Palmona Co.establishes a $290 petty cash fund on January 1. On January 8, the fund shows $191 in cash along with receipts for the following expenditures:postage $40transportation-in $14delivery expenses $16miscellaneous expenses $29Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) Establish the fund on January 1, (2) Reimburse it on January 8, and (3) Both reimburse the fund and increase it to $340 on January 8, assuming no entry in part 2.
Answers
The journal entries for the establishment and reimbursement of the petty cash fund include (1) Dr Petty Cash $290
Cr Cash $290 (2) Dr Postage Expense $40 Dr Transportation-in Expense $14 Dr Delivery Expense $16 Dr Miscellaneous Expense $29 Cr Petty Cash $99 (3) Dr Postage Expense $40 Dr Transportation-in Expense $14 Dr Delivery Expense $16 Dr Miscellaneous Expense $29 Dr Petty Cash $50 Cr Cash $149.
The establishment of the petty cash fund is recorded by debiting the Petty Cash account and crediting the Cash account. The reimbursement of the fund is recorded by debiting the expenses accounts for the amounts of the receipts and crediting the Petty Cash account for the total amount of the receipts. The increase of the fund is recorded by debiting the Petty Cash account for the amount of the increase and crediting the Cash account for the same amount.
Hence, for the establishment and reimbursement of the petty cash fund, the journal entries are:
(1) Establishment of the fund on January 1:
Debit Petty Cash $290
Credit Cash $290
(2) Reimbursement of the fund on January 8:
Debit Postage Expense $40
Debit Transportation-in Expense $14
Debit Delivery Expense $16
Debit Miscellaneous Expense $29
Credit Petty Cash $99
(3) Reimbursement of the fund and increase it to $340 on January 8:
Debit Postage Expense $40
Debit Transportation-in Expense $14
Debit Delivery Expense $16
Debit Miscellaneous Expense $29
Debit Petty Cash $50
Credit Cash $149
Learn more about Petty cash fund:
https://brainly.com/question/28139312
#SPJ11
Related Questions
Byron Books Inc. recently reported $13 million of net income. Its EBIT was $20.8 million, and its tax rate was 35%. What was its interest expense? (Hint: Write out the headings for an income statement, and fill in the known values. Then divide $13 million of net income by to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.)
Answers
Answer:
Interest expense = $800,000
Explanation:
Given:
Net income = $13,000,000
EBIT = $20,800,000
Tax rate = 35% = 0.35
Find:
Interest expense
Computation:
Net income= (EBIT - Interest expense) × ( 1-tax rate)
$13,000,000 = [$20,800,000 - Interest expense][1-0.35]
20,000,000 = [$20,800,000 - Interest expense]
Interest expense = $800,000
A downside of social media is that:
Answers
Answer:
People tend to talk to other people they don't know, which could cause serious problems
Explanation:
Answer:
That there are big hacker that can steal your info and also that people can know everything about you in just one video or on picture. It just pure scary
Explanation:
Your Welcome (; (:
Critique the case: How did Karin originally approach the project? Comment specifically about Karin’s project management skills and approach? 2. While assessing the case, draw a project organigram, identifying the role-players/ stakeholders and whether they were all in original agreement of the project?
Answers
The project organigram should identify the role-players and stakeholders involved in the project and determine if they were all in original agreement.
Who are the role-players and stakeholders involved in the project?The project organigram outlines the key individuals and entities involved in the project including project managers, team members, clients, executives and any other relevant stakeholders.
It also highlights their roles, responsibilities, and relationships within the project structure. Assessing whether they were all in original agreement requires examining the project's initiation phase and the documented agreements such as contracts, memorandums of understanding or project charters.
Read more about project organigram
brainly.com/question/31255959
#SPJ1
Introduction to Business class is to observe the use of groups in a large manufacturing business. The students notice that most groups are arranged by reporting relationships. Bill discovers a group of managers who have been placed together to study and recommend a course of action on a flextime schedule for employees. Jane finds that the executives of the company have formed a team consisting of themselves, some middle managers, and a few hourly employees to work on improving work processes and efficiency within the company. This group has been in existence for 5 years and is going strong. The group of managers that Bill discovers is an example of:
A) an informal interest group
B) a formal group
C) A fun group
D) a quality group.
Answers
The correct answer is B) a formal group.
The group of managers that Bill discovers is an example of a formal group.
During their visit to a large manufacturing business, Bill discovers a formal group. It is a group of managers who have been placed together to study and recommend a course of action on a flextime schedule for employees.
When we are referring to an organization, a formal group can be understood as a workgroup that is formed by design, depending on a hierarchical composition. The members of this group have specific tasks according to the work they perform in the company.
Usually, these groups are formed based on the experience of their members because they want to accomplish goals in a more effective way and to improve the decision-making process of difficult issues.
George was in an automobile accident. According to the police report, he was responsible for causing the wreck. The accident was large enough to close down the interstate for an hour. The three people in the other car were rushed to the hospital. The costs associated with the rescue and medical care were $18,000 for each person. Based on the facts of the case, which of the following statements is true?
I. George can expect his PAP premiums to increase in the future.
II. George will be personally liable for any excess damages not covered by insurance.
III. George’s future liability will be exempt if he can prove that he was covered at the state insurance minimum level.
a. I and III only.
b. I and II only.
c. III only.
d. I only.
Answers
Answer:
c. III only.
Explanation:
George is responsible for the damages caused but it is also out of control from the George since he does not willingly does the accident. His liability turn out to be $18,000 for the medical care that the victims of the accident incurred. He can exempt his future liability if he can prove that he was covered at state insurance.
a person has 100$ to spend on two goods x and y whose respective price are 3$ and 5$. what happen to the original budget line if the budget falls by 25%?
Answers
Answer:
If the budget falls by 25%, then the new budget line would be:
x: 3*0.75 = 2.25
y: 5*0.75 = 3.75
Explanation:
Using the information below, calculate cost of goods sold for the period: Sales revenues for the period$1,312,000 Operating expenses for the period 247,000 Finished Goods Inventory, January 1 44,000 Finished Goods Inventory, December 31 49,000 Cost of goods manufactured for the period 548,000
Answers
Answer:
COGS= $543,000
Explanation:
Giving the following information:
Cost of goods manufactured for the period 548,000
Finished Goods Inventory, January 1 44,000
Finished Goods Inventory, December 31 49,000
To calculate the cost of goods sold (COGS), we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 44,000 + 548,000 - 49,000
COGS= $543,000
which of the following influences quantity demanded and varies moving along a demand curve?
a. the price of the good
b. the prices of related goods
c. income
d. preferences
Answers
The price of the good impact the quantity demanded and changes when the demand curve moves.
The following information should be considered:
The demand curve shows two things i.e. price of the good and the quantity demanded.The price should be shown on the vertical axis and the quantity demanded shown on the horizontal axis.Therefore all other options are incorrect.
Hence, we can conclude that the price of the good impact the quantity demanded and changes when the demand curve moves.
Learn more about the demand curve here: brainly.com/question/21220153
The graphs illustrate an initial equilibrium for the economy. Suppose that the stock market broadly increases.
Use the graphs to show the new positions of aggregate demand (AD), short-run aggregate supply (SRAS), and long-run
aggregate supply (LRAS) in both the short run and the long run, as well as the short-run and long-run equilibriums resulting
from this change. Then, indicate what happens to the price level and real GDP (or aggregate output) in the short run and in the
long run.
Answers
Since the stock market increases broadly, this has the effect of expanding the aggregate demand thus, shifting it rightwards. This consequently leads to an increase in price level and real GDP. See the Short Run Effect Graph.
In the Long Run, given that demand shifted to the right, this created an imbalance between demand and expected price levels.
All things being, equal the laws of demand and supply as it affects price trigger an upward adjustment in price hence creating a new equilibrium point. See the Long Run Effect Graph.
What is aggregate demand?Aggregate demand, also known as domestic final demand in macroeconomics, is the entire demand for final products and services in an economy at any particular time.
It is frequently referred to as effective demand, albeit this phrase is differentiated at times. This is a country's demand for its gross domestic output.
Aggregate demand is estimated by combining consumer expenditure, government and business investment spending, and net imports and exports. AD = C + I + G + Nx is the equation that represents it.
Learn more about Short Run and Long Run in Economics:
https://brainly.com/question/13029724
#SPJ1
Firms making a loss will compare the losses if it shuts down to the losses if it operates in the short run. What quantity will the firm produce if it shuts down in the short run
Answers
The quantity that would be produced by a firm that shuts down in the short run is zero units.
When would a firm shut down in the short run?
The short run is a period when at least one or more factors of production are fixed and the others are variable. In the short run, if the average variable cost is greater than the price, the firm should cease production. This means that zero units of output would be produced.
To learn more about when a firm should shut down, please check: https://brainly.com/question/13034691
What is the most important thing to remember when writing a draft (apex)
A. Use the spelling and grammar checks
B. Write quickly without over thinking
C. Write in phrases, not in sentences
D. Look for mistakes in subject-verb agreement
Answers
Answer:
B. Write quickly without over thinking
Explanation:
(APEX)
just took the quiz
Write quickly without over thinking is the most important thing to remember when writing a draft.
Thus, the correct option is B.
What is a draft?An initial version of a piece of writing or written document that is frequently reviewed before verification is referred to as a "draft."
A written order of payment from one party (the drawer) to another (the drawee) instructing them to pay a specific amount to a third party (the payee) on or before a specific date is an example.
You can rethink and rewrite your thoughts after you draft them by putting them on paper. You will be able to determine where further information and supporting proof are needed by doing this.
It will also help you determine whether the concepts you are providing appear logical and whether your argument is clear.
The full paper will be sent along with the final draft. Your writing ought to appear polished by the time you complete the final draft. Grammar and spelling mistakes, fragmented sentences, weak or nonexistent paragraph transitions, and other first draft flaws should all be eliminated.
Learn more about draft, here
https://brainly.com/question/20116562
#SPJ2
Super Garage was started on June 1 by Mr. Peter Thomson . A summary of June transactions
is presented below.
June 1. Invested $25,000 cash to start the garage.
2. Purchased repair equipment for $5,000 cash.
4. Paid $500 cash for the space rent.
4. Hired an employee
5. Paid $700 for a one-year fire insurance policy.
6. Received $10000 in cash from customers for repair service.
10. Provided repair service on account to customers $1750.
21. Collected cash of $5000 for services provided on June 6.
27. Withdrew $1,000 cash for personal use.
30. Paid employee salaries $3,000.
30. Received an electricity bills $170.
Required:
i. Journalize the transactions
ii. Post and balance the transactions to ledger accounts
Answers
s
amani and
smsjiaooaksm
smakosoajjnd
f
djakkajannsjsjsnana
s
snakakjsndflaloanams
jajwjijnnd dloijnqnanansknnand
nnanjanjhbnfmoouba
nnajajhhbananjajoapp
nanakiajoqppoakajsnsm
akajajwnsndmmskekaoak
anakakwosk
Nicholas wants a new cell phone. Rather than waiting until payday, he decides to get a payday loan of $200. He promises to repay the loan on payday plus a $20 fee. The loan company explains that if he is unable to pay the loan by this date, they will give him an extension and only charge an additional $20. The day before he is to repay the loan, a pipe in his bathroom breaks. Since he had to pay for the plumbing repair he cannot repay the loan. It takes Nicholas 8 weeks to repay the original $200 he borrowed. His total repayment was $280. How could Nicholas have avoided the high fees he was now required to pay?
Answers
It's my first night out with you
So treat me and buy me shoes
I wanna be your fantasy prey for me
I wanna be your girl wanna be your girl (wanna be your) just give me some time ill be ready
38. A log book used to record information about visitors who call in an organization is called A. Complimentary card B. Telephone directory C. Telephone pad D. Visitor's register E. Visitor's request form
Answers
A logbook used to record information about visitors who call in an organization is called an Option D. Visitor's Register.
A visitor's register is an essential tool for maintaining security and professionalism in a workplace. It helps in keeping track of the people entering and leaving the premises, which aids in monitoring the flow of visitors and ensuring their proper identification.
A visitor's register typically includes columns for the visitor's name, contact details, purpose of visit, time in, time out, and the name of the person they are meeting. This information is valuable in case any follow-up is required or for emergency situations where it's crucial to know who is on the premises.
In contrast, a complimentary card (A) is a business card exchanged during formal introductions. A telephone directory (B) is a listing of telephone numbers organized by name or business. A telephone pad (C) is a notepad used for taking messages or notes during phone calls, and a visitor's request form (E) may be a document required to be filled out by visitors for specific purposes or access.
In summary, a visitor's register (D) is the correct term for a log book used to record information about visitors who call an organization. It helps maintain security, monitor visitor flow, and ensure proper identification of guests. Therefore, the correct option is D.
Know more about Visitor's Register here:
https://brainly.com/question/28275719
#SPJ11
Jerry owns a manufacturing business. He keeps a large amount of inventory and cash in his warehouse. He plans to have a good internal control since he fears that some of his employees may steal the business’s resources. Which type of risk does Jerry face in this scenario?
A.
economic risk
B.
human risk
C.
natural risk
D.
uncontrollable risk
Answers
economic risk.
The type of risk does Jerry face in this scenario is economic risk as keeps a large amount of inventory and cash in his warehouse.
What is economic risk?The possibility that changes in macroeconomic conditions would hurt a business or investment is known as economic risk.
Profits or losses could be affected by political unrest or fluctuating exchange rates, for example. Cyber-attacks, Energy price shock, Failure of national governance, Fiscal crises. are some types of economic risk.
Thus, option A is correct.
For more details about economic risk, click here
https://brainly.com/question/14770665
#SPJ2
consults with an employee about her continuing education
Answers
An HR manager consults with an employee about her continuing education options is Training and development
What is the role of training and development in HRM?In order to help organisations achieve their strategic goals, training and development are essential components of human resource management (HRM). They do this by ensuring that employees have the abilities, knowledge, and skills required to do their jobs well. While development refers to broader learning opportunities that aim to improve an employee's overall skills and capabilities for future roles, training refers to the process of imparting specific skills or knowledge to employees to improve their performance on the job. Employees who participate in training and development programmes can learn new skills, increase their productivity, and show greater interest in their work. They can also aid businesses in luring and keeping top talent by offering chances for career advancement.
To Know more about Training and development Visit:
brainly.com/question/30086457
#SPJ1
When drafting an end-of-year summary report to her supervisor about the status and sales of the restaurant's newest pizza, Diane omits details about negative customer feedback. By only reporting positive feedback, which barrier of effective communication is she using?
A) deceptive tactics
B) perceptual differences
C) distractions
D) information overload
Answers
Sammy exchanges land used in his business in a like-kind exchange. The property exchanged is as follows:
Property Surrendered Property Received
Adi. Basis FMV Adi. Basis FMV
Land $44,000 $60,000 $50,000 $43,000
Cash $5,000 $5,000
Liability on land $12,000 $12,000
The other party assumes the liability.
Required:
a. What is Sammy's recognized gain or loss?
b. What is Sammy's basis for the assets he received?
Answers
Answer and Explanation:
The computation is shown below:
a. For recognized gain or loss
= Equipment + land + liability on land - adjusted basis
= $43,000 + $5,000 + $12,000 - $44,000
= $16,000
It should be the lower amount of the boot received i.e. $12,000 + $5,000 i.e. $17,000 or the $16,000 so here the recognized gain is $16,000
b. Now the basis of the assets received is $5,000
Discuss three typical categories of performance measurement that are commonly used for evaluation in the scorecard.
Answers
Answer:
The four dimensions of performance that are considered in a balanced scorecard are financial, customer, internal process, and learning and growth.A balanced scorecard will include qualitative and quantitative measures.Stakeholders cannot include stockholders.Explanation:
hope it helpss!!
What are some of the legal restrictions on how organizations can recruit employees?
Answers
The legal restrictions on how organizations can recruit employees are no illegal to discriminate against a job candidate , there should be not favoritism when collection applicants.
What are the legal restrictions on recruitment of employees?The legal restrictions on recruitment of employees are those restriction that is been set up so that the employers can not be able to do as they like when recruiting the new employees.
One of this restriction is that there should not be any kind of discriminate against a job candidate which could base on the color as well as gender differences when making the recruit.
Read more about employer at:
https://brainly.com/question/26463698
#SPJ1
check all of the following that are true about the response to the financial crisis of 2009.
A. greater government intervention into the economy was the hallmark of the incoming Obama administration and its “stimulus” package that passed through Congress in February 2009
B. although it included temporary payroll tax cuts, most of the package’s $831 billion was focused on government spending and therefore represented a Classical approach to countering a recession
C. with unemployment rising over the previous year to 7.6 percent, Obama asserted that the American Recovery and Reinvestment Act (ARRA) was necessary because the government “was the only entity left with the resources needed to jolt our economy” back to life
D. following the enactment of the stimulus package, the unemployment rate continued to rise, not only surpassing the eight percent estimate of the administration, but staying above eight percent for 43 consecutive months until late 2012
Answers
Option A and C. The following that are true about the response to the financial crisis of 2009
Less government intervention into the economy was the hallmark of the incoming Obama administration and its “stimulus” package that passed through Congress in February 2009 with unemployment rising over the previous year to 7.6 percent, Obama asserted that the American Recovery and Reinvestment Act (ARRA) was necessary because the government “was the only entity left with the resources needed to jolt our economy” back to lifeWhat was the financial crisis of 2009The economic slowdown from 2007 to 2009 that followed the collapse of the U.S. housing bubble and the world financial crisis is known as "The Great Recession." Since the Great Depression of the 1930s, the Great Recession was the country's worst economic downturn.
Read more on financial crisis here: https://brainly.com/question/249622
#SPJ1
You earned $30,000 in 1990, and your salary rose to $80,000 in 2011. If the CPI rose from 82 to 202 between 1990 and 2011, which of the following is true?A) There was deflation between 1990 and 2011.B) The purchasing power of your salary fell between 1990 and 2011.C) The purchasing power of your salary remained constant between 1990 and 2011.D) The purchasing power of your salary increased between 1990 and 2011.
Answers
Answer:
D) The purchasing power of your salary increased between 1990 and 2011.
Explanation:
We can see that your salary rose 266.7% from 1990 to 2011, because:
80,000 x 100% / 30,000 = 266.7%
The CPI instead, rose 246.3% from 1990 to 2011, because:
202 x 100% / 82 = 246.3%
Because your salary rose more than the CPI, we can affirm that the purchasing power of your salary increased between 1990 and 2011.
The normal selling price per unit of a product is $480, and its total cost per unit is $375. Using the total cost concept, calculate the markup per unit.
Answers
Answer:
The markup per unit is $105
Explanation:
The computation of the markup per unit is shown below:
Markup per unit is
= Normal selling price per unit - total cost per unit
= $480 - $375
= $105
We simply deduct the normal selling price per unit from the total cost per unit so the markup per unit could come
Hence, the markup per unit is $105 and the same is to be considered
One reason the federal government might "bail out" farmers in flood prone areas of the country? A. Such flooding is diversifiable, but the market for such insurance policies cannot clear without the assistance of the International Community. B. Such flooding is diversifiable, but insurance company CEOs are more concerned with their stockminusholder wealth than the wellminusbeing of farmers. C. Such flooding is not diversifiable and therefore only nonminusprofit entities, such as the federal government, can cover the risks. D. Such flooding is known to happen on a regular basis and therefore there is no "risk" to be insured against.
Answers
Answer: Such flooding is not diversifiable and therefore only non-profit entities, such as the federal government, can cover the risks
Explanation:
One reason that can make the federal ggovernment to bail out farmers in the flood prone areas of the country will be in a situation whereby the flooding is not flooding is not diversifiable and therefore only non-profit entities, such as the federal government, can cover the risks.
In this situation since the risk associated with the flooding can't be diversified, this can lead to profit making entities to run from bailing out the farmers because they'll believe there's nothing to gain for them so it might be left for the government to take charge and help out.
What are the six stages of the product adoption process?
Answers
The us government would most likely get involved in which economic issue?
Answers
Answer: The United States government is most likely to get involved in economic issues related to taxation, trade, labor, and the regulation of businesses. Additionally, the government may get involved in other economic issues such as poverty, unemployment, inflation, and the national debt.
What should be the minimum amount of years you allow your retirement
investments to grow?
a. 10 years
b. 20 years
c. 30 years
d. 40 years
Answers
Answer:
a. 10 years
Explanation:
Investing for retirement is a long-term project. The earlier a person starts to invest, the better for them as they will enjoy the benefits of compounding.
Ideally, saving for retirement should start the moment one gets employed. This gives them ample time to save and accumulate money for use in retirement. There is no upper limit as to how many years one should save for retirement. However, one needs to save for at least ten years to have sufficient funds for retirement.
C=200+0.4(Y-T)
I=300-5000r
T=0 , G=0
L(r,^w,Y)=250+0.06Y-300r
P=1
e=1
r^w=0.09
where e is the fixed exchange rate.
a. Derive the IS curve and compute equilibrium output and interest rate
b. Derive the LM curve and compute equilibrium money supply
c. Suppose the Central Bank revalues exchange rate from 1 to 0.85. Recalculate the
equilibrium output, interest rate, and money supply
d. Suppose the cCntral Bank devaluates the exchange rate from 1 to 1.3 Recalculate the equilibrium output, interest rate, and money supply
Answers
a. The IS curve represents the equilibrium in the goods market and can be derived by setting aggregate demand equal to aggregate supply. In this case, aggregate demand (Y) is given by C + I + G, where C is consumption, I is investment, and G is government spending. Aggregate supply (Y) is given by the production function.
Substituting the given equations into the aggregate demand equation:
Y = C + I + G
Y = 200 + 0.4(Y - T) + (300 - 5000r) + 0
Y = 200 + 0.4Y - 0.4T + 300 - 5000r
Next, we need to substitute T = 0 and solve for Y:
Y = 200 + 0.4Y - 0.4(0) + 300 - 5000r
Y = 500 + 0.4Y - 5000r
Now, we can solve for equilibrium output (Y) by setting Y equal to its own value:
Y = 500 + 0.4Y - 5000r
0.6Y = 500 - 5000r
Y = (500 - 5000r) / 0.6
To compute the equilibrium interest rate, we set investment equal to savings:
I = S
300 - 5000r = Y - C
300 - 5000r = Y - (200 + 0.4(Y - T))
300 - 5000r = Y - (200 + 0.4Y)
300 - 5000r = 0.6Y - 200
5000r = 0.6Y - 500
r = (0.6Y - 500) / 5000
b. The LM curve represents the equilibrium in the money market and can be derived by setting the demand for money equal to the supply of money. In this case, the demand for money is given by L(r, Y), where r is the interest rate and Y is output. The supply of money is given by P * Y, where P is the price level.
Setting the demand for money equal to the supply of money:
L(r, Y) = P * Y
250 + 0.06Y - 300r = P * Y
To compute the equilibrium money supply, we need to solve for Y:
250 + 0.06Y - 300r = P * Y
0.06Y - P * Y = 300r - 250
Y(0.06 - P) = 300r - 250
Y = (300r - 250) / (0.06 - P)
c. When the Central Bank revalues the exchange rate from 1 to 0.85, it means that e decreases from 1 to 0.85. This affects the LM curve, as it represents the money market. Since e appears in the equation for LM, a decrease in e will decrease the money supply. The equilibrium output and interest rate will depend on the new money supply and will need to be recalculated.
d. When the Central Bank devalues the exchange rate from 1 to 1.3, it means that e increases from 1 to 1.3. This affects the LM curve, as it represents the money market. Since e appears in the equation for LM, an increase in e will increase the money supply. The equilibrium output and interest rate will depend on the new money supply and will need to be recalculated.
For more questions on equilibrium
https://brainly.com/question/22935024
#SPJ8
A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incurred during the first year were $8 million and estimated costs to complete at the end of the year were $12 million.
How much revenue will appear in the company's income statement in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)
How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)
Answers
Answer:
Total costs = Incurred costs + Estimated costs to complete
Total costs = $8 million + $12 million
Total costs = $20 million
a. How much revenue will appear in the company's income statement in the first year using the percentage-of-completion method?
Revenue to recognize = Incurred costs/Total costs * Contract price
Revenue to recognize = $8 million / $20 million * $28 million
Revenue to recognize = $11.2 million
b. How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method?
Gross Profit to Recognized = Revenue recognized - Costs incurred
Gross Profit to Recognized = $11.2 million - $8 million
Gross Profit to Recognized = $3.2 million
Explain link between creativity, innovation and entrepreneurship, and outline the steps for screening opportunities
Answers
Creativity, innovation, and entrepreneurship are interconnected and essential for driving economic growth. When screening opportunities, aspiring entrepreneurs should engage in creative idea generation, evaluate market potential, conduct thorough research,
Creativity refers to the generation of novel and valuable ideas, while innovation involves turning those ideas into practical solutions.
Entrepreneurship, on the other hand, is the process of identifying and pursuing opportunities, mobilizing resources, and taking risks to create and manage a successful venture. The link between these three concepts lies in their mutually reinforcing nature. Creativity fuels innovation by providing the initial spark for new ideas and perspectives.
Innovation, in turn, serves as a platform for entrepreneurial endeavors, as it creates opportunities for commercialization and market disruption. Entrepreneurship then takes these innovative ideas and transforms them into tangible products, services, or businesses that generate value and drive economic growth.
When screening opportunities, aspiring entrepreneurs can follow a systematic approach:
Idea Generation: Encourage and engage in creative thinking to generate a pool of potential opportunities.
Opportunity Evaluation: Assess the feasibility, market potential, and competitive landscape of each idea.
Market Research: Conduct thorough research to understand target customers, their needs, and existing solutions.
Resource Assessment: Evaluate the resources required to pursue the opportunity, including financial, human, and technological aspects.
Risk Analysis: Identify and evaluate potential risks and uncertainties associated with each opportunity.
Business Model Development: Formulate a clear and viable business model that outlines how the opportunity will be monetized.
Prototype and Testing: Develop prototypes or minimum viable products to gather feedback and validate the opportunity.
Financial Analysis: Conduct a comprehensive financial analysis to determine the potential profitability and sustainability of the opportunity.
Decision-making: Prioritize and select the most promising opportunities based on the evaluation and analysis.
Implementation and Execution: Develop an action plan and execute it effectively, leveraging creativity, innovation, and entrepreneurial skills.
To learn more about economic growth
https://brainly.com/question/1690575
#SPJ8