Answer:
B. a comparison of the benefits and the sacrifices a company experiences from its operations.
Explanation:
The total revenues and total expenditures are reported in the income statement.
If the total income exceeds expenditure then the company earns net income And if the total income is below the total expenditure then the company has a net loss This net income or net loss would be represented in the retained earnings account statement.
Therefore, it shows a comparison between the benefits and the sacrifice made.
A registered representative works in the municipal finance department of a municipal securities firm in a large city and is defined as a Municipal Finance Professional (MFP). The firm recently completed a $100 million underwriting for the city and the firm is hosting a dinner to celebrate the closing of the deal. The event is expected to cost $300 per person, including the cost of a cocktail reception, dinner, and the cost transporting the group to and from the venue where the event is being held. The representative wishes to invite one of the town officials with whom he worked on the underwriting to the event. Which statement is TRUE about doing this?A. Taking this individual to dinner violates the MSRB $100 gift limit
B. Taking this individual to dinner is a violation because the $300 value exceeds the MSRB Political Contribution rule limit
C. Taking this individual to dinner is permitted because this is business entertainment
D. This individual cannot be taken to dinner because it is a conflict of interest
Answer:
C: Taking this individual to dinner is permitted because this is business entertainment
Explanation:
Had it been before the completion of underwriting that representative invited the town official, then it could lead to a conflict of interest. But the project is already complete and it seems purely a business entertainment, so there is no big deal in inviting the town official to the event to celebrate success.
Shawn works for Vance Steel Corporation. Shawn's duties include managing the overall processes for the company and transforming the steel resources into goods. Which department would Shawn most likely work in?
A. CIO.
B. Marketing.
C. Accounting.
D. Operations management.
Answer:
D. Operation management department / Operations department
Explanation:
The operations department is the department responsible for overseeing the production process of the department.
The operations department in a firm overlooks the production process. They must:
• Use the resources in a cost-effective and efficient manner
• Manage inventory effectively
• Produce the required output to meet customer demands
• Meet the quality standards expected by customers
Therefore Shawn's function of managing the overall processes for the company and transforming steel resources into goods shows that he most likely work in the operation department and serves as the operations manager
Manufacturing overhead is _______________if actual manufacturing overhead costs for a period are greater than the amount of manufacturing overhead cost that was applied to Work in Process.
Answer:
overapplied
Explanation:
When we say that manufacturing costs were overapplied, it means that at the beginning of the production process the estimated costs were too high. In other words, the budget considered that it would cost more money to produce the goods.
In this case, overhead costs tend to be overestimated and then overapplied because they rely on past data and efficiency can improve, which lowers costs; or the total production output can be lower than estimated, therefore the company incurred in less costs.
Depending on the cause of the actual lower costs it can be good or bad. If the costs were lower due to improved efficiency, then it is very good. But if the costs were lower due to a lower output, then that is not good.
Manufacturing overhead is overapplied when actual costs exceed the applied costs. This could arise from production inefficiencies or unexpected costs. The difference must be addressed for proper financial accounting.
Explanation:In the realm of managerial accounting, the term Manufacturing Overhead refers to all the indirect factory-related costs that are incurred when manufacturing a product. When the actual manufacturing overhead costs for a period are greater than the amount of manufacturing overhead cost that was applied to Work in Process, we say that the manufacturing overhead is overapplied.
This situation may arise when there is an inefficiency in production, or unexpected costs, such as unplanned machine maintenance or increased factory labor wages.
To correct this, the difference must be added back to the cost of goods sold, or distributed across remaining inventory accounts depending on the policy of the company.
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Jackson High School formed several teams to plan and execute the 150th anniversary celebrations of the school. Over a period of two months, the teams organized events, oversaw logistics and coordinated student activities. The events that were planned were on a large scale and required a lot of input from the teachers and students. This is an example of a(n) _________ team.A. project
B. management
C. work
D. action
E. parallel
Answer:
project team
Explanation:
The members belong to different groups (teacher and students)
They have difference functions and and they were dividend into sub-temas (one for each event)
And specially, after the celebration of the 150th annyversary ended the team are disbanded as the project is complete.
The student and teachers worker together for the goal of the 150th anniversary party.
If a company failed to make the end-of-period adjustment to move the amount of management fees that were earned from the Unearned Management Fees account to the Management Fees Revenue account, this omission would cause:a. An overstatement of net income. b. An overstatement of assets. c. An overstatement of liabilities. d. An overstatement of equity. e. An understatement of liabilities.
Answer:
c. An overstatement of liabilities.
Explanation:
To account for management fees unearned but received, the following entries may be required;
Debit Cash account
Credit Unearned/Deferred Management Fees
Being entries to recognize unearned management fees.
When the fees are earned, the necessary entries are;
Debit Unearned/Deferred Management Fees
Credit Revenue (Management Fees) (P/L)
Being entries to recognize management fees earned during the period. Failure to post the second entry would result in an overstatement of Unearned/Deferred Management Fees which is an overstatement of liabilities.
Which of the following refers to an organized collection (often electronic) of data that can be searched and queried to provide information about contacts, products, customers, inventory, and more? A. Data B. Market intelligence system C. Marketing information system (MIS) D. Intranet E. Database
Answer:
E. Database
Explanation:
A database often contains data that is collected from different sources and which is stored or held in a computer and can be accessed at various time to assist in making certain decision.
In marketing, database helps to access data pertaining to customers needs in other to determine the means by which their needs can be satisfied.
Sam’s Club believes that most of its sales are to small businesses rather than consumers, and that women are more likely to be making the purchasing decisions. This is an example of a(n) _______ that Sam’s Club could test through marketing research.
Answer: Hypothesis
Explanation:
Hypothesis is defined as the explanation for any particular phenomena or process based on supposition and evidence.hypothesis is the base and initial start for conduction of experiment to investigate the results. If that concept is found correct then it can be considered as established theory.
According to the question, the believes and supposed evidences displayed by Sam'Club that sale is mostly towards small-sector business and women are behind purchasing decision majorly are hypothesis which can be further tested and research based on market field.
What work-related tasks do you think would be appropriate to be delivered electronically, and what types do you feel would be better delivered in a more traditional setting?
Answer:
What I feel would be appropriate to be delivered electronically:
- Sending Daily report
- Requesting invoice for petty cash
- Working schedule
- Creating list of tasks.
I think every activities that does not necessarily need a lot of human communication should be delivered electronically . it just safe a lot of time and make it accessible anywhere you want.
What i feel would be better delivered in traditional setting:
- Brainstorming
- Firing people
I believe group brainstorming will be more efficient if team members spare their time to gather together in a private setting and focus on doing so. Doing it electronically will make it hard to communicate and some team members might not focusing on the task.
Firing people also should be done face-to-face. Even though this person is about to be kicked out of the team, we need to know that we appreciate what they've done to the team. Firing using electronic media just seems cold and impersonal.
The operating system converts a basic user request into the set of detailed instructions that the computer hardware requires, thus acting as an intermediary between the application and the hardware.
A. True
B. False
Answer:
A
Explanation:
TRUE - The operating system converts a basic user request into the set of detailed instructions that the computer hardware requires, thus acting as an intermediary between the application and the hardware.
The managers of a popular software firm believe in trusting their subordinates to perform effectively rather than monitoring them closely and imposing rules on them. This company most likely follows _____.
Answer:
Decentralized control
Explanation:
Decentralized control -
It refers to the method adapted by the organisation or company , in which the lower level elements helps completely to attain certain goal or task , is referred to as decentralization control
In this case , the people in the higher post need not rule over the lower one to complete the project or task on time .
The company using this method is happy as the employees are hardworking and there is least number of arguments , and hence becomes successful in shorter run .
Hence , from the question ,
The correct term is decentralization control .
Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase by about
a. 1.5% in the short run and 6% in the long run.
b. 16.7% in the short run and 4.2% in the long run.
c. 6% in the short run and 1.5% in the long run.
d. 4.2% in the short run and 16.7% in the long run.
Answer:
a. 1.5% in the short run and 6% in the long run
Explanation:
Price Elasticity of supply = percentage change in quantity supplied / percentage change in price
In the short run, the percentage change in quantity supplied = 0.3 = the percentage change in quantity supplied / 5% = 1.5%
In the long run : 1.2 = the percentage change in quantity supplied / 5% = 6%
I hope my answer helps you
Ken believes his company's overhead costs are driven (affected) by the number of direct labor hours because the production process is very labor intensive. During the period, the company produced 5,000 units of Product A requiring a total of 800 labor hours and 2,500 units of Product B requiring a total of 200 labor hours. What allocation rate should be used if the company incurs overhead costs of $20,000?
Answer:
The Absorption Overhead rate must be used which can be computed using the following formula:
Absorption Overhead Rate (OAR) = Total overhead / Absorption Basis
Here as we know that the absorption basis is labor hours because the overhead costs are driven by the direct labor hours and also that the total overhead is $20,000.
Putting values in the formula:
Absorption Overhead Rate (OAR) = $20,000 / (200 + 800)Hrs = $20 per Hr
Total Overheads share for Product A = $20 per hour * 800 Labor hrs worked on product A = $16,000
For unit Product A = $16000 / 5000 units of A = $3.2 per unit of product A
Similarly for Product B:
Total Overheads share for Product B = $20 per hour * 200 Labor hrs worked on product B = $4000
For unit Product B = $4000 / 2500 units of A = $1.6 per unit of prduct B
Craig is a salesperson for an industrial equipment company. Craig calls on factories and spends most of his time talking with equipment operators who work on the factory floor. While Craig is able to get the equipment operators interested in his products, he is often unable to make a sale. Craig needs to work on:________.
A. Determining other purchase decision influencers.
B. Improving his products.
C. Improving his attitude.
D. His cold canvassing ability.
E. His record keeping.
Answer:
The correct answer is letter "A": Determining other purchase decision influencers.
Explanation:
Sales are variable and require salespeople to adapt their speeches to their potential costumers. It is important to know in-deep the features of the product or service offered but that is not enough. Most sales are processed because of good closing strategies. There is when the sellers create a need for the product and convince consumers they must acquire whatever the salesperson is offering.
Thus, Craig should focus on other aspects of his sales strategy rather than only the technical features.
Hope Insurance Inc. customizes its marketing strategies to meet the needs of different customer groups. For its soon-to-be-retired customers, it advertises its insurance products as a means to a financially secure and comfortable old age. For customers aged 25 to 50 years, it promotes the same products as a means to a bright academic future for their children. Which of the following market segment approaches is best illustrated in this scenario? Total segment approach Niche market approach Concentration approach Mass market approach Multisegment approach
Answer:
Multisegment approach
Explanation:
Multi segment approach refers to a marketing strategy where a firm provides distinct offerings to different segments of it's target market. Every of the market segment is treated differently with regards to it's offerings and benefits to each market segment.
The Men's Wearhouse stocks over 350 different styles and colors of ties. This group of ties can be referred to as the store's _________.
a) breadth of variety
b) consignment merchandise
c) depth of assortment
d) closeouts
e) power perimeter
Answer:
c) depth of assortment
Explanation:
The Men's Wearhouse stocks over 350 different styles and colors of ties. This group of ties can be referred to as the store's depth of assortment.
Depth of assortment is the number of varieties and styles within the product line. Today retail industry uses this strategy to increase sales and to convince a customer to buy, instead of buying from other stores.
Assortment strategy basically has two concepts:
Depth of assortment: It is the number of styles and variety of the same line of product or of a particular style.
Width of assortment: It is the number of product lines in the store or in the company.
Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale? $140 $160 $210 $380
Answer:
$210
Explanation:
Date Description Units Price Total Balance
1-Jun Opening 15 $12 $180 $180
5-Jun Purchase 10 $13 $130 $310
12-Jun Purchase 20 $14 $280 $590
17-Jun *Sale -30 -$380 $210
*Working
Sale
Date Units Price Total
17-Jun -15 $12 $(180)
-10 $13 $(130)
-5 $14 $(70)
Total Sale -30 -$380
So, the correct answer is $210.
Which is true about a process with a start event?
All paths in the process must end with an end event
Chosen paths in the process may end with an end event and the end events with incoming messages are shown as message events
Paths in the process reveal an end event and the end events optionally accept an incoming message
Paths with a start in the process must end with an end event
The end events must not accept an incoming messages
Answer:
All paths in the process must end with an end event
The end events must not accept an incoming messages
Explanation:
All paths in the process must end with an end event :
In a network of activity, all activity start with an event and end with an event. there must be an end to every activity that we undergo in a program.
The end events must not accept an incoming messages
An end event is an a single activity done to complete the intermediate and start activity. End event is the end of a process where no other activity or message is received. because for every message there must be a feedback.
In BPMN, for every process with a start event, all paths in that process must end with an end event, indicating the completion of a specific process or set of activities.
Explanation:In the context of Business Process Model and Notation (BPMN), which is a graphical representation for specifying business processes, the statement 'All paths in the process must end with an end event' is true about a process with a start event. This is primarily due to the existence of process flows where each initiated sequence flow (a path) must have a definitive start and end point for the purpose of clarity and completion of tasks. Hence, every start event initiates a path that must culminate in an end event, marking the completion of a specific process or a set of activities within the overall business process.
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Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then:______
A. variable costs.
B. marginal costs.
C. average costs.
D. fixed costs.
Answer:
The correct answer is option D.
Explanation:
Fixed costs incurred in the production process can be defined as the cost that does not change with the volume of output. It remains constant throughout the production process.
In the given example, the salaries of baseball players are fixed and will remain the same throughout the season. So, in the view of the team owner, it is a fixed cost as it remains constant.
Tanya, a social activist, works closely with a local nonprofit organization (NGO) to spread awareness about the importance of education in rural areas. She is actively involved in planning and organizing programs conducted by the community. Together, they have helped enroll 500 students in public schools and have also been responsible for setting up 15 new schools. Tanya takes a lot of pride in her work and her association with the NGO. In the context of the dimensions of national culture as identified by Robert House in his GLOBE project (Global Leadership and Organizational Behavior Effectiveness), Tanya belongs to a culture that is likely to score:A) low on femininity.
B) high on in-group collectivism.
C) low on humane orientation.
D) high on individualism.
Answer:
The correct answer is B
Explanation:
In group collectivism, it is defined as the degree to which the person or an individuals states the cohesiveness, loyalty and pride in the business or firm. Few of the characteristics of the societies, which have the high in group collectivism are:
1. The life pace is slower.
2. Obligations and the duties are vital determinants of the social behavior.
3. Strong distinction is made among out groups as well as in groups.
Therefore, Tanya, works for NGO, takes a lot of pride in her work. So, she belongs to a culture which is likely to score high on in group collectivism.
Robert plans to invest $650 in a savings account at the beginning of each of the next seven years. If his opportunity cost rate is 5 percent compounded annually, how much will his investment be worth at the end of seven years?
Answer:
Amount after 7 years will be equal to $914.615
Explanation:
We have given initial investment P = $650
It is given it is compounded annually with rate 5%
So rate of interest r = 5%
Time period is given n = 7 years
We have to find the amount after 7 years
Future value is given by [tex]A=P(1+\frac{r}{100})^n[/tex], here A is future value P is initial investment r is rate of interest and n is time period
So [tex]A=650(1+\frac{5}{100})^7[/tex]
[tex]A=650\times 1.05^7[/tex]
[tex]A=650\times 1.4071[/tex]
[tex]A=914.615[/tex]
So the amount after 7 years will be $914.615
Which e-commerce business model used in procurement and sourcing has a seller-operated service that consists of a number of electronic catalogs from suppliers within a market.
Answer:
The correct answer is: electronic marketplace.
Explanation:
An electronic marketplace gathers sellers and suppliers through the worldwide web who offer their products virtually to fasten the purchase process and reach a larger number of consumers. These characters have a well-structured business even if it is not physical. Their objective is to give consumers to shop online without the need of going to the store in person.
The following information pertains to Paramus Metal Works for the year just ended:
Budgeted direct-labor cost:
70,000 hours (practical capacity) at $16 per hour
Actual direct-labor cost:
80,000 hours at $17.50 per hour
Budgeted manufacturing overhead: $997,500
Budgeted selling and administrative expenses: $438,000
Actual manufacturing overhead:
Depreciation $234,000
Property taxes 22,000
Indirect labor 81,000
Supervisory salaries 202,000
Utilities 58,000
Insurance 33,000
Rental of space 302,000
Indirect material (see data below) 79,000
Indirect material:
Beginning inventory, January 147,000
Purchases during the year 95,000
Ending inventory, December 31 63,000
Required:
1. Compute the firm's predetermined overhead rate which is based on direct-labor hours.
(Round answer to 2 decimal places)
2. Calculate the over-applied or under-applied overhead for the year.
3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold.
Answer:
1. Predetermined overhead rate=(997,500/70,000)=$14.25 per hour
2. Over-applied=$129,000
3. The journal entry will include a debit of $129,000 to the manufacturing overhead account and a credit to the cost of goods sold of the same amount.
Explanation:
1.
Step 1: Determine firm's predetermined overhead rate.
The firm's predetermined overhead rate can be expressed as;
P=BMO/BDL
where;
P=predetermined overhead rate
BMO=Budgeted manufacturing over head
BDL=Budgeted direct labor cost
This can also be written as;
Predetermined overhead rate=(Budgeted manufacturing over head/Budgeted direct labor cost)
In our case;
Predetermined overhead rate=unknown, to be determined
Budgeted manufacturing over head=$997,500
Budgeted direct labor cost=70,000 hours
Substituting;
Predetermined overhead rate=(997,500/70,000)=$14.25 per hour
2.
Step 2: Determine the over-applied or under-applied overhead for the year
The over-applied or under-applied overhead can be expressed as shown below;
O/U=AO-AM
where;
O/U=over-applied or under-applied overhead
AO=applied overhead
AM=actual manufacturing overhead
This can also be written as;
Over-applied or under-applied overhead=Applied overhead-actual manufacturing overhead
In our case;
Over-applied or under-applied overhead=unknown, to be determined
Applied overhead=Predetermined overhead rate×Actual direct-labor cost
and;
Predetermined overhead rate=$14.25 per hour
Actual direct-labor cost=80,000 hours
Applied overhead=(14.25×80,000)=$1,140,000
Actual manufacturing overhead=All manufacturing overhead except indirect materials+indirect materials
and;
All actual manufacturing overhead except indirect materials=$932,000
Indirect materials=(47,000+95,000-63,000)=$79,000
Actual manufacturing overhead=(932,000+79,000)=$1,011,000
Substituting in the original expression;
Over-applied or under-applied overhead=(1,140,000-1,011,000)=$129,000
Over-applied=$129,000
3.
Step 3: Close out the Manufacturing Overhead account into Cost of Goods Sold.
At the end of the year, the balance in the manufacturing overhead account which can either be overapplied or underapplied is disposed of by transferring the amount to the cost of goods sold. This can be journalized as follows;
Since the overhead is over-applied;
Account Name Debit Credit
Manufacturing overhead $129,000
Cost of goods sold $129,000
The journal entry will include a debit of $129,000 to the manufacturing overhead account and a credit to the cost of goods sold of the same amount.
To compute the predetermined overhead rate, divide the budgeted manufacturing overhead by the budgeted direct-labor hours. To calculate the over-applied or under-applied overhead, subtract the actual manufacturing overhead from the applied manufacturing overhead. To close out the Manufacturing Overhead account into Cost of Goods Sold, debit the Cost of Goods Sold account and credit the Manufacturing Overhead account.
Explanation:1. To compute the firm's predetermined overhead rate based on direct-labor hours, divide the budgeted manufacturing overhead by the budgeted direct-labor hours:
Predetermined Overhead Rate = Budgeted Manufacturing Overhead / Budgeted Direct-Labor Hours
2. To calculate the over-applied or under-applied overhead for the year, subtract the actual manufacturing overhead from the applied manufacturing overhead:
Over-Applied or Under-Applied Overhead = Applied Manufacturing Overhead - Actual Manufacturing Overhead
3. To prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold, debit the Cost of Goods Sold account and credit the Manufacturing Overhead account for the amount of the over-applied or under-applied overhead.
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Salim files a case agaisnt nina for nonpayments of dues.before the trial. nina is examined under oath in the presense of salim's attorney. this process of examination is known as:_______.
Answer:
A) deposition
Explanation:
A witness or a party's deposition takes place before the actual trial starts, during discovery (or the investigation stage). During the deposition, the party or witness must answer the questions of the other party's attorney. Those questions are answered under oath, which means that lying is considered perjury and the party or the witness can be prosecuted for it.
When the Sherman Antitrust Act banned businesses from "restraining trade," Samuel Dodd came up with the ______, a corporation of corporations that had the power to hold shares of other companies.
Answer:
Holding company.
Explanation:
A holding company normally does not have operations of its own but owns the share of other companies. They form corporate groups, so are referred to as corporate of corporates.
Holding companies work to reduce the risk of the companies they own shares in. For example the shares they hold are protected from the operations of the company, so in times of crisis there is a pool of funds the business can fall back on.
Samuel Dodd came up with the concept of a trust, a corporation that held shares of other companies, in response to the Sherman Antitrust Act that banned businesses from restraining trade. Trusts controlled large portions of the market and often monopolized specific industries.
Explanation:When the Sherman Antitrust Act banned businesses from 'restraining trade,' Samuel Dodd came up with the concept of a trust. The 'trust' was a corporation of corporations that had the power to hold shares of other companies. Basically, a trust was used to control a large portion of the market, often by monopolizing a specific industry. For instance, Rockefeller's Standard Oil Trust controlled most of the petroleum industry. However, this was later deemed illegal as it violated the terms of the Sherman Antitrust Act, which aimed to protect consumers from abusive business practices and ensure fair competition.
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A problem with the utilitarian principle of ethical decision making is that:_______.
a. it focuses on the consequences of our actions, not on how we achieve those consequences.
b. there is no agreement on what activities are the greatest benefits to the affected.
c. it is difficult to predict the "trickle down" benefits to the least well off in society.
d. it is almost impossible to evaluate the benefits or costs of many decisions.
e. it chooses the option that provides the minimum acceptable degree of satisfaction to those affected.
Answer:
Option D
Explanation:
The Utilitarian Strategy analyses an intervention in consideration of its effects or results; that is, the net advantages and expenses to all different participants.
It aims to accomplish the maximum good for the greatest amount while producing the least amount of suffering or preventing the most suffering.
In a business setting, this method may focus on a statistical methods of likely results, a traditional cost / benefit calculation, or evaluation of the potential usefulness of a result for different group participants.
The utilitarian principle of ethical decision-making has several problems. It focuses on outcomes over processes, has varying interpretations of the 'greatest good', faces challenges in predicting outcomes, struggles in evaluating benefits or costs of decisions, and aims for maximum rather than minimum satisfaction.
Explanation:The utilitarian principle of ethical decision-making is associated with several problems, including these options. Option a: The principle largely focuses on outcomes rather than the means of achieving them, potentially neglecting ethical concerns in the process. Option b: Utilitarianism seeks to create the greatest good for the greatest number, but what constitutes this 'greatest good' can vary widely, leading to disagreement. Option c: It is indeed challenging to predict the broader implications of decisions, particularly their impact on the least well-off in society. Option d: Evaluating the benefits or costs of many decisions can be incredibly complex and almost impossible under the utilitarian principle. Option e: The utilitarian principle does not aim to provide the minimum acceptable degree of satisfaction, but rather seeks the maximum overall benefit.
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The accounting records for Social Event Planning Services include the following select unadjusted balances on December 31, 2018: Salaries Expense, $6,000; Service Revenue: $18,000; Unearned Revenue, $400; Supplies Expense, $600; Rent Expense, $300; Depreciation ExpensedashEquipment, $200.During December, the company worked with a new client and provided event planning services for an upcoming event. It will receive the full amount of $1,500 when the event is completed in January 2019. As of the end of December 2018, it performed one-third of the services covered by the contract. The company made the accrual adjustments. The balance of Service Revenue, as shown on the adjusted trial balance, should be a ________.
A. debit balance of $1,500
B. credit balance of $19,500
C. credit balance of $19,000
D. debit balance of $20,500
Answer:
$18,500
Explanation:
The computation of the balance of Service Revenue shown on the adjusted trial balance is shown below:
= Service revenue ending balance + accrued value
where,
Accrued value = $1,500 ÷ 3 = $500
And, the service revenue ending balance is $18,000
So, the Service revenue balance equal to
= $18,000 + $500
= $18,500
This is the answer but the same is not given in the options mentioned in the question.
The adjusted 'Service Revenue' for December, after accounting for the partial services provided for an upcoming event and recognizing the 'Unearned Revenue', should be a credit balance of $18,900. However, among the options provided, the closest correct answer is a credit balance of $19,000 (Option C).
Explanation:The 'Service Revenue' of Social Event Planning Services consists of the revenue generated from rendering their services, which at the beginning stood at $18,000. However, in December 2018, they provided one-third of their services to a new client for an upcoming event, which they expect to receive $1,500 for, once the event is completed in January 2019.
Since they provided one-third of these services in December, a third of the expected payment, $1,500, could be recognized as revenue for the month of December, despite receiving that payment in January. So this translates to $1,500 / 3 = $500 earned in December.
Adding this $500 to the initial 'Service Revenue' of $18,000, we have $18,500. Now, considering there was an 'Unearned Revenue' of $400, which must now be recognized as part of the revenue (since services have been rendered for it), the total 'Service Revenue', as shown on the adjusted trial balance, should be a credit balance of $18,500 + $400 = $18,900. However, from the options available the closest correct answer is credit balance of $19,000 (Option C).
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T. Bina and M. Valley are partners with equal capital balances of $50,000 each. They agree to let R. Smith invest $20,000 in their partnership for a 25% interest, which means that Smith's beginning capital balance will equal $30,000, with each existing partner granting a $5,000 bonus to Smith. The journal entry to reflect Smith's new capital balance will include a____(debit/credit) to Smith, Capital in the amount of $________.
Answer:
The journal entry to reflect Smith's new capital balance will include a credit to Smith, Capital in the amount of $30,000.
Explanation:
Step 1: Determine Smith's capital balance
Smith's new capital balance can be expressed as shown;
C=I+B1+B2
where;
C=new capital balance
I=Smith's capital investment
B1=T. Bina bonus amount
B2=M. Valley bonus amount
In our case;
C=unknown, to be determined
I=$20,000
B1=$5,000
B2=$5,000
Replacing;
C=(20,000+5,000+5,000)=$30,000
New capital balance=$30,000
Step 2: Record Smith's New Capital balance
Account Debit Credit
Cash 30,000
Smith 30,000
A credit to Smith, Capital in the amount of $30,000
The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job.A.TrueB.Flase
Answer:
True
Explanation:
For computing the cost of the completed jobs in a job-order costing system we have to consider the actual direct materials cost, actual direct labor cost, and the manufacturing overhead cost applied.
In mathematically,
The total cost of completed job = Direct Material cost + Direct labor cost + manufacturing overhead cost
Therefore, the given statement is true
Based on these findings, what can we predict about total production long dash whether or not that production is included in the calculation of GDP long dash in the economy when these workers became unemployed?
Answer:
If the workers had been paying other people to perform the household activities prior to unemployment, then total production will fall.
Explanation:
After using her Chevy Citation for 17 years, Tracey's mechanic told her that it would cost more to fix the transmission than what the car was worth. She decided it was time for a new car. In which stage of the buying process is Tracey involved?
A. Product selection
B. Need recognition
C. Information search
D. Product examination
E. Product purchase
Answer is B. Tracey is involved in the Need recognition
Explanation: The need recognition is the very first step a consumer takes in the consumer buying journey. It has to do with realising and admitting that there's a need to be met or fulfilled. This is not just a want or wish, but the fact that she recognises the importance of a particularly thing to satisfy her unmet need and decided to acquire it.
If she doesn't recognise and admit that need to acquire a new car, the buying process will hardly progress since she's yet to be motivated to acquire a new car.
I hope this helps you?
Final answer:
Tracey is in the need recognition stage of the buying process after her mechanic advised her that the cost to fix her car exceeds its value.
Explanation:
Given that Tracey's mechanic has informed her that the cost to fix her Chevy Citation's transmission exceeds the value of the car, and she has decided to get a new car, Tracey is in the need recognition stage of the buying process. This is the first step where she acknowledges the necessity for a product—in this case, a replacement vehicle. The subsequent steps of the buying process would involve determining her decision criteria, gathering information, evaluating alternatives based on those criteria, and making the purchase decision, but at this moment, she is at the stage of recognizing the need for a new car.