Individual Assignment 2 Part 3
Ukea uses a perpetual inventory system, it has the following
transactions in the first quarter of 2022.
Jan. 3 Purchased 20 couches for $1,500 each on credit, 1/20, n/30. Paid
$1.000 for shipping costs.
Jan. 8 Sold 11 couches for $2,500 each on credit, 2/10, n/50. Paid shipping of
$100 for each couch.
Jan. 14 Received all sales money in cash from customers.
Feb. 15 Paid the amount owed to supplier.
Mar. 5 Received 1 returned couch from the customer and gave out full
refund. The couch is unused and could be resold.
Mar. 31 Manager took a physical inventory in the warehouse and find 10
couches in the original condition.
a. Record the transactions in general journal
b. Assume that Ukea does not have any other revenues earned or expenses incurred in the period, prepare the income statement for the firm for the first quarter of 2022.
Answers
The income statement includes only the revenues and expenses related to the sales of couches and does not consider any other revenues or expenses for the period. Therefore, the gross profit is $11,000, and the net sales amount to $25,000.
a. General Journal:
Jan. 3:
Inventory (20 couches) 30,000 (20 x $1,500)
Accounts Payable 30,000
Jan. 3:
Shipping Expense 1,000
Accounts Payable 1,000
Jan. 8:
Accounts Receivable 27,500 (11 x $2,500)
Sales Revenue 27,500
Jan. 8:
Cost of Goods Sold 16,500 (11 x $1,500)
Inventory (11 couches) 16,500
Jan. 8:
Shipping Expense 1,100 (11 x $100)
Cash 1,100
Jan. 14:
Cash 27,500 (11 x $2,500)
Accounts Receivable 27,500
Feb. 15:
Accounts Payable 30,000
Cash 30,000
Mar. 5:
Accounts Receivable 2,500 (Returned couch)
Sales Returns and Allowances 2,500
Mar. 5:
Inventory (1 couch) 1,500
Cost of Goods Sold 1,500
Mar. 31:
Inventory (10 couches) 15,000
b. Income Statement for the first quarter of 2022:
Sales Revenue $27,500
Cost of Goods Sold (16,500)
Gross Profit $11,000
Sales Returns and Allowances (2,500)
Net Sales $25,000
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Related Questions
looks at the economic behavior of individual people and organizations in specific markets.
Answers
Microeconomics is the study of how individuals, businesses, and organizations interact in specific markets.
It examines how prices are determined and how they influence production and consumption decisions. It looks at how consumers and firms make decisions on resource allocation and pricing of goods and services.
It also studies the distribution of income, wealth, and resources in an economy. It is an important part of economic analysis and helps inform government policy decisions.
Microeconomics looks at how supply and demand, elasticity of demand, and market structure affect economic outcomes. It is also concerned with understanding consumer choice and market failure. Microeconomics helps to better understand the workings of the economy and inform policy decisions.
Complete Question:
__________ looks at the behaviour of individual people and organisations in specific markets.
A. Microeconomics
B. Macroeconomics
C. Nanoeconomics
D. Finite economics
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2. Which form details earned wages, together with required and optional
deductions?
Answers
Answer:
no choices?sbsblksbklsjm
With specific reference to the case study, describe some of the soft skills needed at university and in the workplace
Answers
Answer:
Soft skills are personal qualities and attributes that are not related to specific knowledge or technical skills, but rather to the way a person interacts with others and approaches tasks and challenges. Some examples of common soft skills that may be important at university and in the workplace include:
Communication skills: The ability to express oneself clearly and effectively, both in written and oral form, is important at university and in the workplace. This includes being able to listen actively and understand others' perspectives, as well as being able to articulate one's own ideas and opinions.
Collaboration skills: The ability to work well with others is important in both educational and professional settings. This includes being able to contribute effectively to group projects and discussions, as well as being able to resolve conflicts and negotiate solutions with others.
Problem-solving skills: The ability to think critically and creatively, and to come up with effective solutions to problems, is important in both academic and professional contexts. This includes being able to identify and analyze problems, generate and evaluate potential solutions, and implement and follow through on the chosen solution.
Time management skills: The ability to manage one's time effectively is important in both academic and professional settings. This includes being able to prioritize tasks, set and meet deadlines, and manage workload effectively.
Interpersonal skills: The ability to build and maintain positive relationships with others is important in both educational and professional contexts. This includes being able to work well with a diverse range of people, being able to empathize with others, and being able to handle difficult situations and conflicts in a professional manner.
f the government uses fiscal policy to reduce the budget deficit during a recession, the government will make the recession worse, ceteris paribus. question 6 options: true false
Answers
During a recession, if the government undertakes fiscal policy to lower the budget deficit, the economy will become worse. This assertion is true.
In order to increase demand and the economy during a recession, the government may lower tax rates or increase spending. On the other side, it can slow the economy in order to fight inflation by raising rates or reducing expenditure.
Expansionary fiscal policy is ideal when an economy is in a recession and generates less than its potential GDP. Fiscal policies that are in a contractionary mode reduce the level of aggregate demand through cuts to public spending or tax hikes.
Taxes and government expenditures are the primary tools of fiscal policy. if the economy is in a recession.
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If the cost of production decreases for Tesla’s cars, what effect will this have on consumers who want to buy one???
Answers
Answer:
The consumers will pay more.
Explanation:
Should the production cost increase, the price of Tesla cars is also likely to increase. Typically, producers are likely to pass the increased costs to the cars' final price. The market price for the cars will go up, meaning customers will pay more for the cars.
Please Help!!!! My 5th time posting this please actually help me!
In the workplace, new devices and technologies are transforming the way we exchange information and conduct business. List and concisely describe at least six electronic communication channels used most commonly by businesspeople today.
Answers
Answer: My answer is in the photo below. Hope it helps.
what is the difference between net sales and gross sales
Answers
Net sales are the sum of a company's total revenue less any reimbursements, allowances, plus discounts.
Calculating net sales is sometimes not immediately apparent from the outside. Frequently, they can be taken into consideration when determining top line revenues that are displayed on the income statement.
Unadjusted for manufacturing costs, gross sales are a measure of a company's entire revenues. In order to calculate gross sales, the total of all sale invoices or related revenue transactions is needed. On the other hand, operating expenses, tax expenses, and other expenditures are not included in gross sales; rather, they are deducted to get net sales.
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Assume that you buy a call with a given exercise price and sell
an identical call with a higher exercise price. Will this
combination ever pay off with a negative value?
Answers
Yes. The call spread strategy can result in a negative payoff if the price of the underlying asset exceeds the higher exercise price at expiration.
The combination of buying a call option with a given exercise price and selling an identical call option with a higher exercise price is known as a call spread or a vertical call spread. The purpose of this strategy is to potentially limit the investor's risk and generate income.
In a call spread, the investor pays a premium to buy the lower strike call option and receives a premium for selling the higher strike call option. The goal is for the price of the underlying asset to stay between the two exercise prices, resulting in both options expiring worthless and the investor keeping the premiums collected.
So, will this combination ever pay off with a negative value? The answer is yes. If the price of the underlying asset exceeds the higher exercise price at expiration, the higher strike call option will be in-the-money, while the lower strike call option will be out-of-the-money. In this scenario, the investor may experience a loss on the position.
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which of the following statements about sales promotion is true? which of the following statements about sales promotion is true? sales promotion is the most short-term of the promotional mix tools. sales promotion can be an effective promotional mix tool for targeting business customers, but not consumers. all major sales promotion tools involve offering discounts on products or services. a public company's annual report is often used as a sales promotion tool. (none of these choices)
Answers
The true statement about sales promotion is that it is the most short-term of the promotional mix tools.
Sales promotion is a key element of the promotional mix that offers incentives to customers or intermediaries to drive immediate sales. It is aimed at boosting sales in the short term and differs from advertising, personal selling, and public relations in terms of its short-term nature. Sales promotion can include various tools such as coupons, rebates, samples, contests, and sweepstakes.
Contrary to the given options, sales promotion can be an effective tool for both business customers and consumers, as it encourages them to purchase products or services with added value. Moreover, sales promotion tools can go beyond offering discounts, such as loyalty programs or product bundling. While a company's annual report may serve as a promotional tool to showcase its achievements, it is not typically considered a sales promotion tool.
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Give all start up costs for opening a salon that has 8 workers and that does everything hair and wax related. Include the quantities for each item and the pricing
Answers
Start-up expenses are the costs a business spent or incurred to establish an active trade or business, or to research establishing or acquiring an active trade or business
What is meant by Start-up costs?Start-up expenses are the costs a business spent or incurred to establish an active trade or business, or to research establishing or acquiring an active trade or business. Start-up costs should always be expensed as they are incurred, even though this determination can be somewhat subjective. Typically, start-up costs encompass any expenditure made before a business starts to turn a profit. Startup activities are essentially expensed as they are incurred in the accounting process. Although the guidelines are straightforward, the main concern is not assuming that other charges that are comparable to start-up costs should be treated the same manner.Rent/Lease for the salon space: $2,000 - $10,000
Build-out costs: $5,000 - $15,000
Equipment and supplies:
8 stations, chairs, and mirrors: $5,000 - $10,000
8 styling stations (styling chairs, styling stations, styling tools): $8,000 - $15,000
8 hair dryers: $4,000 - $6,000
8 hair washing stations: $8,000 - $12,000
8 hair cutting stations: $8,000 - $12,000
8 waxing stations: $8,000 - $12,000
Hair color, waxing, and other supplies: $5,000 - $10,000
Marketing and advertising costs: $2,000 - $5,000
Legal and accounting fees: $1,500 - $3,000
Insurance (liability, property, and worker's compensation) $2,000 - $5,000
Employee salaries: $8,000 - $12,000
Miscellaneous costs (utilities, phone, internet, etc): $5,000 - $10,000
Please take note that these figures are only approximations and that prices can change depending on location and other variables.
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a product or service that customers of an organization value more highly than similar offerings from a competitor is: a. first mover advantage b. environmental scanning c. entry barrier d. switching cost e. none of the above
Answers
A product or service that customers of an organization value more highly than similar offerings from a competitor is none of the above
An advantage in the marketplace that distinguishes a company from its rivals is known as a competitive advantage. This could take the shape of a product that consumers find to be superior to comparable offerings from rival companies. Numerous strategies can be used to develop a competitive advantage.
It may involve providing a special product that addresses a certain need or demand in the market. It may involve selling products at a lower cost than rivals, as well as higher performance, quality, or customer service. Having a competitive advantage is important for businesses because it can help them attract and retain customers, increase market share, and improve profitability.
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if the rate of inflation is -2% and the nominal rate of interest is 4%, what is the real rate of interest?
Answers
The coexisting condition shows the connection between nominal interest rate, real interest rate, and affectation decoration Nominal Interest Rate.
Real Interest Rate Affectation Premium Consequently, when the nominal interest rate is 4, and the affectation decoration is 2, you have Consequently, the real interest rate is 2.
Nominal interest rate alludes to the interest rate previous to considering affectation. The government subsidizes rate, the interest rate set by the Central bank, is the evanescent nominal interest rate that's the reason for other interest rates charged by banks and fiscal establishments. To try not to buy power decomposition through affectation, fiscal backers consider the real interest rate, rather of the nominal interest rate. APY( monthly rate yield) is the successful interest rate which will in general be more applicable to borrowers and banks than the nominal, or expressed, interest rate.
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Four main types of uniform series?
Answers
The four main types of uniform series are: Uniform series present worth (USPW), Uniform series future worth (USFW), Uniform series sinking fund (USSF) and Uniform series gradient (USG)
Uniform series present worth (USPW): This represents the present value of a series of equal cash flows that occur at regular intervals over a specific period of time.
Uniform series future worth (USFW): This represents the future value of a series of equal cash flows that occur at regular intervals over a specific period of time.
Uniform series sinking fund (USSF): This represents the regular payments required to accumulate a future sum of money at a given interest rate over a specific period of time.
Uniform series gradient (USG): This represents a series of cash flows that increase or decrease at a constant rate over time.
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total cost (TC). Please provide answers to the next five questions. Q P TC TR MR MC Profit 0 $8 1 $10 2 $12 3 $15 $19 $24 $30 $45 $6 $6 $6 $6 $6 $6 $6 7 $6 Question 1 1 pts Given the data provided in the table, you are given quantity (Q). price (P), and total cost (TC). Please provide answers to the next five questions. What is the firm's profit at Q-3 4 5 6
Answers
the firm's profit at Q-3 4 5 6 are $27, $52, $90, and $144, respectively.
The given data for price (P), quantity (Q), total cost (TC), total revenue (TR), marginal revenue (MR), marginal cost (MC), and profit are as follows:
Q P TC TR MR MC Profit 0 $8 - - - - - 1 $10 6 10 10 6 4 2 2 $12 12 24 14 6 6 12 3 $15 18 45 21 6 9 27 4 $19 24 76 31 6 11 52 5 $24 30 120 44 6 14 76 6 $30 36 180 60 6 18 84 7 $45 - - - - -
To find the firm's profit at Q-3 4 5 6, we have to calculate the total revenue and total cost at each quantity (Q).Let's see the calculations for the given problem:
Total revenue (TR) = price (P) × quantity (Q)Total cost (TC) = fixed cost (FC) + variable cost (VC)Profit
= total revenue (TR) - total cost (TC)
For Q=3, TR = $15 × 3 = $45
For Q=3, TC = $18
Profit at Q=3 = TR - TC = $45 - $18 = $27
For Q=4, TR = $19 × 4 = $76
For Q=4, TC = $24
Profit at Q=4 = TR - TC = $76 - $24 = $52
For Q=5, TR = $24 × 5 = $120
For Q=5, TC = $30
Profit at Q=5 = TR - TC = $120 - $30 = $90
For Q=6, TR = $30 × 6 = $180
For Q=6, TC = $36
Profit at Q=6 = TR - TC = $180 - $36 = $144
Therefore, the firm's profit at Q-3 4 5 6 are $27, $52, $90, and $144, respectively.
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To determine a firm's cost of capital, one must include: A) only the return required by the firm's current shareholders. B) only the current market rate of return on equity shares. C) the weighted costs of all future funding sources. D) the returns currently required by both debtholders and stockholders. E) the company's original debt-equity ratio.
Answers
To determine a firm's cost of capital, one must include the returns currently required by both debtholders and stockholders. This is because the cost of capital represents the weighted average cost of the various sources of funds a firm uses to finance its operations, including both equity and debt financing. The correct option is D).
Equity financing refers to the returns required by the firm's shareholders. These returns can be measured using the dividend discount model or the capital asset pricing model. Market conditions and investor expectations may influence the required rate of return on equity shares, which should be considered when calculating the cost of equity.
Debt financing, on the other hand, refers to the interest payments made to debtholders, such as bondholders or financial institutions. The cost of debt is determined by the current market interest rates and the firm's creditworthiness.
In order to calculate the firm's overall cost of capital, one must use a weighted average of the costs of both equity and debt financing, taking into account the proportion of each in the firm's capital structure. This is known as the weighted average cost of capital (WACC), which reflects the combined costs of all future funding sources.
It is important to note that the company's original debt-equity ratio is not directly relevant when determining the cost of capital. However, it can serve as a benchmark for assessing changes in the firm's financial structure over time and for comparing it with other firms in the same industry.
Thus, the correct option is D.
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Which are barriers to entry in both monopolies and oligopolies?
Ownership and control of raw materials
Patents
Preemptive pricing
Large capital investment
Answers
The right response is that entry obstacles like ownership and control of raw materials, patents, and significant financial investments can exist in both oligopolies and monopolies.
Raw material ownership and control: In some sectors, a single company may own or control a sizable share of the raw materials required to make a product. Because they might not have access to the resources they need to compete successfully, this might make it difficult for new businesses to enter the market.
Patents: Companies that have been granted patents for novel goods or methods may temporarily monopolise their manufacture and distribution. Competitors may find it difficult to enter the market if they can't make a comparable product without violating the patent because of this.Substantial capital investment: To join the market and effectively compete, several sectors demand significant upfront capital investments.
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How do businesses compete for customers?
Answers
Answer:
marketing team and review resources
What are examples of keys in a database's second normal form? Check all that apply turn key, foreign key, primary key, multiple key, composite key, composition key.
Answers
Answer: 2, 3, and 5
Explanation:
Answer:
foreign key, primary key, composite key
Explanation:
What are customer needs?
Answers
Answer:
A customer need is a need that motivates a customer to purchase a product or service.
Which of the following is NOT a tool economists use?
a. Scientific Method
b. Production Possibilities Frontier
C. Economic Models
d. Economic Method Chart
Answers
Answer:
Explanation:
the scientific method of course
Write a correctly formatted, and error-free memo that addresses one of the following:
1. Good news: There will be a company-wide salary raise of 7.5%. You can fill in details of why, when to expect the new rate in paychecks, etc.
2. Bad news: A special program that the company offers will no longer be available. You can fill in details about the program, when it will end, etc.
3. Problem: Be creative with this one. I’m sure you’ve experienced a small problem at your workplace, such as chronic lateness, co-workers not cleaning up their workspace or the break room, people not following uniform guidelines, complaints from customers about rude greetings, etc. You can address the memo to one person or a group. Fill in details about what needs to change, how and when you will monitor progress, if there is any negative consequence, etc.
4. Update: This week’s meeting has been cancelled. This means next week’s meeting will have to cover the topics for both. You can fill in details about where, when, agenda, etc.
Answers
We understand the importance of recognizing your efforts and contributions, and this salary raise serves as an expression of our gratitude.
I am pleased to inform you that we have successfully secured a company-wide salary raise of 7.5%. This increase is a testament to our hard work and dedication, and it reflects the growth and success of our organization. Effective immediately, the new rate will be implemented in your paychecks for the next pay cycle.
We understand the importance of recognizing your efforts and contributions, and this salary raise serves as an expression of our gratitude. It is a reflection of our commitment to attracting and retaining top talent, as well as ensuring that our team is rewarded for their exceptional work.
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if new bonds are issued from a parent to its subsidiary, which of the following statements is false? any premium or discount on bonds payable is exactly offset by a premium or discount on bond investment. there will be $0 net gain or loss on the bond transaction. interest expense needs to be eliminated on the consolidated income statement. interest revenue needs to be eliminated on the consolidated income statement. a net gain or loss on the bond transaction will be reported.
Answers
The statement that is false is that there will be $0 net gain or loss on the bond transaction.
When new bonds are issued from a parent to its subsidiary, the parent must record the bonds as either a discount or a premium, depending on the market value.
The amount of this discount or premium must be adjusted against the subsidiary's bond investment, resulting in a net gain or loss on the bond transaction.
Interest expense and interest revenue needs to be eliminated on the consolidated income statement to eliminate any intercompany balances, but this will not affect the net gain or loss on the bond transaction.
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2. Suppose that there are five different lemonade stands in the same neighborhood. Explain
how the lemonade stands meet most of the conditions of perfect competition
Answers
Answer:
Eventually prices will equalize at all five lemonade stands.
Explanation:
Perfect competition is accomplished when, in an appropriate business, all firms have identical price arrangements and there is an adequately substantial amount of these same firms so that the production arrangement of any one firm has no obvious influence on the cost at which it commodity is marketed.
The lemonade made are similar in taste, thus they are identical products. Thus, if a lemonade seller increases the price of their good, buyers can patronise another lemonade seller. As a result, the price of lemonades would be the same among the five sellers.
Also, there is little or no barriers to entry for lemonade sellers.
A perfect competition is a market were there are numerous buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
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Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequently, the ending inventory on 12/31 was understated on the balance sheet. Explain how this error will effect the income statement. (Check all that apply.)
Answers
Answer:
If the ending inventory was understated, that means that the cost of goods sold will be overstated. If the cost of goods sold was overstated, then net profits were understated.
Explanation:
Imagine a company that sells shoes:
It bought 100 shoes at $100 each during the whole year and their ending inventory was 10 units. This means that cost of goods sold was (100 - 10) x $100 = $9,000. But someone discovered 5 pairs in some shelf that were not included in the ending inventory, then the real ending inventory was 15 units = $1,500 and not $1,000. That also means that the cost of goods sold was $8,500, not $9,000. Lower costs = higher profits.
Answer:
Explanation:
The current year's cost of goods will be too high
The current year's income will be too low
what were capital resources in the kingdom of mocha
Answers
Answer:
Bartering and the use of natural resources
Explanation:
It is correct
Marginal revenue product is the: a. change in total output resulting from a unit change in the quantity of a variable input. b. price of the output multiplied by the total units of output produced. c. change in total cost resulting from a unit change in the quantity of a variable input. d. ratio of total revenue to the quantity of a variable input employed. e. change in total revenue resulting from a unit change in the quantity of a variable input.
Answers
Answer:
An apple, potato, and onion all taste the same if you eat them with your nose plugged
Explanation:
which of these is an example of a payroll tax?
a) road usage tax
b) social security tax
c) state sales tax
d) paycheck withholding
Answers
Answer:
b) social security tax
Explanation:
Payroll tax is a tax deducted from an employee's paycheck and remitted to the authorities. Payroll tax is a component of deduction that employers make on all salaried employees.
Social security is an example of a payroll tax. It is a mandatory tax imposed by the government. Employees receive their net salaries with the payroll taxes already deducted. In other words, in payroll taxes, the employees do not come into contact with the tax amount.
What is the difference between productive and service oriented professions Explain with examples
Answers
Answer:
Explanation:
Product vs Service Business
While it may seem to go against traditional thinking, in some ways there is very little difference between product based and service based companies. In actuality, both sell a product. The distinction between the two is that the product business sells a physical, tangible product, while the service business owner sells his skills as the primary product. In the service-based business, customers purchase the skills of a service provider or owner, such as a plumber or lawyer, This type of business has a strong emphasis on the client relationship and makes the customer's user experience very important. Product-based businesses, on the other hand, deliver physical products that are reasonably consistent in quality for each customer, making the customer experience fairly predictable.
Local or Global Consumer Markets
In general, when consumers are looking for new solutions they try to distinguish the different services/products of business and industry in the locality where they reside. As such, businesses need to target their product and service based businesses to the appropriate markets. Consumers located anywhere in the global market can purchase a product via the internet as long as they can have their purchase delivered locally and cost effectively. However, most service businesses can only provide services to customers within their local target market. For example, while a computer store can ship computers all over the world, a hairstylist will only attract clients within a reasonable driving distance from her home or business. As a result, businesses need to consider how their customer base will influence their marketing efforts.
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For my personal finance class
Which of the following is an example of the paradox of value?
a. You might choose an inflatable raft over a luxury car if you are adrift at sea
b. You might choose a diamond over a bottle of water if you really love dressing up
c. You might choose a hamburger over a veggie burger at a fast-food restaurant
d. You might choose a pair of socks over a hat if you are feeling cold
Answers
Answer:
b because diamonds dressing up
What is the information that oranges contain vitamin C considered?
Common Knowledge
Copyright
Creative Commons
Public Domain
Answers
Answer: Common knowledge
Explanation:
Answer:
Its A. btw i took the final exam quiz on FLVS for keyboarding.
Explanation: