Answer:
Journal Entries
Date Account Titles and Explanation Debit Credit
Oct. 1 Cash $34,040
Common Stock $34,040
(To record the cash is invested in the business)
Oct. 2 No Journal Entry $0
Oct. 3 Office Furniture $4,110
Accounts Payable $4,110
(To record the purchase of office furniture on account)
Oct. 6 Accounts Receivable $10,780
Service Revenue $10,780
(To record the services provided but cash is not yet collected)
Oct. 10 Cash $165
Service Revenue $165
(To record the services provided by cash)
Oct. 27 Accounts Payable $690
Cash $690
(To record the payment made on accounts payable
relating to office furniture)
Oct. 30 Salaries Expense $2,740
Cash $2,740
(To record the payment of salaries to the assistant)
Answer:
c.She has distributed power in the organization by delegation.
Explanation:
Delegation is the act of transferring responsibilities by a person with authority to another person. It is the action of a person with authority assigning another person their duties temporarily. Delegation in an organization is only one way, from a senior officer to their junior. It can happen at any level in the management hierarchy.
Delegating duties will involve the transfer of limited powers. In the case of Sandy, she has delegated her duties to other staff members. She has given them powers to respond to questions on her behalf. Even though Sandy will not be performing her duties, she is still responsible for what happens while she is away.
The delegating authority must ensure they delegate only to people with the ability to perform the assigned tasks. They must also supervise the work they have handed over.
Answer:
d. perfectly elastic.
Explanation:
Demand is perfectly elastic if it at the current price, the product is sold out but if there is a change in price demand falls to zero. the demand curve is horizontal
Demand in perfectly inelastic if there is no change in quantity demanded regardless of the change in price.
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Answer:
Break-even sales = $800,000.
Explanation:
<em>The beak-even point is the units of products to be sold or number of customers to be served to enable a business to cover exactly its total cost from the revenue. At the break-even point, the business makes no profit or no loss because the contribution from sales exactly equals the total fixed cost</em>
<em>Break-even in sales revenue = Total fixed cost/Contribution margin</em>
<em>Contribution margin (%) = Contribution/ sales × 100</em>
= 160,000/640,000
= 0.25 × 100
= 25%
<em>Fixed cost = Contribution - operating income</em>
= 160,000- -( 40,000)
= 160,000 + 40,000
= 200,000
<em>Break-even point sales = 200,000/25%</em>
= $800,000.
He is very happy his daughter can reach her goal but he wants to make sure she is definitely sure on what she wants to spend the money on
