Each of the following situations occurred during 2011 for one of your audit clients:1. The write-off of inventory due to obsolescence.2. Discovery that depreciation expenses were omitted by accident from 2010's income statement.3. The useful lives of all machinery were changed from eight to five years.4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method.5. Ten million dollars face value of bonds payable were repurchased (paid off) prior to maturity resulting in a material loss of $500,000. The company considers the event unusual and infrequent.6. Restructuring costs were incurred.7. The Stridewell Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers. A loss was incurred in the disposition of the retail stores. The retail stores are considered components of the entity.8. The inventory costing method was changed from FIFO to average cost.Required:1. For each situation, identify the appropriate reporting treatment from the list below (consider each event to be material):a. As an extraordinary item.b. As an unusual or infrequent gain or loss.c. As a prior period adjustment.d. As a change in accounting principle.e. As a discontinued operation.f. As a change in accounting estimate.g. As a change in accounting estimate achieved by a change in accounting principle.2. Indicate whether each situation would be included in the income statement in continuing operations (CO) or below continuing operations (BC), or if it would appear as an adjustment to retained earnings (RE). Use the format shown below to answer requirements 1 and 2
Answers
Answer:
Situations during 2011 at an Audit Client
A. Appropriate Reporting Treatments:
1. Write-off of inventory due to obsolescence.
a. As an extraordinary item.
2. Discovery that depreciation expenses were omitted by accident from 2010's income statement.
c. As a prior period adjustment.
3. The useful lives of all machinery were changed from eight to five years.
f. As a change in accounting estimate.
4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method.
g. As a change in accounting estimate achieved by a change in accounting principle.
5. Ten million dollars face value of bonds payable were repurchased (paid off) prior to maturity resulting in a material loss of $500,000. The company considers the event unusual and infrequent.
b. As an unusual or infrequent gain or loss.
6. Restructuring costs were incurred.
b. As an unusual or infrequent gain or loss.
7. The Stridewell Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers. A loss was incurred in the disposition of the retail stores. The retail stores are considered components of the entity.
e. As a discontinued operation.
8. The inventory costing method was changed from FIFO to average cost.
d. As a change in accounting principle.
B. Inclusion in the Income Statement:
1. CO
2. RE
3. CO
4. RE
5. BC
6. BC
7. BC
8. CO
Explanation:
1. Investopedia.com defined "Unusual or infrequent items" as "gains or losses from a lawsuit; losses or slowdown of operations due to natural disasters; restructuring costs; gains or losses from the sale of assets; costs associated with acquiring another business; losses from the early retirement of debt; and plant shutdown costs."
2. Extraordinary gains or losses are economic events which originate from continuing infrequent and unusual operations. These gains and losses stem from the normal business activities of the company, but, they do not happen regularly, and are abnormal in nature.
3. A prior period adjustment is the correction of a past accounting error that occurred in the past financial statements.
4. According to investopedia.com, "A change in accounting principle is a change in how financial information is calculated, while a change in accounting estimate is a change in the actual financial information. Changes in accounting principles are done retroactively, where financial statements have to be re-stated. But, changes in estimates are not applied retroactively.
Related Questions
Identify the South African barriers to entry market share
Answers
Barriers to entry in South Africa include:
High startup costsLimited access to financingWhat are some barriers to entry ?Some industries in South Africa entail expensive start-up costs like procurement of equipment, infrastructure development or acquiring licenses which can be limiting for new entrants.
Several startups may encounter challenges in obtaining financial aid due to limited capital availability or stringent borrowing rules as well as exorbitant interest charges. The regulatory framework within the country is multifaceted and applies robust controls across a multitude of sectors that may be restrictive for businesses trying to establish themselves.
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The economy of the United States can be best described as
a) a mixed economy
b) a command economy
c) a mixed economy, but predominantly command and tradition
d)
a pure free marker
Answers
Answer:
A a mixed economy.
Explanation:
The asnswer is a mixed economy
Hopefully it helps
including scholarships and financial aid Rachel has 39,000 to spend on college if the total cost of her college education is_____, she will have enough resources to pay
a 36,000
b 42,000
c 48,000
d 45,000
Answers
Answer:
A. 36,000
Explanation:
If the college education cost is less than your financial aid limit then it can pay for it.
Answer:36,000
Explanation:because it say it
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7,2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorce from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry.Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society.Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. They received $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Alfred and Beulah have never owned or used any virtual currency, and they do not want to contribute to the Presidential Election Campaign. Compute the Old's net tax payable (or refund due) for 2019. Suggested software: ProConnect Tax Online
Answers
To compute the Olds' net tax payable (or refund due) for 2019, we need to gather all the relevant information and calculate their taxable income, apply the appropriate tax rates, deductions, and credits. Since the tax calculation involves various factors and tax laws, it would be best to use tax software such as ProConnect Tax Online or consult with a tax professional. The software will streamline the process and ensure accurate calculations based on the specific tax laws and regulations applicable to the Olds' situation.
Why should you begin a case analysis with a financial analysis? When are other approaches appropriate?
Answers
A case analysis should start with a financial analysis because it shows how significant the problem is for a company. The primary goal of a business is to make money. studying the firm's total success is thus achievable through studying its financial performance.
A financial analysis will not only help you understand your company's financial health, determining its creditworthiness, profitability, and ability to generate money, but it will also provide you a more in-depth look at how well it functions internally. Horizontal analysis, vertical analysis, ratio analysis, trend analysis, and cost-volume profit analysis are the five most popular approaches to financial statement analysis. Each method enables the creation of a more thorough and sophisticated financial profile.
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On the 24th, a shooting incident occurred at a high school in St. Louis, Missouri, my country. A 19-year-old gunman opened fire on the campus, causing 2 deaths and 7 injuries, and was eventually shot dead by the police.
On October 25, St. Louis Mayor Tishaura Jones said that gun violence continues to take the lives of children and children in our country, and its severity is enough to become a "national emergency" and the government should take action. Police said at a news conference that day that the gunman was Orlando Harris, a 19-year-old male who just graduated from the high school last year.
Answers
The deaths at the high school in St. Louis, Missouri, United States show that an argument can indeed be made for tighter gun controls in the country.
Should there be tighter gun controls in the United States?The most recent tragedy that resulted from gun violence in the United States, was the killing of two people at the Central Visual and Performing Arts High School, St. Louis, Missouri, by a previous student of the school.
Over the years, there have been other instances of gun violence in American schools including the shooting at Uvalde, Texas that led to the deaths of 19 children.
The United States has the highest rates of gun ownership in the entire world as well as one of the highest rates for mass shooting. This means that there must be a correlation between the two. Nations that have tighter gun controls have lower rates of mass shooting.
There is therefore a good enough argument that the United States should introduce stricter and tighter gun controls in order to reduce the incidence of mass shootings, especially at schools.
The rest of the question is:
Does this shooting add more evidence for the argument for tighter gun control or less?
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Describe the ethical issues confronting supply chain
managers
Answers
There are a lot of ethics. The ethical issues in supply chain management are;
The Freedom of employment and also of association.The removal of child labor.The safe and hygienic working environment.The right pay and the right working hours.Better and non-racist treatment.Ethical issues often exist in supply chain management ranging from course of production, layers of middlemen, traders & retailers until the goods get to the consumer.
Supply chain consist of transporting of raw materials or products in the right flow to end that is the delivery of the final goods.
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You are offered an investment that will pay you $250 in one year, $520 the next year, and $750 at the end of the third year. How much is this investment worth if the interest rate is 11%?
Answers
Answer: $1,196
Explanation:
Based on the information and the values that are provided in the question, the worth of the investment of the rate of interest is 11% will be calculated as:
=(250 / 1.11) + (520 / 1.11²) + (750 / 1.11³)
= 225.23 + 422.04 + 548.39
= $1,195.66
= $1196 approximately
The worth of the investment will be $1196.
1. Some businesspeople believe that elimination agents and wholesalers reduce their operating expenses. Discuss the opportunity costs associated with eliminating intermediaries.
Answers
1. While eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
Eliminating intermediaries such as elimination agents and wholesalers reduce operating expenses, but it also has associated opportunity costs that businesses need to consider. One of the primary costs is the loss of the expertise and value-added services that intermediaries offer to businesses and customers. Eliminating intermediaries may result in businesses taking on additional responsibilities and expenses such as marketing, distribution, and logistics.
This may result in the need for additional staff and resources to ensure that products reach customers on time. Furthermore, eliminating intermediaries may also result in reduced customer access to products, as intermediaries are often responsible for finding new markets and customer segments. In this case, businesses may need to invest additional resources to market and promote their products to reach new customers.
In conclusion, while eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
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Price a 2-yr 4% semiannual coupon bond with a par value of $1000 and the yield to maturity (discount rate) is 4.51% per annum.
Round the answer to the nearest 2 decimal points. If your answer is $12.345, enter "12.35" in the answer box.
Answers
The price of the 2-year 4% semiannual coupon bond with a par value of $1000 and a yield to maturity of 4.51% per annum is approximately $932.08 (rounded to the nearest 2 decimal points).
To price a 2-year 4% semiannual coupon bond with a par value of $1000 and a yield to maturity of 4.51% per annum, we can use the formula for the present value of a bond. The bond pays semiannual coupons, so we need to calculate the present value of each coupon payment and the present value of the par value at maturity.
Using the given values:
Coupon payment = $20
Yield to maturity = 4.51% per annum
Number of coupon payments per year = 2
Par value = $1000
Number of periods until the coupon payment = 1 (for each semiannual coupon payment)
PV of coupon payment = $20 / (1 + (4.51% / 2))^1 + $20 / (1 + (4.51% / 2))^2
PV of coupon payment = $19.14 + $18.36
PV of coupon payment = $37.50
PV of par value = $1000 / (1 + (4.51% / 2))^4
PV of par value = $894.58
Bond price = PV of coupon payments + PV of par value
Bond price = $37.50 + $894.58
Bond price = $932.08
Therefore, the price of the 2-year 4% semiannual coupon bond with a par value of $1000 and a yield to maturity of 4.51% per annum is approximately $932.08 (rounded to the nearest 2 decimal points).
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Which of these is a group of producers working together to raise prices and
increase profits?
A. defense contractors
B. a cartel
C. a trading bloc
D. a labor union
Answers
Answer:
B. a cartel
Explanation:
A cartel is a group of independent producers who collude to promote and protect their trade interests. Large producers in the same industry form cartels to manipulate supply and fix prices. Through the cartel, the large producers set prices that guarantee maximum profits for their members. The cartel eliminates price competition among the major producers in the industry.
A 15-year annuity of thirty $8,000 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now.
a. If the discount rate is 11 percent compounded monthly, what is the value of this annuity 4 years from now?
b. What is the current value of the annuity?
Answers
The value of the annuity 4 years from now is $254,757.45.
What is annuity?An annuity is a financial product that provides a guaranteed income stream to an individual in exchange for a lump sum or periodic payments. The most common type of annuity is a retirement annuity, which is purchased with retirement savings and provides a regular income throughout retirement. An annuity may be fixed, where the payments are predetermined and do not change over time, or variable, where the payments are based on the performance of underlying investments. Annuities are commonly used to supplement retirement income, protect against market volatility, and provide a source of income that cannot be outlived. However, annuities can also be complex and come with fees and restrictions, so it's important to carefully consider all the factors before deciding to purchase an annuity.
PV = C * [(1 - (1 + r) ^(-n)) / r]
C = $8,000
r = 0.11 / 2 = 0.055 (11% compounded semiannually)
n = 15 * 2 = 30 (30 semiannual payments)
FV = $8,000 * [(1 + 0.055) ^30 - 1] / 0.055
FV = $342,961.86
PV = $342,961.86 / (1 + 0.055/2)^(2*4)
PV = $254,757.45
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Your company has spent $290,000 on research to develop a new computer game. The firm is planning to spend $49,000 on a machine to produce the new game. Shipping and installation costs of the machine will be capitalized and depreciated; they total $5,900. The machine has an expected life of 5 years, a $34,000 estimated resale value, and falls under the MACRS 7-Year class life. Revenue from the new game is expected to be $390,000 per year, with costs of $190,000 per year. The firm has a tax rate of 35 percent, an opportunity cost of capital of 15 percent, and it expects net working capital to increase by $59,000 at the beginning of the project. What will be the net cash flow for year one of this project?
Answers
Answer:
$132,745.82
Explanation:
required investment = $290,000 + $49,000 + $5,900 + $59,000 = $403,900
depreciable amount = $49,000 + $5,900 = $54,900
Research and development costs are expensed, they cannot be capitalized. Increase in net working capital cannot be capitalized either.
MACRS depreciation expense for year 1 under 8 year class life = 14.29%
depreciation expense year 1 = $54,900 x 14.29% = $7,845.21
net cash flow year 1 = [($390,000 - $190,000 - $7,845.21) x (1 - 35%)] + $7,845.21 = ($192,154.79 x 0.65) + $7,845.21 = $124,900.61 + $7,845.21 = $132,745.82
Hilary, a manager of a family restaurant, is considering a renovation investment that would expand the operation's menu offerings. The project will have an initial cost of $36,000. Annual cash inflow from the project is expected to be $12,000 while cash outflow is expected to be $5,000 which will results in $7,000 annual net cash inflows for the next 8 years. What is the payback period in years for the proposed investment
Answers
Answer:
5 years and 1-2 months
Explanation:
if you do the math 7,000 x 5,000 is 35,000$ over a 5 year period you would pay back that much plus that little extra grand you owe
The projected investment's payback duration in years is 5 years and 1-2 months.
A multi-brand loyalty program called payback enables you to accumulate and use points whenever you shop. You can earn points on a variety of purchases, including grocery, petrol, entertainment, travel, clothing, and more, through a large network of in-store and online partners.
Members are able to accumulate points and use them to get free shopping. The event was held at the WWE Thunder Dome, located at the Amway Center in Orlando, Florida, on August 30, 2020. It was the first Payback staged following the 2017 event, but it also served as the last projected because no other events were planned. The event's theme was wrestlers getting even with their opponents.
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You're considering a project with an initial cost of $6400, what is the payback period for this project if the cash inflows are $900, $1350,$2800, $1350 & $500 a year over the next five years
Answers
900 + 1,350 = 2,250
2,250 + 500 = 2,750
2,750 + 1,350 = 4,100
4,100 + 2,800 = 6900
So there’s more than 6,400 dollars
2020 quantity
cost
PRICE
2021 quantity
cost
PRICE
Brocoli Cauliflowe Carrots
100
200
50
75
1.5
80
120
1.5
75
2
75
225
3
300
500
50
0.1
500
100
0.2
100
325
475
CPI base year 2020
100
146.154
46%
Inflation rate
Answers
The inflation rate can be calculated using the Consumer Price Index (CPI) formula, which measures the change in the price of goods and services over time. In this case, the base year is 2020, and we want to calculate the inflation rate for 2021.
First, we need to calculate the CPI for 2020 and 2021:
CPI 2020 = (1001.5) + (2002) + (503) = 500
CPI 2021 = (751.5) + (1201.5) + (2253) = 975
Next, we can use the formula to calculate the inflation rate:
Inflation rate = ((CPI 2021 - CPI 2020) / CPI 2020) x 100%
Inflation rate = ((975 - 500) / 500) x 100%
Inflation rate = 95%
Therefore, the inflation rate between 2020 and 2021 is 95%.
What are the two major financial institutions used by consumers for handling money?
Answers
Answer:
What is the most common type of financial institution?
Commercial banks. are the most common financial institutions in the United States, with total financial assets of about $13.5 trillion (85 percent of the total assets of the banking institutions). ...
Savings banks
Finance companies
Insurance companies
Explanation:
you know you can find the answer on google
which plan offers a tax-free education?
a ______ Plan is a plan that offers a tax-free education, even upon withdrawal. however, the use of money is limited and can only be used for education expenses
Answers
Parkway Void Co. issued 16-year bonds two years ago at a coupon rate of 8.5 percent. The bonds make semiannual payments. If these bonds currently sell for 109 percent of par value, what is the YTM? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answers
Answer:
The annual YTM will be = 0.07518796992 or 7.518796992% rounded off to 7.52%
Explanation:
The yield to maturity or YTM is the yield or return that an investor can earn on the bond if the bond is purchased today and is held till the bond matures. The formula to calculate the Yield to maturity of a bond is as follows,
YTM = [ ( C + (F - P / n)) / (F + P / 2) ]
Where,
C is the coupon payment
F is the Face value of the bond
P is the current value of the bond
n is the number of years to maturity
Lets assume the par value is 1000.
Current value = 1000 * 109% = 1090
Coupon payment = 1000 * 0.085 * 6/12 = 42.5
Number of periods remaining till maturity = 14 * 2 = 28
semi annual YTM = [ (42.5 + (1000 - 1090 / 28)) / (1000 + 1090 / 2)
semi annual YTM = 0.03759398496 or 3.759398496% rounded off to 3.76%
The annual YTM will be = 0.03759398496 * 2 = 0.07518796992 or 7.518796992% rounded off to 7.52%
In _____, products are made according to customer specifications.
Answers
what is the number of electron to gain Li
Answers
Drag each label to the correct location on the image.
Project manager Anna has to find ways to minimize project costs and risks. Match the ways to minimize the project risk and cost under the correct
heading
identifying harmful events
auditing regularly
controlling and mitigating managing resources
uncertain events
Minimize Costs
prioritizing harmful events
adjusting schedule
Minimize Risks
Answers
Minimize Costs:
Auditing regularly
Managing resources
Minimize Risks:
Identifying harmful events
Controlling and mitigating uncertain events.
How can project costs and risk be minimized?To minimize project costs, project manager Anna can implement regular auditing processes to identify any areas of unnecessary expenditure or inefficiencies. By regularly reviewing the project's financial aspects, she can identify cost-saving opportunities and make adjustments accordingly.
To minimize project risks, project manager Anna can proactively identify potential harmful events or factors that could jeopardize the project's success. By conducting thorough risk assessments, she can identify the key risks and develop appropriate risk mitigation strategies.
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At the beginning of January, Kesia Records paid $148,950 to acquire the exclusive rights to a new album. It costs them $1.13 to print a copy of this album, which they can sell for $9.75. The following chart shows the sales of that record, along with the overhead expenses of running a record studio, not counting production costs.MonthAlbums SoldExpensesJan.5,486$27,714Feb.8,191$21,689Mar.4,796$25,195Apr.7,490$28,766May6,272$24,604Jun.5,131$29,040In whch month did Kesia Records first break even?a.Januaryb.Marchc.Aprild.May
Answers
The overhead expenses of January was record breaking.
What is overhead expenses ?Overhead costs are expenses incurred in running a firm that are unrelated to the development or production of a good or service. They are also known as "overhead expenses" or "operation expenses." Regardless of how successful the company is, these are the costs it must pay to continue operating. An recurring cost of running a business is referred to in business as overhead or overhead charge. Contrary to operating expenses like labour and raw materials, overheads are costs that cannot easily be linked to or recognised with any one revenue unit. The recurring costs of a firm that aren't specifically related to providing a good or service are referred to as overhead. Budgeting is crucial, but so is deciding how much a business should bill for its goods or services in order to break even.
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Answer:
D.) May
Explanation:
Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year$30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000. What was the amount of manufacturing overhead applied to Job A-101
Answers
Answer:
$18,000
Explanation:
The computation of the amount of manufacturing overhead is shown below:
But before that first determine the overhead rate which is
= $30,000 ÷ 2,000
= $15
Now the amount of manufacturing overhead applied for Job A-101 is
= $1,200 × $15
= $18,000
Hence, the amount of applied manufacturing overhead is $18,000
The amount of manufacturing overhead applied to Job A-101 is $18,000.
First step is to calculate the Predetermined MOH
Predetermined MOH= $30,000 ÷ 2,000
Predetermined MOH= $15
Second step is to calculate the manufacturing overhead applied
Job A-101 Manufacturing overhead= $1,200 × $15
Job A-101 Manufacturing overhead= $18,000
Inconclusion the amount of manufacturing overhead applied to Job A-101 is $18,000.
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which of the following is a step in the marketing process
Answers
customer needs and want
b) Designing A customer-Driven Marketing strategy
c) Build profitable relationships
d) capturing value from customers
Which situation best illustrates the process of capital formation?
A. An engineer tries to limit her spending during the week.
B. A factory worker takes out a high-interest loan to buy a new home.
C. A farmer increases his profits by growing a variety of new crops.
D. An artist buys bonds that will increase in value over time.
Answers
Answer :D. An artist buys bonds that will increase in value over time.
Explanation:A.P.E.X
On average, our representatives enroll one customer every 3 hours, while top performers make one sale per hour. How would you plan your workweek to maximize your earnings?*
Answers
Plan your workweek to maximize your earnings Identify peak sales hours, Set ambitious goals, Allocate more time during high-performance hours, Continuous improvement, Efficient time management, Develop strong customer relationships, and Continuous learning.
To maximize earnings in this scenario, it is important to strategically plan the workweek and focus on increasing the number of customer enrollments. Here is a potential plan to maximize earnings:
1. Identify peak sales hours: Analyze the data and determine the hours or time slots when sales are most likely to occur. This could be based on historical data or observations of customer behavior. Allocate more time during these peak hours to capitalize on potential sales opportunities.
2. Set ambitious goals: Aim to achieve or exceed the performance of top performers by setting ambitious sales goals. This mindset will drive motivation and focus throughout the workweek.
3. Allocate more time during high-performance hours: Dedicate a larger portion of the workweek to the hours when top performers make one sale per hour. By increasing the number of hours during these periods, there is a higher likelihood of securing more customer enrollments.
4. Continuous improvement: Regularly analyze and reflect on sales techniques and strategies. Identify areas for improvement and seek ways to refine your approach. This could involve studying successful sales tactics, attending sales training sessions, or seeking feedback from experienced colleagues or mentors.
5. Efficient time management: Optimize time management skills to ensure productivity during working hours. Eliminate distractions, prioritize tasks, and maintain a focused and organized work environment. This will help maximize the number of customer interactions and increase the chances of securing enrollments.
6. Develop strong customer relationships: Emphasize building rapport and establishing strong connections with potential customers. Focus on active listening, understanding their needs, and providing personalized solutions. By developing trust and fostering positive relationships, the likelihood of successful enrollments can increase.
7. Continuous learning: Stay updated on industry trends, product knowledge, and competitor offerings. This will enable you to effectively address customer inquiries, overcome objections, and provide value-added insights during sales interactions.
By implementing these strategies, planning the workweek to prioritize peak sales hours, setting ambitious goals, improving sales techniques, and managing time efficiently, you can increase the likelihood of maximizing earnings by securing a higher number of customer enrollments.
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Medical profession is a very sensitive profession.Do U agree?Give 5 reason
Answers
Answer:
Medical profession is very sensitive and intellectual where human life is at risk. A successful effort of a doctor can save a life. Due to that, a doctor is known as 2nd God. When he attempts a major and long surgery, his endurance, hard work and mental ability spotlight his character.
A person who wants to make sure that his or her family will have money if that person dies unexpectedly would most likely purchase____insurance.
A. liability
B. title
C. disability
D. Life
Answers
Answer:D
Explanation:
The type of insurance that a person would most likely purchase to ensure that their family will have money if they die unexpectedly is life insurance.
Life insurance is designed to provide financial support to the family or beneficiaries of the insured person in the event of the policyholder's death. It can help to cover expenses such as funeral costs, outstanding debts, mortgage payments, and other financial obligations.
Liability insurance is coverage that protects the policyholder from financial losses that may arise from legal liabilities, such as damages or injuries caused by the policyholder to others.
Title insurance is a type of insurance that protects the policyholder from financial losses resulting from defects in the title to a property.
Disability insurance provides coverage for loss of income due to a disability that prevents the policyholder from working.
Therefore, option D. Life insurance is the correct answer to the question.
Life insurance is a type of insurance that pays out a sum of money to the designated beneficiaries upon the death of the policyholder. It is designed to provide financial support to the policyholder's family or other dependents in the event of their unexpected death. Liability insurance covers a person's legal responsibility for injuries or damages caused to other people or property. Title insurance protects against losses that may arise from disputes over the ownership of property. Disability insurance provides income replacement if a person becomes disabled and is unable to work.
Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise
should be on hand on August 31. The physical inventory indicates that $3,113,500 of mer-
chandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for
Omega Tire Co. for the fiscal year ended August 31.
Answers
The adjusting journal entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31 is as follows:
Adjusting Journal Entry:Debit Cost of Goods Sold $31,500
Credit Inventory $31,500
What is inventory shrinkage?Inventory shrinkage is a situation where the accounting records show that the value of ending inventory is more than its value based on the physical inventory count.
Inventory shrinkage is usually caused by any of the following factors:
Employee theftShopliftingAdministrative errorsVendor fraudProduct damage.Thus, inventory shrinkage increases the cost of goods sold.
Transaction Analysis:Inventory based on the perpetual inventory records = $3,145,000
Inventory based on the physical inventory count = $3,113,500
Difference (Shrinkage in inventory) = $31,500 ($3,145,000 - $3,113,500)
Cost of Goods Sold $31,500 Inventory $31,500
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