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Pavlova-9 [17]
3 years ago
15

Mostert Music Company had the following transactions in March:

Business
1 answer:
ollegr [7]3 years ago
3 0

Answer:

1. Cash income is $10,920

2. Net income is $12,995  

Explanation:

1. Cash basis income statement

A cash basis income statement refers to an income statement that records revenue for which cash has been received and expenses for which cash has been paid for in a particular period. Therefore, cash basis income statement is not compliant with the generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).

The cash basis income statement for Mostert Music Company for March can therefore be prepared as follows:

                     Mostert Music Company

                Income Statement (Cash Basis)

                   For the month ended March

<u>Particulars                                                            $            </u>

Cash Revenue:

Cash received for music lesson sold               8,400

Deposit received from customers                  <u>  3,200  </u>

Total Cash revenue                                           11,600

Cash Expenses:

Wages paid                                                     <u>    (680)    </u>                  

Cash income                                                 <u>    10,920    </u>

2. Accrual basis income statement

An accrual basis income statement records revenues when they are earned and expenses when they incurred no matter when cash is received or paid. Therefore, an accrual basis income statement is compliant with GAAP or IFRS.

The accrual basis income statement for Mostert Music Company for March can therefore be prepared as follows:

        Mostert Music Company

   Income Statement (Accrual Basis)

       For the month ended March

<u>Particulars                                            $            </u>

Revenue:

Total sales to customers                14,000

Expenses:

Wages                                                (680)

Utilities bill                                      <u>    (325)    </u>

Net income                                 <u>     12,995   </u>

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Answer:

Communication channels are the channels with which information are passed from one to person to another. Messages and ideas are exchanged using these channels to complete the communication process.

Explanation:

Types of communication channels are:

Email

Social media

TelephoneTelevision

Radio

Face-to-face communication

Oral and written communication

Verbal and non-verbal communication.

Communication can be through the use of words or without words, such as the use of signs and gestures. Communication can take place physical and otherwise.

Barriers in communication this are the things that create disturbances in sent messages and thereby causing a misunderstanding between the sender and receiver.

Barriers are:

Poor communication skills: when an individual communication skill is weak, such individual lacks the confidence to communicate effectively in front of others.

Noise disturbance: Noise disturbance is a barrier that hampers the clarity of a message.

Language barriers: The language barrier occurs when there is diversity in an organization workforce. languages or accents differ fromLanguage to language same as cultures.

Perception differences: This occurs when the senders point of view and receivers doesn’t match up which results in lack of understanding.

Wrong pronunciation of words and poor usage of vocabulary: By not pronouncing words accurately and correctly, wrong message might be passed.

the communication channels in a professional settings are:

Formal communication: the use of written letters and e-mails to colleagues, senior management, or the exchange of thoughts through official presentations before board members.

Informal communication: this kind of message channel exist between acquittances people we are familiar with. Any style and words not suitable in formal communication mode can be used here.

Barriers at the professional level are:

Organizational Hierarchy: due to the long chain of hierarchy or it passes through this alters the original message.

Lack of knowledge of non-verbal communication: Body language, gestures and postures are essential factors of communication as a wrong gestures and postures communicate false messages.

Low confidence level: For am individual to be able face a crowd and pass effective communication he needs his confidence level high.

Clarity in the message: The message been passed must be clear, concise and simple. Free of grammatical and spelling errors.

High confidence level: a confident speakers communicates easily, which his message easy to grasp and understand.

Feedback: for a communication process to be complete the receiver must give a feedback.

Good communication skills:

1. Practicing like they say practice makes perfect.

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As such, if original cost of the merchandise to X-Mart was $500, entries required would include a credit to merchandise inventory $500 and Debit Cost of Goods Sold $500.

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