Evaluate a team you have been part of in terms of its size, composition and characteristics compared to those of an 'ideal' team

Which of the following statements is TRUE about payday loans? A. They are harder to pay back because of high fees and B. They ar

Firdavs [7]

Payday loans are B. harder to pay back because of low fees and high intesest rates. Payday laons are small amount loans that are given to a person with a high interest rate. These loans are deemed to be paid back to the lender when the borrow receives their next paycheck.

6 0

3 years ago

Read 2 more answers

Consideration of the firm's overall objectives does not influence the final selection of a target market segment.

AfilCa [17]

The above statement is FALSE.

Consideration of the firm's overall objectives MUST BE DONE because it influences the final selection of a target market segment.

Target market segment is a strategy that outlines how and what will the business do to reach its intended customers. This is a strategy that will fulfill the company's short term goals as well as have a great impact on the firm's long term overall objectives as a business or company.

3 0

3 years ago

Partial income statements for Sherwood Company summarized for a four-year period show the following: 1. Restate the partial inco

OlgaM077 [116]

Answer:

1. The corrected gross profit are as follows:

2015 = $704,000

2016 = $836,000

2017 = $859,000

2018 = $1,024,000

2-a Gross profit percentage before and after correction are as follows:

Particulars 2015 2016 2017 2018

Before correction 32% 33% 31% 32%

After correction 32% 32% 32% 32%

2-b. Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Partial income statements for Sherwood Company summarized for a four-year period show the following:

2015 2016 2017 2018

Net Sales $2,200,000 $2,600,000 $2,700,000 $3,200,000

COGS 1,496,000 1,742,00 1,863,000 2,176,000

Gross Profit $704,000 $858,000 $837,000 $1,024,000

An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $22.000. The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system.

Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error, 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

The explanation of the answer is now given as follows:

1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error

Note: See the attached excel file for the fixing the inventory error and the restated partial income statements to reflect the correct amounts, after fixing the inventory error.

The effect of the overstatement of closing inventory is reducing the 2016 cost of goods sold. To correct this in the attached excel file, the opening balance is reduced by $22,000 and this makes cost of goods sold of 2016 to increase and the cost of goods sold of 2017 to decrease by $22,000.

2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction

Note: See the attached excel file for the computed the gross profit percentage for each year (a) before the correction and (b) after the correction.

In the attached excel file, the following formula is used:

Gross Profit percentage = Gross profit / Net Sales) * 100

2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Download xlsx

4 0

2 years ago

The specific collection of values, norms, beliefs, and attitudes shared by people and groups in a company is commonly referred t

vlada-n [284]

Answer:

C. organizational culture

Explanation:

Organizational culture refers to the values, philosophy, and aspirations of an organization that guides the behavior of its members. Culture is expressed through the members' internal interactions and communications with the outside world. Organizational culture is based on beliefs, shared attitudes, customs, written and unwritten rules in the company that has been developed over time.

Organizational culture manifests itself in diverse ways, including communication methods, internally distributed messages, leadership behaviors, and corporate celebrations. In other words, organizational culture is the way of doing things in an organization.

8 0

3 years ago

Barney decides to quit his job as a corporate accountant (which pays $10,000 a month) and go into business for himself as a cert

Orlov [11]

Answer:

Accounting Profit = $11,875

Economic Profit = $1,575

Explanation:

income from job = $10,000 /month

Rent which could have been earned = $300 /month

Office supplies = $75 /month

Increase in electricity bills = $50 /month

Income from home = $12,000 /month

(a) Accounting profit = Income - Costs

= $12,000 - ($75 + $50)

= $11,875

(b) Economic profit = Accounting profit - Opportunity cost

= $11,875 - ($10,000 + $300)

= $1,575

5 0

2 years ago