Employee involvement programs can increase job satisfaction, employee morale and commitment to the organization, as well as increase productivity, reduce turnover and absenteeism and enhance the quality of products and services. Efforts to involve employees in meaningful ways include: Self-managed work teams
Answer:
Trial Income Statement:
Service revenue $17,000
Rent expense ($3,500)
Insurance expense ($350)
<u>Wages expense ($10,500)</u>
Net income $2,650
*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.
Trial Balance Sheet
Assets:
Cash $62,200
Supplies $1,000
Prepaid insurance $3,850
<u>Equipment $10,000 </u>
Total Assets $77,050
Liabilities and Equity:
Accounts payable $8,000
Wages payable $7,000
Common Stock $60,000
<u>Retained earnings $2,050 </u>
Total Liabilities and Equity $77,050
Explanation:
July 1
Dr Cash 60,000
Cr Common stock 60,000 (6,000 stocks $10 par value)
July 3
<u>Rent expense 3,500</u>
Cr Cash 3,500
July 5
Dr Prepaid insurance 4,200
Cr Cash 4,200
Adjusting entry July 31
Dr Insurance expense 350
Cr Prepaid insurance 350
July 7
Dr Supplies 1,000
Cr Accounts payable 1,000
July 10
Dr Wages expense 3,500
Cr Cash 3,500
Adjusting entry July 31
Dr Wages expense 7,000 ($3,500 x 2 10 day periods)
Cr Wages payable 7,000
July 14
Dr Equipment 10,000
Cr Cash 2,500
Cr Accounts payable 7,500
July 15
Dr Cash 8,000
Cr Service revenue 8,000
July 19
Dr Accounts payable 500
Cr Cash 500
July 31
Dr Cash 9,000
Cr Service revenue 9,000
Dr Retained earnings 600
Cr Dividends payable 600
Dr Dividends payable 600
Cr Cash 600
Answer:
Cost of each bottle of water is $7.
Explanation:
This is the case for economies of scale. When Charles produce 1 bottle of water, it costs him $1 per bottle, when 8 bottles are produced it costs him $7. The cost per bottle of water reduces as units increases.
Answer:
C. Scenario Analysis.
Explanation:
As Jamie is analyzing the estimated net present value of a project under various conditions by revising the sales quantity, sales price, and the cost estimates. The type of analysis that Jamie is doing is best described as scenario analysis. Scenario analysis is basically conducted to know to estimate the unfavorable events development in the market and within the firm as well. It is applied to know about the worst possible situation which can happen and how it can effect the market as well as organization.
Answer:
$94,260.00
Explanation:
There is no doubt that the difference between net income under absorption costing and variable costing method lies in the treatment of fixed cost, under the former, each product is charged with fixed cost while total fixed cost is charged as a period cost under the latter.
In essence, the fixed cost on ending inventory would have been expensed and deducted in arriving at net income under variable cost, in other words, we simply add to net income under variable costing the fixed cost attributable to an increase in ending inventory
income=$82,500+(3200-1800)*$8.40
net income=$94,260.00
