Answer and Explanation:
In The books Of (Kingbird Inc.)
Journal Entry
Date Account Title and Explanation Amount Amount
Supplies Expenses a/c Dr $5,130
To Supplies a/c $5,130
(Being adjusted entry held for remain Supplies)
Working Note:
Amount = ($7,980 - $2,850) = $5,130
Mr. Liang, a wealthy businessman who made his fortune in the oil industry, understands the importance of a college education, so he has donated over $10 million over the last several years to colleges and universities. Mr. Liang's actions are an example of ___________.a. philanthropy.
b. sustainability.
c. servant leadership.
d. social responsibility
e. corporate governance.
Answer:A. Philanthropy
Explanation: Philanthropy is a private initiative aimed at the general good of the public, it is in contrast to the main main of business which is majorly to make profits.
Most philanthropic Organisation in the world help to better the lives of the community or environment where they are or the world at large.
Most philanthropist give out a part of their wealth in terms of money,ideas,resources to enhance and promote the public good.
U.S.-based Centra Corporation is hesitant about entering into a licensing agreement with Fission, Inc., a company from another nation, due to the likelihood that Fission will break a contract or expropriate property rights. What specific type of risk is Centra Corporation trying to avoid?
Answer:
Legal Risk
Explanation:
Legal Risk refers to a type of damage to the company that can occurred due to an issue with the law.
In the excerpt above, we know that Centra corporation has the fear that Fission will break a contract or expropriate property rights..
- A break a contract is a for of issue with the law that could potentially make Central unable to obtain its fair share of profit from the operation
- Exporpriate Property right is a type of legal Risk that can occurs if the law in foreign country force the company to give the ownership of that peoperty right to the government.
A group of firms manufactures writing implements such as pens, pencils, and markers. This group should be referred to as a(n): a. service provider. b. substitute. c. market segment. d. regulator. e. industry.
Answer:
E. Industry
Explanation:
Industry or an industry is a group of firms/businesses/manufacturers a particular kind of goods and services. In this case, the firms that makes up the industry all manufactures writing implements (such as pen, pencils and markers). Simply put, an Industry is a sector that produces good or related services within an economy.
When classifying a firm into an industry, the major source of revenue is the necessary indicator used in doing so.
To guide cost allocation decisions, the ability to bear criterion ________.
A) is the primary criterion used in activity-based costing
B) allocates cost among the beneficiaries in proportion to the benefits each receives.
C) results in subsidizing products that are not profitable
D) is used more frequently than any other criteria
Answer:
the answer is D
Explanation:
Disagree. Cost accounting data plays a key role in many management planning and control decisions. The division president will be able to make better operating and strategy decisions by being involved in key decisions about cost pools and cost allocation bases. Such an understanding, for example, can help the division president evaluate the profitability of different customers The salary of a plant security guard would be a direct cost when the cost object is the security department of the plant. It would be an indirect cost when the cost object is a product. Exhibit 14-1 outlines four purposes for allocating costs:
1. To provide information for economic decisions.
2. To motivate managers and employees.
3. To justify costs or compute reimbursement.
4. To measure income and assets for reporting to external parties.
Exhibit 14-2 lists four criteria used to guide cost allocation decisions:
1. Cause and effect.
2. Benefits received.
3. Fairness or equity.
Ability to bear. The cause-and-effect criterion and the benefits-received criterion are the dominant criteria when the purpose of the allocation is related to the economic decision purpose or the motivation purpose. Using the levels approach introduced in Chapter 7, the salesvolume variance is a Level 2 variance. By sequencing through Level 3 (salesmix and salesquantity variances) and then Level 4 (marketsize and marketshare variances), managers can gain insight into the causes of a specific sales-volume variance caused by changes in the mix and quantity of the products sold as well as changes in market size and market share. The total salesmix variance arises from differences in the budgeted contribution margin of the actual and budgeted sales mix. The composite unit concept enables the effect of individual product changes to be summarized in a single intuitive number by using weights based on the mix of individual units in the actual and budgeted mix of products sold. A favorable salesquantity variance arises because the actual units of all products sold exceed the budgeted units of all products sold. The salesquantity variance can be decomposed into (a) a marketsize variance (because the actual total market size in units is different from the budgeted market size in units), and (b) a market share variance (because the actual market share of a company is different from the budgeted market share of a company). Both variances use the budgeted average contribution margin per unit.
Final answer:
The ability to bear criterion in cost allocation spreads costs in proportion to benefits received by each beneficiary. It contrasts with activity-based costing and aims for an equitable sharing of costs rather than strict alignment with activities. This contributes to efficient resource allocation that maximizes net benefits.
Explanation:
To guide cost allocation decisions, the ability to bear criterion allocates cost among the beneficiaries in proportion to the benefits each receives (Option B). This approach is based on the idea that the costs should be spread out according to the relative benefit or utility derived by each beneficiary. In contrast to activity-based costing, which seeks to align costs with the activities that generate them, the ability to bear approach may result in certain products being subsidized by more profitable ones.
Understanding how cost allocation works, including methodologies like the benefits-received principle in taxation, aids businesses in making equitable and efficient decisions. A cost/benefit analysis is a strategic tool that compares costs—money, effort, sacrifices—against gains like money, time, and experience, to inform decision-making processes. Equity and efficiency are critical in determining the fairness and effectiveness of cost allocation and the overall allocation of resources, as they aim to maximize net benefits.
Sally and Patrick are married with 4 young children. Patrick stays at home with the kids while Sally works as CEO of a small manufacturing firm earning $105,000 annually. Sally is covered by a 401(k) plan at work, but they would like to maximize their IRA contributions as well. Which of the following are true assuming their AGI is $105,897?
a. Sally and Patrick could each contribute $6,500 to a Roth IRA.
b. Sally and Patrick could each contribute $3,000 to a deductible traditional IRA
c. Only Sally can contribute to any type of IRA. Patrick has no earned income.
d. Patrick could contribute $5,500 to a traditional deductible IRA.e. "Sally and Patrick could each contribute $6,500 to a Roth IRA" and "Patrick could contribute $5,500 to a traditional deductible IRA"
Answer:
e. "Sally and Patrick could each contribute $6,500 to a Roth IRA" and "Patrick could contribute $5,500 to a traditional deductible IRA".
Explanation:
Although one can have both a 401(k) and an individual retirement account (IRA) at the same time but it's not always advisable because the one's income may be a limiting factor to tax breaks received. hence it's not advisable for Sally to have a traditional deductible IRA because Sally is already covered at work by 401(k).
In the case of Patrick, if one's income is under a certain level or if one (or one's spouse) don't have an employer-sponsored retirement plan, the Traditional IRA contribution is fully deductible.
So , you (or your spouse) do have a 401(k) or pension plan, the tax-deductible portion of your IRA contribution may be limited.
Cadmia and Rhodia specialize in the production of textiles and agricultural products respectively. They are the best at their respective specializations. Cadmia trades textiles with Rhodia in exchange for agricultural products. Which of the following is illustrated by this form of trade between Cadmia and Rhodia? A. The concept of absolute advantage B. The position of a nation regarding the components of production C. Ricardo's theory of comparative advantage
Answer:
The concept of absolute advantage
Explanation:
The key statement here is that "They are the best at their respective specializations" and their decision to trade the good that they are most effective/better at producing.
The concept of absolute advantage refers to:
when a producer can produce a good or service in greater quantity for the same cost, or the same quantity at lower cost, than other producers.By specialization, division of labor, and trade, producers with different absolute advantages can always gain over producing in isolation. Absolute advantage is related to comparative advantage but differs slightly.Countries with an absolute advantage can decide to specialize in producing and selling a specific good or service and use the funds that good or service generates to purchase goods and services from other countries.
Through specialization in the products that they each have an absolute advantage in and then trading products, can make all countries better off, as long as they each have at least one product for which they hold an absolute advantage over other nations.
Comparative advantage however:
Comparative advantage suggests that countries will engage in trade with one another, exporting the goods that they have a relative advantage in productivity.Absolute advantage refers to the uncontested superiority of a country to produce a particular good better. Comparative advantage introduces opportunity cost as a factor for analysis in choosing between different options for production.Stewart grants Julie a security interest in 500 shares of stock in his company in exchange for a loan. Stewart makes his loan payments on time, and his business is growing and successful. When the loan is nearly repaid, Stewart is in a car accident and is unable to work for a few months. He could sell his company were it not encumbered by Julie's security interest. Julie: a. must abide by the original terms; once a financing statement is filed, it is permanent until it is fully paid according to the filing. b. may require Stewart to accelerate his payments because of her insecurity about his ability to pay her. c. may release her interest in the stock by filing an amendment. d. may request an accounting from Stewart.
Answer:
The answer is C. may release her interest in the stock by filing an amendment.
Explanation:
Price is a concept relating to how post-deregulation transportation firms determine and impose charges for their services. which is a distinguishing feature of this concept of price?
a. the amount found in a tariff book as payment to a carrier for performing a transport service
b. a lawful charge imposed by a carrier on a commodity movement
c. a value or level that is determined based on prevailing market forces
d. a charge determined primarily by considering a carrier's costs only
Answer:
The correct answer is option c.
Explanation:
The price of a product is the value of the product that is determined in the market through the working of the market forces. After deregulation, the price of any product or service such as transportation is determined in the market.
It is determined by the interaction of the demand for transportation and the supply of transportation.
A marketing consultant wants to estimate the proportion of all shoppers at a certain mall who make at least one purchase. he stands at a mall exit for two hours on a weekday afternoon and flips a coin each time a shopper leaves. if the coin comes up heads, he asks them if they have made any purchases during this visit. after two hours, he has 132 responses, 104 of whom made a purchase. which condition for constructing a confidence interval for a proportion has the consultant failed to satisfy?
The condition for constructing a confidence interval for a proportion has the consultant failed to satisfy is that The data is a random sample from the population of interest.
Explanation:
When there is a chance that every one in the population has selected equally is called as random sampling. This type of sampling method is used for the representation of a group in an unbiased condition. Thus, every member of the population that is being chosen will be having an equal chance of being tested in an random sampling.
Confidence of interval refers to the estimation of an interval that has the true value of the unknown parameter. In the given example the data collected is the random sample form the shoppers that is taken only for two hours. This condition for the construction of a confidence interval for a proportion has made the consultant to fail.
The marketing consultant failed to ensure random sampling, a condition necessary for constructing an accurate confidence interval for a proportion.
Explanation:The marketing consultant has failed to satisfy the condition of random sampling for constructing a confidence interval for a proportion. The correct process involves randomly selecting shoppers, not selectively asking only those who are heads on a coin flip, which introduces potential bias into the sample. A proper random sampling method is essential to ensure that the sample proportion is representative of the population proportion, which is necessary to construct an accurate confidence interval.
For example, if we follow a process akin to the one used in Example 8.10, where a market research firm randomly selects individuals before surveying them, we create a more reliable basis for estimating the true proportion in the population.
Brain Boost Inc. is a leading educational toy company. Competitors across the globe have failed to imitate Brain Boost’s production models, supply chain systems, knowledge systems, and culture. These attributes have remained unique to Brain Boost Inc. for a long time. Which of the following assumptions of the resource-based model of competitive advantage does this scenario best illustrate?
a) resource homogeneity
b) resource cost
c) resource substitution
d) resource immobility
Answer:
Which of the following assumptions of the resource-based model of competitive advantage does this scenario best illustrate?
d) resource immobility
Explanation:
There are various assumptions that can be made to describe how resources are utilized in various firms. Competitive advantage as the name suggests is when one organization has a favorable position in business as compared to another company that are in competition with. The various assumptions of the resource-based model of competitive advantage are as follows;
1. Resource homogeneity
This is a situation in which a company owns a resource that is similar in characteristics to resources in other companies. A company like this cannot have a competitive advantage against it's competitors.
2. Resource cost
Resource cost can be defined as all the input costs that are to be used in the production of a product from it's raw form to a finished product. Resources include labor, materials and equipment. When the resource cost is higher than other competitors in a market, then one doesn't have a competitive advantage against other competitors.
3. Resource immobility
When a resource is not easy to be obtained by other competitors, then it is called resource immobility. This can provide a competitive advantage against other companies especially if the resource is highly beneficial.
Sofia, a restaurant manager, has been observing and analyzing the work process of the cooks, servers, and bussers because she would like to increase their productivity of employees. Sofia is engaging in ____ management.
a. quantitative
b. contingency
c. systems
d. administrative
e. scientific
Answer:
E) scientific
Explanation:
Scientific management was developed by Frederick Taylor and is part of the classical management approach. The whole purpose of scientific management is to improve efficiency manly through time and motion studies.
The production processes are studied in order to determine what is the most efficient way of doing them. Sofia was analyzing her employees' tasks to see if their were doing them correctly and efficiently. The time and motion studies are used to reduce the time it takes to finish a task, and the faster a task is finished, more tasks can be done.
Which of the following refers to the collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain its customers? A. Market intelligence system B. Neuromarketing C. Reverse-engineering D. Database E. Customer insights
Answer:
A
Explanation:
Market Intelligence System is a business analytics tool. What it does is that it analyses business data obtained from various sources- Customers, Competitors, supply chain, stores etc.
The data obtained is used to make necessary inferences all with an intent to retain, develop or acquire its customers.
A customer insight, or consumer insight on the other hand is an interpretation of trends in human behaviors which aims to increase the effectiveness of a product or service for the consumer, as well as increase sales for the financial benefit of those provisioning the product or service
Database is completely out of it as it is just a structured set of data held in a computer, especially one that is accessible in various ways.
You are a solutions architect working for a large engineering company who are moving their existing legacy hardware to AWS. You have configured their first AWS account and you have set up IAM. Your company will be primarily based out of West Germany, however they will have a small subsidiary operating out of South Korea and you will need an AWS environment configured there as well. Which of the following statements is true;
1. You will then need to configure Users and Policy Documents for each region respectively.
2. You will need to configure Users and Policy Documents only once, as these are applied globally.
3. You will need to configure your users regionally, however your policy documents are global.
4. You will need to configure your policy documents regionally, however your users are global.
Answer:
2. You will need to configure Users and Policy Documents only once, as these are applied globally.
Explanation:
When using Amazon Web Services (AWS) for data management, creation of users and policy documents is done only once and will apply globally. The only factor that will affect the German and South Korean locations will be availability.
Around the globe there are availability stations that serves each region, spreading availability for the German and South Korean offices to more than one availability stations will solve this.
In AWS, both Users and Policy Documents are configured only once, as they apply globally across all regions. Therefore, there's no need for regional configuration of these entities.
Explanation:In the context of Amazon Web Services (AWS) and Identity Access Management (IAM), when configuring the system within different regions like West Germany and South Korea, the correct statement would be the second one. This is because Users and Policy Documents in AWS are global entities. Specifically, IAM Users that are created will have the same permissions across all the regions. IAM policies, which are essentially documents providing permissions, operate at a global level as well. This means that the permissions defined in those policy documents will be applied no matter what region your services operate in.
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"There is a house that a licensee from Firm A has been trying for several weeks to list for sale. The owners have been interviewing licensees from different firms. They tell A's licensee that Firm B will charge 2% less commission for selling the house. What should A's licensee say to the owner to get the listing?
Answer:
A provides excellent services to market their seller's properties.
Explanation:
The owner of the house has been exploring other options and got Firm B who are offering to sell the property for 2% less commission. In this case Firm A's only option is to highlight a competitive advantage they have over other firms and that is - they provide excellent service for marketing the seller's property.
Most times clients want results and can actually pay higher if there is a guarantee that a firm can deliver on the task assigned.
when the "invisible hand" guides economic activity, prices of products reflect______________.
a) only the costs to society of producing those products
b) both the values that society places on those products and the costs to society of producing those products
c) only the values that society places on those products
d) none of the above; when the "invisible hand" guides economic activity, prices of products are set by the government in a manner that is though to be "fair"
Answer:
b) both the values that society places on those products and the costs to society of producing those products
Explanation:
When the "invisible hand" guides economic activity, prices are known as equilibrium prices.
Equilibrium price is found where the demand curve intersects with the supply curve .
Equilibrium price is the price where both the value that society places on those products and the costs to society of producing those products are equal.
I hope my answer helps you
Wendell interviews many middle-level managers and discovers that these individuals believe that external factors constrain managers' influence over outcomes. The mid-level managers have a(n) ________ view of management. Symbolic traditional standard omnipotent
Answer:
Correct option is Symbolic
Explanation:
Managers with symbolic view of management believes that success and failure of an organization is not completely in their control. There are external factors suppliers, creditors and customers that contribute to organizational success.
Managers who follow omnipotent view believes that they have full control over success and failure of the organization. Here, the middle-level managers have symbolic view of management.
The most flexible method of land description, capable of describing even the most irregular of parcels, can be described as a very precise, compass-directed walk around the boundary of a parcel. This method is commonly referred to as _________
Answer:
Metes and Bounds
Explanation:
Metes and Bound
This is a system of describing land in real estate and property. It is used in establishing boundaries of select parcel of lands. It is referred to as a "legal description". They are used to describe land using physical features of it's geography, as well as directions and distances and other adjoining parcels of land.
Answer:
metes and bounds
Explanation:
Metes is a very old term that means measurement, and in real estate it is still used to refer to the distance between two points measured in a straight line. Bounds refers to a less specific line, not a straight line, that borders some type of natural or man made feature, e.g. river, hill, park, building, etc.
This system is commonly used to describe irregular land parcels, e.g. boundaries between countries, states, counties or land lot that are defined by natural features.
There are 15 animal keepers working for the XYZ Zoo. Their supervisor is required to rate the performance of these workers based on the following criteria: 30% of the animal keepers will be rated as below-average, 40% of the animal keepers will be rated as average, and 30% of the animal keepers will be rated as above average. What type of performance appraisal is used?
Answer:
Forced distribution
Explanation:
Forced distribution is a performance rating used by companies to determine the efficiency of employees as either excellent, good and bad.
Forced distribution also known as vitality curve is said to be controversial way of performance rating of employees are ranked or measured compared to each other and graded rather than using the set standard of rating.
This style of rating helps managers or companies to identify talented ones among employees as ranking parameters are set and then used to evaluate employee performance.
One of the common problems of forced ranking system is that it depletes employee morale which in turn further affects their performance.
Cheers.
Final answer:
The appraisal method described is a relative ranking system, which evaluates employees against each other into pre-set categories, contrasted with the 360-degree feedback appraisal that uses multiple rater types for growth-oriented feedback.
Explanation:
The type of performance appraisal described in the question is known as a relative ranking system. In this system, the performance of the zoo keepers is evaluated in comparison to each other rather than against fixed, objective criteria. Specifically, the supervisor assigns ratings so that a certain percentage of employees fall into predefined categories—30% rated below average, 40% average, and 30% above average. This approach differs from the 360-degree feedback appraisal method, where an employee's performance is assessed by a variety of raters including supervisors, peers, subordinates, customers, and the employees themselves. The 360-degree feedback is more comprehensive and aims to give employees rich feedback for development purposes, whereas relative ranking is more focused on differentiating employees' performance along a scale in relation to one another.
There are several key elements that should be done when using performance information to identify potential problems, specifically where sales people need to improve for better performance in the future. Check ALL that should be done: a. evaluate salespeople against relevant performance criteria. b. compare salesperson evaluations to identify problem areas. c. investigate problem areas to identify causes of performance problems. d. report problem areas to top management. e. determine sales management actions to eliminate causes of future problems and to solve existing problems.
Answer: Performance Management strategies for Effective Sales Management
Explanation: All the answers given are correct for better performance and Sales management.
In the context of managerial accounting, the relevant information is information that
a. has been provided by the controller.
b. must be analyzed by the chief financial officer before being provided to managers.
c. must be provided in quantitative terms.
d. is information that will make a difference in the decision.
Answer:
d. is information that will make a difference in the decision.
Explanation:
In managerial accounting we have to work to make decision more easy thus, we cannot overflow with redundant or unncessary information. We have to only make use and present in our report information that will change the decision if presented.
For example, for freight cost the sales commision is not relevant.
During the month of February, Smiling Moon Inc. had cash receipts of $10,000 and cash disbursements of $7,700. The February 28 cash balance was $2,400. What was the February 1 beginning cash balance?
A. $1,600.
B. $5,600.
C. $2,000.
D. $0.
E. $7,600.
Answer:
$100
Explanation:
Solution according to given question:
Cash receipts of $10,000
Cash disbursements of $7,700
Cash balance on February 28 $2,400
Ending cash balance = Beginning cash balance + Cash receipts - Cash disbursements
$2,400 = Beginning cash balance + $10,000 - $7,700
$2,400 = Beginning cash balance + $2,300
Beginning cash balance = $2,400 - $2300
Beginning cash balance = $100
There is an inconsistency between the information provided in the question and the options available
Orginal Question is as follows:
During the month of February, Hoffer Company had cash receipts of $12,900 and cash disbursements of $14,900. The February 28 cash balance was $3,600. What was the January 31 beginning cash balance?
$1,600
$5,600
$2,000
$0
$7,600
Correct Answer is B. $5,600.
A. calculate some key profitability, activity, leverage, liquidity and market ratios for apple and blackberry over time
Answer:
B. as they will have the same common business activity to their competitors
Explanation:
Gross Profit Margin = (Revenue – Cost of Goods Sold) / Revenue*100%
Net Profit Margin = PAT / Revenue * 100%
The EBITDA is calculated by adding back interest expense, taxes, depreciation & amortization expense to net profit or PAT. Then, the EBITDA margin is calculated by dividing the EBITDA by the sales revenue and is expressed in terms of percentage.
Lesley Torres is a project manager for the campaign "Action against Deforestation in Indonesia." She recently faced a glitch when the campaign could not be launched publicly according to schedule. Torres monitored the schedule to find the cause of the delay before speeding up the implementation process by allocating more members for the implementation phase. By doing this, which of the following functions is she performing?A) controlling B) formulating C) leading D) planning E) organizing
Answer: (A) Controlling
Explanation:
According to the given question, Lesley Torres is the project manager in an organization and she organized a campaign against the deforestation in the Indonesia.
She performing the controlling function by managing all the schedules and also implementing the given process.
The controlling is one of the main function in the management as it ensure all the activities performed accurately and also helps in planning all the activities in an organization. It basically helps in meet the desirable goals of the company by setting a standard performance.
Therefore, Option (A) is correct answer.
The strategic planning process begins with _______. a. marketing objectives b. organizational mission and goals c. SWOT analysis d. finance objectives e. business-unit strategies
Answer:
b. organizational mission and goals
Explanation:
Strategic planning process has following sequence:
b. Organizational mission and goals
c. SWOT analysis
a. Marketing objectives
d. Finance objectives
e. Business-unit strategies
So according to above sequence the correct option is b. organizational mission and goals
The strategic planning process in business starts with identifying the organizational mission and goals. Other aspects like SWOT analysis, marketing and finance objectives follow afterwards.
The strategic planning process typically begins with identifying the organizational mission and goals. This step is crucial because it sets the direction for the entire strategic plan. The mission and goals give an overview of what the organization wants to achieve and offers a sense of direction to all its stakeholders. Following the establishment of organizational mission and goals, other steps such as SWOT analysis, setting marketing objectives, defining business-unit strategies, and finance objectives are undertaken.
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Initial margin requirements are determined by:________
a. the Securities and Exchange Commission.
b. the Federal Reserve System.
c. the New York Stock Exchange.
d. B and C.
e. A and B
Answer:
b. the Federal Reserve System.
Explanation:
Initial margin refers to the deposit made by an investor with a broker, in order to open a margin account. The purpose of initial margin is security and collateral to ensure enough availability of cash in the trading account of the investor.
For instance an investor wants to purchase 4000 shares priced at 15$. In this case, he is supposed to deposit 50% of $60,000 i.e $30,000. The remaining $30,000 is contributed by the brokerage firm, regarded as borrowings on which the investor pays interest.
The initial margin limit is fixed by the Federal Reserve System.
A location analysis has been narrowed down to two locations, Akron and Boston. The main factors in the decision will be the supply of raw materials, which has a weight of .50, transportation cost, which has a weight of .40, and labor cost, which has a weight of .10. The scores for raw materials, transportation, and labor are for Akron 60, 80, and 70, respectively; for Boston 70, 50, and 90, respectively. Given this information and a minimum acceptable composite score of 75, we can say that the manager should:
be indifferent between these locations
a.choose Akron
b.choose Boston
c.reject both locations
d.build a plant in both cities
Jason is a marketing manager for a large breakfast cereal company. He knows that most people in China eat breakfast like everyone else in the world, but he also understands that they may not want the sugar-laden cereals his company is known for and he should consider promoting healthier cereal options instead. Jason is revealing cultural ________ as he makes his decision.
Answer:
cultural empathy
Explanation:
Cultural empathy -
It refers to the practice of appreciating and respecting all the cultures by their goods and services , is referred to as cultural empathy .
The people with cultural empathy tries to consider the similarity and differences between all the culture , and treat them with equal care and respect .
Hence , from the given scenario of the question,
The correct term is cultural empathy .
The owners' equity for The Deer Store was $58,900 at the beginning of the year. During the year, the company had aftertax income of $4,200, of which $3,200 was paid in dividends. Also during the year, the company repurchased $6,500 of stock from one of the shareholders. What is the value of the owners' equity at year end?
Answer:
The owner's equity at the end of the year results to $64,400
Explanation:
We are able to calculate this through simple addition and subtraction
First we must view how much was payed through tax
t = 4,200 - 3,200 = 1,000
58,900 - 1,000 = 57,900
Than, due to the repurchase of $6,500 of stock, we must include this within our final equation
57,900 + 6,500 = 64,400
Hope this helps
Final answer:
To calculate The Deer Store's owners' equity at year-end, begin with the equity at the start of the year, add net income, and subtract dividends and stock repurchases. The ending owners' equity is $53,400 after accounting for all transactions.
Explanation:
The question asks to calculate the owners' equity for The Deer Store at the end of the year, based on given financial transactions. To find this, we must adjust the beginning equity by adding net income and subtracting both dividends paid and stock repurchase values. The calculation is as follows:
Beginning owners' equity: $58,900
Add: Aftertax income: $4,200
Subtract: Dividends paid: ($3,200)
Subtract: Stock repurchases: ($6,500)
Using simple arithmetic:
$58,900 (beginning equity) + $4,200 (income) - $3,200 (dividends) - $6,500 (repurchases) = $53,400 (ending owners' equity).
This calculation demonstrates how various financial transactions affect a company's equity over a fiscal period.
McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees earn a normal weekly wage of $12,500 during a five-day work week. June 30 falls on a Thursday for the current year. McGinnis also performed services of $40,900 during the last four days of June, but they are not paid in full until July 8. As a result of operations, there will be an ________ of McGinnis’ net income for the most recent fiscal year of ________.
A. overstatement; $10,000.
B. understatement; $30,900.
C. overstatement; $30,900.
D. understatement; $40,900.
Answer:
correct option is B. understatement; $30,900
Explanation:
given data
normal weekly wage = $12,500
work = 5 day week
performed services = $40,900
solution
as here net income under cash basis will be nil
because here cash not receive till the July 8,
and here cash is paid to employee on July 1 which is Friday
so net income under an accrual basis for June month
and here revenue not yet received is $40,900
and salaries payable for last four days of June month will be as
salaries payable = [tex]12500* \frac{4}{5}[/tex]
salaries payable = $10000
so Net income as per accrual basis will be
Net income = $40,900 - $10000
Net income = $30,900
so here income under cash basis is understated
so correct option is B. understatement; $30,900
Judge whether the following statement is true or false. One of the key player(s) that the financial manager works with is the auditing firm of the company. Together with the controller a financial manager works with the Auditing Company to insure that proper controls are in place for the economic activities of the firm. Auditors review the process of checks and balances within the company to insure that access to funds and information is appropriate and that financial transactions are recorded and reported in such a manner as to provide potential investors and current owners accurate information about the performance and condition of the company.
Answer:
True
Explanation:
One of the key roles of any manager is controlling the operations under his authority, and the two main tools that a financial manager has to help him/her control the operations under his/her department are the financial controller (internal auditor) and the external auditor firm. In an ideal world, the financial controller should be enough to do this job, but in the real world, things can get complicated and it is always better to have a different point of view. There is always the possibility that the financial controller is not performing his/her job properly, and the external auditor will help us notice this flaws.