Answer:
Estimated uncollectible account at end = $602,000 * 0.03
Estimated uncollectible account at end = $18,060
Bad debt expense to be recorded = Estimated uncollectible - Balance in allowance account
Bad debt expense to be recorded = $18,060 - $5,000
Bad debt expense to be recorded = $13,060
Date Journal Entry Debit Credit
Bad Debt Expense $13,060
Allowance for Doubtful Accounts $13,060
If price was $1.40 per gallon and increased to $2.00 per gallon, how does quantity of gasoline demanded change
Answer:
Demand decreases.
Explanation:
The demand decreases because the price increase would cause drivers to travel less, meaning that gasoline sales would go down.
Rudy Company reports gross sales revenue of $5.2 million, net sales revenue of $5 million, and cost of goods sold of $3 million. Rounding to the nearest percent, the company's gross profit ratio would be
Answer:
40 %
Explanation:
Gross Profit ratio = Gross Profit / Net Sales x 100
where,
Gross Profit = Net Sales - Cost of Sales
= $2 million
thus,
Gross Profit ratio = $2 million/ $5 million x 100
= 40 %
The company's gross profit ratio would be 40 %
5. Give an example of 'Post Purchase Behavior being important in the buying
process of an individual buyer.
The correct answer to this open question is the following.
Although there are no options attached we can say the following.
This would be my example of Post Purchase Behavior being important in the buying process of an individual buyer.
When an individual buys a car, the seller usually shows a great attitude to take care of the client, he continually answers questions and facilitates the process. But the deal is done, it seems that the salesman and the company automatically disappear.
Post Purchase Behavior is important in the buying process of an individual buyer because it really shows the interest and the willingness of the company to take care of their clients. Here is when the salesman or the customer care agent follows up and offers the client a series of services or options to make the client feel comfortable and assure him that he did the best purchase.
The customer care agent can frequently call the client or contact him through email, to ask about how he feels with his new car, if he has encountered any problems if the company can be of help, maybe offering the client a "thank you gift" to create a loyalty bond, and more.
A cost that remains fixed over limited ranges of volumes but changes by a lump sum when volume changes occur outside these limited ranges is called a _____ cost. multiple choice fixed variable mixed step-wise curvilinear
Answer:
Variable cost
Explanation:
because sometimes companies set fixed price to other product
Answer:
Stepwise
Explanation:
The correct choice is stepwise cost.
rey Wolf, Inc., has current assets of $2,360, net fixed assets of $11,200, current liabilities of $1,445, and long-term debt of $4,170. a. What is the value of the shareholders’ equity account for this firm? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. How much is the company's net working capital? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Answer:
A. $7,945
B. $915
Explanation:
a. Calculation to determine the value of the shareholders' equity account for this firm
Using this formula
Owners' equity = Total liabilities and owners' equity − Current liabilities − Long-term debt
Let plug in the formula
Owners' equity = $13,560 − 1,445 − 4,170
Owners' equity = $7,945
Therefore the value of the shareholders' equity account for this firm is $7,945
b. Calculation to determine How much is the company's net working capital
Using this formula
Net working capital = Current assets − Current liabilities
Let plug in the formula
Net working capital = $2,360 − 1,445
Net working capital = $915
Therefore the company's net working capital is $915
Companies that operate in a ___________________ environment have the lowest amount of environmental uncertainty as illustrated in the environmental uncertainty matrix.
Answer:
Simple, stable
Explanation:
External environment
This is commonly known and includes factors, forces, outcomes, situations, and events outside an organization that influences or affect its performance.
The components of external environment includes: economic, demographic, technological, sociocultural, political/legal, global etc.
Stable-simple environment
This environment is said to be very stable and also predictable. The Few components are sort of similar and remain the same. And it requires little need for sophisticated knowledge of components.
After managers have implemented a decision, they must determine whether it has accomplished the desired result, this is called ______.
Answer:
monitoring
Explanation:
Monitoring is an essential step in tracking the results of an organizational operation. When a decision is implemented in a company, it must be monitored through a systematic collection of data and information that allow the manager to analyze whether the decision is in accordance with the plan, whether the progress is being effective and whether the results are compatible with the planned, being able to make changes to the project if necessary, eliminate bottlenecks and continuously improve organizational operations, achieving greater quality and effectiveness.
Select the correct answer.
A household detergents company introduces a new product in the market. It hires several salespeople to make door-to-door sales for the first three months. The salespeople have to gather certain information about customers during their sales trips. For one such salesperson, a customer is not willing to share details related to his experience with competitor products. In such a case, what should the salesperson do?
A.
refer the case to another colleague who is expert in extracting details out of such customers
B.
forcibly try to get the details out of the customer
C.
respect the customer’s privacy and not ask any further questions
D.
tempt the customer with discounts on the current product if he shares his details
Answer: C. respect the customer’s privacy and not ask any further questions.
Explanation:
Since the customer is not willing to share details related to his experience with competitor products, the best thing to do in this case is to respect the customer’s privacy and not ask any further questions.
It's good to respect the privacy of people if they are not willing and ready to give out certain information. In this case, it should be noted that forcibly trying to get the details out of the customer isn't ideal.
Likewise, referring the customer to someone more experienced isn't necessary in thus regard since the customer isn't willing to share any information.
Therefore, the correct option is C.
Answer:
C
Explanation:
You should respect the customers privacy because they are not doing anything sketchy. They are just choosing not to share their thoughts.
The ________ line is a financial analysis tool that enables you to see patterns in cash inflows and outflows. A : value B : money C : time D : trend
Suppose that Dr. Reilly owns a medical clinic and he enters into a contract to buy 500 tablets of Gensol from Pharzime. The Gensol that he orders are 200 milligrams each. The Gensol that is delivered however are 100 milligrams each. Decide.
Answer: See explanation
Explanation:
Based on the information given, it can be infered that the goods are nonconforming due to the perfect tender rule.
According to the perfect tender rule, a buyer can reject goods that are deliveres to him or her tender of the goods from the seller isn't perfect. Since the Gensol that he orders are 200 milligrams each while the one delivered are 100 milligrams each, then they aren't perfect.
Therefore, the clinic can reject the shipment, or keep some and reject others if it wants to.
Harold is a sales manager associated with TickTock Watches for the past thirty-five years; he was instrumental in the company's success. As an attempt to dissuade Harold from complete cessation of work, the management of TickTock Watches provided Harold with reduced working hours and offered him the role of a mentor. In this scenario, the arrangement offered to Harold by TickTock Watches is _____. Group of answer choices phased retirement early retirement bridge retirement voluntary retirement
Answer:
phased retirement
Explanation:
From the question, we are informed about Harold who is a sales manager associated with TickTock Watches for the past thirty-five years; he was instrumental in the company's success. As an attempt to dissuade Harold from complete cessation of work, the management of TickTock Watches provided Harold with reduced working hours and offered him the role of a mentor. In this scenario, the arrangement offered to Harold by TickTock Watches is phased retirement. Phased retirement can be regarded as range of employment arrangements that is been put in place, to give room to an employees that are already approaching retirement age so they can continue working in the firm with a reduced workload, so that t the end of the day they can experience a transition from full-time work into what is called full-time retirement. Phased retirement encompass pre-retirement as well as gradual reduction in work hours , it also contains post-retirement as regards pensioners that has wish to remain employed.
Jen's Shampoo decides to decrease the sales price for a bottle of shampoo from $28 to $23. The variable costs decrease from $12 to $8 and the total fixed costs decrease from $30,000 to $18,000. The changes result in the number of units sold declining from 4,375 to 4,300 units. If net income was originally $40,000, how much will net income increase or decrease
Answer:
it increases by 6,500
Explanation:
H2 O'Yeah has designed a water purification device that is drastically different and far superior to any product currently on the market. Although consumer response was positive to the idea of the new product, management wants to find out more before committing to full-scale production. The next step H2 O'Yeah's marketing department is likely to take is to Multiple Choice locate a low-cost production site. seek a joint venture with a larger competitor. test market the product among potential users. develop an advertising campaign to persuade consumers of the value of the new water purifier system.
Answer:
test market the product among potential users.
Explanation:
In the context, it is given that a water purification device manufacturing company, H2 O'Yeah had designed a purification device which is far more better and efficient than any other water purification device currently present in the market.
The customer response about the design of the new purification device was also positive. But before going for mass production of the device, the company, H2 O'Yeah wanted to find out more about the customer 's response and so they are going to test market the device among the potential customers and will take their feedbacks and advices before full scale production.
It is an efficient way for a successful development of a product and knowing about the feedback about the customers.
Therefore the correct answer is "test market the product among potential users."
What might happen if borrowers miss scheduled mortgage payments, fail to pay property taxes, or allow the property to fall into disrepair
Answer:
Authorize the property to deteriorate.
Explanation:
Example - Borrowers may suffer loan default if they fail to pay real estate taxes, allow their property to deteriorate, or miss regular mortgage payments.
Borrowers may suffer loan default if they skip regular mortgage payments, fail to pay real estate taxes, or allow the properties to fall into disrepair.
Suppose you deposit $2,262.00 into an account today. In 11.00 years the account is worth $3,855.00. The account earned ____% per year.
Answer:
4.97 %
Explanation:
Data and Calculation :
PV = - $2,262.00
N = 11.00
FV = $3,855.00
P/YR = 1
PMT = $0
I/YR = ? 4.97 %
THUS,
The account earned 4.97 % per year.
"Cory is a salesperson at Bayray Technologies, a company that manufactures laptops and cameras. During a sales presentation for the company's new camera, he states, "Cameras produced by us have the same resolution as the cameras produced by ClarityO, the world's number one camera manufacturer, but at a cheaper price." In this scenario, Cory is using a(n) _____ to describe the product."
Answer:
comparison
Explanation:
Since cory is a sales person at bayray technologies and at the time of sales presentation he stated that the camera resolution of our company should be similar with the Clarity O company but the price are cheaper so here cory is doing the comparison of cameras between his company and with the other company to capture the market share by telling the advantages of his company product
The main outputs of which process are a quality management plan, quality metrics, project management plan updates, and project documents updates?
Answer:
Process asset updates.
Explanation:
Quality assurance assessments, validated modifications, authenticated deliverables, performance at work indicators, configuration management, project management plan modifications, project document security patches, and organisational process asset updates are the key outputs of quality assurance.
Mae and Joe form a partnership. Mae contributes $3,000 in cash, and Joe contributes his services. Throughout the life of the partnership, Mae also lends the partnership $1,000. Upon dissolution of the partnership, $2,500 is left in the partnership assets after all outside creditors have been paid. Absent a partnership agreement to the contrary, how should the partnership assets be distributed
Answer:
The partnership assets should be distributed $ 1875 for Joe and $ 625 for Mae.
Explanation:
Since Mae and Joe form a partnership, and Mae contributes $ 3,000 in cash, and Joe contributes his services, and throughout the life of the partnership, Mae also lends the partnership $ 1,000, and upon dissolution of the partnership, $ 2,500 is left in the partnership. assets after all outside creditors have been paid, absent a partnership agreement to the contrary, to determine how the partnership assets should be distributed the following calculation must be performed:
Joe = 3000
Mae = 1000
Joe 3: 1 Mae
2500/4 x 3 = Joe = 1875
2500/4 = Mae = 625
Therefore, the partnership assets should be distributed $ 1875 for Joe and $ 625 for Mae.
Pine Company provides for doubtful accounts expense at the rate of 2% of credit sales. The following data are available for 20X4: Allowance for doubtful accounts, 1/1/X4 $18,000 Accounts written off as uncollectible during 20X4 $20,000 Collection of accounts written off in prior years (customer credit was reestablished) $5,000 Credit sales year ended 12/31/X4 $1,500,000 The allowance for doubtful accounts balance at December 31, 20X4, should be
Answer:
the allowance for doubtful account balance is $28,000
Explanation:
The computation of the allowance for doubtful account balance is given below:
Allowance for Doubtful Doubts Balance
= Beg Balance + Bad Debt Expense - Accounts written off
= $18,000 + (2% of $1,500,000) - $20,000
= $18,000 + $30,000 - $20,000
= $28,000
hence, the allowance for doubtful account balance is $28,000
When cost systems were developed in the 1800's, most companies ______. Multiple select question. produced a small number of similar products focused on simplicity assigned overhead based on machine hours believed there was little correlation between labor hours and overhead
Answer:
believed there was little correlation between labor hours and overhead
Explanation:
When cost systems were developed in the 1800's, most companies used a blanket overhead or a plant wide rate to allocate the overheads. They believed there was little correlation between labor hours and overhead.
Greg's team was given the task of updating the company's invoice and billing system. They completed the project ahead of schedule and came in way under budget. As a result, everyone on the team received a bonus. This is an example of a(n) ______ reward.
During 2017, Oriole Company expected Job no. 59 to cost $300000 of overhead, $560000 of materials, and $200000 in labor. Oriole applied overhead based on direct labor cost. Actual production required an overhead cost of $255000, $630000 in materials used, and $280000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead
Answer:
$165,000
Explanation:
The computation of the amount of over- or underapplied overhead is shown below:
The Predetermined overhead rate is
= Predetermined overhead ÷ direct labor cost
= ($300,000 ÷ $200,000)
= 150% of direct labour cost
Now
overhead applied is
= (150% × $280,000)
= $420,000
And,
Actual overhead=$255,000
So,
overhead overapplied is
= $420,000 - $255,000
= $165,000
True or False: Timothy, Jude, and Eric are working in the marketing department of a multinational corporation. They each have similar backgrounds and experience and are thinking about leaving their current company to start their own business. Successful entrepreneurial teams are comprised of these types of people because similarities in knowledge and skill ensure harmony and consistency in their new business.
I guess answer is true may be
Answer:
TRUE
Explanation:
__________ is a cornerstone in the protection of information assets and in the prevention of financial loss.
Answer:
Separation of duties.
Explanation:
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.
One of the essential characteristics of internal control is the principle of establishing responsibility such as assigning responsibility to specific individuals. An internal control is considered to be most effective when an individual is solely responsible for a specific accounting task.
Hence, the principle of establishing responsibility include the following;
I. Only one person or an individual is being responsible for a task.
II. An individual is solely responsible for the authorization of transactions.
III. An individual is solely responsible for the approval of transactions.
Separation of duties is a cornerstone used as an internal control measure for the protection of information assets and in the prevention of financial loss.
According to the separation of duties, an employee such as an accountant who opens a bank statement should not be the same person that is saddled with the responsibility of reconciling cash inflow and outflow.
With the advent of cloud storage and other online storage tools, Micah's company is now able to save all the data it collects from internal sources, external sources, and marketing research studies. The company wasn't able to store all of this with its former database management system. What phenomenon is Micah's company experiencing
Answer:
big data
Explanation:
From the question we are informed about an instance whereby With the advent of cloud storage and other online storage tools, Micah's company is now able to save all the data it collects from internal sources, external sources, and marketing research studies. The company wasn't able to store all of this with its former database management system. In this case, the phenomenon Micah's company is experiencing is big data.
Big data can be regarded as phenomenon involving exponential growth of business data which is attributed to the 21st-century as well as the challenges that is been associated with with it, these could be storage, management as well as holistic collection and analysis of series of data for the owner of the business.
Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1957
Answer: • Recession
• False
• The unemployment rate increased.
Consumer spending declined.
Explanation:
1. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as (Recession)
Recession is the significant decline in the economic activity which lasts for more than a few months, which results in a fall in GDP, employment, real income, and industrial production.
2. Small ups and downs in real GDP follow a consistent, predictable pattern. - False
It should be noted that small ups and downs in real GDP doesn't follow a consistent, predictable pattern
3.Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1957
The unemployment rate increased.
Consumer spending declined.
A fall in real GDP will lead to a fall in the demand of goods and services as consumer spending reduces. Also, the unemployment rate increases as some workers may be laid off due to reduction in demand.
How do debt repayment and structural adjustment terms hamper economic development? A. Only wealthy nations need to repay their debts, so it slows their progress. B. This is no longer a problem because debt repayment was completely erased after World War II. C. Both measures rob a developing nation of money it could use to invest in social welfare improvements. D. They always penalize highly developed nations rather than underdeveloped ones. Please select the best answer from the choices provided. A B C D
Answer:
c
Explanation:
The rapid growth of the Chinese economy should benefit U.S. consumers as they have access to less-expensive consumer goods. make it more difficult for citizens of the United States to find jobs. not affect the mix of jobs available to citizens of the United States. benefit U.S. consumers as they have access to less-expensive consumer goods and make it more difficult for citizens of the United States to find jobs
Answer:
as they have access to less-expensive consumer goods.
Explanation:
Economic growth is the increase in total GDP or output of an economy.
If there is a rapid growth in the Chinese economy , it means that the total output produced by China increases. This means that U.S. consumers can import cheaper less expensive consumer goods. This is because the value of the Chinese currency is lower than that of the US dollar
When managers analyze a wide variety of internal and external performance metrics in order to set financial and strategic goals, they often turn to a framework known as ______.
Answer:
balance scorecard
Explanation:
A balanced scorecard is a performance metric that are applied for identifying, improvement and the control of the different functions and results of an organization. It mainly deals with the learning & growth, processes of the business, customers and the finance
Also at the same time it analyzes the internal and external performance so that the financial and strategic goals could be set out
Why would a producer conduct a marginal analysis?
A. To understand the type of taxes paid on a good or service
B. To determine whether a price increase will change what a
consumer will buy
C. To predict the amount of environmental pollution caused by a
manufacturer
D. To suggest a way to package a product so that it causes less
pollution
E
Answer:
B to determine whether a price increase
Explanation:
cuz I said
