To solve add up all of the product costs which include, factory supplies, administrative wages and salaries, direct materials and sales staff salaries.
$7,000 + $92,000 + $176,000 + $32,000 = $307,000
Results are heavily weighted toward the Baldrige criterion. This is further explained below.
<h3>What
are Baldrige's criteria?</h3>
Generally, "Integrated management framework" refers to a set of tools used to analyze and improve business operations.
In conclusion, Sampling acceptance rates for winners are heavily weighted toward those that meet the Baldrige standards.
Read more about Baldrige's criteria
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Answer:
a. The amount of amortization expense during Year 3 is $40,000.
b.The book value of the patent as of December 31, Year 3 is $80,000.
Explanation:
For amortization of patient, it is done using which one is shorter between the useful life and legal life.
We therefore use the useful life in this question since it is the one that is shorter to amortize as follows:
Annual amortization expenses = $200,000 ÷ 5 = $40,000
Accumulated annual amortization for 3 years = $40,000 × 3 = $120,000
Book value of the patent in year 3 = $200,000 - $120,000 = $80,000
Therefore, the amount of amortization expense during Year 3 is $40,000 and the book value of the patent as of December 31, Year 3 is $80,000.
Answer:
$76,320
Explanation:
Given that,
sales = $546,000,
costs = $295,000,
depreciation expense = $37,000,
interest expense = $15,000,
Tax rate = 32 percent
Profit before tax:
= Sales - cost - Depreciation - Interest
= $546,000 - $295,000 - $37,000 - $15,000
= $199,000
Profit after tax:
= Profit before tax (1 - Tax rate)
= $199,000 (1 - 0.32)
= $199,000 × 0.68
= $135,320
Therefore, the addition to retained earnings
= Profit after tax - Dividend paid
= $135,320 - $59,000
= $76,320
Answer:
<em>Business Financial Record</em>
The financial records of a business is a representation of where the money the business earns comes from and where the money is being directed as well as the current status of the money earned, (source, U.S. Securities and Exchange Commission website) Financial records includes; General accounting books, Banking records, debtor's records, creditor's records, expenses records, tax records, grant details, contract records, list of assets, employee payments, cashbook records, and stock records (<em>Source Australian Charities and Not-for profits commission website</em>)
<em>How it relates to entrepreneurship</em>
An entrepreneur, venturing into a business, where capital investments are and resources are put, revenue is collected, stocks are sold, and factors of production such as equipment are purchased, can best maintain the financial health of the business by keeping an accurate and up to date financial record, such that the cash flows are efficiently manage to obtain the right prices and interest rates from suppliers and lenders respectively (G<em>ateway to Commercial Finance website</em>)
<em>Your opinion of how the business will do in the next few months based on its financial records</em>
A business that consistently makes profits and incurs a fixed expenses is expected to grow, while a business that has limited revenue is expected to embark on novel approaches
Explanation:
