Missing information:
Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 22,100.00
2 Accounts Receivable 3,400.00
3 Supplies 1,350.00
4 Prepaid Rent 3,200.00
5 Prepaid Insurance 1,500.00
6 Office Equipment 14,500.00
7 Accumulated Depreciation 330.00
8 Accounts Payable 800.00
9 Salaries Payable 120.00
10 Unearned Fees 2,500.00
11 Common Stock 30,000.00
12 Retained Earnings 12,300.00
13 Totals 46,050.00 46,050.00
Answer:
Kelly Consulting
Income statement
May 31st, 2016
Fees earned $40,000
Salary expense ($1,705)
Rent expense ($1,600)
Supplies expense ($1,370)
Depreciation expense ($330)
Insurance expense ($275)
Miscellaneous expense ($1,295)
Net income $33,425
Kelly Consulting
Balance Sheet
May 31st, 2016
Assets:
Cash $44,195
Accounts receivable $8,080
Supplies $715
Prepaid rent $1,600
Prepaid Insurance $1,225
Equipment $14,500
Accumulated depreciation office equipment ($660)
Total assets = $69,655
Liabilities:
Unearned fees $3,210
Accounts payable $895
Wages payable $325
Equity:
Capital, Kelly Pitney $30,000
Drawings, Kelly Pitney ($10,500)
Retained Earnings $45,725
Total liabilities and equity = $69,655
Explanation:
cash $4,500 + $2,450 - $225 - $640 - $750 + $8,360 + $7,900 + $9,520 - $750 - $1,070 + $3,300 - $10,500
unearned fees $4,500 - $1,290
accounts receivable -$2,450 + $9,180 + $4,820 - $9,520 + $2,650
advertising expense $225
accounts payable -$640 + $735
service revenue $9,180 + $8,360 + $4,820 + $7,900 + $3,300 + $2,650 + $3,790
wages expense $750 + $750 + $325 - $120
wages payable $325
supplies $735 - $20
utilities expense $260 + $810
drawings Kelly $10,500
insurance expense $275
supplies expense $1,370
depreciation $330
rent expense $1,600
Answer 1:
Kelly Consulting
POST-CLOSING TRIAL BALANCE April 30, 2016
Account - Debit and Credit
1 Cash 22,100.00
2 Accounts Receivable 3,400.00
3 Supplies 1,350.00
4 Prepaid Rent 3,200.00
5 Prepaid Insurance 1,500.00
6 Office Equipment 14,500.00
7 Accumulated Depreciation 330.00
8 Accounts Payable 800.00
9 Salaries Payable 120.00
10 Unearned Fees 2,500.00
11 Common Stock 30,000.00
12 Retained Earnings 12,300.00
13 Totals 46,050.00 46,050.00
Answer 2:
Kelly Consulting
Income statement
May 31st, 2016
Fees earned $40,000
Salary expense ($1,705)
Rent expense ($1,600)
Supplies expense ($1,370)
Depreciation expense ($330)
Insurance expense ($275)
Miscellaneous expense ($1,295)
Net income $33,425
Answer 3 :
Kelly Consulting
Balance Sheet
May 31st, 2016
Assets:
Cash $44,195Accounts receivable $8,080Supplies $715Prepaid rent $1,600Prepaid Insurance $1,225Equipment $14,500Accumulated depreciation office equipment ($660)Total assets = $69,655Liabilities:
Unearned fees $3,210Accounts payable $895Wages payable $325Equity:Capital, Kelly Pitney $30,000Drawings, Kelly Pitney ($10,500)Retained Earnings $45,725Total liabilities and equity = $69,655Working notes:
Cash =$4,500 + $2,450 - $225 - $640 - $750 + $8,360 + $7,900 + $9,520 - $750 - $1,070 + $3,300 - $10,500
Unearned fees $4,500 - $1,290
Accounts receivable -$2,450 + $9,180 + $4,820 - $9,520 + $2,650
Advertising expense $225
Accounts payable -$640 + $735
Service revenue $9,180 + $8,360 + $4,820 + $7,900 + $3,300 + $2,650 + $3,790
Wages expense $750 + $750 + $325 - $120
Wages payable $325
Supplies $735 - $20
Utilities expense $260 + $810
Drawings Kelly $10,500
Insurance expense $275
Supplies expense $1,370
Depreciation $330
Rent expense $1,600
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Reverse logistics is required because?
In 2019 a 90% owned subsidiary had $60,000 of unrealized gains on intercompany sales to its parent. In 2020 the subsidiary sold $200,000 of goods to its parent and had $30,000 of unrealized gains. In 2020 parent reports Cost of Goods Sold of $4,000,000 and sub reports Cost of Goods Sold of $1,000,000. How much is Consolidated Cost of Goods Sold
Answer:
Consolidated Cost of Goods Sold is $4,970,000.
Explanation:
A 90% owned subsidiary presents a controlling interest and consolidated financial statements must be prepared by the Parent company.
In preparing consolidated financial statements, any transactions between the parent and subsidiary (Intragroup transactions) must be eliminated.
At Beginning of the year
Recognize the unrealized gains on intercompany sales as follows ;
Debit : Retained Earnings $60,000
Credit : Cost of Sales $60,000
During the year 2020
Eliminate unrealized gains on intercompany sales as follows
Debit : Cost of Sales $30,000
Credit : Inventory $30,000
Consolidated Cost of Goods Sold
To determine the Cost of Goods Sold add 100 % of Parent and 100% of Subsidiary and also remember to effect the journals above as follows :
Cost of Goods Sold = $4,000,000 + $1,000,000 - $60,000 + $30,000
= $4,970,000
Conclusion
Therefore, Consolidated Cost of Goods Sold is $4,970,000.
what type of securities does the fed control
U.S. Treasury issues three types of Treasury securities: Treasury bills (T-bills), Treasury notes (T-notes), and Treasury bonds (T-bonds). The time to maturity (TTM) of T-bills is 12-month or less than 12-month. The TTM of T-notes is between 1 year and 10 years. The TTM of T-bonds is longer than 10 years. Which one(s) (T-bills, T-notes, or T-bonds) belong to the money market instrument(s)? Which one(s) belong to the capital market instrument(s)? If you would like to buy Treasury securities, which one(s) would you purchase? Explain why?
Answer:
Treasury bills (T-bills) are short-term money market instruments issued by the government to raise short-term funds. They are issued for terms of less than a year and are sold at a discount from their face value. T-bills have maturities of 4, 8, 13, 26, and 52 weeks. Therefore, T-bills belong to the money market instrument(s).
Treasury notes (T-notes) are issued with maturities from two to 10 years and pay interest semi-annually. Therefore, T-notes belong to the capital market instrument(s).
Treasury bonds (T-bonds) are long-term investments that have maturities of 10 to 30 years and also pay interest semi-annually. Therefore, T-bonds belong to the capital market instrument(s).
If you would like to buy Treasury securities, it depends on your investment goals. If you want a short-term investment with low risk and low return, you can consider buying T-bills. If you want a medium-term investment with moderate risk and moderate return, you can consider buying T-notes. If you want a long-term investment with high risk and high return, you can consider buying T-bonds.
Explanation:
I hope this helps
what is the explanation of how 3D printing gives SpaceX a competitive advantage
and
Exploration of how AI could be used to enhance SpaceX's 3D printing capabilities
3D printing offers your organization a genuinely necessary upper hand. It permits you to create models quicker, decreases the expense of creation, requires less info (HR and gear), and diminishes above.
SpaceX involves 3D printing in their designing and assembling processes, including printing parts for rocket motors, spouts, and primary parts for the Bird of Prey 9 and Hawk Weighty rockets and Mythical serpent shuttle.
The improvement of an ML framework that utilizes PC vision to screen the creation cycle and fix material dealing with shortcomings continuously. The fundamental benefits of 3D printing are diminishing expenses, less waste, decreased time, getting an upper hand, lessening mistakes, classification, and creation on request.
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After taking this course and learning more about business communication, do some internet research on companies that make communication in the workplace a priority. Find one organization that stands out to you as one that you would be excited to work for.
Name the organization.
What did you discover about this organization and their approach to communication in business?
Share what makes their communication strategy unique or intriguing to you?
What will you look for in organizations you want to work for? What will you look for in managers as you interview with organizations in the future?
Go-ogle is one of the most sought-after companies in terms of employment. Employees at Go-ogle make a lot of money in addition to enjoying benefits like access to dog parks and coffee cafes.
Why is working for Go-ogle a fantastic opportunity?It is a popular choice among job seekers since the company provides its employees with cutting-edge tools and technology as well as a friendly work atmosphere. It is a popular choice because of its career progression opportunities, competitive pay structure, and other perks.
In addition to having flexible hours, It allows its employees to work remotely for up to four weeks every year. A "work-from-anywhere week" is an employee advantage that allows them to bring their work with them wherever they go.
What is the communication method it employs?It provides several different ways to communicate, such as social networking, text messaging, videos, and email. The benefit of using it for some of your communication needs is that all of the tools can be accessed with a single username, and information is integrated between them without any gaps.
Why do you want to work for your business?Express your pas-sion for the goals, goods, and services of the business. Employers want to know that you are pas-sionate about their job, whether it is a service, a mission, a brand, or a combination of these. The organization's guiding values, which are typically posted on its web-site, may help you connect your pas-sion to the organization.
What traits should I evaluate while interviewing a manager?A person like this might be emotionally intelligent, well-organized, inspiring, or a gifted speaker. To be able to describe a manager who would work well in that environment, you should take the time to study the organizational structure of the company and where your desi-red position would lie within it.
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Management is obligated to monitor new external developments, evaluate the company's progress, and make corrective adjustments in order to ___
decide whether to continue or change the company's strategic vision, objectives, strategy and/or strategy execution methods.
Management is obligated to monitor new external developments, evaluate the company's progress, and make corrective adjustments in order to "decide whether to continue or change the company's strategic vision, objectives, strategy"
Hence, option (a) is correct.
Management is responsible for monitoring new external events, evaluating the company's success, and making corrective modifications in order to determine whether the company's strategic vision, objectives, strategy, and/or strategy execution techniques should be maintained or changed.
A strategic vision statement is similar to a mission statement, but it is more concrete. It represents an organization's feasible future state—exact timescales vary, but commonly range from three to ten years. This statement should assist you and your staff in visualizing the organization's future direction.
A mission in the context of management is a quest, a trip to a goal in which the entire organization is involved. The mission statement explains what our objective is and where we want to go. It serves as the organization's compass setting.
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how do i give brainlyest
Answer:
when you ask a question and you get one answer you cant give someone brainliest until another person answers and after two people answer you chose which one is the best by clicking the little crown in the upper right corner of their answers
Explanation:
ACTIVITY 7
7.1 Read the following text and answer the following questions.
VENTURING AND EXPANDING
Businessmen have realised that it is not always necessary to start a business from scratch. In order to
expand, wise businessmen have given other businesses a right to sell their similar products within some
regulations. Others have been smart enough to realise that their small items that require regular
maintenance can make money for by contracting them to another business. It is even more
advantageous when an institution decides to focus on its vision and improve their quality by allowing
specialists to perform other duties on their behalf.
7.1.1
Identify THREE ways of acquiring a business avenue from the scenario above. Motivate your
answer by quoting from the scenario above.
(9)
Use the table below to present your answer.
BUSINESS AVENUE
MOTIVATION
7.1.2
Analyse the impact of each of way of acquiring a business avenue identified in QUESTION
7.1.1.
(18)
7.1.3
Outline the contractual obligations of any TWO of the ways to acquire a business avenue
identified in QUESTION 7.1.1
(12)
Answer:
add a responsible business partner that add income to your sales and together you can achieve your success
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 9 years because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $15.75 per share 10 years from today and will increase the dividend by 5 percent per year thereafter.
If the required return on this stock is 13 percent, what is the current share price?
Answer 45k ...
Explanation:
One of the most strategies in developing a strong sense of personal responsibility is to what
Answer:
Take responsibility for your thoughts, feelings, words, and actions.
Explanation:
There are various strategies to take in developing a strong sense of personal responsibility, one of the topmost strategies is to "Take responsibility for your thoughts, feelings, words, and actions."
This will surely help in determining how to react to situations, without being pushed by others or blame others for the outcome.
Also, it will not affect your perception and duty to yourself. But rather spur you to do what you believe in and what will benefit you.
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $6,400 for direct materials, $8,300 for direct labor, and $4,731 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,700 for direct materials and $5,100 for direct labor
If Sigma Corporation applies overhead cost to jobs. The overhead cost is: $2,907.
Overhead costFirst step is to calculate the overhead rate
Overhead rate=Overhead cost / Direct Labor
Overhead rate=$4,731 /$8,300
Overhead = .57 rate
Second step is to calculate the overhead cost
Overhead cost=$5100× .57
Overhead cost = $2,907
Therefore the overhead cost is: $2,907.
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select one visual aid and explain how you will prepare this visual aid to present your business plan to various stakeholders.
Visual aids are visual elements such as graphics, photos, and video clips that are used in addition to audio information. Visual aids are selected according to their purpose.
Reduce the amount of spoken words. You can chart the results instead of reading them out loud. Clarify and give an example. For greater impact, for example, if your presentation is about the health risks of smoking, you can show an image instead of explaining the effects of smoking on your body.
You need to think in advance what kind of effect you want to create – do you want your audience to be sad, happy or angry? Emphasize what you say. Make unforgettable points. Increase your credibility.
Engage your audience and keep them interested. Make it easy for your audience to understand.
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The rate of earnings is 6% and the cash to be received in 4 years is $20,000. The present value amount, using the following partial table of present
value of $1 at compound interest is
Year
6%
10%
12%
1
0.943
0.909
0.893
2
0.890
0.826
0.797
3
0.840
0.751
0.712
4
0.792
0.683
0.636
a. $12.720
Ob. $16,800
Oc. 513,660
Od. $15.840
Answer:
$15,840
Explanation:
Present value = Future value / (1 + r)^n
Rate, r = 6% = 0.06
Future value = $20,000
Number of years, n = 4
Present value = $20000 / (1 + 0.06)^4
Present value = $20000 / 1.06^4
Present value = $20,000 / 1.26247696
Present value = $15841.873
Using the partial table of present values :
Present value = Future value * PV(6%, 4)
PV at 6%, 4 years = 0.792
Present value = $20,000 * 0.792 = $15,840
Raoul buys a new cell phone with his credit card. This new charge means his debt will
Answer:
increase
Explanation:
i bench 225
reviewing the recent experience of the US in global markets reveals that
Reviewing the recent experience of the US in global markets reveals that America's standing as a global leader has been challenged by the rise of new global economic powers, such as China and India. Despite this, the US remains the world's largest economy and has the world's reserve currency, the US dollar.
As such, it maintains significant influence in global markets.The US has also been engaged in numerous trade disputes, including with China and the European Union. Additionally, the US has recently pursued a policy of protectionism, which has included the imposition of tariffs on imported goods.
This has had both positive and negative impacts on the US economy and its standing in the global marketplace.The US has also recently renegotiated trade deals, such as the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA).
The US has also withdrawn from the Trans-Pacific Partnership (TPP) and the Paris Climate Agreement, which have drawn criticism from other nations and has further impacted the US's standing in the global community.
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why should entrepreneurs operate under the conditions of perfect market
Operating under the conditions of a perfect market can offer several advantages for entrepreneurs.
Reasons why entrepreneurs may prefer to operate under the conditions:Competition and Efficiency: in a perfect market, there is intense competition among buyers and sellers. This competition encourages entrepreneurs to be efficient, innovative, and responsive to market demands.
Price Determination: in a perfect market, prices are determined by the forces of supply and demand. This price mechanism allows entrepreneurs to make informed decisions about production, investment, and resource allocation.
Market Access: a perfect market typically has low barriers to entry, allowing entrepreneurs to enter and exit the market freely. This means that new entrepreneurs can easily establish businesses and compete with existing firms.
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which of the following are common controls over cash receipts? (select all that apply.) multiple select question. a. opening mail daily and making a detailed list of checks received b. reducing c. the amount of total sales to customers
The answer is only option (a) and (c).
a. opening mail daily and making a detailed list of checks received and
c. the amount of total sales to customers
Why are they the answers?The common controls over cash receipts are:
a. Opening mail daily and making a detailed list of checks received
b. Depositing all cash and checks intact and promptly
c. Using pre-numbered receipts
Therefore, the answer is only option (a) and (c). Option (b) is not a common control over cash receipts; it is actually the opposite of a control since reducing the amount of total sales to customers would result in understating the amount of cash received.
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A POS merchant system is __
Answer:
POS means point of sale
Explanation:
The point of sale or point of purchase is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.
A regulatory agency that protects workers is
A. OSHA
B. EPA
C. FDA
D. SEC
Answer- A. OSHA
Answer:Its A
Explanation:
Just took the quiz
Answer: A. OSHA
Explanation: This is the correct answer on Edge 2020 (just took the quiz and made a 100% ^-^).
The country of Batavia produces only chocolates and watches. Below is a table with recent information on Batavia production and prices. The base year is 2009.
Prices and Quantities
Year
2008
2009
2010
2011
Price of A Box Boxes of
of Chocolates
Chocolates
$4
$5
$5
$6
100
90
100
80
Price of
Watches.
$50
$50
$60
$65.
Quantity of
Watches
10
15
15
12
Refer to Table 23-6. What was the inflation rate for 2011? Show your work.
Answer:
Explanation: chocalates 390
prices of watched 225
quantity of watches is 52
390+225+52 = 667
Conduct a needs assessment to determine how a network could benefit your family. Use three to five sentences to describe the results of your assessment. If you have more than one computer in your home, conduct the needs assessment based on the number of computers in your home. If you don't have one or more computers in your home, conduct the needs assessment as though every family member in your home over the age of five had their own computer.
The improvement of communication and information accessibility, the practical sharing of resources, data sharing, increased cost efficiency, and affordability are all advantages of family networks.
What use do needs analyses of computer networks serve?The organization's current IT infrastructure, operational processes, security, compliance, management, and performance are confirmed by a network review. This aids in evaluating the state and overall health of your IT infrastructure and reveals any areas that need to be improved.
What is the biggest benefit of a network?Your network can be a fantastic source for novel perspectives and ground-breaking concepts that will help you in your career. Learning from the problems, experiences, and goals of others is one of networking's key benefits.
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the prepaid insurance has 6400 debit balance to start the year a review of insurance policies shows that 1750 of unexpired insurance remain at the end of the year
The adjustment reduces the prepaid insurance account balance by $1,750, resulting in a revised year-end debit balance of $4,650.
At the beginning of the year, the prepaid insurance account had a debit balance of $6,400. Throughout the year, insurance policies were reviewed, revealing that $1,750 worth of insurance remained unexpired by the end of the year .
The unexpired insurance represents the portion of prepaid insurance that has not yet been utilized or expired. As a result, the remaining $1,750 will be carried forward to the next accounting period as a prepaid asset.
This adjustment ensures that the financial statements accurately reflect the amount of insurance coverage still available and properly matches the prepaid insurance expense with the period in which it is utilized.
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James Sebenius identifies mistakes that negotiators make that keep
them from solving the right problem. Identify which mistake is being described.
Relationships, process, and interests are neglected - the primary negotiation factor is economic.
Group of answer choices
Failing to Correct for Skewed Vision.
Searching Too Hard for Common Ground.
Neglecting BATNAs.
Letting Price Bulldoze Other Interests.
Common ground in talks, which helps with the main negotiation component of economics, enables parties with disparate interests to give each other what they value most at the lowest possible cost.
what are the Six Habits of Merely Effective Negotiators?Neglecting the other side's problem:You can't address either of your problems or the problem of the other party if you don't comprehend the agreement from their point of view.
Letting price bulldoze other interests:Most business transactions have interests than money.
Letting positions drive out interests:Incompatible stances can conceal similar interests. Your "opponent's" loss need not necessarily be their benefit.
Searching too hard for common ground:While common ground is helpful in negotiations, divergent interests can provide each party what they value most while causing the least amount of harm to the other.
Neglecting BATNAs:BATNAs, or "best alternative to a negotiated agreement," describe your course of action in the event that the intended agreement cannot be reached.
Failing to correct for skewed vision:Summary: Role bias and partisan views are two types of bias that can cause mistakes.
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Investment timing options
Companies often need to choose between making an investment now or waiting till the company can gather more relevant information about the potential project. This opportunity to wait before making the decision is called the investment timing option.
Newtown Propane Co. is considering a three-year project that will require an initial investment of $43,500. If market demand is strong, Newtown Propane Co. thinks that the project will generate cash flows of $28,000 per year. However, if market demand is weak, the company believes that the project will generate cash flows of only $1,500 per year. The company thinks that there is a 50% chance that demand will be strong and a 50% chance that demand will be weak.
If the company uses a project cost of capital of 14%, what will be the expected net present value (NPV) of this project?
-$7,868
-$11,107
-$8,793
-$9,256
-$9,256 will be the expected net present value (NPV) of this project. If the company uses a project cost of capital of 14%.
Expected cash flow per year = 0.50 * 28000 + 0.50 * 1500 = 14750
NPV of the project if started today
NPV = PV of all cash flow - investment
NPV = 14750 * PVIFA 14%, 3 YEARS - $43500
PVIFA 14%, 3 years = (1/r)*(1-(1/(1+r)ⁿ))
NPV = 14750 * 2.321632 - $43500
NPV = $-9256
NPV of the project if started after a year
NPV = PV of all cash flow - investment
NPV = [($28000 * PVIFA 14%, 2 years) - $43500] * 0.5 * PVIF 14%, 1 year
PVIFA 14%, 1 year
1/(1+r)ⁿ
NPV = [(($28000 * 1.646661) - $43500) * 0.5] * 0.877193
NPV = 1143
Value of option to delay = 10399
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Suppose a pizza parlor has the following production costs: $ in labor per pizza, $ in ingredients per pizza, $ in electricity per pizza, $ in restaurant rent per month, and $ in insurance per month. Assume the pizza parlor produces pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ nothing. (Enter your response as an integer.)
Answer:
the variable cost of production (per month) is $21,000
Explanation:
The computation is shown below:
The variable cost per month is
= Number of pizza produced per month × (labor per pizza + in ingredients per pizza + in electricity per pizza )
= 5,000 × ($3.00 + $1.00 + $0.20)
= 5,000 × $4.20
= $21,000
Hence, the variable cost of production (per month) is $21,000
What happens when the money supply increases or decreases?
An economy's average interest rates will decrease as a result of an expansionary monetary policy (i.e., an increase in the money supply). Contrarily,
a contractionary monetary policy (a reduction in the money supply) will lead to an increase in the country's average interest rates.
Lower interest rates are often a result of increased money supply, which leads to more investment and more money in consumers' hands, which in turn boosts consumption. In response, companies place larger orders for raw materials and boost output.
Spending declines when the monetary policy shrinks. We are aware that lowering inflation requires a reduction in spending. Therefore, when inflation is present in the economy, it makes sense to increase the monetary policy
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who has to prepare the ethics code for an organization?
Who should be on the ethics committee?
The responsibility of preparing the ethics code for an organization lies with the leadership team of the organization.
This includes the board of directors, senior executives, and managers who are responsible for setting the organization's policies and ensuring that they are being followed by all employees.
However, the ethics committee should be composed of a diverse group of individuals from different levels and departments within the organization. This ensures that the committee can offer a wide range of perspectives and ideas. Some of the individuals who should be on the ethics committee include HR representatives, legal advisors, senior managers, and representatives from different employee groups.
The ethics committee should also be responsible for reviewing and updating the ethics code regularly to ensure that it is relevant and effective. They should be responsible for educating employees about the code and ensuring that it is being followed. In addition, the ethics committee should be the go-to resource for employees who have questions or concerns about ethical issues in the workplace.
Overall, it is important for organizations to take their ethical responsibilities seriously and to have a strong ethics code and committee in place to ensure that they are upholding the highest ethical standards in all aspects of their operations.
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Price discrimination is the Group of answer choices selling of a given product at more than one price when the price differences reflect cost differences. refusal by a firm to sell to all customers. selling of a given product at more than one price when the price difference is unrelated to cost differences. pricing of a product so that not everyone can afford it.
Price discrimination is the: C. selling of a given product at more than one price when the price difference is unrelated to cost differences.
Price refers to an amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire a particular good or services, at a specific period of time.
Price discrimination can be defined as a situation in which a business firm (producer) sells an identical product to different consumers at different selling price, based on reasons that are not in any way associated or related with the product's manufacturing cost.
Hence, price discrimination involves the sales of an identical product at more than one price to different consumers, when the price difference is unrelated to cost differences.
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Goodies (Pty) Ltd is a retailer of children's toys. The Management Accountant created the sales budgets for the last four months of the financial year ended December 2023. The budget is presented below: Month Cash Sales Credit Sales Total Sales September R 60 000 450 000 510 000 October R 50 000 500 000 550 000 November R 70 000 420 000 490 000 December R 30 000 510 000 540 000 Additional information: Collections regarding credit sales are as follows: . 50% in the month of the sale and is therefore subject to a 4% settlement discount. 25% one month after the month of sale. 20% two months after the month of the sale and the remainder (5%) is uncollectable. Goodies (Pty) Ltd's inventory requirements are 25% of the next month's total budgeted sales amount. Inventory is purchased in the month preceding its expected sale. All inventory purchases are made on credit. The suppliers' terms of payment require that 40% be paid in the month of purchase and the balance (60%) be paid in the month after the month of purchase. Direct wages amount to R15 000 per month. Wages are all paid in cash as they occur. January 2024 sales are expected to comprise of R550 000 credits sales and R30 000 cash sales. The bank is expected to be in an overdraft of R42 000 on 31 October 2023. Selling, distribution, and administrative costs are expected to be 50% of the monthly total sales and include depreciation of R25 000 per month.
prepare a cash budget for Goodies (Pty) Ltd for the months of November 2023 and December 2023.
show all workings
Based on the cash budget, Goodies (Pty) Ltd is expected to have a bank overdraft of R105 000 at the end of November, which will increase to R241 000 at the end of December.
To prepare the cash budget for Goodies (Pty) Ltd for the months of November and December 2023, we need to take into account the following information:
Sales (cash and credit) for each month
Collections from credit sales
Purchases of inventory
Payments for inventory purchases
Direct wages
Selling, distribution, and administrative costs
Depreciation
Bank overdraft
Using this information, we can prepare the cash budget as follows:
Goodies (Pty) Ltd
Cash Budget for November and December 2023
November December
Cash receipts:
Cash sales R 70 000 R 30 000
Collections from credit sales:
Month of sale R 225 000 R 255 000
1 month after sale R 105 000 R 84 000
Total cash receipts R 400 000 R 369 000
Cash disbursements:
Inventory purchases R 137 500 R 137 500
Direct wages R 15 000 R 15 000
Selling, distribution, and administrative costs R 245 000 R 270 000
Payments for inventory purchases:
Month of purchase R 55 000 R 82 500
1 month after purchase R 82 500 R -
Total cash disbursements R 535 000 R 505 000
Net cash flow (R 135 000) (R 136 000)
Opening bank balance R 30 000 R (105 000)
Closing bank balance R (105 000) R (241 000)
Bank overdraft R (105 000) R (241 000)
Workings:
Collections from credit sales:
Month of sale: 50% of credit sales = (50% x R450 000) + (50% x R420 000) = R435 000
4% settlement discount: 4% x R450 000 = R18 000
Total collections from credit sales in November: R435 000 - R18 000 = R417 000
Total collections from credit sales in December: R420 000 x 50% = R210 000
Purchases of inventory:
December inventory required: 25% x R550 000 = R137 500
Payments for inventory purchases:
November purchases: 40% x R137 500 = R55 000
December purchases: 60% x R137 500 = R82 500
Selling, distribution, and administrative costs:
November: 50% x R490 000 = R245 000
December: 50% x R540 000 = R270 000
Net cash flow:
November: Total cash receipts - Total cash disbursements = R400 000 - R535 000 = (R135 000)
December: Total cash receipts - Total cash disbursements = R369 000 - R505 000 = (R136 000)
Based on the cash budget, Goodies (Pty) Ltd is expected to have a bank overdraft of R105 000 at the end of November, which will increase to R241 000 at the end of December.
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