Flexibility in operations management refers to the ability of an organization to adapt and respond effectively to changing circumstances, customer demands, market trends, and internal processes.
It involves the capability to modify production processes, resources, and strategies to accommodate variations in product mix, volume, delivery schedules, and customer requirements.
Flexibility is crucial in operations management as it enables organizations to remain competitive, achieve operational efficiency, enhance customer satisfaction, and navigate dynamic business environments.
Flexibility plays a vital role in operations management as it provides organizations with the agility and responsiveness necessary to thrive in today's dynamic and unpredictable business landscape. There are several reasons why flexibility is highly important:
1. Meeting Customer Demand: Flexibility allows organizations to quickly adjust their production processes and resources to meet changing customer demand. By being responsive to customer needs and preferences, organizations can enhance customer satisfaction and loyalty, leading to increased market share and profitability.
2. Managing Variability: Flexibility helps organizations effectively manage variability in demand, production volume, and product mix. It enables them to handle fluctuations in demand without significant disruptions, allowing for efficient resource allocation and utilization. This leads to improved operational efficiency and cost-effectiveness.
3. Adapting to Market Trends: Flexibility enables organizations to adapt to evolving market trends and customer expectations. It allows them to introduce new products, modify existing ones, and enter new markets swiftly. This responsiveness to market changes helps organizations stay ahead of competitors and seize growth opportunities.
4. Enhancing Resilience: Flexibility enhances an organization's ability to withstand and recover from unexpected events or disruptions, such as supply chain disruptions, market fluctuations, or regulatory changes. By being adaptable and agile, organizations can mitigate risks and maintain continuity in their operations.
In summary, flexibility in operations management is crucial for organizations to thrive in a rapidly changing business environment. It enables organizations to meet customer demands, manage variability, adapt to market trends, and enhance resilience.
By embracing flexibility, organizations can achieve operational efficiency, customer satisfaction, and sustained competitive advantage.
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A whole supermarket shelf of snack food bags is marked, "Frito-Lay." This is an example of a(n)
brand.
a. co brand
b. individual
c private
d. wholesale
e. family
A certain element decays at a constant rate of 3% per year. If you start with 15 grams of the element, how long will it take before there are only three grams left? 0.) 54.4 years o b.) 51.8 years c.) 53.4 years d.) 52.8 years
The number of years that the element would decrease from its initial 15 grams to 3 grams is 54.4 years
What is the appropriate formula to determine years in case of a decreasing growth rate?
When the element decreases rather increases, the number of years it takes for the element to decrease from its initial value of 15 grams to 3 grams determined as shown below formula based on the present value and future value
n= ln(FV/PV) / ln(1+i)
FV=future value of the element after the decrease=3grams
PV=the initial value of the element=15 grams
i=decreasing rate of asset=3% per year
n=ln(3/15)/ln(1+3%)
n=-54.4 years(it is negative because asset value is reducing)
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Answer:
52.8
Explanation:
Identify four of Jerusalem's holy sites. To which religion is each site sacred, and why is it considered important?
The list of the Jerusalem's holy sites are as follows:
The temple mount which is an ancient elevated platform lies in the southern-eastern corner of the old city.The western wall, which forms a part of the temple of the western flank and is one of the holiest sites of Judaism.The church of Holy Sepulcher that is located in the heart of the city.The Mount Zion that connects the old city of Zion is an important site for the Jewish and christen faiths.Explanation on Jerusalem's holy sites:The "Jerusalem" is one of the oldest & holiest cities in the world and home to the most important religious sites for Muslims, Jews, and Christians.
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when marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by "developing print and radio advertisements".
The marketing is the term which refers to the planning and executing the strategy or plan around the ideation and target goal, it distribution and promotion of products and services are satisfying the consumers.
The three components are targeting the right audience, conducting competitor research, and using social media strategically. The good marketing is the art of finding, developing, and profiting from marketing opportunities. The three primary methods for uncovering possible product or service improvements.
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explain any 3 savings offered by postal service
Savings accounts come in a variety of varieties, and they are not all the same. Traditional savings accounts, high-yield savings accounts, money market savings accounts, certificates of deposit, cash management savings accounts, and speciality savings accounts are available.
What postal savings accounts are and how they workFrom 1911 through 1967, the United States ran a postal savings program that allowed people to deposit money in accounts secured by the government and generating interest. However, as commercial banks raised the interest rates on savings accounts, the Postal Savings System's popularity fell, and the program was abandoned in 1967.
What are the finest Post Office savings?The outcomes are guaranteed because this post office initiative is sponsored by the Indian government. The interest rate for the current quarter is 6.8%. (October 2022–December 2022). This fixed-income savings plan has a five-year term. Therefore, the lock-in time is also five years.
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A good agenda includes any pre-meeting preparation expected of participants.
a. true
b. false
The correct option is a. True. A good agenda typically includes any pre-meeting preparation expected of participants. This means that participants are informed in advance about any tasks, readings, or materials they need to review or prepare before the meeting.
It allows participants to come prepared and ready to contribute effectively to the meeting discussions and decision-making processes. Including pre-meeting preparation in the agenda ensures that everyone is on the same page and helps maximize the productivity and efficiency of the meeting.
It also demonstrates good organizational and communication practices by providing participants with clear expectations and necessary information ahead of time. Ultimately, including pre-meeting preparation in the agenda promotes active participation and ensures that the meeting time is utilized more effectively.
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Use the as/ad model to describe the effect of each of the following events on the economy of snezhanka (a fictitious nation). beginning with the economy in equilibrium carefully show the shift involved and the new equilibrium. state whether the p (price level) and rgdp at the new equilibrium are higher or lower. for each part of this question, start again at the original equilibrium. what will happen if:
a. taxes on households are decreased?
b. taxes paid by firms are decreased?
c. the value of the national currency, the snezhankan lev, declines in the international currency market?
d. a revolutionary new machine, the aparat, increases worker productivity?
The following would happen
Aggregate income would increase for households. They would have a rise in output. taxes on households are decreasedWhen the taxes are decreased, the households would have a rise in their purchasing power. Their output would go up form q to q2.
taxes paid by firms are decreasedThe cost of the firms production is going to fall. The firm would then be able to raise their production hence increasing their supply. Output would rise and price level would fall.
the value of the national currency, the snezhankan lev, declines in the international currency market?If the value of the currency should fall, then it would cause the demand for foreign goods to rise then there would be a new equilibrium in the market.
a revolutionary new machine, the apparat, increases worker productivityAn increase in productivity would raise supply for the producer hence bringing about a new rise in the price level.
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if your paycheck provides enough to pay rent and buy groceries and necessities, you are probably eanring a
The possibility that a paycheck provides to cater for paying rent and buying groceries and necessities implies that you're probably earning a good salary.
What is a Paycheck?
Traditionally, a paycheck is a paper document delivered by an employer to compensate an employee for services performed or rendered.
The employee cashed the cheque to collect payment. The employee may also choose to have their salary instantly transferred into their bank account, ensuring that their money is there on payday.
A paycheck may be sent out or issued on a weekly or bimonthly basis. Thus, the possibility that a paycheck provides to cater for paying rent and buying groceries and necessities implies that you're probably earning a good salary.
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Answer:
b
Explanation:its b
Which of the following should show a profit in order for a financial institution to give a the company a loan
a) income statement
b) rent expense
c) accelerated depreciation
d) accounts receivable
Answer:
A I think not really sure hope this helps you
What three equal payments, one in 2 years, one in 4 years, and one in 7 years would replace one single payment of $27,000 due today at an interest rate of 4. 17% compounding monthly?
Effective annual rate (EAR) = (1 + r / n)^n - 1
=$27,000 (1+4. 17% /7)^7- 1 =0.9538
The term "effective interest rate" (EIR), "effective annual interest rate," "annual equivalent rate" (AER), or simply "effective rate" refers to the percentage of interest on a loan or financial product that would be charged if compound interest accumulated over a year without any payments. The amount due each year in arrears, based on the nominal interest rate, is the compound interest. It is used to compare interest rates between loans and has different compounding intervals, such as weekly, monthly, half-yearly, or yearly. As compounding is not taken into account when calculating annual percentage rates (APR), the effective interest rate may be higher depending on how that term is defined in your area. In contrast, the periodic rate in the EIR is annualised with compounding.
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Select from the following the typical actions of consumerism. (Select all that apply)
A. Making public service announcement;
B. Boycotting companies;
C. Writing letters to companies;
D. Lobbying government agencies
From the options provided, the typical actions of consumerism are B. Boycotting companies and C. Writing letters to companies.
Boycotting companies is a common action taken by consumers to express their dissatisfaction or disagreement with a company's practices or policies. By refusing to purchase products or services from the boycotted company, consumers aim to exert economic pressure and bring about change.
Writing letters to companies is another typical action of consumerism. Consumers often write letters to companies to voice their opinions, provide feedback, or raise concerns about specific issues. These letters serve as a means for consumers to communicate directly with companies, expressing their expectations and holding them accountable for their actions.
A. Making public service announcements and D. Lobbying government agencies are not typically considered actions of consumerism. Making public service announcements is more aligned with raising awareness or promoting social causes, while lobbying government agencies involves influencing public policy through advocacy efforts.
It is important to note that consumerism encompasses a broad range of actions, and individuals may engage in various activities to express their consumer preferences and concerns.
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when creating the income statement, which statement is accurate? multiple choice revenues minus tax expense equals gross profit. revenues minus cost of goods sold equals gross profit. revenues minus depreciation expense equals gross profit. revenues minus general operating expenses equals gross profit.
When the income statement is being created, an accurate statement is B. revenues minus cost of goods sold equals gross profit.
How to find the gross profit ?Gross profit is the amount of money a business makes after deducting costs for producing, distributing, and selling its goods or services.
A company's income statement will show gross profit, which is derived by deducting cost of goods sold (COGS) from revenue (sales). The income statement of a business will contain these numbers. Sales profit or gross income are other names for gross profit.
The gross profit, in simple terms, can be found in the income statement when cost of goods sold is subtracted from revenue.
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The Industrial Revolution marked the transition from doing things by hand to doing thm with machines. True False
What is a necessary component of a simulation game?
It must be based on a real-world activity or experience.
It must include some learning or practicing an experience.
It must include negative consequences for mistakes.
It must be designed with adult players in mind.
Answer: Game world. Goals and objectives:
Rules and/or Instructions:
Interaction:
Conflict (and/or competition, challenge, opposition)
Outcomes and Feedback.
Game storyline.
Characters for video game.
Music.
Visuals.
Quality assurance.
Example: GTA aka ; grand theft auto
Which is an example of a small business showing social responsibility to individuals within the company?
A. starting an office recycling program
B. developing sustainable business practice
C. donating money to local organizations
D. allowing employees to work from home
Starting an office recycling program, developing sustainable business practice and donating money to local organizations are examples of a small business showing social responsibility to individuals within the company.
Company have a social responsibility to the communities in which they operate. This includes ensuring that they are good corporate citizens, providing support for local causes and charities, and protecting the environment.
Sustainable business is a term that is often used to describe businesses that are environmentally friendly or that have a positive social impact.
Hence, the correct options are "A, B & C".
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someone help i really need it !!!!
Answer:
Shoot, sorry, ik this was 3 days ago so my answer probably wont matter but you did give me point by letting me answer... Thanks!
Explanation:
:D
For each of the situations below, prepare the journal entries as of the date the bonds are issued, and
On January 1, 2021, a company issued $400,000 of 10-year, 12% bonds at 100, with interest payable on July 1 and January 1. The company issues financial statements on June 30 and December 31 (Hint: bond interest must be accrued on June 30 and December 31, before being paid on July 1 and January 1). This problem requires 5-journal entries). You may omit reasons for the journal entries.
On January 1, 2021, a company issued $400,000 of 10-year, 12% bonds at 98, with interest payable on July 1 and January 1. The company issues financial statements on June 30 and December 31 (Hint: bond interest must be accrued on June 30 and December 31, before being paid on July 1 and January 1). This problem requires 5-journal entries). You may omit reasons for the journal entries.
On January 1, 2021, a company issued $400,000 of 10-year, 12% bonds at 102, with interest payable on July 1 and January 1. The company issues financial statements on June 30 and December 31 (Hint: bond interest must be accrued on June 30 and December 31, before being paid on July 1 and January 1). This problem requires 5-journal entries). You may omit reasons for the journal entries.
The journals entries for each situation as requested:
Situation 1: Bonds issued at 100
On January 1, 2021 (Bond Issuance):
Cash $400,000
Bonds Payable $400,000
On June 30, 2021 (Interest Accrual):
Interest Expense $12,000
Interest Payable $12,000
On December 31, 2021 (Interest Accrual):
Interest Expense $12,000
Interest Payable $12,000
On July 1, 2022 (Interest Payment):
Interest Payable $12,000
Cash $12,000
On January 1, 2023 (Interest Payment):
Interest Payable $12,000
Cash $12,000
Situation 2: Bonds issued at 98
On January 1, 2021 (Bond Issuance):
Cash $392,000
Discount on Bonds Payable $8,000
Bonds Payable $400,000
On June 30, 2021 (Interest Accrual):
Interest Expense $11,800
Discount on Bonds Payable $200
Interest Payable $12,000
On December 31, 2021 (Interest Accrual):
Interest Expense $11,800
Discount on Bonds Payable $200
Interest Payable $12,000
On July 1, 2022 (Interest Payment):
Interest Payable $12,000
Cash $12,000
On January 1, 2023 (Interest Payment):
Interest Payable $12,000
Cash $12,000
Situation 3: Bonds issued at 102
On January 1, 2021 (Bond Issuance):
Cash $408,000
Premium on Bonds Payable $8,000
Bonds Payable $400,000
On June 30, 2021 (Interest Accrual):
Interest Expense $12,400
Premium on Bonds Payable $400
Interest Payable $12,000
On December 31, 2021 (Interest Accrual):
Interest Expense $12,400
Premium on Bonds Payable $400
Interest Payable $12,000
On July 1, 2022 (Interest Payment):
Interest Payable $12,000
Cash $12,000
On January 1, 2023 (Interest Payment):
Interest Payable $12,000
Cash $12,000
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please help (:
20 pts !!
I assume this is referring to the font point (pt) or the font size, for example, 11pt as you have on that image.
If this is referring to the name of the specific part of a word processing program to change font size please let me know and I will do some searching to find your answer.
Tom, the manager of floral shop, is interested in implementing the principles of administrative management, which involves?
doing time-motion studies.
focusing on unprofitable parts of an organization.
increasing synergy.
managing the total organization.
implementing MBO
Tom, the manager of floral shop, is interested in implementing the principles of administrative management, which involves managing the total organization.
What is Administrative management?Information is managed through humans in administrative management. This typically entails handling the dissemination and storage of information to those within an organization. Many jobs in the business world involve some aspect of administrative management.
What are the key concepts of administrative management?The use of a structured administrative structure, a distinct division of labor, and the delegation of authority to administrators in line with their areas of responsibility are all essential elements of administrative administration.
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Tom, the manager of floral shop, is interested in implementing the principles of administrative management, which involves managing the total organization.
What is Administrative management?Information is managed through humans in administrative management. This typically entails handling the dissemination and storage of information to those within an organization. Many jobs in the business world involve some aspect of administrative management.
What are the key concepts of administrative management?The use of a structured administrative structure, a distinct division of labor, and the delegation of authority to administrators in line with their areas of responsibility are all essential elements of administrative administration.
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under the omnibus crime control and safe streets act of 1968, what are employers allowed to do?
Answer:only monitor phone calls for compliance
Explanation:
Does decreasing the value of the local currency contributes in the increase of the economic growth rate
Answer:
Yes
Explanation:
Devaluation is the purposeful reduction of the value of a nation's currency in relation to another currency or group of currencies. When the currency is devalued, it can lead to an increase in the export of the nation's produce because the price of the exported goods is cheaper and foreign countries are most likely to purchase cheap goods.
The economic growth rate of a nation is the change in percent of goods and services produced in a country over a period of time. It gives an idea of the income of the average citizen in the country. When the value of the local currency is devalued, exports will increase and that will also cause an increase in the income of citizens. This translates to a resultant increase in the economic growth rate of the nation.
what is the price elasticity of demand over the price range $5 to $7
The price elasticity of demand over the price range $5 to $7 is indeterminate, as it depends on the exact amount of demand at each price point.
The price elasticity of demand is a measure of the responsiveness of demand to a change in price. To calculate the price elasticity of demand, the percentage change in quantity demanded must be divided by the percentage change in price.
This calculation, however, requires data on how the demand changes at each price point over the given range. As this data is not provided in the question, it is impossible to determine the exact price elasticity of demand over the price range $5 to $7.
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As the demand for goods and services decreases, job growth
a increases
b. decreases
C. remains the same
d. none of the above
Please select the best answer from the choices provided
A
B
С
D
Answer:
As the demand for goods and services decreases, job growth
C. remains the same
As the demand for goods and services decreases, job growth decrease. Thus, the correct option is B). decreases.
What will be the result of increased demand over the job growth?If the demand for a firm's output increases, then the firm will demand more labor as production will also increase, thus the job growth will increase.
If the demand of the goods and services decreases, then the production will decrease and the job growth will also decrease.
Hence, as the demand for the goods and services increases, the demand for labor will increase, the demand curve will shift to the right,
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How should you dress for a phone interview? (Site 1)
online content
Answer:
You should at least have a nice top on because only the camera will see that. If you are a girl you could just wear a dress, probably a black one because that is what I wore to my interview yesterday because there is no pattern or anything it's just a plain black one, but that was in person. if you're a guy you need to wear a suit and tie,but you could probably just wear shorts because they won't see the bottom half of you
Explanation:
I hope this helps out a little bit :-)
An interview is a formal process by which an employee is assessed for his/her performance by the employer.
For a phone interview, one should be dressed properly as the interviewer can see you through the camera.
For a girl, you should be dressed nicely and no revealing or extra shiny clothes should be wore.
In the case of a man, one should be properly dressed in suits or formal shirts.
Try to wear dark black or blue coloured clothes and sit in a properly lighted area.
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Home Insert Draw Page Layout Formulas Data Review View Tell me Х Calibri ✓ 11 ♥ A A ab Wrap Text General LAV Paste BIU a. Av < === = = Merge & Center $ v % 48 -08 Conditional Formatting P12 x ✓ fx A B с D E F G H 1 j K L $ $ $ 338,000 165,000 173,000 $ 31 32 33 34 35 36 37 38 69,000 х Y Sales revenue Cost of goods sold Gross profit margin Salary and wage expense Depreciation expense Other operating expenses Total operating expenses Operating income Other expenses(revenue): Interest expense Impairment loss - goodwill Loss(gain) on sale of equipment Income before income tax Income tax expense Net income $ $ 120,000 53,000 39 40 41 $ $ $ 4,000 12,500 (2,500) 42 43 $ $ $ $ 14,000 39,000 9,750 29,250 44 45 46 47 48 49 50 Additional information: 1 Equipment with a cost of $20,000 that was 80% depreciated was sold during 2017 2 No items impacted earnings other than net income and dividends. 3 If the FIFO method had been in use, inventories would have been $22,000 thousand and $21,000 thousand higher than reported at December 31, 2017 and 2016, respectively. 4 Long-term debts are issued at par. 5 The effective tax rate for 2017 and earlier periods is 25%. 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 Question 16 Not yet answered What is the cumulative amount of income tax saving that STU has generated through 2017 by using the LIFO method instead of the FIFO method? Points out of 8.00 thousand. P Flag question Question 17 Calculate the STU's net income in 2017 if FIFO were used. Not yet answered $ thousand. Points out of 8.00 P Flag question Calculate the STU's cash conversion cycle in 2017 if FIFO were used. Question 18 Not yet answered days Points out of 8.00 P Flag question
If FIFO were used then, the STU's cash conversion cycle in 2017 if FIFO were used is 23.19 days. STU's net income in 2017 is $31,500
The cumulative amount of income tax saving that STU has generated through 2017 by using the LIFO method instead of the FIFO method can be calculated as follows;
The difference in income tax between FIFO and LIFO:
Income tax saving using LIFO: $51,250 × 0.25 = $12,813
Cumulative amount = $12,813 × 5
= $64,065
Therefore, the cumulative amount of income tax saving that STU has generated through 2017 by using the LIFO method instead of the FIFO method is $64,065.
To calculate the STU's net income in 2017 if FIFO were used, the COGS and Gross profit margins would be adjusted as shown below:
Selling price - COGS = Gross profit The FIFO COGS for 2017:
COGS = $165,000 + $49,500
= $214,500
Gross profit margin = $338,000 - $214,500
= $123,500
Operating expenses = $9,750 + $39,000 + $14,000 + $29,250
= $92,000Net income for 2017 if FIFO were used
= $123,500 - $92,000
= $31,500
Therefore, the STU's net income in 2017 if FIFO were used is $31,500
The STU's cash conversion cycle in 2017 if FIFO were used can be calculated as follows:
The number of days it takes to sell the inventory using FIFO:
LIFO inventory for 2016 = $20,000
FIFO inventory for 2016 = $21,000
Number of days to sell = ($21,000/$173,000) × 365
= 45 days
Average collection period: Accounts receivable turnover ratio = $338,000/$31,000 = 10.9 times
Average collection period = 365/10.9
= 33.49 days
Average payment period: Accounts payable turnover ratio = $165,000/$25,000 = 6.6 times
Average payment period = 365/6.6 = 55.3 days
Cash conversion cycle = 45 + 33.49 - 55.3 = 23.19
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carla vista enterprises uses a computer to handle its sales invoices. lately, business has been so good that it takes an extra 3 hours per night, plus every third saturday, to keep up with the volume of sales invoices. management is considering updating its computer with a faster model that would eliminate all of the overtime processing.
Management may be defined as a method of having the work or the challenge carried out this is required for achieving the desires of an organization in an green and effective manner. system implies the capabilities of the control. this is, making plans, establishing, staffing, directing and controlling.
The role of a manager is to offer not unusual steerage and path to the man or woman efforts for the fulfilment of organisational desires. growing the efficiency: management helps in increasing the efficiency of the commercial enterprise by way of growing productiveness thru efficient making plans, setting up, controlling and directing.
Control is a manner of making plans, choice making, organizing, leading, motivation and controlling the human assets, economic, bodily, and facts assets of an business enterprise to attain its dreams correctly and efficaciously.
Properly control abilities are important for any company to be triumphant and gain its goals and objectives. A manager who fosters good management abilties is capable of propel the company's venture and imaginative and prescient or enterprise goals ahead with fewer hurdles and objections from internal and outside assets.
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Assume interest rate = 10% per year. What is the price of a 6-month put with strike 85, on a stock with a current price of 100 and volatility 40% p.a.?
A 6-month option with strike 85 on stock at 100 and volatility of 40% p.a. costs $6.62. A 6-month put with strike 85 on a stock with a 100 price and 40% annual volatility costs $6.62.
A put option offers the holder the right but not the obligation to sell the underlying asset at a certain price and time. European put option formula:
P = Ke^(-rT)N(-d2) - SN(-d1).
P: put option price K = stock price T=expiration time r= risk-free
interest rate N = cumulative normal
distributiond1
= [ln(S/K) + (r + 0.5σ²)T] / σ√T
d2 = d1 - σ√T
In this case, we have:\(S = 100K = 85T = 0.5 years \\r = 10% p.a.σ = 40% p.a.d1 = [ln(100/85) + (0.1 + 0.5(0.4)²)0.5] / (0.4√0.5) ≈ 0.378d2 = 0.378 - 0.4√0.5 ≈ 0.042\)
Using a standard normal distribution table, we find that:\(N(d1) ≈ 0.648N(d2) ≈ 0.521\)
Substituting these values into the put option formula:\(P = 85e^(-0.1(0.5))(0.521) - 100(0.648) ≈ $6.62.\)
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what are 10 ways that people use percentages in their daily life
Answer:
Farming
School
shopping
thats all i got
Explanation:
Answer: Construction work, working on farms, working on cars, doing math problems at school or work, creating something, proving a point,
Explanation:Thats all i got
which activities should startups perform before determining the price of their product or service? select all that apply. group of answer choices calculate costs develop the marketing strategy assess the environment estimate the demand curve set pricing objectives
Before deciding on a price for their good or service, startups should do the following: analyse expenses, create a marketing plan, evaluate the market, predict demand, and define pricing goals.
Entrepreneurs should estimate their costs to make sure that the cost of their item or service makes a profit and covers all expenditures. Startups can more successfully define their target market and promote their product or service by developing a marketing plan. Startups can take into account external factors like market trends and competition that may have an impact on price by analysing the environment. Startups may better understand how buyers would react to various pricing points by estimating the demand curve. Setting price targets also enables firms to have clear objectives for their pricing strategy, including increasing revenue or market share. By carrying out these tasks, entrepreneurs may boost their prospects of market success and make well-informed judgements about their pricing strategy.
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Which activities should startups perform before determining the price of their product or service?
Preparation of Adjusting Entries Bartow Photographic Services takes wedding and graduation photographs. At December 31, the end of Bartow's accounting period, the following information is available: All wedding photographs are paid for in advance, and all cash collected for them is credited to Unearned Service Revenue. Except for a year end adjusting entry, no other entries are made for service revenue from wedding photographs. During the year, Bartow received $42,600 for wedding photographs. At year end, $37,480 of services had been performed. The beginning-of-the-year balance of Unearned Service Revenue was zero. During December, Bartow photographed 228 members of the next year's graduating class of Shaw High School. The school has asked Bartow to print one copy of a photograph of each student for the school files. Bartow delivers these photographs on December 28 and will bill the school $5.00 per student in January of next year. Revenue from photographs ordered by students will be recorded as the orders are received during the early months of next year. Equipment used for developing and printing was rented for $22,500. The rental term was for 1 year beginning on August 1 and the entire year of rent was paid on August 1. The payment was debited to Prepaid Rent. Depreciation on the firm's building for the current year is $9,390. Wages of $4,170 are owed but unpaid and unrecorded at December 31. Supplies at the beginning of the year were $2,400. During the year, supplies costing $19,600 were purchased from Kodak. When the purchases were made, their cost was debited to Supplies. At year end, a physical inventory indicated that supplies costing $4,100 were on hand.
Conceptual Connection: By how much would net income be overstated or understated if the accountant failed to make the adjusting entries?
Answer:
The enetres below suggests that the reader aka you doesnt know how to do work
Explanation:
study