The mixed-standard scale approach requires managers to keep a record of specific examples of the employee acting in ways that are either effective or ineffective. True
This approach involves setting specific standards for job performance and evaluating employee performance based on those standards. The manager must keep a record of specific examples of the employee's performance that match the standards set for the job.
The manager then rates the employee's performance as either meeting or not meeting the established standards. The mixed-standard scale approach provides a more objective way of evaluating employee performance, as it requires specific examples and standards to be set and used consistently.
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Tracey Company has projected sales and production in units for the second quarter of the coming year as follows:
April May June
Sales........... 55,000 45,000 65,000
Production.... 65,000 55,000 55,000
Cash-related production costs are budgeted at $7 per unit produced. Production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $110,000 per month. The accounts payable balance on March 31 totals $193,000, which will be paid in April.
All units are sold on account for $16 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. April 1, Accounts receivable on totaled $520,000 ($100,000 from February's sales and the remainder from March).
Required:
a. Prepare a schedule for each month showing budgeted cash disbursements for Tracey Company. (24 marks)
b. Prepare a schedule for each month showing Tracey Company’s budgeted cash receipts. (18 marks)
c. How to overcome low inventory turnover, explain and give 2 examples? (Word limit:200 words) (8 marks)
a. Schedule of budgeted cash disbursements:
April:
Production costs:
65,000 units produced x $7 per unit x 40% = $182,000 (paid in April)
65,000 units produced x $7 per unit x 60% = $273,000 (paid in May)
Selling and administrative expenses: $110,000
Accounts payable: $193,000
Total cash disbursements: $685,000
May:
Production costs:
55,000 units produced x $7 per unit x 60% = $231,000 (paid in May)
55,000 units produced x $7 per unit x 40% = $154,000 (paid in June)
Selling and administrative expenses: $110,000
Total cash disbursements: $495,000
June:
Production costs:
55,000 units produced x $7 per unit x 40% = $154,000 (paid in June)
55,000 units produced x $7 per unit x 60% = $231,000 (paid in July)
Selling and administrative expenses: $110,000
Total cash disbursements: $495,000
b. Schedule of budgeted cash receipts:
April:
Sales: 55,000 units x $16 per unit x 60% = $528,000
Collections from February sales: $100,000
Total cash receipts: $628,000
May:
Sales: 45,000 units x $16 per unit x 60% = $432,000
Sales: 55,000 units x $16 per unit x 30% = $264,000
Total cash receipts: $696,000
June:
Sales: 65,000 units x $16 per unit x 60% = $624,000
Sales: 45,000 units x $16 per unit x 30% = $216,000
Sales: 55,000 units x $16 per unit x 10% = $88,000
Total cash receipts: $928,000
c. Low inventory turnover means that a company is not selling its inventory quickly enough, which can lead to higher holding costs and potentially lower profits. Two ways to overcome low inventory turnover are:
Improve forecasting and demand planning: By accurately forecasting demand and adjusting production accordingly, a company can avoid overstocking or understocking inventory. This can help ensure that inventory is sold quickly and efficiently, leading to higher turnover.
Implement just-in-time (JIT) inventory management: JIT is a lean manufacturing approach where inventory is only ordered and received when it is needed for production or sale. This can help reduce holding costs and improve inventory turnover, as inventory is not sitting on shelves for long periods of time.
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gap inc. caters to three different tiers of the market with their old navy, gap and banana republic retail clothing stores. which of the following are true about gap inc.? i. their strategy has a broad scope. ii. their strategy has a narrow scope. iii. differentiation is their competitive advantage. iv. differentiation focus is their business strategy. v. they use cost focus for the old navy stores.
The correct statement about Gap inc. are their strategy has a broad scope and differentiation is their competitive advantage. Option i and iii are true.
Gap Inc. has a broad scope strategy as it caters to three different tiers of the market with their Old Navy, Gap, and Banana Republic retail clothing stores. The differentiation is one of their competitive advantages as each brand has its unique selling proposition, such as Old Navy's focus on affordability, Gap's focus on casual wear, and Banana Republic's focus on workwear and luxury clothing.
Option ii, iv, and v are not true. The narrow scope strategy involves targeting a specific segment of the market, while Gap Inc. targets multiple segments. Similarly, differentiation focus involves differentiation in a narrow segment of the market, which is not the case with Gap Inc. Lastly, Old Navy's focus is on cost leadership, not cost focus, as it offers affordable products to a broader customer base.
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5 We ask all our new employees to work ..... of between one and three months
A probationary period is a crucial part of the hiring process for most companies. It provides an opportunity for both the employer and employee to determine whether the job is a good fit and sets the stage for a successful employment relationship.
Most companies have a probationary period for new employees, which is a trial period during which the employer can evaluate the employee's performance and suitability for the job. The duration of the probationary period varies from company to company, but it is usually between one and three months. During this period, the new employee is expected to learn about the company's policies, procedures, and culture, as well as the job duties and responsibilities.
The probationary period serves several purposes. It allows the employer to assess the employee's skills, work ethic, and overall fit for the company. It also gives the employee an opportunity to learn about the company and determine whether the job is a good match for their skills and career goals.
New employees are expected to work diligently and demonstrate a strong work ethic during the probationary period. This means being punctual, completing assignments on time, and following company policies and procedures. It is also important for new employees to ask questions and seek feedback from their supervisors to ensure that they are meeting expectations.
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garry corporation's most recent production budget indicates the following required production: october november december required production (units) 210,000 175,000 110,000 each unit of finished product requires 5 pounds of raw materials. the company maintains raw materials inventory equal to 25% of the next month's expected production needs. how many pounds of raw material should garry plan on purchasing for the month of november?
Garry Corporation should plan on purchasing 737,500 pounds of raw material for the month of November.
The amount of pounds of raw material Garry Corporation should plan on purchasing for the month of November is:
1. Determine November's production needs:
175,000 units * 5 pounds/unit = 875,000 pounds of raw materials.
2. Calculate the raw materials inventory for December:
110,000 units * 5 pounds/unit = 550,000 pounds.
Since Garry Corporation maintains an inventory equal to 25% of the next month's production needs, we'll find 25% of December's needs:
550,000 pounds * 0.25 = 137,500 pounds.
3. Subtract the raw materials inventory for December from November's production needs to find the amount to be purchased in November:
875,000 pounds - 137,500 pounds = 737,500 pounds.
Therefore, 737,500 pounds of raw material should be planned to purchase for the month of November.
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on january 15, the end of the first biweekly pay period of the yeark, chen compnay's payroll register showed that its employees earned $35,000 of sales slalaries. whitholdings from the employee's salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. no employee earned more thatn $7,000 in this firs tperiod. prepare the jorunal entry to record chen company's january 15 payroll expenses and liabilities
Journal entries are: the salary expense account is debited for $35,000 paid to employees. Various withholdings are credited to their respective liability accounts, totaling $9,070. The cash account is credited for the net amount payable to employees after withholdings, which is $25,930.
To record Chen Company's January 15 payroll expenses and liabilities, we need to make the following journal entry:
Salary Expense $35,000.00
FICA Social Security Tax Payable $ 2,170.00
FICA Medicare Tax Payable $ 507.50
Federal Income Tax Payable $ 6,500.00
Medical Insurance Deductions Payable $ 772.50
Union Dues Payable $ 120.00
Net Payable to Employees $25,930.00
The total salary expense is $35,000.00, and we need to withhold the following from the employees' salaries: FICA social security taxes at a rate of 6.2%, FICA Medicare taxes at a rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues.
After withholding these amounts, the net payable to employees is $25,930.00, which is the amount we will pay out to them.
It's important to note that these payroll expenses and liabilities must be recorded accurately and in compliance with all relevant laws and regulations.
Failure to do so could result in penalties and fines from government agencies, as well as damage to the company's reputation.
Additionally, proper journal entry and timely payment of payroll liabilities are critical to maintaining good relationships with employees and ensuring their continued satisfaction with their jobs. This can help reduce turnover and increase productivity, ultimately benefiting the company's bottom line.
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a buyer and seller enter into a contract for sale and purchase of a condo unit. three days later, the buyer sends written instructions to the licensee to refund his earnest money deposit. the seller objects, stating that the buyer has breached the contract and indicates that he is entitled to the earnest money deposit. at this point the broker:must return the deposit to the buyer.should turn the deposit over to the seller.must notify frec of the conflicting demands.must secure the seller's authorization to release the funds.
The broker must not release the earnest money deposit to either party until there is an agreement or court order. In this scenario, there are conflicting demands from the buyer and the seller. The broker should notify the Florida Real Estate Commission (FREC) of the conflicting demands and secure written instructions from both parties to release the funds. If the broker releases the funds to one party without the other party's consent, the broker could be liable for breaching their fiduciary duty to one of the parties.
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In this situation, the broker must notify FREC (Florida Real Estate Commission) of the conflicting demands. Option C is correct.
In this situation, the broker cannot simply return the deposit to the buyer without authorization from the seller. Similarly, the broker cannot turn the deposit over to the seller without the buyer's consent. If the broker were to do either of these things, they could be held liable for breaching their duty to one party or the other.
Therefore, the broker's best course of action would be to notify the Florida Real Estate Commission (FREC) of the conflicting demands and seek guidance on how to proceed. They should also try to secure written authorization from both parties before taking any action with respect to the earnest money deposit.
Therefore, option C is correct.
a buyer and seller enter into a contract for sale and purchase of a condo unit. three days later, the buyer sends written instructions to the licensee to refund his earnest money deposit. the seller objects, stating that the buyer has breached the contract and indicates that he is entitled to the earnest money deposit. at this point the broker:
A. must return the deposit to the buyer.
B. should turn the deposit over to the seller.
C. must notify frec of the conflicting demands.
D. must secure the seller's authorization to release the funds.
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Which of these items should never be included on a résumé sent to U.S. companies?
A) Home address
B) Volunteer activities
C) Marital status
D) Military service
E) Language skills
When submitting a résumé to U.S. companies, it is essential to provide relevant and professional information. Among the options given, the item that should never be included on a résumé is C) Marital status.
In the U.S., it is not appropriate to include personal information such as marital status, age, or race on a résumé, as it can lead to discrimination or bias during the hiring process. Companies are required to adhere to Equal Employment Opportunity (EEO) laws that prohibit discrimination based on such factors.
The other items listed can be beneficial to include on a résumé when they are relevant to the job or showcase your skills and experience:
A) Home address - While it is becoming less common to include a full home address, providing your city and state can still be useful for employers to determine your location and availability for the position.
B) Volunteer activities - These experiences can demonstrate your commitment to community service and showcase transferable skills, making you a well-rounded candidate.
D) Military service - This information can highlight your dedication, discipline, and skills developed during service, which can be valuable assets in a civilian job.
E) Language skills - Being multilingual is often an advantage in today's globalized job market, so listing language skills can make you more competitive as a candidate.
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Under the Sales Article of the U.C.C., which of the following oral contracts for the sale of goods valued at more than $500 is most likely to be unenforceable?However, there are several exceptions which could make an oral contract enforceable: (1) the goods are specially manufactured (2) the goods have been paid for and accepted or received and accepted ((3) the person admits in court to have contracted with the plaintiff (the contract is enforceable to the quantity admitted); or (4) one of the merchants sends a written confirmation to the other and receives no objection within 10 days after sending it
Oral contracts for the sale of goods valued at more than $500 are unenforceable unless they meet certain exceptions under U.C.C.
The Uniform Commercial Code (UCC) is a set of laws that governs commercial transactions in the United States. It was created to standardize laws related to the sale and transfer of goods, financing of commercial transactions, and other related topics. The UCC consists of nine articles, each addressing a different aspect of commercial law. These articles cover topics such as sales contracts, negotiable instruments, secured transactions, and leases. The UCC is adopted in some form by all 50 states in the US, although states can make modifications to the code. The UCC provides a framework for businesses to conduct transactions and resolve disputes in a standardized manner.
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A very small company would have the most difficulty in implementing which of the following internal control activities?
A) Limited access to assets
B) Separation of duties
C) Periodic independent verification
D) Sound personnel procedures
A very small company would have the most difficulty in implementing option B) Separation of duties as an internal control activity. The correct option is b).
Separation of duties involves dividing responsibilities among different employees to reduce the risk of fraud and errors. This ensures that no single individual has complete control over a specific transaction or process, which helps maintain checks and balances within the organization.
However, in a small company, there may not be enough employees to effectively divide tasks, and the limited workforce may lead to employees taking on multiple roles, making it challenging to implement a proper separation of duties.
In contrast, the other options can be more easily implemented in a small company:
A) Limited access to assets: A small company can limit access to its assets by using physical and digital security measures, such as locked storage areas, password-protected files, and restricted access to specific areas of the workplace.
C) Periodic independent verification: Even with a small staff, a company can engage external parties, such as auditors, to periodically verify its financial records and ensure accuracy and compliance.
D) Sound personnel procedures: A small company can establish clear hiring, training, and performance evaluation processes to ensure it recruits and retains competent employees, reducing the risk of fraud and errors.
In conclusion, a small company would face the greatest challenge in implementing separation of duties due to the limited number of employees and the need for employees to take on multiple roles.
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Name four costs of doing business that are considered as overhead (operating expenses).
Here are four costs of doing business that are typically considered as overhead or operating expenses:
1. Rent or lease payments for office space or equipment.
2. Utilities such as electricity, water, and gas.
3. Insurance premiums for general liability, property, and worker's compensation.
4. Office supplies and equipment, including furniture, computers, and printers.
These costs are necessary for the day-to-day operations of a business but are not directly related to producing goods or providing services.
Four costs of doing business that are considered as overhead (operating expenses) include:
1. Rent or lease payments for office or retail space
2. Utility bills, such as electricity, water, and gas
3. Insurance premiums for business liability and property coverage
4. Salaries and wages for administrative staff and management
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Bonita Company has 2,320 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4,640 and 5,800 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $8. Management desires an ending inventory equal to 25% of next month's materials requirements. Prepare the direct materials budget for January.
The direct materials budget uses the following formula as its foundation: + Raw materials needed for production + Planned ending inventory balance. Costs of goods sold (COGS), raw materials and production inputs, packaging, wages and commissions, and some utilities are typical examples of variable costs.
Costs that change as the volume increases are known as variable costs. Raw materials, piece-rate labour, production supplies, commissions, shipping expenses, packing costs, and credit card fees are a few examples of variable costs.
Providing the following details:
starting stock = 4,872 pounds
Production for January equals 4,200 multiplied by four equals 16,800 pounds.
February = 5,800 * 4 = 23,200 pounds.
The management aims for an ending inventory that covers 29% of the needed materials for the next month.
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_____________ is a two-way communication process with the goal of securing, building, and maintaining long-term relationships with profitable customers.
A. Sales promotion
B. Direct marketing
C. Personal selling
D. Publicity
E. Advertising
Personal selling is a marketing strategy that involves face-to-face interaction between a sales representative and a potential customer.
It is a two-way communication process where the sales representative listens to the customer's needs and provides personalized solutions that match the customer's preferences. The goal of personal selling is not just to make a sale, but to establish a long-term relationship with the customer that will lead to repeat business and positive word-of-mouth recommendations. Personal selling is particularly effective for high-value products or services that require a significant investment by the customer, as it allows for a deeper level of engagement and trust-building between the customer and the sales representative. Successful personal selling requires strong interpersonal skills, product knowledge, and the ability to adapt to different customer needs and preferences.
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The chief executive officer earns $10,040 per month. As of May 31, her gross pay was $50.200. The tax rate for Social Security is 6.2% of the first $128.400 earned each calendar year and the FICA tax rate for Medicare is 145% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate 1$ 54. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA Social Security withheld from this employee for the month of June? Multiple Choice $269.07 $1244.00 562248 57.376.39 52000
The .amount of FICA Social Security withheld from this employee for the month of June is $622.48. Therefore, correct option is $622.48
Determine the amount of FICA Social Security withheld from the employee for the month of June: To determine the amount of FICA Social Security withheld from the employee for the month of June, we need to follow these steps:
1. Calculate the employee's earnings up to May 31: $50,200.
2. Calculate the employee's earnings for the month of June: $10,040.
3. Calculate the employee's total earnings: $50,200 (up to May 31) + $10,040 (June) = $60,240.
4. Since the Social Security tax rate is 6.2% of the first $128,400 earned each calendar year, and the employee's total earnings ($60,240) are below the $128,400 limit, the entire amount is subject to Social Security tax.
5. Calculate the FICA Social Security withheld for June: $10,040 (June earnings) x 6.2% (tax rate) = $622.48.
The amount of FICA Social Security withheld from this employee for the month of June is $622.48.
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the economy depicted in this data table is closed, with no international trade of any kind. government spending $50 billion government transfer payments $30 billion tax revenues $40 billion capital investments $10 billion based on the data, which of the following statements must be true?
Based on the data provided in the table, the following statement must be true:
1. The government budget is in deficit, as government spending ($50 billion) and transfer payments ($30 billion) exceed tax revenues ($40 billion).
2. The economy is experiencing an injection of $10 billion due to capital investments.
3. There is no information provided about private consumption, savings, or investment in this economy.
4. The data table given in the question provides information about the various components of a closed economy. A closed economy is one in which there is no international trade, meaning that all economic activity occurs within the borders of a single country.
5. In this closed economy, the government is spending $50 billion on various goods and services. This represents the amount of money the government is using to fund its activities, such as paying for infrastructure projects or providing public services.
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Renata Corporation purchased equipment in 2017 for $324,600 and has taken $146,070 of regular MACRS depreciation. Renata Corporation sells the equipment in 2019 for $194,760 What is the amount and character of Renata's gain or loss? Renata Corporation has a gain of ___of which Is ____ treated as ordinary income due to
Renata Corporation has a gain of $68,190 of which $31,215 is treated as ordinary income due to recapture of depreciation.
Renata Corporation purchased equipment in 2017 for $324,600 and has taken $146,070 of regular MACRS depreciation. Renata Corporation sells the equipment in 2019 for $194,760.
To determine the amount and character of Renata's gain or loss, follow these steps:
1. Calculate the adjusted basis of the equipment:
Adjusted basis = Original cost - Accumulated depreciation
Adjusted basis = $324,600 - $146,070
Adjusted basis = $178,530
2. Calculate the gain or loss on the sale of the equipment:
Gain or loss = Selling price - Adjusted basis
Gain or loss = $194,760 - $178,530
Gain or loss = $16,230
3. Determine the character of the gain or loss:
Since Renata Corporation has taken MACRS depreciation, the gain up to the amount of the depreciation taken is considered as ordinary income due to depreciation recapture.
In conclusion, Renata Corporation has a gain of $16,230, of which $16,230 is treated as ordinary income due to depreciation recapture.
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a department store chain has hired an advertising firm to determine the types and amount of advertising it should invest for its store. the objective is to reach as many people as possible (maximize exposure) without violating any resource constraints the store chain may have.television commercial exposure (people/ad or commercial) 25,000radio commercial exposure (people/ad or commercial) 17,000 newspaper ad exposure (people/ad or commercial) 14,000 television commercial cost $20,000radio commercial cost $11,000newspaper ad cost $9,000the store has to consider the following resource constraints budget limit $110,000 television station has time available for 5 commercials radio station has time available for 11 commercials newspaper has space available for 8 ads the advertising firm has time and staff available for producing no more than a total of 16 commercials and/or ads(part 1) [20 points] what is the objective function?(part 2) [20 points] model all of the constraints
The objective function is Maximize 25,000x + 17,000y + 14,000z. The budget constraint is 20,000x + 11,000y + 9,000z ≤ 110,000, television commercial constraint is x ≤ 5, radio commercial constraint is y ≤ 11, newspaper ad constraint is z ≤ 8, commercials/ads constraint is x + y + z ≤ 16.
The objective function in this scenario is to maximize the total exposure of the advertising campaign while staying within the resource constraints provided by the store chain.
The exposure is defined as the number of people reached per ad or commercial, and the total exposure is the sum of exposures across all ads or commercials. The objective function can be written as:
Maximize 25,000x + 17,000y + 14,000z
where x, y, and z are the number of television commercials, radio commercials, and newspaper ads, respectively.
Now, let's model the constraints:
Budget constraint: The total cost of the advertising campaign cannot exceed the budget limit of $110,000. The budget constraint can be written as:
20,000x + 11,000y + 9,000z ≤ 110,000
Television commercial constraint: The television station has time available for only 5 commercials. The television commercial constraint can be written as:
x ≤ 5
Radio commercial constraint: The radio station has time available for only 11 commercials. The radio commercial constraint can be written as:
y ≤ 11
Newspaper ad constraint: The newspaper has space available for only 8 ads. The newspaper ad constraint can be written as:
z ≤ 8
Total number of commercials/ads constraint: The advertising firm has time and staff available for producing no more than a total of 16 commercials and/or ads. The total number of commercials/ads constraint can be written as:
x + y + z ≤ 16
These constraints ensure that the advertising campaign does not exceed the resource constraints set by the store chain. We can use linear programming techniques to solve the optimization problem and find the optimal values of x, y, and z that maximize the total exposure while staying within the resource constraints.
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Tina established her objectives in the early stages of her ad campaign. to find out whether those objectives have been met at the end of the campaign, she will a) arrange for peer analysis b) conduct feedback analysis c) initiate content analysis d) pretest analysis
In order to determine whether the objectives that Tina established in the early stages of her ad campaign have been met at the end of the campaign, she could consider a variety of analysis methods.
One option is to arrange for peer analysis, which involves having a group of experts in the industry evaluate the campaign's effectiveness. Another option is to conduct feedback analysis, which involves gathering feedback from customers and stakeholders to assess their reactions to the campaign.
Tina could also initiate content analysis, which involves analyzing the content of the campaign to determine its effectiveness. Finally, pretest analysis could be used to assess the campaign's potential effectiveness before it is launched.
Each of these methods can provide valuable insights into the success of the campaign and help Tina determine whether her objectives were met.
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selling price per unit $ 100 variable expenses per unit $ 50 fixed expenses per month $ 60,000 the breakeven point in terms of volume of units per month is:
The breakeven point in terms of volume of units per month is 1,200 units.
How to determine the breakeven pointBased on the information provided, the breakeven point in terms of volume of units per month can be calculated using the following formula:
Breakeven Point (units) = Fixed Expenses / (Selling Price per Unit - Variable Expenses per Unit)
In this case:
Selling Price per Unit = $100
Variable Expenses per Unit = $50
Fixed Expenses per Month = $60,000
Now, plug in the values into the formula:
Breakeven Point (units) = $60,000 / ($100 - $50)
Breakeven Point (units) = $60,000 / $50
Breakeven Point (units) = 1,200
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4. In addition to comparison with industry ratios, it is also helpful to analyze ratios using:
A. ethical behaviour.
B. comparison of industry benchmarks.
C. focus groups.
D. trend analysis.
Out of the given options, the correct answer to the question is B, which is a comparison of industry benchmarks. While comparing financial ratios with industry benchmarks, it is important to note that every industry has its own specific ratios that need to be considered for comparison.
Comparing the company's financial ratios with its industry benchmarks helps to understand the company's performance relative to the industry standards.
Industry benchmarks refer to the average or median ratios of companies within a particular industry. By comparing a company's ratios to the industry benchmarks, one can identify areas of strength or weakness in the company's financial performance. It also helps to identify whether the company is performing better or worse than its competitors.
However, it is also important to note that industry benchmarks are not the only factors to consider while analyzing ratios. Trend analysis, ethical behavior, and focus groups are also important in analyzing financial ratios. Trend analysis helps to identify the direction and magnitude of changes in financial ratios over time, while ethical behavior ensures that the company is adhering to ethical principles in its financial activities. Focus groups can provide valuable insights into customer preferences, which can impact the company's financial performance.
In conclusion, while analyzing financial ratios, comparing them with industry benchmarks is crucial to gain insights into the company's financial performance. However, other factors such as trend analysis, ethical behavior, and focus groups should also be considered to have a comprehensive understanding of the company's financial health.
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Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2013; $119,900 at December 31, 2014; and $134,560 at December 31, 2015. The year-end price indexes were 100 at 12/31/13, 110 at 12/31/14, and 116 at 12/31/15. Compute the ending inventory for Midori Company for 2013 through 2015 using the dollar-value LIFO method.
The ending inventory for Midori Company using the dollar-value LIFO method for 2013 through 2015 is $100,000, $109,000, and $115,862.07, respectively.
To compute the ending inventory for Midori Company for 2013 through 2015 using the dollar-value LIFO method, we need to first calculate the cost-to-retail ratio for each year.
For 2013, the cost of goods sold (COGS) is assumed to be equal to the ending inventory at end-of-year prices, which is $100,000. Therefore, the cost-to-retail ratio for 2013 is 100% ($100,000/$100,000).
For 2014, we need to calculate the COGS using the LIFO method. To do this, we assume that the most recent inventory purchases are sold first, and we work backwards until we reach the beginning inventory. Using this method, we can calculate that the COGS for 2014 is $109,000. Therefore, the cost-to-retail ratio for 2014 is 91.1% ($109,000/$119,900).
For 2015, we again need to calculate the COGS using the LIFO method. Working backwards from the ending inventory at end-of-year prices of $134,560, we can calculate that the COGS for 2015 is $126,460. Therefore, the cost-to-retail ratio for 2015 is 93.9% ($126,460/$134,560).
Now that we have calculated the cost-to-retail ratio for each year, we can use the dollar-value LIFO method to calculate the ending inventory for each year. The formula for this is:
Ending inventory at base-year cost = Ending inventory at current-year cost / Price index for current year * Price index for base year
Using this formula, we can calculate the ending inventory for each year as follows:
- Ending inventory for 2013 = $100,000 / 100 * 100 = $100,000
- Ending inventory for 2014 = $119,900 / 110 * 100 = $109,000
- Ending inventory for 2015 = $134,560 / 116 * 100 = $115,862.07
Therefore, the ending inventory for Midori Company using the dollar-value LIFO method for 2013 through 2015 is $100,000, $109,000, and $115,862.07, respectively.
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you are evaluating a project for the tiff-any golf club, guaranteed to correct that nasty slice. you estimate the sales price of the tiff-any to be $375 per unit and sales volume to be 1,000 units in year 1, 1,400 units in year 2, and 1,325 units in year 3. the project has a three-year life. variable costs amount to $225 per unit and fixed costs are $100,000 per year. the project requires an initial investment of $165,000 in assets that will be depreciated straight-line to zero over the three-year project life. the actual market value of these assets at the end of year 3 is expected to be $35,000. nwc requirements at the beginning of each year will be approximately 10 percent of the projected sales during the coming year. the tax rate is 21 percent and the required return on the project is 10 percent. what change in nwc occurs at the end of year 1? multiple choice $10,000 $17,500 $15,000 $25,000
The change in NWC that occurs at the end of year 1 is $15,000.
To calculate the change in net working capital (NWC) at the end of year 1, we need to determine the NWC requirement at the beginning of year 1 and compare it to the NWC requirement at the end of year 1.
First, let's calculate the NWC requirement at the beginning of year 1:
NWC requirement at the beginning of year 1 = 10% of projected sales in year 1NWC requirement at the beginning of year 1 = 10% of 1,000 units × $375 per unitNWC requirement at the beginning of year 1 = $37,500Next, let's calculate the NWC requirement at the end of year 1:
NWC requirement at the end of year 1 = 10% of projected sales in year 2NWC requirement at the end of year 1 = 10% of 1,400 units × $375 per unitNWC requirement at the end of year 1 = $52,500Finally, let's calculate the change in NWC at the end of year 1:
Change in NWC at the end of year 1 = NWC requirement at the end of year 1 - NWC requirement at the beginning of year 1Change in NWC at the end of year 1 = $52,500 - $37,500Change in NWC at the end of year 1 = $15,000Therefore, the change in NWC that occurs at the end of year 1 is $15,000.
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on january 1, 2024, a company acquired land for $6.2 million. the company paid $1.2 million in cash and signed a 6% note requiring the company to pay the remaining $5 million plus interest on december 31, 2025. an interest rate of 6% properly reflects the time value of money for this type of loan agreement. for what amount should the company record the purchase of land?
The company should record the purchase of land for $5.65 million.
To determine the amount the company should record for the purchase of land, we need to consider both the cash payment and the present value of the note payable.
1. Identify the cash payment: $1.2 million
2. Calculate the present value of the note payable:
Principal amount: $5 million
Interest rate: 6%
Time period: 2 years (from January 1, 2024, to December 31, 2025)
3. Use the present value formula:
PV = FV / (1 + r)^n
PV: Present value
FV: Future value ($5 million)
r: Interest rate (0.06)
n: Time period (2 years)
4. Plug in the values and calculate the present value:
PV = $5 million / (1 + 0.06)^2
PV = $5 million / 1.1236
PV ≈ $4.45 million
5. Add the cash payment and present value of the note payable to find the recorded purchase amount:
$1.2 million (cash) + $4.45 million (present value of note payable) = $5.65 million
Therefore, the company should record the purchase of land for $5.65 million.
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which of the following is the purpose of preparing final reports?
a. to ensure the project is fully documented b.to ensure deliverables meet requirements
c. to evaluate project team members
d. to explain the path selected for closing
The purpose of preparing final reports is to ensure the project is fully documented and to explain the project's progress in detail.
Final reports help in tracking the project's progress, providing a detailed explanation of the steps taken, and ensuring that all necessary documentation is in place. The report should provide an explanation of the project's objectives, milestones achieved, any issues encountered, and the final outcomes. The report also helps stakeholders understand the project's success and serves as a reference for future projects.
Thus, option A is the correct answer. Option B is also important, but it is not the primary purpose of preparing final reports. Option C and D are not relevant to the purpose of preparing final reports.
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The purpose of preparing final reports in project management is primarily to ensure that the project is fully documented.
This includes documenting all project activities, achievements, challenges, and outcomes. The final report also highlights the project's goals, objectives, and timelines, providing a comprehensive summary of the project's lifecycle. Additionally, the final report serves as a crucial communication tool that helps stakeholders understand the project's overall performance, including whether or not deliverables meet requirements.
While it may also evaluate project team members, the primary purpose of the final report is to provide a comprehensive overview of the project's activities and outcomes, enabling stakeholders to make informed decisions and understand the path selected for closing the project.
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Sales Transactions
Journalize the following merchandise transactions, using the net method under a perpetual inventory system.
a. Sold merchandise on account, $19,150 with terms 2/10, n/30. The cost of the goods sold was $11,490. If an amount box does not require an entry, leave it blank.
Accounts Receivable Sales Cost of Goods Sold Inventory
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(a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand.
b. Received payment less the discount. If an amount box does not require an entry, leave it blank.
Cash Accounts Receivable
(a) Journal entry for the sale of merchandise on account, $19,150 with terms 2/10, n/30, and a cost of goods sold of $11,490:
Accounts Receivable $18,757.00 ($19,150 - $393 discount)
Sales $18,757.00 ($19,150 - $393 discount)
Cost of Goods Sold $11,490.00
Inventory $11,490.00
(b) Journal entry for the receipt of payment less the discount:
Cash $18,367.06 ($18,757 - $390 discount)
Accounts Receivable $18,757.00
In the first transaction, the merchandise was sold on account for $19,150 with terms of 2/10, n/30. This means that the customer can receive a 2% discount if they pay within 10 days, otherwise, the full amount is due within 30 days. The cost of the goods sold was $11,490.
To record this transaction, we need to make two entries. The first entry debits accounts receivable and credits sales for the amount of the sale less the discount ($19,150 - $393 = $18,757). We then debit the cost of goods sold and credit inventory for the cost of the merchandise sold ($11,490).
In the second transaction, the customer pays their account within the discount period, so they receive a 2% discount. The payment received is $18,757 - $390 = $18,367.06.
To record this transaction, we need to make one entry. We debit cash for the amount received less the discount ($18,757 - $390 = $18,367.06) and credit accounts receivable for the full amount of the payment ($18,757).
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the typically expected benefits of an enterprise resource planning (erp) system include: clo 1, 2, 3, 4 group of answer choices the integration of data from across the enterprise the creation of enterprise-wide standards for data definitions and process performance measurement the ability to more readily roll-up information for tactical and strategic decision making all listed answers are correct
Hi! The typically expected benefits of an Enterprise Resource Planning (ERP) system include all listed answers, A to D. Option E, "all listed answers are correct" is the answer.
ERP systems are designed to provide a comprehensive solution for managing different aspects of an enterprise's operations, including finance, human resources, supply chain, and customer relationship management. By integrating data from different departments and functions, an ERP system can enable better communication, collaboration, and decision making across the organization.
In addition, the standardization of data and processes can lead to greater efficiency, productivity, and cost savings. Finally, the ability to analyze and report on data in real-time can help organizations to identify opportunities and respond quickly to changes in the market.
The typically expected benefits of an enterprise resource planning (ERP) system include the integration of data from across the enterprise, the creation of enterprise-wide standards for data, definitions and process performance measurement, and the ability to more readily roll-up information for tactical and strategic decision making.
Therefore, the correct answer is option E, which states that all listed answers are correct.
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which statement best summarizes the diagram? the higher the level of employee empowerment, the more skills employees need. employees who have high skill levels are less likely to be empowered than employees with lower skill levels. suggestion programs allow employees to be responsible for decision making and strategy. employees on cross-functional teams have a low level of decision-making authority.
The statement that best summarizes the diagram is that the higher the level of employee empowerment, the more skills employees need.
The statement that best summarizes the diagram is: "The higher the level of employee empowerment, the more skills employees need." This statement suggests that as employees are given more decision-making authority and responsibility, they need to possess a greater range of skills to perform effectively in their roles
.When someone is empowered, they have the ability to accomplish something ー and they know it, giving them the confidence needed to succeed. Employee empowerment refers to the manner in which companies provide their employees with anything and everything they need to succeed. This involves far more than simple resource allocation, however. Companies that are interested in empowering employees should act on the following:
Give employees a voice by regularly soliciting and acting on their feedback.Provide opportunities for employees to grow through more autonomy, additional responsibilities, or even an entirely new role.Recognize employees frequently to increase their engagement and confidence in their own abilities.And, of course, provide employees with the tools, training, and authority they need to excel.
A company’s leaders, HR professionals, and fellow employees all play key roles in establishing a supportive, empowered environment. All parties need to establish mutual trust, feel comfortable taking risks, and establish clear expectations and guidelines. Without this collaboration, truly empowering employees is impossible.
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According to the external control view of leadership, which of the following factors would not be considered an external factor that might positively or negatively affect a firm's success?
A. economic downturns
B. governmental legislation
C. outbreak of war
D. company employee morale
According to the external control view of leadership, all of the options listed (A, B, C, and D) would be considered external factors that might positively or negatively affect a firm's success.
The external control view of leadership is a theoretical perspective that suggests that a leader's ability to control and influence their organization's success is limited by external factors such as the economy, government regulations, and societal trends. According to this view, while a leader can still influence the success of their organization, they are not fully in control of it due to these external factors. This perspective is in contrast to the internal control view of leadership, which suggests that a leader has more control over their organization's success through their own actions and decisions.
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suppose the kenyan government wants to reduce imports to exactly 200 tons of maize to help domestic producers. a tariff of $ per ton will achieve this.
We need to consider the following terms: Kenyan government, reduce imports, 200 tons of maize, domestic producers, and tariff.
Suppose the Kenyan government wants to support domestic producers by reducing maize imports to exactly 200 tons. To achieve this goal, the government can impose a tariff (a tax on imported goods) on maize imports. By setting a specific tariff per ton of imported maize, the Kenyan government can make it more expensive for importers to bring maize into the country, thereby encouraging the consumption of domestically produced maize.
Here's a step-by-step explanation of how this would work:
1. Determine the current level of maize imports and the desired reduction in imports.
2. Analyze the price elasticity of demand for imported maize to estimate how changes in price will impact the quantity demanded.
3. Calculate the necessary tariff per ton that would lead to the desired reduction in imports, considering the price elasticity of demand.
4. Impose the tariff on maize imports.
5. Monitor the import levels and adjust the tariff if necessary to achieve the target import level of 200 tons.
Please note that without specific data on the current level of maize imports and the price elasticity of demand, it's not possible to provide the exact tariff amount needed to achieve the desired reduction. However, these steps provide a general guideline on how the Kenyan government can achieve this goal.
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The Coase theorem is the proposition that if property rights _____, only a small number of parties are involved and transaction costs are _____, then private transactions are _____ and the outcome is not affected by who has been assigned the property rights.exist; low; efficient
The Coase theorem states that if property rights exist, only a small number of parties are involved, and transaction costs are low, then private transactions are efficient and the outcome is not affected by who has been assigned the property rights.
The Coase theorem is an economic theory that suggests that if property rights exist and transaction costs are low, private transactions will be efficient, regardless of who is assigned the property rights.
This means that if two parties have a disagreement over the use of a resource, they can negotiate a mutually beneficial solution without the need for government intervention. In order for this to work, both parties must have a clear understanding of their property rights and the cost of reaching an agreement must be minimal.
For example, if a farmer and a factory owner are disputing the use of a river that flows through their properties, they can negotiate a solution that benefits both parties. If the transaction costs of negotiating an agreement are low, the farmer and the factory owner can reach an efficient outcome without the need for government intervention.
However, if transaction costs are high, it may be difficult for the parties to reach a mutually beneficial agreement, and government intervention may be necessary to resolve the dispute.
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assimilation describes the process by which a minority integrates socially, culturally, and/or politically into a larger, dominant culture and society.
Assimilation is a term used to describe the process by which a minority group integrates socially, culturally, and/or politically into a larger, dominant culture and society.
This can occur voluntarily or involuntarily, and typically involves adopting the language, customs, beliefs, and values of the dominant group. The goal of assimilation is to achieve social and cultural harmony, where all members of society can live and work together in a peaceful and productive manner.
However, assimilation can also be controversial, as some minority groups may feel pressured to give up their own cultural identity in order to fit in with the dominant culture. It is important to consider the potential negative consequences of assimilation, and to ensure that all members of society are treated with respect and dignity, regardless of their cultural background.
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