To calculate the Cash Gap, we need to use the following formula:
Cash Gap = Days of Inventory Outstanding + Days of Sales Outstanding - Days of Payables Outstanding
Days of Inventory Outstanding can be calculated as follows:
Days of Inventory Outstanding = (Ending Inventory / Cost of Goods Sold) * 365
Days of Inventory Outstanding = (18000 / 70000) * 365
Days of Inventory Outstanding = 94.29 days
Days of Sales Outstanding can be calculated as follows:
Days of Sales Outstanding = (Accounts Receivable / Net Sales Revenue) * 365
Days of Sales Outstanding = (6500 / 120000) * 365
Days of Sales Outstanding = 19.96 days
Days of Payables Outstanding are given as 40 days.
Therefore, the Cash Gap can be calculated as:
Cash Gap = 94.29 + 19.96 - 40
Cash Gap = 74.25 days
1. Since the Cash Gap is positive, it means that the company needs a source of finance to cover its operating cycle. The company needs facilities to cover 74.25 days.
2. The company can cover the Gap by obtaining a short-term loan or a line of credit from a bank or other financial institution. The company can also negotiate better payment terms with its suppliers or encourage customers to pay more quickly.
3. The point of strength in the company operating cycle is its low Days of Sales Outstanding, which means that it collects payments from customers quickly. The point of weakness is its high Days of Inventory Outstanding, which means that it holds inventory for a relatively long time before selling it. The high Cash Gap also indicates that the company may face cash flow problems if it does not manage its working capital effectively.
The following company has the following data
1- Income ststement
Net sales Revenu=120000
Cost of goods sold=70000
2-Balance sheet
Beginning Inventory =25000
Ending Inventory =18000
Account Receivable= 6500
Account Payable =10500
Question:
calculate the Cash Gap and illustrate:
1) If the suppliers need to be paid after 40 days, is the company need a source of finance? If yes, the facilities needed to cover how many days?
2) How the company can cover the Gap?
3) What is the point of strength and weakness in the company operating cycle?
Answer:
The cash gap is the time interval between the date when a company pays cash to its suppliers for inventory and the date it receives cash from its customers. It can be calculated as Days Sales Outstanding (DSO) + Days Inventory Outstanding (DIO) - Days Payable Outstanding (DPO).
Based on the information you provided, we can calculate DIO and DPO but not DSO since we don't have information about the company's average accounts receivable.
DIO = ((Beginning Inventory + Ending Inventory) / 2) / (Cost of Goods Sold / 365)
DIO = ((25000 + 18000) / 2) / (70000 / 365)
DIO ≈ 105.36 days
DPO = (Accounts Payable / Cost of Goods Sold) * 365
DPO = (10500 / 70000) * 365
DPO ≈ 54.64 days
Without knowing DSO, we cannot accurately calculate the cash gap or determine if the company needs a source of finance.To cover the cash gap, a company can speed up collections from customers, negotiate longer payment terms with suppliers or use short-term financing such as a line of credit.As for strengths and weaknesses in the company's operating cycle, it's difficult to determine without more information about industry standards and other factors that may affect their operations.Based on the stage that you are in your career, prepare a chronological or functional resume for a position in your dream company. You need to create your resume in any 1 format chronological OR functional, properly justifying your choice.
A chronological resume presents your professional experience in reverse chronological order. To put it another way, the position you had most recently is mentioned first on your CV. Just below that is where you were previously, and so forth.
In a chronological resume, are professional experiences listed in reverse chronological order the major emphasis?Reverse chronological resumes, often known as chronological resumes, are the most common format. The chronological resume concentrates and accentuates your professional experiences and accomplishments in chronological order, making it highly advised for those with lengthy employment histories.
What does the reverse chronological order on a resume mean?The reverse chronological resume format is the most popular and well-known. Your relevant employment history is presented in this format in reverse chronological order, beginning with the most recent position you had and working your way backwards.
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PLEASE HELP DUE AT 11:59
The following data have been gathered for Syncronics, Inc.:
a. The July 31 bank balance was $4,000,
b. The bank statement included $65 in service charges.
c. There was an EFT deposit of $900 on the bank statement for the monthly rent from
the tenant.
d. Checks #541 and #543 for $205 and $320, respectively, were not among the canceled
checks returned with the statement, therefore the checks are outstanding.
e. The July 31 deposit of $350 did not appear on the bank statement
f. The bookkeeper had erroneously recorded a $50 check as $500. The check was
written to a vendor to pay- off an accounts payable.
g. Included with the canceled checks was a check written by Syncronize
Corporation for $200 which was deducted from Syncronics' account. .
h. The bank statement also included an NSF check written by Multimedia, Inc for a $460
payment on accounts receivable
i. The cash account showed a balance of $3,200 on July 31.
REQUIRED:
1. Prepare the July 31 bank reconciliation for Syncronics Inc.
2. Adjust the Cash Balance (using Journal Entries, T accounts, or the Accounting Equation).
Explanation:
July 31 Bank Reconciliation for Syncronics Inc.
Balance per bank statement:
Beginning balance: $4,000
Service charges: -$65
EFT deposit: +$900
Outstanding checks: -$525 (check #541 for $205, check #543 for $320)
NSF check: -$460
Adjusted balance per bank statement: $3,750 ($4,000 - $65 + $900 - $525 - $460)
Balance per company's records:
Beginning balance: $3,200
Deposit in transit: +$350
Erroneously recorded check: -$450 ($500 - $50)
Deducted check: -$200
Adjusted balance per company's records: $2,900 ($3,200 + $350 - $450 - $200)
Adjusted Cash Balance:
To adjust the cash balance on Syncronics' books to the reconciled balance of $3,750, the following journal entry can be made:
Debit: Cash (increase) $850 ($3,750 - $2,900)
Credit: Accounts Receivable (decrease) $850
Alternatively, the T-account for Cash can be adjusted:
Beginning balance: $3,200
Add: Deposit in transit $350
Less: Erroneously recorded check -$500
Less: Deducted check -$200
Adjusted balance: $2,850
Then, the adjusting entry would be:
Debit: Cash (increase) $900 ($3,750 - $2,850)
Credit: Accounts Receivable (decrease) $900
Garden Pro Corporation has sales of $4,951,983; income tax of $482,096; the selling, general and administrative expenses of $201,163; depreciation of $307,857; cost of goods sold of $2,779,882; and interest expense of $170,946. Calculate the firm’s net income?
$1,010,039 will be the firm’s net income at sales of $4,951,983 and income tax of $482,096.
To calculate the net income of Garden Pro Corporation, we need to subtract all expenses from the total sales revenue:
Net Income = Sales Revenue - Cost of Goods Sold - Selling, General and Administrative Expenses - Depreciation - Interest Expense - Income Tax Expense
Substituting the values given in the question:
Net Income = $4,951,983 - $2,779,882 - $201,163 - $307,857 - $170,946 - $482,096
Net Income = $1,010,039
Income tax is a tax levied on the income of individuals and businesses by the government. The tax is calculated as a percentage of the income earned and is used to fund government programs and services. Income tax rates and rules vary across countries, and taxpayers are required to file tax returns annually.
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Saxon Shoes is a large independent shoe store. In the men's department, the store offers three different brands of slip-on tassel loafers for men: Bass, priced at $75; Rockport, priced at $125: and Allen Edmonds, priced at $250. In terms of product quality, which of the following is an accurate statement? A. The Bass shoes have the lowest quality B. The Allen-Edmonds shoes have the highest quality
C. The Rockport shoes have mid-level quality D. The quality of the three brands depends on the degree to which they meet the needs of the consumers in the target market. E. All of these alternatives are correct. pricing objective
In terms of product quality, it is not possible to accurately determine which of the three brands has the highest or lowest quality based solely on their price points.
While it is possible that the Allen Edmonds shoes, priced at $250, may have a higher level of quality than the Bass shoes, priced at $75, it is also possible that the difference in price may be due to other factors such as brand reputation or materials used. Similarly, the Rockport shoes may have mid-level quality, but this cannot be determined solely based on their price. Ultimately, the quality of the shoes will depend on a variety of factors, including materials, craftsmanship, and design, and how well they meet the needs of the target market. Therefore, option D, "The quality of the three brands depends on the degree to which they meet the needs of the consumers in the target market," is the accurate statement.
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the role of the public address announcer is most likely to include which of the following? A. introducing the team for the crowd in the stadium.
B. Broadcasting the game over the radio for the public at large.
C. Doing a postgame interview for the local tv stations.
D. Serving as the color commentator during a tv show.
Answer:
A. introducing the team for the crowd in the stadium.
Explanation:
The public address announcer's primary responsibility is to provide announcements and information to the spectators in the stadium or arena. This includes introducing players, coaches, and officials before and during games, making announcements about game events such as goals, fouls, or penalties, and providing general information about the game to the crowd.
Option B, broadcasting the game over the radio for the public at large, is typically done by a play-by-play announcer or a radio broadcaster. Option C, doing a postgame interview for the local TV stations, is typically done by a sideline reporter or a sports journalist. Option D, serving as the color commentator during a TV show, is typically done by a former player, coach, or sports analyst.
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Justin is representing the seller in a transaction. Which of the following tasks is he permitted to perform for the unrepresented buyer as a non-agent?
As a non-agent, Justin cannot perform tasks that would require him to act in the best interests of the unrepresented buyer, as that would constitute agency representation.
However, he can provide general information about the property and answer factual questions about its features or condition. He can also provide standard forms, such as purchase agreements or disclosures, that are required by law or commonly used in the transaction process. However, he cannot provide advice or negotiate on behalf of the unrepresented buyer. Any communication with the unrepresented buyer should make it clear that Justin represents the seller and is not acting as an agent for the buyer. Additionally, he should advise the buyer to seek their own representation if they have any questions or concerns.
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Under the CAL-VET program, during the period that the veteran is living in the home and making payments, the veteran is party to a land contract. has full legal title. is a tenant in a leasehold estate. has no equitable interest in the property.
Under the CAL-VET program, during the period that the veteran is living in the home and making payments ,has full legal title.
What kind of agreement is a veteran given when making a Cal Vet purchase?A loan arrangement known as a participation contract is signed by the veteran and Calve and is governed by a separate legal system from mortgage law.
The Cal Vet program is what?Calve sets the national standard for connecting veterans and their families with the rights and benefits they have earned through their military service as well as providing innovative leadership in veteran advocacy and veteran services in California.
Cal Vet is available to veterans.To be eligible, the following prerequisites must be satisfied: Every veteran who served actively for at least 90 days, during a time of war or peace (but not exclusively on active duty for training purposes), is eligible. To be eligible, service must be rendered in morally upright circumstances. There are no requirements for living there. The veteran has full legal title to the property while participating in the CAL-VET program and making payments on it.
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Your company has just predicted that the organization will need more user experience (UX) designers to build its new line of products. You've been
tasked with human resource planning. What is your next step?
I have been given the task of planning human resources, particularly for the position of user-experience (UX) designers. Forecasting the external supply of UX designers is the next step.
What exactly is ERP (enterprise resource planning)?ERP is, at its core, an application that automates business processes, provides insights, and provides internal controls by collecting inputs from departments like accounting, manufacturing, supply chain management, sales, marketing, and human resources (HR). However, when the information required to carry out procedures and make crucial decisions is dispersed across a number of different systems, this becomes difficult. Representatives often have trouble finding the information they require and may require access to it entirely, regardless of whether the data is stored in important business executives' programming or calculation sheets. For instance, the accounting and FP&A teams might use distinct expense tracking spreadsheets.
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In order for communication to be effective in the workplace, managers need to solicit comments and criticism from employees regarding their communication messages. This input from employees is referred to as ______.
Write a formula to return the first three characters in the last three characters in cell J one and excel
Use the Excel formula =LEFT(J1,3)&RIGHT to retrieve the first three characters and the final three characters from cell J1.(J1,3)
What Excel formula delivers characters in a cell that come after a certain character?The delimiter, which can be any character or substring, is returned by the Excel TEXTAFTER function. You can select the target occurrence if the delimiter occurs more than once.
What formula yields the character count?Enter =LEN(cell) in the formula bar and hit Enter on your keyboard to invoke the function. Multiple cells: Enter the formula in the first cell and then drag the fill handle down (or across) the range of cells to apply it to further cells.
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A competent party who unknowingly enters into a contract with a minor may void the contract. true false
Answer:
False.
Explanation:
A contract entered into by a minor is generally voidable at the option of the minor, but not at the option of the competent party. The competent party is bound by the terms of the contract unless it can be shown that the minor lacked capacity to enter into the contract, such as in cases where the minor was mentally incompetent or under the influence of drugs or alcohol at the time of entering into the contract.
63 On January 1, a company had the following equity account balances: Retained earnings $200 Paid-in capital $150 The following information was true about the company during the year: • Shareholders invested an additional $70 cash in the business. • The company's net loss for the year was $100. • Dividends for the year were $20. It is unusual, but not impossible, for a company to pay dividends even in a year in which it reports a net loss instead of net income. What is the company's retained earnings at the end of the year?
At the end of the year, the company's retained earnings would be $80.
What is Retained Earning?The term "retained earnings" refers to the portion of a company's profits that is retained rather than distributed to shareholders as dividends. It represents a company's accumulated profits that have not been distributed as dividends. Retained earnings can be put to use for a variety of things, such as reinvesting in the company, paying off debt, buying back shares, or providing the business with a cushion during difficult economic times.
The computation for the organization's held income toward the year's end would be:
Dividends = $20 Retained Earnings = $200 - $100 - $20 = $80 Beginning Retained Earnings = $200 Net Income/Loss = -$100 (since the company had a net loss of $100) Dividends = $20
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The three elements of loan in credit rating that can be offered to the customer by the credit
dept. are ....
Explanation:
Students classify those characteristics based on the three C's of credit (capacity, character, and collateral), assess the riskiness of lending to that individual based on these character- istics, and then decide whether or not to approve or deny the loan request.
hopefully this helps! :)
The e-commerce order fulfillment strategy that requires retail stores to collect the item and deliver it to the customer is called
Answer:
Buy online ship from store (BOSS)
Intel recently approached many customers and individuals chosen at random to participate in making its ads. People were asked to sing the Intel jingle in their own unique style. Those interested could also create their ads personally and post them on the Intel website, some of which were also aired on television. In this scenario, Intel used:
In this scenario, Intel used user-generated advertising as it chose customers to participate in making its ads.
User-generated content (UGC) is a term used in marketing to describe information produced by someone who isn't your company's official spokesperson. It might be a podcast, video, update on social media, etc. User-generated content is that which features your brand but was produced by third parties other than your employees or affiliates.
Any text, image, or video produced by real customers rather than by a brand is considered user-generated content. Even without interaction from the brand directly, UGC can take many different forms, from product reviews on your website to posts on social networking networks.
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During which waterfall phase does the project manager bring the full team on board and orient them to the project and expectations?
Answer:
The Waterfall methodology is a sequential project management approach, where stakeholder and customer requirements are gathered at the beginning of the project, and then a sequential project plan is created to accommodate those requirements. Each phase of the project cascades into the next, following steadily downward like a waterfall.
However, I couldn’t find specific information about when exactly during the Waterfall phases the project manager brings the full team on board and orients them to the project and expectations. It may vary depending on the specific project and team.
Communication can take the form of: Effective, verbal, non-verbal, electronic Spoken/verbal, non-verbal, written, visuals Spoken/verbal, non-verbal, electronic, written Effective, ineffective, verbal, written
Spoken/verbal, non-verbal, written, and pictures are the proper responses. The four main categories of communication are spoken/verbal, non-verbal, written, and images. Communication can take many other forms.
Which form of communication verbal or nonverbal is more effective?When compared to verbal communication, nonverbal communication is frequently more nuanced, more powerful, and more effective at conveying meaning.
What verbal communication technique is most effective?Effective verbal communication combines clarity, relevance, tact in word choice and tone, succinctness, and information. Presentations or conversations that include these elements typically produce positive results.
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Explain briefly the difference between traditional and enlightened management
intelligent management Enlightened managers in our world are those who are sensitive to both their employers and staff. They are conscious of the outside environment and how it affects the company.
What does "enlightened" mean in practice?Being advanced and having acquired necessary information or knowledge, particularly spiritual knowledge, is referred to as enlightenment. Enlightenment can be exemplified through learning more about a certain field of study or religion.
What does the word "enlightened" actually mean?demonstrating comprehension, being constructive, and not adhering to erroneous or outdated ideas The school has a progressive policy that involves teaching boys how to cook. She has considerably more progressive ideas on schooling now.
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Assume that you are writing about green hotels and eco-friendly meetings. You have access to the following word-for-word passages from two sources. These passages will be the basis of the exercises.
Stewart, J. (2012). The greening of hotels. New York: Williams-Anderson Group.
Most hotel executives have recognized that the demand for greener hotels has reached a tipping point. They expect a quickly accelerating demand for greening in all dimensions of hotels: energy usage, carbon emission, impact on local environments, and water consumption. As one executive told me, "The current operations model simply won't work any longer. We've got to adapt to shifting demands, and do it within three to five years. Or, we're toast." (from page 14)
Mendez, E. (2011). Marketing eco-friendly meetings. San Francisco: Finch & Sons Publishing.
Our research shows that 20 percent of conference attendees expect eco-friendly meetings. But, that doesn't tell the story, and any convention center, hotel, or other conference host that thinks the demand for green conferences will not become a significant share of the market is delusional. From our research, here are the statistics that matter most: 75 percent of conference planners say their employers demand more eco-friendly meetings to reach CSR initiatives, and 60 percent of conference planners now believe eco-friendly conferences cost less. (from page 3)
Research shows that just 20 percent of conference attendees expect eco-friendly meetings.
A. Plagiarized: not paraphrasing sufficiently
B. plagiarized; not correctly acknowledging direct quotations
C. plagiarized; not acknowledging the source of ideas
D. plagiarized; not correctly acknowledging the source of ideas
E. Not plagiarized
E. Not plagiarized the words and structure used in research shows that 20 percent of conference attendees expect eco-friendly meetings are general factual statement are different from those in the original source. Furthermore, it is well known and does not need for attribution to a particular source so it has no plagiarism
Plagiarism is the act of misrepresenting the thoughts, creations, or words of another person as your own without properly crediting or citing the source. Since it is a form of intellectual theft, it is regarded as unethical and dishonest in both educational and professional settings. Plagiarism includes a variety of actions, such as copying and pasting, paraphrasing without the necessary citation, using someone else's ideas without giving them credit, and submitting someone else's work as your own. The proper reference styles must be utilized, and you must always provide fair acknowledgment to the sources you used, in order to avoid plagiarism.
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Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency? (More than one answer is correct.)
a. The output of the monopolist will be too large and the price too high, compared to ideal market efficiency.
b. The output of the monopolist will be too small and the price too low, compared to ideal market efficiency.
c. The output of the monopolist will be too small and the price too high, compared to ideal market efficiency.
d. The monopolist’s price will be too high, but the impact of monopoly on the output is indeterminate.
e. The unregulated monopolist will be in a position to charge a price greater than its ATC of production in the long-run.
c. The output of the monopolist will be too small and the price too high, compared to ideal market efficiency.
e. The unregulated monopolist will be in a position to charge a price greater than its ATC of production in the long run.
Assuming that firms maximize profits, the output of the monopolist will be too small and the price too high, compared to ideal market efficiency, and the unregulated monopolist will be in a position to charge a price greater than its ATC of production in the long run. What is a monopoly? A monopoly refers to a market situation in which there is just one seller, and the seller is therefore a price-maker. In a monopoly, entry is restricted, and the seller can control the price and quality of the commodity, for example. It can charge high rates and supply a small quantity of the commodity, resulting in a reduction in social welfare. Therefore, a monopoly is not an ideal market efficiency in any way. It is inefficient and tends to have higher prices and lower output than a perfectly competitive market. In the case of a monopolist, since it has no rivals, it can restrict output and increase prices. It can also use its market power to restrict the entry of new firms.
A monopolist has an incentive to restrict output because, as the sole supplier, they can charge a higher price than a competitive market. The price, however, will be higher than what would have been charged in a competitive market. Therefore, the output of the monopolist will be too small, and the price will be too high, compared to ideal market efficiency. Therefore, option C is the correct answer, and the answer e is also correct because the unregulated monopolist will be in a position to charge a price greater than its ATC of production in the long run.
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Suppose that Mimi plays golf 5 times per month when the price is $60 and 4 times per month when the price is $50. What is the price elasticity of Mimi’s demand curve?
Answer:
1.0
Explanation:
A great way to ontain hands-on training in a real work environment is to complete a(n)
Answer:
It's c, apprenticenship
Last year Easton Corporation reported sales of $780,000, a contribution margin ratio of 40% and a net loss of $30,000. Based on this information, the break-even point was:
a. $705,000
b. $930,000
c. $810,000
d. $855,000
The break-even point for Easton Corporation was $855,000 (option d) is the correct answer.
Based on the information provided, the break-even point for Easton Corporation, we will first find the fixed costs and then use the contribution margin ratio to find the break-even point in sales.
Step 1: fixed costs.
We know that:
- Sales = $780,000
- Contribution Margin Ratio = 40%
- Net Loss = $30,000
Contribution Margin = Sales * Contribution Margin Ratio
Contribution Margin = $780,000 * 40% = $312,000
Now, we can find the fixed costs:
Fixed Costs = Contribution Margin - Net Loss
Fixed Costs = $312,000 - (-$30,000) = $342,000
Step 2: break-even point in sales.
Break-even point in sales = Fixed Costs / Contribution Margin Ratio
Break-even point in sales = $342,000 / 40%
Break-even point in sales = $855,000
Therefore, the break-even point for Easton Corporation was $855,000 (option d).
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In order to show a commercial on South Korean television, a company like Gillette
must film the commercial using South Korean actors. What political consideration is
most likely responsible for this legal requirement?
Center around keeping up with portion of the overall industry and spend proportionately less on promoting on the grounds extra consumptions . Government regulations govern taxation.
How is business affected by the political climate?The majority of political factors originate in governments, and businesses have virtually no control over anything. A company's ability to serve and retain customers while also making a profit is primarily affected by political factors. Businesses are affected by taxation, employment regulations, and political stability. By influencing how businesses operate, they can have a positive or negative effect on a company. The introduction of risk is one of the negative effects. A company may suffer significant losses as a result of risk factors that can have a significant impact on its profits. War and demonstrations are two common risk factors.
There are a variety of reasons why some businesses pay lower taxes than others. Businesses are subject to a variety of taxes, including employee and employer-paid employment taxes. FICA taxes, for example, pay for Social Security and medical care for employees and employers. State income taxes and dividend taxes are two additional taxes.
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what are Perpose of induction
The purpose of induction in business is to provide new employees with the necessary information, training, and support to help them integrate into the company culture and perform their job responsibilities effectively.
What is an Induction program?Induction programs typically include an overview of the company's mission, values, and policies, as well as training on job-specific skills and procedures.
Induction helps to ensure that new employees feel welcome and supported, understand their roles and responsibilities, and have the resources they need to succeed.
A successful induction program can help to reduce turnover, improve job satisfaction, and increase productivity.
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Discuss the causes of monopoly
Explanation:
Monopoly is a market structure characterized by the existence of a single supplier or producer in a market, with no close substitutes for its product. Monopolies can arise due to various reasons, including:
Barriers to entry: Monopolies can emerge due to barriers to entry that prevent other firms from entering the market and competing with the existing firm. Barriers to entry may include economies of scale, high start-up costs, exclusive patents or licenses, control over scarce resources, and legal or regulatory restrictions.
Control over essential resources: A firm may hold a monopoly if it controls an essential resource, such as a rare mineral, that is required to produce a specific product. If the resource is scarce and there are no substitutes, the firm can charge a premium price and maintain a monopoly.
Mergers and acquisitions: Large firms may acquire smaller firms or merge with their competitors to create a monopoly. This allows the dominant firm to increase its market share and reduce competition.
Government regulation: Government regulations can create monopolies in certain industries. For example, the government may grant exclusive licenses to certain companies to operate in specific industries or regions.
Network effects: Some industries, such as social media, benefit from network effects, where the value of the service increases as the number of users grows. This can lead to a dominant firm with a large user base and create a natural monopoly.
Predatory pricing: A firm may engage in predatory pricing, where it sets its prices below its costs to drive out competitors and gain market share. Once it has eliminated competition, the firm can raise its prices and maintain a monopoly
On 1 July 2020 Tom bought a machine for P15, 500. He depreciates machinery at a rate of 20% per annum on the reducing balance basis. A full year’s depreciation is charged in the year an asset is purchased. His year end is 31 October. Required: a. Calculate the depreciation charge on the machine for the year to 31 October 2022. (6 marks) b. Identify three reasons why an asset may be depreciated. (3 marks)
The depreciation charge on the machine for the year to 31 October 2022 will be P4,464.
What is the depreciation charge on the machine?As the machine was purchased on 1 July 2020 and Tom's year-end is 31 October, the machine has been in use for two full years (from 1 July 2020 to 30 June 2021 and from 1 July 2021 to 31 October 2022).
As full year's depreciation is charged in the year of purchase, the initial depreciation charge would be 20% of P15,500 which will give us P3,100.
For the first year ending 31 October 2021. The remaining value of the machine is:
= P15,500 - P3,100
= P12,400.
Therefore, the depreciation charge for the first year is 20% of P12,400, which is P2,480.
For the second year ending 31 October 2022, the remaining value of the machine is:
= P12,400 - P2,480
= P9,920.
Therefore, the depreciation charge for the second year is 20% of P9,920, which is P1,984.
The total depreciation charge for the machine for the year to 31 October 2022 is:
= P2,480 + P1,984
= P4,464.
What are reasons why an asset may be depreciated?To reflect the decrease in an asset's value over time due to wear and tear, obsolescence, or other factors.To spread the cost of an asset over its useful life, rather than expensing the full cost in the year of purchase.To comply with accounting standards and principles, which require companies to accurately reflect the value of their assets in their financial statements.Read more about depreciation
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Select from the option list provided the best description for each person/department. A choice may be used once, more than once, or not at all. Person/department Description 1. Receiving Department 2. General Ledger 3. Cash Disbursements 4. Accounts Payable 5. Purchasing Agent 6. Inventory Control 7. Inventory Warehouse Select an option below - Provides authorization for the purchase of goods and performs an accountability function.
- Issues purchase orders for required goods. - Prepares customer invoices based on goods shipped. - Provides physical control over the goods. - Assembles the proper documentation to support a payment Select an option below - Assembles the proper documentation to support a payment voucher (and disbursement) and records the account payable.
- Evaluates the documentation to support a payment voucher and signs and mails the check. - Prepares shipping documents and sends products based on authorized service orders.
- Accepts goods for approved purchases, counts and inspects the
Select an option below - Evaluates the documentation to support a payment voucher nu signs and mails the check. - Prepares shipping documents and sends products based on authorized service orders.
- Accepts goods for approved purchases, counts and inspects the goods, and prepares the receiving report.
- Maintains the accounts payable control account and other related general ledger accounts.
Responsibilities of personnel and departments in the purchases-payables-cash disbursements cycle includes various responsibilities.
Receiving department accepts goods for approved purchases, counts and inspects the goods, and prepares the receiving report.
General Ledger maintains the accounts payable control account and other related general ledger accounts.
Cash Disbursements evaluates the documentation to support a payment voucher and signs and mails the check.
Accounts Payable (vouchers payable) assembles the proper documentation to support a payment voucher (and disbursement) and records the account payable.
Purchasing Agent issues purchase orders for required goods.
Inventory Control provides authorization for the purchase of goods and performs an accountability function (e.g., Inventory Control is responsible for maintaining perpetual records for inventory quantities and costs).
Inventory Warehouse provides physical control over the goods.
The tasks of creating, interpreting, and reviewing personnel policies, practices, and programs, such as safety programs, employee benefits, job evaluation, training or development, and communication, must be coordinated by the personnel department.
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A guest arriving at a restaurant bows to the host instead of extending a hand. This is an example of how cultural customs and taboos can affect
A.a sense of humor
B.dietary preferences
C.greetings between people
D.preferences for amenities
This is an illustration of how 's sense of humor can be impacted by cultural taboos and norms. dietary inclinations.
Who defines culture?Language, values, conventions, behaviors, and even material possessions are all considered to be part of a culture. Culture is universal; while its specifics may vary from group to group, all civilizations create standardized, taught ways of understanding and engaging with their environment. A moral imperative that establishes what we believe to be good and wrong and implicit instructions that teach us what we should do are both provided by culture. Material culture and nonmaterial culture are two subcategories of culture. The tools and technology created by members of society are referred to as material culture.and employ. This encompasses all creations manufactured by humans, such as works of art, structures, tools, jewelry, clothing, and hairstyles. The methods of thinking (beliefs, values, and other worldviews) and behavioral patterns of a group are included in nonmaterial culture (language, gestures, and other forms of social interaction).
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