Following the agreement Marshall Manufacturing reached with an intermodal marketing company, it would enable marshal Manufacturing to: Cut Cost of logistics.
What is an agreement?An agreement is a consensus in opinion or feeling. In most organizations agreements is reached before a particular policy can be implemented. An agreement can be in form of a written form, a verbal form or even a recorded form.
For Marshal Manufacturing to cut cost of logistics, they had to enter an agreement with an intermodal marketing company. This marketing company would serve as a middleman between the manufacturers and end-users and would help cut logistics cost.
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Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$1,230
Accounts Receivable
910
Supplies
360
Prepaid Insurance
1,260
Equipment
1,200
Accumulated Depreciation—Equipment
$40
Accounts Payable
80
Salaries and Wages Payable
58
Interest Payable
15
Unearned Service Revenue
310
Notes Payable
2,100
Owner’s Capital
830
Owner’s Drawings
520
Service Revenue
4,623
Salaries and Wages Expense
1,046
Utilities Expense
130
Advertising Expense
170
Supplies Expense
1,065
Depreciation Expense
40
Insurance Expense
110
Interest Expense
15
$8,056
$8,056
Using the information in the adjusted trial balance, do the following.
(a1)
Prepare an income statement for the 2 months ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
COOKIE CREATIONS
Income Statement
choose the accounting period
For the Year Ended December 31, 2021
select an opening name for section one
Total Expenses
enter an income statement item
total expenses
$enter a dollar amount
8056
select an opening name for section two
Total Revenues
enter an income statement item
Total revenues
$enter a dollar amount
8056
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for section two
enter a total amount for section two
select a closing name for this statement
$enter a total net income or loss amount
eTextbook and Media
List of Accounts
Attempts: 0 of 3 used
(a2)
(a3)
(b)
(c)
The preparation of the Income Statement for COOKIE CREATIONS for the year ended December 31, based on the adjusted Trial Balance, is as follows:
COOKIE CREATIONS
Income StatementFor the year ended December 31,
Service Revenue $4,623
Expenses:
Salaries and Wages Expense 1,046
Utilities Expense 130
Advertising Expense 170
Supplies Expense 1,065
Depreciation Expense 40
Insurance Expense 110
Interest Expense 15 $2,576
Net income $2,047
What is an income statement?An income statement is a financial statement that summarizes a company's revenue and expenses in order to determine the net income or loss.
Income statements are usually prepared based on the adjusted trial balance at the end of a financial period.
Data and Calculations:COOKIE CREATIONS
Adjusted Trial BalanceDecember 31, 2021
Debit Credit
Cash $1,230
Accounts Receivable 910
Supplies 360
Prepaid Insurance 1,260
Equipment 1,200
Accumulated
Depreciation—Equipment $40
Accounts Payable 80
Salaries and Wages Payable 58
Interest Payable 15
Unearned Service Revenue 310
Notes Payable 2,100
Owner’s Capital 830
Owner’s Drawings 520
Service Revenue 4,623
Salaries and Wages Expense 1,046
Utilities Expense 130
Advertising Expense 170
Supplies Expense 1,065
Depreciation Expense 40
Insurance Expense 110
Interest Expense 15
Totals $8,056 $8,056
Thus, the preparation of COOKIE CREATIONS' Income Statement shows a net income of $2,047.
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Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $18,000; K. Korver, Withdrawals $2,000; Services Revenue $33,000; Salaries Expense $25,000; and Rent Expense $3,000. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.
The closing entries and ending balances of the T-accounts of K. Korver are as follows:
1) Post-closing entries:
K. Korver, CapitalAccount Titles Debit Credit
Ending balance $18,000
K. Korver, Withdrawals $2,000
K. Korver, WithdrawalsAccount Titles Debit Credit
Ending balance $2,000
K. Korver, Capital $2,000
Services RevenueAccount Titles Debit Credit
Ending balance $33,000
Income Statement $33,000
Salaries ExpenseAccount Titles Debit Credit
Ending balance $25,000
Income Statement $25,000
Rent ExpenseAccount Titles Debit Credit
Ending balance $3,000
Income Statement $3,000
What are post-closing entries:Post-closing entries are the ledger postings made to the income summary with regard to revenues, expenses, retained earnings, and dividends, or withdrawals.
2) The computation of the final balances of the T-accounts is as follows:
K. Korver, CapitalAccount Titles Debit Credit
Normal balance $18,000
K. Korver, Withdrawals 2,000
Ending balance $16,000
K. Korver, WithdrawalsAccount Titles Debit Credit
Normal balance $2,000
K. Korver, Capital $2,000
Services RevenueAccount Titles Debit Credit
Normal balance $33,000
Income Statement $33,000
Ending balance $0
Salaries ExpenseAccount Titles Debit Credit
Normal balance $25,000
Income Statement $25,000
Ending balance $0
Rent ExpenseAccount Titles Debit Credit
Normal balance $3,000
Income Statement $3,000
Ending balance $0
Thus, the post-closing entries and the ending balances of the T-accounts have been entered and computed respectively.
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what are the core secret to success
Answer:
#Secret 1 – Be Passionate About Goals.#secret 2 – Set Your Mind On Positive Mode.#Secret 3 – Create Your Own Strategies.#Secret 4 – Value Your Time.#Secret 5 – Make Your Mission Enthusiastic.
Explanation:
This can help you to be good.
For a report focus ob the needs of typical business readers today, it needs to be trustworthy, contain decision-related, and?
A. Use complicated language to impress the readers
B. Require a password to open the report document
C. Make it easy for readers to get the point quickly
D. Put the summary at the end of the discussion
Answer:
C
Explanation:
Business readers do not have a lot of time to read. So complicated language, password and summary at the end are not helpful. The right answer is C. Make it easy for readers to get the point quickly.
Answer:
i did it
Explanation:
Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to Shannon Allen on February 1. The company uses the gross method of recording sales discounts.
Required:
1. Give the journal entry to record the credit sale. Assume use of the perpetual inventory system.
2. Give the journal entry, assuming that the account was collected in full on February 9.
3. Give the journal entry, assuming instead that the account was collected in full on March 2. On March 4, the company purchased bicycles and accessories from a supplier on credit, invoiced at $9,000; the terms were 3/10, n/30. The company uses the gross method to record purchases.
1. The journal entry to record the credit sale by Scott's Cycles, using a perpetual inventory system, is as follows:
February 1:
Debit Accounts Receivable $1,500
Credit Sales Revenue $1,500
To record the credit sales, terms 2/15, n/30.Debit Cost of goods sold $975
Credit Inventory $975
To record the cost of goods sold.2. The journal entry to record the collection of the account by Scott's Cycles is as follows:
February 9:
Debit Cash $1,470
Debit Cash Discounts $30
Credit Accounts Receivable $1,500
To record the collection of the account and cash discounts allowed.3. The journal entry to record the collection of the account by Scott's Cycles is as follows:
March 2:
Debit Cash $1,500
Credit Accounts Receivable $1,500
To record the collection of the account.2. The journal entry to record purchase on account by Scott's Cycles is as follows:
March 4:
Debit Inventory $9,000
Credit Accounts Payable $9,000
To record the purchase of bicycles and accessories, terms 3/10, n/30.What are the journal entries?Journal entries are the accounting records kept by an entity about its daily transactions.
Journal entries identify the accounts involved in each transaction and whether they will be debited or credited.
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Greg got in over his head and kept buying things on his credit card that he couldn’t really afford. He ended up not being able to make payments on his card. What will happen because Greg failed to pay on his account?
Answer:
His account will be in default.
Explanation:
Defaulting on a loan means you've stopped making payments as agreed. How delinquent an account must become to be considered in default depends on the lender and the type of account.
Answer:
If you do not pay your credit card bill, you will have to pay late fees, have your interest rate increased, and it will damage your credit score.
Explanation:
Your debt could be sold to a collection agency and the collector of your debt could even sue you. You could even have your wages garnished.
You just won the lottery, which promises you $440,000 per year for the next 20 years. You receive the first payment today (hint: annuity due). If your discount rate is 9.00%, what is the present value of your winnings?
Answer:
You sell the money for more
Explanation:
In your own words, explain what opportunity cost is? Did you know about this concept? Give an example.
Answer:
A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment).
Explanation:
"In my opinion, we ought to stop making our own drums and accept that outside supplier's offer," said Wim Niewindt, m
anaging director of Antilles Refining, N.V., of Aruba. "At a price of 96 florins per drum, we would be paying 10 florins less than it costs us to manufacture the drums in our own plant. (The currency in Aruba is the florin, denoted by Afl.) Since we use 220,000 drums a year, we would save 2,200,000 florins on an annual basis." Antilles Refining's present cost to manufacture one drum follows (based on 220,000 drums per year):
1-a. The calculation of the total costs and costs per drum assuming 220,000 drums are needed each year by Antilles Refining is as follows:
Per Unit Costs Total Costs (220,000)
Make Buy Make Buy
Outside supplier's price Afl 196.00 Afl 43,120,000
Direct materials Afl 30.70 Afl 6,754,000
Direct labor 15.40 3,388,000
Variable overhead 9.10 2,002,000
Total variable costs Afl 55.20 Afl 196.00 Afl 12,144,000 Afl 43,120,000
Depreciation expense Afl 495,000 495,000
Supervision cost 2,530,000 2,530,000
Total relevant costs Afl 15,169,000 Afl 43,120,000
1-b. The company should make the drums.
2-a. The calculation of the total costs and costs per drum assuming 250,000 drums are needed each year by Antilles Refining is as follows:
Per Unit Costs Total Costs (250,000)
Make Buy Make Buy
Outside supplier's price Afl 196.00 Afl 49,000,000
Direct materials Afl 30.70 Afl 7,675,000
Direct labor 15.40 3,850,000
Variable overhead 9.10 2,275,000
Total variable costs Afl 55.20 Afl 196.00 Afl 13,800,000 Afl 49,000,000
Depreciation expense Afl 495,000 495,000
Supervision cost 2,875,000 2,875,000
Total relevant costs Afl 17,170,000 Afl 49,000,000
2-b. The company should make the drums.
2-c. The calculation of the total costs and costs per drum assuming 2,530,000 drums are needed each year by Antilles Refining is as follows:
Per Unit Costs Total Costs (2,530,000)
Make Buy Make Buy
Outside supplier's price Afl 196.00 Afl 495,880,000
Direct materials Afl 30.70 Afl 77,671,000
Direct labor 15.40 38,962,000
Variable overhead 9.10 23,023000
Total variable costs Afl 55.20 Afl 196.00 Afl 139,656,000 Afl 495,880,000
Depreciation expense Afl 495,000 495,000
Supervision cost 2,875,000 29,095,000
Total relevant costs Afl 169,246,000 Afl 495,880,000
2-d. The company should make the drums.
What is a buy-or-make decision?A buy-or-make decision involves the choice of alternatives depending on relevant costs (avoidable costs).
Question Requirements:Required: 1-a. Calculate the total costs and costs per drum under the two alternatives. Assume that 220,000 drums are needed each year. (Round "Cost Per Drum" answers to 2 decimal places.)
1-b. Should the company make or buy based on analysis in part (1-a)
2-a. Calculate the total costs and costs per drum under the two alternatives. Assume that 250,000 drums are needed each year. (Round "Cost Per Drum" answers to 2 decimal places.)
2-b. Should the company make or buy based on analysis in part (2-a)?
2-c. Calculate the total costs and costs per drum under the two alternatives. Assume that 2,530,000 drums are needed each year. (Round "Cost Per Drum" answers to 2 decimal places.)
2-d. Should the company make or buy based on analysis in part (2-c)?
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Nicholas just started a new business. He recognizes the need for performance appraisals but does not want to develop different ones for each job. He should use the ______ with all employees to rate their performance on a continuum such as excellent, good, average, fair, and poor.
If Nicholas wanted to use a performance appraisal style that rated performance on a continuum, he should use the Graphic rating scale form.
What is the Graphic rating scale form?It is a performance appraisal style where the various factors contributing to employee performance are rated on a continuum with answers such as excellent, very good, fair, and the like.
The advantage of this is that it can apply to several types of jobs so there would be no need to come up with new appraisal styles.
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The customer told you that being competitive in their market is a moving target. They asked you to add
several items to the scope, even if it adds more time and money. What approach would help you manage
the scope for this project?
The best approach to help manage the scope for the project where the customer asked for more items to be added to the scope is to switch to an Agile approach.
What is an Agile approach?An agile approach to help manage the scope for the project would involve:
Breaking up the scope into several phases. Ensuring constant collaboration with stakeholders.Using continuous incremental improvements.Thus, the best approach to help manage the scope for the project where the customer asked for more items to be added to the scope is to switch to an Agile approach.
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3. Answer the followings.
a) What is a business?
b) What is a public sector?
c) What are public goods? Give examples.
d) What are merit goods? Give examples.
e) What are public services? Give examples.
f) Give examples of private sector organizations.
g) Give examples of the public sector organizations.
Answer:
3. a) A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships.
b) Public sector, portion of the economy composed of all levels of government and government-controlled enterprises. It does not include private companies, voluntary organizations, and households.
c) In economics, a public good is a good that is both non-excludable and non-rivalrous. For such goods, users cannot be barred from accessing or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others. Examples of public goods include law enforcement, national defense, and the rule of law. Public goods also refer to more basic goods, such as access to clean air and drinking water.
d) The economics concept of a merit good, originated by Richard Musgrave, is a commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. Examples of merit goods include education, health care, welfare services, housing, fire protection, refuse collection and public parks. In contrast to pure public goods, merit goods could be, and indeed are, provided through the market, but not necessarily in sufficient quantities to maximise social welfare.
e) A public service is a service intended to serve all members of a community. Public services include services provided by a government to people living within its jurisdiction, either directly through public sector agencies or by financing provision of services by private businesses or voluntary organizations. Examples are the business of supplying a commodity (such as electricity or gas) or service (such as transportation) to any or all members of a community, a service rendered in the public interest, governmental employment especially : civil service.
f) Examples of organizations in the private sector include:
Sole Proprietors: Designers, Developers, Plumbers, Repairmen.Partnerships: Dentistry, Legal, Accounting, Tax.Small and Medium-sized Businesses: Retail, Hospitality, Food, Leisure, Legal Services.Large Multinationals: Apple, Tesla, Disney, Procter & Gamble, PepsiCo.g) Here are some examples of public organizations.
Education.Law enforcement.Justice.Military.Electricity.Healthcare.Public transit.Public roads.When the price of cheeseburgers is equal to $6, the quantity demanded of cheeseburger is equal to 1,200 and the quantity supplied is equal to 700. The price per cheeseburger will...
A)remain constant because the market is in equilibrium.
B)decrease because there is an excess demand in the market.
C)increase because there is an excess demand in the market.
D)decrease because there is an excess supply in the market.
The quantity supplied of cheeseburger is less than the quantity demanded. Therefore, the price will C. increase because there is an excess demand in the market.
What is supply?Supply simply means the number or goods and services that a supplier is willing to sell at a particular price and time.
In this case, the quantity supplied of cheeseburger is less than the quantity demanded. Therefore, the price will increase.
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If a sale is made to a customer on credit, the account credited is?
Revenue
Account receivable
Supplies
Equipment
Answer:Account receivable
Explanation:
1- Describe the four directions of communication with examples. (5 Marks)
Answer:
I don't have any idea , sorry i need to save points
Answer:
Downward communication:
Communication in the first place, flows downwards. That is why, traditionally this direction has been highlighted or emphasized. It is based on the assumption that the people working at higher levels have the authority to communicate to the people working at lower levels.
Upward communication:
The function of upward communication is to send information, suggestions, complaints and grievances of the lower level workers to the managers above. It is, therefore, more participative in nature.
Lateral or horizontal communication:
This type of communication can be seen taking place between persons operating at the same level or working under the same executive. Functional managers operating at the same level, in different departments, through their communication, present a good example of lateral communication.
Diagonal or crosswise communication:
Diagonal or crosswise communication takes place when people working at the same level interact with those working at a higher or lower-level of organizational hierarchy and across the boundaries of their reporting relationships.
What will be the total cost of Marla's ARM If the term of the loan were 25 or 20 years Instead of 30? Use the variable-rate loan calculator to find the answers. Write them In the spaces below.
Compare the values you just obtained with the total cost of Marla's 30-year variable-rate mortgage. Write down your observations and conclusions.
Answer:
25 years= $410,601.07
20 years= $305,131.67
Explanation:
Answer:
25 years- $410,601.07
20 years- $350,131.67
Explanation:
Preston, founder and president of a successful software development company, took a look around the office at his 15 employees. Rent was high in the city, and most of their clients were spread out over the United States. Preston and his business partner have strategically decided to give up their office and to adopt __________, so his employees can work remotely via computer. Multiple Choice interfirm communication teleportation just-in-time systems telecommuting
Preston and his business partner have strategically decided to give up their office and to adopt telecommuting, so his employees can work remotely via computer.
What is telecommuting?Telecommuting can be defined as a communication channel that enables company employees to work remotely through the use of:
Computer systemVideo applicationmobile phoneEmail among othersBased on the given scenario Preston and his partner want to make use of telecommuting so as to make it possible for their employee to work remotely or to work outside their workplace.
Inconclusion they have decided to give up their office and to adopt telecommuting, so his employees can work remotely via computer.
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Generally accepted accounting principles (GAAP) require companies with a large amount of receivables to use
a. the allowance method.
b. the direct write-off method.
c. the estimated method.
d. the sales factor method.
Where can you find your state specific lottery info to sell and redeem lottery tickets
Answer:
The places where you can find state-specific information about lottery information to sell, lottery tickets, redeem winning and lottery tickets are the lottery terminal handbook, and lottery vending machine.
Explanation:
Lottery Terminal Handbook is a text containing information related to the lottery Terminal (Electronic Device). This text explains all the functions of the Lottery terminal, how to print the tickets, and how to redeem wining prizes.
On the other hand, a Lottery vending machine is a specialized machine for offering and selling lottery tickets. In these machines, the buyer enters money corresponding to the value of the lottery ticket, and the machine gives him scratch-off tickets or another type of ticket.
According to the above, the information related to lottery tickets can be found in a lottery terminal handbook and a lottery vending machine.
After John's father died, John inherited his successful tire business, Thrifty Tire. John wants to make sure the company's culture, which his father had built for over 40 years, does not get lost but instead remains embedded in the organization. First, summarize 4 of the 12 ways that a particular culture can become embedded in an organization. Then explain how John might use each technique to keep Thrifty Tire's corporate culture strong, with an emphasis on employee development, a family-like atmosphere, and a dedication to offering the best service and the lowest prices.
The four ways that John can embed culture in Thrifty Tire are as follows:
Model corporate values and behaviors.Encourage workers' commitment by requesting ideas contributions.Share stories of corporate values in action.Making a checklist of corporate values.What is corporate culture?Corporate culture encompasses the following:
Guidelines on how company employees act, feel, and think. The organization's social and psychological environmentThe unique corporate personalityAn expression of the core corporate values, ethics, behaviors, and belief.Corporate culture refers to the interaction of a company's employees and management in handling customers based on acceptable beliefs and behaviors.
John can embed the corporate culture of Thrifty Tire by ensuring that the accepted corporate values and behaviors are properly documented for easy accessibility to the workers and managers.
John can also ensure that written documents by the company continue to retell the corporate values, making them alive in the present.
John can request workers to contribute ideas to the effective running of the company, thereby ensuring their buy-in.
A checklist of corporate values in fliers and other easily accessible documents issued by the company, including at notice boards and displays will entrench the values in the employees.
Thus, John needs to do more by not only talking about the corporate values but practically reinforcing them on every occasion.
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which investment ideas is simple
what is the importance of feedback? in your own words
Answer: Feedback is a tool that can help people evaluate themselves and their work and also how others perceive them. While employees and students need to receive feedback, it's also essential for leaders who believe in growth to ask for an evaluation, to give an example, and be an inspiration for them.
Explanation:
The RLX Co. just paid a dividend of $3.20 per share on its stock. The dividends are expected to grow at a constant rate of 4 percent per year indefinitely. If investors require a return of 10.5 percent on the company's stock, what is the current price?
The current price of the company's stock is $51.20.
What is the current price of the stock?The formula that can be used to determine the price of the stock is the constant dividend growth model
Price = d1 / (r - g)
d1 = next dividend to be paid = current dividend paid x (1 + growth rate) = $3.20 x (1.04) = $3.328
r = cost of equity
g = growth rate
Price = $3.328 / (10.5 - 4)
$3.328 / 0.065 = $51.20
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A maginal revenue product of labor for a firm is?
Answer:
The marginal revenue product of labor (MRPL) is the additional amount of revenue a firm can generate by hiring one additional employee. It is found by multiplying the marginal product of labor (MPL) – the amount of additional output one additional worker can generate.
Explanation:
by the price of output. If an employee of a customer support call center can take eight calls an hour (the MPL) and each call earns the company $3, then the MRPL is $24.
True or false: The free-trade doctrine was designed to encourage each country to make the best use of global resources. True false question. True False
Answer:
t
Explanation:
carbon fiber is the best solution for you and the other side tracked down to your at least a little more of your own time do not take it to the right side tracked to your body and your body is the only way
The restaurant industry has _________ threat of new entrants because of _________ capital requirements.
what is economic?where it's used in?
Answer:
Economics is "the social science that studies the production, distribution, and consumption of goods and services." Economics focuses on the behaviour and interactions of economic agents and how economies work.
Explanation:
internet definition ^
How does screening help with keeping the organization secure?
Answer:
screening helps because it is designed to keep track of things and do background checks to make people or objects secure.
pls mark brainliest
have a great day
Answer:
Security screening checks the history and background of successful applicants and current employees. For most positions, screening consists of a criminal record check, which is a search for convictions, penalties or outstanding charges.
QUESTION 1 Provide a summary of the implications, growth and opportunity of BRICS and also include practical examples of how the implications can affect the identified SME/SMME.
Identify and explain about any 3 title of business objectives
Answer:
1. Getting and Staying Profitable
Maintaining profitability means making sure that revenue stays ahead of the costs of doing business. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold.
2. Productivity of People and Resources
Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible.
3. Excellent Customer Service
Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization.
4. Employee Attraction and Retention
Employee turnover costs you money in lost productivity and the costs associated with recruiting, which include employment advertising and paying placement agencies. Maintaining a productive and positive employee environment improves retention.