Based on the fact that the company wants to empower its employees by hiring a lot of highly skilled employees so that each employee leads each other, this type of leadership is known as a shared leadership
As a result of this, we can see that there is a shared leadership where there is no formal hierarchy or organizational chart because each person leads each other as the occasion arises and they are not assigned a specific position.
Therefore, the correct answer is option C
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Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York cut.
If the T-bone steaks are sold as initially cut, the company figures that a 1-pound T-bone steak would yield the following profit:
Selling price ($2.40 per pound) $ 2.40
Less joint costs incurred up to the split-off point where
T-bone steak can be identified as a separate product 1.60
Profit per pound $ 0.80
If the company were to further process the T-bone steaks, then cutting one side of a T-bone steak provides the filet mignon and cutting the other side provides the New York cut. One 16-ounce T-bone steak cut in this way will yield one 6-ounce filet mignon and one 8-ounce New York cut; the remaining ounces are waste. It costs $0.19 to further process one T-bone steak into the filet mignon and New York cuts. The filet mignon can be sold for $3.60 per pound, and the New York cut can be sold for $3.30 per pound.
Required:
1. What is the financial advantage (disadvantage) of further processing one T-bone steak into filet mignon and New York cut steaks?
2. Would you recommend that the T-bone steaks be sold as initially cut or processed further?
1. The Lone Star Meat Packers' financial advantage of further processing one T-bone steak into Filet Mignon and New York cut steaks is $0.41 per pound.
Data and Calculations:
Selling price per pound of T-bone steaks = $2.40
Split-off costs = $1.60
Profit per pound =$0.80 ($2.40 - $1.60)
6-ounce filet mignon = 0.375 pounds (6/16)
8-ounce New York cut = 0.5 pounds (8/16)
Further processing costs = $0.19
New sales prices after further processing:
Filet Mignon = $1.35 ($3.60 x 0.375)
New York cuts = $1.65 ($3.30 x 0.5)
Total price per pound = $3.00
Total cost after further processing = $1.79 ($1.60 + $0.19)
Profit per pound after further processing = $1.21 ($3.00 - $1.79)
Financial advantage from further processing = $0.41 ($1.21 - $0.80)
Thus, the financial advantage of further processing one T-bone steak into Filet Mignon and New York cut steaks is $0.41 per pound.
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A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was the balance in Thurman's Capital account at the end of the second year
From the information given, the balance that will be in the capital account of Thurman at the end of the second year will be $132860.
The partners account at the end of the second year for Thurman will be calculated thus:
Beginning capital = $126100Add: Net income = $19760Less: Drawings = $13000Ending capital = $132860Therefore, the balance in the account will be $132860.
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Can anybody help explain how to address issues that hamper individuals performance.
Answer:
Not every employee performance review that comes in will be positive. Targets will be missed, employees will underperform and as a people manager, you’ll need to find a way to either improve the situation or part ways with the employee.
When it comes to the challenging task of addressing employee performance issues, the key is to focus on potential solutions, rather than problems. Here’s how.
It’s difficult to talk about poor performance with employees, but avoiding the problem will only prolong the tough discussion. Be specific and state the problem clearly so that your employee understands what’s going on. Encouraging words are okay to share, but the employee needs to walk away knowing what the problem was and how to improve.
When it comes to improving employee performance, it is worthwhile to customize your approach. You may have to deal with each employee differently to get the same results. Know what motivates your employees, when to step in softly, and when to simply be direct.
Sometimes employees are fully aware of their performance issues but are unable to improve the situation on their own. It’s important to listen to an employee’s concerns during the performance review.
Covan, Inc. is expected to have the following free cashflow:
Year 1 2 3 4
FCF 13 15 16 17 Grow by 4% per year
a. Covan has 66 million shares outstanding, 33 million in excess cash, and it has no debt. If its cost of capital is 13%, what should be its stock price?
b. Covan reinvests all its FCF and has no plans to add debt or change its cash holdings (it does not invest its cash holdings). If you plan to sell Covan at the beginning of year 2, what is its expected price?
c. Assume you bought Covan stock at the beginning of year 1. What is your expected return from holding Covan stock until year2?
Answer:
a
Explanation:
you add
At the end of the first pay period of the year, Sofia earned $6,000 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $540 of federal income taxes, $200 of medical insurance deductions, and $50 of life insurance deductions. Compute Sofia’s net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.)
A withholding tax is the amount remitted on the employees behalf by the employer.
When the salary or payroll is computed then that amount is deducted from the earned salary which gives the net salary.
Sofia’s net pay $ 4751
Sofia earned salary of $6,000
Less
FICA Social Security taxes =6.2% ×$6,000= $372
FICA Medicare taxes= 1.45% ×$6,000 = $87 ,
Federal income taxes, $540
Medical insurance deductions $200,
Life insurance deductions $50
Total Deductions: $1075
Sofia’s net pay $ 4751
The FICA , Social Security ,Federal or other taxes are deducted by the government which benefit the citizen in older age or any other difficult circumstances.
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what ideas do you feel the organization should have the opportunity to mandate without union involvement?
Answer:
any ideas that would improve things for the employees. if the ideas result in the deterioration of employees' well-being, safety or anything regarding the employees, the the union would get involved. the union exists for this reason.
Henderson Company has fixed costs of $35,000 and a contribution margin ratio of 25%. If expected sales are $200,000, what is the margin of safety as a percent of sales
Answer:
30%
Explanation:
executive Summary in cooperatives
Answer:
In recent years there has been growing interest in having fisheries stakeholders involved in various aspects of fisheries data collection and experimentation. This activity is generally known as cooperative research and may take many forms, including gear technology studies, bycatch avoidance studies, and surveys. While the process is not new, the current interest in cooperative research and the growing frequency of direct budgetary allocation for cooperative research prompted this report. Cooperative Research in the National Marine Fisheries Service addresses issues essential for the effective design and implementation of cooperative and collaborative research programs.
SUPPORT NUMBER -1-833.983-2639 | HELP ☎
Explanation:
what help??
what help ??
Discussion Questions
15-1. This chapter discusses four important issues
that will shape compensation professionals?
work for years to come. Which one of these
issues stands to create the greatest uncertainty
for compensation professionals? Explain
your answer.
The question is about the Compensation of professionals and its issues.
The most important issue out of the four discussed is the workforce diversity, this creates a great uncertainty in compensating the professionals.
Diversity in professionals create an environment where a group of people are working more and hard while the other group of people does not work much hours but still the compensation is on a similar level and sometimes when this compensation is varied with the group it is highly regarded as the inequality.
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The first step in pursuing your financial goals is_______. PLEASE HELP
Answer:
The first step towards realizing your financial goals is creating a realistic budget. A budget is simply a spending plan that is based on your expenses and income. A written plan helps you stay on track, day to day and month to month, for meeting your financial goals. For most students, debt is a part of life.
Explanation:
Hope this helps!
The first step towards realizing our financial goals is creating a realistic budget and evaluating our current financial situation.
What is a budget?Simply put, a budget is a spending plan based on our income and outgoings. A written plan keeps you on track to meet your financial goals on a daily and monthly basis. It is a financial plan that details expected expenses and income for a specific time period.
To assist us in achieving our financial objectives, develop a financial plan. Taking inventory of what we have and considering what we need is a good place to start. Keep track of our income and expenses. We may move forward with confidence when we know how much money we can dedicate to certain objectives each month.
Therefore, a realistic budget is the first stage of the financial planning process and it can change our financial situation.
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Suppose you use your entrepreneurial spirit and economics training to start your own business. In your first year of work, you are able to earn $58,000 in gross income. What is the total amount of social insurance taxes you owe the federal government
The total amount of social insurance taxes you owe the federal government is $3,596.
The social insurance taxes will be tax rate (6.2%) of gross income amount of $58,000 which is calculated using this formula
Social insurance taxes=Social security tax rate× Gross income
Where:
Social security tax rate=6.2%
Gross income=$58,000
Let plug in the formula
Social insurance tax=6.2%×$58,000
Social insurance tax=$3,596
Inconclusion the total amount of social insurance taxes you owe the federal government is $3,596.
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In 2018, Joshua gave $12,300 worth of XYZ stock to his son. In 2019, the XYZ shares are worth $28,800. If Joshua had not given his son the stock in 2018 and held onto it instead, how much more would his estate have been worth than if he had made the gift
Answer:
It has given that Joshua gave $15000 worth of XYZ stock to his son during 2018.
Explanation:
A share is a bit of a company or fiscal asset power shareholders are who enjoy shares in a company.
Computation for total quantum of how much more would his estate have been worth than if he had made his gift.
Since we were told that in 2018, Joshua gave the quantum of $12,300 to this son, the XYZ shares are worth the quantum of $28,800. If Joshua had not given his son the stock in 2018 then the ($28,800+$12,300) much more would his estate have been worth than if he had made the gift.
The answer is $12,300
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ournalize the entries to record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected.
Answer:
Paid $436 to the state sales tax department for taxes collected
On January 1, 2022, Austin Company received a 12-month, $100,000 note with a stated rate of 7%. On April 30, 2022, Austin discounted the note at the Houston Bank. The bank's discount rate is 8%. What are the cash proceeds from discounting the note receivable?
Answer:
$101,293
Explanation:
$100,000 face amount + $7,000 interest to maturity ($100,000 x 7%) = maturity value less the discount for the time remaining to maturity of $5,707 ($107,000 x 8% x 8/12) = $101,293
Your grandmother has been putting $3,000 into a savings account on every birthday since your first (that is, when you turned 1). The account pays an interest rate of 4%. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday
Answer:
I believe the answer is 6,480,000.
a. According to the Coase theorem, private parties can negotiate to an efficient solution in the presence of externalities if the _______________ relatively low.
b. Suppose Jeremy, Francis, and Andrew are part of Mu Epsilon Nu, a college fraternity known for its very loud, rambunctious weekend parties. The parties annoy many of the residents in nearby apartment complexes due to the loud music and blaring neon lights. This is an example of :
According to the Coase theorem, private parties can negotiate an efficient solution in the presence of externalities if the transaction costs are relatively low.
When Jeremy, Francis, and Andrew are part of Mu Epsilon Nu, a college fraternity known for its very loud, rambunctious weekend parties and the parties annoy many of the residents in nearby apartment complexes due to the loud music and blaring neon lights, it illustrates an example of an external cost.
An external cost simply means the cost that is incurred by an individual or firm as a result of the economic transactions of another entity.
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g At the beginning of the year, Calvin paid $5,000 for 60 shares of Eddington stock. In June, he received a $300 cash distribution with respect to the stock. His Form 1099-DIV reported that $170 was an ordinary dividend and $130 was a nontaxable return of capital. Compute Calvin's tax basis in his 60 shares at year-end.
Based on the information given Calvin's tax basis in his 60 shares at year-end is $4,870.
Using this formula
Tax basis=Beginning cash-Nontaxable return of capital
Where:
Beginning cash=$5,000
Nontaxable return of capital=$130
Let plug in the formula
Tax basis=$5,000-$130
Tax basis=$4,870
Inconclusion Calvin's tax basis in his 60 shares at year-end is $4,870.
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Please answer the questions in the image. This is so frustrating....
In the Management in Action case, WeWork CEO Neumann seemed to believe that he had extraordinary abilities to accomplish the impossible and was able to use this belief to influence others. Based on what you know about power and influence, what type of influence tactic was he utilizing
Based on the information given, the type of influence tactic was he utilizing is known as the inspirational appeals.
Inspirational appeal is a tactic that is used in stimulating the values and ideals of a group of people. Inspirational appeal is simply used to evoke emotions and arouse the enthusiasm of the people.
Since CEO Neumann seemed to believe that he had extraordinary abilities to accomplish the impossible, he is trying to inspire others and evoke their emotions, therefore, he's using inspirational appeals.
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Knowledge Check 01 Transactions that result in significant investing and financing activities but that do not involve cash are reported either directly after the statement of cash flows or in a note to the financial statements. Group startsTrue or False
It is TRUE that the significant non-cash investing and financing activities transactions, which cannot be reported in the statement of cash flows, are reported after the statement or in a separate note to the financial statements.
Some of the significant non-cash investing and financing activities include the issuance of stock for long-term assets or debt retirement and purchasing long-term assets with long-term notes payable.
Thus, these significant non-cash investing and financing activities cannot be reported in the statement of cash flows but require separate disclosure.
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Which of these masking techniques is used for masking a flush-mounted part?
O Reverse masking
O Back masking
O Reverse taping
O Fine line masking
A lot of painter use different type of masking techniques. The type of masking techniques that is used for masking a flush-mounted part is Fine line masking.
Fine Line tapes are known too have thin, smooth backings that are made to create low-profile paint edges.
A painter can also have a sharp paint lines by using fine line tapes with smooth backings coated with some adhesives to stop paint edge bleed.
Scotch Fine Line 218, a type of fine line masking tape is made for straight line application, and it can be found in nine narrow widths for a number of paint striping options.
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Management at Work
You work as a salesperson for Spectrum Color, a chemical manufacturer, which keeps you very busy. Your customers are photographers who use Spectrum’s products to create professional images for publication. They are usually a friendly clientele. Today, however, customer Jesse Adamson is upset when he calls to inquire about his order. Jesse says he will miss his deadline if he doesn’t receive his order right away. He threatens to stop using Spectrum Color if the company does not meet his demand and fill his order immediately.
1. What is the most important message this customer is trying to convey?
a. He is an important photographer.
b. He is having financial problems.
c. He urgently needs his chemical order.
2. What can you do to listen more effectively to this customer?
a. Transfer the call to your supervisor, so the caller calms down.
b. Ask gentle, probing questions.
c. Defend the company’s reputation.
Answer:
1) c
2) b
Explanation:
Answer:
c. He urgently needs his chemical order.
Jesse is upset about one thing: his missing chemical order. Because the order is late, he may miss his deadline, which could hurt his reputation and earnings. His primary message is that he needs his chemical order right away.
b. Ask gentle, probing questions.
Customers want you to demonstrate that you genuinely care about them and the service you are providing. By asking gentle, probing questions of customers, you demonstrate concern and ensure a clear understanding of the situation, so you are better prepared to offer a solution.
Defending the company’s reputation or passing the call on to your supervisor would not help address the customer’s concerns. If you are unable to help solve the customer’s problem, you might transfer the call to your supervisor at the customer’s request.
Meg O’Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $1,860. Because the equipment is out of production and no longer available, the property is currently worth $5,250. Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment?
Answer:
1,700
Explanation:
"O’Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used ...". O’Brien has to take into consideration the factors that affect depreciation as well as the continuous rise situation of the equipment.
What is depreciation?Generally, depreciation is simply defined as owing to wear and tear, an asset's value decreases over time.
In conclusion, her depreciable basis for depreciating the equipment will be the ratio of diminishing depreciation against the price increase.
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36. Helmer’s Rockers manufactures two models, Standard and Premium. Weekly demand is estimated to be 100 units of the Standard Model and 70 units of the Premium Model. The following per unit data apply: Standard Premium Contribution margin per unit $18 $20 Number of machine-hours required 3 4 If there are 496 machine-hours available per week, how many rockers of each model should Jim Helmer produce to maximize profits?
Helmer's Rockers can maximize the company's profits to meet the 100 units of the Standard model's weekly demand, and use the remaining 196 hours to produce 49 units of the Premium model.
Data and Calculations:
Standard Premium
Estimated weekly demand 100 units 70 units
Contribution margin per unit $18 $20
Machine-hours required 3 4
Total machine-hours required 300 hrs 280 hrs
Contribution per machine hour $6 ($18/3) $5 ($20/4)
Total Machine-hours available = 496
To maximize profit, produce 100 units 49 units
Machine-hours used 300 hrs 196 hrs
Thus, Helmer's Rockers can maximize the profits by producing all the 100 units of the Standard model weekly demand, using the remaining 196 hours (496 - 300) to produce 49 units of the Premium model.
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When you are saving money you are: A:gathering B:cutting back C:discounting D:accumulating
Answer:
accumulating?
Explanation:
You are replacing a team’s leader and have noticed a number of team norms. If you are wondering how certain behaviors got established as acceptable, you should inquire about:
CHECK ALL THAT APPLY
- What behaviors research has shown are most productive for teams
- Patterns of behavior that were laid down during the forming stage, when the team was just starting out
- Explicit statements that influential people have made about what behaviors are good and bad
- Critical events in the team’s history that reinforced certain behaviors
Answer:
✘ What behaviors research has shown are most productive for teams
✔ Patterns of behavior that were laid down during the forming stage, when the team was just starting out
✔ Explicit statements that influential people have made about what behaviors are good and bad
✔ Critical events in the team’s history that reinforced certain behaviors
You should inquire about Patterns of behavior that were laid down during the forming stage, when the team was just starting out, Explicit statements that influential people have made about what behaviors are good and bad, and Critical events in the team’s history that reinforced certain behaviors. Thus, option B, C and D are correct.
What are patterns of behavior?Chains of behavior is another name for behavior patterns, emphasizing its structure as a complex connection of simpler behavioral segments. They could be created through operant conditioning using different segments presented in the right sequence. referred to as a behavioral pattern.
Some actions can be picked up through experience. Any person can be conditioned to act a certain way, regardless of background. This can start as early as infancy. For instance, if you were raised in a home where someone struggles with anxiety, you may have picked up on coping mechanisms or ways of handling situations that are similar. This may thus create the appearance that you suffer from anxiety yourself, but this is not the case.
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On Apr. 1, you, the business owner donated the following assets to Eat Your Life Away: cash,
$20,000; accounts receivable, $14,700; food supplies, $3,300; and Kitchen Utensils, $12,000.
There were no liabilities received. On the same day, you paid three months’ rent on a lease rental
contract, $6,000. The following day, you paid the premiums on property and casualty insurance
policies, $4,200.
On April 4, you received $9,400 cash from BTL who had contracted you to supply food for its
50 employees for the month of April. As a result of this BTL contract, you purchased on the
following day additional restaurant office equipment on account from Angelus Press for $8,000.
On April 6, you received $11,700 cash from customers who were owing you from Stann Creek
on account. Because of the competition in the City amongst restaurant owners, on April 10, you
paid Amandala Newspapers $350 cash for a newspaper advertisement to announce your presence
in the city. On April 12, having received the money from your debtors in Stann Creek, you
decided to pay Angelus Press $6,400 for part of the debt incurred on April 5. On the same day,
you provided food worth $21,900 to a major political party having a convention on account for
the period April 1–12. Because of the bi-monthly payment agreement with your cook, you paid
her salary for two weeks of $1,650.
On April 17, you received cash from cash customers for foods sold during the period April 1–16,
$6,600 and you paid cash for food supplies, $725 the following day. Having established that the
political party is trustworthy, you provided additional foods on account for another rally held at
the Bliss Center for the period April 13–20, $16,800.
On April 24, you received cash from cash customers for food sold for the period April 17–24,
$4,450. On April 26, you received cash from the political party who bought food on account,
$26,500. Being another two-weeks period, you paid your cook’s two weeks’ salary of $1,650 on
April 27. You paid your telephone bill of $540 for the month of April on April 29 and BEL bill
of $760 the following day.
On the last day of the month, you received cash of $5,160 from cash customers for food sold for
the period April 25–30, supplied food on account to BTL & Digicel staff on account for the
remainder of April, $2,590. Because you had to pay for personal expenses, you withdrew
$18,000 for personal use.
Instructions
The Belize Income Tax Department wishes to conduct an audit of small businesses in Belize
and “Eat Your Life Away” was selected as one of the businesses the Tax Department
wishes to audit. Hence, it wants you to provide the following:
1. All the journal entries that you made during the month using a two-column journal and would
like you to use the following charts of accounts:
Cash Capital Accounts Receivable
Drawing Food Supplies Sales Revenue
Prepaid Rent Salary Expense Prepaid Insurance
Food Supplies Expense Kitchen Utensils Rent Expense
Accumulated Depreciation-Kitchen Utensils Depreciation Expense
Accounts Payable Insurance Expense Salaries Payable
Miscellaneous Expense Unearned Revenues
2. Post the journal to a ledger accounts.
3. Prepare an unadjusted trial balance.
Eat Your Life Away will prepare the following journal entries, post them to the ledger, and extract an unadjusted trial balance as follows:
1. Journal Entries:
Apr. 1 Debit Cash $20,000
Debit Accounts receivable $14,700
Debit Food supplies $3,300
Debit Kitchen Utensils $12,000
Credit Capital $50,000
Apr. 2 Debit Prepaid Rent $6,000
Credit Cash $6,000
Apr. 3 Debit Prepaid Insurance $4,200
Credit Cash $4,200
Apr. 4 Debit Cash $9,400
Credit Unearned Revenue $9,400
Apr. 5 Debit Kitchen Utensils $8,000
Credit Accounts Payable $8,000
Apr. 6 Debit Cash $11,700
Credit Accounts receivable $11,700
Apr. 10 Debit Advertising Expense $350
Credit Cash $350
Apr. 12 Debit Accounts Payable $6,400
Credit Cash $6,400
Apr. 12 Debit Accounts Receivable $21,900
Credit Sales Revenue $21,900
Apr. 12 Debit Salary Expense $1,650
Credit Cash $1,650
Apr. 17 Debit Cash $6,600
Credit Sales Revenue $6,600
Apr. 18 Debit Food Supplies $725
Credit Cash $725
Apr. 20 Debit Accounts Receivable $16,800
Credit Sales Revenue $16,800
Apr. 24 Debit Cash $4,450
Credit Sales Revenue $4,450
Apr. 26 Debit Cash $26,500
Credit Accounts Receivable $26,500
Apr. 27 Debit Salary Expense $1,650
Credit Cash $1,650
Apr. 28 Debit Miscellaneous Expense $540
Credit Cash $540
Apr. 29 Debit Miscellaneous Expense $760
Credit Cash $760
Apr. 30 Debit Cash $5,160
Credit Sales Revenue $5,160
Apr. 30 Debit Unearned Revenue $2,590
Credit Sales Revenue $2,590
Apr. 30 Debit Drawings $18,000
Credit Cash $18,000
2. Ledgers Accounts:
Cash
Date Account Titles Debit Credit
Apr. 1 Capital $20,000
Apr. 2 Prepaid Rent $6,000
Apr. 3 Prepaid Insurance $4,200
Apr. 4 Unearned Revenue $9,400
Apr. 6 Accounts receivable $11,700
Apr. 10 Advertising Expense $350
Apr. 12 Accounts Payable $6,400
Apr. 12 Salary Expense $1,650
Apr. 17 Sales Revenue $6,600
Apr. 18 Food Supplies $725
Apr. 24 Sales Revenue $4,450
Apr. 26 Accounts Receiv. $26,500
Apr. 27 Salary Expense $1,650
Apr. 28 Miscellaneous Expense $540
Apr. 29 Miscellaneous Expense $760
Apr. 30 Sales Revenue $5,160
Apr. 30 Drawings $18,000
Apr. 30 Balance $43,535
Totals $83,810 $83,810
Capital
Date Account Titles Debit Credit
Apr. 1 Cash $20,000
Apr. 1 Accounts receivable $14,700
Apr. 1 Food supplies $3,300
Apr. 1 Kitchen Utensils $12,000
Apr. 30 Balance $50,000
Totals $50,000 $50,000
Accounts Payable
Date Account Titles Debit Credit
Apr. 5 Kitchen Utensils $8,000
Apr. 12 Cash $6,400
Apr. 30 Balance $1,600
Totals $8,000 $8,000
Accounts Receivable
Date Account Titles Debit Credit
Apr. 1 Capital $14,700
Apr. 6 Cash $11,700
Apr. 12 Sales Revenue $21,900
Apr. 20 Sales Revenue $16,800
Apr. 26 Cash $26,500
Apr. 30 Balance $15,200
Totals $53,400 $53,400
Drawing
Date Account Titles Debit Credit
Apr. 30 Cash $18,000
Food Supplies
Date Account Titles Debit Credit
Apr. 1 Capital $3,300
Apr. 18 Cash $725
Apr. 30 Balance $4,025
Totals $4,025 $4,025
Sales Revenue
Date Account Titles Debit Credit
Apr. 12 Accounts Receivable $21,900
Apr. 17 Cash $6,600
Apr. 20 Accounts Receivable $16,800
Apr. 24 Cash $4,450
Apr. 30 Cash $5,160
Apr. 30 Unearned Revenue $2,590
Apr. 30 Balance $57,500
Totals $57,500 $57,500
Prepaid Rent
Date Account Titles Debit Credit
Apr. 2 Cash $6,000
Salary Expense
Date Account Titles Debit Credit
Apr. 12 Cash $1,650
Apr. 27 Cash $1,650
Apr. 30 Balance $3,300
Totals $3,300 $3,300
Prepaid Insurance
Date Account Titles Debit Credit
Apr. 3 Cash $4,200
Kitchen Utensils
Date Account Titles Debit Credit
Apr. 1 Capital $12,000
Apr. 5 Accounts Payable $8,000
Apr. 30 Balance $20,000
Totals $20,000 $20,000
Miscellaneous Expense
Date Account Titles Debit Credit
Apr. 10 Cash $350
Apr. 28 Cash $540
Apr. 29 Cash $760
Apr. 30 Balance $1,650
Totals $1,650 $1,650
Unearned Revenues
Date Account Titles Debit Credit
Apr. 4 Cash $9,400
Apr. 30 Sales Revenue $2,590
Apr. 30 Balance $6,810
Totals $9,400 $9,400
3. Eat Your Life Away
Unadjusted Trial Balance
As of April 30,
Date Account Titles Debit Credit
Cash $43,535
Capital $50,000
Accounts Payable 1,600
Accounts Receivable 15,200
Drawings 18,000
Food Supplies 4,025
Sales Revenue $57,500
Prepaid Rent 6,000
Salary Expense 3,300
Prepaid Insurance 4,200
Kitchen Utensils 20,000
Miscellaneous Expense 1,650
Unearned Revenue $6,810
Totals $115,910 $115,910
See the attachment for Data Analysis of Transactions.
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By sending monthly statements to customers, most companies control three assertions related to receivables at historical cost. Which ones are those
Answer:
Receivables can be classified as accounts receivables, notes receivable and other receivables ( loans, settlement amounts due for non- current asset sales, rent receivable, term deposits).
of products found in each category.
Select the most appropriate category for each good or service listed.
1. Appliances
multiple choice 1
convenience
shopping
specialty
unsought
2. Automobile battery jumpstart services
multiple choice 2
convenience
shopping
specialty
unsought
3. Cemetery plots
multiple choice 3
convenience
shopping
specialty
unsought
4. Clothes
multiple choice 4
convenience
shopping
specialty
unsought
5. Expensive wine
multiple choice 5
convenience
shopping
specialty
unsought
6. Gas
multiple choice 6
convenience
shopping
specialty
unsought
7. Jewelry
multiple choice 7
convenience
shopping
specialty
unsought
8. Milk
multiple choice 8
convenience
shopping
specialty
unsought
The question examines categories of items. The following items are placed in the right categories as shown below.
1. Appliances: shopping
2. Automobile battery jumpstart services: specialty
3. Cemetery plots: specialty
4. Clothes: shopping
5. Expensive wine: specialty
6. Gas: shopping
7. Jewelry: specialty
8. Milk: shopping.
What are Speciality goods?
Specialty goods are goods that have very unique traits which the buyers are willing to go the extra mile to plan for and purchase.
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