Answer:
A) $514,000.
Explanation:
Operating income = Gross profit - Operating expenses
Operating income = $629,000 - $115,000
Operating income = $514,000
Answer:
$9,438.22
Explanation:
For computing the price of the bond we need to apply the present value formula i.e be to shown in the attachment below:
Given that,
Future value = $10,000
Rate of interest = 3.7% ÷ 2 = 1.85%
NPER = 20 years × 2 = 40 years
PMT = $10,000 × 3.3% ÷ 2 = $165
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after applying the above formula, the price of the bond is $9,438.22
Answer:
B. Flattened management hierarchies.
Explanation:
In this scenario, the line workers at a Virginia steel mill developed a new process that made the line safer. The process went through only one level of management before it was approved by the vice president of operations. Hence, this is an example of a flattened management hierarchies.
A flattened management hierarchy can be defined as an organizational structure which eliminates a middle manager and allows the employees to be involved directly with the decision-making process.
Hence, by the removal of the middle management in an organization, the flattened management hierarchy creates a direct relationship between employees and the top executives of the company; thus, giving room for innovation and actions by employees in the decision-making process.
Answer:
Advertising Expense , Cost of Merchandise Sold , Merchandise Inventory, Sales,Supplies Expense are closed to income summary account. Revenues and expenses are closed to Income Summary.
Explanation:
Closing Entries
a. Accounts Payable: No it is not closed to income summary account.
b. Advertising Expense: Yes it is closed to income summary account.
c. Cost of Merchandise Sold: Yes it is closed to income summary account.
d. Dividends : No these are closed To Retained Earnings Accounts.
e. Merchandise Inventory : Yes it is closed to income summary account
f. Sales Yes it is closed to income summary account
g. Supplies: No prepaid supplies are an asset account and it is included balance sheet.
h. Supplies Expense: Yes it is closed to income summary account
i. Wages Payable: Not closed in the income summary account.
These are liabilities and included in the balance sheet.
Four requirements for a valid contract are an offer, acceptance by the other party of the offer, a mutual agreement or meeting of the minds of the contracting parties and a valid consideration.
