The Miller Company's cash collections from customers during 2017 are determined to total $17,885.8 million.
Data and Calculations:
Bad Debts Expense for 2017 = $18.0 million
Balance Sheet 2017 2016
million million
Accounts receivable, net $ 1,947.4 $ 1,574.6
Allowance for Uncollectible Accounts $27.4 $27.7
Accounts receivable, gross $1,974.8 $1,602.3
Income statement:
Sales revenue $ 18,276.6
T-Accounts:
Accounts Receivable
Account Title Debit Credit
Beginning balance $1,602.3
Sales revenue 18,276.6
Allowance for Uncollectible $18.3
*Cash 17,885.8
Ending balance $1,974.8
Totals $19,878.9 $19,878.9
Allowance for Uncollectible Accounts
Account Title Debit Credit
Beginning balance $27.7
*Accounts receivable $18.3
Bad debts expense $18.0
Ending balance $27.4
Totals $45.7 $45.7
*The amounts were determined by subtraction.Thus, the cash collected from customers during 2017 amounted to $17,885.8 million.
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1. The Practice of Management written by A. O Peter F Drucker B. O Terry C. O Louis Allan D. O Hendry Fayol
When we are doing the double entry for the closing inventory, why do we credit the inventory? I understand why we debit the closing inventory but not why we credit it.
Answer:
Debiting in this case means to add to the inventory. Therefore, crediting means that inventory was used up when closing inventory.
Explanation:
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. ... A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
does anyone know this??? compare using necessary example,
The types of capital
Answer:
The four major types of capital include working capital, debt, equity, and trading capital. Trading capital is used by brokerages and other financial institutions.
a standard is A.set unit of measurement for a particular purpose
Explanation:
Units of measurement give standards so that the numbers from our measurements refer to the same thing. Measurement is a process that uses numbers to describe a physical quantity. We can measure how big things are, how warm they are, how heavy they are, and many other features.
Gerald just received a 2% raise from his employer. However, the rate of inflation last year
was 3%. Explain why this is a problem for Gerald.
Answer:
In conclusion, he will make less money.
Explanation:
It is a problem because the rate of inflation is higher than his raise.
Th increase in Gerald's income is a problem because the percentage increase in his income is lower than the increase in inflation. This means that the purchasing power in Gerald's income is lower.
Inflation is when the general price levels in an economy rises. Inflation reduces the purchasing power of money. The inflation rate in the US in 2020 was 1.2%.
Let us assume that Gerald's income is $1000.
After the raise, his income becomes: (1.02 x 1000) = $1020
As a result of the inflation, the increase in income needed to keep purchasing power constant is: (1.03 x $1000) = $1030.
The increase in Gerald's income is less than the inflation rate. This means that the purchasing power of Gerald would be lower.
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The Munsters have been saving money in order to buy a house. They figure that, given current interest rates, they could afford a $465,000 home. Before looking at houses on the market they decide to explore the possibility of building a new home. The Munsters figure they could buy a suitable lot for $102,500–$$107,500. At a minimum they want to build a 2,300-square-foot house. The cost for a house of the quality they desire is $186 per square foot. Given this information, should the Munsters pursue the option of building a new house?
Answer:
Solution Cost of Lot = 75000 Area = 2400 square foot Cost per Square Foot = 160 Total Cost of Building Flat = 75000 + (2400 x 160) = 459,000 Cost
Explanation:
No, the given information, does not support the Munster's pursuing the option of building a new house because the cost is high to build a new house.
What is the importance of a house?A decent house offers defense. Violence and sexual abuse against children are less likely. They are less likely to be compelled to work as children, get married off at a young age, or be coerced into joining armed organizations. Having a house guarantees that displaced individuals have easier access to humanitarian relief.
Given,
Cost of ready house = $465,000
Cost of building new house = $102,500 + $186 x 2,300 (min sq.ft )
Cost of building new house = $530,300
The cost of building a new house is greater by $65,300 ( 530,300 - 465,000)
Thus, the Munsters drop down the decision to build a new house they should purchase a ready-made house.
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#SPJ2
Grade 10 SBA TERM 3 business studies
Answer:
good
Explanation:
we should study welll
WHAT ARE FLUOROPLASTIC LIMITATIONS ?
If a person pays $2 in ATM fees each week for 5 years, what would be the total cost of that service?
As explained in the Help section for the Workforce Compensation, Training, and Product Assembly decision screen, if (1) a company pays a drone PAT member an annual base wage of $24,000, an $800 year-end bonus for perfect attendance, and provides a company-paid annual fringe benefits package worth $3,200 and (2) a PAT is paid a $4 assembly quality incentive per UAV drone assembled that is equally divided among 4 PAT members, then if a drone PAT's productivity is 1500 drones per year then what would be the annual total compensation cost of a fully-staffed PAT and the total compensation cost per drone assembled?
*Please provide me with a step by step process how to solve the problem. Thanks
If the Workforce Compensation, Training, and Product Assembly decision screen, if (1) a company pays a drone PAT member an annual base wage of $24,000. What would be the annual total compensation cost of a fully-staffed PAT and the total compensation cost per drone assembled is: $97.33.
Income of single PAT member $28,000
($24,000+$800+$3,200)
Annual income for 4 PAT members $112,000
($28,000×4)
Annual quality incentives $6,000
(4× 1,500)
Total labor cost $146,000
($28,000+$112,000+$6,000)
Drones assembled 1,500
Total labor cost for each drones assembled $97.33
($146,000÷1,500)
Inconclusion if the Workforce Compensation, Training, and Product Assembly decision screen, if (1) a company pays a drone PAT member an annual base wage of $24,000. What would be the annual total compensation cost of a fully-staffed PAT and the total compensation cost per drone assembled is: $97.33.
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Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $18,800 of services on account, and (2) he purchased $7,500 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1.
Required
a. b. & e. Record the two transactions in the accounts. Record two separate entries for the closing entries. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance.
Answer:
I need help too
Explanation:
23=56
firm b produces gadgets. the price of gadgets is $2 each. firm b has total fixed costs of $300,000 and variable costs of $1.40 per gadget. the corporate tax rate is 30%. if the economy is strong, the firm will sell 2,000,000 gadgets. if the economy enters a recession, the firm will sell only half as many gadgets. if the economy is strong, the after-tax profit of firm b will be _________.
If the economy is strong, the after-tax profit of firm b will be $630,000.
Firm b After-tax profit
Sales $4,000,000
($2×$2,000,000)
Variable Costs $2,800,000
($1.40×2,000,000)
Fixed Costs $300,000
EBT $900,000
($4,000,000-$2,800,000-$300,000)
Tax $270,000
($900,000×30%)
After-tax profit $630,000
($900,000-$270,000)
Inconclusion if the economy is strong, the after-tax profit of firm b will be $630,000.
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Identify some of the ways that Starbucks ‘engages’ its consumers in customer relationships?
Answer:
1. Social media. Like many other companies, Starbucks tries to engage customers using social media.
2. Sale promotions. Sales promotion is a marketing strategy where the product is promoted using short-term attractive initiatives to stimulate its demand and increase its sales.
3. Advertisements.
Explanation:
Instruction: Read each question, then select your answer choice.
1. Raw materials, buildings, and machinery are _______
resources.
Answer:
Physical ResourcersExplanation:
evaluate the financial viability of entrepreneurship
In a commercial context, viability refers to the ability of a business to exist, be profitable and to grow. ... Using research, experience and business principles, it will determine the probability of the project to sustain itself, grow, meet the objectives of the project and offer the expected returns of the investor.
lan works in the IT department at Pleasant Valley Health Partners. He feels encouraged to
find his own solutions to problems, and to implement those solutions when practical. The
programmers and data analysts work with little supervision because management feels they
are committed and creative workers. This policy reflects a
attitude about
workers.
Multiple Choice
Theory z
О O
Theory X
Theory Y
Theory W
Policies are often regarded as guarding principles. They are set up to help to guard individuals, organizations and the society in their decision making process.
This policy reflects Theory Y attitude about workers.Theory Y is a common known theory of human work motivation and management. It was created by Douglas McGregor to show the different models of workforce motivation.
It is often used by managers in human resource management, organizational behavior, organizational communication and organizational development.
This theory shows the motivating role of job satisfaction and boast workers morale to approach tasks without direct supervision.
Conclusively, Management use Theory Y can infuence employee motivation and productivity in different ways, as they believe that employees are internally motivated, like their job, and do hard work without a direct reward back.
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Business plan templates
The 7 elements of a Business Plan
Executive Summary. ...
Business Description. ...
Market Analysis. ...
Organization and Management Structure. ...
Sales Strategies. ...
Funding. ...
Financial Projections.
why would you use break-even point
sophie works as a superior in the bakery at pick and pay. what level of management is she?
A. Middle manager
B. Top manager
C. Intermediate manager
D. First-line manager
Answer:
First-line manager.
Explanation:
Because Sophie is a "superior" instead of being called a "Restaurant Manager" or "Owner" she would be considered front-line.
What is Trompenaars cultural dimension?
Answer: Organizations all over the world work are dealing with a wide variety of cultures. According to Fons Trompenaars, cultural differences will create a better understanding of reality. ... The name of this management and communication model is the Trompenaars Cultural Dimensions.
Explanation:
How do the factors of production affect our daily lives?
The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. ... Improved economic growth raises the standard of improved economic growth raises the standard of living by lowering production costs and increasing wages.
Define unemployment.
Answer:
Unemployment means when you do not have a job
Explanation:
It means this because when you DO have a job you are Employed or you're an Employee, so the opposite would be unemployed
Why is it important to take notes during long lectures or discussions?
a) To review material later
b) To make sure speakers do not change their opinion in later lectures
c) To reuse notes when giving a presentation
d) To quiz the speakers
Answer:
B. to make sure speakers do not change their opinion in later lectures.
You own some land at the edge of Blacksburg. An individual wants to sign a contract where she rentsthe land from you for 10 years to operate a golf driving range. She is willing to pay $25,000 per year(at the end of each year). She will then buy the land from you at the end of year 10 for $350,000.Alternatively, she is willing to accept a five-year contract, but will only pay $20,000 per year (at theend of each year) and not buy the land at the end of the contract. You suspect that in five years,Blacksburg will have grown enough that a developer will buy your land to build new homes. Howmuch does the developer need to pay you at the end of five years to make the shorter contract thebetter option
Answer:
500,000
Explanation:
25,000x10=250,000+350,000=600,000 20,000x5=100,000 600,000-100,000=500,000
A temporary association organized to perform a specific task requiring a large amount of capital is known as a(n)
O a. authority
b.cooperative
C, master limited partnership.
O d.conglomerate.
O e. syndicate
Answer:
Syndicate
Explanation:
Waterworks Irrigation was a startup that was open for only one year of operation. During that year, it collected $175,000 in revenue and spent $50,000 on trucks, irrigation supplies, employees, and utilities. The owner of the firm, Cosmo, spent $100,000 of his own money to buy an office building and set up the office (instead of buying bonds and earning a 10% annual rate of return), which he later sold at the end of the year for $100,000. The firm's economic profit is:
The economic profit of Waterworks Irrigation is $115,000.
Economic profit is revenue less explicit cost and opportunity cost.
Explicit cost is the cost incurred in the course of running the start-up. It includes administrative cost, rent and cost of raw materials.
Opportunity cost or implicit cost is the cost of the next best option that a decision maker forgoes when he chooses one option over other options.
Economic profit = revenue - explicit cost - opportunity cost
Revenue = $175,000Explicit cost = $50,000 Opportunity cost = 10% x 100,000 = $10,000$175,000 - $50,000 - $10,000 = $115,000
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5 ways that bussiness bulid relationships with customers
Answer:
How to Build Strong Customer Relationships
Write killer emails.
Embrace pathological empathy.
Blow away their customer service expectations.
Seek feedback and show you genuinely care.
Be consistent and timely in your interactions.
Establish trust.
Reward loyalty.
Explanation:
Answer:
Communicate
Exceed expectations
Ask for feedback
Connect
Show appreciation
Explanation:
which item must be applied over a bandage on a food handler's finger?
gloves?
if it's a food handler they would have to wear them regardless, but especially when you're wearing a bandage.
The number of days' sales in receivables a.measures the number of times the receivables turn over each year. b.is not useful in evaluating the efficiency of collecting receivables. c.is calculated as Average Receivables/Sales. d.is an estimate of the length of time the receivables have been outstanding.
Companies does make sales for cash or on a credit basis. Several categories of customers exist and to meet their demand, selling goods on credit is of an essential role. Receivables are often debited when credit sales are made. The number of days' sales in receivables an estimate of the length of time the receivables have been outstanding.
The days sales outstanding calculation, can also be called the average collection period or days' sales in receivables
It often measures the number of days it takes a firm to take cash from its credit sales.
This calculation often depicts the liquidity and efficiency of a firm's collections department.
Accounts receivable turnover is compared to number of days sales in receivables. It is often done by dividing 365 by the accounts receivable turnover ratio yields the accounts receivable turnover in days. It gives the average number of days it takes customers to pay their debts.
Conclusively, the accounts receivable days is a formula that helps an individual to fine out how long it takes to clear your accounts receivable.
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tình hình kinh tế và triển vọng phát triển của việt nam
Answer:
English plzzz
Explanation: