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3 years ago

At the end of May, the following adjustment data were assembled.

Business

1 answer:

777dan777 [17]3 years ago

7 0

Answer and Explanation:

The adjusting entries are as follows:

a. Insurance expense $275

To Prepaid insurance $275

(To record the insurance expense)

b. Supplies expense $785 ($1,500 - $715)

To Supplies $785

(To record the supplies expense)

We assume the balance of supplies before adjustment is $1,500

c. Depreciation - office equipment $330

To Accumulated depreciation $330

( To record the depreciation expense)

d. Salary Dr $325

To Accrued salary $325

(To record the accrued salary)

e. Rent expense $1,600

To Prepaid rent $1,600

(To record the rent expense )

f. Unearned fees $790

To Fees revenue $790

(To record the unearned fees is recorded)

We assume the balance of unearned fees before adjustment is $4,000

Therefore, $790 is arrive from

= $4,000 - $3,210

= $790

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12–2. Offer and acceptance. Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers

Fiesta28 [93]

Answer:

Schmidt, the owner of a small business, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barry for $10,000. Discuss the legal effects of the following events on the offer:

• Schmidt dies prior to Barry’s acceptance, and at the time he accepts, Barry is unaware of Schmidt’s death.

• The night before Barry accepts, fire destroys the equipment.

• Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Schmidt dies, and later Barry accepts the offer, knowing of Schmidt’s death.

• Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Barry dies, and Barry’s estate accepts Schmidt’s offer within the stipulated time period.

Explanation:

A contact is a binding agreement between two or more people.

Schmidt dies prior to Barry’s acceptance, and at the time he accepts, Barry is unaware of Schmidt’s death: Schmidt's death would normally null this offer but because Barry is unaware of his death at the time of acceptance, and the offer is not for a personal service, the offer holds.

The night before Barry accepts, fire destroys the equipment: there is no binding contract before a buyer accepts an offer.

Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Schmidt dies, and later Barry accepts the offer, knowing of Schmidt’s death: The option keeps the offer alive regardless of Schmidt’s death as long as Barry paid for the option .

Barry pays $100 for a thirty-day option to purchase the equipment. During this period, Barry dies, and Barry’s estate accepts Schmidt’s offer within the stipulated time period: the death of the offeree, in this case Barry, would normally nullify the offer but due to the option and the acceptance within the stipulated time, the offer holds.

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3 years ago

uestions 1. How has an understanding of consumer behavior helped Coppertone grow in the United States and around the globe? 2. D

aniked [119]

Explanation:

1. This knowledge has enabled them to quickly adapt to the needs of its consumers in the United States and around the world.

2. The five stages of the purchase decision process are problem identification, search for information, comparing alternatives, the decision to buy, and the post-purchase feedback.

1. Problem identification involves recognition by customers that they have a problem.

2. Search for information is a stage in which these customers look for the solution to the identified problem.

3. Comparing alternatives requires customers to compare and contrast solutions offered by companies in terms of their cost advantages and disadvantages.

4. The decision to buy stage is when the customer decides to buy the product from Coppertone based on perceived advantages from their comparison of solutions.

5. Post-purchase feedback by consumers is a measure of the performance of the product they bought.

3. i) Situational influences: this could be thoughts about spending time outdoors at the beach or going on a road trip.

ii) Psychological influences: this may be in the form of self-awareness about the need to protect their skin and to improve their general well-being.

iii) Sociocultural influences: they probably came from a background where beauty treatments are esteemed and part of their culture.

4. Interestingly, Coppertone is one of the major sponsors of the U.S. women's and U.S. men's soccer teams. It also does TV, social media, other digital marketing campaigns.

5. i) They face the threat of unstable demand since they deal with a seasonal product.

ii) Constant product innovation is very much needed in order to meet customer needs.

Recommendations are:

i) Publicity campaigns should be carried out to encourage all-round usage, to avoid the habit of customers waiting for the season before purchasing the product.

ii) Creating new Innovative products should be a priority for the organisation in order to appeal to their needs.

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3 years ago

The following information applies to the questions displayed below] A local Chevrolet dealership carries the following types of

myrzilka [38]

Answer:

Chevrolet Dealership

A) The total cost of the entire inventory is:

= $575,000

B) Each inventory would be reported at the LCNRV:

Inventory Items Quantity Reporting Cost/Value

Vans 4 NRV

Trucks 7 NRV

2-door sedans 3 Cost

4-door sedans 5 Cost

Sports cars 1 Cost

SUVs 6 NRV

C) Journal Entry:

Debit Cost of goods sold $27,000

Credit Inventory $27,000

To write-down costs to net realizable values.

D) TRUE.

Explanation:

a) Data and Calculations:

Inventory Items Quantity Cost per unit NRV per Unit LCNRV

Vans 4 27000 $108,000 25000 $100,000

Trucks 7 18000 126,000 17000 119,000

2-door sedans 3 13000 39,000 15000 39,000

4-door sedans 5 17000 85,000 20000 85,000

Sports cars 1 37000 37,000 40000 37,000

SUVs 6 30000 180,000 28000 168,000

Total Cost $575,000 $548,000

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3 years ago

If a seller requires an intermediary to purchase a supplementary product to qualify to purchase the primary product the intermed

Mashcka [7]

Answer:

A Tying Contract

Explanation:

If a seller requires an intermediary to purchase a supplementary product to qualify to purchase the primary product the intermediary wishes to buy, it results in a tying contract. It is mostly treated as an illegal because it pushes intermediary organization to buy other products if they wishes to purchase the products which is actually needed to be purchased. Some companies make it compulsory for their intermediaries in doing so. For example, if you have to buy 10 packs of Lays, then you must be buying 5 extra boxes of Pepsi as well. It is being done because of the power and market share that company is enjoying in the market, so they take its advantage.

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3 years ago

Bob is a manager at a local toyota dealership who has lost five of his employees last year. now he has to make a decision about

suter [353]

She might jump to a solution before correctly diagnosing the problem. This might cause a continuation in the loss of employees, while still costing the business excess revenue. If she diagnoses the problem correctly, then she can work out a proper solution that may mitigate the turnover problem.

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3 years ago