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Assoli18 [71]
3 years ago
12

Here are incomplete financial statements for BLOSSOM, Inc. Calculate the missing amounts

Business
1 answer:
Otrada [13]3 years ago
5 0

Answer:

(A) net income: 20,000

(B) COGS = 55,000

(C) Common Stock = 30,000

Explanation:

(A) with the RE statemtn we sovle for RE

net income = ending RE - beginning RE + dividends

net income = 27,000 - 12,000 + 5,000 = 20,000

(B) With the net income we solve for COGS

COGS= revenues - net income - salaries and wages

COGS = 85,000 - 20,000 - 10,000 = 55,000

(C) now we solve for common stock

liab + equity = total liab and stockholders equity

account payable + common stock + RE = total liab and stockholders equity

5,000 + CS + 27,000 = 62,000

CS = 62,000 - 27,000 - 5,000 = 30,000

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The allowance for doubtful accounts is reported as a(n) __________ on the balance sheet.
Firlakuza [10]
B. The allowance for doubtful accounts is reported as a deduction from accounts receivable on the balance sheet
6 0
2 years ago
The goal of total quality management (TQM) is to:a) outsource manufacturing tasks to overseas businesses.b) offer customers more
Greeley [361]

Answer: Option D  

                         

Explanation: In simple words, it refers to an implemented structure under which every employee of the organisation works to maintain high standards of performance in every aspect of the operations.

In other words, it refers to the organisation wide efforts under which all employees works for the betterment of the organisation.

Hence from the above we can conclude that the correct option is D.

5 0
3 years ago
What are forms of office correspondences?​
BlackZzzverrR [31]

Answer:

Explanation:

Correspondence simply means letters sent or received. Another word for “Correspondence” is “Mail”. In our offices and Businesses, We receive letters, parcels, telegrams, internal memos, fax, e-mail, text messages or SMS (Short Message Service) and other documents which we all know as mail or correspondence.

CORRESPONDENCE RECORDS

Correspondence records are those documents used to keep track of correspondences in an organization. They show evidence of important transactions, letters, reasons for writing and those involved, dates, addresses, e-mails and other important messages.

TYPES OF CORRESPONDENCE

There are three main types of correspondence, they are:

In-coming mails

Out-going mails

Postage book.

1. In-Coming Mails: These are letters that comes into an organization. In-coming correspondence will reach the records offices in a number of different ways. Some will come through the regular post office or other courier services, like, DHL,UPS etc. Other in-coming mails could come via e-mail, or with the growth in technology, through text messaging:- Short Message Service (SMS) or Multimedia Messaging Services (MMS).

Examples of In-Coming Mails are: Letters

Parcels

Computer printouts e.g. e-mail or other data

Telegrams

Internal memos

Text messages

METHODS OF MAIL DELIVERY

Mails or letters can be delivered either by post or by hand to the recipients in two ways:

a. Delivery by Post: People pay for a private mail box or bag in the post office where their mails are deposited safely and locked till the owner comes (to the post office) with the keys to pick up mails. The post man also delivers received mails to the appropriate addresses with authority from the post office management.

b. Delivery by Hand: The mails that can be delivered by hand include letters, circulars, memos, handbills, notices of different sizes etc. The mails must be handled with care, so that the recipient will receive it without complaint and in time too. All mails are sorted out first in the mail room before being distributed to the appropriate persons or organization(S).

2. Out-Going Mails: These are mails that are going out of or from the organization. The secretary or clerk in the office handles such mails with care and treats them with the urgency required. In smaller organizations, the receptionist can also see to it that such mails are handled appropriately and accountability and reference.

Examples of out-going mails are letters, parcels, computer printouts like e-mail, SMS, memos, telegrams, and other related mails.

3. Postage Book: This is a book which records accurate and full details of mails and other documents that need postage. The book contains the exact amounts of postage stamps used on the mails, date and address.

USES OF CORRESPONDENCE RECORDS

They are used:

1. For evidence of receiving and attending to mails.

2. To shoe the correct date a mail was received.

3. To record information about the content(s) of mails.

4. To show how the issue in context was handled by the organization. Tells whether an answer has been given or not.

5. To show exactly what agreement was made and the date of the decision.

6. It confirms delivery of mails.

7. It shows the origin of the mail and who or unit it was addressed to.

CLASSIFICATION OF CORRESPONDENCE RECORDS

Inward Book or Inward Register

Outward Book or Outward Register

Dispatch Book

7 0
2 years ago
Tim's Auto Service stations were fined for failure to provide the services billed and other things. After being fined, Tim's ref
Fudgin [204]

Answer:

The correct answer is a. total quality management.

Explanation:

It is known as total quality management to a business management strategy that consists of the study and assessment of the concept of quality in each of the phases of a production process. The purpose is the constant improvement of goods and services offered and the achievement of greater customer satisfaction.

Another way to understand this concept is as a mechanism for studying and monitoring the processes and human work of a firm. It is also called through its English translation: Total Quality Management (TQM).

The denomination of total is understandable from the perspective that the quality required and evaluated in the strategy includes both the different levels and elements of a company and the human group that works in it. That is, the search for quality prevails in each of the different organizational processes.

8 0
3 years ago
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an
Anon25 [30]

Answer:

-0.028870144

Explanation:

The computation of the annual rate of return on this sculpture is shown below:

We have to find the compound annual growth rate which is

= (Ending value ÷ Beginning value)^ (1 ÷ time period) - 1

= ($10,605,500 - $12,643,500)^ (1 ÷ 6) - 1

= -0.028870144

The six year comes from

= The Year 2015 - the year 2009

= Year 6

Basically, we applied the above formula so that the annual rate of return could come

3 0
3 years ago
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