The total revenue less all explicit costs, including depreciation, is the accounting profit. Economic profit is calculated by deducting entire costs from the total revenue or return of a business or investment.
What is accounting?
Accounting is the organized, consistent recording, reporting, and comprehension of a business's financial activity.
Subtracting explicit costs from total revenues yields accounting profit. Total revenues minus both explicit and implicit costs equals economic profit.
Explicit costs are expenses incurred directly by a company, such as payments for goods, rent, or labor and salaries. Accounting profit exceeds economic profit, assuming that implicit costs are positive.
As a result, a firm’s accounting profit is equal to total revenue minus explicit costs.
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Journalize this transaction as if jumpstart paid cash
The journal entry for the provided transaction is recorded by debiting the office supplies and crediting the cash with equal amounts of $870.
What is a journal entry?A journal entry is an entry passed in the book of the journal to record the financial transactions of a company.
The journal entry is recorded as follows:
Date Particulars Debit Credit
Jan 12 Office supplies 870
Cash 870
(To record the purchase of office supplies in cash)
The complete question should be as follows:
On January 12, JumpStart purchased $870 in office supplies. (a) Journalize the transaction as if JumpStart paid cash.
Therefore, the journal entry is described and recorded as above.
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Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded.
The Journal entry for the Interest expense on the $30,000 loan will include a debit to Interest Expense account and a credit the Accrued Interest Payable account.
What is an Interest expense?This refers to cost incurred for borrowed funds such as on bonds, loans, convertible debt etc.
The effect on this on the journal entry is that its increases the expense and payable accounts.
Therefore, the record will include a debit to Interest Expense account and a credit the Accrued Interest Payable account.
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The MR = MC rule can be restated for a purely competitive seller as P = MC because:?
1 each additional unit of output adds exactly its price to total revenue.
2 the firm's average revenue curve is downsloping.
3 the market demand curve is downsloping.
4 the firm's marginal revenue and total revenue curves will coincide.
Case Study 5.1 Failure To Convince Others Of The Need For Change At AT&T
Case study 5.1 Failure To Convince Others Of The Need For Change At AT&T, illustrates that it can be proved difficult to translate a need for a change into desire for change, especially at that point when a company has enjoyed a period of success.
What is Case Study 5.1 Failure To Convince Others Of The Need For Change At AT&T?Prior to the deregulation in the telecommunication sector, consumers were used to lease their mobile phone from the bell operating companies that were the part of the AT&T as they did not have another option.
These companies were monopolies and they were allowed to earn maximum return and profit on the assets of the consumers due to which AT&T was able to pursue high-reliability and high cost strategy for the production of its telephone.
After the deregulation, customer started to purchase their own telephones and attracted towards the low-cost strategy, which had drastic change over the AT&T. Due to which, managers planned to focus on the low cost strategy instead of the high-reliability. But they were unable to convince other that the change is necessary.
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A co-worker has filed a document where you can access it if needed. This allows you to:
Question options:
copy the document in case of an emergency so both you and your supervisor will be able to access it.
purge yourself of paper.
copy the document so your supervisor will be able to access it as well.
None of the above
The filing of a document by a co-worker allows one to copy the document in case of an emergency, so both the person and the supervisor will be able to access it.
What is a document?A piece of paper containing a material information, whether legally registered or not, is known as a document. However, as the times have evolved, a document can also be in an electronic form, other than paper.
Hence, option A holds true regarding the document of the co-worker.
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of the construction in the United States is done with public money.
Roger Ginde is developing a program in supply chain management certification for managers. Ginde has listed a num- ber of activities that must be completed before a training program of this nature could be conducted. The activities, immediate pre- decessors, and times appear in the accompanying table: A—2 B—5 C—1 D B 10 E A, D 3 FC6 G E, F 8
Develop an AON network for this problem.
b) What is the critical path?
c) What is the total project completion time?
d) What is the slack time for each individual activity?
The Critical Path is B-D-E-G. See the definition of Critical Path below.
What is the meaning of Critical Path?Critical Path refers to the order of steps that determines the shortest amount of time required for a task.
What is the total project completion time?The Total Project completion time is 34 days. This is derived from the AON Network for the problem. See the attached.
What is an AON Diagram?AON (Activity - on -Node) diagram is a fundamental kind of logic diagram utilized for activity scheduling.
What is the slack time for each individual activity?Slack time is the duration of a job that can be postponed without affecting other tasks or the project's completion deadline.
Hence, the slack time for EACH activity is given as follows:
A : 22-8 = 14
B : 0
C : 34 -19 = 15
D : 0
E : 0
F : 34-19 = 15
G : 0
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Determine if management made the correct decision to not process the table cleaner further by doing the following.
(1) Calculate the company’s total weekly gross profit assuming the table cleaner is not processed further.
Total weekly gross profit $enter total weekly gross profit in dollars
(2) Calculate the company’s total weekly gross profit assuming the table cleaner is processed further.
Total weekly gross profit
Weekly gross profit if not further processed = $100,700
weekly gross profit if it is further processed = $125,100
For answering the questions first we have to make a table for analysation of all the products of both the cases
Kindly refer to the tables attached
As we can see that gross profit in further processed column is higher than in not to further process column.
So management made the wrong decision as they had a loss of $24,400.
Hence , it should have been processed further.
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1. Prepare an income statement for the year using variable costing.
2. Prepare an income statement for the year using absorption costing.
The income statements are created below.
PART 1:
SIMS COMPANY
Variable Costing Income Statement
Sales (75000*350) 26250000
Less Variable costs
Direct materials (75000*35) 2625000
Direct Labor (75000*55) 4125000
Variable overhead costs (75000*30) 2250000
Variable selling and administrative expenses 750000
Total variable costs 9750000
Contribution margin 16500000
Less: Fixed expenses
Fixed selling and administrative coosts 4500000
Fixed overhead costs 7350000
Total fixed expenses 11850000
Net income(loss) $4650000
PART 2:
SIMS COMPANY
Absorption Costing Income Statement
Sales (75000*350) 26250000
Less: Cost of goods sold
Direct materials (75000*35) 2625000
Direct labor (75000*55) 4125000
Variable overhead costs (75000*30) 2250000
Fixed overhead costs (7350000/105000*75000) 5250000
Cost of goods sold 14250000
Gross margin 12000000
Selling general and administrative expenses
Fixed selling and administrative costs 4500000
Variable selling and administrative exepenses 750000
Total selling, general and administrative expenses 5250000
Net income (loss) $6750000
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To counteract groupthink in a marketing team, as a manager you may decide to bring in two
To counteract groupthink on a marketing team, a manager decides to brings in two co-workers of Mexican descent because none of the current members have a Latino background.
What technique can be used to counteracts groupthink?Groupthink is the practice of thinking or making decisions as a whole group, that usually results in poor-quality decision-making.
The major technique known to counteract groupthink is devil's advocacy. It is a critical analysis to find out the strength and weakness of the decision or groupthink before implementing it.
Another technique that can be used to improve group decision making is to promote diversity in decision-making groups.
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Think of an organization that you’re a part of. It could be a workplace, team, or club. Identify Schein’s four key elements in the organization’s structure: common purpose, coordinated effort, division of labor, and hierarchy of authority. If you had to choose one of the common organizational structures for your organization, which would you choose and why?
One of the most important key elements in Schein’s four key elements according to me would be a common purpose because, without having a common purpose, people working in the organization will be disoriented and directionless. Thus, it can hamper the ultimate goal of the organization.
What is the common purpose of an organization?A corporation with a clear purpose or undertaking is one that is simple to recognize and manage. A common purpose unifies personnel and facilitates them to understand the corporation’s direction.
Hence, according to me, among all the Schein’s four key elements in the organization’s structure, the Common purpose is the most key element.
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The Government of Ghana has initiated severally policies aimed at digitalizing the economy. Over the past
decade, the government has initiated policies such as the e-payslip to curb ghost workers, the construction of
the Accra digital centre, the introduction of Ghana.gov to facilitate online payments such as filling taxes among
others and the QR code system. However, the patronage of such platforms and systems has not been
encouraging. In an attempt to encourage adoption and frequent usage of the online platforms, the Government
of Ghana wishes to understand the reasons Ghanaians fail to fully patronize these platforms. Your friend who
works with the ministry of communication recommends you as the best consultant for the project. As a
consultant, you are expected to determine how the age of citizens, level of education, gender, income, and rural
and urban settlement affect patronage of digital platforms. As the consultant:
a. Formulate a research topic and state the dependent and independent variables.
b. State the general objective and two specific objectives for this study.
Answer:
3x3+4-4hrhrbrbrbbrbbdbdbdbbrbr
2. How could you assess whether new office designs are improving the organizational culture
Answer:A proper office layout is the key to a high performance office. This means both good performance from your employees but also your business. Companies that have a great culture are highly sought after by prospective employees and can provide a competitive advantage in both hiring and retaining staff.
Explanation:
3. Describe Kenya Airway’s solution to its problem.
What management, organization, and technology
issues had to be addressed by the solution?
The Kenya Airway’s solution was the use of:
Customer Relationship Management.Sourced funds from Jomo Kenyatta International AirportWhat was the problem at Kenya Airways?Kenya Airways is known to be helped by the government and their loss was said to be linked to the pandemic of 2020 and thus they looked for ways to raise funds.
Note that Kenya Airways had issues with unsatisfactory customer relationship and thus they handle this as they said to fly high with Customer Relationship Management.
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