These things could happen during the post-purchase behavior phase of the decision-making process that is feeling satisfied or unsatisfied, experiencing cognitive dissonance, assessing a product against expectations.
Recognizing the need for a service or product is the first stage in the consumer decision-making process. Recognizing a need, whether motivated inwardly or outside, yields the same outcome: a wish. After identifying a need, consumers must learn more in order to comprehend how to satiate it, which brings us to step two. Consumers again rely on internal and external considerations, as well as their prior interactions—both favorable and unfavorable—with a product or brand, while evaluating their selections.
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a company had $7,090,000 in net income for the year. its net sales were $16,100,000 for the same period. calculate its profit margin.
The net profit margin arithmetic is straightforward. Divide your net income by your sales or revenue, sometimes called the top line. According to this equation, profit margin for given question will be 44.03%.
Net income for the year= $7,090,000
Net sales for the year= $16,100,000
Profit margin for the year= Net income÷ Net sales
Profit margin for the year= $7,090,000÷ $16,100,000
Profit is defined as the financial benefit realized when the revenue generated by a business activity surpasses the expenditures, costs, and taxes associated with the activity in question. Profits are returned to company owners, who can choose to pocket the money, distribute it to dividends to shareholders or reinvest it into the company. Total revenue less total costs equals profit. Companies report net profit, operating income, and net profit for accounting purposes (the "bottom line"). Profitable businesses are appealing to investors because profits are either distributed to shareholders through dividends or reinvested into the business, increasing stock value.
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what are primary concerns of shared value and sustainable development?
Concerns about shared values and sustainable development are primarily focused on global equilibrium, environmental repercussions, and social implications.
What are the consequences on the environment?There are five main categories of pollution in the environment: air, water, soil, noise, and light. Environmental pollution is the contaminating of the physical and biological elements of the earth to the point that it negatively affects natural environmental processes.
What are the environmental causes and effects?The air we breathe becomes contaminated by air pollution, which has negative health effects. The quality of the water we use for drinking is lowered by pollution. As a result of human activity, land contamination causes the surface of the earth to deteriorate.
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One way the government helps increase economic productivity is by
Investing in infrastructure. By investing in roads, bridges, public transportation systems, and other infrastructure projects, the government can help to create a more efficient and productive economy.
What is infrastructure ?Infrastructure is the basic physical and organizational structures needed for the operation of a society or enterprise, such as transportation and communication systems, water and power lines, and public institutions including schools, post offices, and hospitals. It can also refer to the set of services, such as sewage treatment plants and police departments, required to sustain a community.
These investments can reduce the cost of transportation for businesses, allowing them to move goods and services more quickly and efficiently. Additionally, infrastructure investments can create jobs in construction and related industries, providing additional economic stimulus. Finally, infrastructure investments can help to attract new businesses to an area, increasing competition
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a gas station employee monitored gas sales one day. the data showed that 80% of customers purchased regular gas. of the customers who purchased regular gas, 10% paid in cash, whereas 20% of the customers who did not purchase regular gas paid in cash. what percentage of the customers paid in cash? 30% 28% 14% 12%
A gas station employee monitored gas sales one day. the data showed that 80% of customers purchased regular gas. 28%, of the customers paid in cash. Thus, option (b) is correct.
80% of customers, according to the report, bought normal gas. 10% of those who bought normal petrol paid with cash. Additionally, 20% of customers who didn't buy regular petrol made cash payments.
80% of customers bought standard petrol, while 10% of them made cash payments. This represents 80% plus 10%, or 8%, of all customers.
20% of customers paid with cash and 20% did not purchase normal petrol. This represents 20% x 20%, or 4%, of all customers.
8 + 4 = 12
100 people in all.
12/100 × 100% = 12%
20% - 4% = 16%
customers paid in cash = 12% + 16%
customers paid in cash = 28%
Therefore, option (b) is correct.
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Question 1 (1 point)
Walter is a seasoned sales professional who oversees a team of sellers for the Great
Lakes region. His main job functions are to motivate his sales force and develop
strategies to meet business selling goals. What sales position does Walter have?
O regional sales manager
director of sales
O vice president of sales
account executive
Walter is in Regional Sales Manager position.
Explain the objectives of sales?
1. Establish measurable sales targets and goals: Identify key performance indicators (KPIs) and set realistic, achievable targets for sales to be achieved.
2. Analyze customer data: Use customer data to understand customer needs and preferences, develop customer segmentation strategies, and identify opportunities to increase sales.
3. Develop marketing strategies: Develop marketing strategies and plans that include promotional activities, pricing strategies, and other tactics to drive sales.
4. Lead sales team: Lead the sales team by setting clear expectations, providing training, and monitoring performance.
5. Monitor and adjust: Monitor sales performance and adjust strategies and tactics to improve results.
6. Manage customer relationships: Build strong, long-lasting relationships with existing customers and nurture relationships with potential customers.
Walter oversees a team of sellers for the Great Lakes region, and his main job functions are to motivate his sales force and develop strategies to meet business selling goals. This indicates that he has a managerial role, which is typically associated with the Regional Sales Manager position.
Therefore, Regional Sales Manager is the correct answer.
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Joy is considering adding a rack of greeting cards to her product offerings at Crawford Books Limited. Joy would need to buy a display rack, which will cost her $400. She can buy a carton of 250 cards for $500. She is thinking of selling the cards for $4. 00 each. At that price, Joy's breakeven point would occur at _________ cards sold.
A. 400
B. 300
C. 200
D. 100
100 sold cards would be the breakeven point for Joy.
The total costJoy would have to spend $400 on a display rack and $500 on a carton of 250 greeting cards if she wanted to sell them at Crawford Books Limited, the place where she works. In order to break even, she would need to sell 100 cards at a price of $4 each. She would therefore need to sell 200 cards in order to turn a profit. Her profit would be $250 if she managed to sell all 250 cards.
If Joy wanted to sell greeting cards at Crawford Books Limited, she would have to spend an additional $400 on a display rack and $500 on a carton of 250 cards. She would need to sell 100 cards at a $4 each price point in order to break even. Therefore, 200 cards would have to be sold for her to make a profit. If she managed to sell all 250 cards, she would make a profit of $250.
Joy will eventually need to compare the potential profit to the price of the display rack and the cards, as well as the additional costs connected with adding this product line. She will be able to decide with confidence whether or not to include the rack of greeting cards in her product lineup by taking into account all of these factors.
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true or false: if there is a surplus of a product in the market, then the actual selling price of a product is above its equilibrium price.
If there is a surplus of a product in the market, then the actual selling price of a product is above its equilibrium price. This statement is true.
Equilibrium is the situation wherein market demand and supply balance each other, resulting in stable prices. In general, an oversupply of products or services ended up causing prices to fall, resulting in increased demand, whereas an undersupply or scarcity causes prices to rise, resulting in decreased demand. The effect of demand and supply balancing results in an equilibrium state. When the supply of goods equals the demand, the market is thought to have reached equilibrium. A market in equilibrium has three characteristics: consistent agent behaviour, no rewards for agents to change their behaviour, and a dynamic system governs balance outcomes.
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which federal law allows consumers to withhold payment for faulty or defective goods or services (within certain limitations) when purchased with a credit card?
The Fair Credit Billing Act is a federal legislation that permits consumers to withhold payment for faulty or defective products or services purchased using a credit card (FCBA). The FCBA is a 1974 consumer protection statute that is implemented by the Federal Trade Commission (FTC).
Consumers have the right under the FCBA to dispute any charges on their credit card account that they feel are inaccurate or unlawful. Charges for faulty or damaged goods or services are included. If a customer challenges a charge, the credit card company must investigate and either remedy the error or explain why the charge is correct.
It's important to note that this has certain restrictions. A customer must contact the creditor within 60 days of receiving the first bill with the inaccuracy. Furthermore, this statute applies solely to credit card bills, not debit card or cash purchases.
The FCBA only applies to credit card purchases conducted in the United States. Different rules may apply if the purchase was made in another nation.
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Financial institutions could use an on balance sheet hedging strategy to lock-in the larger spread between _____ and ______ that may be obtainable in foreign markets.
stocks; bonds
government bonds; junk bonds
government bonds, corporate bonds
deposit rates; loan rates
Financial institutions could use an on balance sheet hedging strategy to lock-in the larger spread between government bonds and corporate bonds that may be obtainable in foreign markets.
Financial institutions could use an on balance sheet hedging strategy to lock-in the larger spread between government bonds and corporate bonds that may be obtainable in foreign markets. This strategy involves purchasing government bonds in the domestic market and then simultaneously entering into an offsetting foreign exchange contract to hedge the currency risk associated with the purchase. The institution can then take advantage of the larger spread that may be available in foreign markets while avoiding the additional risk that comes with currency fluctuations. The institution can then earn a greater return on their investment while mitigating the associated risk.
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next, your interviewer explains that one of their clients is an online retailer that has a vast inventory. she has a list of items by name, color, and size. then, she has another list of the price of each item by size, as a larger item sometimes costs more. the stakeholder needs one list of all items by name, color, size, and price. she then says: in situations such as this one, could you use the concat function to add strings together to create new text strings?
The Concat function would allow you to "create a unique key to distinguish products" in the above scenario.
Option D is correct.
What is a concat function and why is it important?A way to combine two or more things is called a concat function. You can use the concat function to combine two strings (a sequence of characters, like words in a sentence) like "Hello" and "World" into one: HelloWorld". If you want to display both strings simultaneously or store them in a single variable, this can be helpful.
We can easily combine various pieces of information using the Concat function to produce a more useful or simpler-to-understand final result. In general, the Concat function is a useful tool that can assist us in combining various pieces of data into a single, more useful result.
Incomplete question :
Next, your interview explains that one of their clients is an online retailer that has a vast inventory. She has a list of items by name, color, and size. Then, she has another list of the price of each item by size, as a larger item sometimes costs more. The client needs one list of all items by name, color, size, and price.
She then asks: If you were to use the CONCAT function to complete this task, what would it enable you to do?
A.Clean the product identifier text strings
B.Create a new product database table
C.Search for and return missing products in inventory
D.Create a unique key to tell products apart
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According to symbolic interactionism, which component of the self encourages an individual to follow social norms
Simply put, symbolic interactionists hold that the meanings we give to interactions and events help to shape our society.
What constitutes simple events?Simple occurrences are those in which a single experiment is conducted at such a time and results in a single conclusion. P(E), when E is the event, stands for the chance of simple events. The range of the probability is 0 to 1. For instance, tossing a coin is a straightforward event.
What are events, and what different kinds are there?What are the various probability event types? Complement encounters, simple events, compounded events, definite events, improbable events, dependent occasions, independent events, socially exclusive occasions, exhaustive events, etc. are some examples of the various varieties of events in probability.
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hape co. had the following information related to common and preferred shares during the year: common shares outstanding, 1/1 700,000 common shares repurchased, 3/31 20,000 conversion of preferred shares, 6/30 40,000 common shares repurchased, 12/1 36,000 chape reported net income of $2,000,000 at december 31. what amount of shares shoul
Chape should utilize 702,000 shares as the denominator in the calculation of basic profits per shares.
The denominator in the computation of basic earnings per share should be the total number of common shares outstanding at the end of the period, which in this case is 702,000 (1,700,000 - 20,000 - 40,000 - 36,000). Preferred shares (also known as preferred stock or preference shares) are securities that represent power in a pot, and that have a precedence claim over common shares on the company’s means and earnings. The shares are more elderly than common stock but are more inferior relative to bonds in terms of claim on means. Holders of favored stock are also prioritized over holders of common stock in tip payments. Preferred shares have a special combination of features that separate them from debt or common equity.
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1. the majority of land in the united states is a. grassland for grazing. c. for timber production. b. residential and commercial property. d. for recreation and wildlife.
a. grassland for grazing, In the United States, grazing land predominates in the form of grassland. A place where grasses predominate in the vegetation is called a grassland (Poaceae).
The United States of America (U.S.A. or USA), sometimes referred to as the United States (U.S. or US) or America, is a nation with its main territory being in North America. It is made up of 326 Indian reservations, five significant unincorporated territories, nine Minor Outlying Islands, and 50 states. The Federated States of Micronesia, the Marshall Islands, and the Republic of Palau are three autonomous Pacific Island nations with which the United States has free association agreements. It is the third-largest country in the globe in terms of total area and land. [b] It has land boundaries with Mexico to the south and Canada to the north. Along with other countries, it shares maritime boundaries with the Bahamas, Cuba, and Russia.
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Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it's a great deal. Suppose that the appropriate annual interest rate is 7. 6%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $800 in annual membership dues? a. 14 years b. 13 years c. 19 years d. 23 years
the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper than paying $800 in annual membership dues is d. 23 years
To solve this problem, you need to use the concept of present value. The present value of an amount to be received in the future is the amount that would be needed today to produce that future amount, assuming a certain interest rate.
In this case, we can use the formula for present value:the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper than paying $800 in annual membership dues is d. 23 years
PV = FV / (1 + r)^n
where PV is the present value, FV is the future value (800 * number of years), r is the interest rate (0.076), and n is the number of years.
To find the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper than paying $800 in annual membership dues, we need to solve for n in the equation PV = $1,500 (cost of lifetime membership) and FV = $800n.
PV = $1,500 = $800n / (1 + 0.076)^n
Using a calculator or a spreadsheet software to solve this equation for n, we get n = 23 years.
Therefore, the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper than paying $800 in annual membership dues is d. 23 years
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project managers are question 19 options: ultimately responsible for performance. not timid. a direct link to the customer. all of the above.
Project managers are a) ultimately responsible for performance.
Project managers play a critical role in the successful completion of any project.
They are ultimately responsible for the performance and success of the project, and must ensure that all tasks are completed on time, within budget, and to the highest standards.
They must also manage both internal and external stakeholders, coordinate resources, and ensure that the project's goals and objectives are met.
Project managers need to be highly organized and skilled communicators, with the ability to quickly make decisions and handle any unforeseen issues that may arise.
The success of any project relies heavily on the expertise and dedication of its project manager.
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one of the effects of gas prices rising from about $2 to about $4 per gallon was airlines ordering new, fuel-efficient aircraft. True or alse
Airlines ordered brand new, fuel efficient aircraft as one of the repercussions of the increase in gas costs from approximately $2 to approximately $4 per gallon. True
Can prices drop so low that certain vendors decide to provide zero units?The amount of an item or service that vendors were willing and capable of providing at a specific price is known as the quantity supplied. Price cannot drop to the point that some vendors decide to offer zero units. When a good's price is cheap, selling it is lucrative, which results in a high supply.
Which are the two most important causes of any economic issue?Economic Problem Causes a lack of resources Compared to the need, resources like labor, land, and money are insufficient demand. As a result, the economy is unable to satisfy everyone's needs. Human beings have limitless expectations and desires, which means they can never be fulfilled.
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if the value of a firm's net fixed assets equals the value of the accumulated depreciation, from an accounting perspective, the fixed assets are: group of answer choices new. fully depreciated. one-half depreciated. equal in value to the firm's current assets.
From an accounting point of view, a fixed asset is fully depreciated when the value of the net fixed asset equals the depreciation. Depreciation is a counter account to the fixed assets account and is used to reduce the value of net fixed assets.
Accumulated depreciation is a valuation account used to capture the gradual decline in value of a fixed asset as it is used in production or services over its economic life. If the value of depreciation equals the value of net fixed assets, it means that the fixed assets have been fully depreciated. This means that the full value of the asset has been written off as an expense and that there is no residual value of the asset on the balance sheet.
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how do the percentage change in real gdp and the percentage change in real gdp per capita compare? which is larger? do we expect them to have this relationship?
Nevertheless, understanding the link between the percentage change in real GDP and the percentage change in real GDP per capita can be difficult.
When the percentage change of these two variables is compared, we frequently notice that the change in real GDP is bigger than the change in real GDP per capita. This is due to the fact that real GDP per capita considers not only the production of goods and services, but also the population size. As a result, if the population grows rapidly, real GDP per capita will expand more slowly than real GDP.
It's vital to remember that the relationship between these two changes might vary based on population increase. We predict the percentage change in real GDP and the percentage change in real GDP per capita to be more similar in economies with modest population growth.
However, in countries with rapid population growth, the percentage change in real GDP is expected to be greater than the percentage change in real GDP per capita.
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When the company sells 20,000 units, what is the total indirect selling expense that cannot be readily traced to individual sales representatives?
The total indirect selling expense that cannot be readily traced to individual sales representatives is $50,000.
What is indirect selling expense?Because they don't directly contribute to the creation of a good or the provision of a service, selling expenses are listed as indirect expenses on an organization's income statement. As sales volumes rise or fall, some components can change while others stay the same.
1a Direct Material per unit $7.00
Direct Labor per unit $4.00
Direct Manufacturing cost per unit $11.00
No. of units sold 20,000
Total Direct manufacturing cost $220,000.00
1b Variable manufacturing overhead per unit $1.50
Fixed manufacturing Overhead per unit $5.00
Indirect Manufacturing cost per unit $6.50
No. of units sold 20,000
Total Indirect manufacturing cost $130,000.00
2a Direct Material per unit $7.00
Direct Labor per unit $4.00
Variable manufacturing overhead per unit $1.50
Fixed manufacturing Overhead per unit $5.00
Total Manufacturing cost per unit $17.50
No. of units sold 20,000
Total Direct Costs $350,000.00
3a Sales Commission per unit $1.00
No. of units sold 20,000
Total Sales Commission $20,000.00
Total direct selling expense $40,000.00
3b Total Indirect Selling Expense $50,000.00
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Complete question:
For most students, the largest single cost of a college education is:
a) The wages are given up to attend school,
b) Tuition, fees, and books,
c) Room and board,
d) Transportation, parking, and entertainment.
Most students, the largest single cost of a college education is the wages given up to attend school
What is the primary expense of a college education?The average cost of attendance at a public 4-year in-state university for a student living on campus is $25,707 each year, or $102,828 over four years. Out-of-state students pay $43,421 each year, for a total of $173,684 over four years. Students at a private, nonprofit institution pay $54,501 each year, or $218,004 over four years.
In brief, the opportunity cost of attending college is the cost of tuition, any associated fees, and any lost money, experience, or enjoyment as a result of your decision to attend college.
When looking for the right college or institution, pricing is typically a major consideration. In certain situations, it may influence a student’s decision about which school to attend. Understanding the specifics of college expenses
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g 8. agreement and disagreement among economists suppose that nick, an economist from a consulting firm, and rosa, another economist from a university in florida, are both guests on a popular science podcast. the host of the podcast is facilitating their debate over budget deficits. the following dialogue represents a portion of the transcript of their discussion: rosa: most people recognize that the budget deficit has been rising considerably over the last century. we need to find the best course of action to remedy this situation. nick: i believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits. rosa: i actually feel that raising the top income tax rate would reduce the budget deficit more effectively. the disagreement between these economists is most likely due to . despite their differences, with which proposition are two economists chosen at random most likely to agree? employers should not be restricted from outsourcing work to foreign nations. central banks should focus more on maintaining low unemployment than on maintaining low inflation. business managers can raise profit more easily by reducing costs than by raising revenue.
The disagreement between these economists is most likely due to differences in values.
Central banks should focus more on maintaining low unemployment than on maintaining low inflation proposition are two economists chosen at random most likely to agree.
What is inflation?
Inflation is an increase in an economy's overall level of prices for goods and services. As the general price level rises, each unit of currency may buy fewer goods and services; hence, inflation is linked to a reduction in the purchasing power of money. This growth can rise inflation when the economy is strong, and unemployment is low because businesses raise wages to recruit and keep workers.
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frame co. has an 8% note receivable dated june 30, year 1, in the original amount of $150,000. payments of $50,000 in principal plus accrued interest are due annually on july 1, year 2, year 3, and year 4. the fair value option is not elected and there is no allowance for credit losses. in its june 30, year 3, balance sheet, what amount should frame report as a current asset for interest on the note receivable?
In its June 30, year 3, balance sheet, Frame Co. should report $37,500 as a current asset for interest on the note receivable.
What is interest on the note receivable?The amount of funds that the borrower is obligated to pay to the lender in addition to the loan's initial is known as interest on a note receivable. It is sometimes levied on an annual or moderately basis and is generally characterized as a percentage of the principle sum. The interest rate, which may be fixed or variable, is often set at a level that makes up for the time value of the funds and the decent credit risk for the provider.
The accumulation of interest is shown in the accounting records as interest receivable, whereas interest on notes receivable is shown as an expense in the earnings statement. When interest income is accrued rather than received, it is recorded.
According to question:
This can be calculated by multiplying the outstanding principal balance of the note ($150,000 - $50,000 - $50,000 = $50,000) by the annual interest rate (8%).
$50,000 x 0.08 = $4,000
So the interest accrues is $4,000 per year, and in year 3, 2 years of interest have accrued, $4,000 x 2 = $8,000
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the day-to-day living conditions of modern americans are very different from what they were in the 20th century. while doing research for an economics project, charlie discovers that more households today, as compared to households 100 years ago, have electricity, air conditioning, and a car.
Our society has experienced economic growth. Americans today live in drastically different circumstances than those of the 20th century. while conducting economics research.
What is the straightforward meaning of economic?Economics is the research of scarcity and how it affects how resources are used, how goods and services are produced, how production and welfare increase over time, and a wide range of other complicated problems that are extremely important to society.
What is an example in the economy?Farmers lower the price of a crop when corn production rises in order to sell more of their harvest. The quantity of corn required to feed the population will increase if the stock is too high.
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to sign an audit opinion on an entity's financial statements in the united states, an external auditor must be a(n)
To sign an audit opinion on an entity's financial statements in the United States, an external auditor must be a(n) Certified public accountant.
In order to sign an audit opinion on an entity's financial statements in the United States, an external auditor must be a Certified Public Accountant (CPA).
CPAs must have a professional license granted by the states in which they practice, and have passed the Uniform CPA Exam.
They must also complete continuing professional education courses in order to remain licensed.
CPAs are held to high ethical and professional standards, and provide a level of assurance to the public that financial statements produced by an entity are reliable.
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would you say that nonconsumable hard good consumer products are produced by primary or secondary manufacturing industries? what would be examples of nonconsumable hard good consumer products?
I would you say that Non consumable hard good consumer products are produced by secondary manufacturing industries.
Non consumable hard good consumer products examples :-1.tools
2.Cars.
3.land
4.Furnitur
What is secondary manufacturing industries ?All human endeavours that convert raw materials into finished goods fall under the manufacturing and industry sector, also referred to as the secondary sector or the production sector. Food production, textile production, industry, and secondary raw material processing are all included in the secondary sector. This industry is primarily composed of mechanical engineering.
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indirect materials and indirect labor are classified as ______. A. nonspecific materials. B. nonspecific labor. C. period costs. D. manufacturing overhead.
Manufacturing overhead is categorized as indirect labor and indirect materials.
Why is labor so important to a business?Employers seek labor because it is an essential part of the production process. Individuals use apparatus and tools to transform inputs into output. Without employees, employers couldn't produce goods, offer services, or generate revenue.
What does work in the market place look like?The fashion business, teaching, building houses, and hairdressing are a few examples of labor-intensive industries. A company is said to run in a money industry if it predominantly uses technology and machinery to transform inputs into outputs.
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Select the four benefits received by buyers that help to create customer value.
On-time delivery, quality, convenience, before-sale and after-sale service
How much a product or service is worth to a customer value is the best way to describe customer value. It is a measurement of all the expenses and advantages related to a good or service.
What four characteristics make for good customer service?Good customer service is based on four fundamental principles: It is proactive, professional, convenient, and tailored. The impact of these variables on the client experience is greatest. Personalized: The personal touch is the foundation of all good customer service.
Customer value: What is it?The value of a customer can be raised by improving the quality of a good or service. In a customer's opinion, customer value is equal to perceived advantages less perceived expenses.
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(a) during fiscal 2009, costco collected $1,562 cash for membership fees. use the financial statement effects template to record the cash collected for membership fees. (b) in 2009, costco recorded $63,503 in merchandise costs (that is, cost of goods sold). record this transaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2009. use the financial statement effects template to record these merchandise purchases. assume all of costco's purchases are on account, and recorded in accounts payable.
Assume all of costco's purchases are on account, and recorded in accounts payable for evenly over the membership year.
What is meant by purchases?
The organised procurement of products and services on behalf of the buying entity is known as purchasing.To guarantee that necessary materials are obtained quickly and affordably, purchasing actions are required.All items and services purchased for resale or consumption throughout the production process are included in purchases of goods and services, excluding capital goods whose consumption is recorded as consumption of fixed capital.The purchasing process is crucial because it provides firms with a planned method of meeting their demands. Additionally, it enables more intelligent financial planning. Since it necessitates keeping records of every business transaction, a successful purchasing procedure can aid in preventing theft, fraud, or irrational expenditure.To learn more about purchases refer to
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(a) Cash Collected for Membership Fees
Cash: +1,562
(b) Merchandise Costs
Inventory: -63,503
Cost of Goods Sold: +63,503
(c) Merchandise Purchases
Inventory: +63,503
Accounts Payable: +63,503
What is mean by accounts payable? Accounts payable is a term used to refer to money owed to a supplier, vendor or creditor for goods or services purchased on credit. Accounts payable are usually recorded in a company's balance sheet as a liability or debt, and they represent money that must be paid in the future. Accounts payable can include items such as invoices, bills, purchase orders, advances and other forms of credit.Accounts payable are usually classified as current liabilities, meaning that they must be paid within a short period of time, usually within a few months. Companies must keep track of their accounts payable to ensure that payments are made on time. Failing to make payments on time can result in late fees, penalties and interest charges.
(a) Cash Collected for Membership Fees
Debit Credit
Cash Revenue Membership Fees
$1,562 $1,562
(b) Merchandise Costs
Debit Credit
Merchandise Inventory Cost of Goods Sold
$63,503 $63,503
(c) Merchandise Purchases
Debit Credit
Accounts Payable Merchandise Inventory
$63,503 $63,503
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taft corp. uses the equity method to account for its 25% investment in flame, inc. during year 3, taft received dividends of $30,000 from flame and recorded $180,000 as its equity in the earnings of flame. additional information follows: all the undistributed earnings of flame will be distributed as dividends in future periods. the dividends received from flame are eligible for the 65% dividends received deduction. there are no other temporary differences. enacted income tax rates are 30% for year 3 and thereafter. in its december 31, year 3, balance sheet, what amount should taft report for deferred income tax liability?
The current and subsequent income tax rates, if enacted, are 30 percent. The amount that taft ought to report for its deferred income tax liability on its December 31 balance sheet is $9,000
A Deferred Tax Obligation: What Is It?A listing on a company's balance sheet known as a "deferred tax liability" records taxes that are owed but will not be paid until a later date. There is a delay in the liability because the tax is due to be paid at a different time than when it was accrued.
Deferred Income Tax Liability Taft's Recorded Equity in Flame Earnings $180,000 Less Dividends Received in 20X1 ($30,000)
Temporary Difference Before Dividend Deduction $150,000 ($180,000-$30,000)
Less Dividends Received Deduction ($120,000) (80% x $150,000)
Net amount of Temporary Difference $ 30,000 ($150,000-$120,000) Times Tax Rate x 30% Deferred Income Tax Liability, Non-Current $.liability
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Kennedy Company reports the following costs and expenses in May. Factory utilities $ 16,500 Depreciation on factory equipment 12,650 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising 23,000 Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary Instructions 3,800 48,900 70,800 157,600 8,000 2,500 1,300 2,000 From the information, determine the total amount of:_______.
(a) Manufacturing overhead.
(b) Product costs.
(c) Period costs
The total amount of:
(a) Manufacturing overhead is $161,350.00
(b) Product costs is $398,050.00
(c) Period costs is $81,140.00.
What is manufacturing overhead?All indirect costs incurred during the manufacturing process are referred to as manufacturing overhead. This overhead is applied to units manufactured during a reporting period.
a)
Determine the total amount of manufacturing overhead as follows:
Particulars Amount(S)
Factory Utilities $16,500.00
Dep on Factory Equipment $12,650.00
Indirect factory labor $48,900.00
Indirect materials $70,800.00
Factory manager salary $8,000.00
Property tax on factory building $2,500.00
Factory Repairs $2,000.00
Total manufacturing Overhead $161,350.00
b)
Determine the total amount of product costs as follows:
Particulars Amount(S)
Direct material used $157,600.00
Direct labor $79,100.00
Total manufacturing Overhead $161,350.00
Total Product Cost $398,050.00
c)
Determine the total amount of period costs as follows:
Particulars Amount($)
Dep on Delivery Truck $3,800.00
Sales Salaries $48,400.00
Repairs to office equipment $1,300.00
Advertising $23,000.00
Office Supplies used $4,640.00
Total Period Cost $81,140.00
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