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3 years ago

Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.

Business

1 answer:

liraira [26]3 years ago

7 0

Answer:

1. Income statement for 2016.

Sales revenue ($1,661,000 + $15,000) $1,676,000

Less Cost of Sales

Purchases ($1,490,000 + $145,000) ($1,635,000)

Gross Profit $41,000

Less Expenses

Office Expense $95,000

Salaries and wages expense $955,000

Utilities Expense $530,000 ($1,580,000)

Net Loss ($1,539,000)

<u>2. Statement of retained earnings for the fiscal year ended August 31, 2015.</u>

Retained Earnings Beginning $410,000

Dividends $10,000

Retained Earnings Closing $400,000

Explanation:

Income statement calculates profit : Profit = Gross Profit (Sales - Cost of Sales) - Expenses. Whilst Statement of retained earnings calculates closing balance in Retained Earnings : Closing Balance = Opening Balance + Profit for the year - Dividends

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Chevron identified their desired outputs and then worked backward by examining the supporting processes. They used a holistic ap

Pepsi [2]

Answer:

BPR

Explanation:

In this scenario, Chevron identified their desired outputs and then worked backward by examining the supporting processes. They used a holistic approach that led the company to examine the interdependencies among processes used in different business units. This is a Business Process Reengineering (BPR) approach. It is a radical approach and process to redefining a business entity so as to enhance productivity.

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3 years ago

Following are the transactions of a new company called Pose-for-Pics

Assoli18 [71]

Answer:

Pose-for-Pics

1. T-accounts:

Cash

Date Accounts Titles Debit Credit

Aug. 1 Common stock $6,500

Aug. 2 Prepaid Insurance $2,100

Aug. 5 Office supplies 880

Aug. 20 Photography Fees 3,331

Aug. 31 Utilities 675

Aug. 31 Balance $6,176

Common Stock

Date Accounts Titles Debit Credit

Aug. 1 Cash $6,500

Aug. 1 Photography Equipment 33,500

Aug. 31 Balance $40,000

Photography Equipment

Date Accounts Titles Debit Credit

Aug. 1 Common stock $33,500

Prepaid Insurance

Date Accounts Titles Debit Credit

Aug. 2 Cash $2,100

Office Supplies

Date Accounts Titles Debit Credit

Aug. 4 Cash $880

Photography Fees

Date Accounts Titles Debit Credit

Aug. 20 Cash $3,331

Utilities

Date Accounts Titles Debit Credit

Aug. 31 Cash $675

2. Pose-for-Pics

Trial Balance

As of August 31:

Accounts Titles Debit Credit

Cash $6,176

Common stock $40,000

Equipment 33,500

Prepaid Insurance 2,100

Office supplies 880

Photography Fees 3,331

Utilities expense 675

Totals $43,331 $43,331

Explanation:

T-accounts are the general ledger accounts where the transactions of Pose-for-Pics are summarized. From the T-accounts, the Trial Balance can be prepared to show the list of account balances from the general ledger. The Trial Balance forms the first basis for the preparation of financial statements after adjustments have been made for accruals, prepayments, deferred revenue, and depreciation expenses. The Trial Balance may also show that the accounts have been correctly posted with corresponding debit and credit entries.

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3 years ago

Tasteequik Food markets one line of food products to consumers looking for meals that are very simple and quick to prepare. Tast

Stolb23 [73]

Answer:

Letter A is correct. <u>Benefit segmentation.</u>

Explanation:

Benefit segmentation is a marketing strategy that consists of dividing your audience according to the benefits or advantages perceived by the consumer when purchasing a product or service. Segmentation can occur according to various variables such as performance, customer service, special features, quality, and more.

There are several benefits added to this benefit segmentation strategy, especially the conversion of interest in the product or service into new customers, as well as customer retention and satisfaction.

To be successful and achieve the benefits described, segmentation must be designed and targeted to create marketing and advertising that engages the customer and assists in building brand value.

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3 years ago

Which of the following statements about material requisitions is false? a. Material requisitions are often computerized. b. Mate

Vladimir79 [104]

Answer:

D. Material requisitions authorize the transfer of materials from the production floor to the raw materials warehouse

Explanation:

Material requisitions doesnt authorize anything, just provides information

6 0

3 years ago

Buyer Bill will receive a utilities bill for an estimated $300 at the end of the month. At closing, the seller has used an estim

liraira [26]

Answer:

b) a debit to the seller and credit to the buyer for $100

Explanation:

The portion of the utilities bill consumed by the seller is not to be borne by buyer Bill, he cannot be made to pay for what he did not consume, the correct treatment is for seller to bear the $100 consumed by him by way of the following entries

Debit The seller $100

Credit Buyer bill $100

This is in the spirit of fairness to both Buyer Bill and Seller.

5 0

3 years ago