x 0.0575 = 10,072.5
75,000 x 0.068 + 65,000 x 0.05 + 25,000 x 0.0575 = 9,787.5
70,000 x 0.068 + 67,500 x 0.05 + 27,500 x 0.0575 = 9,716.25
65,000 x 0.068 + 70,000 x 0.05 + 30,000 x 0.0575 = 9,645
Therefore, $ 65,000 were invested in stocks, $ 70,000 were invested in bonds, and $ 30,000 were invested in CDs.