Final Exam

Prepare a bank reconciliation for Cole Co. assuming the following as of May 31. Use the worksheet provided in the Ch 7 Module: 1

goblinko [34]

Answer:

Cole Co.

Bank Reconciliation Statement

Balance as per cash account adjusted $112,933

add uncredited deposits 11,317

less Outstanding checks -41,750

Balance as per bank statement $82,500

Explanation:

a) Data and Calculations:

Cash account debit balance = $95,250

Bank statement balance = $82,500

Outstanding checks = $11,317

Credit memorandum $18,000

Collection fee $45

Check 1115 for Rent Expense of $1,350 transposed as $1,050 = $300 ($1,350 - $1050)

Uncredited deposits = $41,750

Interest earned = $28

Cash Account Adjustment:

Cash account debit balance $95,250

Debit:

Credit memorandum 18,000

Interest earned 28

Credit:

Collection fee -45

Rent Expense (understated) -300

Adjusted cash account balance $112,933

b) The bank reconciliation statement above was prepared after adjusting the cash account with items that were recorded by the bank but not recorded by Cole Co. and other misstatements. With the adjusted cash account balance, the bank reconciliation was then carried out with the items that were not recorded by the bank. The resulting figure should agree with the bank statement balance.

4 0

3 years ago

Assume that the labor market for retail workers is generally unskilled. If a minimum wage is set in the labor market for retail

bazaltina [42]

Answer:

there will be a surplus of retail workers in this labor market.

Explanation:

In the attached diagram the scenario is illustrated.

When the minimum wage is above the equilibrium wage it means that the minimum wage is above what employees are willing to pay workers. So employees will be less wiling to pay this amount.

There will be a reduction in the number of available slots for workers.

On the other hand workers will receive higher wage than they expected but since the slots for work are now limited there will be a surplus of labour in the market

3 0

3 years ago

As firms simultaneously downsize and face the need for increased coordination across organizational boundaries, a control system

ddd [48]

Answer:

The correct answer is boundaries and constraints.

Explanation:

One of the proposals offered by The Theory of Restrictions is to focus on the point to be improved and then we can move on to the definition of every day; a chain is as strong as the weakest link; Following this philosophy we must find what is the weakest link in a process in a company and improve at that point, remember that the speed of a process will always be the slowest process, creating a restriction in the process that can appear in any area of the organization.

The management model in conventional companies is directed at cost control. The Theory of Constraints teaches us that we must change the approach, we should not direct our efforts in cost control, but rather in generating money. To generate money you have to work with the client and depending on the client, but for that to happen we must prepare the company to be able to respond to that client, for this reason we must prepare operational models that are agile, flexible, capable of responding to constant and changing requirements.

7 0

3 years ago

A steel bar is 10 mm diameter and 2 m long. It stretched with a force of 20 kN and extends by 0.2 mm. Calculate the stress and s

Firlakuza [10]

Answer:

2.5 * 10^12 Nm-2

Explanation:

Stretching force = 20 * 10^3 N

diameter = 10 * 10^-3 m

extension = 0.2 * 10^-3 m

length of bar = 2m

Young Modulus = stress/strain

stress = Force/Area

Strain = extension/length

Young Modulus = Force/Area/extension/length

But area = πr^2 = 3.142 * (5 *10^-3)^2 = 7.9 * 10^-5 m^2

Stress = 20 * 10^3/7.9 * 10^-5 = 2.5 * 10^8 Nm-2

Strain = 0.2 * 10^-3/2 = 1 * 10^-4

Young Modulus = 2.5 * 10^8/1 * 10^-4

Young Modulus = 2.5 * 10^12 Nm-2

7 0

3 years ago

D) Identify and explain two reasons why accurate market research<br> information should be accurate

bazaltina [42]

Answer:

When businesses are deciding how to develop their products and services, they undertake market research. Market research can either be done by the company itself or taken from elsewhere. Having reliable market research data is essential. Basing decisions on unreliable research can be very costly to a business. For research to be reliable, it must have a high level of validity. This means that the facts and evidence gathered are accurate.

Two reasons why market research should be accurate:

Business Risks: Regular market research will be your way to check in with your current customers and potential customers to ensure that you’re still meeting their needs. If it is accurate business risks are reduced but if inaccurate, it could lead to the crash of your business.

Decision-making: The need for and importance of marketing research frequently comes up when making tough business decisions. Instead of having arbitrary criteria for the decisions you make as a business owner, you can always go back to your market research report. Based on that report, will this decision lead to more customers? Will you be able to reach more people who are likely to buy from you? Will it be clear to them that your business can meet their needs? With an accurate market research, the business can make properly informed decisions but with inaccurate market research, the business will be making unwise decisions

8 0

2 years ago