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1 year ago

The following transactions were selected from among those completed by Hailey Retailers in the current year:

Business

1 answer:

natali 33 [55]1 year ago

6 0

The appropriate journal entry for each of these transactions,

Date Journal entry Debit credit

Nov 20 Cash a/c 441

credit card discount 9

To sales revenue 450

Nov 25 Accounts receivable 2800

To sales receivable 2800

Nov 28 Accounts receivable 7200

To sales receivable 7200

Nov 30 Sales return 600

To account for receivable 600

Dec 06 Cash 6468

sales discount 132

To accounts receivable 6600

Dec 30 Cash 2800

To accounts receivable 2800

Net sales:450+2800+7200-600-132

= 9718

Examples of transactions are as follows: Paying a provider for offerings rendered or goods introduced. Paying a vendor with cash and a note so one can obtain ownership of assets formerly owned by the seller. Paying an employee for hours worked.

A transaction is a finished settlement between a client and a seller to exchange items, offerings, or monetary property in going back for cash. The term is also commonly utilized in company accounting. In business bookkeeping, this simple definition can get complex.

A cash transaction is the immediate charge of coins for the acquisition of an asset. some market stock transactions are considered cash transactions although the exchange might not settle for some days. A futures agreement isn't always considered a cash transaction.

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Greiner, Inc., a calendar year S Corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a

Likurg_2 [28]

Answer:

The long term capital gain= $30000-$25000

The long term capital gain= $5000

The basis in stock will be zero after the distribution.

Explanation:

Step 1 of 3

Tax treatment of amount distributed to shareholders:

The amount received as distribution to a shareholder under S Corporation is equal to the cash and fair market value of property distributed. The distribution is considered as tax-free to the limit that it does not exceed shareholder’s basis in the company’s stock. Any amount received in excess of basis will be treated as capital gain.

Step 2 of 3

However, taxation depends whether S Corporation has ever been a C Company or it posses’ accumulated earnings and profits. If it was never a C Corporation or doesn’t holds AEP then distribution equals to basis of share in S Corporation is a tax free gain for shareholder. Gain over and above basis is taxed as capital gains.

Step 3 of 3

In the given problem, C is a shareholder in S Corporation. He receives $30,000 as cash distribution. His basis in stock is $25,000. The distribution up to basis of stock is tax free distribution and above that is charged to capital gains. It is as follows-

Thus, capital gain of is taxable in hands of C. His basis in S Corporation will reduced to zero as entire distribution is over and above basis of his stock.

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2 years ago

The mandala of jnanadakini shows what kind of balance?

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Answer:

radial

Explanation:

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1 year ago

Your industrial supply company wants to create a data warehouse where management can obtain a single corporate-wide view of crit

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Answer:

Industrial supply company scenario:

The company wants to create a data warehouse where management can obtain a single corporate-wide view of critical sales information to identify best-selling products in specific geographic areas, key customers, and sales trends.
The sales and product information are stored in both a divisional sales system running on a Unix server and a corporate sales system running on an IBM mainframe.
The desire is to create a single standard format that consolidates these data from both systems.

Business problems:

A business problem that can arise from not having these data in a single standard format is that employees will see the data as inconsistent.
It is difficult to make business decisions if the data is unreliable, inaccurate, or redundant.
The product descriptions are formatted differently so managers and employees might get confused when it is entered into the system.
Also, the system identifies the sales by territory in the United States so it would be impossible to identify the sales or even around the world.
The corporate sales system also lacks a way to identify the identification of the customer.
Both sales system should be consistent with the information in order to prevent redundancies or inaccuracies.

How easy it would be to create a database with a single standard format:

Creating a database with a single standard format would ideally be easy.
Data quality audits and data cleansing should be performed when constructing the new database.
Data quality audits and data cleansing would correct any redundancies and inaccuracies in the current systems.
By using data-cleansing software, the company can combine and integrate the data from all the systems into a single standard format that is uniform throughout the whole company.

Problems that should be addressed:

A problem that should be addressed is the product description and sales territory tags.
These tags have different formats which could lead to inconsistencies in the data.
The names would have to be changed so that they are the same format and are only entered once in the new single standard format database.
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This would provide more information for each entry and would limit any confusion among the employees.

Database specialists:

Database specialists will help solve the problems by performing the data quality audits and data cleansing.
They will also help in establishing an information policy and developing the new database.
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General business managers:

General business managers would have the final say when managing data resources.
They would be responsible for defining and organizing the structure and content of the database and maintaining the database.

Who should have the authority?

The general business managers should have the authority because they are responsible for the data.
This would mean that even though they allow database specialists to establish an information policy and develop the new database, the managers are the ones who have to approve the final product in order for it to be implemented company-wide.
The managers are the ones whose reputations are on the line when a company succeeds or fails, so they should have the final authority.

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3 years ago

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What policy governs flextime?

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1 year ago

To motivate employees to perform better, the human resources department of Martianse, a chain of retail apparel stores, replaced

Lynna [10]

Answer:

- Behavioural Substitution

Explanation:

Martianse human resources department uses and deploy the concept of Behavioural Substitution.

To begin, Martianse goal, as a firm, is to motivate the employees to perform better. Hence, the human resources department has come up with measures to achieve that. It is thus believed that replacing the fixed incentive system hitherto known with the firm, should be replaced by a performance based system. By this, the firm believes its primary goal will be accelerated.

Behavioural Substitution is thus the concept that the human resources department has displayed in their analysis and engagement. For one, behavioural substitution is simply the procedures aimed at replacing and/or supplanting efforts and actions that does not lead to goal accomplishments. By general belief, the old style of reward system used by Martianse has been seen as one not leading to goal actualization. Hence, it is important to substitute this non productive reward system with one established to elicit more better and improved performance from the workforce.

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