Answer:
C) No/Yes
Explanation:
An income statement (profit and loss account) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit
Absorption cost is a method of calculating the cost of a product or enterprise by taking into account indirect expenses (overheads) as well as direct costs.
How do you calculate total period cost under absorption costing?
Income statement shows Sales – Cost of Goods sold = Gross Margin (or Gross Profit) – Operating Expenses = Net Income and is based on the number of units SOLD.
Answer:
d.$5,500.
Explanation:
The computation of the deductible expense is shown below:
= Airfare + lodging + 50% of meals
= $3,000 + $2,000 + 50% of $1,000
= $3,000 + $2,000 + $500
= $5,500
hence, the deductible expense is $5,500
Here we take 100% of airfare & lodging but we took 50% for the meals
hence, the option d is correct
The correct answer to this open question is the following.
Although there is no further information about the case of study, we can say that the question possible refers to the case where the name of the company is just "The Client." The name of the document is "Leading Innovation Change - The Kotter Way."
This case refers to the challenges faced by an organization when it is time to innovate. Many members want to innovate but the culture of the company or the lack of proper leadership from managers often hinders the innovation efforts of the company.
So some of the elements of Kotter's Eight Stages of Leading Change that were included in the case were the following.
Create Urgency. The creation of new products of the company was limited and was not enough to compete in the future. A sense of urgency was needed to implement innovation.
Form a Powerful coalition. The company had to be very selective about the kinds of products that could help it to successfully compete in the future. The company had to use the best it had to establish priorities.
Create a vision for change. It was critical for the company to establish a new vision to get the results it needed. A renovation of the processes to face new necessities was imperative. Change has to be part of every member's mind.
Communicate the vision. This new vision had to be shared through the entire company. The members had to understand the importance of the innovative practices and each and every one of them had to be part of this new mentality.
