The preparation of the multiple-step income statement for Mystery Incorporated for the year ended December 31 is as follows:
Mystery Incorporated
Multiple-step Income StatementFor the year ended December 31
Merchandise sales (gross revenue) for cash $240,000
Merchandise sales (gross revenue) on credit 42,000
Gross Sales $282,000
Sales returns and allowances (7,000)
Net Sales $275,000
Cost of goods sold 165,000
Gross profit $110,000
Office expense $19,000
Salaries and wages expense 40,200 $59,200
Operating income $50,800
Income tax expense (17,600)
Net income $33,200
What is a multiple-step income statement?A multiple-step income statement is an income summary that details the revenue and expenses into operating and non-operating classes before arriving at the net income.
The multiple-step income statement also shows the different levels of profits, including the gross profit, the operating income, income before taxes, and the net income.
The multiple-step income statement contrasts with the single-step income statement, which aggregates the revenue and expenses to arrive at a single profit bottom line.
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Question Completion:Prepare the multiple-step income statement.
In a relational model, data and relationships are defined using a collection of ____________ organized into categories of data known as _____________.
In a relational model, data and relationships are defined using a collection of Table organized into categories of data known as fields.
How are database tables connected to one another in a relational database?The primary key is a row-unique identifier that is shared by all tables in a relational database. Each row can be used to establish a link between different tables using a foreign key, which is a reference to a main key of another existing table.
What fundamental ideas underlie a relational database model?All data is stored in tables, which are composed of rows and columns, in a relational database. A unique datatype—such as an integer number, a string of characters (for text), or a date—is allocated to each column in a table, which may have one or more columns. The table's rows each contain a value for a certain column.
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the hiring rate for management trainees at the rpb corporation for white applicants is 50 percent, while the hiring rate for hispanics is 20 percent and 15 percent for native americans. this is an example of disparate impact based on the blank rule. multiple choice mixed-motive business necessity standard deviation prima facie four-fifths
As the hiring rate for management trainees for the white applicants is 50 percent while the hiring rate for hispanics is 20 percent and 15 percent for native americans, this is an example of disparate impact based on business necessity.
What are business necessity?This refers to a legal concept used to justify some employer’s employment criteria that disproportionately affect a group of individuals. The justification often resides in a possibility that such company has its legitimate reasons to operate under such restrictive employment practices.
Some of the examples of a Business Necessity in hiring practices today includes:
Educational requirements. By mentioning a minimum requirement for completed education. For example, doctor’s positions require applicants to complete an advanced medical school degreeExperiential requirements. Requiring the job applicants to have a certain number of years of experience in a similar field. Its ensures that applicants are properly prepared for the tasks that will be assigned to them.Travel requirements. Requiring the employees to travel long distances frequently throughout the year etc.Read more about business necessity
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If an employer decides to pay certain workers less than the federal minimum wage, because the workers were lazy and shirked their duties, the employer would be in violation of.
If an employer decides to pay certain workers less than the federal minimum wage, because the workers were lazy and shirked their duties, the employer would be in violation of the minimum wage act.
What is minimum wage?This is simply the lowest wage that is paid for a social contract that exists between a worker and the person that has hired him or her to do jobs for them.
It is the lowest amount that the employers of labor are allowed to pay their workers. This is backed by the law of the nation where it is upheld.
In a case where the employer decides to pay the worker less than the minimum wage, the worker has every right to carry out legal actions on him by suing the employer.
This is because the employer has violated the government law based on how the workers are to be paid for the jobs that they perform.
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the commercial furniture manufacturer, office designs, utilizes a structure that includes functional divisions, such as accounting and production, and a divisional chain of command, such as the residential facilities and office divisions. for example, neveah, a salesperson, reports to the sales manager and the office products manager. business designs has a
Given the characteristics that has been associated with this business that we have here, this is based on the way that things are done and the chain of command, we would say that the business design has a customer divisional structure.
What is a customer divisional structure?This is the term that is used to refer to the organizational techniques that are used by various companies. This is used to refer to the technique that would have to do with the strategy that organizations would have were they wouldn't have separate structures in a particular company.
The different organizational structures that are in the company is the one that would have to handle all of the aspects that they are assigned or that has to do with the segment of the business that they are in control of.
Hence the answer to the question from what we have ready about this business would be the customer divisional structure that would take care of the goals of the department.
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Suppose you put $350 into a bank account today. Interest is paid annually and the annual interest rate is 6 percent. The future value of the $350 after 4 years is.
The future value of the $350 after 4 years is $441.87. Using the formula FV= PV*(1+i)^n we can calculate this when the annual interest rate is 6 percent.
Using the formula FV= PV*(1+i/100)^n
PV=Present Value
FV= Future value
i= rate of interest
n= no. of years
So, future value is-
$350 * (1+ 6/100)^4
= $441.87
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alculate the total revenues per distributor category, and assign the customer costs to each distributor type by using revenues as the allocation base. selling price for one unit is $150. round calculations to the neare
The total revenue per distributor category such as JIT will be $787,500,000 and non-JIT will be $787,500,000.
Calculation of total revenue per distributer category:
JIT:
Sales unit= $5,250,000
Sales amount (unit * $150) = $787,500,000
Allocation of cost (50%-50%) = 2,625,000
Non-JIT:
Sales unit = 5,250,000
Sales amount (units* $150) = 787,500,000
Allocation of cost (50%- 50%) = 2,625,000
Total revenue: The total amount of funds a company earns from the sale of its products and services at a specified price is referred to as revenue. Any financial statements should start with the revenue that will eventually result in net earnings after expenses have been deducted. By multiplying the entire number of products and services sold by their prices, total revenue—the sum of all sales—is decided.
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trend-rite clothiers, inc. sells t-shirts to brand name stores, inc., under an existing written con¬tract. when textile costs increase, brand agrees to a price increase demanded by trend, even though the price was fixed under their existing contract. if brand later wants to cancel the written amendment to the contract to increase the price, saying it lacked consideration, brand may
If there are the lacked considerations,, the brand can cancel the written amendment to increase the price. It can occur because in the written contract mentioned that brand agrees to a price increase demanded by trend, even though the price was fixed under their existing contract.
The cancellation of a contract can happen if a brand fails to perform the specific tenets of the contract, you may have cause to terminate that contract. In the legal world, the cancelation of contract also known as a “breach,” but to end the contract, you must show that it was a material breach.
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investments represent a(n) multiple choice question. a fully depreciated asset. long-term commitment of funds. temporary expenditure. short-term commitment of funds.
Investments represent a long-term commitment of funds. Thus, the correct answer option is (b) long-term commitment of funds.
Investments are referred to any sort of assets held by a company to generate future income. These assets can be in form of interests, dividends, rents, bonds, stocks, and real state property. The purpose of investment is to obtain an additional source to produce income and generate profits over a certain period of time.
While the other options are incorrect because:
A fully depreciated asset is an asset worth as same as its salvage value.Temporary expenditure refers to the expenses that are closed when an accounting period is closed.A short-term commitment of funds is an investment that can quickly be converted to cash.You can learn more about long-term investments at
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select all that apply sparky's incorrectly included inventory that was on consignment in its ending inventory count. consequently, the ending inventory was overstated on the balance sheet. explain how this error will affect this year's income statement. (check all that apply.) multiple select question. this year's net income will be too low. this year's cost of goods sold will be too high. this year's cost of goods sold will be too low. this year's net income will be too high.
There are two multiple answer.
(1) This year cost of goods sold will be too low.
(2) This net income will be too high.
What is Net Income?
Sales are subtracted from cost of goods sold, marketing, generally and administration costs, operating costs, depreciation, interests, taxes, and other costs to arrive at net income, also known as net profits. Investors might use this figure to gauge the extent to which an organization's income outpaces its costs. This figure may be found on an organization's income statement and serves as a gauge of profitability. Another term for income is "net income," which is the amount earned after deducting taxes. Because costs can be masked by accounting techniques or revenues might be artificially exaggerated, investors should carefully examine the data used to compute net income.
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You’ve decided to give the department with the most participation in the united way campaign a pizza party. When you ask your supervisor for the funding for the pizza, what reason do you give to support your decision?.
Employees are motivated by goals because a goal is a notion of the future or a desired result that a person or a group of people foresee. An employee is a worker employed by an employer to perform a certain task.
smart goals should be used to inspire personnel (specific, measurable, aggressive, realistic, and time-bound). Employees are motivated by smart goals because they enliven behavior's, give it direction, present a challenge, encourage employees to think creatively, and inspire the development of new and original performance strategies.
Successful performance management is centered on employee goals. Setting goals can assist employees support the mission of the company. They aid workers in understanding how their efforts fit into the bigger picture and the value they add to the business.
In addition to motivating staff performance, goals also help with performance review and strategic planning.
To put it another way, without the proper objectives, performance and engagement suffer.
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on january 1, year 4, harrow co., as lessee, signed a 5-year noncancelable equipment lease with annual payments of $100,000 beginning december 31, year 4. harrow treated this transaction as a finance lease. the five lease payments have a present value of $379,000 at january 1, year 4, based on interest of 10%. what amount should harrow report as interest expense for the year ended december 31, year 4? $0 $37,900 $24,200 $27,900
The amount of $37,900 should harrow report as interest expense for the year ended December 31, year 4
Given that
The beginning lease liability at Year 1 = $379,000
Now the balance remains constant the entire year because the first lease payment is made one year later.
So the interest expense for Year 1 is
= 379000 × 10%
= $37,900
An entity's cost for borrowing money is known as an interest expense. On the income statement, interest expense is listed as a non-operating item. It reflects interest that must be paid on all borrowings, including bonds, loans, convertible debt, and credit lines. It is essentially determined by multiplying the debt's outstanding principle amount by the interest rate. Instead of the amount of interest paid during that time, interest expense on the income statement shows interest accrued throughout the period covered by the financial statements. Despite the fact that interest costs are tax deductible for businesses, they may not be in the case of a person, depending on their jurisdiction and the loan's intended use.Learn more about Interest expense, here
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determining that the amount of cash agrees with the accounting records is (a) posting. (b) journalizing. (c) proving cash. (d) none of these.
Determining that the amount of cash agrees with the accounting records is Proving cash.
So, the correct option is C.
It is referred to as "proving cash" when it is established that the amount of cash matches the balance of the cash account in the accounting records. Compare the checkbook balance of cash with the balance in the cash account in order to demonstrate the existence of cash. Cash is demonstrated if the two balances are equal.
A bank reconciliation that includes both the prior-period and current-period balances as well as a comparison of the period's book receipts and disbursements to the bank statements as proof of cash. Proof of cash may reveal a variety of different reconciliation problems that call for adjusting the accounting records of a business, such as the following: Unrecorded bank fees.
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steven consumes only two goods, both of which are normal goods. he is maximizing his utility in consumption of both goods. now assume the price of one of the goods increases. how should steven's consumption change?
Steven should consume less of the good whose prices rose and more of the good whose prices did not change.
The ratio of marginal utilities to the ratio of their expenses can be translated right into a contrast of marginal application in keeping with the greenback for 2 objects. These two ratios should be equal inside the satisfactory-case state of affairs.
This indicates that the marginal application consistent with the dollar really worth of both commodities has to be equal.
The price a consumer is inclined to pay for a great relies upon its marginal software, which declines with every extra unit of consumption, in keeping with the regulation of diminishing marginal application. Consequently, the price decreases for a regular exact whilst consumption increases.
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the practice of moving individuals to various types of jobs within the organization at the same level or next-immediate-higher level for periods of time from an hour or two to as long as a year is known as .
The practice of moving individuals to various types of jobs within the organization at the same level or next-immediate-higher level for periods of time from an hour or two to as long as a year is known as job rotation.
An association is a group of people who work together, like a neighborhood association, a charity, a union, or a pot. You can use the word association to relate to a group or business, or to the act of forming or establishing something.
Organizational and organizational are both English terms. In the United States, there's a preference for" organizational" over" organizational). In the United Kingdom, there's a 71 to 29 preference for" organizational" over" organizational". organizational adjective( before noun)( RELATING TO PLANNING) relating to the planning of exertion or event She's looking for a particular adjunct with good organizational chops. A lot of what he does is organizational; he handles all the meetings.
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vikander is studying the use of employee evaluations in determining salary and promotion decisions. he believes that the evaluations are unlikely to play a significant role and are more likely to reflect favoritism and to be used to keep employees docile. the sociological perspective vikander is most likely using is
The sociological perspective vikander is most likely using is Conflict theory. Hence, option B is correct.
What is Conflict theory?Karl Marx first proposed the conflict theory, which holds that society is perpetually at battle with itself for limited resources. Conflict theory holds that dominance and power, as opposed to agreement and conformity, maintain social order.
The effects of global capitalism on inequality and power. Pay differences based on gender and race. The 2008 financial crisis, when the government bailed out large corporations and banks.
Thus, option B is correct.
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The options are missing-
a) functionalist theory
b)conflict theory
c)feminist theory
d)symbolic interaction theory
e)organizational change theory
selling stock with commissions at your full-service brokerage firm, it costs $135 per stock trade. how much money do you receive after selling 200 shares of ralph lauren (rl), which trades at $85.28? multiple choice $16,516 $17,056 $17,191 $16,921
The amount of money received after selling 200 shares of Ralph Lauren is $16,921
The amount of money that can be received after selling 200 shares of Ralph Lauren which trades at $85.28 can be calculated by using multiplication followed by subtraction.
As it trades at $85.28 per share, the money received for 200 shares can be calculated by multiplication;
200 × 85.28 = 17,056
Now as it costs $135 per stock trade, the total money received can be calculated by subtracting this cost from 17,056. Therefore;
($85.28 per share times 200 shares) - $135 = $17,056 - $135 = $16,921
Hence the amount of money received after selling 200 shares of Ralph Lauren is calculated to be $16,921.
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pepsico, inc., the parent company of frito-lay snack foods and pepsi beverages, had the following current assets and current liabilities at the end of two recent years:
The current ratio shows the current assets, divided by its current liabilities.
In quick ratio cash equivalents or only highly liquid cash is taken into account explicitly as current assets
Divided by current liabilities, the current ratio represents current assets.
Only highly liquid assets or cash equivalents are taken into account as current assets in the quick ratio.
Current assets
For Year 1 = 9,096 + 2,913 + 6,437 + 2,720 + 1,865 = $ 23,031.00
For Year 2 = 6,134 + 2,592 + 6,651 + 3,143 + 2,143 = $ 20,663.00
Current Liabilities
Year 1 = 4,071 + 13,507 = $ 17,578.00 Year 2 = 5,076 + 13,016
= $ 18,092.00
Current ratio
Year 1 = $ 23,031.00/$ 17,578.00= 1.3 ( to 1 decimal place)
Year 2 = $ 20,663.00/$ 18,092.00
= 1.1
Quick ratio Year 1 = (23,031.00 - 2,720 - 1,865)/ 17,578.00
= 1.0 to 1 decimal place
Year 2 = (20,663.00 - 3,143 - 2,143)
= 0.8
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World trade has both benefits and costs. Which of the following statements best attests to this fact?
International trade is regulated and facilitated by the World Trade Body, an intergovernmental organization. Governments use the United Nations System with effective cooperation to create, update, and enforce the laws that regulate international trade.
Which of the following statements regarding how business affects society is most true?
Businesses can have a positive effect on a society's quality of life and level of living.
Both large and small businesses concur that going green is important.
A company's ability to make a profit determines whether it can obtain bank financing, draw in investors to finance its operations, and expand. All business dealings involving two or more nations are included.
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francis and hartley law office employs 12 full-time attorneys and 10 paraprofessionals. direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. following is information for 2018:
The actual direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. following is information for 2018 are $63.60 and $12.40.
Determining the cost object of direct costs is quite simple. Ford Motor Company (F), for instance, produces cars and trucks.
Direct expenses would include the steel and bolts required to produce a vehicle or truck. Electricity for the production facility, however, would be an indirect expense. Despite being able to be connected to the facility, the power expenditure cannot be connected to a single unit directly and is therefore considered indirect.
The two main expenses associated with producing an item or service are direct and indirect costs. While indirect costs are more difficult to identify with a product, direct costs may.
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Francis and Hartley Law Office employs 12 full-time attorneys and 10 paraprofessionals. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Following is information for 2018: Budget Actual Indirect costs $270,000 $300,000 Annual salary of each attorney $100,000 $110,000 Annual salary of each paraprofessional$29,000 $30,000 Total professional labor-hours 50,000 dlh60,000 dlh How much should the client be billed in an actual costing system if 220 professional labor-hours are used? A.$8,228 B. $7,744 C. $7,040 D. $5,940
Tara doesn’t get paid at the end of each month but most of her bills are due during the third and fourth weeks of the month. What term best describes her problem?
The term which best describes her problem is the cash flow problem as she doesn’t get paid at the end of each month but most of her bills are due during the third and fourth weeks of the month.
What is cash flow?Cash flow is the rise or falls in financial resources for a certain individual or business at particular times. The term "cash flow" describes the entrance or outflow of funds inside the same company at various points in time.
Because she is not paid before the end of each month, Tara in the scenario above does not have enough cash flow when her payments are due.
Thus, the term is cash flow.
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an acura automobile ad is headlined by a quote from henry david thoreau, "go in the direction of your dreams." this ad is most likely to appeal to consumer’s needs in the maslow hierarchy of needs.
The headlined quote is most likely to appeal to consumer's self-actualization needs in the Maslow hierarchy of needs.
Maslow's hierarchy of needs can be described as a theory of motivation which states that five categories of human needs dictate an individual's behavior. Maslow's hierarchy of needs are including physiological needs, safety needs, love and belonging needs, esteem needs, and self-actualization needs. Maslow's hierarchy of needs is an idea that written in a paper "A Theory of Human Motivation" in the journal Psychological Review proposed by American psychologist Abraham Maslow in his 1943
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Which category of oil production is characterized by heavy bitumen stuck to sand grains.
Heavy bitumen that has adhered to sand grains defines the Cold Production category of oil production.
Cold production is a solution-gas-driven method in which a heavy oil reservoir that is saturated with live oil is swiftly depleted to produce relatively stable gas bubbles that result in larger oil recoveries (5–10% original oil in place, or OOIP) than for light oils (2–5% OOIP). Particularly, these bubbles make the oil/gas mixture more Compressible, which keeps the reservoir pressures constant for longer than it would with light oils.
The 19th-century development of cold production expertise coincided with changes in the industrial and population landscape. It has made it possible to carry food over longer distances, addressing the growing urbanization and the need to feed cities. Access to a wider range of goods, including unprocessed goods, has also been made feasible. As a result, consumption habits and the food supply system as a whole have undergone radical change.
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randall company manufactures chocolate bars. the following were among randall's manufacturing costs during the current year: wages: machine operators $ 230,000 selling and administrative personnel $ 68,000 materials used: lubricant for oiling machinery $ 18,000 cocoa, sugar, and other raw materials $ 180,000 packaging materials $ 120,000 randall's direct labor costs amounted to:
........................................
When prospecting, salespeople must first identify potential customers and then
A. Construct a prospect list
B. qualify their leads.
C. telephone each lead.
D. call on all prospects.
A prospect list is a list of persons who might be interested in your product offering or who might gain anything from your business's goods or services.
Answer : A. Construct a prospect list
What constitutes a prospecting strategy's first step?On the surface: How to find potential consumers for your business through prospecting
Step 1 :Define your customer as the first step.
Step 2: Access online resources.
Step 3 :Gather prospect information in step three.
Step 4: Exploit additional avenues of opportunity.
Step 5: Make contact with your prospects in step five.
Step 6: Keep following up with your prospects and hone your list of them.
Identification of prospective clients, often known as prospects, is the first step in the sales process.
Prospecting is the initial stage of the sales process. You locate potential clients in this stage and assess whether they require your good or service and whether they can afford what you have to offer.
Qualifying is the process of determining whether a customer needs your good or service and can afford it.
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when planning a program to reduce the number of never events in an organization, the program planner should focus on the leading cause of never events, which is related to a problem with:
The major cause of sentinel events, which is a communication issue, should be the emphasis of any programme designed to lower the number of sentinel events in an organisation.
A patient safety incident that causes death, serious temporary injury, or permanent harm is known as a sentinel event. Patients and participating healthcare professionals experience crippling effects from sentinel events. The Joint Commission collaborates extensively with its partners to handle sentinel events and stop these kinds of occurrences from ever happening.
Any unexpected incident in a healthcare setting that causes a patient's death or substantial physical or psychological harm and is unrelated to the patient's illness' natural progression is referred to as a sentinel event.
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the process used to identify the financial data that change under alternative courses of action is called: group of answer choices management decision-making. target costing. incremental analysis. variance analysis.
The process used to identify the financial data that change under alternative courses of action is called Management decision-making.
Making a management decision involves selecting a course of action after weighing several options in order to achieve an organization's objectives. Problem-solving, budgeting, mentoring, planning, organizing, staffing, and controlling are all aspects of management. In order to guide a company to long-term success, management decision-making functions as a constant, dynamic check and balance system.
Decisions are the foundation of the management process overall. Making decisions is necessary for dealing with issues as well as for maximizing the benefits of possibilities that are there. Making the right choices reduces the complexity, unpredictability, and diversity of the organizational environments. Because there are so many within and outside chains of inevitable consequences when making decisions, even the greatest and most right decision may become ineffectual if these factors are overlooked.
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what is the type of change called when leaders assume that employees will change if they can be inspired to aim for greater degrees of excellence in their work?
In deficit-based change, leaders make the assumption that staff members will adapt if motivated to strive for higher levels of excellence in their work.
What is leader?
The ability of a person, group, or company to "lead," impact, or guide both these people, groups, or entire organisations is referred to as leadership, both as research field and as a practical skill. Leadership is frequently seen as a contentious term. Expert literature debates various points of view on the subject, sometimes contrasting Eastern as well as Western approaches to leadership as well as (within the West) North American vs European approaches. Leadership is described as "a method of social influence in which one person can enlist the aid as well as support of others for the achievement of a common and ethical task" in academic settings in the United States.
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the management staff at andy's service center believes the company has a social responsibility to its community. they believe that the company can have the greatest impact in this area through cash contributions to local nonprofit organizations. this is an example of
The management staff at Andy's service center believes the company has a social responsibility to its community. they believe that the company can have the greatest impact in this area through cash contributions to local nonprofit organizations. this is an example of corporate philanthropy.
Fortunately, though, charitable contributions – even (and especially! ) the ones which might be made in coins to qualifying 50% Limit Organizations and are eligible for the 100%-of-AGI limit – do not ought to be handled as Qualified Contributions. A charitable donation is a present of coins or belongings made to a nonprofit corporation to assist it accomplish its goals, for which the donor gets not anything of fee in return. In the U.S., donations may be deducted from the federal tax returns of people and corporations making them.
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an economy produces consumer goods and capital goods. initially, 600 units of consumer goods can be produced if no capital goods are produced. likewise, 600 units of capital goods can be produced if no consumer goods are produced.
The curve for the new production possibilities curve is attached in the image below
This is further explained below.
Showing the Production Possibilities:The production possibilities curve, also known as the production possibilities frontier, is a curve that illustrates all of the possible combinations of two-good bundles that an economy is able to produce given the resources that are currently available and the level of technology that has been achieved.
In conclusion, the New curve depicting the potential for production
The new production possibilities curve depicts an expansion in the productive capacity of the economy, which may be seen as an outward shift in the trajectory of the curve. This expansion in capacity can produce more capital and consumer items.
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CQ
An economy produces consumer goods and capital goods. Initially, 600 units of consumer goods can be produced if no capital goods are produced. Likewise, 600 units of capital goods can be produced if no consumer goods are produced.
B. Assume that economic growth increases the economy's production possibilities for both types of goods. Draw a new production possibilities curve.
What advice or feedback would you offer your colleague to improve their effectiveness?.
You've been doing a great job lately. You're so talented at staying flexible on any project, which helps everyone on the team. You have grown so much in your role since starting here. Thank you for your hard work, and let me know if there is anything I can do to make working here better.
Flexibility/limberness refers back to the anatomical range of movement in a joint or collection of joints, and the length in muscular tissues that move the joints to set off a bending motion or motion. Flexibility varies between people, specifically in phrases of variations in muscle duration of multi-joint muscle groups. Flexibility in a few joints may be improved to a positive diploma by means of exercising, with stretching a common workout factor to keep or improve flexibility.
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