Answer:
a) true
Explanation:
2/10 net 30 means that if the costumer pays within 10 days, he will be offered 2% discount, otherwise the amount is due in 30 days in full.
DSO means average number of days the company takes to receive payment from customers of credit sales.
Since the DSO of a firm given is 28 days, which is lower than the 30 days credit period normally offered by the company, therefore it may indicate that the firm's credit department is operating effectively.
Hence, answer is a) true
Nothing will change. Upper management must enthusiastically pursue the plan and create a culture for employees to follow
Answer:
Decrease cash and increase land
Explanation:
The transaction is:
Account Debit Credit
Land $105,000
Cash $105,000
Purchased land for business.
Both land and cash are assets: they are debited when they increased, and they are credited when they decrease.
Because cash was used to purchase the land, cash decreases and land increases.
Answer:
Allworld Insurance
1. Mission Statement
2. Tactical
3. Strategic
4. Operational
Explanation:
(A) Tactical plans include specific actions to enable the achievement of company-wide strategies.
(B) Mission statement describes the goal of an entity. For example, a mission statement can describe an entity as renowned for its efficiency and cost reduction for its customers.
(C) Operational plans cover daily and routine activities at the individual level of the organization.
(D) Strategic plans embrace the whole organization and establishes how organizational goals will be achieved.
Answer:
1. 780,000 pints
2. $1
3. $780,000
Explanation:
1. The computation of the equivalent units of production is shown below:
= Units completed and transferred out + completed units in ending inventory × completion percentage
= 700,000 pints + 200,000 pints × 40%
= 780,000 pints
2. The computation of the unit cost for January month is shown below:
= (Beginning Work in process + Costs added during January) ÷ equivalent units
= ($156,000 + $624,000) ÷ (780,000 pints)
= $1
3. The computation of the assigned units is shown below:
= Units completed and transferred out × unit cost + completed units in ending inventory × completion percentage × unit cost
= 700,000 pints × $1 + 200,000 pints × 40% ×$1
= $780,000
