7 the follow table contains the demand from the last 10 months :

7 The Follow Table Contains The Demand From The Last 10 Months :

Answers

Answer 1

Explanation:

Month Actual Demand Month Actual Demand

1 31 6 36

2 34 7 38

3 33 8 40

4 35 9 40

5 37 10 41

Show Work and answer the following:

a.) calculate the single exponential smoothing forcast for these data using a of .30 and an initial forecast ( F1) of 31.

b.) calculate the exponential smooting with trend forecast for these data using an a of .30, & of .30, and an initial trend forecast ( T1) of 1, and an initil exponentailly smoothed forecast F1 of 30,

c.) calculate the mean absolute deviation (MAD0 for each forecast


Related Questions

cookery tools help huhu​

Answers

Answer:

2 is saute pan

and 1 is saucepan ig

The cash records of Crane Company show the following. For July:

1. The June 30 bank reconciliation indicated that deposits in transit total $730. During July, the general ledger account Cash shows deposits of $18,550, but the bank statement indicates that only $15,720 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $910. During the month of July, Crane Company books show that $18,540 of checks were issued, yet the bank statement showed that $16,020 of checks cleared the bank in July. For September:
3. In September, deposits per bank statement totaled $27,280, deposits per books were $26,010, and deposits in transit at September 30 were $2,850.
4. In September, cash disbursements per books were $23,110, checks clearing the bank were $24,460, and outstanding checks at September 30 were $2,380. There were no bank debit or credit memoranda, and no errors were made by either the bank or Crane Company.

Required:
a. In situation 1, what were the deposits in transit at July 31?
b. In situation (2), what were the outstanding checks at July 31?
c. In situation (3), what were the deposits in transit at August 31?
d. In situation (4), what were the outstanding checks at August 31?

Answers

Answer:

A. $3,560

B. $3,430

C. $4,120

D. $3,730

Explanation:

A. Calculation for the deposits in transit at July 31

July 1 Deposit in transit=$18,550 - ($15,720 - $730)

July 1 Deposit in transit=$18,550-$14,990

July 1 Deposit in transit= $3,560

Therefore ​the deposits in transit at July 31 were $3,560

B. Calculation for the outstanding checks at July 31

July 31 Outstanding checks=$18,540 - ($16,020 - $910)

July 31 Outstanding checks=$18,540-$15,110

July 31 Outstanding checks= $3,430

Therefore the outstanding checks at July 31 were $3,430

C. Calculation for the deposits in transit at August 31

August 31 Deposits in transit=$27,280 - $26,010 + $2,850

August 31 Deposits in transit= $4,120

Therefore the deposits in transit at August 31 were $4,120

D. Calculation for the outstanding checks at August 31

August 31 Outstanding checks=$24,460 - $23,110 + $2,380

August 31 Outstanding checks= $3,730

Therefore the outstanding checks at August 31 were $3,730

Ivanhoe Corp. has a deferred tax asset account with a balance of $72,800 at the end of 2019 due to a single cumulative temporary difference of $364,000. At the end of 2020, this same temporary difference has increased to a cumulative amount of $416,000. Taxable income for 2020 is $762,000. The tax rate is 20% for all years. No valuation account related to the deferred tax asset is in existence at the end of 2019.

Required:
a. Record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming that it is more likely than not that the deferred tax asset will be realized.
b. Record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming that it is more likely than not that none of the deferred tax asset will be realized.

Answers

Answer:

attached below

Explanation:

Given data :

Deferred tax asset account = $72800 at the end of 2019

single cumulative temporary difference = $364,000

At the end of 2020

single cumulative temporary difference = $416,000

Taxable income for 2020 = $762000

tax rate = 20% for all years

A) attached below

deferred income tax asset = $( 416,000 - 364,000 ) * 20%

                                            = $10400

Income tax payable = $(762,000 ) * 20% = $152,400

Income tax expense = ( income tax payable - deffered income tax )

                                   = $152400 - $10400 = $142,000

Q2. Describe three roles of the Government in a Planned or Command Econom
What are some of its function? ​

Answers

Answer:

Three roles of government in a planned economy:

*Planning economic activity: in a planned or command economy, the government actually plans the economy, in the sense that it determines the amount of goods and services to be produced an distributed over a period of time. In the Soviet Union for example, this period of time was of 5 years.

*Owning businesses: in planned or command economies, most or all firms are public, since private property usually does not exist in this type of economices. These firms tend to have a high degree of government control, where directly in the form of government ownership, or indirectly.

*Setting prices: a key characteristic of a planned economy is that prices are set beforehand. They are not left for the market to decide.

Use the following information to answer this question.

Windswept, Inc. 2017 Income Statement ($ in millions)

Net sales $9,390
Cost of goods sold 7,660
Depreciation 455
Earnings before interest and taxes $1,275
Interest paid 100
Taxable income $1,175
Taxes 411
Net income $764

Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions)

2016 2017 2016 2017
Cash $210 $240 Accounts payable $1,290 $1,335
Accounts rec. 960 860 Long-term debt 1,080 1,280
Inventory 1,750 1,665 Common stock 3,300 3,190
Total $2,920 $2,765 Retained earnings 620 870
Net fixed assets 3,370 3,910 Total assets $6,290 $6,675


Required:
What is the quick ratio for 2017?

Answers

Answer:

0.82

Explanation:

Quick ratio is computed as

= Quick assets / Current liabilities

Quick assets = cash and cash equivalents + marketable securities + Account receivables

Current liabilities = Bills payable + Accounts payable + Other short term payable

With regards to the above,

Quick assets given = Cash and accounts receivables ; account payables only for current liabilities

Quick ratio = $240 + $860 / $1,335

Quick ratio = $1,100 / $1,335

Quick ratio = 0.82

So, quick ratio for 2017 is 0.82

HOW CAN THE EXTENSIBILITY OF A PLATFORM BENEFIT A BUSINESS

Answers

Answer:

Having an extensibility platform allows companies to build and run solutions that address needs beyond the standard product but also allows them to bring innovation trends to those same solutions without risking their ongoing operations.

Explanation:

Business is defined as the process of producing, manufacturing, or selling a product to earn money for a living.

Extensibility Platform for Business

Extensibility platforms account for fewer errors and easy maintenance.

Extensibility platform benefits the business by building and running solutions addressing beyond the standard product.

Extensibility also allows one innovation trends to the standard product without risking the original product operations.

Thus, an extensibility platform can benefit the business by bringing innovation trends.

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Wei Chi always spell-checks his written reports before giving them to his boss. Which of Wei Chi's skills is best shown by
using the spelling checker?
O critical thinking
O deductive reasoning
attention to detail
O technical skills

Answers

Attention to detail is the answer

Answer:

c, attention to detail

Explanation:

2.
Which form of interest provides the greater return?
a. simple
b. compound
C. complex
d. fragment

Answers

The answer is B: compound interest

Select all of the examples of a scenario in which the firm is demonstrating financial weakness.

a. An ROA of 0.7 when the industry average is 1.4.
b. A current ratio of 0.5.
c. An ROE of 1.4 when the industry average is 1.15.
d. A quick ratio above the industry average of 0.9.
e. A fixed asset ratio of 0.6 when the industry average is 1.1.
f. A debt capital ratio of 0.7 when the industry average is 0.15

Answers

Answer:

a. An ROA of 0.7 when the industry average is 1.4

b. A current ratio of 0.5.

f. A debt capital ratio of 0.7 when the industry average is 0.15

e. A fixed asset ratio of 0.6 when the industry average is 1.1

Explanation:

A return on the asset ration may be a profitable ratio that indicates the efficiency of the usage of the assets in any business. When the ratio is higher it is better. A lower ratio shows the financial weakness of a firm for utilizing the assets.

A 0.7 debt ratio that is higher than the industry average represents a higher leverage and the higher solvency risk.

The 0.6 fixed asset ratio shows a lower utilization of the fixed assets in the generation of the turnover. Hence, it shows a financial weakness.

Current ratio represents the coverage of the current assets for the meeting of a short term obligations. The ratio is desired to be 2.

Ratio of 0.5 shows a current asset that is not sufficient for meeting the current liabilities.

 

In 2020, Theresa was in an automobile accident and suffered physical injuries. The accident was caused by Ramon's negligence. In 2021, Theresa collected from his insurance company. She received $15,000 for loss of income, $10,000 for pain and suffering, $50,000 for punitive damages, and $6,000 for medical expenses that she had deducted on her 2020 tax return (the amount in excess of 7.5% of adjusted gross income). As a result of this, Theresa's 2021 gross income is increased by ___________

Answers

Answer:

$56,000

Explanation:

Calculation for how much is Theresa's 2021 gross income is increased by

Using this formula

2021 gross income =Punitive damages+Medical expenses

Let plug in the formula

2021 gross income=$50,000 + $6,000

2021 gross income=$56,000

Therefore As a result of this, Theresa's 2021 gross income is increased by $56,000

Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,000 chairs. During the month, the firm completed 78,600 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,100 chairs in ending inventory. There were 15,700 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Comfort. Beginning work in process was 35% complete as to conversion costs, while ending work in process was 85% complete as to conversion costs.

Direct materials $24,000
Conversion costs $35,000

Manufacturing costs added during the accounting period:

Direct materials $168,000
Conversion costs $278,000

1. What were the equivalent units for conversion costs during February?

a. 81,500
b. 83,000
c. 73,000
d. 77,500

2. What is the amount of direct materials cost assigned to ending work-in-process inventory at the end of February?

a. $19,000
b. $23,000
c. $25,000
d. $27,000

3. What is the cost of the goods transferred out during February?

a. $417,750.5
b. $454,694.8
c. $476,750.6
d. $505,000.2

Answers

Answer:

1. a. 81,500

2. $38,481

3. $461,382

Explanation:

The equivalent units for conversion costs during February.

Conversion Costs = 15,700 x 65% + 62,900 x 100% + 10,100 x 85 %

                              = 81,690 units

Material Costs = 15,700 x 0% + 62,900 x 100% + 10,100 x 100 %

                        = 73,000 units

The amount of direct materials cost assigned to ending work-in-process inventory at the end of February.

Step 1 : Determine Cost per Equivalent unit

Conversion Costs = $168,000 ÷ 81,690 units = $2.06

Material Costs = $278,000 ÷ 73,000 units = $3.81

Total Cost = $2.06 + $3.81 = $5.87

Step 2 : Direct Material Cost assigned to ending work-in-process

Ending work-in-process (Material Cost) = 10,100 x $3.81

                                                                 = $38,481

The cost of the goods transferred out during February.

Cost of the goods transferred out = $5.87 x 78,600

                                                        = $461,382

Which descriptions offer examples of Management and Entrepreneurship workers? Check all that apply.

Mona teaches potential customers how to use a product.
Bess supervises workers who help to improve the public’s perception of a company.
Julius organizes and oversees a company’s purchasing activities.
Charlie plans and arranges merchandise displays.
Debbie oversees the content of a website for a company that sells its product online.
Angelo directs the work of a company’s sales workers.

Answers

Answer:

bcf

Explanation:

edge 2021

Descriptions that offer examples of Management and Entrepreneurship workers are:

Bess supervises workers who help to improve the public’s perception of a company.Julius organizes and oversees a company’s purchasing activities.Angelo directs the work of a company’s sales workers.

What is Entrepreneurship?

The production or extraction of economic value is referred to as entrepreneurship. According to this definition, entrepreneurship is considered a transformation that often involves greater risk than is typical when beginning a firm and may also involve values other than just financial ones. A person who starts and/or invests in one or more enterprises, taking on the majority of the risks and reaping the majority of the gains, is referred to as an entrepreneur.

Entrepreneurship is the practice of starting a business. The entrepreneur is frequently viewed as an innovator, a source of fresh concepts for products, services, businesses, and operational methods. A person or organization that has the capacity to transform inventions or technology into goods and services is referred to in the economics literature as an entrepreneur.

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project requires an initial fixed asset investment of $148,000, has annual fixed costs of $39,800, a contribution margin of $14.62, a tax rate of 21 percent, a discount rate of 15 percent, and straight-line depreciation over the project's 3-year life. The assets will be worthless at the end of the project. What is the present value break-even point in units per year?

Answers

Answer:

18,119 units

Explanation:

Break even Point is the level of activity at which the the project makes neither a profit nor loss.

Break even Point = (Annual fixed costs of a project + Annual equivalent cost of the project) ÷ Contribution per unit

where,

Annual fixed costs of a project = $39,800

Step 1 : Calculate PMT

This is to account for additional fixed costs on initial investment that needs to be covered.

N = 3

I = 15 %

PV = $148,000

FV = $0

PMT = ?

Using a Financial calculator, the PMT is $225,090

Step 2: Calculate Break Even Point

Break even Point =  ($39,800 + $225,090) ÷ $14.62

                             = 18,119 units

Conclusion

The present value break-even point in units per year is 18,119 units

To raise operating funds, Signal Aviation sold an airplane on January 1, 2018, to a finance company for $770,000. Signal immediately leased the plane back for a 13-year period, at which time ownership of the airplane will transfer to Signal. The airplane has a fair value of $800,000. Its cost and its book value were $600,000. Its useful life is estimated to be 15 years. The lease requires Signal to make payments of $102,771 to the finance company each January 1. Signal depreciates assets on a straight-line basis. The lease has an implicit rate of 11%.

Required:
Prepare the appropriate entries for Signal on:
1. January 1, 2018, to record the transaction
2. December 31, 2018, to record necessary adjustments

Answers

Answer:

Value of the lease = Annual lease payments * PVAD (11%, 13)

Value of the lease = $102,771 * 7.492236

Value of the lease = $770,000

Date      Account Titles and Explanation   Debit$     Credit$

Jan. 1     Leased Asset - Airplane                770000

                   Lease Liability                                            770000

Jan. 1     Lease Liability                                 102771

                    Cash                                                           102771

Dec. 31    Interest Expense                            73395

                ($770,000 - $102,771) x 11%

                     Interest  Payable                                        73395

Dec 31.   Depreciation Expenses                  40,000

               (600,000/15 years)

                       Accumulated Depreciation                     40,000

Johanna Murray, a climate campaigner at The National Footprint Foundation, is known in her organization to be a campaigner of caliber and high performance. She has strong networks with the Ministry of Environment and allies with several environmental organizations in the country. Over the years, she has gained substantial knowledge on the issue of climate change. However, recently when she prepared a consolidated report on a conference she attended on climate change, it reflected major loopholes and limited information from the conference. Which of the following, if true, substantiates that Johanna had an anchoring bias?
A) Johanna was moved by the arguments put forth by the first speaker.
B) Johanna participated actively in the interactive session conducted at the end.
C) The speakers at the conference consisted of renowned environmental scientists and activists.
D) Johanna has attended several conferences where the panel consisted of eminent scientists.
E) Johanna was shocked by the startling facts shown during the concluding session.

Answers

Answer:

A. Johanna was moved by the arguments put forth by the first speaker.

Explanation:

We start by first explaining the meaning of the concept anchoring bias. This would help us to pick the best answer for this question.

Anchoring bias can be described as a bias that exists when a person is heavily dependent on the first information they get or are offered.  Once the person sets this anchor, all the judgments that they make tends to be anchored around this information.

so from these options in this question , the one that substantiates on what an anchoring bias is option A.

Johanna was moved by the arguments put forth by the first speaker.

Can someone give me 2-3 main points for why it is important for a business to have transparency and how does it benefit them and others?

Answers

Answer:

1. makes consumers feel like they can trust the business

2. it's easier to draw in the target demographic for the products they sell

Explanation:

explain why strong brands are important to both companies and consum

Answers

Answer: See explanation

Explanation:

Branding simply refers to creation of a name, design or a symbol that helps in the identification of the product of a particular company from other companies.

Branding is vital as it makes a company standout from others, it helps to distinguish ones product from the product of others. It also helps in the improvement of recognition and create awareness to ones customers. With the logo on ones product, consumers can easily identify ones product.

Branding also helps in the creation of trust and supports advertising. A strong brand also generates revenue to the company as it helps in the building of financial value. Branding also helps companies get new customers.

Customers also form a connection with brands. This helps in shaping the loyalty of the customer, building trust and aids customer retention.

Led Foot drives his car carelessly into another car. The second car contains dynamite, a fact that Led had no way of knowing. The collision causes an explosion, which shatters a window of a building half a block away on another street. The flying glass inflicts serious cuts on Sally, who is working at a desk near the window. The explosion also harms Vic, who is walking on the sidewalk near the point of the collision. Toward whom is Led Foot negligent?

Answers

Answer:

Led Foot is negligent Towards Vic

Explanation:

The injury inflicted on both Sally and Vic resulted from the explosion caused when Led Foot hit another car containing explosives. Vic in this case is a pedestrian while Sally isn't. Led Foot is negligent towards Vic because careless driving of any sort will definitely pose a certain level of threat or harm to pedestrians nearby. However, in Sally's case who isn't a pedestrian could be classed among the group of people residing outside the risk zone. Hence, even though Sally was hurt as a result of shattered glass triggered by the explosion ; Led Foot isn't negligent towards Sally.

Valcarcel Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations:




Variable cost per unit:
Direct materials $ 67
Fixed costs per year:
Direct labor $ 886,500
Fixed manufacturing overhead $ 2,068,500
Fixed selling and administrative expenses $ 1,254,000


The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 59,100 units and sold 57,000 units. The company’s only product is sold for $152 per unit.



Required:

a-1. Assume the company uses super-variable costing. Compute the unit product cost for the year.

a-2. Prepare an income statement for the year.

b-1. Assume that the company uses a variable costing system that assigns $15 of direct labor cost to each unit that is produced. Compute the unit product cost for the year.

b-2. Prepare an income statement for the year.

c. Prepare a reconciliation that explains the difference between the super-variable costing and variable costing net incomes.

Answers

Answer:

heres some love

Explanation:

no ❤️️

Information related to Pharoah Company is presented below.

a. On April 5, purchased merchandise on account from Riverbed Company for $28,800, terms 3/10, net/30, FOB shipping point.
b. On April 6, paid freight costs of $900 on merchandise purchased from Riverbed.
c. On April 7, purchased equipment on account for $29,000.
d. On April 8, returned $3,400 of merchandise to Riverbed Company.
e. On April 15, paid the amount due to Riverbed Company in full.

Required:
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.

Answers

Answer:

April 5

Dr Inventory $28,800

Cr Accounts Payable $28,800

April 6

Dr Inventory $900

Cr Cash $900

April 7

Dr Equipment $29,000

Cr Accounts Payable $29,000

April 8

Dr Accounts Payable $3,400

Cr Inventory credit $3,400

April 15

Dr Accounts Payable 25,400

Cr Cash 24,638

Cr Inventory 762

Explanation:

Preparation of the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system

April 5

Dr Inventory $28,800

Cr Accounts Payable $28,800

April 6

Dr Inventory $900

Cr Cash $900

April 7

Dr Equipment $29,000

Cr Accounts Payable $29,000

April 8

Dr Accounts Payable $3,400

Cr Inventory credit $3,400

April 15

Dr Accounts Payable 25,400

($28,800 - 3,400)

Cr Cash 24,638

(25,400-762)

Cr Inventory 762

(25400 * 0.03 )

Match each type of business insurance with its description.
professional liability insurance
data theft insurance
commercial auto insurance
property insurance

Answers

Answer:

insurance against leakage or pilferage of critical and confidential data - data theft insurance

insurance against commercial property damage due to events such as fire, floods, storms, or earthquakes - property insurance

insurance against damage to company vehicles and injury or loss of life due to company vehicles - commercial auto insurance

insurance against severe loss of life or money due to one’s professional negligence or malpractice - professional liability insurance

Explanation:

On January 1, 2016, D Corp. granted an employee an option to purchase 8,500 shares of D's $3 par common stock at $21 per share. The options became exercisable on December 31, 2017, after the employee completed two years of service. The option was exercised on January 10, 2018. The market prices of D's stock were as follows: January 1, 2016, $31; December 31, 2017, $57; and January 10, 2018, $45. An option pricing model estimated the value of the options at $8 each on the grant date. For 2016, D should recognize compensation expense of:A. $ 0.B. $131,750.C. $25,500.D. $34,000.

Answers

Answer:

D. $34,000

Explanation:

Calculation for what D should recognize as compensation expense

First step is to calculate the total compensation

Total compensation=$8*8,500

Total compensation= $68,000

Now let calculate the compensation expense

Compensation expense=$68,000 ÷ 2 years

Compensation expense=$34,000

Therefore what D should recognize as compensation expense is $34,000

do you agree that the quality of interaction is directly proportional to the effectiveness of the manager why? helppppp please​

Answers

Answer:

I agree

Explanation:

I agree that the quality of interaction of interaction is directly proportional to the effectiveness of the manager because it shows how a manager is guiding it's employess to provide a good customer service to it's customers. A manager is to put structure in the business.

The following information is available for Trinkle Company for the month of June:

1. The unadjusted balance per the bank statement on June 30 was $81,500

2. Deposits in transit on June 30 were $3,150

3. A debit memo was included with the bank statement for a service charge of $40

4. A $5,611 check written in June had not been paid by the bank

5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50

Required

Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

Answers

Answer:

the  true cash balance as on June 30 is  $79,039

Explanation:

The computation of the true cash balance as on June 30 is given below:

Unadjusted Balance as Per Bank Statement on Jun 30  $81,500

Add: Deposit in Transit Jun   $3,150

Less: Outstanding Check Jun30 $(5,611)

True Cash Balance As on Jun 30 $79,039

hence, the  true cash balance as on June 30 is  $79,039

You have been tasked to conduct Market Research for an acquisition focusing on Wireless Devices (cell phones, PDAs, etc.) The results of your research will be presented to both management and the IPT that will work on this requirement and will be relied upon throughout the life of the resulting contract. This acquisition will incorporate requirements for several different federal agencies with an annual estimated value of $2 million.

Required:
What is true regarding how you should execute the market research for this acquisition?

Answers

Answer:

Conduct a one-time thorough market analysis on all wireless devices so that IPT and management have a complete understanding of the intricacies related to the wireless market.

Explanation:

A market research of this nature and gravity requires a careful and in depth market analysis of the product in question. It needs to be thorough and the usually adopted 7 - step market analysis protocaloncouls be taken which involves research purpose identification and planning, well ouined objective of the research. Then we can start the design plan to be adopted, sample selection which fits tbe aim and objective of the research on kyher to produce good outputs, data collection follows and finally analysis of gathered data, refinement and the conclusion is drawn and the compilation of report for presentation to management and IPT.

How has the 'gig economy' impacted variable and fixed costs for businesses?

Answers

Answer:

Throughout the following explanatory section, the essence of this issue is explained.

Explanation:

The Gig economy would be the economy in which employees are temporarily recruited underemployment needs and needs. Throughout the labor market there have been no permanent workers, but freelance employment.

Unless the jobs are recruited on an exclusive system, the variable costs are subject to different conditions and if enough staff is recruited at a certain time, those variable costs would escalate throughout the terms of additional pay.The certain fixed cost remains very similar, as variable costs adjust as employees increase or reduce, but fixed costs change accordingly.

Jake borrowed $800,000 from the Gateway Bank to purchase a fishing boat. He keeps the boat at a dock owned by the Harbor Company. He uses the boat to earn income by fishing. Jake also has a contract with the White Shark Fishing Company to transport tuna from one port to another.

a. Do any of the following parties have an insurable interest in Jake or his property? If an insurable interest exists, explain the extent of the interest.

1. Gateway Bank

2. Harbor Company

3. White Shark Fishing Company

b. If Jake did not own the boat but operated it on behalf of the White Shark Fishing Company, would he have an insurable interest in the boat? Explain.

Answers

Answer:

1. Gateway Bank

3. White Shark Fishing Company

Explanation:

In the scenario being described the two entities that have an insurable interest in Jake or his property would be Gateway Bank and The White Shark Fishing Company. The Bank has an insurable interest because if something where to happen to Jake they would most likely incur the loss of $800,000 that Jake borrowed, the same goes for the boat since without the boat Jake can't earn income to pay back the loan. The White Shark Fishing Company on the other hand entrusts Jake with their cargo, meaning if anything happens to Jake or the Boat they would lose all of their cargo that Jake is transporting. This would cause them to have to incur those loses.

b. If Jake operated the boat on behalf of the White Shark Fishing Company he would have an insurable interest on the boat since he would lose the income that he makes with the boat. Also, if Jake has a contract and is responsible for the boat he might even have to incur the damages for the boat.

critics of classical management theory

Answers

Answer and Explanation:

One of the major criticisms faced by the these theories were that they gave little control to the employees on their working lives, made them too dependent, passive and made employees working conditions conducive to psychological failure. In short, people were treated like infants rather than competent human being.

Roadside Travel Court was organized on July 1, 2016, by Betty Johnson. Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2017.
ROADSIDE TRAVEL COURT
Income Statement
For the Quarter Ended June 30, 2017
Revenues
Rent revenue $210,900
Operating expenses
Advertising expense $ 4,385
Salaries and wages expense 82,465
Utilities expense 930
Depreciation expense 3,150
Maintenance and repairs expense
4,065

Total operating expenses
94,995

Net income
$115,905


Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data.

You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2017.
Supplies $ 8,685
Prepaid Insurance 14,400
Notes Payable 14,000
You then make inquiries and discover the following.
1. Roadside rentals revenues include advanced rental payments received for summer occupancy, in the amount of $57,150.
2. There were $1,930 of supplies on hand at June 30.
3. Prepaid insurance resulted from the payment of a one-year policy on April 1, 2017.
4. The mail in July 2017 brought the following bills: advertising for the week of June 24, $135; repairs made June 18, $4,795; and utilities for the month of June, $240.
5. Wages expense is $300 per day. At June 30, four daysâ wages have been incurred but not paid.
6. The note payable is a 6% note dated May 1, 2017, and due on July 31, 2017.
7. Income tax of $13,740 for the quarter is due in July but has not yet been recorded.



Prepare any adjusting journal entries required at June 30, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No.

Account Titles and Explanation

Debit

Credit

1.




2.




3.



4.


5.


6.


7.


Prepare a correct income statement for the quarter ended June 30, 2017.
ROADSIDE TRAVEL COURT
Income Statement
June 30, 2017For the Year Ended June 30, 2017For the Quarter Ended June 30, 2017

ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, June 30Dividends

$
ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, June 30Dividends
$

Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, April 1 Retained Earnings, June 30 Dividends



ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, June 30Dividends

$

Answers

Answer:

Roadside Travel Court

1. Journal Entries:

1. Debit Rent Revenue $57,150

Credit Deferred Rent Revenue $57,150

To record deferred rent revenue.

2. Debit Supplies Expense $6,755

Credit Supplies $6,755

To record supplies expense.

3. Debit Insurance Expense $3,600

Credit Prepaid Insurance $3,600

To record insurance expense.

4. Debit Advertising expenses $135

Debit Repairs Expense $4,785

Debit Utilities Expense $240

Credit Advertising Payables $135

Credit Repairs Payable $4,785

Credit Utilities Payable $240

To record miscellaneous expenses.

5. Debit Wages Expense $1,200

Credit Wages Payable $1,200

To accrue unpaid wages.

6. Debit Interest Expense $560

Credit Interest Payable $560

To record interest expense.

7. Debit Income tax expense $13,740

Credit Income tax payable $13,740

To record accrued income tax expense.

2. Income Statement

For the Quarter Ended June 30, 2017

Revenues

Rent revenue                                    $153,750

Operating expenses

Advertising expense              $ 4,520

Salaries and wages expense  83,665

Utilities expense                          1,170

Depreciation expense                3,150  

Maintenance /repairs expense  8,860

Interest expense                          560

Insurance expense                   3,600

Supplies expense                     6,755

Total operating expenses                    112,280

Income before taxes                           $41,470

Income tax expense                              13,740

Net income                                          $27,730

Explanation:

a) Data and Calculations:

Income Statement

For the Quarter Ended June 30, 2017

Revenues

Rent revenue                                    $210,900 - 57,150 = 153,750

Operating expenses

Advertising expense              $ 4,385 + 135 = 4,520

Salaries and wages expense  82,465 + $1,200 = 83,665

Utilities expense                           930 + 240 = $1,170

Depreciation expense                3,150  

Maintenance /repairs expense  4,065 + 4,795 = 8,860

Interest expense 560

Insurance expense 3,600

Supplies expense 6,755

Total operating expenses                    94,995

Income tax expense  13,740

Net income                                         $115,905

Balances on June 30:

Supplies $ 8,685

Prepaid Insurance 14,400

Notes Payable 14,000

Analysis of Adjustments:

1. Rent Revenue $57,150 Deferred Rent Revenue $57,150

2. Supplies Expense $6,755 Supplies $6,755 ($8,685 - $1,930)

3. Insurance Expense $3,600 Prepaid Insurance $3,600 ($14,400 * 3/12)

4. Advertising expenses $135 Advertising Payables $135

Repairs Expense $4,785 Repairs Payable $4,785

Utilities Expense $240 Utilities Payable $240

5. Wages Expense $1,200 Wages Payable $1,200 ($300 * 4)

6. Interest Expense $560 Interest Payable $560 ($14,000 * 6% * 2/3)

7. Income tax expense $13,740 Income tax payable $13,740

Rent Revenue $210,900

Less deferred      57,150

Rent Revenue $153,750

Supplies balance = $1,930

Prepaid Insurance balance =10,800 ($14,400 - 3,600)

CASE STUDY:
Do you think that the present business environment is favorable to business
organizations? Discuss and give your suggestions with necessary justifications.

Answers

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