A project life cycle is characterized as made up of stages. a major part of the project work, both physical and mental, takes place in the ___________ stage of the project life cycle.
Answers
A project life cycle is characterized as made up of stages. a major part of the project work, both physical and mental, takes place in the Executing stage of the project life cycle.
In the execution phase, you execute the details of your project brief and deliver the product or service to your customers or insiders. The first is the project plan. Next is project management.
In the execution phase of the project lifecycle, work gets done. Task owners initiate work, and project managers ensure that those tasks are completed on time while the workflow runs smoothly.
The project execution phase is typically the longest and most energy and resource-intensive phase of the project management life cycle. It is now clear how important it is to ensure that plans are executed with clinical accuracy and without the slightest deviations.
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w. edwards deming believed that achieving better quality requires the commitment of everyone in a company. group of answer choices true false
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W. Edwards Deming believed that achieving better quality requires the commitment of everyone in a company is True.
Deming's philosophy emphasized that quality improvement and management is the responsibility of every member of the organization. His belief was that every employee, regardless of their position, should be engaged in the continuous improvement process to create a culture of quality and excellence.
This commitment to quality ensures that the entire organization is working together to meet customer needs and deliver superior products or services. Therefore, Deming's view supports the idea that for a company to achieve better quality, the commitment and involvement of all employees are essential.
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Eastern Motors Auto Dealership wanted to estimate the average CLV over a 5 year time horizon of a customer who purchases a new vehicle. The average vehicle sells for $25,148 and has a margin of 8%. Based on historical averages, 89 of people buying a new vehicle at Eastern will return for service 7 times over the next 5 years. Though it varies considerably, Eastern generates approximately $96 in margin on each service visit after accounting for parts and direct labor costs.
Not including service, what is the average dollar margin for each new vehicle sold?
Answers
The total estimated CLV over a 5 year time horizon for someone who purchases a new vehicle at Eastern Motors is $2,609.92
Given,
Year time horizon = 5 year
Average vehicle sells for = $25,148
Margin = 8%
So, margin on selling vehicle = Average vehicle selling price * Margin = $25,148 * 8% = $2,011.84
Margin generated by 89% of people who return for service over 5 years = Number of times * Margin generated on each service = 7 * $96 = $672
Total estimated customer lifetime value (CLV) at Eastern Motors = Margin on selling vehicle + (Margin generated by 89% of people who return for service over 5 years * 89%) +
(Margin generated by 226% of people who do not return for service over 5 years * 22%) = $2,011.84 + ($672 * 89%) + ($0 * 22%) = 2,609.92
Hence, the total estimated CLV over a 5 year time horizon for a person who purchases new vehicle at Eastern Motors is $2,609.92
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please help, this is very simppleee!! ^^
Thomas is a broker who works at a large investment firm. His job is to research different stocks and make recommendations to his customers on which ones they should invest in. Which career cluster would Thomas’s job fall under?
A) Finance
B) Business management
D) STEM
*Pls don't scam me for points!!
Answers
Finance, career cluster, would Thomas’s job fall under. Thus, option (a) is correct.
What is job?
A “job” is a designation for working for a specific business. An opportunity for career advancement arises from the job. One could increase their income and gain experience by working. The job was the source of the income. They are the based on the earnings are the career cluster.
According to the Thomas’s job fall under are the based on the finance. It was the largest investment in the firm are the research are the stocks on the recommendations of the customer. It was the investing company are the related to the finance.
As a result, the finance, career cluster, would Thomas’s job fall under. Therefore, option (a) is correct.
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jerry deposited $550.00 into a saving account at his bank. if the interest rate is 2.75%, then how much will he have after 2 years? hint: find interest first, then add to how much he had in his bank account.
Answers
Interest for 2 Years= 550*2.75/100*2=30.25
Balance of Saving account after 2 years= 580.25
What does "bank interest" mean?You pay interest when you borrow money, and banks pay you interest when you save money with them. Interest rates are expressed as a percentage of your annual savings or borrowing. Therefore, after a year, if you deposited £100 into a savings account earning 1% interest, you would have £101.
Why do banks care about interest rates?Stocks in industries like banking and utilities are particularly susceptible to changes in interest rates. Banks, in particular, derive a large portion of their revenue from the discrepancy between the cost of borrowing money and the interest rate at which they lend it (also called the spread).
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price (set by the market in pure competition) always remains the same.
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In a purely competitive market, the price does not always remain the same. It fluctuates based on factors such as supply and demand.
In a pure competition market, numerous buyers and sellers participate with similar products, and none of them individually influences the price. While it's true that the market sets the price, this does not mean that the price always remains constant. Prices in a purely competitive market are determined by supply and demand forces. When supply increases or demand decreases, the price tends to fall.
Conversely, when supply decreases or demand increases, the price tends to rise. These fluctuations are driven by factors such as changing consumer preferences, technological advancements, and changes in production costs. As a result, the price in a purely competitive market will adjust according to these factors and will not remain the same over time.
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A company needs all of the items it produces to be placed in equal sized groups which:___________
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A company needs all of the items it produces to be placed in equal-sized groups to efficiently distribute and manage its inventory, allowing for smoother operations and easier tracking of products.
In this case, the company needs to use a process called "batching" to place its products in equal-sized groups. Batching involves creating batches or groups of products that are similar in some way, such as product type, size, or color. By grouping the products in this way, the company can more efficiently manage its inventory and streamline its operations.
Batching can be used in a variety of industries, including manufacturing, retail, and food service. For example, a clothing manufacturer might use batching to group products by style and size, while a grocery store might use batching to group products by categories, such as fruits and vegetables, dairy products, and meats.
Overall, batching is a useful tool for companies looking to improve their inventory management and streamline their operations. By placing products in equal-sized groups, companies can more easily track their inventory, reduce waste, and improve their overall efficiency.
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ad hominem
red herring
false dilemma
false analogy
Excerpt
Logical
Fallacy
Our current mayor has been in politics for over 25 years. It is time
that we have a younger mayor, so we can have fresh ideas to make our city better.
is true that the city council id approve a tax for a new road
construction project. However, our city needs to attract more businesses to stabilize
our economy
bring to work instead of using public transportation is the net
eating everything on your plate it wastes veueble resources
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Company has a material standardet pound per una of output Fach pound has a standard price of $25 per pound. During Muty Com paid $14.000 for soto pounds, which is used to product 4730 unitsWhat is the price variance?
Answers
The price variance is -$104,250. Since the actual price paid is lower than the standard price per pound, we have an unfavorable or negative price variance.
To calculate the price variance, we need to compare the actual price paid per pound of material with the standard price per pound.
Standard price per pound = $25
Actual price paid = $14,000
Actual pounds purchased = 4,730
First, we calculate the standard cost of the pounds purchased:
Standard cost = Standard price per pound * Actual pounds purchased
Standard cost = $25/pound * 4,730 pounds
Standard cost = $118,250
Next, we calculate the price variance:
Price variance = Actual cost - Standard cost
Price variance = Actual price paid - (Standard price per pound * Actual pounds purchased)
Price variance = $14,000 - ($25/pound * 4,730 pounds)
Price variance = $14,000 - $118,250
Price variance = -$104,250
The price variance is -$104,250. Since the actual price paid is lower than the standard price per pound, we have an unfavorable or negative price variance. This indicates that the company paid less than expected for the materials, resulting in potential cost savings.
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It's it ethical and socially responsible for large corporations to lobby against SEC rule requiring that they report the ratio of their CEO's pay to that of their average employee
Answers
Answer:
"No" is the correct response. A further explanation is provided below.
Explanation:
Along with comparison to the average individual or working people although the CEO seems to be the top-level title than the worker or contractor. Consequently, the compensation of such a CEO's job is not compared with the compensation of that same typical individual employee business throughout the firm.This behavior would be not only ethically reprehensible but economically accountable for such SEC regulation lobbying. SEC guidelines don’t mandate their CEO's proportion towards the average worker to be reported.Thus, the above is the correct response.
caleb is not a professional gambler, but he does like to play slot machines and purchase lottery tickets from time to time. during the year, he won $2,000 while playing slots at lucky casino. caleb kept good records of his gambling winnings and losses, and he has documentation showing that, while he did have some winnings, his losses at the casino totaled $2,350. he also has records showing he spent an additional $200 for lottery tickets without winning anything. if caleb itemizes his deductions, how much can he claim for gambling losses on schedule a, itemized deductions?
Answers
If he won $2,000 while playing slots at lucky casino and kept good records of his gambling winnings and losses, and he has documentation showing that, while he did have some winnings. The amount he can claim for gambling losses on schedule a, itemized deductions is: $2,000.
Itemized deductionA person can tend to deduct their gambling losses when they itemize their deductions on Schedule A and as well kept a record of their winnings and losses.
Since caleb kept all record of his winnings and losses which in turn means that the amount of losses that can be deducted should not be higher than the amount of gambling winning he reported.
This means that caleb yearly losses will be deductible only up to the amount of his winnings which is $2,000.
Therefore If he won $2,000 while playing slots at lucky casino and kept good records of his gambling winnings and losses, and he has documentation showing that, while he did have some winnings. The amount he can claim for gambling losses on schedule a, itemized deductions is: $2,000.
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A bank reconciliation is a(n) ______. Multiple choice question. internal report prepared to verify the accuracy of the voucher system external report prepared after the recording of adjusting entries and the preparation of financial statements internal report prepared to compare the company's cash records with the bank statement report prepared by the bank to independently verify the accuracy of the cash balance per the company's accounting records
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A bank reconciliation is a(n): Internal report prepared to compare the company's cash records with the bank statement report.
Bank reconciliation is the way in which the bank balance is compare with cash balance in order to detect and rectified any discrepancies or error.
Important of Bank reconciliation includes:
• It enables company's or organizations to know the actual position of their bank balanc
•It help to detect errors
•It help to detect fraud
•It help to prevent fraud
•It help to prevent embezzlement of money.
•It help to verify the accuracy of both the bank balance and the cash balance.
Inconclusion A bank reconciliation is a(n): Internal report prepared to compare the company's cash records with the bank statement report.
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Your business uses instant messaging to enable technical support personnel to communicate easily with customers. What should you do to secure technical support computers against potential instant messaging security risks
Answers
Answer:
You should install an antivirus software.
Explanation:
An antivirus can be defined as a software application or program designed to avail end users the ability to prevent, protect, scan, detect, quarantine (move) and even to delete various viruses and malicious programs (malwares) such as rootkit, adware, spyware, etc., from a computer system.
Some examples of antivirus softwares are Avast, Kaspersky, Norton, Eset 360 etc.
In this scenario, your business uses instant messaging to enable technical support personnel to communicate easily with customers.
Hence, what you should do to secure technical support computers against potential instant messaging security risks is to install an antivirus software.
HELP
Question
Q. To properly manage your checking account you should do which of the following?
A.Update your transaction register regularly to include all checks, ATM withdrawals, and debit card purchases.
B.Balance your checkbook daily using the most current information about your account by phone, ATM, or online.
C.Promptly review your checking account statement every month.
D.All of the above
Answers
Nora wants to participate in an unpaid internship at an accounting firm this summer. Her parents want her to get a job bagging groceries at a local store.
Why would Nora MOST likely prefer an unpaid internship opportunity to a paying job?
A. Nora wants to graduate from college earlier than her peers.
B. Nora wants to engage in experiential learning in business.
C. Nora wants to practice writing her resume and cover emails.
D. Nora wants to learn about not-for-profit businesses.
Answers
Answer: B
Explanation: Nora, I believe, wants to engage in business experiential learning because she would not pass up a paying opportunity for no reason. Furthermore, the benefits of unpaid internships, such as beginning to build your professional network, developing skills, and receiving valuable feedback from professionals, can help predict whether she will enjoy her future profession and help her in a variety of ways.
In my perspective, Nora desires to take part in the business experiential education.
How would you define business?A person is conducting business when they create goods or offer services with the goal of making a profit. Business Definition. A enterprise is a creative organization or team that partakes in professions. They might be professional, corporate, or any other type else.
What is an example of a business?An economic institution known as a business produces and/or distributes goods and services with the goal of making money and accumulating wealth. Whatever the type of business entity, such as a sole proprietorship, a Hindu undivided household, or a limited partnership.
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How does marketing help your product or service
Answers
Answer:
Marketing informs your customers about the products or services you're offering them. Through marketing, the customers get to know about the value of the products, their usage and additional info that might be helpful to the customers. It creates brand awareness and makes the business stand out.
Explanation:
Question 5 of 10
When gathering information, which of the following tasks might you need to
perform?
A. Apply standards, such as measures of quality, beauty, usefulness,
or ethics
B. Seek out ideas from others and share your own ideas
C. Study objects, conduct lijsts, research written materials, and ask
questions
D. Fill out forms, follow procedures, and apply math and science
SEN
Answers
5 time 8
help me pleeeeeeeeeeeeee
Answers
Answer:
40
Explanation:
five times eight is forty
purple corporation purchased $10,000 of merchandise on june 3, subject to the terms, 2/10, n/30. on june 9, it pays for all the merchandise purchased on june 3. purple corporation records discounts using the gross method in a perpetual inventory system. the entry on june 9 will reduce:
Answers
The entry on June 9 will reduce Inventory and cash and also accounts payable.
What is one reason for a perpetual inventory system?The ability to instantly track sales and inventory levels for specific items makes a perpetual inventory system better than the more traditional periodic inventory system and helps to avoid stockouts.
Given,
On 3 June Purchase of $10,000
Terms = 2/10, n/30
Required to pass the necessary journal entry if payment is made on 9 June under the perpetual inventory system.
Date Particulars Debit Credit
3 Jun Inventory $10,000
Accounts Payable $10,000
(Being purchase made on 3 June on credit bases)
9 Jun Accounts Payable $10,000
Cash $9.800
Inventory $200
(Being payment made for purchase on 3 June and cash discount adjusted)
On 9, June purple corporation debits the accounts payable by $10,000, credit the Cash accounts by $9800, and also credit the inventory accounts by $200.
Thus, the mentioned above are necessary journal entries to record the cash discount under the perpetual inventory system.
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Bandana software produces unique software that is technologically superior to similar products in the market. The source of this market power is:
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The source of Bandana software's market power is its technological superiority over similar products in the market. The company has likely invested significant resources in research and development to create software that performs better, faster, and with greater efficiency than its competitors. This technological advantage allows Bandana software to offer a unique product that is difficult for competitors to replicate.
Furthermore, this technological superiority may allow Bandana software to charge a premium price for its products, as customers are willing to pay more for higher quality software that is better suited to their needs. This, in turn, can lead to higher profits for the company.
Additionally, Bandana software's market power may be reinforced by its brand reputation, customer loyalty, and strong relationships with key suppliers or partners. These factors can all contribute to the company's ability to maintain a dominant position in the market and continue to innovate and produce technologically superior software.
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Generally, which of the following is not one of the ways in which a Business Process Application can improve internal control?
1) Authenticate users
2) Route required approvals to managers
3) Process rules are used to alert users when actions must be taken.
4) All actions and processes are monitored and documented in a process log for periodic review.
Answers
It is not directly attributed to the improvement brought by a bpa. 4) all actions and processes are monitored and documented in a process log for periodic review.
business process applications (bpas) are software tools designed to streamline and automate business processes within an organization. they can help improve internal control by enhancing efficiency, accuracy, and compliance with established procedures. the three s 1), 2), and 3) listed are ways in which a bpa can contribute to improving internal control:
1) authenticate users: bpas can enforce user authentication measures such as login credentials, multi-factor authentication, or role-based access control to ensure that only authorized individuals can access and perform actions within the application.
2) route required approvals to managers: bpas can automate the routing and approval process by systematically directing relevant tasks and approvals to appropriate managers or stakeholders, ensuring that necessary authorizations are obtained before proceeding with specific actions.
3) process rules are used to alert users when actions must be taken: bpas can incorporate predefined process rules that trigger notifications or alerts to users when certain conditions or actions are required. this helps ensure that important tasks or deadlines are not overlooked.
option 4) states that "all actions and processes are monitored and documented in a process log for periodic review." while it is generally beneficial to monitor and document actions and processes for internal control purposes, this specific capability is not exclusive to bpas. it can be achieved through various other control mechanisms, such as manual documentation, system logs, or audit trails.
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The legal system is an example of: a. social capital. b. physical capital. c. human capital. d. entrepreneurial capital.
Answers
The legal system is an example of social capital. Social capital is a concept that describes the various benefits that come from the relationships and networks that exist within a society.
Here correct answer is A)
It includes the values, norms, and institutions that facilitate interactions between individuals. The legal system is an example of social capital because it provides a structure and framework for individuals and businesses to interact and form relationships in a way that is orderly, predictable, and protected from harm. The legal system also provides a mechanism for resolving disputes and enforcing the rights of individuals and businesses.
Thus, it allows individuals and businesses to interact and transact with each other safely, and it encourages the formation of relationships that can lead to economic and social development. By providing a sense of security and trust that facilitates interactions, the legal system acts as an important form of social capital.
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What can a boosted post help an advertiser achieve?
Answers
A boosted post helps an adviser to connect with the audience and gain trust.
Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.
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1. Why is hospitality important in business?
2. What types of things does a hospitality manager do?
3. What courses or information would be helpful for a hospitality manager?
4. What do you think you'd like best about working as a hospitality manager?
Answers
Answer:
1. It shows you know how to do your job better.
Explanation:
It shows that you can respect your Client/Customer and have a better experience with you. Also it helps you to not get fired easily.
calculate the Revenue, Cast of Sales, Gross Profit, Total Business Expenses and Net Profit for the following information
Selling price per pair of shoes
2020: 99
2019: 85
Number of pairs sold
2020: 3,000
2019: 2,800
Cost of direct material
2020: 17
2019: 15
Cost of direct labor
2020: 28
2019: 23
Monthly rent
2020: 1800
2019: 2000
Other monthly overhead exenses
2020: 4600
2019: 4100
Answers
The values for calculation of 2020:
Revenue: $297,000
Cost of Sales: $45
Gross Profit: $296,955
Total Business Expenses: $6,400
Net Profit: $290,555
Thje values for calculation of 2019:
Revenue: $238,000
Cost of Sales: $38
Gross Profit: $237,962
Total Business Expenses: $6,100
Net Profit: $231,862
To calculate this values formulas are applied as
Revenue = Selling price per pair * Number of pairs sold
Cost of Sales = Cost of direct material + Cost of direct labor
Gross Profit = Revenue - Cost of Sales
Total Business Expenses = Monthly rent + Other monthly overhead expenses
Net Profit = Gross Profit - Total Business Expenses
Let's calculate the values based on the given information:
For 2020:
Revenue = $99 * 3,000 = $297,000
Cost of Sales = $17 + $28 = $45
Gross Profit = $297,000 - $45 = $296,955
Total Business Expenses = $1,800 + $4,600 = $6,400
Net Profit = $296,955 - $6,400 = $290,555
The values will be applied on formula as For 2019:
Revenue = $85 * 2,800 = $238,000
Cost of Sales = $15 + $23 = $38
Gross Profit = $238,000 - $38 = $237,962
Total Business Expenses = $2,000 + $4,100 = $6,100
Net Profit = $237,962 - $6,100 = $231,862
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Please check if I’m doing this right
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The simple interest calculation makes figuring out how much interest will be applied to a loan quick and uncomplicated.
By "simple interest and example," what do you mean?Simple interest can be used to quickly and easily calculate the interest rate on a loan. To calculate simple interest, multiply the principal amount and the number of days between payments by the daily interest rate.
When a specific rate of interest is applied, the Simple Interest (S.I.) formula can be used to calculate the amount of interest that will be charged on a specified principal amount of money. For instance, if a borrower takes out a loan of Rs. 5000 at a rate of 10 p.a. for two years, they will have to pay S.I. on the loaned amount for the entire two-year term.
Principal= $13,791
Rate of interest= 5%= 0.05
Time= 4 year, 5 year, 6 year
4 year
Simple Interest= (P X R X T) / 100
= ($13,791 X 5 X 4) / 100
= $2,758.2
5 year
Simple Interest= (P X R X T) / 100
= ($13,791 X 5 X 5) / 100
= $3,447.75
6 year
Simple Interest= (P X R X T) / 100
= ($13,791 X 5 X 6) / 100
= $4,137.3
Principal= $14,712
Rate of interest= 5%= 0.05
Time= 4 year, 5 year, 6 year
4 year
Simple Interest= (P X R X T) / 100
= ($14,712 X 5 X 4) / 100
= $2,942.4
5 year
Simple Interest= (P X R X T) / 100
= ($14,712 X 5 X 5) / 100
= $3,678
6 year
Simple Interest= (P X R X T) / 100
= ($14,712 X 5 X 6) / 100
= $4,413.6
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Determine hwich of the tools are available to the us federal reserve bank and which aren nor quilet
Answers
The Fed has traditionally used three tools to conduct monetary policy: reserve requirements, the discount rate, and open market operations .available to the us federal reserve bank
What is reserve bank?The minimal amount of cash that financial institutions must keep on hand in order to comply with central bank standards is known as bank reserves. The bank must store this actual paper money in a vault on the property or in an account with the national bank. The purpose of the cash reserve regulations is to make sure that every bank has enough cash on hand to handle any significant and unforeseen demand for withdrawals.
The Federal Reserve in the United States sets the minimum amount of cash that each bank must hold, known as the reserve ratio. The reserve rate has historically varied between 0% and 10% of bank deposits. A reserve bank is a government organization in charge of controlling the money supply, interest rates, and currency of a state.
Reserve Bank also includes:
Australian Reserve Bank Reserve
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Rina depositó $ 3,000 en un CD de 12 meses. La tasa de interés anual es de 3.75% y se compone trimestralmente. ¿Cuál es la cantidad de interés que Rina ganará en un trimestre?
Answers
The amount of the interest that Rina will earn in a quarter is $28.52 on 3.75% interest rate.
Here, we are going to employ the use of Future value to enable use derive the amount of interest.
The formula for Future value is A(1+i/m)^mn.Given Information
Present value = $3,000
Years (n) = 1
Annual interest rate = 3.75%
Compound (m) = 4
Future value = $3,000 * (1 + 3.75%/4)^1*4
Future value = $3,000 * (1+0.009375)^4
Future value = $3,000 * 1.03803064737
Future value = $3,114.09194
Future value = $3,114.09.
interest = Future value - Present value
interest = $3,114.09 - $3,000
interest = $114.09
Therefore, the amount of the interest that Rina will earn in a quarter is $28.52 ($114.09/4) on 3.75% interest rate.
The translated word is "Rina deposited $ 3,000 on a 12-month CD. The annual interest rate is 3.75% and is compounded quarterly. What is the amount of interest Rina will earn in one quarter?"
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Which statement is true?
A. a savings savings plan and a budget don’t really have anything to do with each other.
B.it doesn’t do much good to have a savings plan if you don’t know how to budget your money.
Answers
Answer:
B. I'm pretty sure pls tell me if I'm wrong
If $125 is invested at an interest rate of 18% per year and is compounded continuously, how much will the investment be worth in 2 years? Use the continuous compound interest formula A = Pert. $122 $162 $179 $457.
Answers
The correct statement is that if an amount of $125 is invested for compounded interest of 18%, then such amount will become $179 in 2 years. So, the correct option is C.
The calculation of compound interest can be done by using the formula for compounded annuity and assuming that the amount is compounded daily.
Calculation of Compounded AnnuityThe formula for calculation of compounded annuity is as follows,
\(\rm Compounded\ Annuity = P(1+ \dfrac{r}{100})^n^t\)
Now putting the given values in the formula above, we get,
\(\rm Compounded\ Annuity = 125(1+0.18)^3^6^5^x ^2\\\\\rm Compounded\ Annuity =125\ x\ 1.432\\\\\rm Compounded\ Annuity = \$179.15\)
So, the value of the annuity becomes $179.15 in two years.
Hence, the correct option is C that the amount of $125 is invested for compounded interest of 18%, then such amount will become $179 in 2 years.
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Information related to Harwick Co. is presented below.
A. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.
B. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $900 on merchandise purchased from Botham.
3. On April 7, purchased equipment on account for $26,000.
4. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise.
5. On April 15, paid the amount due to Botham Company in full.
E5-2 General Journal
Date Account Titles Debit Credit
(a)
Apr. 5
6
7
8
15
(b)
May 4
Answers
Answer:
A.
April 5
Dr Merchandise inventory $23,000
Cr Accounts payable $23,000
April 6
Dr Merchandise inventory $900
Cr Cash $900
April 7
Dr Equipment $26,000
Cr Accounts payable $26,000
April 8
Dr Accounts payable $3,000
Cr Merchandise inventory $3,000
April 15
Dr Accounts payable $20,000
Cr Cash $19,600
Cr Merchandise inventory $400
B. Dr Accounts payable $20,000
Cr Cash $20,000
Explanation:
A. Preparation of the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.
April 5
Dr Merchandise inventory $23,000
Cr Accounts payable $23,000
April 6
Dr Merchandise inventory $900
Cr Cash $900
April 7
Dr Equipment $26,000
Cr Accounts payable $26,000
April 8
Dr Accounts payable $3,000
Cr Merchandise inventory $3,000
April 15
Dr Accounts payable $20,000
($23,000-$3,000)
Cr Cash $19,600
[$20,000*(100%-2%)]
Cr Merchandise inventory $400
($20,000-$19,600)
B. Preparation of the journal entry to record this payment Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15.
May 4
Dr Accounts payable $20,000
Cr Cash $20,000
($23,000-$3,000)