Question Completion:
Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business (Click the icon to view the assembled data of Centerpiece Arrangements.) Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Net Income
i Data Table $ $ Insurance Expense Service Revenue Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 6,500 92,000 800 13,000 7,000 6,400 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 42,000 2,600 2,500 4,500 3,500 27,600 5,200
Answer:
Centerpiece Arrangements
Income Statement for the year ended December 31, 2024:
Service Revenue $92,000
Expenses:
Insurance expense $6,500
Utilities expense 800
Rent expense 13,000
Salaries expense 42,000
Total Expense $62,300
Net Income $29,700
Explanation:
a) Data:
Trial Balance as for December 31, 2024:
$ $
Insurance Expense 6,500
Service Revenue 92,000
Utilities Expense 800
Rent Expense 13,000
Common Stock 7,000
Cash 6,400
Retained Earnings,
January 1, 2018 5,200
Salaries Expense 42,000
Accounts Payable 2,600
Office Supplies 2,500
Dividends 4,500
Accounts Receivable 3,500
Equipment 27,600
Total $106,800 $106,800
Answer:
a. 29,450
Explanation:
Equivalent units under FIFO method are calculated using the following formula: Equivalent units for each cost component = (100% − A) × B + C + D × E . Where a = percentage of completion at the end of last period
, b = units in opening work in process
, c = units started and completed in current period (30,000 - 3,000 =27,000), d = percentage of completion of units in closing work in process
, e = units in closing work in process
Equivalent units for each cost component
= (100% − 75%) × 5000 + 27000 + 40% × 3000
= 29,450
Answer:
You agree that test marketing could be helpful, but you point out that it may also reveal your ideas to your competitors.
Explanation:
In the give scenario the existing famous cheesy butter biscuits sales are going down. In an effort to increase the revenue of the business the head of product development has a theory that people want lighter options today, and she has recommended test marketing a lower-fat version of the biscuits at select locations in eight major cities across the United States.
This is an innovative solution to the problem and the head of product development should be encouraged to drive the test marketing.
However marketing a lower-fat version of the biscuits at select locations in eight major cities will expose the strategy to competitors. It will be better to conduct the test in a more controlled environment away from competitors.
Answer:
a. Structural unemployment
b. Seasonal unemployment
c. Cyclical unemployment
d. Seasonal unemployment
Explanation:
The unemployment George is involved in is structural because the perceived value and skills George possess is no more needed in the steel industry where he works and at Chicago land area where he moved to since there are now newer skills that could make work more efficient within the steel firms.
Leo in his case is battling with a seasonal unemployment as there are industries that operates in certain season(Time) of the year and not others. in January, when the winter is intense, construction work might not be feasible due to the high rate of snow fall in the period.
Kim suffered from a cyclical unemployment because there is a need to prioritize some things above the other due to the recession in the country. people will focus more on how to solve their immediate problem such as putting food on the table and clothe as well as housing, The need for the purchase of computers will drastically drop at this point in time.
Lastly, Becky, a recent graduate from college is also suffering from a seasonal unemployment because of the time she graduated from college.
Answer:
The contract wasn't formed because of closing of offer due to closing of offeree.
Explanation:
The offeree can only accept the offer if:
1. The Offer is not closed.
2. The offerer is alive.
3. No offerer qualifies age limit.
4. The Offered is in senses which means he is not drunk or suffering from mental illness that affects thinking of what is right or wrong for him.
Clearly from the above conditions the condition 2 is not satisfied here because offerer died before the acceptance of offer. Hence the contract was not formed and Executor did right by refusing to deliver the deed to black-acre in exchange for money.
