The journal entries to correct the errors are as follows:
Journal Entries:(1) Debit Commission Received Account Kshs. 430,000
Credit Rent Received Account Kshs. 430,000
To reverse the credit to the wrong account.(2) Debit Bank charges Kshs. 34,000
Credit Business Rates account Kshs. 34,000
To reverse the debit to the wrong account.(3) Debit Motor Expenses Kshs. 37,000
Credit Bank Account Kshs. 37,000
To record the payment.(4) Debit Equipment (Fax Machine) Kshs. 242,000
Credit Purchases account Kshs. 242,000
To reverse the debit to the wrong account.(5) Debit Returns Inwards Account Kshs. 216,000
Credit Returns Outwards Account Kshs. 216,000
To reverse the debit to the wrong account.(6) Debit Capital Account Kshs. 2,000,000
Credit Loan, G Bain Kshs. 2,000,000
To reverse the debit to the wrong account.(7) Debit Loan Interest Kshs. 400,000
Credit Van Account Kshs. 400,000
To reverse the debit to the wrong account.(8) Debit Drawings Kshs. 168,000
Credit Purchases account Kshs. 84,000
Credit Inventory Kshs. 84,000
To reverse the debit to the wrong account.Transaction Analysis:(1) Commission Received Account Kshs. 430,000 Rent Received
Account Kshs. 430,000
(2) Bank charges Kshs. 34,000 Business Rates account Kshs. 34,000
(3) Motor Expenses Kshs. 37,000 Bank Account Kshs. 37,000
(4) Equipment (Fax Machine) Kshs. 242,000 Purchases account Kshs. 242,000
(5) Returns Inwards Account Kshs. 216,000 Returns Outwards Account Kshs. 216,000
(6) Capital Account Kshs. 2,000,000 Loan, G Bain Kshs. 2,000,000
(7) Loan Interest Kshs. 400,000 Van Account Kshs. 400,000
(8) Drawings Kshs. 168,000 Purchases account Kshs. 84,000 Inventory Kshs. 84,000
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A television campaign is conducted during the football season to promote a well-known brand X shaving cream. For each of several weeks, a survey is made, and it is found that each week, 60% of those using brand X continue to use it and 40% switch to another brand. It is also found that of those not using brand X, 40% switch to brand X while the other 60% continue using another brand. a) Draw a transition diagram. b) Write the transition matrix. c) If 10% of the people are using brand X at the start of the advertising campaign, what percentage will be using it 1 week later?
The transition diagram is given in the attached image. See the definition of a transition diagram below.
What is a transition diagram?
A specific type of flowchart used for language analysis is called a transition diagram.
The boxes of the flowchart are represented as circles and are referred to as states in the transition diagram.
What is the Transition Matrix?
The transition matrix is given as follows:
[tex]\left[\begin{array}{cc}0.6&0.4\\0.4&0.6\end{array}\right][/tex]
If 10% of the people are using brand X at the start of the advertising campaign, what percentage will be using it 1 week later?If 10% of the people are using Brand X, then 90% are not using brand x. thus the initial state matrix is:
S₀ = [ 0.1, 0.9]. Thus one week later, the state matrix is:
S₁ = S₀P = [0.1, 0.9] * [tex]\left[\begin{array}{cc}0.6&0.4\\0.4&0.6\end{array}\right][/tex]
c11 = 0.1 x 0.6 + 0.9 x 0.6 = 0.6
c12 = 0.1 x 0.4 + 0.9 x 0.4 = 0.4
Hence
S₁ = [0.6, 0.4]
This means that the percentage that will be using it 1 week later is:
0.38 = 38%
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1. Prepare an income statement for the year using variable costing.
2. Prepare an income statement for the year using absorption costing.
The income statements are created below.
PART 1:
SIMS COMPANY
Variable Costing Income Statement
Sales (75000*350) 26250000
Less Variable costs
Direct materials (75000*35) 2625000
Direct Labor (75000*55) 4125000
Variable overhead costs (75000*30) 2250000
Variable selling and administrative expenses 750000
Total variable costs 9750000
Contribution margin 16500000
Less: Fixed expenses
Fixed selling and administrative coosts 4500000
Fixed overhead costs 7350000
Total fixed expenses 11850000
Net income(loss) $4650000
PART 2:
SIMS COMPANY
Absorption Costing Income Statement
Sales (75000*350) 26250000
Less: Cost of goods sold
Direct materials (75000*35) 2625000
Direct labor (75000*55) 4125000
Variable overhead costs (75000*30) 2250000
Fixed overhead costs (7350000/105000*75000) 5250000
Cost of goods sold 14250000
Gross margin 12000000
Selling general and administrative expenses
Fixed selling and administrative costs 4500000
Variable selling and administrative exepenses 750000
Total selling, general and administrative expenses 5250000
Net income (loss) $6750000
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You are the owner of a parasailing company that is expanding operations to a new beachfront location, and you need to prepare a 3-year analysis for the bank that may loan you the funds to purchase your boat and parasailing equipment. A lot of business is done on a referral basis, where a company pays a fee to a 3rd party to send them customers. However, because of your well-established reputation, you already have received requests for “flights” to be scheduled as soon as you open the new location. Therefore, you expect to break-even the first year but must calculate the number of flights needed. You also need to determine the new break-even point in Year 2 if the location allows referrals, which you believe will cost on average about 2% of the sales price overall. Finally, you need to determine the volume needed to have $10,000 in profit in Year 3. The following information is available:
Sales price per flight $175
Estimated loan payment per month $350
Fuel costs per flight $100
Full-time scheduler salary $2,500 per month
Boat crew per flight $30
$500 per month dock fee and use of a small office on a pier
Calculate the Year 1 break-even quantity, contribution margin, and contribution margin ratio. Explain how the values were determined.
Calculate the Year 2 break-even quantity, break-even sales, and contribution margin ratio. Explain how the values were determined.
Determine the number of flights (units) needed to retain a profit of $10,000 in Year 3, assuming the company does allow for referrals.
Recommend if the bank should issue the loan.
YEAR 1-
Contribution margin = sales price per flight- Variable cost per flight= $175 - ($100+ $30)
= $45
Annual fixed cost = (Loan payment + Schedule salary+ dock fees) times 12months= ($350+ $2500+ $500)*12
= $40200
Break even quantity = Annual fixed cost / contribution per flight= $40200/ $45
=893 flights (Approx)
Contribution margin ratio = (contribution per flight/ sales per flight)*100= ($45/$175)*100
= 25.71%
Contribution margin= $40200YEAR 2
Break even quantity= $40200/ $41.5= 968 flights (approx)
Contribution per flight= $175- ($100 + $30+ {175* 2%})
= $41.5
Contribution margin ratio= ($41.5/ $175)* 100= 23.71%
YEAR 3
No of flights needed to retain profit of $10000No of flights needed = (fixed cost + profit)/ contribution per flight
= ($40200 + $10000)/$45
= 1115 flights needed (approx)
Yes bank should issue the loan.
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why is the website so terrible
Assess critically the relevance of scientific management to present-day organizations. Illustrate your answer with reference to existing organization in your area To what extent is there anything positive to be said for bureaucratic structures? Select a large-scale organization of your choice and suggest ways in which it displays characteristics of a bureaucracy What are the main conclusions that can be drawn from the Hawthorne experiments? Discuss critically the relevance of these experiments for management and organizational behavior today Evaluate the application of the systems approach to the analysis of work organizations. Suggest an example of a work situation in which the systems approach might be appropriate
Scientific management influences current organizations by emphasizing the rational organization of work and the need for employee selection and training.
What is scientific management?It is a theory proposed by Taylor on the rationalization of work through the study of time, to generate greater optimization of spaces, movements and standardization in the organization, increasing the systematization of the processes that would generate the ease in the execution of the work, the reduction of time and waste.
Therefore, current organizations are influenced by scientific management due to the appreciation of human capital in the competitive environment, with the need for employee specialization and training to maintain innovation and market positioning.
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Match the categories in the first column with examples in the second column. 1. Good for watching movies smart phone 2. Maximum power with small size PDA 3. Older style mobile devices that may or may not have Internet connectivity tablet computer
The categories are being matched with the examples are as follows:
Good for watching movies should be matched with the tablet computer.Maximum power with a small size matched with a smartphone.Older style mobile devices that may or may not have Internet connectivity matched with PDA.What is an electronic device?An electronic device is a component through which the information is processed due to the flow of electric currents.
The tablet computer is a device used to watch movies and many other related tasks it can perform.A smartphone is a device which is having a minimum size with maximum power in it.PDA stands for Personal Digital Assistant in which the internet connection may or may not be present and are the older devices.Therefore, the provided examples are clearly matched with the categories.
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(05.02 MC)
After closing the revenue and expense accounts below, what would the income summary balance be?
Sales: $3,230.00
Advertising Expense:
$765.00
Communications Expense: $150.00
Rent Expense:
$900.00
A credit balance of $1,415.00
A credit balance of $5,045.00
A debit balance of $1,415.00
A debit balance of $5,045.00
The correct option is A. Revenue accounts include the sales accounts after deducting all the expenses from sales accounts a credit balance of $1,415.00 is shown in the revenue and expense account.
What is Revenue Expenditure?
Revenue Expenditure is such expenditure that is incurred during the normal course of business by the company that generally benefits from that expenditure of a year or less than a year.
Given, Sale =$3230
Advertising Expense = $765
Communication Expenses = $150
Rent = $900
Caculation of Income
Income = Sale - Expenses
= $3.230-$765-$150-$900
=$1415.00
Thus, after calculating the Income summary is shown a credit balance of $1415.00
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what is the common issue between monopolistic and oligopoly market structure
there is no clear-cut dividing line
The primary difference between oligopoly and monopolistic competition is the relative size and the market control of each firm based on the number of competitors in the market. However, there is no clear-cut dividing line between these two market structures.
Drag the tiles to the correct boxes to complete the pairs.
Match the characteristics to the different creditors.
Angel Investors
Asset Backed Lending
Friends and Family
Smaller Banks
Angel Investors - They invest in a company in lieu of convertible debts and shares of the company
Asset Backed Lending - They lend only when they are assured of collateral.
Friends and Family - They mostly give interest free credit to startups.
Smaller Banks - They readily give business loans to smaller business with competitive interest rates.
Angel Investor
High-net-worth individuals who support tiny companies or entrepreneurs financially are referred to as angel investors (also known as private investors, seed investors, or angel funders). These individuals often do so in exchange for ownership stock in the startup or entrepreneur's business. Angel investors are frequently found among an entrepreneur's friends and family.
Asset-based lending
Asset-based lending refers to a loan or line of credit given to a company and secured by a piece of property. Inventory, equipment, accounts receivable, and other balance-sheet assets are just a few examples of the different types of collateral utilized in asset-based lending.
An entity (person or organization) that extends credit by allowing another entity to borrow money with the intention of repaying it in the future is referred to as a creditor. Based on the fact that the client owes the company money for services already provided, a business that offers goods or services to a corporation or person but does not demand payment right away is also regarded as a creditor.
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Researchers are always interested in the relationships between or among variables. When two variables are
related, a desired policy outcome can be achieved. Table 1 illustrates one of such research outputs.
Table 1: Correlation analysis of X and Y
Pearson
Correlation
Sig. (2-tailed)
N
Y
1.00
450
Study the results carefully and explain them in terms of
presence of relationship [3 marks]
X
0.625***
0.000
450
Based on the correlational analysis of X and Y that is given, we can infer that there is a linear relationship between X and Y.
What does the correlation analysis show?The Pearson correlation coefficient shows if there is a linear relationship between given variables.
In the given table, the Pearson Correlation coefficient is not 0 for either variable which means that a linear relationship does in fact exist between the variables.
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Explain two kind of possible inefficiencies in an economy....
Possible inefficiencies in an economy are :
inflationEconomic troubleWhat is economy?Economy serves as the production as well as consumption of goods and services.
When there is inflation which brings about high price of goods , the value of money will reduce.
Economy trouble such as one that occur in united state in 1930 can affect economy.
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reason to connect to the same file several time
Answer:
a file is a collection of related information stored to gather on some storage devices
Situation 1:
During the scoping of this project, Ria says her budget maxes out at $650,000 USD—she can’t afford the $800,000 USD that this project will cost. What are some proposals you can provide to Ria to reduce the budget? Think of the Triple Constraint and remember that one constraint will always have the priority. So if the budget is a constraint, what areas might Ria adjust to reduce project costs?
Situation 2:
Recruiting for field research will take a week longer than expected. However, Ria told you that the project end date is a hard deadline. What can you do? Think of the triple constraint and remember that one of them will always have the priority. So if time is a constraint, what areas might Ria adjust to reduce the time in the project?
Situation 3:
After the stakeholders agree on the project scope, Ria finds out that her CEO wants more information in the research report. She asks you to include details on the market opportunities for new product ideas, technical constraints, and design considerations. How do you manage this additional scope?
When the budget is a constraint, the areas that Ria can adjust to reduce project costs is the project scope and labor utilized
What is a project?It should be noted that a project simply means the undertaking that's carried out to achieve a goal.
When the time is a constraint, the areas that Ria can adjust to reduce the time in the project is simply by shortening the lag time between tasks and crashing a technique where additional money is spent.
The additional scope can be manged by documenting requirements and creating a change control process.
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Judith Fisher's Promotion App
Peter Walters, the chief financial officer, had a close relationship with one of his employees, Judith Fisher, but they broke up. A few months later, Walters had to choose someone to be promoted to his deputy. Judith Fisher is one of three candidates. She didn't get the job. She now claims that it is because she has a personal relationship with Walters that has turned sour. According to her, this is Walters' way of revenge. Patrick McGuire and Veronica Simpson (HR Director) took no action. Judith is now threatening legal action against the company.
Did we make the right decision regarding Peter Walters and Judith Fisher? What other actions, if any, should we take?
The girl employee can take the legal action against the Peter Walters, as the personal and professional relationship are different, and take the actions against the person.
What are the rights that workers have?There are many rights in favour of the workers of the company like-
Equal pay,the ability to join a union, a secure workplace, a harassment-free environment is all desirableLack of discrimination.Medical and family leaveThe minimum salary.Workplace free from retaliation.Thus, he girl employee can take the legal action against the Peter Walters
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Which type of tax is based on the retail price of goods owned, possessed, or consumed within a state that were NOT purchased within the state?
The type of tax that is based on the retail price of goods owned, possessed, or consumed within a state that were not purchased within the state is known as property tax.
What is a tax?It should be noted that a tax simply means a compulsory levy that's paid by individuals and businesses to the government.
In this case, the type of tax that is based on the retail price of goods owned, possessed, or consumed within a state that were not purchased within the state is known as property tax.
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How do your listening behaviors change in the following situations: A) At a concert, B) In class, C) At the dinner table with your parents, D) In a doctor’s office? What are the distractions and other barriers to listening you might encounter in each setting? What might you do to overcome the barriers to effective listening in each situation?
A mic malfunctioned at a concert. In class, ambient noise. At the dinner table with your parents, the TV sounds. In a doctor’s office, another patient is shouting at the nurse.
What is listening?
The act of hearing language is referred to as "listening." recognizing speech sounds and turning them into words and phrases.
At a concert, the singer's mic volume is low enough that it creates a barrier in the listening process, but this is overcome by using a speaker. While the teacher is teaching the class, some students are playing in the hallway, which amplifies the sounds. The instructor then keep silence.
Children are preoccupied with watching TV during dinnertime and are not paying attention to their parents. The parents then unplug the TV. While discussing a patient's illness at a doctor's office, another patient is yelling at the nurse. The doctor then closes the door.
As a result, listening barrier create in various situations', but it's overcome.
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Advertising geared toward attracting not only customers but also potential investors and employees is classified as__ advertising
An institutional advertisement is one that is not focus only on attracting only customers but also potential investors and employees.
What is an institutional advertisement?This type of advert is when an organization used so that people can have a positive opinion of the firm existence.
Hence, this type of advertisement is not only for attracting only customers but also to attract potential investors and employees.
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Practical wisdom is a matter of following the rules in ethics.
O True
OFalse
Answer:
true
Explanation:
Where would you navigate within QuickBooks Online to show product/service column on sales forms?
Everything you might sell to a consumer is listed in Quickbooks Online's Products and Services category.
What are the steps to navigate sales forms?1. Go to the Settings cog;
2. Next- Account, and Settings
3. Next- Select Sales
4. Next- Products and Services
5. Next- Ensure the Show Product/Service column on sales forms is On.
Additionally, You may choose which fields are included in QuickBooks when you build a customer sales form by using the sales form content choices.
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Kaspar Corporation makes a commercial-grade cooking griddle. The following information is available for Kaspar Corporation’s anticipated annual volume of 30,000 units. Direct materials $17 per unit Direct labor $ 8 per unit Variable manufacturing overhead $11 per unit Total Fixed manufacturing overhead $300,000 Variable selling and administrative expenses per unit cost $ 4 Fixed selling and administrative expenses $150,000 (Total cost) The company uses a 40% markup percentage on total cost. Required: (a) Compute the total cost per unit.
Based on the costs incurred by Kasper Corporation to make the commercial-grade cooking griddle, the total cost per unit is $55.00.
What is Kaspar Corporation's cost per unit?This can be found as:
= Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead per unit + Variable selling and administrative expenses + Fixed selling and administrative expenses per unit
Solving gives:
= 17 + 8 + 11 + (300,000 / 30,000) + 4 + (150,000 / 30,000)
= $55
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A business that is controlled by a small group of people who share the risks
and the profits is a
A. partnership
B. limited liability company
C. sole proprietorship
D. corporation
Answer:
a partnership business type
How to do spousal pay included?
The attached picture entails the Income tax that is filed for 4 different tax payer.
What is a spousal pay?In U.S., this refers to periodic and predetermined sum awarded to a spouse or former spouse following a separation or divorce.
Actually, the spousal pay is not involved in the calculation of the Income Tax which is filled in the attached picture.
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QBO At year-end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled?
The two most important reports that the accountant will need are the balance sheet and reconciled transaction details by account.
What is a balance sheet?
The balance sheet and reconciled transaction information per account are the two most crucial reports that the accountant will want.
The most crucial reports are the QBO at the end of the year, the balance sheet, and the reconciled transaction information per account.
Due to the chance to look for fraudulent behavior and avoid financial statement problems, reconciling the accounts is a particularly crucial task for both enterprises and individuals.
As a result, option (b) balance sheet detail (e) reconciled transaction details by account is correct.
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1 Think of a relevant example in your own life of how a change in the market including information, preferences, technology, price of alternative goods, regulations, taxes, etc has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?
A relevant example in my own life of how a change in the market in terms of information, technology and others has shifted the demand of a good is when I and some others knew that one can work easily from home through the use of a laptop and as such, the demand for laptops became very high as well as affordable internet subscription plan.
What is shift in demand?A shift in demand connote when at any given price, the quantity demanded of a product or services is said to be different than it was before then and as such, shift in demand can happen due to income increase.
Therefore, a relevant example in my own life of how a change in the market in terms of information, technology and others has shifted the demand of a good is when I and some others knew that one can work easily from home through the use of a laptop and as such, the demand for laptops became very high as well as affordable internet subscription plan.
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Mini Case Study-Walmart GoLocal
1. How this piece of news related with the definition of marketing?
Choose at least three perspectives to elaborate.
2. What is your prediction of this GoLocal Plan? Will it be successful? Why?
Answer:
can u show the case study
How can personality/attitude/ego make or break a business deal
The personality/attitude/ego of a person can make or break a business deal because if they are too arrogant or docile they may lose the deal.
What is an Attitude?This refers to the way and manner in which a person relates to others and how he acts around them.
Hence, we can see that when transacting business and as a general rule, it is important to be respectful to others and not be arrogant to them as failure to do this might annoy them and they would refuse to deal with you.
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During 2019, Stephie worked full-time while her spouse, Tom, attended college for 8 months during the year. The couple has two children under 13. She earned 125,000 and incurred $6,100 of child care expenses.
Determine the credit for child and dependent care expenses for 2019.
The credit for child and dependent care expenses that Stephie and Tom can claim for 2019 is $6,000.
What is the credit for child and dependent care expenses?The credit for child and dependent care expenses claimable on the federal income tax return is $3,000 per child for 2019.
For two qualifying children, the maximum credit for child and dependent care expenses that the couple who are filing jointly can claim is $6,000 ($3,000 x 2).
Thus, the credit for child and dependent care expenses that Stephie and Tom can claim for 2019 is $6,000.
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MCQ: A firm’s marginal cost function, MC=2Q2+50Q and average total cost function, ATC=Q2+50Q+10000. How many units should they produce to achieve the lowest average cost?
They must produce 100 units to achieve the lowest average cost.
As we know that to achieve lowest average cost the average cost function and marginal cost function must be equal.
That is , MC=ATC
⇒ [tex]2Q^{2} + 50Q = Q^{2} + 50Q + 10000\\[/tex][tex]Q^{2}[/tex]
⇒ [tex]Q^{2} = 10000[/tex]
⇒ Q = 100
So , 100 units must be produced to achive lowest average cost.
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How does the standard order of accounts in the general ledger and in adjusted
trial balances facilitate the preparation of financial statements?
the standard order of accounts in the general ledger and in adjusted trial balances facilitate the preparation of financial statements help in the knowing the revenue of the company
What is financial statement?financial statement help in the financial sector to know the profit as well as the loss of the organization.
Hence, with standard order of accounts in the general ledger and in adjusted trial balances facilitate the preparation of financial statements help to the knowing the revenue of the company
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what is limited liabilty