Answer:
On the 30thJune a dividend of R5 000 was declared.
The cash balance on the 30thApril was R10 500.Sondela Limited alwayskeeps a minimum cash balance of R10 000.
Explanation:
(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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Think of an organization that you’re a part of. It could be a workplace, team, or club. Identify Schein’s four key elements in the organization’s structure: common purpose, coordinated effort, division of labor, and hierarchy of authority. If you had to choose one of the common organizational structures for your organization, which would you choose and why?
One of the most important key elements in Schein’s four key elements according to me would be a common purpose because, without having a common purpose, people working in the organization will be disoriented and directionless. Thus, it can hamper the ultimate goal of the organization.
What is the common purpose of an organization?A corporation with a clear purpose or undertaking is one that is simple to recognize and manage. A common purpose unifies personnel and facilitates them to understand the corporation’s direction.
Hence, according to me, among all the Schein’s four key elements in the organization’s structure, the Common purpose is the most key element.
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ANSWER ALL QUESTIONS QUESTION 1 (a) List and Explain the FIVE elements of financial statements as defined in the IASB'S Framework. (5 marks) (b) Explain TWO fundamental qualities of financial information. (c) Explain SIX subsidiary books of Book-keeping accounting. Total = (15 marks) (4 marks) (6 marks) ANSWER ALL QUESTIONS QUESTION 1 ( a ) List and Explain the FIVE elements of financial statements as defined in the IASB'S Framework . ( 5 marks ) ( b ) Explain TWO fundamental qualities of financial information . ( c ) Explain SIX subsidiary books of Book - keep
ing accounting . Total = ( 15 marks ) ( 4 marks ) ( 6 marks )
a) The FIVE elements of financial statements as defined in the IASB's Framework are Assets, Liabilities, Equity, Revenue, and Expenses.
b) TWO fundamental qualities of financial information are relevance and faithful representation.
c) SIX subsidiary books of Bookkeeping accounting are as follows:
General journalGeneral ledgerSales Journal Purchases JournalCash receipt journalCash disbursement journal.What are the financial statements?Financial statements are formal records that faithfully present relevant information about an entity's financial performance and position over a period.
Some of the common financial statements are:
Income statement (revenues and expenses)Cash-flow statement (cash inflows and outflows)Balance sheet (assets, liabilities, and equity)Statement of change in equityNote to Financial Statements.Thus, financial information must be relevant and faithfully representative of financial performance and position.
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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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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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Argue why are Treasury bills a favorite place for financial managers to invest excess cash, as compared to other options? Your answer must be supported with examples and academic citations.
Treasury bills are a favorite place for financial managers to invest excess cash because of the sizable and vibrant market in which they are traded.
What are treasury bills?Treasury bills are referred to as short-term securities issued by the government when they require cash. In comparison to their face value, bills are offered at a discount.
As a result, the investor can choose any term from one day to a year, literally defining the desired maturity. Maximum liquidity is offered by the "T-bill" market, which may take on practically any volume of activity.
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Erin bought stock with company XYZ, deposited money in a CD account, and started investing on a regular basis in a mutual fund. Did she diversify?
no
yes
It is true that Erin has a diversified portfolio as he invest in different investment.
What is a Portfolio diversification?This refers to investing of funds in different asset classes and securities in an attempt to minimize the risk of a portfolio.
Hence, It is true & yes that Erin has a diversified portfolio as he invest in different investment.
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Practical wisdom is a matter of following the rules in ethics.
O True
OFalse
Answer:
true
Explanation:
Which of the following actions would be an acceptable response by the Federal Reserve to an economic downturn?
O Decrease the reserve requirement
O Increase the reserve requirement
Raise the discount rate
Sell government securities
Answer:
Raise the discount rate
Explanation:
might be the answer
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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On January 1, 2016, Flathound Properties received $22,800 from a tenant as rent for all of 2016. What journal entry would Flathound Properties make at the end of January 2016 to show that one month of service had been provided?
In order to show that one month of service has been provided, Flathound Properties should both Debit Deferred Revenue and Credit Revenue for $1,900.
What is the journal entry for a month of service?The $22,800 is for the whole year so we need to find the monthly rent:
= 22,800 / 12
= $1,900
This amount will be credited to Revenue to show that Flathound Properties has earned it for rental services provided. It will also be debited to Deferred Revenue.
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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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Sharon Bohnette owns 1,000 shares of Northern Chime Company. There are four
seats on the board of directors up for election and Ms. Bohnette is one of the nominees.
Under the traditional method of voting, how many votes may she cast for herself? How
many votes may she cast for herself under the cumulative method of voting?
The votes that she cast for herself under the methods of voting are 1000 and 4000 respectively.
How to illustrate the information?Under the traditional method, Sharon Bohnette owns 1,000 shares of Northern Chime Company. Therefore, she can cast 1000 votes.
Under the cumulative method, the number of votes will be:
= Number of votes × Candidate
= 1000 × 4
= 4000 votes.
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On January 1, 2021, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold for $25 per share, and 5,000 shares of 10% cumulative preferred stock ($100 par), convertible into 50,000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $34. At December 31, 2021, there were 21,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 21,000 shares of common stock at an exercise price of $32. The market price of the common stock at year-end was $50. During the year, the price of the common shares had averaged $42. Net income was $720,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Enter your answers in thousands (i.e., 100,000 should be entered as 100). Round "Earnings per share" answers to 2 decimal places.)
Based on the net income and the shares outstanding, the basic EPS is 1.15 and the diluted EPS is 1.13.
What is the basic EPS?This can be found as;
= (Net income - Preferred dividend) / Weighted outstanding shares
Solving gives:
= (720,000 - 50,000) / (580,000 + (12,000 x 0.25))
= 1.15
What is the diluted EPS?Find weighted outstanding share:
= (580,000 + 3,000 + 5,000 additional shares from options)
= 638,000 shares
Diluted EPS is:
= Net income / Total weighted shares
= 720,000 / 638,000
= 1.13
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Assume that you are a project manager who has to deliver a poster to a client in four days. Write a report on the tasks that you perform
As a project manager, firstly create a plan for the project idea, then Build and Manage the Dream Team for the poster, Manage the Money. Resolve Emerging Issues which occurring during the poster making.
What do project manager's key roles and responsibilities?Project managers take the lead in organizing, carrying out, overseeing, controlling, and wrapping up projects.
They are supposed to keep everyone informed and pleased while completing a project on schedule, within their allocated budget, and according to the project brief.
Thus, As a project manager, firstly create a plan for the project idea,
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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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A sound accounting framework allows for all of the following benefits
Identical items being reported on the financial statements of different companies
Uniform comparisons between companies
Consistency in financial reporting across industries
Increased reliability and relevance of financial statements
A sound accounting framework allows for all of the following benefits EXCEPT that A. Identical items being reported on the financial statements of different companies
What is Accounting?
This refers to the financial record that is taken about a given business to find out the profit and loss income.
Hence, we can see that based on the use of a sound accounting framework, there exists several benefits such as uniform comparisons between companies, etc, but option A is the correct answer.
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what is limited liabilty
On a per unit basis economic profit can be determined as the difference between?
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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What is one way the government tries to attain positive externalities?
A. Punishing a company for pollution
B. People who make over $250,000 a year have to pay more taxes.
C. Lowering interest rates
D. Encouraging education
One way of representing attaining the positive externality by the government is through the promotion of education.
Option D is the correct answer.
What is an externality?When the cost or advantage is received by a third party that is not related to the economic activity, then it is considered an externality.
A positive externality is the arousal of a positive effect on either production or consumption. The act of penalizing a company for pollution, imposing taxes on citizens earning more than $250,000 and the reduction in rates of interest would all be classified as negative externalities.
Therefore, the encouragement of education by the government is regarded as a positive externality.
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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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ALBERTO: Tami, I’ve got a problem. Can we talk for a minute?
TAMI: Sure, Alberto, what’s up?
ALBERTO: Last week my sous-chef, Ricky, bought tomatoes that just weren’t ripe. It made me really angry. We’ll never keep our Michelin star unless we maintain the quality of our produce!
TAMI: Wow, Alberto, that sounds like a real problem. So you’re saying that Ricky bought tomatoes you couldn’t serve?
ALBERTO: Yes! And it’s not the first time...
TAMI: I’ll do something about this right away.
What component of reflective listening is missing from this conversation?
Affirming contact
Clarifying the implicit
Paraphrasing the expressed
The component of reflective listening that is missing from this conversation is Paraphrasing the expressed.
Reflective listening ComponentsStatements like "I see," and "Okay," are crucial at the beginning of a conversation and in circumstances when there may be worry or discomfort in an Affirming Contact. Clarify any implicit portions of the message, which include ideas and sentiments that are not fully or clearly articulated together with their openly declared message.Paraphrasing the expressed explains to the speaker what was heard, as well as what the listener's feelings and ideas were. utilize a follow-up query occasionally.Hence, Paraphrasing the expressed is the aspect of reflective listening that is absent from this dialogue.
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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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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.
Which of the following statements is true about the total production of health and the marginal return on new health production in developed nations? Group of answer choices Low total production of health and high marginal return. High total production of health and high marginal return. Low total production of health and low marginal return. High total production of health and low marginal return.
The amount of production health and its marginal return will lead to higher in the countries which are developed.
Option B is the correct answer.
What is production?Production is a process where an entity changes the raw materials into a saleable product through the use of machinery.
In developed countries, the production of health, that is, the relation between the inputs of health and the health of individuals and the marginal return on new production, means, additional returns would be both higher due to advancements in technology and infrastructure.
therefore, there should be higher marginal return as well as higher production health in the developed nations.
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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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Which of the following statements is correct?
An externality is a situation where a project would have an adverse effect on some other part of the firm’s overall operations. If the project would have a favorable effect on other operations, then this is not an externality.
An example of an externality is a situation where a bank opens a new office, and that new office causes deposits in the bank’s other offices to decline
The NPV method automatically deals correctly with externalities, even if the externalities are not specifically identified, but the IRR method does not. This is another reason to favor the NPV
Both the NPV and IRR methods deal correctly with externalities, even if the externalities are not specifically identified. However, the payback method does not
Identifying an externality can never lead to an increase in the calculated NPV
The correct statement is an example of an externality is a situation where a bank opens a new office, and that new office causes deposits in the bank's other offices to decline. Thus 2nd option is correct.
What is the meaning of Externality?Externality refers to the outcome of the situation which is affected by the Industrial and commercial activity of the organizations which is not reflected in the market price.
The proper answer is an illustration of an externality is when a bank establishes a new location and the new location results in lower deposits in the bank's other locations.
Therefore, the second choice is the best one.
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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. 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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