Question Completion:
Prepare an Income Statement for the month of June.
Answer:
Windsor, Inc.
Income Statement for the month ended June 30, 2017:
Service Revenue $7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries and
wages expense 1,630 $4,030
Net Income $3,700
Explanation:
Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business. Temporary accounts are closed to the income statement. These are accounts that are periodic in nature. They are not permanent accounts, which are transferred to the next period. The only element of the income statement that is taken to the balance sheet is the net income or loss.
Answer:
Option (a) is correct.
Explanation:
Given that,
Lumber purchased = 6,000 feet
Cost per foot (actual price) = $6
Standard price for direct materials = $5
Cost of purchasing material:
= Quantity of lumber purchased × Price per foot
= 6,000 × $6
= $36,000
Direct materials price variance:
= (Standard Price - Actual Price) × Actual Quantity purchased
= ($5 - $6) × 6,000
= $6,000 Unfavorable
Therefore, the journal entry is as follows:
Direct Materials A/c Dr. $30,000
Direct Materials Price Variance A/c Dr. $6,000
To Accounts Payable 36,000
(To record the purchase and unfavorable direct materials price variance)
1. Respectful treatment of all employees at all levels
2. Trust between employees and senior management
3. Job security
Hope that helps :)
Answer:
transnational
Explanation:
A business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.
A transnational strategy can be defined as a set of planned actions through which a company focuses on establishing other branches in foreign markets. Thus, there exist some level of centralization, cooperation and interdependence between its headquarter, branches, subsidiaries and retail stores.
This ultimately implies that, a transnational strategy simply involves companies adopting the following approach;
I. Focusing efforts on ensuring local responsiveness.
II. Aggressively reducing operational costs.
III. Systematically transferring ideas and innovations among subsidiaries.
Hence, companies following the aforementioned approach are considered to be following a transnational strategy.
Pretty sure it is D. summarizes what has already occurred.
Definitely not A or B. And C is incorrect because this branch of accounting tracks passed transactions, and does not guarantee anything in the future. Hence D.
