Bonita’s Vegetable Market had the following transactions during 2017:

Steve’s Lumber Company features a large selection of materials for flooring, decks, moldings, windows, siding and roofing. It is

liq [111]

Answer:

1. The major issue in the process is the lack of communication between different parties. The process being manually driven, might affect the customer satisfaction and lead to lost sales. The changes which need to be made is to make available the price information of different items at once, when the customer comes in to place an order. This can be made possible by asking the suppliers to send the updated sheet every morning before the day's business begins. It will be better if the entire uncatalogued as well as the price sheet is in electronic form, which can be updated immediately, as soon as the information is received from supplier in the morning. One better alternative is to connect the suppliers through an ERP so that their price might reflect at the company's end as soon as it is updated, It will reduce much hassle and mistakes that might creep in due to manual process.

2. a. The number of customers leaving per day / week to competitors due to inefficiency.

b. Total average delay in customer's order.

c. Customer satisfaction rating of the process as this will give the overall picture of customer's opinion about the company.

3. The information system might enable the suppliers to update their information each day which can then be used by the company reps to find out the right price of an item and enable him /her to provide the estimate immediately, leading to greater customer satisfaction, reducing the lost sales and eliminating the chances of a wrong quote being given.

4 0

3 years ago

The most important factor in determining whether a research collaboration will be successful is:

Alex

Answer:

The most important factor in determining whether a research collaboration will be successful is: B) Whether there is ongoing communication among the team members about their goals and responsibilities.

Explanation:

The research that involves participants from multiple organizations working together to achieve common goals is known as Collaborative Research. This type of research technique is an efficient and more effective way to achieve better results in a short time.

Various factors determine the success of collaborative research, such as the availability of resources, technology, relevant knowledge of the team members, but, the most important factor which determines success is an effective communication between the multiple research teams. If there is no proper communication between the teams, then there will be a lack of coordination, which is harmful for any collaboration.

Therefore, statement B is most suitable.

4 0

3 years ago

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at December 31. Step 1: Determin

svetoff [14.1K]

PART A

Answer:

Insurance expense debit for 3,800

Insurance prepaid credit for 3,800

Explanation:

a.- Prepaid Insurance. The Prepaid Insurance account has a $4,700 debit balance to start the year. A re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end.

Step 1: Currently equals to $4,700

Step 2: It should equal $900

In this Case: It is giving us the begining balance, and then it proceeds to tell us the ammount unexpired, which means the ending balance. So the diference will be the adjuting entry

Step 3: $4700 - $900 = $3,800

insurance expense debit for 3,800

insurance prepaid credit for 3,800

PART B

Answer:

insurance expense 1040 debit

prepaid insurance 1040credit

Explanation:

b.- Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies and payments shows $1,040 of insurance has expired by year-end.

Step 1: Curently equals to $5,890

Step 2: 5,890 - 1,040 expired portion = 4,850 unexpired portion

The blaance should be 4,850

In this Case: It is giving us the begining balance, and then it proceeds to tell us the ammount expired, which means the adjusting entry. So the diference will be the ending balance

Step 3

The adjusting entry must be made for 1,040 which is the expired portion

insurance expense 1040 debit

prepaid insurance 1040credit

PART C

Answer:

rent expense 4,000 debit

prepaid rent 4,000 credit

Explanation:

C.- PrepaidRent. On September 1 of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000.

Step 1 Current balance is 24,000

In this Case: It is giving us the begining balance, and then it proceeds to tell us information about the contract, which means we are going to work to get the expired portion and with that calculate the ending balance like on part B

Step 2 We are at December 31th the expired portion will be 4 months (September, October, November and December) so:

24,000

----------------------------- x 4 months expired = 4,000 expired portion

24 month of contract

24,000 - 4,000 = 20,000

begining - expired = ending AKA "unexpired"

The balance should be equal to 20,000

Step 3: the adjusting entry should be done for 4,000 which is the expired portion of the rent.

rent expense 4,000 debit

prepaid rent 4,000 credit

7 0

3 years ago

University Car Wash built a deluxe car wash across the street from campus. The new machines cost $213,000 including installation

nadezda [96]

Answer:

Please refer explanation and tables attached

Explanation:

1. Double-declining balance Method:

This is where the asset's value is depreciated at twice the rate than the straight line method. The depreciation amounts would be higher in the early years of the asset's life and gradually reduce towards the end. Hence, it does not mean that the depreciation amount would be higher than the straight line basis.

Straight Line depreciation per year = 1/6* x 100 = 16.67%

*as it is useful for six years

Hence double-depreciation value = 16.67% x 2 = 33.34%

It is calculated as depreciation rate x book value of asset at the beginning of the period.

Please refer attached table one for all years depreciation.

2. Activity based depreciation is whereby an asset is depreciated based on the asset’s activity such as the number of hours worked or the number of units produced, during a particular period of time. Activity based depreciation per year is calculated as:

[(Cost - Salvage value) x activity performed during the period] / Total estimated life activity of the asset

Please refer attached table two for all years depreciation.

4 0

3 years ago

Which of the following does NOT provide for incentives based on standards that are expressed in terms of time period per unit of

Lisa [10]

Answer:

a. Merrick System

Explanation:

Merrick System does not provide for incentives based on standards that are expressed in terms of time period per unit of production

6 0

3 years ago