a. Accounting Change - Change in Estimate Journal Entry: Debit: Insurance Expense $38,000 ,Credit: Cash $38,000
What is Journal Entry ?A journal entry is a record of a business transaction in an accounting system. It includes the date, amount, and description of the transaction, as well as the account it impacts. A journal entry is the first step in the accounting cycle, and is used to record business transactions in the accounting system. It is the backbone of an accounting system, as it serves as a record of all business activities.
b. Accounting Change - Change in Accounting PrincipleJournal Entry: Debit: Accumulated Depreciation $599,000 Credit: Office Building $599,000,c. Error Correction-Journal Entry:Debit: Cost of Goods Sold $28,000,Credit: Inventory $28,000,d.Journal Entry:Debit: Inventory $990,000 ,Credit: Retained Earnings $990,000e. Error Correction-Journal Entry: Debit: Sales Commissions Expense $17,000.
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A party who has justifiably relied on an oral contract may use
________if the courts will not enforce it, because of the failure
of a writing a. breach of contract b. undue influence c. duress d. prom
A party who has justifiably relied on an oral contract may use promissory estoppel if the courts will not enforce it, because of the failure of a writing.
What is a promissory estoppel?Promissory estoppel is a doctrine of law that can be utilized in a variety of legal circumstances, including contract, tort, and property cases. A plaintiff who has justifiably relied on the defendant's conduct or words to their detriment can utilize promissory estoppel to seek equitable relief such as damages or the enforcement of a contract.
Promissory estoppel is a doctrine in contract law that allows a party to seek legal remedy based on the reliance of one party on the promises of another party.
The doctrine of promissory estoppel comes into play when one party makes a promise to another party who relies on that promise, causing the promise to be legally enforceable. It can apply even in situations where no actual contract was formed. In other words, if one party makes a promise to another party and the other party relies on that promise, the promissory estoppel doctrine can be used to enforce the promise.
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Oil-R-Us is a local gas station and needs your assistance in determining the optimal ordering policy for one of its most popular motor oil. The motor oil has consistent demand, selling 400 gallons per month. Oil-R-Us pays $50 per gallon oil and has an ordering cost of $350 per order. The annual holding cost per unit of inventory is 20% of the unit cost.
Determine:
1. Economic Order Quantity (round EOQ to 2 decimal places and use for parts ii and iii);
2. Time between placement of orders (in months – calculate to 2 decimal places);
3. Total relevant annual cost (i.e., sum of holding and ordering costs) for the motor oil (calculate to 2 decimal places).
1. The economic order quantity is 94.28 gallons. 2. The time between placement of orders is 0.24 months. 3. The total relevant annual cost for the motor oil is $1481.31.
1. Economic Order Quantity (EOQ) can be calculated as follows:
EOQ = sqrt((2 × Annual demand × Ordering cost) ÷ Annual holding cost per unit of inventory)
Here, Annual demand = 400 gallons/month, Ordering cost = $350, Annual holding cost per unit of inventory = 20% of the unit cost = 20% × $50 = $10.
Using these values in the above equation, we get:
EOQ = sqrt((2 × 400 × 350) ÷ 10)EOQ = 94.28
Therefore, the economic order quantity is 94.28 gallons.
2. Time between placement of orders can be calculated as follows:
Time between placement of orders = EOQ ÷ Annual demand
Here,EOQ = 94.28 gallons, Annual demand = 400 gallons/month
Using these values in the above equation, we get:
Time between placement of orders = 94.28 ÷ 400
Time between placement of orders = 0.24 months
Therefore, the time between placement of orders is 0.24 months.
3. Total relevant annual cost can be calculated as follows:
Total relevant annual cost = Ordering cost × (Annual demand ÷ EOQ) + (Annual holding cost per unit of inventory × EOQ ÷ 2)
Here,EOQ = 94.28 gallons, Ordering cost = $350, Annual holding cost per unit of inventory = 20% of the unit cost = 20% × $50 = $10
Using these values in the above equation, we get:
Total relevant annual cost = 350 × (400 ÷ 94.28) + (10 × 94.28 ÷ 2)
Total relevant annual cost = $1481.31
Therefore, the total relevant annual cost for the motor oil is $1481.31.
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which global sports sponsor (other than Coca-Cola or any shoe
company) has the most compelling and successful sports
marketing/sponsorship program globally. For this
discussion, you can consider brands and the mega events (Olympics/World Cup) or the global circuits, (F-1, ATP-WTA) which they sponsor. This brand must support a global sports entity, engaged on several continents and activating their program in a multinational way.
What global sports sponsor did you select? Why?
What event/circuit/sport do they partner with? (pick one if they are involved in more than 1)
Briefly describe their global program for this event/athlete, etc?
In terms of 'global brand/sports/athletics sponsor, what is the "it" about how they activate the program that you believe raises this brand above others in consideration? What do you base your position on?
The global sports sponsor with the most compelling and successful sports marketing/sponsorship program is Nike. Nike is a multinational corporation that designs, develops, and sells athletic footwear, apparel, and equipment.
Nike has a strong presence in various sports, but their most notable partnership is with the sport of basketball. Nike sponsors numerous NBA players and has official partnerships with several NBA teams, including the Los Angeles Lakers and the Brooklyn Nets. Nike also sponsors USA Basketball, the governing body for basketball in the United States.
Nike's global program for basketball includes the development of innovative basketball products, sponsorship of elite basketball players and teams, and hosting basketball events and clinics around the world. Nike has also created a digital platform, the Nike App, which offers personalized training programs, coaching tips, and exclusive content for basketball players.
What sets Nike apart from other sports sponsors is their ability to create a strong emotional connection with consumers through their brand storytelling. Nike's "Just Do It" campaign has become iconic and resonates with people around the world, inspiring them to push themselves beyond their limits.
Nike's marketing campaigns also feature diverse and inclusive athletes, which has helped them connect with a broad audience. Their marketing efforts extend beyond traditional media, and they have embraced social media platforms.
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which of the following is a limitation of aligning information systems (is) with organizational strategy? group of answer choices adapting the is to new versions of business processes is complex and time-consuming. the steering committee provides a forum for the is department to voice its complaints about the users. aligning the is direction with the organizational strategy occurs only when organizations merge. aligning the is direction with the organizational strategy occurs only when the divisions are sold. the steering committee provides a strong technical support base for users.
The main limitation of aligning information systems with organizational strategy is that adapting the IS to new versions of business processes can be complex and time-consuming.
This process can also be difficult when organizations merge or divisions are sold. The steering committee provides a forum for the IS department to voice their complaints about the users and provide a strong technical support base for users, but this does not make the process of aligning the IS direction with the organizational strategy any easier.
Aligning the IS with organizational strategy can be a time-consuming and complex process due to the need to adapt the IS to new versions of business processes. When organizations merge or divisions are sold, this process can be even more difficult.
The steering committee can help by providing a forum for the IS department to voice their complaints about the users and a strong technical support base for users, but these measures will not make the alignment process any easier.
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Why did Amazon follow a different business model and strategy in India compared to its experience in China and Brazil? Consider entry mode and timing.What led to the differing approaches, and which, if any, of Amazon’s emerging markets’ strategies and investments would succeed?
Amazon followed a different business model and strategy in India compared to its experience in China and Brazil, primarily due to regulatory issues and market conditions.
Amazon faced intense competition in China and Brazil, leading the company to adopt aggressive strategies, while the Indian market presented different challenges and opportunities.
Additionally, the Indian government regulations were more stringent than in China and Brazil, leading to Amazon adopting different entry modes and timing.
In China, Amazon entered the market through acquisition and partnerships, while in Brazil, the company entered the market through the launch of its platform.
In India, Amazon adopted a multi-channel approach, combining online and offline platforms to penetrate the market. Amazon also made significant investments in Indian e-commerce startups to gain market share and expand its reach.
Overall, Amazon's different approaches in China, Brazil, and India are due to the unique market conditions and regulatory requirements. However, Amazon's investments in India's e-commerce market have been successful, making it one of the company's most important growth markets.
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7000 dollars is invested in a bank account at an interest rate of 10 per cent per year, compounded continuously. Meanwhile, 13000 dollars is invested in a bank account at an interest rate of 3 percent compounded annually. To the nearest year, when will the two accounts have the same balance? The two accounts will have the same balance after years.
The two accounts will have the same balance after 18 years (approx).
How to calculateThe two accounts have the same balance when the amount in the first account will be equal to the amount in the second account.
Let us consider the first account,
Amount (A) = $7000
Interest rate (r) = 10% per year Compounded continuously.
Now, we will use the formula for continuous compounding:
A = P*e^rt
Where, A = amount
P = principal
r = rate of interest
t = time (in years)
e = base of natural logarithms
On substituting the values, we get $A = 7000 * e^(0.10t)....(1)
For the second account, Amount (A) = $13000
Interest rate (r) = 3% per year Compounded annually.
Using the formula for annual compounding:
A = P*(1 + r/n)^(n*t)
Where,
A = amount
P = principal
r = rate of interest
t = time (in years)
n = number of times interest is compounded in a year
On substituting the values, we get $A = 13000 * (1 + 0.03/1)^(1*t)....(2)
On equating equations (1) and (2), we get:7000 * e^(0.10t) = 13000 * (1 + 0.03/1)^(1*t)
Solving this equation for t using natural logarithms, we get:
t = 17.5 years (approx)
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Delara is opening a credit card because her budget is really tight right now and she’s struggling to pay all of her expenses based on her income.
Why might a card with a long grace period be in her best interest?
Answer:
Delara might benefit from a credit card with a long grace period because it would give her more time to pay off her expenses without accruing interest charges. A grace period is the amount of time between the end of a billing cycle and the due date for payment, during which no interest is charged on the balance. A longer grace period means more time for Delara to pay off her expenses without incurring additional interest charges, which could help her avoid falling further into debt. Additionally, if she needs to make a large purchase that she cannot afford to pay off immediately, a credit card with a long grace period would give her more time to pay off the balance without being charged interest. However, it's important for Delara to also consider other factors when choosing a credit card, such as the interest rate, annual fees, and rewards programs, to ensure she selects the best card for her financial situation.
Explanation:
Colah Company purchased $1 million of Jackson, Inc. , 5% bonds at par on July 1, 2018, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale investment. At December 31, 2018, the Jackson bonds had a fair value of $1. 2 million. Colah sold the Jackson bonds on July 1, 2019 for $900,000. The purchase of the Jackson bonds on July 1. Interest revenue for the last half of 2018. Any year-end 2018 adjusting entries. Interest revenue for the first half of 2019. Any entries necessary upon sale of the Jackson bonds on July 1, 2019, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale
If Colah Company purchased $1,000,000 of Jackson, Inc., 5% bonds at par on July 1, 2018. The journal entries for the purchase of the Jackson bonds on July 1 is:
Debit Available-for-sale securities $1,000,000
Credit Cash $1,000,000.
Journal entries are as follows:
July 1 2018
Debit Available-for-sale securities $1,000,000
Credit Cash $1,000,000
December 31 2018
Debit Cash $25,000
Credit Interest income $25,000
(5% ×$1,000,000 / 2)
December 31 2018
Debit Available-for-sale securities $120,000
Unrealized Gain - Other comprehensive income $120,000
June 30 2019
Debit Cash $25,000
Credit Interest income $25,000
(5% ×$1,000,000 / 2)
The entry necessary upon sale of the Jackson bonds on July 1, 2019 is:
July 1 2019
Debit Available-for-sale securities $1,000,000
Unrealized Gain-Other comprehensive income account $120,000
Credit Cash $1,00,000
Credit Realized Loss on the sale of Available-for-sale securities $100,000
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The following question may be like this:
Colah Company purchased $1 million of Jackson, Inc. , 5% bonds at par on July 1, 2018, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale investment. Colah sold the Jackson bonds on July 1, 2019 for $900,000.
Prepare Colah’s journal entries for the following transactions:
The purchase of the Jackson bonds on July 1. Interest revenue for the last half of 2018. Any year-end 2018 adjusting entries. Interest revenue for the first half of 2019. Any entries necessary upon sale of the Jackson bonds on July 1, 2019, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale
Type the correct answer in the box. Spell the word correctly.
Anika wants to create a visual to represent a table that shows the growth of her company's market share over a year. What type of graph would best
show this relationship?
Anika should use a
to show the plotted points for the market share of her company by the end of each month or quarter of the year.
Anika would use a bar graph to create a visual to represent a table that shows the growth of her company's market share over a year.
Bar graphs show data involved in distinct categories that do not overlap; whereas, pie charts show data as parts out of a whole.
A bar graph, also called a bar chart, is used to present categorical variables, which involves rectangular bars with a correlation between a specific category and the frequency of them; these graphs can be also called histograms. It's used in statistics to describe a bunch of data, separating them in categories. Thus Anika would use a bar graph to create a visual to represent a table that shows the growth of her company's market share over a year.
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Splish Furniture factors $720000 of receivables to Bramble Factors, Inc. Bramble Factors assesses a 4% service charge on the amount of receivables sold. Splish Furniture factors its receivables regularly with Bramble Factors. What journal entry does Splish make when factoring these receivables
Splish makes a Journal entry when factoring these receivables is equal to $28,800.
When factoring, the business actually sells its accounts receivable and receives cash from the company buying the receivables. The selling company will record the % fee from the factoring or buying firm as a loss in its financial statements.
The journal entry is shown below:
Cash A/c $6,91,200
Service Charge Expense A/c $28,800
To Accounts Receivable A/c $720,000
(Being the cash is received and the remaining balance is debited to the cash account )
The computation of the service charge expense is shown below:
= Accounts Receivable × service charge percentage
= $720,000 × 4%
= $28,800
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Rebecca has just purchased a stock for
$18
which has a beta of
1.5
and is not expected to pay any dividends over the riext year if the risk-tree tate is
$28
and the teturn on the market is expected to be
9%
. Active your Rebecca on the expected price of the share at the end of the yeac.
Rebecca's expected price of the share at the end of the year is $38.16.
It is given that Rebecca has just purchased a stock for $18 that has a beta of 1.5 and is not expected to pay any dividends over the next year. The risk-free rate is $28, and the return on the market is expected to be 9%. The expected price of the share at the end of the year is calculated as follows:
Expected return on Rebecca’s investment (r) = risk-free rate + beta × (market return − risk-free rate)
= $28 + 1.5 × (9% − $28) = $28 + 1.5 × (−19%)
= $28 − 28.5% = $20.16
Expected price of the share at the end of the year = $18 + $20.16 = $38.16
Therefore, the expected price of the share at the end of the year is $38.16.
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suppose the price of a product increases from $10 to $20 and the quantity demanded decreases from 100 units to 90 units. using the midpoint formula, what is the price elasticity of demand? suppose the price of a product increases from $10 to $20 and the quantity demanded decreases from 100 units to 90 units. using the midpoint formula, what is the price elasticity of demand? 6.318 0.158 1.2 0.5 -0.158
The price elasticity of demand for the given situation is -0.158.
This can be calculated using the midpoint formula, which is:
Price Elasticity of Demand = (ΔQ/Q) / (ΔP/P)
In this case, ΔQ = 100 - 90 = 10, and ΔP = 20 - 10 = 10. Thus,
Price Elasticity of Demand = (10/100) / (10/10) = -0.158.
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The rate at which water is lost because of evaporation from the surface of a body of water may be determined by measuring the surface recession rate. Consider a summer day for which the temperature of both the water and the ambient air is 305 K and the relative humidity of the air is 40%. If the surface recession rate (dH/dt) is known to be 0. 1 mm/h, what is the rate at which mass is lost because of evaporation per unit surface area
The rate at which mass is lost because of evaporation per unit surface area is 86.11 grams per square meter per hour.
The rate at which mass is lost because of evaporation per unit surface area can be calculated using the following formula:
E = (dH/dt) x (ρw / ρa)
where E is the rate of evaporation per unit surface area, dH/dt is the surface recession rate, ρw is the density of water, and ρa is the density of air.
The density of water at 305 K is 997 kg/m³, and the density of air at the same temperature and 40% relative humidity can be calculated using the ideal gas law:
PV = nRT
where P is the pressure, V is the volume, n is the number of moles, R is the universal gas constant, and T is the temperature.
Assuming standard atmospheric pressure, the density of air at 305 K and 40% relative humidity is:
ρa = (P / RT) x M
where M is the molar mass of air, which is approximately 28.97 g/mol.
Substituting the values, we get:
ρa = (101325 Pa / (8.314 J/mol.K x 305 K)) x 28.97 g/mol
= 1157 gm/m³
= 1.157 kg/m³
Therefore, the rate of evaporation per unit surface area is:
E = (0.1 mm/h) x (997 kg/m³ / 1.157 kg/m³)
= 86.11 g/m².h
So the rate of mass loss due to evaporation per unit surface area is 86.11 grams per square meter per hour.
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Write down different SWOT analysis for Bonova, Covikil
and Naprosyn (Radiant Pharmaceuticals Limited)
SWOT analysis of Bonova, Covikil, Naprosyn is based on:
StrengthsWeaknessesOpportunitiesThreatsSWOT analysis for Bonova:
- Strengths:
Strong brand reputation in the market.Wide range of products in the pharmaceutical industry.Strong financial position and profitability.Well-established distribution channels.Advanced research and development capabilities.- Weaknesses:
Dependence on a limited number of key products.Exposure to potential lawsuits and legal issues.Lack of diversification into other industries.Limited international presence.-Opportunities:
Increasing demand for medical devices worldwide.Increasing elderly population and healthcare spending.Expansion into international markets.Development of new innovative products.Strategic partnerships and collaborations with other companies.- Threats:
Intense competition from other pharmaceutical companies.Regulatory changes and government policies affecting the industry.Changes in consumer preferences and trends.Possible expiration of patents.Economic and political instability affecting the industry.SWOT analysis for Covikil:
- Strengths:
Leading market position in the healthcare industry.Strong research and development capabilities.Wide range of products and services.Experienced and skilled workforce.Strong financial position and profitability.- Weaknesses:
Dependence on a few key products.High competition in the healthcare industry.Limited international presence.Potential regulatory changes and lawsuits.Potential intellectual property issues.- Opportunities:
Increasing demand for healthcare products and services globally.Growing elderly population and increasing healthcare spending.Expansion into international markets.Development of new innovative products and services.Strategic partnerships and collaborations with other companies.- Threats:
Intense competition from other healthcare companies.Regulatory changes and government policies affecting the industry.Changes in consumer preferences and trends.Economic and political instability affecting the industry.Potential patent expirations.SWOT analysis for Naprosyn (Radiant Pharmaceuticals Limited):
- Strengths:
Established brand reputation in the pharmaceutical industry.Wide range of products and services.Experienced and skilled workforce.Strong financial position and profitability.Advanced research and development capabilities.- Weaknesses:
Dependence on a limited number of key products.Exposure to potential lawsuits and legal issues.Lack of diversification into other industries.Limited international presence.Potential intellectual property issues.- Opportunities:
Increasing demand for healthcare products and services globally.Growing elderly population and increasing healthcare spending.Expansion into international markets.Development of new innovative products and services.Strategic partnerships and collaborations with other companies.- Threats:
Intense competition from other pharmaceutical companies.Regulatory changes and government policies affecting the industry.Changes in consumer preferences and trends.Economic and political instability affecting the industry.Potential patent expirations.Learn more about SWOT analysis:
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1. Identify the process of degerming the QBI.
2. Henry is starting a new business. He is concerned about liability. He would like to have flow-through taxation. At some point, he would like to be able to easily sell interests in the business, but he does not expect to have more than 20 investors. He does not want to pay self-employment taxes on all income. What would be the best business entity for him?
1. The process of degerming QBI is known as the QBI Deduction.
2. The best business entity for Henry would be an S Corporation.What is QBI?QBI (Qualified Business Income) is a deduction for pass-through entities such as partnerships, sole proprietorships, trusts, and S corporations. This deduction can reduce the taxable income of a taxpayer.
The process of degerming QBI is known as the QBI Deduction.Henry wants to start a new business, and he is concerned about the liability. He would like to have flow-through taxation. At some point, he would like to be able to easily sell interests in the business, but he does not expect to have more than 20 investors. He does not want to pay self-employment taxes on all income.
The best business entity for Henry would be an S Corporation. This business entity type would provide him with limited liability for personal assets and flow-through taxation. He can sell his interests easily, but there is a limit of 100 shareholders. Additionally, if he pays himself a salary, he would only pay self-employment taxes on his salary and not the entire income.
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Smith Company applies overhead on the basis of 150% of direct labor cost of $200,000. Job No. 176 is charged with $160,000 of direct materials costs and $170,000 of manufacturing overhead. The total manufacturing costs for Job No. 176 is a. $330,000. b. $630,000. c. $450,000. d. $530,000. e. none
Smith Company applies overhead on the basis of 150% of the direct labor cost of $200,000.
Job No. 176 is charged with $160,000 of direct materials costs and $170,000 of manufacturing overhead. The total manufacturing costs for Job No. 176 is $530,000.What is Job Costing?
Job costing is an accounting method used to determine the cost of a particular job or order by collecting and analyzing cost data for every aspect of the job from beginning to end. It is used in manufacturing or services firms that manufacture unique products, and every order or batch is different.
Every job has its own unique set of specifications that must be adhered to in order to produce a finished product. The formula for calculating total manufacturing cost: Total manufacturing cost is equal to the sum of the direct material cost, direct labor cost, and manufacturing overhead cost incurred while producing a product, i.e. Total Manufacturing Cost = Direct Materials + Direct Labor + Manufacturing Overhead Now, we will apply the formula and find out the total manufacturing cost for Job No. 176.
Direct Materials Cost = $160,000 Manufacturing Overhead = $170,000Direct Labor Cost = ?Direct Labor Cost = Manufacturing Overhead/150%Direct Labor Cost = $170,000/1.5Direct Labor Cost = $113,333.33Total Manufacturing Cost = Direct Materials Cost + Direct Labor Cost + Manufacturing Overhead Total Manufacturing Cost = $160,000 + $113,333.33 + $170,000Total Manufacturing Cost = $443,333.33Total manufacturing costs for Job No. 176 are $443,333.33. Therefore, the correct option is e. none.
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new car dealer owner encourages the staff to maintain records on customer purchases. the goal is for the staff to contact these customers every three years to present new car models face-to-face. what type of promotion is this owner encouraging? public relations influencer marketing personal selling traditional advertising
The type of promotion that the new car dealer owner is encouraging by maintaining records on customer purchases and contacting them every three years to present new car models face-to-face is personal selling.
What is personal selling?Personal selling is a promotional technique that entails the use of salespersons to engage with prospective customers in order to create customer value, communicate customer value, and close deals.
Personal selling involves face-to-face communication with the potential customer, with the aim of building a relationship with the buyer and persuading them to make a purchase. Salespeople engage in selling by establishing a connection with the buyer, identifying their needs, and suggesting the appropriate product to meet those needs.
In conclusion, the promotion that the new car dealer owner is encouraging is personal selling.
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When can the engagement acceptance process properly be completed in PACE? Select the correct option.
A)Once the client has been accepted in PACE
B) After we have identified the prospective client
C)After we have started providing services to the client
D)After the client has signed the engagement agreement
The engagement acceptance process properly be completed in PACE D)After the client has signed the engagement agreement.
When can the engagement acceptance process properly be completed in PACE?The engagement acceptance process should be completed after the client has signed the engagement agreement in PACE. After the client signs the engagement agreement, the engagement acceptance procedure can be completed in PACE.
PACE is a platform for customer relationship management. It offers several solutions to improve communication with the client, manage projects, and provide excellent service.
The following are the three essential steps for an engagement in PACE.
1. Identification and acceptance of customers.
2. Engagement letter creation and submission.
3. Maintain contact and communication with customers.
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Subject: Management Information System
Required:
a) Briefly explain the business process. (4 Marks)
b) Describe FOUR (4) examples of functional business processes. (6 Marks)
c) State FIVE (5) categories of collaborative software tools. (5 Marks)
d) Determine FIVE (5) steps in evaluating software tools. (5 Marks)
a) A business process is a set of activities and tasks that are performed to achieve a particular organizational goal. b) The examples of functional business processes are accounting, production and operations, sales and marketing, and human resource. c) Categories of collaborative software tools include project management, file sharing, video conferencing, messaging, and virtual workspace. d) Steps in evaluating software tools are determine the scope, feature assessment, cost evaluation, test the interface, and analyze the security.
a) A business process is a series of structured activities that are planned and organized to produce a certain result. A business process, also known as a process chain, is a sequence of events that involves a specific task or a set of tasks that work together to achieve a common goal.
Business processes involve the coordination of people, technology, information, and other resources. The objective of a business process is to improve efficiency, productivity, and customer satisfaction. For example, an online retailer's business process would include receiving orders, processing payments, and shipping products
b) The examples of functional business processes are:
1. Accounting: This process involves all aspects of recording and reporting financial transactions, including accounts payable and receivable, payroll, taxation, and compliance with legal regulations.
2. Production and operations: This process involves managing the production process to produce goods and services, including materials procurement, inventory management, scheduling, and quality control.
3. Sales and marketing: This process involves creating and managing sales and marketing activities, including market research, advertising, lead generation, sales order processing, and customer relationship management.
4. Human resources: This process involves managing the recruitment, training, development, and retention of employees.
c) Categories of collaborative software tools are:
1. Project management: These tools help manage projects by enabling teams to assign tasks, track progress, and communicate.
2. File sharing: These tools allow users to securely share documents and files.
3. Video conferencing: These tools enable remote meetings between two or more users.
4. Messaging: These tools allow users to communicate in real time.
5. Virtual workspace: These tools allow users to create and collaborate on visual presentations.
d) Steps in evaluating software tools:
1. Determine the purpose and scope of the tool.
2. Assess the features and capabilities of the tool.
3. Evaluate the cost and licensing terms.
4. Test the user interface and usability.
5. Analyze the security measures of the tool.
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Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Accounts receivable Inventory Dec. 31, Year 2 Dec. 31, Year 1 $18,300 $22,900 79,700 71,800 25,100 21,600 20,000 22,000 Accounts payable Dividends payable Adjust net income of $100,300 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $______
The net cash flow from operating activities for Covington Corporation when calculated using the indirect method by adjusting the net income of $100,300 is $97,200.
The net cash flow from operating activities for Covington Corporation is calculated using the indirect method. To arrive at the net cash flow from operating activities, you will need to adjust the net income of $100,300 for changes in the current operating assets and liabilities, which is shown in the comparative balance sheet.
The change in Accounts Receivable is an increase of $18,300 - $22,900 = -$4,600.The change in Inventory is an increase of $79,700 - $71,800 = $7,900.The change in Accounts Payable is a decrease of $25,100 - $21,600 = -$3,500.The change in Dividends Payable is a decrease of $20,000 - $22,000 = -$2,000.Therefore, the net cash flow from operating activities is calculated as follows:
Net income of $100,300 + (Decrease in Accounts Receivable of -$4,600) + (Increase in Inventory of $7,900) + (Decrease in Accounts Payable of -$3,500) + (Decrease in Dividends Payable of -$2,000) = Net Cash Flow from Operating Activities of $97,200.
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O’Toole provides a powerful "compass card" to help us understand the connectedness of everything we do. The compass card involves four interconnected poles: Liberty, Efficiency, Equality, and Community. The compass card has a business translation: Meritocracy, Behaviorism, Egalitarianism, and Humanism.
The compass card developed by O'Toole is a tool that helps us understand the interdependence of four key values: Liberty, Efficiency, Equality, and Community.
These values are interconnected, and each one influences the others. The compass card can be applied in a business context, where it is translated into four values: Meritocracy, Behaviorism, Egalitarianism, and Humanism.
Meritocracy values individual talent and effort, and rewards performance. Behaviorism focuses on measurable outcomes and uses incentives to encourage desired behavior. Egalitarianism prioritizes fairness and equality, and Humanism emphasizes the importance of human relationships and well-being.
By using the compass card and its business translation, companies can better understand how their decisions and actions impact various stakeholders and strive to balance these four values to create a more sustainable and ethical business.
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Aditya recently assumed an information security role for a financial institution located in the united states. He is tasked with assessing the institution's risk profile and cybersecurity maturity level. What compliance regulation applies specifically to aditya's institution? a. Fisma b. Ffiec c. Pci dss d. Hipaa
Aditya is working in a financial institution located in the United States and is responsible for assessing the institution's risk profile and cybersecurity maturity level, it is likely that the compliance regulation that applies to the institution is the Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool (CAT).So Option B is correct.
The FFIEC CAT is a risk assessment tool that helps financial institutions identify their risk profile and evaluate their cybersecurity maturity level. It is used by financial institutions to assess their cybersecurity risk and determine the adequacy of their cybersecurity controls.
\It is important to note that financial institutions may also be subject to other compliance regulations depending on their specific industry and activities, such as the Payment Card Industry Data Security Standard (PCI DSS) or the Health Insurance Portability and Accountability Act (HIPAA) if they handle sensitive personal information.
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Bravo, a CPA is engaged to report on a set of summary financial statements. Bravo has also been engaged to report on the financial statements from which the summarized financial statements have been derived. If Bravo issues an adverse or a disclaimer of opinion on the financial statements from which the summarized financial statements have been derived:
A. Bravo should issue the same opinion on the summary financial statements
B. Bravo should withdraw from the engagement
C. Bravo may issue a standard unmodified opinion on the summary financial statements
D. Bravo should issue an appropriate opinion, along with an emphasis of matter paragraph
If Bravo issues an adverse or a disclaimer of opinion on the financial statements from which the summarized financial statements have been derived: Bravo should issue the same opinion on the summary financial statements. The correct option is A.
If a CPA issues an adverse or a disclaimer of opinion on the financial statements from which the summarized financial statements have been derived, they should also issue the same opinion on the summary financial statements. This is because the summary financial statements are derived from the original financial statements, and any issues present in the original statements would also be present in the summary statements.
Therefore, it is important for the CPA to issue the same opinion on the summary financial statements in order to accurately reflect the financial condition of the company.
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Your big brother has decided that he wants to get into the
workforce relatively soon and doesn't want to pursue a 4-year
degree. He is considering a career as a paralegal. While
browsing job postings for paralegals in the area he notices that
most firms are requiring candidates to have an associate's
degree or a certification. Based on the information in the table
below, which option is best for your brother and why?
The answer is based on the table Work study which includes 6 weeks of certification program and 2 years in community college is best for the brother.
The reason is because he doesn't want to pursue a 4-year degree and most firms require candidates to have an associate's degree or a certification.
Therefore, work study is best option as it fulfills his requirement for certification and college within a limited time period.
What is certification in plain English?Certifications are special qualifications there by an individual to show their validity and capacity to carry out a task. Your certification is shown as a document that certifies that, as a professional, you have received the necessary training, education, and preparation to fulfill the requirements of your position.
What are the three different certifications?A certification might be of one of three broad forms. Corporate (internal), product-specific, and profession-wide are listed in order of development level and portability.
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Hanna Company had net income of $71, 500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: The Accumulates Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or losses during the year. Use the indirect method to determine the net cash provided by (or used in) operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)
December 31
End of Year Beginning of Year
Current assets:
Cash $ 65,000 $ 83,000
Accounts receivable $ 162,000 $ 186,000
Inventory $ 448,000 $ 370,000
Prepaid expenses $ 11,500 $ 13,500
Current liabilities:
Accounts payable $ 362,000 $ 386,000
Accrued liabilities $ 7,500 $ 12,500
Income tax payable $ 33,000 $ 30,000
In the given problem, we are given the net income, current assets and current liability accounts for the end and beginning of the year. To find the net cash provided by operating activities, we use the indirect method, which starts with net income and adjusts for changes in current asset and current liability accounts. Deduction in cash or cash outflows is given by negative amounts.
Thus, the answer is as follows: Hanna Company Statement of Cash Flows For the Year Ended December 31, 2021Net Income $71,500 Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense $46,000 Increase in Accounts receivable $(24,000)Decrease in Inventory $78,000Decrease in Prepaid expenses $2,000 Decrease in Accounts payable $(24,000) Increase in Accrued liabilities $(5,000)Increase in Income tax payable $3,000 Net cash provided by operating activities $147,500 Therefore, the net cash provided by operating activities is $147,500.
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kaylee james, a connoisseur of fine chocolate, opened kaylee's sweets in collegetown on february 1. the shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. you have been hired as manager. your duties include maintaining the store's financial records. the following transactions occurred in february, the first month of operations. received four shareholders' contributions totaling $30,200 cash to form the corporation; issued 400 shares of $0.10 par value common stock. paid three months' rent for the store at $1,750 per month (recorded as prepaid expenses). purchased and received candy inventory for $6,000 on account, due in 60 days. purchased supplies for $1,560 cash. negotiated and signed a two-year $11,000 loan at the bank, receiving cash at the time. used the money from (e) to purchase a computer for $2,750 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. placed a grand opening advertisement in the local paper for $400 cash; the ad ran in the current month. made sales on valentine's day totaling $3,500; $2,675 was in cash and the rest on accounts receivable. the cost of the candy sold in (h) above was $1,600. (reminder: used inventory is an expense called cost of goods sold.) made a $550 payment on accounts payable. incurred and paid employee wages of $1,300. collected accounts receivable of $600 from customers. made a repair to one of the display cases for $400 cash. made cash sales of $1,200 during the rest of the month. the cost of the candy sold in (n) above was $600. required: 1
The transactions that occurred in February for Kaylee's Sweets can be recorded in a general journal using the following entries:
1. Received four shareholders' contributions totaling $30,200 cash to form the corporation; issued 400 shares of $0.10 par value common stock.
Dr. Cash $30,200
Cr. Common Stock $40
Cr. Paid-in Capital in Excess of Par $30,160
2. Paid three months' rent for the store at $1,750 per month (recorded as prepaid expenses).
Dr. Prepaid Rent $5,250
Cr. Cash $5,250
3. Purchased and received candy inventory for $6,000 on account, due in 60 days.
Dr. Inventory $6,000
Cr. Accounts Payable $6,000
4. Purchased supplies for $1,560 cash.
Dr. Supplies $1,560
Cr. Cash $1,560
5. Negotiated and signed a two-year $11,000 loan at the bank, receiving cash at the time.
Dr. Cash $11,000
Cr. Notes Payable $11,000
6. Used the money from (e) to purchase a computer for $2,750 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store.
Dr. Computer Equipment $2,750
Dr. Furniture and Fixtures $8,250
Cr. Cash $11,000
7. Placed a grand opening advertisement in the local paper for $400 cash; the ad ran in the current month.
Dr. Advertising Expense $400
Cr. Cash $400
8. Made sales on Valentine's Day totaling $3,500; $2,675 was in cash and the rest on accounts receivable. The cost of the candy sold in (h) above was $1,600. (Reminder: used inventory is an expense called cost of goods sold.)
Dr. Cash $2,675
Dr. Accounts Receivable $825
Cr. Sales Revenue $3,500
Dr. Cost of Goods Sold $1,600
Cr. Inventory $1,600
9. Made a $550 payment on accounts payable.
Dr. Accounts Payable $550
Cr. Cash $550
10. Incurred and paid employee wages of $1,300.
Dr. Wages Expense $1,300
Cr. Cash $1,300
11. Collected accounts receivable of $600 from customers.
Dr. Cash $600
Cr. Accounts Receivable $600
12. Made a repair to one of the display cases for $400 cash.
Dr. Repair Expense $400
Cr. Cash $400
13. Made cash sales of $1,200 during the rest of the month. The cost of the candy sold in (n) above was $600.
Dr. Cash $1,200
Cr. Sales Revenue $1,200
Dr. Cost of Goods Sold $600
Cr. Inventory $600
These journal entries accurately reflect the transactions that occurred during the month of February for Kaylee's Sweets and can be used to create financial statements for the business.\
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Anytwo provisions or mechanisms that ensures that the investment of shareholders are protected
There are several provisions and mechanisms that can help protect the investments of shareholders in a company. Two examples include: Shareholder Rights Plan and Proxy Voting.
Shareholder Rights Plan: Also known as a "poison pill," this provision is intended to protect shareholders from hostile takeovers. If a company is threatened with a takeover, the board of directors can adopt a shareholder rights plan that gives existing shareholders the right to purchase additional shares at a discounted price, making a takeover more expensive and less attractive to potential buyers.
Proxy Voting: Shareholders have the right to vote on important company decisions, such as electing board members and approving mergers and acquisitions. Proxy voting allows shareholders to vote remotely, without having to attend in-person meetings, making it easier for individual shareholders to participate in important decisions and have their voices heard.
Other provisions and mechanisms that can protect shareholders include bylaws that limit the power of the board of directors, requirements for independent auditors, and regulations that ensure companies provide timely and accurate financial information to shareholders.
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Typically, a company’s operating margin is higher than its
profit margin. True or False?
The answer is False.
Typically, a company’s operating margin is higher than its profit margin is a false statement.
What does "Company" mean in its simplest form?A sort of business structure called a company is one in which the owners are not the same legal as the company. More reporting requirements and higher-level duties make it a rough corporate structure with greater setup and administration costs.
What is the difference it and a business?Although a corporation might conceivably be managed by a single person, a company by definition needs to have many owners.
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Need help with the following questions
Q1. In which organizational model do all buyers report into the procurement function?
QUESTION 1
Question Completion Status:
O The center-led model
The centralized model
QUESTION 2
In which organizational model is it easier to execute volume concentration strategies?
O in the decentral model
O in the centralized model
QUESTION 3
in which organization model will procurement contribute smaller headcount to corporate overheads?
O in the decentral model
in the centralized model
QUESTION 4
in which organization model will procurement contribute smaller headcount to corporate overheads?
In the center-led model
O in the centralized model
QUESTION 5
Webhelp used to have...
O No professional procurement function
OA center-led model
QUESTION 6
Webhelp implemented
OA center-ied model
O A centralized model
QUESTION 7
Danaher's model works well because...
O The operating companies retain direction over procurement
O The model served procurements functional objectives first
QUESTION 8
Decentralized procurement organizations tend to have P&L responsibility
more
O less
QUESTION 9
Organizational model and operating models for procurement
O Tend to be static when implemented
O Can change with strategies and over time
QUESTION 10
Centralized procurement organizations tend to have purchasing control
O More
O Less
The procurement function is where all buyers report under the center-led organizational paradigm.
What is procurement that is centered?A core procurement team that is responsible for establishing the rules, procedures, infrastructure, best practices, and knowledge exchange is part of a center-led structure. The majority of large firms with international operations use this model.
What does supply chain management's strategic sourcing entail?You can define strategic sourcing as follows. An institutional procurement procedure; "an approach to supply chain management that formalizes the way information is acquired and used so that an organization can leverage its combined purchasing power to get the best prices in the market.
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which of the following statements about the classification and accounting for leases are true? (select all that apply.) check all that apply under u.s. gaap, lessees classify leases as either financing leases or operating leases. under u.s. gaap, lessees classify leases as either financing leases or operating leases. under u.s. gaap, lessors classify leases as either sales-type leases or operating leases. under u.s. gaap, lessors classify leases as either sales-type leases or operating leases. under international standards, lessors classify all leases as operating leases. under international standards, lessors classify all leases as operating leases. under international standards, lessees classify all leases as operating leases. under international standards, lessees classify all leases as operating leases.
This means that the lessee recognizes lease payments as an expense over the lease term and does not recognize the leased asset on its balance sheet.
The correct statements about the classification and accounting for leases are:
- Under U.S. GAAP, lessees classify leases as either financing leases or operating leases.
- Under U.S. GAAP, lessors classify leases as either sales-type leases or operating leases.
- Under international standards, lessors classify all leases as operating leases.
- Under international standards, lessees classify all leases as operating leases.
Under U.S. GAAP, leases are classified by both lessees and lessors. Lessees classify leases as either financing leases or operating leases, while lessors classify leases as either sales-type leases or operating leases. The classification of a lease depends on various factors, such as the transfer of ownership, the lease term, and the present value of the lease payments.
Under international standards, all leases are classified as operating leases by lessors. This means that the lessor continues to recognize the leased asset on its balance sheet and recognizes rental income over the lease term. Lessees, on the other hand, classify all leases as operating leases under international standards. This means that the lessee recognizes lease payments as an expense over the lease term and does not recognize the leased asset on its balance sheet.
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