Teasha Pratt will graduate from high school next month and cannot decide what she wants to do. She had originally planned to go to college and major in marketing and accounting, but now she is thinking about opening her own business. Teasha has worked in a gift store for the last two years and gained a lot of experience and knowledge by working with inventory, pricing, customers, and accounting. However, her real interest is in crafts. After conducting some marketing research, Teasha determines that there is a very small market for a craft store (there are currently two craft stores in town), but there is a larger market for a gift store. Teasha decides to open a small gift store in the mall with a loan from the local bank. After much hard work, she locates two suppliers, Gifts Plus Wholesalers and Hearts Manufacturing Corporation, hires employees, buys display equipment, accounting equipment, a cash register, supplies, etc. Three months later, she is ready to open her store. Questions: 1. List some capital resources Teasha needs to open her business. 2. List some human resources Teasha needs to open her business. 3. How does scarcity affect Teasha's business?
Q: Using Return on Assets and Return on Equity to Compare Performance Across Companies Thiokol Corp. an...
A: The ratio analysis helps to analyse the financial statements of the business. Return on total asset...
Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment wa...
A: Investment in associate can be recorded at using the cost method or equity. The method to be adopted...
Q: Primage Corporation has provided the following data concerning last month's manufacturing operation:...
A: Solution: Cost of goods manufactured is the cost of finished goods produced during the year. This is...
Q: The second year (2021) of depreciation on a computer that cost $5,000 purchased in May 2020, using t...
A: The modified accelerated cost recovery system (MACRS) allows a business to recover the cost basis of...
Q: Bay Company holds 60,000 of Fay Company's 200,000 outstanding shares and 8,000 of Hay Company's 400,...
A: The dividend received from the shares invested in some companies is considered as a revenue for the ...
Q: QUESTION 1 The financial statements identify financial position, performance and changes in cash flo...
A: A) Limitations of financial statements Financial statements are based on historical cost. Financia...
Q: Dabin Company purchased a P1,000,000 ordinary life insurance policy for its president. The beneficia...
A: Dividend received from insurance company shall be adjusted with premium amount of a life insurance.
Q: On January 1, 2021, Illuminati Company purchased 10% bonds with a face amount of P3,000,000. Th bond...
A: Computation of carrying amount of bonds on december 31,2022: Amount Interest income Interest re...
Q: 30. A company uses the first-in-first-out (FIFO) method of valuing inventory and makes the followin...
A: FIFO METHOD :- it stands for first in first out that means good that is purchased first will be sold...
Q: EWO Enterprises issues $4,500,000 of bonds payable.Required:Prepare the necessary journal entries to...
A: Journal is the book of original entry in which all the transactions of the business are recorded ini...
Q: ient ways of valuing inventories. variances.
A: Variance reports include differences between the actual figures and budgeted or standard figures of ...
Q: For each of the following statements, say whether they are True or False, and give a brief ezplanati...
A: Solution:- For each statements, given say whether they are true or False
Q: Using DuPont Analysis to Compare Corporate Performance
A: 1. Dupont Analysis is an extended analysis of return on equity. It contains formula of net profit ma...
Q: A company accounts for possible bad debts using the allowance method. When an actual bad debt occurs...
A: Introduction:- A company accounts for possible bad debts using the allowance method. When an actual ...
Q: WHAT ARE THE FEATURES AND TYPES OF FOREIGN TRADE?
A: Foreign trade are the trade between two or more countries.there are generally two types of trade tha...
Q: At the beginning of January 2021, Luminiscence Company purchased ten-year bonds with a face amour of...
A: Solution: Face value of bond = P5,000,000 Stated interest rate = 8% Market interest rate = 10% As ma...
Q: 1 Adoption of a just-in-time inventory system: O Is based on a demand push theory O Provides an accu...
A: In case of multiple questions, we are allowed to solve only the first question. If you want other qu...
Q: Which ONE of the following statements concerning costing is correct? a) The procedures used to calc...
A: a) The procedures used to calculate unit costs in manufacturing industries are not applicable to ser...
Q: 22. SecuriPrint Ltd produces pre-printed cheques for customers to use in automated account payable d...
A: Selling Price=Cost+Profit
Q: (No COVID-19 provisions) Fiduciary Investments paid its employee, Yolanda, wages of $144,700 in 2021...
A: Social security Tax: Employers and self-employed people are all required to contribute a portion of ...
Q: e following cost and activity observations for Leno Enterprises' utilities, use the high-low method ...
A: The high-low method compares the cost and the activity level of the highest activity level and low...
Q: An insurance company pays its employees a commission of 6 percent on each sale. What is the proper c...
A: Introduction:- Fixed costs are remain constant irrespective production volume. Variable costs are v...
Q: B. Give the journal entry to be made in the books of the purchaser, if the account to be debited is ...
A: Accounting books: The various books drafted to carry out the accounting process are called as accoun...
Q: Which of the following costs has no relationship with the level of output? a) Semi-variable costs. b...
A: Semi variable and variable costs has a direct relationship with the level of output. Stepped fixed c...
Q: PSc 2-3 Calculate Weekly Regular Earnings Calculate the weekly regular earnings for each of the f...
A: Normal regular working hours = 4.0 hours , therefore upto 40 hours the wages are paid at regular rat...
Q: Problem 10-1 On January 1, 2019 Crampton Company acquired land on which to construct a new distribut...
A: PPE ie. Property, Plant, and equipment is the name changed for assets by IFRS 16. As per this IFRS a...
Q: 20. Below is an internal control associated with some financial statement audit cycle that the audit...
A: Internal controls are the procedures, rules and system which is established by the company to preven...
Q: Dabin Company purchased a P1,000,000 ordinary life insurance policy for its president. The benefi of...
A: Insurance dividend shall be adjusted with premium amount paid to life insurance company.
Q: Additional informátion: Rent, insurance and lighting expenses are to be apportioned between factory,...
A: Manufacturing Account: Information about all the expenses and costs incurred in the preparation of t...
Q: Sheffield Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning De...
A: Right-of-Use Asset: The right-of-use asset is a renter's on the whole correct to utilize a resource ...
Q: Required information [The following information applies to the questions displayed below.] Trey Mons...
A: Under FIFO Method, using perpetual inventory system, value of inventory is calculated at the end of ...
Q: EXPLAIN THE MODE OF PAYMENT IN FOREIGN CONTRACTS.
A: A foreign exchange contract is a legal arrangement in which the parties agree to exchange a defined ...
Q: DS Unlimited has the following transactions during August. August 6 Purchases 78 handheld game ...
A: Periodic Inventory System - Under periodic inventory system cost of goods sold will be calculated at...
Q: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of...
A: The net investment income of the purchase of shares in any company is the share of the purchasing co...
Q: Exercise E Two segments (Mountain Bike and Road Bike) showed the following data nost recent year: Mo...
A: In this question, we have to calculate the return on investment
Q: 30 Which of the following are some of the defining characteristics of total quality management? . O ...
A: total quality management is such management approach that places emphasis on continuous improvement ...
Q: The Board of Directors were worried over the dwindling financial performance and precarious financi...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending Ba 2021. Che...
A: Introduction:- Calculation of Ending accounts receivable as follows under:- Allowance for uncollecti...
Q: The depreciation charges for the year to 31 March 2021 are to be apportioned as follows: Cost of sal...
A: Allocation of Expenses = Expense can be allocated according the decided according the different cost...
Q: What is the amount of budgeted cash payments if purchases are budgeted for $430,000 and the beginnin...
A: The budget is prepared to estimate the requirements for the future period.
Q: During the first two years, the company drove the company truck 57S00 and 62.000 miles, respectively...
A: Activity based Method of Depreciation, also known as a unit of activity depreciation it is the depr...
Q: s it true of false that stock sold for amounts in excess of par value results in a gain reported on ...
A: A company issues its common stock at par value or at an amount more than the par value. The amount i...
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: 12. Which TWO of the following would be regarded as cost objects
A: Cost object is item for which cost is comploed. Following is the cost objects.
Q: What is the correct cash balance for the company? O $7,150. O $7,650. O $7,250. O $5,150.
A: Please see Step 2 for required information.
Q: Mackey Company's plantwide predetermined overhead rate is $25.00 per DLH and its direct labor wage i...
A: Total manufacturing cost will be total of direct material cost, direct labor cost and applied manufa...
Q: Josey Company entered into a contract to acquire a new machine for its factory. The machine, which h...
A: Initial cost of Machine: In calculating the initial cost of an asset, all of the elements that may b...
Q: On January 1, 2021, Demeanor Company purchased bonds with face amount of P5,000,000 to be held as fi...
A: Bond is an investment security which provides a fixed interest income to the bondholders. The intere...
Q: Evaluate three accounting system controls.
A: A set of interconnected accounting operations and controls is referred to as an accounting system. A...
Q: the debt to equity is: debt/equity = long term/ total equity is this true or false
A: Debt Equity Ratio - Debt Equity Ratio shows the comparison of debt company owing with the total equi...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Ashley Linkletter, age 21, expects to graduate next spring with a bachelor's degree in business administration. Ashley's grades are mostly Bs and As, and she has worked part time throughout her college career. Ashley is vice president of the Student Marketing Association on her campus. She would like to work in management or marketing for a medium-to large-size employer. Because she loves the outdoors, Ashley thinks she would prefer a job in the Northwest, perhaps in northern California, Oregon, or Washington. • What would you recommend to Ashley on the importance of career planning regarding clarifying her values and lifestyle trade-offs?Shanice works in finance for a small manufacturing company and is working on next year’s budget. She has been doing research to compare the cost of outsourcing some upcoming jobs versus the cost of purchasing the equipment to keep the jobs in-house. In what step in financial planning is Shanice involved?Alex runs a small farm shop which she set up 2 years ago. She is finding that the shop gets very crowded at times which means that she loses potential customers. She is therefore looking for ways to expand her business. She has come up with two separate options to help her to overcome this problem: Build a small extension to her existing shop OR Invest in new shelving which will allow her to stock the same produce, but more efficiently, freeing up some space She has researched these two options and has worked out the costs that are associated with each. Alex reaches her planned retirement age in 5 years time so plans to sell the business at that point. Assume that all cashflows occur at the end of the year. You can ignore all cashflows that might occur after the end of the 5 year period as Alex plans to retire at this point. Alex uses a discount rate of 15%. £'000 Extension Shelving Now Cash outflow (235.2) (134.4) Year 1 Cash inflow 71.4 42 Year 2 Cash inflow 78.4 56 Year 3 Cash…
- Shanice works in finance for a small manufacturing company and is working on next year’s budget. She has been doing research to compare the cost of outsourcing some upcoming jobs versus the cost of purchasing the equipment to keep the jobs in-house. In what step in financial planning is Shanice involved? Multiple Choice developing financial statements for outside investors forecasting short-term financial needs establishing financial controls and tax policy forecasting long-term financial needsStaci Valek began dabbling in pottery several years ago as a hobby. Her work is quite creative, and it hasbeen so popular with friends and others that she has decided to quit her job with an aerospace company andmanufacture pottery full time. The salary from Staci’s aerospace job is $3,800 per month.Staci will rent a small building near her home to use as a place for manufacturing the pottery. Therent will be $500 per month. She estimates that the cost of clay and glaze will be $2 for each finishedpiece of pottery. She will hire workers to produce the pottery at a labor rate of $8 per pot. To sell herpots, Staci feels that she must advertise heavily in the local area. An advertising agency states that it willhandle all advertising for a fee of $600 per month. Staci’s brother will sell the pots; he will be paid acommission of $4 for each pot sold. Equipment needed to manufacture the pots will be rented at a costof $300 per month.Staci has already paid the legal and filing fees…Maria Gutierrez and Devin Cuncan recently graduated from the same university. After graduation they decided not to seek jobs at established organizations but, rather, to start their own small business hoping they could have more flexibility in their personal lives for a few years. Maria's family has operated Mexican restaurants and taco trucks for the past two generations, and Maria noticed there were no taco truck services in the town where their university was located. To reduce the amount they would need for an initial investment, they decided to start a business operating a taco cart rather than a taco truck, from which they would cook and serve traditional Mexican-style street food. They bought a used taco cart for $17,000. This cost, along with the cost for supplies to get started, a business license, and street vendor license brought their initial expenditures to $23,000. They withdrew $4,000 from personal savings they had accumulated by working part time during college, and…
- Ms. Faye Santos is an accounting major at a Midwestern state university located approximately 60 miles from a major city. Ms. Faye Santos is an accounting major at a Midwestern state university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan areas and visit their homes regularly on the weekends. Faye, an entrepreneur at heart, realizes that few good commuting alternatives are available for students doing weekend travel. She believes that a weekend commuting service could be organized and run profitably from several suburban and downtown shopping mall locations. Faye has gathered the following investment information. Five used vans would cost a total of $75,000 to purchase and would have a three-year useful life with negligible salvage value. Faye plans to use straight-line depreciation. Ten drivers would have to be employed at a total payroll expense of $48,000. 3. Other annual out-of-pocket expenses…Sky is the owner of a small business called Sky's Skateboards. Sky, who grew up in a circle of avid boarders, started the business last year, initially adding cool designs to her siblings' and friends' skateboards. After a year of painting skateboards, Sky realized that her add-on design business was slowing down, but there was unmet local demand for custom designed skateboards. Many people had seen her designs and shown up at her doorstep looking for new skateboards for themselves, their kids, or their significant other. Over the holiday season, Sky had done some research and found she could order quality skateboards in basic colours (black, white, blue, etc) for $50 each. She expects to sell boards for $100 each after designing them. If a customer wants to request a specific design, she will charge a premium and sell the skateboard for $125. For the past year, Sky has customized used skateboards for $30 each (the average job took $5 in materials and an hour of her time).…Sky is the owner of a small business called Sky’s Skateboards. Sky, who grew up in a circle of avid boarders, started the business last year, initially adding cool designs to her siblings’ and friends’ skateboards. After a year of painting skateboards, Sky realized that her add-on design business was slowing down, but there was unmet local demand for custom designed skateboards. Many people had seen her designs and shown up at her doorstep looking for new skateboards for themselves, their kids, or their significant other. Over the holiday season, Sky had done some research and found she could order quality skateboards in basic colours (black, white, blue, etc) for $50 each. She expects to sell boards for $100 each after designing them. If a customer wants to request a specific design, she will charge a premium and sell the skateboard for $125.For the past year, Sky has customized used skateboards for $30 each (the average job took $5 in materials and an hour of her time). Initially,…
- After finishing Bachelor of Commerce, Miss Emma completed her Master of Computer Sciences(MCS) and started her career as a network engineer in XYZ Limited, Melbourne. She worked forsix months in XYZ Limited. Unfortunately, she was fired from the firm last year. Due to thecompetitive market conditions, she could not find any position as a network engineer.In 2018, she moved to Brisbane in search of a job. She was desperately working for the job whenone of her roommates informed her about a vacant position for the post of account payable clerkin the ABC Limited. Miss Emma was successful in her interview, and she joined the ABC Limited as Page 8 of 9an account payable clerk. However, she did not disclose her technology background. Early on,Miss Emma established a reputation as a hard-working, enthusiastic, and reliable employee. Sheoften works late and is dedicated to doing an excellent job. Her late-night presence in thecompany became a common occurrence that was at first appreciated by…Mary Helu and Jason Haynes recently graduated from the same university. After graduation they decided not to seek jobs at established organizations but, rather, to start their own small business hoping they could have more flexibility in their personal lives for a few years. Mary's family has operated Mexican restaurants and taco-trucks for the past two generations, and Mary noticed there were no taco-truck services in the town where their university was located. To reduce the amount they would need for an initial investment, they decided to start a business operating a taco-cart rather than a taco-truck, from which they would cook and serve traditional Mexican-styled street food. They bought a used taco-cart for $18,000. This cost, along with the cost for supplies to get started, a business license, and street vendor license brought their initial expenditures to $22,000. They took $5,000 from personal savings they had accumulated by working part time during college, and they borrowed…For Sarah, one of the most exciting aspects of landing a full-time job was being able to buy a different car! Even though she will be working in an urban area, she will need a reliable vehicle to travel to client locations outside the city. Sarah is trying to decide if she should buy a new vehicle or a slightly used vehicle, or lease a new(er) vehicle. She has had her eye on a dazzling blue SUV; it stares at her every time she drives by the lot. But she's not sure if she can justify its cost. Here are the costs and benefits she has gathered for each of these options: Monthly payment Time frame Warranty Full coverage insurance Operating cost Expected mileage per year Safety features $520 6 years Excellent for 100,000 miles $195 per month $0.20 per mile 13,500 Buy New Maximum * Your answer is incorrect. Total average monthly cost $ Buy New $320 940 4 years Excellent for next 40,000 miles only $150 per month $0.20 per mile 13.500 Moderate Buy Used Identify the relevant costs associated…