The income statement, statement of stockholders' equity and the balance sheet are all part of the account system of Island Corporation.
1. Island Corporation
Income Statement
For the year ended December 31, 2024
Service Revenue $71,700
Cost of goods sold 54,200
Gross profit $17,500
Operating expenses:
Delivery expense 3,400
Salaries expense 6,300
Operating income $7,800
2. Island Corporation
Stockholder's Equity
As of December 31, 2024
Capital Retained Earnings Total
1-Jan-2024 $38,000 $18,000 $ 56,000
Issuance of share $3,800 $ 3,800
Net income $7,800 $ 7,800
--------------------------------------------------------------------------------------------
31-Dec-21 $41,800 $25,800 $67,600
3. Island Corporation
Balance Sheet
As of December 31, 2024
Asset
Current Assets
Cash $1,300
Supplies $1,600
Total current assets $2,900
Non-current assets
Equipment $20,000
Buildings $22,000
Total non-current assets $42,000
Total assets $44,900
Liabilities and Equity
Current liability
Accounts payable $2,600
Salaries payable $900
Total current liabilities $3,500
Total liabilities $3,500
Equity
Capital stock $41,800
Retained earnings $25,800
Total equity $67,600
Total liabilities and Equity $71,100
1. A statement of income
To get at operating income, we must close all nominal accounts and start with revenue while preparing the income statement. We must always remember the headings, which include the company name, the schedule to be created, and the time frame for which it is appropriate.
2. Statement of Equity Changes
All transactions affecting the corporation's capital will be presented here in order to prepare the statement of changes equity. Start with the capital, then add any further issuance and the net income for the last period before adding retained earnings.
3. Balance sheet
This schedule displays the true accounting for the company. started with the equity, liabilities, and assets. We must always remember the headings, which include the company name, the schedule to be created, and the time frame for which it is appropriate.
island corporation provides low-cost food delivery services to senior citizens. at the end of the year on december 31, 2024, the company reports the following amounts. in addition, the company had common stock of $38,000 at the beginning of the year and issued an additional $3,800 during the year. the company also had retained earnings of $18,000 at the beginning of the year.Required: 1. Prepare the income statement for Island Corporation. 2. Prepare the statement of stockholders' equity for Island Corporation 3. Prepare the balance sheet for Island Corporation
Cash $ 1,300 Service revenue $ 71,700
Equipment 20,000 Cost of goods sold (food expense) 54,200
Accounts payable 2,600 Buildings 22,000
Delivery expense 3,400 Supplies 1,600
Salaries Expense 6,300 Salaries payable 900
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The following information is taken from the production budget for the first quarter:
Beginning inventory in units 600
Sales budgeted for the quarter 446000
Capacity in units of production facility 492000
How many finished goods units should be produced during the quarter if the company desires 2600 units available to start the next quarter?
448000
448600
444000
494000
In order to have 2600 units available to begin the following quarter, the company should create 428,000 completed goods units during the quarter.
Units of finished goods that should be produced are: finished goods units to be produced = inventory available for the following quarter + budgeted sales - beginning inventory = 3,200 + 426,000 - 1,200 = 428,000 428,000 units should be produced.
Inventory includes both the raw materials needed in production and the finished commodities that are offered for sale. Since inventory turnover is one of the main means of generating income and, consequently, profits for the firm's shareholders, it is one of the most significant assets a company may have. Raw materials, work-in-progress, and finished goods are the three categories of inventory. On a company's balance sheet, it is listed as a current asset.
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Federal Income Tax Withholding
Bob Wolfe's weekly gross earnings for the present week were $2,870. Wolfe has four exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Wolfe's federal income tax withholding? Round your answer to two decimal places.
The amount of Wolfe's federal income tax withholding is $631.95.
What is tax withholding?In Taxataion, an employer withholds an income tax from their employee's paycheck and pays it to the IRS on their behalf.
Given that
Tam earned $2,870 for the week. There are two exemptions with each of them valued at a $81 allowance.
Net earnings = 2,870 - (81 * 2)
= 2,870 - 162
= $2,708
Based on the table, this falls under the $1,533 to $3,202 bracket.
Federal income tax withholding is:
= 302.95 + 28% * (2,708 - 1,533)
= 302.95 + 28% * 1,175
= 302.95 + 329
= $631.95
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grandiose growth has a dividend growth rate of 20%. the discount rate is 10%. the end-of-year dividend will be $2 per share. what is the present value of the dividend to be paid in: (i) year 1? (ii) year 2? (iii) year 3? note: do not round intermediate calculations. round your answers to 2 decimal places. Present Value Year 1 Year 2 Year 3 $I
The dividend growth rate for grandiose growth is 20%. 10% is the discount percentage. The last dividend of the year will be $2 per share. The anticipated dividend's current value in Year 1 = 1.82, Year 2 = 2.4 Year 3 = 2.16.
A dividend is a payment made by a corporation to its shareholders that is decided by the board of directors. Quarterly dividend payments are common and can be provided in the form of cash or stock reinvestments.
Dividend Year 1, D1 = 2
PV (D1) = D1 / (1 + r)
= 2 / (1 + 10%)
= 1.82
D2 = 2 x (1 + 20%)
= 2.4
PV (D2) = D2 / (1 + r)^2
= 2.4 / 1.1^2
= 1.98
D3 = 2.4 x (1 + 20%)
= 2.88
PV (D3) = 2.88 / 1.1^3
= 2.16
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Alice rented her personal residence for 12 days to summer vacationers for $3,400. She has AGI of $91,000 before the rental income. Related expenses for the year include the following:
Real Property taxes $3,640
Utilities 5,250
Insurance 600
Mortgage interest 6,400
Repairs 520
Depreciation 12,000
a) What is the net rental income includible in AGI?
b) Is mortgage interest and property taxes deductible on Schedule A?
Answer: $95,000
Rental income
Rental income is the income received from the property which is given on rent by the owner of the property, rental income is also a taxable income. It is a part of the income from house property.
A)
Gross Receipts $ 3400
Less: Property Tax (3640*12/365) - $ 119.67
$ 3280.33
B) Mortgage interest will not be deductible.
Adjusted gross income(AGI) is the income that is calculated after deducting all the line deduction items that are included in form 1040. It is used to calculate the net income tax due.
The rental income earned by Lupe's on her personal residence amounting to $3,800 shall not be included for the purpose of calculating AGI and therefore all the expenses mentioned in the question regarding the Lupe's personal residence shall not be considered for calculating AGI and hence the Lupe's AGI will be $95,000.
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If a firm's market price can't generate enough total revenue to cover their average variable cost, then standard microeconomic theory says the best thing the firm can do at this point is to borrow money from their bank, issue corporate debt bonds to investors, and sell off some of their non-essential assets (i.e. company cars and unused raw land) to raise much-needed money so that they can survive for a few more months.
true
false
The following statement " If a firm's market price can't generate enough total revenue to cover their average variable cost, then standard microeconomic theory says the best thing the firm can do at this point is to borrow money from their bank" is false.
The price that an item or service may now be purchased or sold for is known as the market price. Supply and demand factors influence how much an item or service will cost in the market. The price at which a service or good may currently be acquired is known as the market price. According to economic theory, the forces of supply and demand must combine to create this market price.
A point of convergence between supply and demand for a particular item is the market price. Calculating consumer surpluses, economic surpluses, etc. depends on this factor heavily.
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the channel strategy that does not utilize any manufacturers' representatives, industrial distributors, or other kinds of middlemen is referred to as
The channel strategy that does not utilize any manufacturers' representatives, industrial distributors, or other kinds of middlemen is referred to as direct distribution.
What is meant by direct distribution?The business sells to the customer directly through the direct channel. An example of a direct channel of distribution is a brewery that produces its own beer and sells it to clients at its own physical location. Customers receive the good or service straight from the seller.
In direct distribution, which is a direct-to-consumer strategy, the producer is in complete control of the distribution process. Third parties, including retailers, wholesalers, and warehouses, are involved in indirect distribution. Companies have better control over the entire process with direct distribution.
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You want to create a portfolio equally as risky as the market, and you have $1,100,000 to invest. Consider the following information:
Asset Investment Beta
Stock A $ 275,000 0.70
Stock B $ 165,000 1.10
Stock C 1.55
Risk-free asset What is the investment in Stock C?
What is the investment in risk-free asset?
The investment in Stock C by the investor is $709,677.42.
What is an investment?An investment is a purchase undertaken with the hope of profiting financially or popularly. An economic outlook describes an investment as the purchase of goods that will be utilized to generate value in the future rather than being consumed right immediately. When a financial asset is bought with the hope that it will boost earnings or be sold for a profit in the future, it is considered a financial investment. In an economy, when machines are made in a given year, they are not "used up" to manufacture other things but rather continue to supply services over time. The market rate of interest has a significant impact on the investment decisions that businesses make, including whether to buy new gear.
Investment=1100000/1.55= $709,677.42
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in march, an investment adviser wishes to increase its annual management fee from 1% of assets annually to 1.25% of assets annually, starting the following july 1st. in order to do this:
In order to increase its annual management fee the investment adviser must amend the Form ADV filed with the State within 30 days and the adviser's customers must approve of the change by July 1st.
Any changes which are to be made to an advisory contract are considered to be a material change that must be filed as a Form ADV update with the State within 30 days. In addition, since this is a contract between the customer and the investment adviser, both parties that is the customer and the investment adviser must agree to any changes which are made to the advisory contract.
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in deciding the false advertising suit brought by pom wonderful against coca-cola, the supreme court held that_____
Even when the labeling complied with the Food and Drug Administration's basic content criteria, false and deceptive labeling could give rise to legal action.
Whenever it concerns product traceability, labeling is crucial. In the event of a product recall or customer inquiry, accurate labeling enables the separation of defective parts and aids manufacturers in tracing the origin of serial numbers.
Labels can (and should!) be found on supplies, components, and finished goods throughout the manufacturing and logistics ecosystem, not to mention the cartons, pallets, and shipping containers those items are moved in. Labels can be printed directly onto an object or container or affixed to them via glue or a tag. They may contain essential information about the product or client data.
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dave was employed by a car dealer to work in the parts department. he was instructed not to loiter in the sales area and, if asked by a customer whether he worked there, to reply that he was not a salesperson. one day while dave was looking at a new car, a customer asked whether he worked there, dave replied yes. what authority, if any, does dave have to sell a car? group of answer choices none apparent express implied
Using a dealership agreement with an automaker or its sales division, a car dealer is a company that sells new or used vehicles at the retail level. Spare parts and auto repair services are frequently offered
car dealer Typically, car dealerships receive franchises from particular businesses to sell and repair their automobiles. They are frequently situated on lots with space for buildings containing a showroom, mechanical service, and body repair facilities, as well as for storage for both new and used automobiles. A lot of dealerships are situated outside of cities or close to them. Collier Motors in North Carolina is a prime illustration of a conventional single-proprietorship auto business. [5] With hundreds of sites, many contemporary dealerships are now a part of corporately held chains.
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under which of the following circumstances does nasaa allow an investment adviser to charge performance-based fees? the client must initially have $1.1 million under management or a net worth in excess of $2.2 million. compensation paid in this way must be for gains reduced by losses. disclosure must be made that the fee arrangement may create an incentive for the investment adviser to make investments that are riskier or more speculative than would be the case in the absence of a performance fee.
All of the statements are correct about performance-based fees in NASAA.
When circumstances does NASAA allow an investment adviser to charge performance-based fees?The NASAA Model Rule permits performance-based fees if the client has at least $1 million in assets under management or a net worth of $2.1 million provided the compensation is based on gains and losses. Unlike the Investment Advisers Act of 1940, under the NASAA Model Rule, state covered Advisers must make additional disclosures, including the incentive to take additional risk.
What Is the North American Securities Administrators Association (NASAA)?Investor protection is a goal of the North American Securities Administrators Association (NASAA), a group of securities regulators. As part of a complementary regulatory structure that operates at the federal, state/provincial, and industry levels, the 67 securities administrators who make up its membership endeavor to protect clients of investment advice or securities. The organization was founded in 1919 in the U.S. state of Kansas.
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Complete question:Under which of the following circumstances does NASAA allow an investment adviser to charge performance-based fees?
i. The client must initially have $1 million under management or a net worth of $2.1 million.
ii. Compensation paid in this way must be for gains reduced by losses.
iii. Disclosure must be made that the fee arrangement may create an incentive for the investment adviser to make investments that are riskier or more speculative than would be the case in the absence of a performance fee.
which of the following entries reflects the original cost assignment to spoiled units before considering rework cost? question 20 options: finished goods control xxx work-in-process control xxx manufacturing overhead allocated xxx materials control xxx wages payable control xxx work-in-process control xxx materials control xxx wages payable control xxx work-in-process control xxx manufacturing overhead allocated xxx work-in-process control xxx materials control xxx wages payable control xxx manufacturing overhead allocated xxx
The work-in-process control reflects the original cost assignment to spoiled units before considering rework cost.
The work-in-process control that provides a way of employee to focus on just the work they can effectively service at any given time. The work-in-process control also include the manufacturing goods or manufactured goods.
The work-in-process control demerits is in the valuation of work-in-process control inventory is a complicated as understand the progress and process at which the inventory stands. Sometimes, The work-in-process control reflects the original cost assignment to spoiled units before considering rework cost.
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REALIZAR INVESTIGACIÓN Y ANALISIS RELACIONADO CON LA HISTORIA, ORIGEN, ANTECEDENTES, CAMBIOS DE LA CONTABILIDAD A NIVEL UNIVERSAL Y EN ECUADOR.
EVOLUTION OF CONTABILITY There is a more recent, approximately 6000-year-old tabilla of barro from Sumer in Mesopotamia. C. With regard to Egypt, it can be seen in the jeroglical writings, which presumably represent the authors of that time period and their constant labor.
How and why does accounting begin, how it has developed, and what its functions have been up to this day?Accounting is an activity that dates back as far as human history itself, since humans have needed to keep records, memorize information, and keep track of data pertaining to their economic lives and estates since before writing was invented: goods that were collected, crafted, consumed, or cazed.
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swifty company ppurchased a building on january 2 by signing a long term 516600 mortgae with monthly payments of 4428 the mortgage carries an interest rate of 8 percent
Over the course of the mortgage, $209,789.12 has been paid in interest.
What do you mean by the rate of interest?An interest rate is the sum that a lender charges a borrower for any type of debt that is granted, and it is typically stated as a percentage of the principal. The borrowed asset may be cash, a sizable item like a car or a house, or simply consumer products.
How is the interest rate figured out?The basic interest formula is as follows: Interest is equal to P, R, and T. P is the principal sum (the beginning balance). Interest rate, R (usually per year, expressed as a decimal). T = Number of intervals of time (generally one-year time periods).
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technicians are paid a fixed amount of hours for a job based on an established average time to perform the repair is referred to as .
Technicians are paid a fixed number of hours for their jobs based on a set average time to complete a repair, known as a fixed fee.
Why flat rate is better?One of the benefits of the flat-rate model is that flat-rate pricing rewards productivity. When small businesses receive a flat fee to provide their services, they can generate more revenue by providing more services in less time.
What is manual flat rate?A flat rate manual is a list of almost any job that can be done on a vehicle in the amount of time it takes a mechanic to do the job. It is used in service workshops to determine labor costs. The customer will be charged the flat rate even if the mechanic completes the work before the flat rate expires.
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sunland co bought a machine on january 1 for 3,800,000 it has a 340,000 estimated residual value and a ten-year life an expense account was debited on the purchase date sunald uses straight-line depreciation prepare the entries
The annual depreciation on the company on an expense account is $576,666.67.
What is depreciation?The term "depreciation" in accounting refers to two different aspects of the same concept: first, the real decline inside an asset's fair value due to use and wear, such as the annual decline in value of industrial machinery; and second, the allocating in accounting statements of the asset's original cost to a periods during which the asset is used. Depreciation is essentially the act of "writing down," or reallocating, the cost of a tangible asset over the duration of its useful life. It also refers to the fall in asset value. Businesses depreciation long-term investments for both accounting and tax purposes. The cost is frequently broken up as a depreciation charge over the time periods when the asset is projected to be used.
($3,800,000 - $340,000) ÷ 6 = $576,666.67
$3,800,000 - ($576,666.67 × 2) = $2,646,666.67
((Cost - Salvage Value)/Life in the years) = Annual Depreciation
(Cost - (the Annual Depreciation × 2)) = Book Value
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assume that pearle vision uses standard costs to control the materials in its made-to-order sunglasses. the standards call for 3 ounces of material for each pair of lenses. the standard cost per ounce of material is $12. during july, the santa clara location produced 6,000 pairs of sunglasses and used 17,750 ounces of materials. the cost of the materials during july was $12.25 per ounce, and there were no beginning or ending inventories. note: round answers to the nearest whole number, when needed. required
Ordinarily, the material is priced at $12 per ounce. In July, the Santa Clara plant produced 6,000 pairs of sunglasses using 17,750 ounces of material. The material's $12.25 per ounce price for the entire month of July had no beginning or end. In this instance, the favorable material use variance is 141000.
A flexible budget, also called a "flex" budget, is one that may be adjusted to changes in the actual amount of revenue received.
The difference between the amount of material actually used and the amount projected to be used, based on standard consumption levels and standard pricing, is known as the material usage variance. To review previous studies, this is done.
Cost of Material = 6000 * 3 * 12 = 216000
Actual Material Cost = 17,750 * 12.25 = 217437.5
Price Variance = (12.25 - 12) * 17750 = 4437.5 Unfavourable
Material Usage Variance = (6,000-17,750) * 12 = 141000 Favourable
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knockoff brands (like you might find after the sun goes down in big cities around the world) are copies of national brand-name goods
Knockoff brands (like you might find after the sun goes down in big cities around the world) illegal are copies of national brand-name goods.
Knockoff brands are illegal, because they are often made with inferior materials and craftsmanship, and they infringe on the intellectual property rights of the original brand-name products. In some cases, the knockoff products may also pose a health or safety risk to consumers due to the lack of quality control and testing.
Negative impact of copy brands on consumersCurrently, the market is flooded with these copy brands, which can have a negative impact on consumers. These copy brands are often cheaper than the original brands, which can entice consumers to buy these products. However, by purchasing these copy brands, consumers are not getting the same levels of quality and safety as with the original products. In addition, buying these copy brands can undermine the reputation of the original brands and further harm consumers.
It is important that consumers are aware of the risks posed by these copy brands and avoid purchasing products from these brands. Consumers should seek product quality and safety information before purchasing to ensure they are getting quality products.
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Sandspring Resorts manufactures pool supplies. Ladders and diving boards are produced locally and sold online. Based on the information listed below, what is the contribution margin ratio for ladders and diving boards?Ladders Diving BoardsSales price$1,500$100Less: Variable expenses($1,000)($60)Contribution margin$500$40Contribution margin ratio:Ladders:$?Diving Boards:?The contribution margin ratio for ladders and diving boards is 33.33%; 40%.Ladders: $500 / $1,500 = 33.33%Diving boards: $40 / $100 = 40%33.33%; 40%
the ladder and diving board contribution margin ratio based on the information below: Sales price for ladders and diving boards: $1,500 $100.
How much of a contribution margin do ladders and diving boards make up?Ladders and diving boards have a contribution margin ratio of 33.33% and 40%, respectively. A diagnostic device that is currently being used in the manufacturing process may need to be replaced by Rachel's Automotive Service.
Which of the following claims regarding fixed and variable costs as they relate to relevance is accurate?Variable costs are constant per unit, but fixed costs are constant overall. Despite changes in production, fixed costs stay constant overall, while variable costs are fixed at the individual unit level.
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a system in its final stages requires corrective maintenance only to keep the system operational. t/f
The statement that a system in its final stages requires corrective maintenance only to keep the system operational is true.
What is operational system?An operational system can be described as the term thqt is been used in the data warehousing to refer to a system that is used to process the day-to-day transactions of an organization.
It should be noted that the systems are designed in a manner that processing of day-to-day transactions is performed efficiently whereby the integrity of the transactional data is preserved.
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Firm A has a stock price of $35, and 60% of the value of the stock is in the form of PVGO. Firm B also has a stock price of $35, but only 20% of the value of stock B is in the form of PVGO. We know that: I. Stock A will give us a higher return than Stock B. II. An investment in stock A is probably riskier than an investment in stock B. III. Stock A has higher forecast earnings growth than stock B. В. Ш only D. II and III only A. I only C. I and II only E. I, II, and III
As per the stock price, here an investment in stock A is probably riskier than an investment in stock B and the Stock A has higher forecast earnings growth than stock B.
Here we have given that the Firm A has a stock price of $35, and 60% of the value of the stock is in the form of PVGO.
And the Firm B also has a stock price of $35, but only 20% of the value of stock B is in the form of PVGO.
While we looking into the given question, we have identified that the difference between the stock price percent is calculated as,
=> 60% - 20% = 40%.
Based on these difference we have identified that in this investment in Stock A is probably riskier than an investment in Stock B and here the Stock A has a higher forecast earnings growth than Stock B.
Therefore, option (c) is correct.
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Congress increases personal income tax rates in order to balance the budget. Which of the following is likely to result?
Automatic stabilizers will decrease the expansionary impact of the increase in aggregate demand.
Automatic stabilizers will increase the expansionary impact of the increase in aggregate demand.
Automatic stabilizers will decrease the contractionary impact of the decrease in aggregate demand.
Automatic stabilizers will increase the contractionary impact of the decrease in aggregate demand.
The correct answer is Automatic stabilizers will decrease the contractionary impact of the decrease in aggregate demand.
The consumption component of aggregate demand is impacted by income taxes. An rise in income taxes lowers disposable income for individuals, which in turn lowers consumption (but by less than the change in disposable personal income). Tax revenues will always rise with an increase in the tax rate. Consumption, investment, government purchases of goods and services, and net exports are the four main determinants of aggregate demand. The aggregate demand curve will move to the right if the overall price level declines. An expansionary fiscal strategy involves raising government spending and/or lowering taxes to boost overall demand.
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teaches employees the practical expertise they need for managing a diverse workforce, such as flexibility and adaptability, negotiation, problem solving, and conflict resolution.
Skills-based diversity teaches employees the practical expertise they need for managing a diverse workforce, such as flexibility and adaptability, negotiation, problem solving, and conflict resolution.
Employees are given the practical knowledge they need for managing a diverse workforce through skills-based diversity training, including flexibility and adaptation, negotiation, problem solving, and conflict resolution.
Variety skills, or the capacity to identify, value, and live without prejudice in a society rich of diversity, are becoming more and more crucial in both the business and daily life.
Inclusive organisations must teach new hires interpersonal skills if they want to work effectively with diverse teams. Current workers must simultaneously learn how to connect with and collaborate with their varied team members.
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at this step of the crm process, firms develop the ability to customize their activities to target specific customers.
Utilize analysis to build customer relationships. Customer relations is the company-wide process of nurturing positive relationships with your customers.
Customer relationships include both reactive and proactive functions performed by customer service teams.
Reactive Response is a team effort to resolve customer-reported issues. This includes tasks such as responding to customer complaints and resolving issues with the support team. Being able to solve unexpected customer blocks is critical for brands looking to build strong customer relationships.
Proactive functions are actions taken to ensure long-term relationships with customers. These efforts are designed to drive customer success by staying responsive to their evolving needs. The Customer Success team does this by providing information about products and updates, and promoting discounts and exclusive offers. This type of long-term customer relationship management helps businesses make a lasting impression on customers who ultimately remain loyal to the brand.
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TRUE/FALSE. the monopolist's marginal revenue is sometimes more and sometimes less than the price of its good always less than its the price of its good beyond the first unit
The monopolist's marginal revenue is sometimes more and sometimess less than the price of its good always less than its the price of its good beyond the first unit is FALSE.
The marginal revenue of monopolists is always less than its price because the price of good always less than the price of the first unit of its good.
Monopolist is a firm operates in monopolistic market. This kind of firm plays as a single supplier for the markett. hence, the market demand curve represents its product's demand curve. Many monopolist is operating under the government's permissions.
Because the market demand curve repesents the monopolists demand for products, the firm has to lower its price to attract market to purchase more units of product. By lowering the product's price, monopolist will be able to sell more unit but produce less marginal revenue and its marginal revenue will be less than price.
Because of this concept, marginal revenue curce of monopolist lies below the demand curve. Since demand reflects the marginal social benefit and magrinal revenue reflects marginal private benefit, Monopolist produce greater marginal social benefits than marginan private
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For each question, fill in the letter from the following list which best describes the presentation of the item on the financial statements of Helton Corporation for 2021.
a. Change in estimate
b. Prior period adjustment (not due to change in principle)
c. Retrospective type accounting change with note disclosure
d. None of these choices1. In 2021, the company changed its method of recognizing income from the completed-contract method to the percentage-of-completion method. abcd
2. At the end of 2021, an audit revealed that the corporation's allowance for doubtful accounts was too large and should be reduced to 2%. When the audit was made in 2020, the allowance seemed appropriate. abcd
3. Depreciation on a truck, acquired in 2018, was understated because the service life had been overestimated. The understatement had been made in order to show higher net income in 2019 and 2020. abcd
4. The company switched from a LIFO to a FIFO inventory valuation method during the current year. abcd
5. In the current year, the company decides to change from expensing certain costs to capitalizing these costs, due to a change in the period benefited. abcd
6. During 2021, a long-term bond with a carrying value of $3,600,000 was retired at a cost of $4,100,000. abcd
7. After negotiations with the IRS, income taxes for 2019 were established at $42,900. They were originally estimated to be $28,600. abcd
8. In 2021, the company incurred interest expense of $29,000 on a 20-year bond issue. abcd
9. In computing the depreciation in 2019 for equipment, an error was made which overstated income in that year $75,000. The error was discovered in 2021. abcd
10. In 2021, the company changed its method of depreciating plant assets from the double-declining balance method to the straight-line method.
For each question, fill in the letter from the following list which best describes the presentation of the item on the financial statements of Helton Corporation for 2021 is Retrospective type accounting change with note disclosure
1. In 2021, the company changed its method of recognizing income from the completed-contract method to the percentage-of-completion method. Retrospective type accounting change with note disclosure
2. At the end of 2021, an audit revealed that the corporation's allowance for doubtful accounts was too large and should be reduced to 2%. When the audit was made in 2020, the allowance seemed appropriate is Change in estimate.
3. Depreciation on a truck, acquired in 2018, was understated because the service life had been overestimated. The understatement had been made in order to show higher net income in 2019 and 2020 is Prior period adjustment (not due to change in principle)
4. The company switched from a LIFO to a FIFO inventory valuation method during the current year is Retrospective type accounting change with note disclosure.
5. In the current year, the company decides to change from expensing certain costs to capitalizing these costs, due to a change in the period benefited is Change in estimate.
6. During 2021, a long-term bond with a carrying value of $3,600,000 was retired at a cost of $4,100,000 is None of these choices
7. After negotiations with the IRS, income taxes for 2019 were established at $42,900. They were originally estimated to be $28,600 is Change in estimate.
8. In 2021, the company incurred interest expense of $29,000 on a 20-year bond issue is None of these choices
9. In computing the depreciation in 2019 for equipment, an error was made which overstated income in that year $75,000. The error was discovered in 2021 is . Prior period adjustment (not due to change in principle)
10. In 2021, the company changed its method of depreciating plant assets from the double-declining balance method to the straight-line method is Change in estimate.
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Which of the following are correct statements about the Internal rate of return? (Check the apply.) Check all that apply. A) IRR is expressed in dollars. B) If a project has a positive NPV, then the IRR is less than the hurdle rate. C) IRR reflects the time value of money. D) IRR uses accrual income as the measurement basis. E) The higher the IRR, the better.
The correct statement about the internal rate of return include, the higher the IRR, the better.
Describe IRR.In financial analysis, the internal return rate (IRR) is a statistic used to calculate the profitability of possible investments. IRR is a rate of return that, in a net present value method, reduces all cash flows' net present values (NPV) to zero.
A good IRR is what?An IRR of 20%, for instance, would be seen favorably in the field of commercial property but it's crucial to keep in mind that it's always correlated with the capital cost. An "excellent" IRR is one that exceeds the initial sum that a business has put into a project.
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which of the following are used to document entries made to update the general ledger? group of answer choices general journal subsidiary ledger subsidiary journal journal vouchers
Journal voucher file is used to document entries made to update the general ledger.
So the correct answer is option D.
Each financial transaction is recorded using a journal voucher in the company's books. It contains all necessary details, such as the transaction's identification number, date, description of the business transaction, amount, and any applicable taxes, as well as the maker's and authorised person's signatures and references to other supporting documentation. It also contains the transaction's amount and any applicable taxes. Every transaction needs some kind of fundamental physical backup. The only component of the physical backup is the journal voucher, a written record.
As proof, the details and the real invoice are given. The real invoice is provided by the third party. A voucher serves as the foundation for recording a financial transaction in an organization's books of accounts.
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which of these is a disadvantage associated with personal selling? multiple choice a salesperson cannot control to whom a presentation is made. there may be inconsistency in the presentation of the message from one salesperson to another. personal selling is subject to extensive federal, state, and company regulation. personal selling permits too much wasted coverage. presentations often provide little opportunity for consumer feedback.
There may be inconsistency in the presentation of the message from one salesperson to another is a disadvantage associated with personal selling. Thus, option (b) is correct.
What is personal selling?Personal selling occur when a salesperson meets with a potential customer to close a transaction. Personal selling, often known as facial expression selling, occurs when a single person, the salesman, attempts to persuade a customer to purchase a product.
According to the disadvantage of the personal selling are salesperson are the share the message on the one time to the one consumer it was not the mass and the wide level. It was the inconsistency in the presentation of the audience.
As a result, the downside of personal selling is that there may be variability in the presenting of the content from one salesman to the next. Therefore, option (b) is correct.
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the owner of a clothing store records the following information for each transaction made at the store during a 7-day period.
From the question so the following statement that is true: the total number of items purchased on a given day can be determined by looking up data for all transactions that occurred on a given day and summing the number of items purchased for each matching transaction.
What is data collected transaction?Background data collection allows you to collect quality results for context items without going to the Enter Quality Results window. Transaction data is information captured from a transaction. The time of the transaction, the location where the transaction took place, the price of the goods purchased, the payment method used, discounts and other quantities and qualities associated with the transaction are recorded.
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