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solong [7]
3 years ago
12

As a result of conducting a gap analysis, the potential entrepreneur proved there was a need for the business. This is called do

ing the owner's _________.
Business
1 answer:
Vera_Pavlovna [14]3 years ago
7 0

Answer:

due diligence

Explanation:

Due diligence refers to an entrepreneur or a business man/woman basically doing their homework, i.e. investigating thoroughly about a business opportunity before deciding to accept a business proposal, enter a new market, or start a new business.

Many times, management is required by law to perform due diligence before entering a new business or signing certain contracts, but it is just common sense that before you start a new business you will try to find out if the business is feasible or not.

You might be interested in
Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees’ well-being. The company offers its
sweet-ann [11.9K]

Answer:

1. Salary expense = $2,300,000

Withholdings = $494,500

Salary payable = $1,805,500

2. Total fringe benefits = $185,150

3. Payroll tax = $494,500

Explanation:

1. Employee salary expense is given as $2,300,00

Withholdings is given as $494,500. This is the sum total of federal and state FICA taxes and unemployment tax.

Salaries payable is employee salary expense less withholdings.

Salaries payable = 2,300,000 - 494,500

= $1,805,500

2. Employer-provided fringe benefits includes medical insurance, dental insurance, life insurance and voluntary retirement plan contribution. The corporation matches employee contributions to a voluntary retirement plan up to 6% of their salaries and employee contribution to voluntary retirement plan is $115,000. Since this amount is 5% of salaries, the corporation will contribute an equal amount.

Medical insurance premiums paid by employer = $46,000

Dental insurance premiums paid by employer = $16,100

Life insurance premiums paid by employer = $8,050

Employer contribution to voluntary retirement plan = $115,000

Total fringe benefits = $185,150

3. Employer payroll taxes includes Federal and state FICA taxes and unemployment tax.

Federal FICA tax (rate of 7.65%) = (7.65/100) * 2300000 = $175,950

State FICA tax (rate of 7.65%) = (7.65/100) * 2300000 = $175,950

Unemployment tax (rate of 6.20%) = (6.20/100) * 2300000 = $142,600

Total pay roll tax = 175950 + 175950 +142600

= $494,500

8 0
3 years ago
A young worker is starting her first job at a research lab. She spent four years
Lelechka [254]

Answer: Market economy

Explanation: A P E X

7 0
3 years ago
During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 48,000 mini refrigerators, of whi
Anvisha [2.4K]

Answer:

Part a.

Income statement based on the absorption costing concept.

Sales                                                                                      $8,800,000.00

Less Cost of Sales

Beginning  Inventory                                          $0

Add Manufacturing Cost                          $6,048,000.00

Less Ending Inventory                                ($504,000.00) ($5,544,000.00)

Gross Profit                                                                            $3,256,000.00

Less Expenses :

Selling and administrative expenses:

Variable                                                      $528,000.00

Fixed                                                           $352,000.00     ($880,000.00)

Net Income/(loss)                                                                   $2,376,000.00

Part b.

Income statement based on the variable costing concept.

Sales                                                                                      $8,800,000.00

Less Cost of Sales

Beginning  Inventory                                          $0

Add Manufacturing Cost                          $5,520,000.00

Less Ending Inventory                                ($460,000.00) ($5,060,000.00)

Contribution                                                                            $3,740,000.00

Less Expenses :

Fixed manufacturing cost                          $528,000.00

Selling and administrative expenses:

Variable                                                      $528,000.00

Fixed                                                           $352,000.00      ($1,408,000.00)

Net Income/(loss)                                                                    $2,332,000.00

Part c.

Reason : Fixed Costs deferred in Ending Inventory in Absorption Costing has resulted in a higher Income.

Explanation:

<u>Units in Ending Inventory Calculation :</u>

Production                             48,000

Less Sales                            (44,000)

Ending Inventory                    4,000

Absorption Costing Calcs

<u>Variable Manufacturing Costs</u>

Direct materials                         $3,360,000.00

Direct labor                                 $1,344,000.00

Variable manufacturing cost        $816,000.00

Fixed manufacturing cost            $528,000.00

Total                                           $6,048,000.00

Ending Inventory =  $6,048,000.00 × 4,000 / 48,000

                            =   $504,000

Variable Costing Calcs

<u>Variable Manufacturing Costs</u>

Direct materials                         $3,360,000.00

Direct labor                                 $1,344,000.00

Variable manufacturing cost        $816,000.00

Total                                           $5,520,000.00

Ending Inventory =  $5,520,000.00 × 4,000 / 48,000

                            =   $460,000

4 0
3 years ago
Mark wants to be a web designer. He recently found out that a local company is
ExtremeBDS [4]

Answer:

No his parents aren't exactly right, a college is far more expensive, not only money wise, but also time wise. These programs/bootcamps can get you started in web design, and make sure you pass with a certificate and fully understand the topic, and they only take around a 2 - 5 months.

6 0
3 years ago
Given the following owner’s income and expense estimates for an apartment property, formulate a reconstructed operat-ing stateme
scoundrel [369]

Answer:

$363,000

Explanation:

Calculation for the property’s indicate market value.

First step

Operating Statement

PGI: $66,000

(10 units x $550 x 12 month )

Less: Vacancy Loss(3,300)

(5%*66,000)

EGI:62,700

Less: Operating Expenses

Power$2,200

Heat1,700

Janitor4,600

Water3,700

Maintenance4,800

Management3,000

Reserve for CAPX2,800

Total Operating Expenses$22,800

Net Operating Income$39,900

(62,700-22,800)

Second step is to find the property’s indicate market value.

Using this formula

Market Value=NOI/ Ro

Let plug in the formula

Market Value=$39,900/11.0%

Market Value=$363,000

Therefore the property’s indicate market value is

$363,000

6 0
3 years ago
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