Answer:
b. follow up with a written message that documents the phone call and promotes goodwill.
Explanation:
CRM is an acronym for customer relationship management and it typically involves the process of combining strategies, techniques, practices and technology so as to effectively and efficiently manage their customer data in order to improve and enhance customer satisfaction. Therefore, this employees are saddled with the responsibility of ensuring the customer are satisfied and happy with their service at all times.
When calling a customer by phone to address a problem or disappointment, you should describe the problem and apologize, offer an explanation and resolution, and follow up with a written message that documents the phone call and promotes goodwill. This would go a long way to pacify and encourage the customer not to ditch the brand, as well as mitigating or erasing the perceived bad image of the company.
The caller must describe the problem, apologize, offer an explanation and follow up with a written message that documents the phone call and promotes goodwill.
What is a customer relationship management?The customer relationship management involves the process of combining strategies, techniques, practices and technology so as to effectively and efficiently manage their customer data in order to improve and enhance customer satisfaction.
Hence, when calling a customer by phone to address a problem or disappointment, you should:
describe the problem and apologizeoffer an explanation and resolutionfollow up with a written message that documents the phone call and promotes goodwill.Therefore, the Option B is correct.
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The sticker price for a new car takes into account the compensation made to the salesperson who managed the sale. This compensation is an example of what type of cost?
A): dealer cost
B): shipping cost
C): manufacturing cost
D): sales commission
Answer:
D
Explanation:
cuz its D
This compensation is an example of sales commission cost. Thus, option D is correct.
What is manufacturing cost?The expenses incurred during the creation of a product are known as manufacturing costs. Direct material, direct labor, and manufacturing overhead costs are included in these expenses. Normally, the costs are shown as separate line items in the revenue statement. These expenses are incurred by an entity during the production process.
The materials employed in a product's construction are referred to as direct materials. The amount of the production process's labor costs that is specifically attributed to a unit of production is known as direct labor. The application of manufacturing overhead costs to units of production depends on many alternative allocation schemes, such as the number of direct labor hours or machine hours used.
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Suppose Aladdin has utility function:
U(W) = 8√W Ɐ W >= 0
= -W^2 Ɐ W < 0
Aladdin has just found the genie's lamp and has wished for a bag of gold since he has nothing at the moment but the clothes on his back. He knows the genie may try to trick him so he has assigned a 25% subjective probability the genie will nd a way to take away his clothes which would cost 4 gold to replace. In addition, he has assigned a 50% subjective probability to getting a medium bag of 16 gold, and a 25% probability of getting a large bag of 100 gold.
Required:
a. What is the expected value of Aladdin's gamble?
b. What is the expected utility of Aladdin's gamble?
MyPillow uses television advertising and wanted to see whether the TV ads reached more viewers during the daytime spots or the prime-time spots. MyPillow wanted to adjust its TV spots to reach the greatest number of viewers. To get real-time reactions, MyPillow decided to conduct mobile market research because _______. a. most people do not multitask using smartphones b. using a mobile app is difficult and confusing c. most people do not use their desktop computers while watching TV d. fewer respondents are reached than in conducting telephone research
Answer:
c
Explanation:
If MyPillow wants to get real time update, it means it wants to get update as people are watching tv. In order to reach its audience, it would be right to reach them on the medium they use while watching tv. If most people do not use their desktop computers while watching TV , it would not be appropriate to use desktop computers.
But if people watch tv and use their phone, the appropriate means of carrying this research is through mobile.
On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre Corporation, for $40,000. At the time of the transfer, the asset had an original cost (to Republic) of $60,000 and accumulated depreciation of $25,000. The equipment has a five year estimated remaining life. Barre reported net income of $250,000, $270,000 and $310,000 in 2020, 2021, and 2022, respectively. Republic received dividends from Barre of $90,000, $105,000 and $120,000 for 2020, 2021, and 2022, respectively. What was the amount of the credit to depreciation expense on the 2020 consolidation worksheet
Answer:
$750
Explanation:
Calculation for What was the amount of the credit to depreciation expense on the 2020 consolidation worksheet
2020 Credit to depreciation expense=[($60,000/5 years )-($60,000-$25,000/5 years)]/5 years*9/12
2020 Credit to depreciation expense=[($60,000/5 years )-($35,000/5 years)]/5 years*9/12
2020 Credit to depreciation expense=[($12,000-$7,000)/5 years*9/12]
2020 Credit to depreciation expense=$5,000/5 years*9/12
2020 Credit to depreciation expense=$750
Therefore the amount of the credit to depreciation expense on the 2020 consolidation worksheet is $750
On July 1, 2020, Bonita Inc. made two sales.
1. It sold land having a fair value of $904,970 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,423,984. The land is carried on Bonita's books at a cost of $596,000.
2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $409,570 (interest payable annually).
Bonita Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest.
Record the two journal entries that should be recorded by Bonita Inc. for the sales transactions above that took place on July 1, 2020.
Answer:
Date Account Title Debit Credit
July 1, 2020 Notes receivable $1,423,984
Land $596,000
Discount on notes receivable $519,014
Gain on disposal $308,970
Working
Gain on disposal = 904,970 - 596,000 = $308,970
Discount on notes receivable = 1,423,984 - 596,000 - 308,970 = $519,014
Date Account Title Debit Credit
July 1, 2020 Notes receivable $409,570
Discount on Notes receivable $183,115
Service revenue $226,455
Working
Maturity value of Note = 409,570 / ( 1 + 12%)⁸ = $165,418
Interest payable = 3% * 409,570 = $12,287.10
Present value of interest payable = Interest * PVIFA, 12% , 8 years
= 12,287.10 * 4.9676 = $61,037
Service revenue = Maturity value of note + Present value of interest
= 165,418 + 61,037
= $226,455
Mateo Inc. had the following inventory situations to consider at January 31, its year-end.
(a) Goods held on consignment for Schrader Corp. since December 12.
(b) Goods shipped on consignment to Lyman Holdings Inc. on January 5.
(c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit.
(d) Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit.
(e) Goods purchased FOB destination from a supplier on January 25, that are still in transit.
(f) Goods purchased FOB shipping point from a supplier on January 25, that are still in transit.
(g) Office supplies on hand at January 31.
If the item should not be included in inventory, state in what account, if any, it should have been recorded?
Answer and Explanation:
The explanations are as follows:
a) If the goods held on consignment for someone else so the same would not be involved as it would be included in S Corp inventory
(b) It Should be included.
(c) It Should be included.
(d) It Should not be included.
(e) It Should not be included. It would be included in supplier inventory
(f) It Should be included.
(g) It should be included in the office supplies only
A nominal scale contains _____. the properties of classification, order, equal distance, and unique origin mutually exclusive and collectively exhaustive categories as well as the property of order, but not distance or unique origin mutually exclusive and collectively exhaustive categories, but without the properties of order, distance, and origin the four major sources of error the properties of order, classification, and equal distance between points but no unique origin
Answer:
mutually exclusive and collectively exhaustive categories, but without the properties of order, distance, and origin
Explanation:
Nominal Scale can be regarded as measurement scale which utilize numbers as tags/ label in classification of object. It is a scale that handles
non-numeric variables. It should be noted that nominal scale contains mutually exclusive and collectively exhaustive categories, but without the properties of order, distance, and origin
During the current month, a company that uses job order costing purchases $52,000 in raw materials for cash. It then uses $22,000 of raw materials indirectly as factory supplies and uses $20,100 of raw materials as direct materials. Prepare journal entries to record these three transactions
Answer:
Account Title Debit Credit
Raw materials inventory $52,000
Cash $52,000
Account Title Debit Credit
Factory Supplies $22,000
Raw materials $22,000
Account Title Debit Credit
Work in Process inventory $20,100
Raw materials $20,100
A restaurant chain hires two new restaurant managers. One manager is a woman, and one is a man. Both candidates are equally qualified for their positions. The restaurant chain owner wanted to save money and so he offered the job to the woman at a salary $10,000 lower than what he offered the man. This is a violation of The Equal Pay Act of 1963. Which entity, of notified, would enforce the Equal Pay Act of 1963 on behalf of these employees
Answer:
Equal Employment Opportunity Commission
Explanation:
The entity that would be involved in this case is the the EEOC. That is the equal employment opportunity commission. The violation that has occurred here is that both the man and the woman are equally qualified for this job but the owner wants to pay the woman a smaller salary compared to what he wants to pay the man. The EEOC handles such matters of discrimination to employees and workers based on gender, race, religion etc.
Blaze operates a restaurant in Cleveland. He travels to Columbus to investigate acquiring a business. He incurs expenses as follows: $1,500 for travel, $2,000 for legal advice, and $3,500 for a market analysis. Based on the different tax consequences listed below, describe the circumstances that were involved in Blaze's investigation of the business.
Answer: See explanation
Explanation:
Here are the tax consequences listed below:.
1. Blaze deducts the $7000 of expense
2. Blaze cannot deduct any of the $7000 of expense.
3. Blaze deducts $5000 of the expenses and ammortizes the $2000 over a period of 180 months.
1. Blaze deducts the $7000 of expense
The entire expenses of $7000 can be deducted by Blaze because the expenses have been incurred for the investigation of the business acquiring.
2. Blaze cannot deduct any of the $7000 of expense
Blaze cannot be able to deduct any of the $7000 of expense in a case whereby the business that was investigated wasn't a restaurant and in this case, he didn't acquire it.
3. Blaze deducts $5000 of the expenses and ammortizes the $2000 over a period of 180 months.
In this case, the business wasn't a restaurant but he still ended up getting the business.
A pump has failed in a facility that will be completely replaced in 3 years. A brass pump costing $6000 installed will last 3 years. However, a used stainless steel pump that should last 3 more years has been sitting in the maintenance shop for a year. The pump cost $13,000 new. The accountants say the pump is worth $7000 now. The maintenance supervisor says that it will cost an extra $500 to reconfigure the pump for the new use and that he could sell it used ( as is) for $4000. (a) What is the book cost of the stainless steel pump
Answer: $7,000
Explanation:
The book value of the pump is the same as the value stated by the accountants.
The accountants are skilled in the field and most probably used accounting assessment techniques which were based on certain assumptions by accounting bodies so their valuation of the pump is to be considered the book value.
You would like to estimate the weighted average cost of capital for a new airline business. Based on its industry asset beta, you have already estimated an unlevered cost of capital for the firm of 10%. However, the new business will be 22% debt financed, and you anticipate its debt cost of capital will be 6%. If its marginal corporate tax rate is 31% and effective tax rate is 20%.
Required:
What is your estimate of its WACC?
Answer: 9.32%
Explanation:
The cost of levered capital is needed to calculate WACC.
Cost of levered capital = Cost of unlevered capital + (Cost of unlevered capital - cost of debt)(1 - tax) * Debt to equity ratio
Debt-equity ratio
= 22% / (100% - 22%)
= 28.205%
Cost of levered capital = 10% + (10% - 6%) * (1 - 31%) * 28.205%
= 10.78%
WACC = (Weight of debt * after tax cost of debt) + (Weight of capital * cost of capital)
= (22% * 6% *(1 - 31%)) + (78% * 10.78%)
= 9.32%
On July 23 of the current year, Dakota Mining Co. pays $7,568,400 for land estimated to contain 8,904,000 tons of recoverable ore. It installs and pays for machinery costing $1,246,560 on July 25. The company removes and sells 456,750 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. (e) If the machine will be used at another site when extraction is complete, how would we depreciate this machine
Answer: Using its own useful life.
Explanation:
If the machine will not be abandoned after the mine is depleted and will instead be used in another site, this means that the machine is still useful.
It would therefore be better to use the useful life of that machine instead of tying it to that of the mine. This would ensure that it is depreciated over a time period that accurately takes into account, its usefulness.
Vaughn Manufacturing, has 14900 shares of 4%, $100 par value, cumulative preferred stock and 60000 shares of $1 par value common stock outstanding at December 31, 2021. There were no dividends declared in 2019. The board of directors declares and pays a $102000 dividend in 2020 and in 2021. What is the amount of dividends received by the common stockholders in 2021
Answer:
$25,200
Explanation:
The computation of the dividend received by the common stockholder for the year 2021 is shown below:
The Annual preferred dividend is
= 14,900 × $100 × 4%
= $59,600
Dividend due to preferred dividend in 2020
= Arrears of 2019 + Dividend of 2020
= $59,600 + $59,600
= $119,200
But the Dividend Paid in 2020 is $102,000
Arrears of dividend at the end of 2020 (Preferred) is
= $119,200 - $102,000
= $17,200
Now,
Dividend paid to preferred in 2021 = 2021 dividend + Arrears
= $59,600 + $17,200
= $76,800
Now Dividend paid to Common stockholders in 2021 is
= Total dividend - Dividend paid to preferred in 2021
= $102,000 - $76,800
= $25,200
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $243,600 and 8,600 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $244,600 and actual direct labor-hours were 5,900.The applied manufacturing overhead for the year was closest to:
Answer:
The applied manufacturing overhead for the year was closest to $167,147
Explanation:
Overheads rate = $243,600/ 8,600 = $28.33
Applied manufacturing overhead = $28.33 x 5,900
The applied manufacturing overhead for the year was closest to $167,147
Which of these is not a main advantage for a business joining a cooperative?
Lower costs for purchasing supplies
Pooling products for better selling prices
Sharing costs for needed services
Having a larger vote than smaller companies
When businesses performs a merger with a cooperative, they have the advantages of incurring lower costs, which are pooled by both the organizations; and also share the costs being incurred.
What is a merger?Merger is a process of unification of functions and fundamentals of two different business organizations. This merger is done to gain advantages and curb the demerits of each other.
The voting rights of the merged entities are also clubbed, which is more in comparison to the other smaller companies. This is not advantageous in its true sense for the merged entity.
Hence, option D is not an advantage for merger between a business joining a cooperative.
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Answer:
D) Having a larger vote than smaller companies
Explanation:
Entertainer's Aid plans five annual colossal concerts, each in a different nation's capital. The concerts will raise funds for an endowment which would provide the World Wide Hunger Fund with $3,000,000 per year into perpetuity. The endowment will be given at the end of the fifth year. The rate of interest is expected to be 9 percent in all future periods. How much must Entertainer's Aid deposit each year to accumulate to the required amount
Answer: $5,569,758.43
Explanation:
First you need to find the present value of the Perpetuity at the end of the fifth year.
Present value of Perpetuity = Amount / Interest rate
= 3,000,000 / 9%
= $33,333,333.33
Given an interest rate of 9%, Entertainer's aid should deposit an amount per year that would lead to the endowment having $33,333,333.33 at the end of the fifth year.
Future value of annuity = Annuity * Future value of annuity interest factor, 9%, 5 years
33,333,333.33 = Annuity * 5.9847
Annuity = 33,333,333.33 / 5.9847
= $5,569,758.43
The creation of a single market through regional economic integration offers significant opportunities because markets that were formerly protected from foreign competition are increasingly open.
a. True
b. False
Answer:
true
Explanation:
Parker, Inc. has a cash balance of $20,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:
April May June
Cash collections 25000 24000 24000
Cash payments:
Purchases of direct materials 4000 5300 6200
Operating expenses 5300 6000 5300
There are no budgeted capital expenditures during the quarter. Based on the above data, calculate the projected cash balance at the end of April.
a. $41,000
b. $35,000
c. $45,000
d. $25,000
Answer:
$35,700
Explanation:
Projected cash balance at the end of April = Cash Balance at the beginning of the month + Total cash collection in the month - Total cash payments during the month
Projected cash balance at the end of April = $20,000 + $25,000 - ($4,000 + $5,300)
Projected cash balance at the end of April = $35,700.
Flint Inc. issued $3,790,000 of 10%, 10-year convertible bonds on June 1, 2020, at 99 plus accrued interest. The bonds were dated April 1, 2020, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2021, $1,421,250 of these bonds were converted into 34,000 shares of $18 par value common stock. Accrued interest was paid in cash at the time of conversion. (a) Prepare the entry to record the interest expense at October 1, 2020. Assume that accrued interest payable was credited when the bonds were issued. (b) Prepare the entry to record the conversion on April 1, 2021. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
Answer:
A. Dr Interest Payable $63,167
Dr Interest expense $127,617
Cr Discount on Bonds payable $1,284
Cr Cash $189,500
B. Dr Bonds payable $1,421,250
Cr Discount on Bonds payable $13,008
Cr Common Stock $612,000
Cr Paid-in capital in excess of par- Common Stock $796,242
Explanation:
(a) Preparation of the entry to record the interest expense at October 1, 2020. Assume that accrued interest payable was credited when the bonds were issued.
Dr Interest Payable $63,167
[($3,790,000*.10)/2*(2/6)]
Dr Interest expense $127,617
[($3,790,000*.10)/2*(4/6) + $1,284]
Cr Discount on Bonds payable $1,284
($321*4)
Cr Cash $189,500
[ ( $3,790,000*.10)/2]
(To record interest expense at October 1, 2020.)
Calculation for the discount per month
First step is to calculate the remaining months
Months remaining= (10 years *12-2)
Months remaining=118 months
Second step is to calculate the Total discount
Total Discount= $3,790,000-($3,790,000*.99)
Total discount=$3,790,000-$3,752,100
Total discount=$37,900
Now let calculate the discount per month
Discount per month=($37,900/118)
Discount per month=$321
(b) Preparation of the entry to record the conversion on April 1, 2021
Dr Bonds payable $1,421,250
Cr Discount on Bonds payable $13,008
Cr Common Stock $612,000
(34,000*$18)
Cr Paid-in capital in excess of par- Common Stock $796,242
[$1,421,250-($13,008+$612,000)]
(To record conversion of bond into 34,000 shares.)
Calculation for Unamortized bond discount
Discount of the bonds $14,213
($37,900*(3/8))
Less Discount amortized ($1,205)
[($37,900/118)*10 years*(3/8)]
Unamortized bond discount $13,008
($14,213-$1,205)
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make
Answer: See explanation
Explanation:
First, we need to calculate the service charge expense which will be:
= 3% × $200
= 0.03 × $200.
= $6
Therefore, the entry that Tastee should make will be:
Debit: Cash $194
Debit: Service charge expense $6
Credit: Sales revenue $200
The trial balance for Pioneer Advertising Inc. is shown below.
PIONEER ADVERTISING INC.
Trial Balance
October 31, 2017
Debit Credit
Cash $14,000
Supplies 2,300
Prepaid Insurance 700
Equipment 4,500
Notes Payable $4,600
Accounts Payable 2,100
Unearned Service Revenue 1,200
Common Stock 7,200
Retained Earnings –0–
Dividends 500
Service Revenue 11,600
Salaries and
Wages Expense 3,900
Rent Expense 800
$26,700 $26,700
Assume the following adjustment data.
1. Supplies on hand at October 31 total $700.
2. Expired insurance for the month is $300.
3. Depreciation for the month is $80.
4. Services related to unearned service revenue in October worth $600 were performed.
5. Services performed but not recorded at October 31 are $300.
6. Interest accrued at October 31 is $90.
7. Accrued salaries at October 31 are $1,200.
Prepare the adjusting entries for the items above assuming financial statements are computed each month. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. Date Account Titles and Explanation Debit Credit
1. Oct. 31
2. Oct. 31
3. Oct. 3
4. Oct. 31
5. Oct. 31
6. Oct. 31
7. Oct. 31
Answer:
Adjusting Entries
October 31, 2017
Supplies expense Dr $1600 ($2300-$700)
Supplies Cr $1600
October 31, 2017
Insurance expense Dr $300
Prepaid insurance Cr $300
October 31, 2017
Depreciation expense Dr $80
Accumulated depreciation Cr $80
October 31, 2017
Unearned Service Revenue Dr $600
Service Revenue Cr $600
October 31, 2017
Accounts Receivable Dr $300
Service Revenue Cr $300
October 31, 2017
Interest Expense Dr $90
Interest payable Cr $90
October 31, 2017
Salaries and Wages Expense Dr $1200
Salaries and Wages Payable Cr $1200
Scenario 1 Your deliveries to retail stores have not been on time lately, and neither have the departures of loaded trucks from your distribution centers. Load times are well within standards, but the trucks are just not getting on the road on time. Additionally, while you have plenty of space in the warehouse, much of the inventory has been sitting there for much longer than you anticipated and seems to be gathering dust on the shelves. Your vehicle fleet is reaching the end of its economic life span , and routine preventive maintenance is just barely staying ahead of repairs.
a. What do you believe are the root causes for late deliveries? How would you adjust operations to improve this?
b. How does the inventory situation in the warehouse contribute to the issue of late deliveries?
Answer:
Answer is explained in the explanation section below.
Explanation:
1. What are the root causes of late deliveries, according to you?
To begin, we must assess the current distribution network. The route of delivery (roadway), truck driver skills, poor fleet performance/condition, high unloading time at retailer stores, high truck turnover around time, and a variety of other factors are all factors that contribute to late deliveries.
2. How can you change operations to make things better?
Such options for improving the situation include:
Increasing the network's versatility by incorporating a new fleet of trucks of various sizes.
If there are several fulfilment centers, centralizing inventory (aggregation benefits) or locating new ones closer to the retailer's location are both options.
Improved forecasting approaches so that plans can be planned ahead of time
Examining the most efficient or shortest route or path between the warehouse and the retail stores.
3. What role does the warehouse inventory situation play in the issue of late deliveries?
Taking appropriate pre-cautionary steps at the warehouse level is one of the suggested ways to resolve the concerns about late deliveries.
According to the criteria, use LIFO (Last In, First Out) or FIFO (First In, First Out) inventory mechanisms.
Managing inventory at the retailer's shop by requesting additional shelf space or other storage facilities.
Organizing the products in the warehouse by product variety or in a desired series that is convenient to pick up would reduce truck waiting times.
Reviewing inventory levels and replenishing needed inventory on a regular basis to avoid stock outs and ensure safety stock availability.
So far, Scott and Linda have accumulated $15,000 in their college savings account (at t = 0). Their long-run financial plan is to add an additional $5,000 in each of the next 4 years (at t = 1, 2, 3, and 4). Then they plan to make 3 equal annual contributions in each of the following years, t = 5, 6, and 7. They expect their investment account to earn 9%. How large must the annual payments at t = 5, 6, and 7 be to cover Casie's anticipated college costs?
Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold merchandise on account to Beijing Palace Co., $18,900. The cost of the merchandise sold was $11,200. Aug. 30. Received $8,000 from Beijing Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Beijing Palace Co. that had been written off on August 30 and received $10,900 cash in full payment.
Answer:
May 1
Dr Account receivable-Beijing Palace Co., $18,900
Cr Sales $18,900
May 1
Dr Cost of goods sold $11,200
Cr Merchandise inventory $11,200
Aug. 30
Dr Cash $8,000
Dr Allowance for doubtful account $10,900
Cr Account receivable-Beijing Palace Co.$18,900
Dec. 8
Dr Account receivable-Beijing Palace co.$10,900
Cr Allowance for doubtful account $10,900
Dec. 8
Dr Cash $10,900
Cr Account receivable-Beijing Palace Co. $10,900
Explanation:
Preparation of the Journal entries in the accounts of Sedona Interiors Company
May 1
Dr Account receivable-Beijing Palace Co., $18,900
Cr Sales $18,900
May 1
Dr Cost of goods sold $11,200
Cr Merchandise inventory $11,200
Aug. 30
Dr Cash $8,000
Dr Allowance for doubtful account $10,900
($18,900-$8,000)
Cr Account receivable-Beijing Palace Co.$18,900
Dec. 8
Dr Account receivable-Beijing Palace co.$10,900
Cr Allowance for doubtful account $10,900
Dec. 8
Dr Cash $10,900
Cr Account receivable-Beijing Palace Co. $10,900
Transfer Payments $54
Interest $150
Depreciation $36
Wages $67
Gross Private Investment $124
Business Profits $200
Indirect Business Taxes $74
Net foreign factor income $0
Net Exports $18
Government Purchases $156
Personal Consumption $304
Using the information above, GDP and National Income, in that order are:_______
Answer:
GDP = $602National Income = $492Explanation:
Gross Domestic Product is the final value of the goods and services produced in a country in a given year.
It is calculated as:
= Consumption + Investment + Government spending + Net Exports
= 304 + 124 + 156 + 18
= $602
National Income = GDP - Depreciation - Indirect business taxes
= 602 - 36 - 74
= $492
Ida Sidha Karya Company is a family-owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $860. Selected data for the company’s operations last year follow:
Units in beginning inventory 0
Units produced 320
Units sold 285
Units in ending inventory 35
Variable costs per unit:
Direct materials $135
Direct labor $355
Variable manufacturing overhead $30
Variable selling and administrative $15
Fixed costs:
Fixed manufacturing overhead $64,000
Fixed selling and administrative $27,000
The absorption costing income statement prepared by the company’s accountant for last year appears below:
Sales $245,100
Cost of goods sold 205,200
Gross margin 39,900
Selling and administrative expense 31,275
Net operating income $8,625
Required:
a. Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to the next period.
b. Prepare an income statement for the year using variable costing.
Answer:
Part a
$7,000
Part b
Ida Sidha Karya Company
Income statement for the year using variable costing
Sales ($860 x 285) $245,100
Less Cost of Sales
Opening Inventory $0
Add Cost of Goods Manufactured ($520 x 320) $166,400
Less Ending Inventory ($520 x 35) ($18,200) ($148,200)
Contribution $96,900
Less Expenses
Fixed manufacturing overhead $64,000
Variable selling and administrative ($15 x 285) $4,275
Fixed selling and administrative $27,000 ($95,275)
Net Income (Loss) $1,625
Explanation:
Part a
Only manufacturing costs are included in inventory valuation.
Fixed Costs in Inventory = $64,000 / 320 x 35 = $7,000
Part b
Product Cost using variable costing method include only variable manufacturing costs.
Fixed manufacturing costs and non - manufacturing costs are treated as Period costs expensed in the Income Statement.
Product Cost
Direct materials $135
Direct labor $355
Variable manufacturing overhead $30
Total $520
Match each statement with the appropriate phrase that is defined or indicated.
1. Net income minus preferred dividends divided by the weighted average of shares outstanding.
2. All changes in equity during a period except those resulting from investments by owners and distributions to owners.
3. A correction of an error is reported as a
4. The portion of equity interest in a subsidiary not attributable to the parent company.
5. The income statement category for a disposal of a component of a business.
6. Relating tax expense to specific items on the income statement.
7. Obligations expected to be liquidated
8. Statement showing financial condition at a
9. Events that depend upon future outcomes.
10. Probable future sacrifices of economic benefits
11. Resources expected to be converted to
12. Resources of a durable nature used in
13. Economic rights or competitive advantages
14. Probable future economic benefits.
15. Residual interest in the net assets of an entity
1. Earnings per share
2. Other Comprehensive Income
3. Prior Period Adjustment
4. Non-Controlling Interest
5. Discounted Operations
6. ________________________________
7. through use of current assets.
8. point in time.
9.____________________________________
10.___________________________________
11. cash in one year or the operating cycle, whichever is longer.
12. operations.
13. which lack physical substance.
14.____________________________________
15._______________________________
Answer:
1. Net income minus preferred dividends divided by the weighted average of shares outstanding
Correct terms: Earnings per share
2. All changes in equity during a period except those resulting from investments by owners and distributions to owners.
Correct terms: Other Comprehensive Income
3. A correction of an error is reported as a
Correct terms: Prior Period Adjustment
4. The portion of equity interest in a subsidiary not attributable to the parent company.
Correct terms: Non-Controlling Interest
5. The income statement category for a disposal of a component of a business.
Correct terms: Discounted Operations
6. Relating tax expense to specific items on the income statement.
Correct terms: Intraperiod tax allocation
7. Obligations expected to be liquidated
Correct terms: Current liabilities
8. Statement showing financial condition at a
Correct terms: Balance sheet
9. Events that depend upon future outcomes.
Correct terms: Contingencies
10. Probable future sacrifices of economic benefits
Correct terms: Liabilities
11. Resources expected to be converted to
Correct terms: Current assets
12. Resources of a durable nature used in
Correct terms: Property, plant, and equipment
13. Economic rights or competitive advantages
Correct terms: Intangible assets
14. Probable future economic benefits.
Correct terms: Assets
15. Residual interest in the net assets of an entity
Correct terms: Equity
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Explanation:
Wearing a headset or earplugs while driving is legal
A. As long as you keep the volume down
B. For any person operating an authorized emergency vehicle
C. Even if you keep both ears covered
D. Only if your radio is broken