Answer:
False
Explanation:
The collaborative consumption of goods and services based on a peer to peer model. As its, a capitalist economy has many active producers, and sellers on one side and passive consumers on the other. The sharing economy is based on the access to the shared goods and services. Poses risks to the venture capital that have a high growth potential. As the startups face uncertainty the venture capital can lead to a high level of failure. Example of the merges and acquisitions and joint ventures.Wilturner Company incurs $94,000 of labor related directly to the product in the Assembly Department, $43,000 of labor related to the Assembly Department as a whole, and $30,000 of labor for services that help production in both the Assembly and Finishing departments. The journal entries to record the labor for the Assembly Department would include:
Answer:
Debit Work in Process Inventory $137,000; debit Factory Overhead $30,000.
Explanation:
Work in process inventory includes direct labor = $94,000 + $43,000, while factory overhead includes indirect labor = $30,000.
Direct labor refers to the labor costs directly associated with the production processes, while indirect labor include all other labor costs that are not directly related to the production of goods, e.g. supporting activities, maintenance, administrative, etc.
Smithson, Inc. produces two types of gas grills: a family model and a deluxe model. Smithson’s controller has decided to use a plant-wide overhead rate based on direct labor costs. The president of the company recently heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company’s operations:
Family Model Deluxe Model
Direct labor costs $75,000 $150,000
Machine hours 2,000 2,000
Setup hours 200 800
Total estimated overhead costs are $450,000. Overhead cost allocated to the machining activity cost pool is $270,000 and $180,000 is allocated to the machine setup activity cost pool.
a. Compute the overhead rate using the traditional (plantwide) approach.
b. Compute the overhead rates using the activity-based costing approach.
c. Determine the difference in allocation between the two approaches.
Answer:
A.) Overhead rate = 200% of direct labor cost.
B.) $67.5 per machine hour ; $180 per setup
C.) The traditional costing applies overhead burden rate equally to all products which might sometimes give a vague picture of production cost especially that which is applied to each different product.
With the activity based costing method we could see that machining activity setup rate about 26 times the machining activity rate.
Explanation:
Overhead rate using the plantwide approach
Overhead rate = (estimated overhead cost ÷ direct labor cost)
Overhead rate = ($450,000) ÷ (75,000 +150,000)
Overhead rate = $450,000 ÷ $225,000
Overhead rate = 200% of direct labor cost.
B.) Using activity costing
machining activity cost pool = $270,000
machine setup activity cost pool = $180,000
Total Machining activity hours = (2000 + 2000) = 4000
Total machine setup activity hours = (200 + 800) = 1000
Machining activity rate = (cost /hours) :
$270,000/4000 = $67.5 per machine hour
Machining activity setup rate = (cost /hours) :
$180,000/ 1000 = $180 per setup
Final answer:
The overhead rate using the traditional approach for Smithson, Inc. is calculated to be $2.00 per dollar of direct labor cost. The activity-based costing approach provides two rates: $135 per machine hour for machining and $180 per setup hour for machine setup. The difference in allocation highlights the greater accuracy of ABC by considering specific activities.
Explanation:
The question presented involves calculating overhead rates using both a traditional (plantwide) approach and an activity-based costing (ABC) approach for a company named Smithson, Inc. This company produces two types of gas grills: a family model and a deluxe model.
Traditional Overhead Rate Calculation
To calculate the overhead rate using the traditional approach, we first add the direct labor costs for both models, which is $75,000 + $150,000 = $225,000. The total estimated overhead costs are $450,000. The traditional overhead rate is calculated by dividing the total estimated overhead costs by the total direct labor costs, giving us a rate of $2.00 per dollar of direct labor cost ($450,000 / $225,000).
Activity-Based Costing Overhead Rates
For the ABC approach, we have two activity cost pools: machining ($270,000) and machine setup ($180,000). The overhead rate for machining is calculated based on machine hours (2,000 for both models), resulting in a rate of $135 per machine hour ($270,000 / 4,000 hours). For machine setup, the rate is based on setup hours (1,000 hours total), yielding a rate of $180 per setup hour ($180,000 / 1,000 hours).
Difference in Allocation Between Approaches
The difference in overhead allocation between the two approaches would depend on the actual distribution of machines and setup hours for each model. ABC tends to be more accurate as it allocates overhead based on the actual activities that incur costs.
William, age 45, would like to determine how much life insurance to purchase using the human life value approach. He assumes his average annual earnings over the next 20 years will be $80,000. Of this amount, $40,000 is available annually for the support of his family. William will generate this income for 20 more years and he believes that 5 percent is the appropriate interest (discount) rate. The present value of one dollar payable for 20 years at a discount rate of 5 percent is $12.46. What is William's human life value?
Answer:
William's human life value is $498,400
Explanation:
Given
Time = 20 years
Average Earnings = $80,000
Family Support = $40,000
Dollar Value = $12.46
To calculate a human life value, it is very important to deduct the Income tax costs from a person's average annual earnings.
Since William doesn't have any outstanding loan;
His Human Life value is calculated as follows;
HLV = (Annual Earnings - Family Support) * Dollar Value
HLV = ($80,000 - $40,000) * 12.46
HLV = $40,000 * 12.46
HLV = $498,400
SpeakEasy, a U.S. software company that specializes in voice-recognition software, wishes to rapidly enter the growing technical translation software market. This market is dominated by firms making highly differentiated products. To enter this market, SpeakEasy would be best served if it considers a(n):
Answer:
In this case, the answer would be acquiring or merging with other firms producing related products or services.Explanation:
As mentioned in the question, the market for technical translation software is basically dominated by firms producing differentiated or specialized products and services.Now, considering that SpeakEasy is a completely new entrant in the market, it will be extremely difficult for the company to initially compete with the established market leaders or firms dominating the market.Hence, SpeakEasy can perhaps consider acquiring or merging with some of the firms producing or specializing in voice-recognition software that will eventually ease the burden of market competition or rivalry for the company and consequently,it can commercially and economically grow and prosper in the market by capturing new customers and expanding market share.Mergers or acquisitions, in this case, would help the company to effectively focus on its specialized activities and conducts through knowledge sharing, economies of scale or lower average production cost,transfer or transmission of technological knowledge and exploration of new customer or client bases.Bulldog, Inc. has budgeted sales for the first quarter of the next year to be 40,000 units. The inventory on hand at the beginning of quarter is 10,000 units. The desired ending inventory is 1000 units. Calculate the budgeted production for the first quarter.
Answer:
31,000 units
Explanation:
The movement in the balance of inventory between the beginning and end of a given period is usually as a result of production and sales.
This may be expressed mathematically as ;
Opening balance + production - cost of goods sold = closing balance
10,000 + units produced - 40,000 = 1,000
Unit produced = 40,000 + 1,000 - 10,000
= 31,000 units
Woods company uses the perpetual inventory system. At year end the general ledger indicated that this company had a balance of $ 46 comma 000 in the Inventory account. Actual inventory on hand per a physical count was $ 46500. What action does the company now need to take?
Answer:
the company needs to debit inventory and credit of cost of goods sold for $500
Explanation:
The perpetual inventory management systems update the inventory level continuously. Every time a sale or purchase of inventory occurs, the system adjusts the cost of goods sold. From time to time, a physical count is conducted to compare the actual inventory level with the values reported in the system. In the event of differences, appropriate measures are taken.
In this case, the physical count was valued at $46,500, while the system reports $46,000. Since the physical count is the true reflection of the inventory level, the accountant has to adjust the system to match the physical account. The system needs to be increased by $500. Inventory is an asset and will require a debit entry of $500 to match the physical count. Movements in inventory affect the cost of goods sold account. A debit on inventory will correspond with a credit entry to the cost of goods sold account.
The Woods company, using a perpetual inventory system, should adjust its general ledger Inventory account by writing off the $500 difference between the account balance and the actual physical inventory count. This will reflect accurate inventory, cost of goods sold and profit figures.
Explanation:In the situation described, where the Inventory account balance in the general ledger of the Woods company is $46,000, but the actual inventory on hand according to a physical count is $46,500, the company needs to make an adjustment. It seems like a shrinkage error has occurred, a common issue in the field of perpetual inventory management. Thus, the company should adjust the Inventory account in its general ledger by writing off the difference of $500. This adjustment is necessary to match the general ledger with the actual inventory, and to reflect the accurate cost of goods sold and profit figures in the business's financial statements.
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The measurement focus of governmental fund accounting is on which of the following?
Adding new channels in a multichannel distribution system provides the following advantage. It reduces marketing expenses. It expands market and sales coverage. It limits market complexity. It reduces system controls.
Answer:
It expands market and sales coverage.
Explanation:
Multichannel distribution system is a type of system utilized by different business inorder to reach their potential customers. It involves the use of more than one marketing channel to promptly and effectively get to different customers.
The benefits of multichannel marketing include:
- It leads to an increased source of revenue for the organisation.
- It increases the customers awareness about the product.
- It gives the business the capability to cut across different sections of the market.
When preparing government-wide financial statements at the end of the fiscal year, Meen County recorded an adjusting entry for salaries of $8,500,000. The salaries for 1 week, $13,700,000, were paid on the first Friday of the new fiscal period. The entry to record payment of salaries for the week is
A. Salary expenditure $8,500,000
Salary payable 5,200,000
Cash $13,700,000
B. Salary expense $5,200,000
Salary payable 8,500,000
Cash $13,700,000
C. Salary expenditure $8,500,000
Salary payable $8,500,000
D. Salary expense $13,700,000
Cash $13,700,000
Price Company assigns overhead based on machine hours. The Milling Department logs 2,400 machine hours and Cutting Department shows 4,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a:
a) debit to Manufacturing Overhead for $32,000.b) credit to Manufacturing Overhead for $32,000.c) credit to Work in Process—Cutting Department for $20,000.d) debit to Work in Process for $20,000.
Answer:
B) credit to Manufacturing Overhead for $32,000.
Explanation:
Total manufacturing overhead = (milling department machine hours + cutting department machine hours) x overhead rate per machine hour = (2,400 + 4,000) x $5 = $32,000.
Since the manufacturing overhead expense is allocated to the asset produced, the expense is credited. Once the product is sold, the expense will become part of the cost of goods sold and they will be debited.
Final answer:
The entry to assign overhead for the Price Company, with machine hours logged by the Milling and Cutting Departments and an overhead rate of $5 per machine hour, results in a combined overhead cost of $32,000. The correct entry would be a debit to Work in Process for $32,000 to allocate the overhead costs accurately, with the provided options somewhat misstating the precise accounting treatment.
Explanation:
The Price Company assigns overhead based on machine hours. To determine the entry to assign overhead, we calculate the total overhead by multiplying the machine hours by the overhead rate for both departments. The Milling Department logged 2,400 machine hours and the Cutting Department logged 4,000 machine hours. With an overhead rate of $5 per machine hour, the total overhead cost is calculated as follows:
Milling Department: 2,400 machine hours x $5 = $12,000
Cutting Department: 4,000 machine hours x $5 = $20,000
The combined overhead for both departments is $12,000 + $20,000 = $32,000. Therefore, the correct entry to assign overhead would debit the Work in Process account for $32,000 to reflect the allocation of overhead costs based on machine hours.
The correct answer to whether the entry to assign overhead will show a debit or a credit, and to which account, depends on the information given. The closest correct option provided is a) debit to Manufacturing Overhead for $32,000, although the most accurate description would be a debit to Work in Process for $32,000, reflecting the combined overhead costs assigned to the Milling and Cutting Departments.
Jay, a divisional vice president of a consumer goods manufacturer, gives a presentation to all divisional employees to outline the company’s goals for the coming year. This is an example of what type of organizational communication?
a. Virtual communicationb. Grapevine communicationc. Lateral communicationd. Downward communicatione. Upward communication
Answer:
d. Downward communication
Explanation:
The downward communication is the process of communicating the information from top to bottom i.e superior to subordinates or vice president to divisional employees . The information can be in terms of explaining the duties and responsibilities, any changes in the process, etc
So according to the given situation, the Jay who is a divisional vice president of a consumer goods manufacturer gives a presentation to all the employees of divisions that reflect the downward communication
Braker Manufacturing has a target of carrying closing monthly inventory equal to fifteen percent of next month's projected sales. If the current month's beginning inventory is 8,000 units and it expects to sell 50,000 units this month and 45,000 units next month, how many units should it produce this month?
Answer:
48,750 units
Explanation:
The computation of the number of units produces in this month is shown below:
As we know that
Opening stock + Production - Sales = Closing stock
where,
Opening stock = 8,000 units
Sales = 50,000 units
Closing stock = 45,000 units × 15% = 6,750 units
So, the number of units produced is
6,750 units = 8,000 units + production - 50,000 units
6,750 units = - 42,000 units + production
So, production is 48,750 units
Calculate the average daily balance, finance charge, and new balance using the average daily balance method. The account balance on June 1st is $104.00. On June 19th a payment of $80.25 is made. The monthly rate is 1.25%
Answer:
Average daily balance = $71.9
Finance charge = $0.9
New balance: $24.65
Explanation:
The average daily balance is calculate by the formula:
+) Average daily balance = Total of daily balance/ Number of days in the cycle.
As given:
+) the daily balance from June 1st to June 18th is $104.00. (18 days)
+) the daily balance on June 19th is:
[tex]Balance - Payment = 104 - 80.25 = $23.75[/tex]
=> The daily balance from June 19th to June 30th is: $23.75 (12 days)
=> Total daily balance of June is: [tex]104 * 18 + 23.75 * 12 = 2,157[/tex]
The number of days is 30.
=> Average daily balance = 2,157/ 30 = $71.9
The formula to calculate the finance charge:
+) Finance charge = Monthly rate x Average daily balance =
= 1.25% ×71.9 = $0.9
Using the average daily balance method, the new balance is calculated as following:
+) New balance = Previous balance - Payment + Finance charge + New purchase
= 104 - 80.25 + 0.9 + 0 = 24.65
Final answer:
The average daily balance is calculated by summing the daily balances and dividing by the number of days in the month, resulting in $71.90. The finance charge is then found by multiplying this average balance by the monthly interest rate of 1.25%, giving us approximately $0.90. Finally, the new balance is the original balance plus the finance charge minus any payments made, equaling $24.65.
Explanation:
To calculate the average daily balance, finance charge, and new balance using the average daily balance method, we need to keep track of the account balance every day of the month and then find the average. From June 1st to June 18th the balance is $104, and for these 18 days, the total balance is 18 × $104 = $1872. After a payment of $80.25 is made on June 19th, the new balance is $104 - $80.25 = $23.75. From June 19th to June 30th (12 days), the total balance is 12 × $23.75 = $285. So, the summed balance for the entire month is $1872 + $285 = $2157.
The average daily balance is $2157 divided by the number of days in June, which is 30. Therefore, the average daily balance is $2157 / 30 ≈ $71.90.
The finance charge is calculated by multiplying the average daily balance by the monthly rate. So, the finance charge is $71.90 × 1.25%, or approximately $0.90 (since 1.25% is 0.0125 as a decimal).
The new balance is the original balance plus the finance charge minus any payments made. In this case, it's $104 + $0.90 - $80.25 = $24.65.
Therefore, the average daily balance is $71.90, the finance charge is approximately $0.90, and the new balance on the account will be $24.65.
In the context of team compensation and recognition,__________remunerate employees for acquiring expertise that they will need to perform multiple jobs within a team and for sharing knowledge with others within their work groups.
Answer:
Skill based pay programs
Explanation:
Skill based pay program is a system that rewards employees who brings in formal certifications of skills, knowledge and/or competencies in exchange for additional pay. In skill based pay programs, payments are on the basis of how many skills does the employee have or how many jobs can they do or handle. Employees in organizations using this method gets pay based on getting skills and continually honing job related skills. It increases are linked to the number or depth of skills an employee achieves and applies and it as a means of developing broader and deeper skills among the workforce.
Answer:
skill-based pay programs
Explanation:
Skill-based pay (SBP) it is a compensation system that recompenses member of the work force with additional pay in exchange for formal certification of the employee's mastery of skills, knowledge, and/or competencies. Such idea keep each worker on his or her toes to know more and do more because there will be more reward.
1)If the firm's advertising budget is $32,000 (instead of $40,000) and the firm allocates it optimally over the four quarters, the firm's break-even production cost is: a)27.14 b)28.56 c)27.13 d)29.56
Answer:
hi your question is incomplete this the complete question
As product marketing manager, one of our jobs is to prepare recommendations to the Executive Committee as to how advertising expenditures should be allocated. Last year’s advertising budget of $40,000 was spent in equal increments over the four quarters. Initial expectations are that we will repeat this plan in the coming year. However, the Committee would like to know if some other allocation would be advantageous, and whether the total budget should be changed.
Our product sells for $40 and costs us $25 to produce. Sales in the past have been seasonal, and our consultants have estimated seasonal adjustment factors for unit sales as follows:
Q1 90%
Q2 110%
Q3 80%
Q4 120%
(A seasonal adjustment factor measures the percent of average quarterly demand experienced in a given quarter.)
In addition to production costs, we must take into account the cost of the sales force (projected to be $34,000 over the year, allocated as follows: Q1 and Q2, $8000 each; Q3 and Q4, $9000 each), the cost of advertising itself, and overhead (typically around 15% of revenues).
Quarterly unit sales seem to run around 4000 units when advertising is around $10,000. Clearly, advertising will increase sales, but there are limits to its impact. Our consultants several years ago estimated the relationship between advertising and sales. Converting that relationship
Answer : 29.56
Explanation:
firms advertising budget = $3200 instead of $40000
allocating the budget across the four quarters optimally i.e based on the production cost demand and other financial factors the firm's break even production cost based on the allocated advertising budget of $32000 instead of $40000 will be 29.56 after considering mostly the effect of the advertising which will lead to increase in sales of the product as well
Haley's employer has asked her to review tens of thousands of social media posts about their company's products and compile this data into a database. In terms of the characteristics of big data, Haley is dealing with ________
a. volume
b. veracity
c. velocity
d. variety
Answer:
the correct answer is d. variety
Explanation:
data variety refers to that the data are coming from various sources and require processing and further attention to make them useful and to convert them into purposeful information.
There are three simple procedures that small business owners should do on a timely basis to prevent fraud when they can't afford sufficient employees to guarantee effective segregation of duties. Which of the following is not one among them?a. Pay everything by check so that there is a record.b. Always open the bank statement and reconcile it themselves.c. Allow one key employee to operate the bank account personally.d. Sign every check themselves and not delegate the signing to anyone else.
Answer:
The answer is:
c. Allow one key employee to operate the bank account personally.
Explanation:
The following procedures are to prevent fraud and ensure internal control that small business owners should:
a. Pay everything by check so that there is a record.
b. Always open the bank statement and reconcile it themselves.
d. Sign every check themselves and not delegate the signing to anyone else.
However, the procedure in the answer c is unnecessary because the account management usually doesn't take so much resources for a small business owner.
Answer: C: Allow one key employee to operate the bank account personally
Explanation:
When a small business owner cannot guarantee effective segregation of duties, key things are important to reduce or eliminate risks of fraud.
1. Effective record keeping is important fo every business and hence paying through checks would ensure to create a track record of every payments done by you. Doing this avoids unreasonable expenses as well as cash shortages.
2. Since, you can't afford sufficient employees, it's important that only you sign every check issued out to maintain order and successive track record, this would also greatly avoid falsified inventories
3. To avoid fictitious records or cases where values are overstated to match profits, it's important taht only you open the bank statements and operate bank accounts personally.
There is high risk of fraud mainly when internal controls can be overridden
Heavy engineering businesses encourage employees to use safety equipment. Which type of controllable risk are they trying to avoid? Heavy engineering businesses encourage their employees to use safety equipment, such as gloves and protective clothing, to avoid risks.
Answer:
1 Needless and preventable machine injuries related
Explanation:
Heavy engineering businesses encourage employees to use safety equipment. Which type of controllable risk are they trying to avoid? Heavy engineering businesses encourage their employees to use safety equipment, such as gloves and protective clothing, to avoid risks.
1 Needless and preventable machine injuries related
Answer: its human risks.
Explanation: I took lé test
The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Its projected sales for the next four months were: January - 200,000 units; February - 180,000 units; March - 210,000 units; and April - 230,000 units. The Cardinal Company wishes to maintain a desired ending finished goods inventory of 20% of the following month’s sales.
What is the budgeted units of production for January?
a.200,000
b.181,000
c.219,000
d.236,000
Q2:
The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Its projected sales for the next four months were: January - 200,000 units; February - 180,000 units; March - 210,000 units; and April - 230,000 units. The Cardinal Company wishes to maintain a desired ending finished goods inventory of 20% of the following month's sales.
What is the budgeted units of production for February?
a.174,000
b.222,000
c.186,000
d.181,000
To calculate the budgeted units of production for January, we add 20% of February's projected sales to the projected sales for January. The correct answer is 236,000. To calculate the budgeted units of production for February, we add 20% of March's projected sales to the projected sales for February. The correct answer is 222,000.
Explanation:To calculate the budgeted units of production for January, we need to consider the desired ending finished goods inventory for February. The question states that the desired ending finished goods inventory is 20% of the following month's sales. So we calculate 20% of February's projected sales (180,000 units), which is 36,000 units. Adding this to the projected sales for January (200,000 units), the budgeted units of production for January is 236,000 units. Therefore, the correct answer is d. 236,000.
To calculate the budgeted units of production for February, we need to consider the desired ending finished goods inventory for March. The question states that the desired ending finished goods inventory is 20% of the following month's sales. So we calculate 20% of March's projected sales (210,000 units), which is 42,000 units. Adding this to the projected sales for February (180,000 units), the budgeted units of production for February is 222,000 units. Therefore, the correct answer is b. 222,000.
self interested model
a model of human nature originated during the Enlightenment and assumes that economic analysis should focus on individuals who maximize their utility under conditions of scarcity
Answer:
please be more specifc
Finor Traps manufactures an innovative mouse trap. Total sales for the current year is $325,000. The company expects its sales to go up to $500,000 in five years. What is the expected growth rate in sales for this firm
Answer:
Using equation
F=P(1+i)^n
n=5
F=500,000
P=325,000
500,000=325,000(1+i)^5i
i=8.99%
Answer:
9%
Explanation:
to calculate the compounding growth rate we can use the future value formula:
future value = present value x (1 + r)ⁿ
future value = $500,000present value = $325,000r = growth rate compounded yearly = ?n = 5 years$500,000 = $325,000 x (1 + r)⁵
(1 + r)⁵ = $500,000 / $325,000 = 1.53846
1 + r = ⁵√1.53846 = 1.08997
r = 1.08997 - 1 = 0.08997 or 8.997%≈ 9%
Even though the present value formula is used to calculate compounding interest rate, it can also be used to calculate compounding growth rate.
In 2017, ABC Company had net sales of $500,000 and a gross margin of $ 300,000. The total overhead costs were $ 100,000 and the promotion costs were $80,000. The company sold 100,000 units. What was $BEP of the company in 2017?
Answer: The $BEP of the company in 2017 is $60000.
Explanation:
For your next print mail campaign, you learn that the cost to print 5,000 postcards is $4,800 and cost to print 15,000 is $5,500. What is the marginal (extra) cost per postcard for the additional 10,000?
Answer:
$0.07
Explanation:
Given that
Initial price = 4800
Current price = 5500
Initial quantity = 5000
Current quantity = 15000
Recall that
Marginal cost = (change in price) ÷ (change in quantity)
Thus
MC = (5500 - 4800) ÷ (15000 - 5000)
= 700 ÷ 10000
= $0.07
Note that, marginal cost refers to the extra cost added in producing 1 additional unit of product or output
Answer: 7 cent
Explanation:
The term marginal cost refers to the additional cost incurred by producing one more unit of a good or service. Therefore, marginal cost is the change in the total cost of an item when the output increases by a unit.
In the scenario above,
Cost of printing 5000 postcards = $4,800
Cost to print 15000 post cards = $5,500
Tha marginal cost per postcard for the additional 10,000 postcards will be :
Change in total cost :
$5,500 - $4,800 = $700
Change in quantity :
15,000 - 5,000 = 10,000
Marginal cost per unit :
$700 / 10,000 = $0.07
$0.07 = 7 cent
Marginal cost per unit = 7 cent
A taxpayer places a $50,000 5-year recovery period asset in service in 2019. This is the only asset placed in service in 2019. Assuming half-year convention, bonus depreciation, and taxable income before cost recovery of $5,000, what is the amount of cost recovery in 2019?
Answer:$50000
Explanation:
Recovery period of the asset means that the company starts to realize its depreciation for the assets. In the recovery period the taxpayer will start to write off the asset with the depreciation value calculated using the useful years of the asset.
Half year convention means that the assets have been used for the first half of the year and the rest of the depreciation amount will be deductible at the end of the year. So the entire useful value of the asset is taken for the amount of cost of recovery in the year 2019.
What is not typical of traditional costing systems?
Answer: The options are given below:
A. Use of a single predetermined overhead rate.
B. Use of direct labor hours or direct labor cost to assign overhead.
C. Assumption of correlation between direct labor and incurrence of overhead cost.
D. Use of multiple cost drivers to allocate overhead.
The correct option is D.
Explanation: The traditional costing system refers to the allocation of factory overhead to products, and this is based on the total amount of production resources that have been consumed.
When using the traditional costing system, the overhead is usually applied based on either the total number of direct labor hours consumed or the total number of machine hours used.
The traditional costing systems treat overhead costs as a single pool of indirect costs. Traditional costing is optimal when indirect costs are low when in comparison with direct costs.
On February 1, 2020, Hawser Corporation purchased a parcel of land as a factory site for $960,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020.
Costs incurred during this period are listed below:
Demolition of old building $ 60,000
Architects Fees 105,000
Legal fees for title investigation and purchase contract 15,000
Construction costs 4,170,000
Salvaged materials resulting from demolition were sold for $30,000.
Hawser should record the cost of the land and new building, respectively, as _________.
Answer:
Cost of land = $1,005,000
Cost of building = $4,275,000
Explanation:
The calculation of cost of the land and new building is shown below:-
Cost of land = Purchase cost + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials
= $960,000 + $ 60,000 + 15,000 - $30,000
= $1,005,000
Cost of building = Architects Fees + Construction costs
= $105,000 + $4,170,000
= $4,275,000
What is expected of a new salon employee and what are two things you must do every day? 2. What are six habits of a good team player? 3. What are the three most common methods of salon compensation you are likely to encounter? 4. What are five principles of selling salon products and services? (Explain them.) 5. What are six ways you can work to expand your client base?
Answer:
1.
As an employee working for a salon, it is necessary to have understandings and skills related to this job. They should have hair care skills to provide services for customers such as: washing, cutting, dyeing, etc. In addition, they also need to have good working attitude, which includes being on time for their shifts, being friendly, respectful to the customers. As a service provider, they should also be customer-oriented, which means prioritize the benefits of customers.
2.
A good team player is the one who have both good individual skills and the team-oriented attitude as well. So that they tend to have these habits:
+) The first one is they need to strive to help. This reflects their attitude to contribute as a team and help each other rather than just look for personal achievement.
+) Second one is to pitch in, start doing something as a group, put the responsibility for and the benefit of the whole group on top.
+) The next one is share your knowledge. Sometimes, in a group, the field of understanding of each member is different. It is necessary to share the knowledge to assure that other people can also understand what you gonna do to have appropriate adjustment or support if necessary. This can also help team members all gain.
+) The fourth one is to have positive mind. The more optimistic and future-focused a member the better they perform at work. And this attitude also helps lift the enthusiasm as well.
+) The fifth one is being willing to resolve conflict. As conflicts are unavoidable in team work due to the difference in many aspects of people. A good team player tends to be more willing to resolve conflict as it could affect the work efficiency.
+) The last one is to be willing to be subordinate and loyal. This could help remain the team spirit well and make a team player become a good listener. Even when they are wrong or have no idea, it is essential that they are willing to be subordinate rather than just want to lead everything.
3.
Three most common methods of salon compensation could be salary, commission, and salary plus commission.
Salary is the fixed amount that the employees receive when fulfilling all of their duties. The job and salary are usually discussed and accepted by both sides before they start working.
The commission is the money the employees receive, which is calculated by the level of completion of the job.
Salary plus commission are used when the employees can earn sales or create added value to the business of the firms - which is higher than the required level of their duties.
4.
Five principles of selling salon products and services are:
+) First, be familiar and have understanding about each product's feature, benefits, effect as well as the other services. This is to assure that they can sell and recommend the right one that the customers need.
+) Second, try to adapt the technique to meet the needs of each client. The clients demand and personality varies so that their needs are different, for example some are willing to have more recommendation to buy, some are easily confused and uncomfortable instead.
+) The third one is asking questions determining the need to generate the customer's interest in products or services.
+) The fourth one is never underestimate the client's knowledge. Despite the fact that there are still customers do know much about beauty knowledge, you should never assess it and try to show your respect to the customer's understanding.
+) The last one is keeping relaxed and friendly manner when having a sales talk. This could make the conversation more comfortable and please the client.
5.
To expand the client base, you should focus much on the customer services and try to deliver the value to the customers. This can be enacted in these ways:
+) Membership: Provide frequent customers with membership to obtain added benefits.
+) Provide consistently great services and products in all aspects, not focus on particular things.
+) Be respectful to the customers and each other within the business.
+) Connection: try to connect more with your clients to make them feel they are cared.
+) Be positive as people are always moving towards and attracted by the enthusiasm and optimism.
+) Focus on making the salon image reliable to keep the repeat customers.
If company A and B combine under single ownership of control, this would be a __________ merger.
a. horizontal
b. vertical
c. conglomerate
d. Herfindahl
e. There is not enough information to answer the question.
Answer:
There is not enough information to answer the question -E
There is not enough information to answer the question. As there is no sufficient information about the products the company deals in. Hence, option E is correct.
What is single ownership?Single ownership is the way in which the ownership is single, even the company is merges. The ownership remains in the hands of the one partner no matter if the company, how the way they are operating the company.
Thus, option E is correct.
For more details about Single ownership, click here:
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Jared bought coco puffs. He was not directly informed by the companies marketing team. He is a member of which group?
Answer:
Consumer market
Explanation:
A consumer market is the market in which goods and services are purchased.
In a consumer market, decision regarding purchase is made by the individual and the products or services purchased can be used personally or be shared with other people depending.
A consumer market varies as it can be business to business, business to government, financial services, etc.
Cheers.
What is the definition of diseconomies of scale?
A the decrease in average revenue as output increases
B the decrease in fixed cost as output increases
C the increase in average total costs as output increases
D the increase in total costs as output increases