Answer:
Dr Profit and loss account $454,000
Cr Retained earnings $454,000
Explanation:
Preparation of the Journal entry to close net income for Riverbed Corporation
Based on the information given we were told that the Corporation reports net income of the amount of $454,000 on December 31 this means the Journal entry to close the account will be recorded as:
Dr Profit and loss account $454,000
Cr Retained earnings $454,000
If you are rich, you own the means to make more money. Your son will then take over from you, and the class structure will remain intact. Likewise, if you are poor, you can only afford to work in a factory, you cannot pay for a good education for your child, they'll end up working in a factory to survive. The class structure remains the same, each generation of rich people will exploit every generation of poor people. That was also why Marx thought the workers must unite and take control of the means of production, so that they would not be exploited.
Answer: c. The new system contained assumptions that did not consider critical factors such as changes in time zones, travel time across hemispheres, and pilot flying hours
Explanation:
Upon review of the effectiveness of a strategic business decision using evidence-based analytics, business leaders may reverse course.
The factor that led to the reversal of the new scheduling system is that the new system contained assumptions that did not consider critical factors such as changes in time zones, travel time across hemispheres, and pilot flying hours.
Answer:
c. update the static planning budget to reflect the actual level of activity for the period
Explanation:
A flexible budget is a financial plan of expenses and revenues based on the actual level of output. A flexible budget adapts to changes in prices and company needs. Because the budget varies with the market condition, it is called a variable cost.
Due to their variable nature, flexible budgets are used to update the static estimates at the end of a period. The company compares the actual result in the flexible budget with that of a static budget. The management uses a flexible budget to evaluate the business performance for the period. Specific areas of success and failures are highlighted. Decisions on areas that need improvement can then be made.
Answer:
Debit Cost of Goods Sold and credit Merchandise Inventory for $500.
Explanation:
When there is comparism between merchandise inventory and physical count, the difference noticed is accounted to shrinkage. It could be due to damage, clerical error, or goods being lost or stolen.
This affects the profitability of the business especially when shrinkage is large. Retailers tend to increase price of goods to make up for shrinkage losses.
The entry to record shrinkage is the debit cost of goods sold and credit merchandise inventory.
