Direct labour recording will result in a credit for Factory Wages Payable and a debit for Work in Process Inventory.
In any production round, items that are partially finished are referred to as "work in process" (WIP) inventory. The entire cost of unfinished goods currently being produced is referred to as work in process in manufacturing and supply chain management.
Higher WIP inventory levels are favourable since they can accommodate an increase in demand and shorten cycle times due to the additional manufacturing material. If demand is lower than anticipated, this could result in waste as well as higher storage costs and obsolescence risk.
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assessment 1: (static) many companies determine the price they charge... lo 2-5 many companies determine the price they charge for their products by adding an amount of desired profit to the cost of making or buying the product. frequently, it is inappropriate to use the actual cost of the product when implementing such a cost-plus pricing model. this statement is
Fed Ex delivers Alex's PC after he buys it from Dell. The thrower takes damage when they are hit. No, because the moment a common carrier receives the item, ownership of the object passes to the buyer.
According to U.S. law, a common carrier is any private or public company that transports goods or persons from one place to another for a fee. This phrase can also relate to telecommunications services and public utilities.
a business or organisation that offers the general public transportation services for people, goods, or communications
Transportation is the process of moving objects or people using a number of methods from one area to another. The rise of technology is a sign of civilisation, and in particular, of
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a technology firm creates a group whose only purpose is to develop a pre-launch marketing strategy for a new product. the group will disband one month after the product is launched. this is an example of a(n) group.
A technology firm creates a group whose only purpose is to develop a pre-launch marketing strategy for a new product. the group will disband one month after the product is launched. this is an example of task group.
A marketing strategy is a company's overarching plan for reaching potential customers and converting them into buyers of their goods or services. A marketing strategy includes high-level components including the company's value proposition, important brand message, demographic information on the target market, etc.
The four Ps of marketing—product, pricing, location, and promotion—are all addressed in a comprehensive marketing strategy.
The company's value proposition, which informs customers of the company's mission, goals, and methods of operation, should be the focal point of a clear marketing strategy.
The marketing teams now have a framework to use for their projects including all of the company's goods and services.
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In year 1 pepper company reported a $40,000 gross margin on $200,000 of sales revenue. In year 2 pepper’s accounting records showed sales revenue of $220,000 and cost of goods available for sale of $210,000. Using the gross margin method of estimating inventory, the estimated amount of ending inventory for year 2 is.
Using the gross margin method of estimating inventory, the estimated amount of ending inventory for year 2 is $34000.
The gross profit margin formula,
Gross Profit Margin = (Revenue - Cost of Goods Sold) / Revenue x 100,
calculates the percentage of revenue you keep after deducting all costs from each sale. It is used to assess a company's ability to generate revenue while keeping expenses low.
What is the gross margin method's ending inventory?
To calculate the estimated cost of goods sold, multiply the gross profit percentage by the sales. To calculate the ending inventory, subtract the cost of goods available for sale from the cost of goods sold.
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Andy, brenda, carol, and david sell custom made sofas. Andy’s willingness to sell each sofa is $2200, brenda’s willingness to sell each sofa is $2500, carol’s willingness to sell each sofa is $3200 and david’s willingness to sell each sofa is $4000. Assuming each individual can only sell one sofa at a time, what is total producer surplus if the market price for sofa is $3000?.
Andy’s willingness to sell each sofa is $2200, brenda’s willingness to sell each sofa is $2500, sofa is $3200 and david’s willingness to sell each sofa is $4000. Total producer surplus =1300
$1,300 - Because their readiness to sell price is less than the real selling price, only Andy and Brenda will be willing to sell their sofa at the market price of $3,000. In calculating producer surplus, consider: market price minus seller reluctance
Producer surplus for Andy: 3000 - 2200 = 800
Brenda 3000 - 2500 = 500 is the producer surplus.
800 + 500 = 1300 in total producer surplus
A cushioned piece of furniture with several seating options is referred to as a couch, also known as a sofa, settee, or chesterfield.
Even though a sofa is typically used for seating, it can also be used for sleeping.
[3] The family room, living room, den, or lounge are typically where sofa are placed in homes.
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when ebay and amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of .a) deregulationb) reverse auctioningc) reintermediationd) disintermediatione) diversificationanswer:
When ebay and amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of D) Diversification
The elimination of the bulk of middlemen who would typically take part in the exchange process by ebay and amazon.com is an example of. Reverse auctioning, deregulation, reintermediation, disintermediation, and diversification are some examples of strategies. answer:
The trading of stocks, bonds, commodities, options, and futures takes place on an exchange. Maintaining fairness and order among buyers and sellers, as well as effectively disseminating information regarding prices for any sort of security traded on that exchange, are the primary goals of an exchange.
A public open auction where real and personal property is bought and sold. Traditionally, the auctioneer will accept the highest (and final) bid after a series of increasing bids or proposals from prospective buyers (who is usually an agent of the seller).
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question mode multiple choice question jvl enterprises has set a target profit of $126,000. the company sells a single product for $50 per unit. variable costs are $15 per unit and fixed costs total $98,000. how many units does jvl have to sell to break-even?
There are 2800 units that JVL has to sell to Break-even.
Target profit of JVL Enterprises = $126000
Variable cost (VC) = $15
Selling price of a single unit (SP) = $50 per unit.
Fixed cost related to production (FC) = $98000
For finding the break-even unit we can divide the fixed cost with the difference of selling price and variable cost.
Break even unit = FC / (SP-VC)
= 98000 / (50 – 15)
= 2800 units
In economics, business, and specifically cost accounting, the break-even point (BEP) is the moment at which total revenue and total costs are equivalent. Even if opportunity costs were paid and capital obtained the projected return after adjusting for risk, there is no net gain or loss and one has achieved break-even. The break-even point (BEP) or break-even level denotes the sales amount necessary to cover all costs, including both fixed and variable costs to the business, in either unit or revenue terms.
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you plan to sell some of your general motors common stock (which tends to move up and down with the economy as a whole) and replace it with the common stock of hercules gold mining, inc. (whose shares tend to rise when the economy falls and vice versa). your portfolio’s beta should:
Your portfolio’s beta should decrease when you plan to sell some of your general motors common stock and replace it with the common stock of hercules gold mining.
You intend to exchange some of your General Motors common stock, which fluctuates with the state of the economy as a whole, for common stock in Hercules Gold Mining Inc. (whose shares tend to rise when the economy falls and vice versa). The beta of your portfolio need to be.
An ongoing change is a fluctuation. The verb fluctuation has a noun form that means to alternately change or shift. The term "fluctuation" is most typically used to refer to abstract or intangible elements that change regularly, like temperature, the stock market, or someone's emotions.
A group of illustrations, paperwork, etc. that exhibits the creations of an individual, particularly an artist: To display her work during job interviews, she is attempting to compile a portfolio.
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recording and assessing the effects of installment loans on december 31, dehning, inc., borrowed $400,000 on an 8%, 10 -year mortgage note payable. the note is to be repaid in equal quarterly installments of $14,622 (beginning march 31). a. prepare journal entries to reflect (1) the issuance of the mortgage note payable, (2) the payment of the first installment on march 31, and (3) the payment of the second installment on june 30. round answers to the nearest whole number.
The issuance of the mortgage note payable on 12/31/2025, 3/31/2016, 6/30/2016 are 400000, 4622, 8444.
Date General journal Debit Credit
12/31/2015 Cash 400000
Mortgage notes payable 400000
3/31/16 Interest expense 10000
Mortgage notes payable 4622
Cash 14622
6/30/16 Interest expense
(400000-4622)×8%×3/12 6178
Mortgage notes payable 8444
Cash 14622
A mortgage note, which is often referred to as a promissory note or even a mortgage promissory note, is a legal instrument that obligates you to pay back your mortgage within a certain time frame. The details of the loan arrangement between you and your mortgage provider are also described in the note. This covers the amount of your monthly payment, the rate of interest you'll pay, and the consequences of making late or skipped payments.
The mortgage note provides important information about your loan, including the interest rate, the number of payments you must make each month, and the penalties you'll face for late payments.Your home is designated as loan collateral in the mortgage note as well.Check your mortgage note before you sign. It has legal validity.Learn more about Mortgage note, here
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Which of these statements about a business plan is true?
A. Businesses do not need to document a business plan.
B. Established businesses do not create a business plan.
C. A business plan is a business’s roadmap for the future.
D. A business plan guarantees a business’s success.
Answer:
The correct answer would be option C, A business plan is a business's road map for the future.
Explanation:
A business plan is basically a written document, in which the goals of the company are written down. The methods to achieve those goals are also written down and the time to achieve the goals are specified. Goals with timelines and deadline are written. This helps a business in setting up a road map to move towards the set goals of the company. Established businesses always create and follow business plans as business plans guarantee a business's success.
Answer: C. A business plan is a business’s roadmap for the future.
one of the things that you learn from the interns in the opening video of session 06 is that in supply chain management, even as an intern, you get to:
Answer:
Do something
Explanation:
That's all
long-term investments are held for all of the following reasons except to a.reduce expenses b.stabilize the supply of resources c.meet current cash needs d.improve operations by making changes to management
Long-term investments are held for all of the following reasons except to meet the current cash needs.
The long-term investments tend to signify the long term benefits which await the investors. Here, their objective is not to sell the investments held in a short period but to only use them for future needs. Thus, like this it generates a steady amount of regular income for the company.
As the long-term investments are assets which a company intends to hold for more than a year, so this is the reason they cannot be met in order to fulfill the current cash needs.
Hence, option C is correct.
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Record journal entries for tree seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and lifo. All sales and purchases are made on account, and no discounts are offered. True of false?.
The journal entries to record the sales and purchases transactions for Tree Seedlings, using a perpetual inventory system and LIFO, are as follows:
Journal Entries:Jan. 3 Debit Accounts Receivable $304
Credit Sales Revenue $304
Jan. 3 Debit Cost of goods sold $76
Credit Inventory $76
Feb. 14 Debit Inventory $258
Credit Accounts Payable $258
Feb. 15 Debit Accounts Receivable $640
Credit Sales Revenue $640
Feb. 15 Debit Cost of goods sold $240
Credit Inventory $240
June 30 Debit Inventory $440
Credit Accounts Payable $440
Nov. 6 Debit Accounts Receivable $784
Credit Sales Revenue $784
Nov. 6 Debit Cost of goods sold $392
Credit Inventory $392
Nov. 19 Debit Inventory $140
Credit Accounts Payable $140
How are transactions recorded using a perpetual inventory system and LIFO?When an entity uses the perpetual inventory system, transactions are recorded as they occur and not at the period's end, depending on the inventory method applied.
Purchases are recorded in the Inventory account and the cost of goods sold is determined immediately after a sale transaction occurs.
With Last-in, First-out (LIFO), ensure that the cost of goods sold refers to the latest purchases.
Transaction Analysis:Jan. 3 Accounts Receivable $304 Sales Revenue $304
Jan. 3 Cost of goods sold $76 Inventory $76
Feb. 14 Inventory $258 Accounts Payable $258
Feb. 15 Accounts Receivable $640 Sales Revenue $640
Feb. 15 Cost of goods sold $240 Inventory $240
June 30 Inventory $440 Accounts Payable $440
Nov. 6 Accounts Receivable $784 Sales Revenue $784
Nov. 6 Cost of goods sold $392 Inventory $392
Nov. 19 Inventory $140 Accounts Payable $140
Date Activities Units Unit Cost/ Price Total Sales
Jan. 1 Beginning inventory 60 $2 $120
Jan 3 Sales (38) $8 $304
Feb. 14 Purchases 86 $3 258
Feb. 15 Sales (80) $8 640
June 30 Purchases 110 $4 440
Nov. 6 Sales (98) $8 784
Nov. 19 Purchases 28 $5 140
Total cost of goods available 284 $958
Total sales revenue 216 $1,728
Ending inventory 68
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Question Completion:Date Activities Units Unit Cost/ Price Total Sales
Jan. 1 Beginning inventory 60 $2 $120
Jan 3 Sales (38) $8
Feb. 14 Purchases 86 $3 258
Feb. 15 Sales (80) $8
June 30 Purchases 110 $4 440
Nov. 6 Sales (98) $8
Nov. 19 Purchases 28 $5 140
If a 25% price increase for product a causes a 10% decrease in its quantity demanded, but no change in the quantity demanded for product b, what is the cross-price elasticity of these goods? round your answer to one decimal place.
The answer is 0, there you gooo. I can't really explain math.
The cost price of elasticity of goods is zero. Cost price is the complete sum of money that a manufacturer must spend to create a specific good or render a specific service.
What is cost price?
A cost price covers all expenditures necessary for production, including rent, materials, electricity, R&D, testing, worker salaries, and any other costs that must be covered.
The cost price of a product must be carefully calculated by the producer to prevent losing money on sales or not being profitable enough. Setting subsequent pricing in a realistic manner requires meticulous accounting and careful consideration.
All expenditures are included in the cost, a figure for contingency may also be included in the cost price.
Therefore, The cost price of elasticity of goods is zero. Cost price is the complete sum of money that a manufacturer must spend to create a specific good or render a specific service.
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if you need to make a decision and all the information needed to make a good decision is not available, then you: have to make a prediction. face an analysis hurdle. have a knowledge problem. are dealing with a partitioning issue.
if you need to make a decision and all the information needed to make a good decision is not available, have a knowledge problem.
What is a knowledge problem?This is the term that is sued to refer to the problem that would exist due to the fact that there is a lack of information that would have been used to make the good decision that the person is trying to make.
In order to make good decisions, one of the factors that a person would have to think of is that they should have the right information that they would be used.
The right information helps to ensure that a person would pick the choice that is best for him or her and it would also help to ensure that the person that to make the decision ends up picking the best out of all that they are to do .
Hence the correct answer is they have a knowledge problem.
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the wilmer group (wg) provides tax advice to multinational firms. wg charges clients for (a) direct professional time (at an hourly rate) and (b) support services (at 30% of the direct professional costs billed). the three professionals in wg and their rates per professional hour are as follows:
The Wilmer group (wg), which offers tax guidance to multinational firms, will bill the client for $14,222.
A multinational firms is one that has activities outside of its own country. Because doing business internationally presents risk and return potential that are not present in strictly domestic commercial operations, these organizations have become more sophisticated in their international financial dealings.
A company that conducts business in at least one nation besides its own is referred to as a multinational firms. According to certain definitions, it also makes at least 25% of its money outside of the country where it was born.
A multinational firms typically has locations in several nations throughout the world, as well as a centralized headquarters that organizes global administration.
Springfield Dominion
Direct Professional Costs Support Costs Amount Billed to Client
Matthew Wilmer 8,840 2,652 11,492
Alexandra Brown 600 180 780
Jerome Abott 1,500 450 1,950
Total 14,222
Working
Matthew Wilmer (17*520) (8,840*30%)
Alexandra Brown (3*200) (600*30%
Jerome Abott (25*60) (1,500*30%)
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The complete question is
The Wilmer Group (WG) provides tax advice to multinational firms. WG charges clients for
(a) direct professional time (at an hourly rate) and
(b) support services (at 30% of the direct professional costs billed). The three professionals in WG and their rates per professional hour are as follows.
Professional
Billing Rate per Hour
Mark Wilmer $500
Ashley Bennet 170
John Amesbury 70
The hours of professional time spent on each client are as follows:
Hours per Client
Professional
San Antonio Dominion
Amsterdam Enterprises
Wilmer 21 3
Bennet 4 11
Amesbury 30 41
Total 55 55
1. What amounts did WG bill to San Antonio Dominion and Amsterdam Enterprises for May 2013?
2. Suppose support services were billed at $55 per professional labor-hour (instead of 30% of professional labor costs). How would this change affect the amounts WG billed to the two clients for May 2013? Comment on the differences between the amounts billed in requirements 1 and 2.
3. How would you determine whether professional labor costs or professional labor-hours is the more appropriate allocation base for WG's support services?
Check : Determine the formula needed to calculate the total cost per professional for each client when WG allocates support costs at 30% of direct professional costs.
list the 4 steps in the iddr systematic approach set out in the book for resolving business ethical dilemmas. why does this help or make more difficult reaching ethical outcomes?
The four steps in IDDR systematic approach for resolving business ethical dilemmas are Inquiry, discussion, decision, and review, all four steps helps narrow down the most ethical choice
An ethical problem, also known as a moral problem or ethical paradox, arises when a person must choose between two possibilities, none of which are wholly ethically acceptable. The majority of the ethical and moral issues we confront in life have quite simple solutions, despite the fact that we encounter many of them.
Since they frequently arise at work, ethical challenges are particularly important in professional life. Some businesses and professional associations (like CFA) follow their respective codes of conduct and moral principles.
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attacking the competitive weaknesses of rivals, adopting and improving on the good ideas of other companies, and deliberately attacking market segments where rivals make a huge profit, are examples of multiple choice question. blue ocean strategies. offensive strategies. early-mover strategies. defensive strategies.
A forward integration strategy may be used by some businesses primarily for the purpose of tightening up control over consumer prices.
What prompted some businesses to implement forward vertical integration strategies?
Advantages of Forward Integration The strategy generally eliminates a variety of transportation and transaction costs. As a result, the company's product ends up costing less overall. As a result, lowering product prices can help a business expand its market share.
Two distinct businesses are combined in a merger into a single legal entity. True mergers are uncommon because it is uncommon for two comparable businesses to benefit from combining staff and resources, including CEOs.
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When you're , you're flexible and willing to change your mind or your direction when necessary.
rigid
adaptable
rude
humorous
Answer:
Rigid is the answer to the question
EXPLANATION
that was easy.
Consumers go through five stages in the process of adopting a new product. In the ________ stage, the consumer considers whether trying the new product makes sense.
Consumers go through five stages in the process of adopting a new product. In the evaluation stage, the consumer considers whether trying the new product makes sense.
What is evaluation stage?Product evaluation stage can be defined as the stage in which consumer tend to analyze and assess a product and then decide on whether to try the product or not.
Most consumer tend to evaluate a product before buying so as to prevent buying a product that they will not derived satisfaction from.
Therefore we can conclude that evaluation stage can triggers consumer to try a new product.
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Consumers go through five stages in the process of adopting a new product. In the product evaluation stage, the consumer considers whether trying the new product makes sense.
Who is a consumer?Consumers are the last people on the value chain of goods and services.
They are the one to receive the products and the one whom the a product is produced for.
Before a consumer could take or adopt a product, He would first evaluate the product bases on the importance or value provided.
Therefore, evaluation stage is when the consumer considers whether trying the new product makes sense.
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select all that apply what are some of the drawback(s) to profit maximization as the primary goal of the firm? multiple select question. there is no drawback associated with profit maximization as the primary goal of the firm it fails to consider the timing of the benefits. it may not account for increases in risk with higher profits. the firm may have to claim more tax exemptions due to making more profit.
Some of the drawback(s) to profit maximization as the primary goal of the firm are:
it may not account for increases in risk with higher profits. the firm may have to claim more tax exemptions due to making more profit.What is profit maximization?Profit maximization can be described s the term that explain the effort of a firm to be able to increase their profit that is been generated to the company .
It should be noted that one of the draw back that can be associated to the profit maximization is that there could be some risk that would be associated to this in the long run because the maximization will still be okay at the shoprt run.
Therefore, the second to the last option and the last option are correct.
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consider the following costs and decision-making situations: i. the cost of existing inventory, in a keep vs. disposal decision. ii. the cost of special electrical wiring, in an equipment acquisition decision. iii. the salary of a supervisor who will be transferred elsewhere in the organization, in a department-closure decision. which of the above costs is (are) relevant to the decision situation noted?
ii. the cost of special electrical wiring, in an equipment acquisition decision of the above costs is (are) relevant to the decision situation noted.
System maximum generally refers to a set of equipment or other objects generally used to reap a specific goal. specific jobs require one-of-a-kind forms of system.
Equipment is a tangible lengthy-time period asset that advantages an enterprise over several years of use. computer systems, vehicles and production machinery are all examples of equipment. they may be tangible due to the fact they have got a physical shape—in contrast to intangible assets (along with patents, emblems or copyrights) that don't.
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In a market without prices, where goods are allocated by a central planner, which is likely to happen?.
Since there are no price signals in a planned economy, planners are unable to predict with any degree of accuracy the products that will be required or adjust to changing circumstances. As a result, there can be unneeded shortages or surpluses of particular items.
What is the allocation mechanism in a free market called?Resources are distributed in a free market economy through the interaction of free and self-directed market forces. This means that producers decide how to produce, consumers decide what to produce, and customers decide who gets the products based on their purchasing power.
A free-market economy allocates resources through the price system. This approach addresses the economic issue of limited resources. The price transfers resources to areas where they are needed or where there is a shortage, while removing them from areas where there is an abundance.
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A business owner who is acquiring a partner in order to obtain additional operating funds is performing which business activity?.
Fund - Financial analysis is the planning, upkeep, oversight, management, and reporting of the use of financial resources. It entails tasks related to raising money and applying it to the company's objectives.
What is fund?
A fund is a collection of funds set aside for a particular objective. A fund can be created for a variety of purposes, such as the construction of a new civic centre by the city government, the awarding of scholarships at a college, or the payment of customer claims by an insurance company. Funds are used by people, companies, and governments to save money. To cover unforeseen costs, people may create an emergency fund, also known as a rainy-day fund, or a trust fund to save money for a particular person. Money can be invested by both individuals and institutions in various funds with the intention of making money.
The financial analysis function encompasses all business operations involving the acquisition, use, investment, etc. of funds. A business owner who is taking on a partner to secure more operating capital is engaged in financial analysis.)
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What type of decision-support system analysis uses a backward solution approach that attempts to calculate the value of the inputs necessary to achieve a desired level of output?.
In order to determine the value of the inputs required to produce a desired level of output, goal-seeking analysis employs a backward solution approach.
In general, goal seeking refers to the act of determining your input value based on an already known output value. In order to complete the procedure, a formula that can be calculated using computer software must have a specified operator. You can change a formula's input value to get the result you want by using Excel's Goal Seek function. When you are unsure of the values necessary to achieve a desired outcome but are aware of the desired goal itself, this What-If Analysis technique is ideal. To make use of (someone or something that is not doing anything) Use a pen for sketching is called employ. To employ something or someone implies to put them to use.
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Give an example of a specialist external agency that your chosen business could use to advertise for a specific job role. State what job role you are referring to
It is probably the most common and effective external recruitment method, as recruiters can reach a much wider talent pool. In fact, job boards make it smoother for candidates to find open positions and apply for them.
"Nomination" is a part of the system of choosing a candidate for either election to an administrative center thru a political celebration or the bestowing of an honor or award. This man or woman is referred to as a "nominee", although nominee often is used interchangeably with "candidate". A presumptive nominee is someone or a commercial enterprise organization who believes that the nomination is inevitable or possibly. The act of being a candidate in a race for either a party nomination or for electoral office is called a "candidacy". A presumptive candidate can be used to describe a person who is predicted to be a formal candidate.
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xyz company is developing an application. after a few months of initial development, they decide to go through quality assurance testing. the tests show poor results. the developers realize that they have to make changes to their application but to do so, they will have to start their development process all over again. what kind of model are they using?
XYZ company is developing an application. after a few months of initial development, they decide to go through quality assurance testing. the tests show poor results.
The developers realize that they have to make changes to their application but to do so, they will have to start their development process all over again. what kind of model are they using Waterfall model. The Traffic Light Protocol (TLP) turned into created as a way to facilitate more sharing of records. TLP is a hard and fast of designations and poor results used to make certain that touchy records are shared with the ideal audience. It employs 4 colorings to signify predicted sharing limitations to be carried out via way of means of the recipient(s).
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when should a firm consider expanding from strictly domestic trade to international trade to international trade? when should it consider becoming further involved in international trade? what factors might affect this firm's decisions in each case?
After the domestic market has reached saturation, it is necessary to expand abroad in order to take advantage. Factors include social and cultural distinctions.
When a domestic trading company wishes to access new markets and when its current local market is saturated with its products and other homogeneous goods, it should think about expanding into international trade.
A business can typically start increasing its scope for international trade when it starts to receive significant foreign recommendations and requests.
Also, some of the factors that might affect them includes operation cost, trade barrier, competitors etc, in the international market etc. Additionally, there are a number of elements that could have an impact on them, such as the cost of operations, trade barriers, competitors, etc. on the global market.
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anita walsh is considering an additional charitable contribution of $1,500 to a tax-deductible charity, bringing her total itemized deductions to $16,000. if michele is in a 24 percent tax bracket, how much will this $1,500 contribution reduce her taxes?
Her tax savings from this $1,500 contribution will be $360.
What is tax?
Tax compliance refers to policy actions as well as individual behaviour aimed at ensuring that taxpayers pay the right amount of tax just at right time and securing the correct tax allowances and tax reliefs. A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an personal or legal entity) by a governmental organisation in order to fund government spending as well as various public expenditures. Around 3000–2800 BC, the first recorded taxation was enacted in ancient Egypt. Failure to make timely payments as well as tax evasion or resistance are examples of breaking the law. Taxes can be direct or indirect and can be paid cash or through the labour equivalent.
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assume that a company uses a periodic inventory system and has these account balances: purchases $820,000, purchase returns and allowances $90,000, purchase discounts $110,000, and freight-in $108,000. determine net purchases and cost of goods purchased.
Net purchases and cost of goods purchased is $620,000; cost of goods purchased: $728,000.
What is net purchases?
Net purchases is calculated by deducting the credit balances from of the debit balance in the purchases account from the credit balances in the purchases allowances and returns as well as purchases discounts accounts. Net purchases plus the debit balance on the freight-in account represent the cost of the goods being purchased. Net purchase is the total amount of a company's purchases less any deductions made for particular items. These deductions typically consist of purchase discounts, returns, as well as allowances. A purchase is treated as an expense account in accounting, and these accounts make up contra expense accounts.
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allows for some flexibility in the budget for unexpected events.
Answer:
Agile budgeting gives you the flexibility to alter your budget in response to changing market conditions or unexpected events.
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