Following Adjustments are being shown below.
<u>Which two accounts are affected ?</u>
<u>What kind of accounts are they? </u>
<u>Do the account balances increase or decrease? </u>
<u>Do we debit or credit the accounts? </u>
Since insurance is paid in advance for the upcoming six months, the account that will be debited will be a prepaid insurance account.
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Answer:
a. In the 17th century, the Dutch East India Company allied with a powerful leader in Indonesia to gain exclusive access to spices, and during the company’s existence, it carried about five times the shipping tonnage of its nearest competitor, an English company.
b. In the 1970s, the Sumitomo Bank of Japan bailed out two major corporate customers at a cost of over $1 billion, greatly hurting its profitability. However, its loyalty to its customers enhanced its reputation, and by 1981 it was Japan’s most profitable financial institution.
d. The Finnish company Stora Enso appeals to the world’s desire to use renewable resources by developing new packaging, paper, textile, and other products based on sustainably grown wood. Quarterly profit recently rose 38% year over year, and the company has garnered much recognition from environmental groups.
Explanation:
Basically there are 3 types of strategies that a company can carry out to try to gain a competitive advantage over its rivals:
- cost leadership strategy: sell the company's products at the lowest price usually through economies of scale. E.G. DUTCH EAST INDIA COMPANY
- differentiation strategy: sell a unique and different product, usually high quality or innovating products. E.G. SUMITOMO BANK
- focus strategy: focus the company's products towards a narrow target segment (niche) either through cost leadership or differentiation. E.G. STORA ENSO
Answer:
Mogul will report Inventory of $26000
Explanation:
The consignment accounting states that any inventory sent on consignment by the consignor to the consignee belongs to the consignor until it is sold by the consignee. Mogu; company sent inventory costing 110000 and out of this only 84000 is sold. The remaining inventory still belongs to the consignor and the amount of this inventory is 110000 - 84000 = $26000
Answer:
the actual payroll is $189,630
Explanation:
<u>Calculation of Standard Payroll Cost</u>
Standard Payroll Cost (flexed) = 13,100 hours×$14 per hour
= $183,400
<u>Reconciling the Standard Payroll Cost to Actual Payroll Cost</u>
Standard Payroll Cost (flexed) $183,400
<em>Add</em> unfavorable direct labor efficiency variance $15,400
<em>Less </em>favorable direct labor rate variance ($9,170)
Actual Payroll Cost 189,630
