Answer:
---------------------- - -------------------------------
Factory Payroll 21030
Cash 21030
---------------------- - -------------------------------
Goods in process 16200
Factory Overhead 4830
Factory Payroll 21030
---------------------- - -------------------------------
Explanation: The payment of the total labor factory costs must be recorded, we debit the "Factory payroll" cost account and credit the "cash" account as they were paid in cash.
Then we must allocate these costs to the production process, therefore we debit the "goods in process" account for the amount of <u>direct labor</u> consumed, and "factory overhead" for the amount of <u>indirect labor </u>consumed, and finally credit the account " Factory payroll " for the total.
Answer:
The Implementation Phase
Explanation:
A marketing plan refers to a a future course of action relating to marketing tactics a firm is planning to employ and specifies the goals and objectives which are to be achieved. It provides direction and guides marketing efforts in a single direction i.e towards attainment of marketing objectives.
A strategic marketing plan is an in-depth marketing plan which specifies the long term marketing strategies, the markets in which the firm shall compete, the target customers and the means to attain marketing goals.
Such a plan incorporates the following phases:
- Analysis : It means situational analyses and assessing organizational strengths and weaknesses and matching them with environmental threats and opportunities.
- Planning: This involves conducting marketing research and product testing and also planning for the price, promotion and distribution of products.
- Implementation: It refers to putting the plans into action and placing the products in the market based upon the distribution channel and markets planned for in previous stages.
- Control: This refers to analyzing sales, profit margins and customer satisfaction. Measuring the deviations against figures as anticipated and making necessary modifications in the marketing strategy accordingly.
In the given case, the video game company had planned well w.r.t it's joint venture and strategy but failed to implement it effectively. This points to the company failing at the implementation phase of the strategic marketing process.
Amount to be credited = $2,020
Outstanding balance = $480
Explanation:
The payment terms state that
- 3% discount may be taken within 10 days of the invoice date (up to May 20); or
- 1% discount may be taken within 15 days of the invoice date (after May 20 but not later than May 25); or
- The net amount is due within 60 days of the invoice date if advantage is not taken of the cash discounts offered.
- The 3% cash discount is not applicable as the payment was made on May 22 which is after the end of the discount period. However, the 1% discount is allowed, since payment on May 22 is within the 15-day period for the 1% discount.
Amount to be credited
= 2000 / (1−0.01)
= 2000 / (0.99)
= $2,020
Outstanding balance
= 2500 - 2020
= $480
Answer:
<h2>Leslie's budget is hurting in the areas of transportation, groceries, phone and dining out. </h2>
Explanation:
<h2> For transportation, money is required for each da.</h2><h2 /><h2>PURPLE YOU ALL</h2><h2 /><h2 />
Answer:
a. keep producing in the short run but exit the market in the long run.
Explanation:
To answer the question, there is a need to look at the effect of the situation on the firm both in the short- run and the long-run
Short Run Effect
The Marginal cost is between average variable cost and average total cost. The business can still continue producing goods because the quantity being produced is still able to cover the average variable cost. This means that the firm is still able meet its variable costs by setting the price of its goods to its marginal cost which is an amount greater than its average variable cost.
Long Run Effect
However, in the long-run the company will begin to have issues even meeting other important costs such as the fixed costs associated with production and as such, the firm will need to exit the market in the long run. For instance the cost of long term loans (principal and interest) may not be covered by the net income of the firm.
