Northwood Company manufactures basketballs that sell for $25. The company is currently using a small plant that relies heavily on direct labor workers, which results in high variable expenses.
1 A. CM ratio = 2.5
break even point = 21,000 balls
B. The degree of operating leverage at last year.
31.82%
2. CM ratio = 3.57
break even point = 30,000 balls
3. 42,858 balls
new price of $28 per ball
4. CM = 1.32
26,250 balls
5. A. 31,875 balls
B. Degree of operating leverage = 60.87%
The variable expenses are reported to be $15 per ball, with 60% of that cost being attributed to direct labor.
It's worth noting that all three sources mention the same information about Northwood Company's manufacturing process, selling price and cost of production.
It's also worth mentioning that direct labor cost is just one component of variable expenses, other variable expenses such as material, energy and other supplies are also included in the total variable cost, and the company might be looking for ways to lower these costs to increase the profit margin.
Complete Question:-
Northwood Company manufactures basketballs. The company has a standard ball that sells for $25. At present, the standard ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable costs are high, totaling $15 per ball.
Last year, the company sold 30,000 standard balls, with the following results:
Sales (30,000 standard balls) $750,000
Less variable expenses 450,000
Contribution margin 300,000
Less fixed expenses 210,000
Net income $ 90,000
Required:
1. Compute;
(a) the CM ratio and the break-even point in balls,
(b) the degree of operating leverage at last year?s level of sales
. 2. Due to an increase in labor rates, the company estimates that variable costs will increase by $3 per ball next year. If this change takes place and the selling price per ball remains constant at $25, what will be the new CM ratio and the break-even point in balls?
3. Refer to the data in (2) above. If the expected change in variable costs takes place, how many balls will have to be sold next year to earn the same net income ($90,000) as last year?
4. Refer to the original data. The company is discussing the construction of a new, automated plant to manufacture the standard balls. The new plant would slash variable costs per ball by 40%, but it would cause fixed costs to double in amount per year. If the new plant is built, what would be the company?s new CM ratio and the new break-even point in balls?
5. Refer to the data in (4) above;
a. If the new plant is built, how many balls will have to be sold next year to earn the same net income ($90,000) as last year?
b. Assume the new plant is built and that next year the company manufactures and sells 30,000 balls (the same number as sold last year). Prepare a contribution income statement and compute the degree of operating leverage.
c. If you were a member of top management, would you have voted in favor of constructing the new plant? Explain. You MUST show work for credit
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advertisements reminding people to stay focused while driving and to avoid texting while driving are examples of . question 5 options: a) social marketing b) services marketing c) social media marketing d) public service marketing
A) Examples of social marketing include advertisements reminding people not to text while driving and to stay focused.
What kinds of advertisements are there?Direct mail, comparative, cooperative, informational, and outdoor advertising are all examples of product advertising. Television, radio, print, websites, social media, outdoor/billboards, and digital placement are all advertising channels.
What are the six different kinds of social media?Although this can be broken down in many different ways, the six types of social media are social networking, bookmarking, social news, media sharing, microblogging, and online forum sites.
The marketing mix does not include the target market. A group of people who a business wants to sell its products and services to is known as a target market.
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levied property taxes totaling $1,000,000 during the current year, of which $150,000 was collected within 60 days after year-end. what amount should smith city record as property tax revenue?
$1,000,000 in property taxes were assessed by Smith City during the current fiscal year, of which $150,000 was collected within 60 days of the year's conclusion.
What is the concept of 60 Days In?
In the "60 Days In" television series, regular people are locked up for 60 days to see what truly happens inside and to offer suggestions for policy changes. Participants, however, gain something that ordinary prisoners do not: Training. He claims that editing is to blame for his portrayal as the season's villain after his time on the show, telling Radar that "the show is true, but the editing is phoney." There are videos and compilations of Rob "being grilled" or "in danger" of being jumped by convicts under
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which early warning sign in the borrowers financial statements involves current assets? a. deterioration in borrowers cash position b. rapid changes in borrowers fixed asset concentrations c. significant increase in borrowers intangible assets d. high and increased financial leverage of borrower
The answer is option(a) Deterioration in borrowers cash position.
This early warning sign involves a decrease in the borrower's current assets, such as cash, inventory, and accounts receivable. This decrease can be an indication of financial distress, and should be monitored closely. It could be caused by a decrease in sales, delayed payments from customers, or over-investment in fixed assets.
A decrease in cash position could lead to liquidity issues and could prevent the borrower from meeting their obligations. Therefore, it is important for lenders to monitor the borrower's current assets to assess their financial health.
The lender should also investigate the underlying causes of the deterioration in cash position. They should assess the borrower's ability to manage their finances and continue to generate enough cash flow to cover their obligations.
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what are the obligations or debts that a business must pay in cash or in goods and services at some future time because of past transactions or events called and how are they reported? select one: a. dividends on the statement of retained earnings b. liabilities on the balance sheet c. assets on the balance sheet d. stockholders' equity on the balance sheet
Assets on the balance sheet are the obligations or debts that a business must pay in cash or in goods and services at some future time because of past transactions or events called and how are they reported.
Hence, Option C is correct
The transfer of economic benefits, such as money, goods, or services, settles liabilities over time. Liabilities are items that are recorded on the right side of the balance sheet and consist of debts such as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accrued expenses.The debts and other obligations that your company owes, either now or in the future, are known as liabilities. Property and equipment are examples of valuable possessions that your company owns. A company's balance sheet, which includes assets and liabilities, is used to assess the health of the company's finances.A person or business's total liabilities are all of their outstanding debts. Short-term, long-term, and other liabilities are generally divided into these three groups. Liabilities total plus equity total must equal total on the balance sheet.To know more about liability here
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Gil is an officer for HVAC Corporation. Due to Gil's choice of a certain supplier, HVAC's costs are somewhat higher than they might have been if a different supplier had been chosen. Gil is most likely liable for breach of a. breach of trust and confidence. b. breach of the business judgment rule. c. negligence or mismanagement. d. none of the choices.
As due to Gil's choice of a certain supplier, HVAC's costs are somewhat higher than they might have been if a different supplier had been chosen, Gil is most likely liable for breach of a. breach of trust and confidence.
Gil recently chose a specific supplier to provide HVAC services. While this choice may have been made with the best intentions, the cost of the services has been higher than anticipated.
As a result, Gil may be liable for breach of trust and confidence due to the increased costs. It is important to thoroughly assess all potential providers before making a decision in order to avoid potential repercussions.
Gil's decision to choose a certain supplier for HVAC has resulted in higher costs than originally anticipated. This decision may have breached the trust and confidence that was expected of him, making him liable for breach of trust and confidence.
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A call center employs 1,128 agents. Every month 47 employees leave the company and 47 new employees are hired.
a. How long on average does an agent work for this call center?
Average working time_______months
Suppose the cost of hiring and training a new agent is $940. The manager of this call center believes that increasing agents’ salaries would keep them working longer at the company. The manager wants to increase the average time that an agent works for the call center to 48 months, or four years.
b-1. Given the current average working time for agents at this call center, determine the current annual cost for hiring and training.
Current annual cost________$
b-2. Assuming the average time that an agent works for the call center is increased to 24 months, determine the new annual cost for hiring and training.
New annual cost ________$
b-3. If the time an agent works for the call center is increased to 24 months on average, how much could the company save on hiring and training costs over a year?
Annual saving_________$
Throughput rate = 50 employees/month = 50*12 = six hundred employees/year. Hiring and schooling costs = $a thousand according to employee.
a) Number of call center employees, I = 1000 agents. You have a value of R = 50 employees/month. So average working time = lead time = I/R = 1000/50 = 20 months. On average, an agent works in a call center for 20 months.
b) Cost of hiring and training new agents = $1000. Increase in manager's desired employee tenure = 24 months. Current scenario:
Throughput rate = 50 employees/month = 50*12 = six hundred employees/year. Hiring and schooling costs = $a thousand according to employee. A call center agent is a person who handles incoming or outgoing phone calls from an organization's customers. Call center agents can handle account inquiries, customer complaints, or support issues. Agents who manage both inbound and outbound customer calls are also known as mixed agents.
Other names for a call center agent include customer service representative (CSR), contact center agent, telephone sales or service representative (TSR), attendant, operator, operator, account manager, or member of his team.
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Which of the following is not a characteristic of a job order costing system?
a. It accumulates costs for each department within the factory.
b. It provides a separate record for the cost of each quantity of product that passes through the factory.
c. It is best suited for industries that manufacture custom goods.
d. It uses only one work-in-process account.
D. It uses only one work-in-process account is not a characteristic of a job order costing system.
Job order costing is a cost accounting system that accumulates and assigns costs to specific products manufactured by a company. It is best suited for companies that produce custom goods or low-volume, high-value items.
Job order costing accumulates costs for each department within the factory and provides a separate record for the cost of each quantity of product that passes through the factory. However, unlike other cost accounting systems, job order costing does not use one work-in-process account.
Instead, it has separate accounts for each job, which are closed out once the job is complete. This allows for more accurate tracking of costs, as well as being able to assign the costs to the correct product.
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alejandro is renting an apartment. his lease is set to end on august 31st, with no automatic renewal. what kind of estate is this? freehold estate periodic estate estate at will estate for years submit answer
A periodic estate requires notification before leaving. Nothing is in writing in an estate at will, and a notice of vacating is not necessary. For the first two forms of tenancy the lease specifies the amount of rent that will be paid
Staff from the department would assess compliance with the code in the event that a property issued a termination of lease, for example, due to significant remodelling or destruction. Wright claims the landlord improperly ended her tenancy and retaliated against her after she complained about the apartments bad conditions according to court documents in the case. Some purchasers prefer tenancy-in-common agreements, which let occupants share building ownership. Keep in mind that renting a home is a contractual arrangement, and when the renter fails to pay the rent on time, the contract is broken. a tenancy that develops when someone continues to own property (as one under a lease) after the conclusion of the prior tenancy may be established as a tenancy
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bart needs to apply a sparkline style to a sparkline chart. to do so, he can click on the following: sparkline chart > design > style (choose a style). true false
True. Applying a sparkline style to a sparkline chart typically involves the following steps:
1)Select the sparkline chart that you want to apply the style to.
2)Click on the "Design" tab in the ribbon at the top of the screen.
3)In the "Style" group, there should be a button labeled "Style" or a drop-down menu containing a list of available styles. Click on this button or menu to display the list of styles.
4)Select the style that you want to apply to the sparkline chart.
5)Please note that the exact steps may vary depending on the software or application being used to create the sparkline chart.
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what would be the most cost-effective and prudent course of action for the storage or disposition of 250,000 records at a large teaching and research hospital?
Scanning the documents would make them immediately available and would eliminate the need for long-term storage expenditures.
Long-term storage is a classification for merchandise that rests on warehouse shelves without selling for an extended period of time, the length of which is specified by the 3PL and hence varies.
In many circumstances, a fulfillment provider would classify inventory that has been lingering on the shelves for more than 180 or 365 days as "slow-moving," and will charge extra fees at each of those points to reclaim the expense of that product taking up shelf space.
After all, as previously said, fulfillment companies are not exclusively in the business of providing warehouse services – in order to be successful, they require inventory.
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northern trail outfitters (nto) is launching a new product and is unsure which features to highlight in the promotion. the marketing team has created two versions of their promotional email to test amongst nto's most engaged customers. which journey builder feature should allow for the best performing email to be sent to the larger audience?
Path Optimizer journey builder feature should allow for the best performing email to be sent to the larger audience.
An audience is a group of individuals who attend a performance or come into contact with a piece of music, video games, literature, theatre, art, or academic content in any format. Diverse forms of art involve different types of audience participation. Some performances encourage overt audience involvement, while others just permit minor applause, criticism, and reception. Media audience studies are now regarded as a legitimate subject inside the curriculum. The researchers study of crowds in general is made possible by audience theory. Our understanding of how audiences engage with and respond to various types of art is shaped by these revelations. The media is the largest kind of art.
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Experts attribute the growth of nongovernmental organizations to:
Experts attribute the growth of nongovernmental organizations to C) greater openness in many societies.
The growth of nongovernmental organizations (NGOs) in recent years has been widely credited to the increased openness in many societies.
The accessibility of resources, greater social acceptance of NGOs, and increased public awareness of their activities have all contributed to their growth and openness to society. Hence, option C is correct.
As these organizations continue to expand their reach and capabilities, they are becoming an important part of the global landscape.
By providing vital services and advocating for positive change, NGOs are becoming a powerful force for positive social change.
Although a part of your question is missing, you might be referring to this question:
Experts attribute the growth of nongovernmental organizations to:
A) helping the society
B) more income for the society
C) Greater openness in many societies
D) None of the above
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what country is approaching zero population growth and is beginning to face some problems of an aging population. the cost of universal health insurance is well over 43% of the national income. the country is also facing a declining workforce and to this point the government is unwilling to increase immigration to provide more workers.
China is the nation which is approaching zero population growth by 2031 and is therefore facing aging problems.
Zero population growth is the concept in which the country aims at promoting constant growth which implies that the birth rate and death rate would be equalized. This has become the motto of Chinese government as it wishes to reduce the burden of growing population due to which the resource availability has reduced drastically and people are dying of starvation in poor areas. South Korea, Brazil and Scandinavian nations are working hard to provide universal health insurance to the population across the globe. Japan is facing declining workforce as majority of the population in Japan is old aged and above 56 years of age due to which the working conditions has weakened and Japan is prohibiting immigration as much as possible.
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which financial statement shows the sources of the changes in the various permanent equity accounts? multiple choice question. statement of shareholders' equity balance sheet income statement statement of cash flows
Answer: STATEMENT OF CASHFLOWS
Explanation:
The statement of cash flows is the financial statement that shows sources of the changes in various permanent equity accounts.
What is equity?In the world of finance, equity is the term used to describe ownership of assets that may come with debts or other liabilities. For accounting purposes, liabilities are removed from asset value to determine equity. Equity may span the entire company or a single asset, like a house or automobile. A business that needs to establish or expand its operations can raise capital without having to make payments on a predetermined schedule by selling shares. In the context of government finance and other non-profit organizations, equity is often referred to as "net position" or "net assets." Since it was governed by the equity legal system that developed in that nation during the Late Middle Ages, this type of ownership is known as "equity" in English.
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The Interstate Commerce Commission (ICC), the Federal Reserve Board (FRB), the FCC, the SEC, the FTC, and OSHA are examples of
The Interstate Commerce Commission (ICC), the Federal Reserve Board (FRB), the FCC, the SEC, the FTC, and OSHA are examples of federal regulatory agencies.
The Interstate Commerce Commission (ICC), the Federal Reserve Board (FRB), the Federal Communications Commission (FCC), the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Occupational Safety and Health Administration (OSHA) are examples of independent federal regulatory agencies.
These agencies are created by Congress to regulate specific industries or activities in order to protect the public interest and promote fair competition. They have the authority to make and enforce rules, conduct investigations, and take enforcement actions. They are independent from the executive branch of government and are designed to operate at arm's length from political pressures.
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Which of the following is NOT a characteristic of a successful incentive pay plan?a. complex and comprehensive rulesb. simplicityc. consistency with the organization's existing goalsd. clear and realistic goalse. regular communication with employees about the incentive plan
(A) Complex and extensive rules are not an indication of a successful incentive pay plan.
What is an incentive pay plan?If an associate satisfies specific pre-established standards or criteria, they may be eligible for an incentive pay plan, which is an additional payment made on top of their hourly rate.
Incentive pay may be based on productivity, quality, safety, etc.
Employers may decide to provide incentive pay as a form of compensation in order to encourage good performance.
To put it another way, incentive pay differs from base pay in that it is intended to motivate rather than serve as a requirement for payment by the company or a bonus for the employee.
Complex and extensive restrictions are NOT a sign of an effective incentive pay scheme.
Instead of paying for the number of hours worked, incentive pay is a monetary reward for achievement.
Therefore, (A) complex and extensive rules are not an indication of a successful incentive compensation program.
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Correct question:
Which of the following is NOT a characteristic of a successful incentive pay plan?
a. complex and comprehensive rules
b. simplicity
c. consistency with the organization's existing goals
d. clear and realistic goals
e. regular communication with employees about the incentive plan
which depreciation method will compute the most depreciation expense over the life of the asset? multiple choice question. all methods will produce equal depreciation expense over the life of the asset. units-of-production will produce the most depreciation expense. straight-line will produce the most depreciation expense. declining-balance will produce the most depreciation expense.
The greatest amount of depreciation will result from a straight line. One of the best strategies for dividing up the cost of capital assets is the straight-line method of depreciation.
What transpires in the straight-line depreciation method?The cost of an asset is evenly dispersed across the period of time it will be used, or its "useful life," using straight-line depreciation. It simply needs three inputs to calculate: the asset's cost, its useful life, and its anticipated salvage value, which is how much the asset will probably be worth when it has reached the end of its useful life.
Which depreciation metric works best?The easiest to calculate and most widely used depreciation method is the straight-line method, which is also the best way for accounting for depreciation.
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Write a paragraph describing a hypothetical project scenario and then provide an example of a change for each of the following categories: External Event Error or omission in scope of product Error or omission in scope of project Value-added change Risk response
In a hypothetical project proposal, the prospective effects of a project are described, along with how they will, in general, advance the EB-5 Program's objectives.
An fictitious project is what?In a hypothetical project proposal, the prospective effects of a project are described, along with how they will, in general, advance the EB-5 Program's objectives. These effects include the creation of jobs and economic growth in the targeted area.The proposal's final appearance is described in a project scenario. This makes it possible for project planners to recognize any issues that can arise along the road and address them in project planning for a successful and efficient result.Modifications to the project's scope may have an effect on its price, completion date, risk level, and even quality. Changes in the scope might be started by the client, the project sponsor, or other stakeholders. When planning a project, the scope of work is established fairly early.To learn more about hypothetical project refer to:
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A major manufacturer sells $300 million worth of cellular equipment per year. The average amount in accounts receivable is $45 million.
Regardless of the volume of output, fixed expenses must be paid since they are indirect costs.
How do manufacturers operate?Any company that turns raw materials into final products is a manufacturer. They provide these products for sale to customers, dealers, wholesalers, retailers, and other producers that wish to make more intricate products.Manufacturers frequently concentrate on a specific class of products.
What are the seven manufacturing-related factors?The seven variables that affect whether or not an industry is established are: the primary raw material, labor, capital, market access, the availability of a plentiful supply of electricity, transport methods like railroads and roads for the transportation of final goods and raw materials, and the availability of land.
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Which of the following is a problem with using real GDP as a measure of economic well-being? A) failure to measure the value of leisure B) inability to measure the underground economy C) externalities not factored in D) no assessment of quality variations E) all of the above
The problem with using with using real GDP as a measure of economic well-being is all of the above.
Hence, Option D is correct
Economic wellbeing is the state of having one's most fundamental needs satisfied as well as a stable source of income and assets to support one's future prosperity. People may be compelled to make short-term decisions during crises and afterward in order to survive—such as taking their kids out of school to work—that will have long-term negative effects.This covers the acquisition of food, clothing, housing, education, and recreational pursuits. Economic well-being also refers to the likelihood of running into problems with money when faced with emergencies or unforeseen costs, such as not having enough money to cover emergencies or pay for basic expenses.Consumer confidence, household savings rate, household indebtedness, financial net worth, unemployment rate, and labor underutilization rate are just a fewTo know more about economic well being here-
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purchased the above dining set off of Craigslist because she thought it would be perfect for her house. Kitty did not sign a sales contract and paid cash for the purchase, but now the owner of the dining set is harassing Kitty to return the dining set immediately. Please evaluate the transaction above, be sure to explain the basics of contract law to Kitty, and advise Kitty whether it was a valid transaction based on contract law.
The simplest definition of a contract is a commitment that is legally binding. The commitment could be to carry out or abstain from a certain action. A sales contract must be made by two or more parties.
What is a sales contract?A legally enforceable agreement between a buyer and a seller is a sales contract. The document contains information on the exchange, the terms of the sale, detailed descriptions of the goods or services, and more. No party's rights or obligations during a transaction should be in question thanks to a strong sales contract. A sales agreement serves as a contract that is enforceable by law between two parties that are exchanging money for goods, services, or property. The buyer is one party, and the seller is the other. Both the buyer and the seller could be companies or people.
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what type of order is used if a customer wants to sell stock at $25 although the stock is currently trading at $20?
Limit Order is used if a customer wants to sell the stock at $25 although the stock is currently trading at $20.
What is a limit Order?An instruction to buy or sell a stock or other security at a certain price or better is known as a limit order in the financial markets. Trading prices can be more effectively managed thanks to this requirement. A market order is an alternative to a limit order that directs a trade to be carried out at the current market price with no price limit specified.To limit significant losses on the downside, limit orders and stop orders can be used together. A limit order often remains in effect until it is filled, unless the trader cancels the order, or for a certain amount of days.To learn more about trade, refer:
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powers company reported net sales of $1,330,000, average accounts receivable, net of $65,500, and net income of $56,550. the accounts receivable turnover ratio is:
Receivables Accounts Net credit sales divided by the average amount owed is the turnover ratio. 1,330,000 divided by 65,500 equals 20.27 times the accounts receivable turnover ratio.
Credit is the understanding that permits one party to lend another party resources or money with the understanding that the second party would return the resources or pay the first party back later rather than right away. Credit can be used to formalize reciprocity, make it binding, and reach numerous unconnected parties. Money, products, and services are examples of resources. Any agreement that defers payments is a credit agreement. A creditor, also known as a lender, extends credit to a debtor, also known as a borrower. Scores within that range can frequently be broken down into one of five groups: bad, fair, good, and very good.
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If a firm is a price taker, then the demand curve for a single firm is perfectly inelastic. perfectly elastic. the same slope as market demand.
The demand curve for a single firm is completely elastic if the firm is a price taker.
The demand curve is the relationship between price and quantity demand. Demand for a product is affected by a number of factors, including perceived need, price, perceived quality, convenience, available alternatives, customer preferences, and financial resources. How much did the good cost? A good's potential price and the quantities that might be purchased at those prices form the fundamental relationship between supply and demand. A rise in price will typically result in a drop in the quantity demanded because the relationship is frequently antagonistic. This unfavorable link can be seen visually in the consumer demand curve's declining slope.
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Obtaining continuing medical education is the responsibility of the:A) individual EMT.B) State Bureau of EMS.C) EMS training officer.
D) EMS medical director.
The duty of the EMS training officer is to acquire continuing medical education.
Medical education is education pertaining to the profession of being a medical practitioner, which includes the first training to become a doctor (i.e., medical school and internship) and extra training after that (e.g., residency, fellowship, and continuing medical education).
There are significant global differences in medical education and training. In medical education, a field of educational study that is currently active, a variety of teaching approaches have been employed. Medical education is a subject-didactic academic topic that includes training medical professionals at all levels, including undergraduate, graduate, and continuing education. Before progressing through the stages of medical school, certain prerequisites such as entrustable professional activities must be met.
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management is considering offering a free breakfast to anyone upgrading from a super saver reservation to deluxe class. if the cost of the breakfast to round tree is $5, should this incentive be offered? yes with a little work, an unused office area could be converted to a rental room. if the conversion cost is the same for both types of rooms, would you recommend converting the office to a type i or a type ii room? why? the input in the box below will not be graded, but may be reviewed and considered by your instructor. could the linear programming model be modified to plan for the allocation of rental demand for the next night? what information would be needed and how would the model change? the input in the box below will not be graded, but may be reviewed and considered by your instructor.
The management is thinking about giving everybody who switches from a Super Saver booking to Deluxe class a free breakfast. The breakfast at Round Tree costs $5.
What is model of linear programming?The computational mathematics method known as linear programming is used to maximize or minimize the value of a linear model when it is subjected to various constraints. In commercial planning, manufacturing engineering, and to a lesser extent in the physical and social sciences, this method has proven helpful for guiding quantitative judgments.
Yes, the reward should be provided. In this instance, a demand increase will result in a profit rise of $10, but the additional cost of the meal is merely $5.
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which of the following is an element of a system of quality control that should be considered by a public accounting firm in establishing its quality control policies and procedures? a) lending credibility to a client's financial statements. b) using statistical sampling techniques. c) acceptance and continuance of client relationships and specific engagements. d) membership in the center for public company audit firms.
c) acceptance and continuance of client relationships and specific engagements
What are the Acceptance and continuance of client relationships and specific engagements?
A public accounting firm's quality control policies and procedures should take into account the acceptance and maintenance of client relationships and particular engagements as a component of a quality control system. This part of the process deals with selecting and working with new clients as well as maintaining relationships with current ones.
The reputation, moral character, and financial capacity of a prospective customer should all be taken into account when a public accounting company assesses that client. The client's industry and the possibility of a major financial statement misrepresentation should also be taken into account by the firm. Upon accepting a customer, The firm should reevaluate the client's engagement on a regular basis to make sure the connection is still acceptable.
This component of the quality control system is crucial because it aids the company in avoiding dealing with clients who could pose a high risk of substantial misrepresentation in their financial statements. The firm can lower the risk of producing a false or misleading audit report by only accepting and working with clients who comply with certain standards.
To guarantee that independence is upheld during the audit engagement, a public accounting firm should also have rules and procedures in place.
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Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2018 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).Asset Date acquired Date sold Convention Original BasisFurniture (7 year) 5/12/14 7/15/18 HY $55,000Machinery (7 year) 3/23/15 3/15/18 MQ $72,000Delivery truck (5 year) 9/17/16 3/13/18 HY $20,000Machinery (7 year) 10/11/17 8/11/18 MQ $270,000Computer (5 year) 10/11/18 12/15/18 HY $80,000
Way Corporation’s 2018 depreciation deduction expense is $51851. It is calculated by adding 2456 + 984+ 1920 + 46491 which is total depreciation on the given assets.
How is depreciation computed and what does it mean?
The idea of depreciation spreads out an asset's cost over the course of its useful life while acknowledging that assets lose value over time. A fixed asset's cost can be methodically written off throughout the length of its useful life by using depreciation.
Why do we calculate depreciation?
Depreciation is used to accurately reflect the value of assets on the books. As assets are used up each year, their values are deducted from the balance sheet and charged to expenses.
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1) describe the 'adaptation' perspective 2) when an organization needs to change it often faces 'inertial' forces that slow this change or block this change. imagine the titanic floating towards an iceberg. the crew knows that it must turn to avoid the iceberg but the 'change' is very difficult because so much 'inertia' is pushing it towards it. list two examples of internal and two examples of external 'inertial' forces that keep organizations staying-the-course and resisting change. 3) one page 938 we learn about the concept of 'isomorphism'. when you work at a record store you find that other employees tend to have colored hair, wear rock and roll t-shirts and have ratty hair. they appear to be 'isomorphic' with the environment of such a store (and of the store's customers) about what to expect when you walk in. you don't see many people with suits and ties. however, take those same employees and put them in a bank. you would find that the suit wearers are more isomorphic with the environment of a bank. find a situation in your life where you studies a situation where you need to adapt and change to become 'isomorphic' with this situation. describe what you saw, what was your strategy and what were your specific actions to become more 'isomorphic' with this situation.
The crew is aware that it must turn to escape the iceberg, but the "change" is extremely challenging because there is so much "inertia" pulling it in that direction.
Why is called iceberg?
The 1920s saw California growers shipping iceberg lettuce encased in mounds of crushed ice, giving rise to the moniker. It was once known as Crisphead lettuce. The average American consumes 11 pounds of lettuce annually. Icebergs are chunks of ice floating in open water that have broken off from glaciers or shelf ice. Iceberg in Antarctica's Ross Sea. Tabular and non-tabular iceberg formations are the two fundamental varieties. Tabular icebergs are more than five times longer than they are tall, with steep sides and a flat top resembling a plateau. As in the instance of Pobeda Ice Island, this kind of iceberg, often referred to as an ice island, can be rather sizable.
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At December 31, Hawke Company reports the following results for its calendar year.
Cash sales $ 1,905,000
Credit sales $ 5,682,000
In addition, its unadjusted trial balance includes the following items.
Accounts receivable $ 1,270,100 debit
Allowance for doubtful accounts $ 16,580 debit
Required:
1. Prepare the adjusting entry to record bad debts under each separate assumption.
Bad debts are estimated to be 1.5% of credit sales.
Bad debts are estimated to be 1% of total sales.
An aging analysis estimates that 5% of year-end accounts receivable are uncollectible.
At December 31, Hawke Company reports the following results for its calendar year.
Cash sales $ 1,905,000
Credit sales $ 5,682,000
Bad debt is a term used in accounting to refer to a receivable that is unlikely to be collected. It is a financial loss that occurs when a customer or client is unable to pay the amount they owe to a company.
What is trial balance?A trial balance is a financial statement listing the balances of all the accounts in a company's general ledger at a specific point in time. It is used to ensure that the total of all debit balances equals the total of all credit balances in the general ledger. The trial balance is typically prepared at the end of an accounting period, such as a month or a year, and is used as a preliminary step in the preparation of financial statements. The trial balance lists all the accounts in the general ledger and their respective balances, with debit balances on the left side of the statement and credit balances on the right side. If the trial balance is balanced, it means that there are no errors in the account balances and the double-entry accounting system is in balance. If the trial balance is not balanced, it means that there is an error in the accounts that needs to be corrected.
According to question:-
1. Bad debts are estimated to be 1.5% of credit sales:
Debit: Allowance for doubtful accounts, 84,730 (5,682,000 x 0.015)
Credit: Bad debts expense, 84,730
2. Bad debts are estimated to be 1% of total sales:
Debit: Allowance for doubtful accounts, 48,490 (1,905,000 + 5,682,000 x 0.01)
Credit: Bad debts expense, 48,490
3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible:
Debit: Allowance for doubtful accounts, 63,505 (1,270,100 x 0.05)
Credit: Accounts receivable, 63,505
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