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ladessa [460]
3 years ago
8

The six sigma approach to quality control: Multiple Choice detects potential problems early to prevent their occurrence. views q

uality control as a function of the marketing department. allows only 600 defective units per one thousand units produced. relies on a special team of experts to examine every unit of output at the end of the production process.
Business
1 answer:
NARA [144]3 years ago
8 0

Answer:

detects potential problems early to prevent their occurrence.

Explanation:

Six Sigma is a quality business management strategy which helps business organizations to improve the quality of processes, products and services by discovering and eliminating defects, variations or errors. It is a strategic business concept that was developed in 1986 by Motorola.

This ultimately implies that, the six sigma approach to quality control detects potential problems early to prevent their occurrence.

Under the six sigma approach, any process that doesn't provide customer satisfaction or causes challenges in an organisation's process should be eliminated from the system in order to produce quality products and services. It allows only 3.4 defective features for every million opportunities and as such expects processes to be defect free 99.99966 percent of the time.

<em>Generally, there are two (2) main methods of achieving the six sigma approach;</em>

<em>1. DMAIC: define, measure, analyze, improve and control.</em>

<em>2. DMADV: define, measure, analyze, design and verify. </em>

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On August 1, 2021, Limbaugh Communications issued $30 million of 10% nonconvertible bonds at 104. The bonds are due on July 31,
kodGreya [7K]

Answer:

Answers are journal entries, in the explanation box

<h2>Explanation:</h2><h3><u>Bonds:</u></h3>

Bonds is an interest bearing security or long term promissory note that a company represents while borrowing money with the interested investors.

<h2><u>Requirement 1:</u></h2><h2><u>Prepare the journal entries on August 1, 2021, to record:</u></h2><h3><u>Requirement 1(a):</u></h3>

The issuance of the bonds by Limbaugh (L)

<u>Solution:</u>

<u>Following is the journal entry for the issuance of bonds on August 1, 2021:</u>

<u>1st August 2021:</u>

Debit: Cash  $31,200,000 <u>(Working 1)</u>

Debit: Discount on bonds payable  $3,600,000 <u>(Working 3: Note 1)</u>

Credit: Bonds payable  $30,000,000

Credit: Equity - stock warrants $4,800,000 <u>(Working 2)</u>

<u>Working 1:</u>

Calculation of cash received:

Cash received = Face value × Issued rate

Cash received = $30,000,000 × 104%

Cash received = $31,200,000

<u></u>

<u>Working 2:</u>

<u>Calculation of amount of equity - stock warrants:</u>

Equity - stock warrants = Market price per warrant × number of warrants × number of bonds

Equity - stock warrants = $8 × 20 warrants × (30,000,000÷ 1,000 bonds)

Equity - stock warrants = $4,800,000

<u>Working 3: </u>

<u>Calculate the discount on bonds payable:</u>

Discount on bonds payable = Bonds payable + Equity stock warrants - Cash received

Discount on bonds payable = $30,000,000 + $4,800,000 - $31,200,000

Discount on bonds payable = $3,600,000

<u>Note 1:</u> Since discount on bonds issues is an expense, therefore, it is debited.

<h3><u>Requirement: 1 (b)</u></h3>

<u>Prepare the journal entries on August 1, 2021, to record the investment by Interstate (I).</u>

<u></u>

The following is the journal entry on August 1, 2021 to record the investment by Interstate (I) i.e. investor:

Debit: Investment in stock $960,000 (Working 4)

Debit: Investment in bonds $6,000,000 (Working 5)

Credit: Discount on bonds investment $720,000 (Working 7)

Credit: Cash $6,240,000 (Working 6)

<u>Working 4: </u>

<u>Calculate the investment in stock warrants:</u>

Investment in stock warrant = Equity - stock warrant × 20%

Investment in stock warrant = $4,800,000 × 20%

Investment in stock warrant  = $960,000

Working 5:

Calculate the amount of investment in bonds:

Investment in bonds = Face value × 20%

Investment in bonds = $30,000,000 × 20%

Investment in bonds = $6,000,000

<u>Working 6:</u>

Calculate the amount of cash paid:

Cash paid = Face value × issued rate × 20%

Cash paid = $30,000,000 × 104% × 20%

Cash paid = $6,240,000

<u>Working 7:</u>

<u>Calculate discount on bond investment:</u>

Discount on bond investment = Investment in stock warrants + Investment in bonds - Cash paid

Discount on bond investment = $960,000 + $6,000,000 - $6,240,000

Discount on bond investment = $720,000

<h2><u>Requirement 2:</u></h2><h2><u>Prepare the journal entries for both Limbaugh and Interstate in February 2032, to record the exercise of the warrants.</u></h2>

<h3><u>Requirement 2(a)</u></h3>

<u>Prepare the journal entries for Limbaugh in February 2032, to record the exercise of the warrants.</u>

Solution:

Following is the journal entry for exercise of warrants by <u>Limbaugh</u>:

Debit: Cash: $7,200,000 (Working 8)

Debit: Equity - stock warrants $960,000 (Working 9)

Credit: Common stock - equity $8,160,000

<u>Working 8: </u>

<u>Amount of cash received from the exercise:</u>

Amount of cash received from the exercise = Exercise price per warrant × Number of warrants × Number of bonds × 20%

Amount of cash received from the exercise = $60 × 20 warrants × ($30,000,000/$1,000) × 20%

Amount of cash received from the exercise = $7,200,000

<u>Working 9:</u>

<u>Amount of equity - stock warrants from exercise:</u>

Equity - stock warrants = Total equity stock-warrants × 20%

Equity - stock warrants = $4,800,000 × 20%

Equity - stock warrants = $960,000

<u>Working 10:</u>

<u>Amount of common stock:</u>

Amount of common stock = Cash received + equity - stock warrants

Amount of common stock = $7,200,000 + $960,000

Amount of common stock = $8,160,000

<h3><u>Requirement 2(b)</u></h3>

<u>Prepare the journal entries for Interstate in February 2032, to record the exercise of the warrants.</u>

Solution:

The journal entry is as follows:

Debit: Investment in common stock: $8,160,000 (Working 13)

Credit: Investment in stock warrants: $960,000 (Working 11)

Credit: Cash: $7,200,000 (Working 12)

Working 11:

<u>Amount of equity - stock warrants from exercise:</u>

Equity - stock warrants = Total equity stock-warrants × 20%

Equity - stock warrants = $4,800,000 × 20%

Equity - stock warrants = $960,000

<u>Working 12:</u>

<u>Calculate the amount of cash paid for exercise:</u>

Amount of cash paid for the exercise = Exercise price per warrant × Number of warrants × Number of bonds × 20%

Amount of cash paid for the exercise = $60 × 20 warrants × ($30,000,000/$1,000) × 20%

Amount of cash paid for the exercise = $7,200,000

<u>Working 13:</u>

<u>Investment in common stock:</u>

<u>Amount of common stock:</u>

Investment in common stock = Cash paid + Investment in stock warrants

Investment in common stock = $7,200,000 + $960,000

Investment in common stock = $8,160,000

3 0
3 years ago
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