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Ivahew [28]
3 years ago
5

A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000,

and paid cash for salaries, $24,000. At the beginning of the year, customers owe the company $3,000. By the end of the year, customers owe $5,500. At the beginning of the year, the company owes salaries of $3,100. At the end of the year, the company owes salaries of $5,700. Determine cash-basis net income and accrual-basis net income for the year.
Business
2 answers:
postnew [5]3 years ago
5 0

Answer:

Cash-basis net income: $8,000

Accrual-basis net income: $7,900

Explanation:

A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000, and paid cash for salaries, $24,000. At the beginning of the year, customers owe the company $3,000. By the end of the year, customers owe $5,500. At the beginning of the year, the company owes salaries of $3,100. At the end of the year, the company owes salaries of $5,700. Therefore, the Cash-basis net income is $8,000  and the Accrual-basis net income is $7,900.

Virty [35]3 years ago
3 0

Answer:

net income cash-basis     8,000

income accrual-basis        7,900

Explanation:

cash revenues                32,000

salaries expense         <u>  (24,000)  </u>

net income cash-basis     8,000

<u>sales for the period:</u>

beginning AR + sales - collected = ending AR

3,000 + sales - 32,000 =  5,500

sales = 34,500

<u>salaries expense:</u>

beginning salaries payables + salaries - paid = ending salaries payable

3,100 + salaries - 24,000 = 5,700

salaries 26,600

revenues                    34,500

salaries                     <u>  (26,600)  </u>

income accrual-basis   7,900

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inysia [295]

Answer:

strategic plan

Explanation:

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

Typically, to formulate strategies that are well aligned with the mission of an organization or business firm, some of the activities that needs to be performed includes the following;

1. Knowing your core competencies: this involves identifying your strengths such as knowledge, technology, underlying skill, experience, ability or process that enables you to perform exceptionally and provide a unique set of products or services that meets the needs of your customers.

2. Assessment of the organization's internal strengths and weaknesses: it gives an organization certain advantages, edge and disadvantages in meeting the needs of various customers by analyzing their strengths, weaknesses, opportunities and threats (SWOT).

3. Examination of the organization's external environment: this involves examining and identifying all the factors outside of an organization that affects its performance such as customers, government policies, competitors etc.

4. Analyze your competitors: organization should ensure they are always a step ahead of the their competitors in the industry.

In conclusion, a business strategy or strategic plan sets the overall direction for an organization or 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.

8 0
3 years ago
D.v.g. (a minor) was injured in a one-car auto accident in hoover, alabama. the vehicle was covered by an insurance policy issue
diamong [38]

Answer:

Yes, the court ruled in favor of D.V.G.'s mother, because of the principle that contracts entered by minors are not void, but voidable, and that they do have an effect on the parties, but if voided, they cannot be enforced.

In this case, the minor died before the contract was ratified by the court, but the minor hadn't voided the contract, so it was still good at the moment of his death. The minor had the chance of either approving or rejecting the contract while still living, and decided not to revoke it.

Explanation:

NATIONWIDE MUTUAL INSURANCE COMPANY and State Farm Mutual Automobile Insurance Company v. Barbara Walker WOOD, as administratrix of the estate of D.V.G., a minor, deceased, and K.C.T., a minor, by and through Earnest T., his father and next friend.  1111486. Decided: February 22, 2013

As this Court has stated, <em>“ ‘[i]t is well settled by the authorities that infants are not liable on any of their contracts, except for necessaries. With the exception, all other contracts of infants, whether executory or executed, may be avoided or ratified at the election of the infant.’ ”</em>

The final ruling was:

<em>"Under Alabama law, an insurance company is bound to a settlement agreement negotiated on behalf of an injured minor, even if that minor dies before the scheduling of the court hearing that all parties agreed was necessary to obtain approval of the settlement agreement. In accordance with the parties' understanding, such a hearing is still required, and the minor's death does not render that hearing impossible. We thus answer in the affirmative the question certified to this Court."</em>

6 0
3 years ago
If a monopolistically competitive firm raises its price, it a. loses all of its customers (sales drop to zero) as your answer lo
borishaifa [10]

Answer:

c. loses some, but not all, of its customers as your answer loses some, but not all, of its customers

Explanation:

In a monopolistically competitive product is a product that has competition in the market, but that are not quite the same product, meaning they can´t be exactly replaced by a cheaper or different brand, when a company like that rises its prices, it eventually ends up loosing some clients, but not all, because of the loyal clients and those that can´t or won´t change brands, a good example of a monopolistically competitive firm, would be Apple, which has a loyal base of costumers that eventhough prices of apple products have been rising are still loyal, they are loosing some customers to other brands but not all of them.

8 0
3 years ago
When supply chain members realize that their goals and success are linked to others on the same team, they develop deeper long-t
mr_godi [17]

Answer:

must understand

Explanation:

8 0
3 years ago
True or false: The first decision that is necessary to make merchandise flow is to choose a transportation company.
pantera1 [17]

Answer:

False

Explanation:

What is a transportation company called?

  • Courier companies are usually spin-offs from freight forwarders.
  • There are various types of courier companies, such as airfreight courier companies or road couriers.

To learn more about it, refer

to brainly.com/question/25689052

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8 0
1 year ago
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