Answer and Explanation:
The journal entries are as follows:
1. Petty cash A/c Dr $150
To Cash A/c $150
(Being the establishment of petty cash is recorded)
2.
Entertainment expenses A/c Dr $70
Postage expense A/c Dr $30
Printing A/c Dr $22
To Petty cash A/c $122
(Being the reimbursement of petty cash fund is recorded)
Answer:
Franchising
Explanation:
Franchising is a strategy that companies use to expand their business in which one party called the franchisee pays the other party the franchisor a specific amount of money to have access to the company's processes, knowledge and brand to sell the product or service in a specific place using the name of the company. This would be the best suited strategy for this service because the company can expand without having to get a big amount of capital using the resources of other people and this can allow to grow faster and the franchisee can have a better knowledge of the specific market.
Answer:
5 units
Explanation:
Breakeven point is the point or number of units sold that makes the cost equal with the revenue generated. In other words, it is the point in which the profit or loss made by an entity is 0.
Given;
Variable cost per unit = $20
Selling price per unit = $50
Fixed cost = cost of rent = $150
Let the number of units to be sold be c
Total revenue = 50c
total cost = 20c + 150
To break even, total revenue = total cost
20c + 150 = 50c
50c - 20c = 150
30c = 150
c = 5
Ray must sell 5 units to break even.
Answer:
A.$200,000
B.Dr Loss on impairment $30,000
Cr Goodwill $30,000
Explanation:
(a) Computation of the amount of goodwill acquired by Vinson
Purchase price$900,000
Fair value of net assets $700,000
(Fair value of assets $950,000-
Fair value of liabilities $250,000)
Value assigned to goodwill $200,000
($900,000-$700,000)
(b) Preparation of Vinson’s journal entry to record impairment of goodwill.
Based on the information given we were told
the fair value of Carley is the amount of $720,000 while the implied fair value of goodwill is the amount of $170,000 and we were also told that carrying value of Carley’s net assets as well include the goodwill which is the amount of $750,000 which means that their is loss on impairment because the fair value amount is lower than carrying value which means that the journal entry to record impairment of goodwil will be ;
Dr Loss on impairment $30,000
($200,000 − $170,000)
Cr Goodwill $30,000
Answer:
d. Milestones are developed during risk planning.
Explanation:
A milestone is a typical measuring point used when establishing cost control. Which of the following does NOT accurately describes the use of cost control milestones?Select one:a. Project managers and sponsors often decide the number of milestones jointly.b. Milestones are often identified in the project charter.c. Project managers can use their cash flow projections to determine the funding needed to reach each milestone.d. Milestones are developed during risk planning.
<u>ANSWER</u>
It is not correct that milestones are developed during risk planning but rather they are developed during Project budgeting where the deliverables are identified in terms of the cost to achieve them. Truly as stated in the scenario's options, Project managers can use their cash flow projections to determine the funding needed to reach each milestone. It is in the project planning phase that these milestones are established by Project managers and sponsors jointly.