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RideAnS [48]
3 years ago
5

Many fast-food restaurants compete on lean business concepts. Match each of the following activities at a fast-food restaurant w

ith the lean business concept it strives to achieve. Some activities might relate to more than one lean business concept.
_____ 1. Courteous employees

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 2. Food produced to order

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 3. New product development

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 4. Clean tables and floors

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 5. Orders filled within three minutes

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 6. Standardized food making processes

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 7. Customer satisfaction surveys

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 8. Continually changing menus

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 9. Drive-through windows

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)

_____ 10. Standardized menus from location to location

a. Just-in-time (JIT)

b. Continuous improvement (CI)

c. Total quality management (TQM)
Business
1 answer:
yawa3891 [41]3 years ago
5 0

Answer:

1. C.

2. A.

3. B.

4. C.

5. A.

6. C.

7. B and C.

8. B.

9. A and B.

10. C.

Explanation:

1. Courteous employees is a total quality management (TQM).

2.  Food produced to order is a just-in-time (JIT).

3. New product development is a continuous improvement (CI).

4. Clean tables and floors is a total quality management (TQM).

5. Orders filled within three minutes is a just-in-time (JIT).

6. Standardized food making processes is a total quality management (TQM).

7. Customer satisfaction surveys is both a continuous improvement (CI) and total quality management (TQM).

8. Continually changing menus is a continuous improvement (CI).

9. Drive-through windows is both a just-in-time (JIT) and continuous improvement (CI).

10. Standardized menus from location to location is a total quality management (TQM).

A lean business is a business concept used by organizations to eliminate waste and maximize value for growth and development. The lean business concept include the following;

<em>A total quality management (TQM) is a management framework that is focused on achieving long-term success through the satisfaction of your customers by the efforts of all the member of staff in an organization.</em>

<em>Just-in-time (JIT) is a management framework that is focused on cutting manufacturing costs and increase efficiency between suppliers and consumers through the use of a proper inventory system.</em>

<em>A continuous improvement (CI) is a management technique that is focused on improving manufacturing processes, products and services through the elimination of redundancy and time-wasting activities in an organization. </em>

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In preparing Tywin Company's statement of cash flows for the most recent year, the following information is available: Purchase
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Answer:

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Explanation:

The net cash flows from investing activities for the year is presented below

Cash flow from investing activities

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The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning of 2019:
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Answer:

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T-accounts

Cash

Account Titles                                Debit        Credit

Beginning balance                   $ 20,000

Accounts payable                                         $10,500

Wages payable                                               18,000

Selling and distribution expense                     1,800

Utilities and Rent for production                    9,300

Sales Revenue                            36,000

Ending balance                                           $16,400

Raw materials inventory

Account Titles                                Debit        Credit

Beginning balance                   $ 1,800

Accounts Payable                      11,400

Work-in-Process                                           $10,800

Ending balance                                              $2,400

Work in process inventory

Account Titles                                Debit        Credit

Beginning balance                   $ 2,400

Raw materials                            10,800

Wages Payable                          19,950

Overhead Applied                      11,970

Finished Goods Inventory                          $24,000

Ending balance                                             $21,120

Finished goods inventory

Account Titles                                Debit        Credit

Beginning balance                   $ 4,200

Work-in-Process                        24,000

Cost of goods sold                                       $25,500

Ending balance                                               $2,700

Property, plant, and equipment

Account Titles                                Debit        Credit

Beginning balance                   $ 15,000

Accumulated depreciation

Account Titles                                Debit        Credit

Beginning balance                                        $ 6,000

Depreciation expense                                     3,000

Ending Balance                         $9,000

Accounts Payable

Account Titles                                Debit        Credit

Raw materials                                               $12,000

Cash                                            $10,500

Ending balance                             $1,500

Wages Payable

Account Titles                               Debit         Credit

Work-in-Process                                          $19,950

Cash                                           $18,000

Ending balance                            $1,950

Common stock

Account Titles                                Debit        Credit

Beginning balance                                        $ 16,800

Retained earnings

Account Titles                                Debit        Credit

Beginning balance                                        $ 20,600

Production Supplies

Account Titles                                Debit        Credit

Accounts Payable                                              $600

Overhead                                      $422

Ending balance                              $178

Overhead Expenses

Account Titles                               Debit          Credit

Work-in-Process                                            $11,970

Cash (Utilities)                               9,300

Depreciation expense                  3,000

Production supplies                         422

Cost of goods sold (Underapplied)                  752

Sales Revenue

Account Titles                                Debit        Credit

Cash                                                             $36,000

Income Summary                       $36,000

Cost of Goods Sold

Account Titles                                Debit        Credit

Finished Goods Inventory       $25,500

Overhead (underapplied)                752

Income Summary                                        $26,252

Selling and Distribution Expense

Account Titles                               Debit          Credit

Cash                                          $1,800

Utilities and Rent

Account Titles                               Debit          Credit

Cash                                            $9,300

Overhead                                                       $9,300

Depreciation Expense - Plant & Equipment

Account Titles                               Debit          Credit

Accumulated Depreciation        $3,000

Overhead                                                       $3,000

b) Schedule of Cost of Goods Manufactured and Sold:

WIP Beginning Inventory         $ 2,400

Raw materials                            10,800

Direct labor                                19,950

Overhead Applied                      11,970

Cost of goods in production  $45,120

Ending WIP Inventory                21,120

Cost of manufactured           $24,000

Finished Goods Inventory     $ 4,200

Cost of manufactured            24,000

Cost of goods available       $28,200

Ending FG Inventory                 2,700

Cost of goods sold              $25,500

Income Statement for the year ended December 31, 2019:

Sales Revenue                      $36,000

Cost of Goods Sold                 26,252

Gross profit                                9,748

Selling and distribution exp.      1,800

Net income                              $7,948

Retained Earnings, January 1, 2019 $20,600

Net income                                             7,948

Retained Earnings, December 31,    $28,548

Balance Sheet as of December 31, 2019:

Assets:

Cash                                          $ 16,400

Raw materials inventory               2,400

Work in process inventory          21,120

Finished goods inventory            2,700

Production Supplies                         178     $42,798

Property, plant, and equipment 15,000

Accumulated depreciation          9,000      $6,000

Total assets                                                $48,798

Liabilities and Equity:

Accounts Payable                                        $1,500

Wages Payable                                              1,950

Total liabilities                                             $3,450

Common stock                         $16,800

Retained earnings                     28,548  $45,348

Total liabilities and equity                       $48,798

Explanation:

a) Data and Calculations:

Trial Balance at January 1, 2019:

Account Titles                                Debit        Credit

Cash                                         $ 20,000

Raw materials inventory                1,800

Work in process inventory           2,400

Finished goods inventory            4,200

Property, plant, and equipment 15,000

Accumulated depreciation                           $ 6,000

Common stock                                               16,800

Retained earnings                                         20,600

Total                                       $ 43,400      $ 43,400

Analysis of Transactions for the period:

1. Raw materials $11,400 Production Supplies $600 Accounts payable $12,000

2. Work-in-Process $10,800 Raw materials $10,800

3. Accounts payable $10,500 Cash $10,500

4. Work-in-Process $19,950 Wages Payable $19,950

5. Wages Payable $18,000 Cash $18,000

6. Work-in-Process $11,970 Overhead Applied $11,970 ($12,600 * 950/1,000)

7. Selling and Administrative expense $1,800 Cash $1,800

8. Utilities and Rent for production $9,300 Cash $9,300

9. Depreciation Expense-Plant and Equipment $3,000 Accumulated Depreciation $3,000

10. Finished Goods Inventory $24,000 Work-in-Process $24,000

11. Cost of Goods Sold $25,500 Finished Goods Inventory $25,500

12. Cash $36,000 Sales Revenue $36,000

13. Overhead $422 Production Supplies $422 ($600 - $178)

14. Cost of Goods Sold $752 Underapplied Overhead $752

Adjusted Trial Balance at December 31, 2019:

Account Titles                                Debit        Credit

Cash                                          $ 16,400

Raw materials inventory               2,400

Work in process inventory          21,120

Finished goods inventory            2,700

Property, plant, and equipment 15,000

Accumulated depreciation                          $ 9,000

Accounts Payable                                            1,500

Wages Payable                                                1,950

Common stock                                               16,800

Retained earnings                                         20,600

Production Supplies                        178

Sales Revenue                                               36,000

Cost of Goods Sold                 26,252

Selling and distribution exp.      1,800

Totals                                    $85,850        $85,850

3 0
3 years ago
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