Sales returns and allowances is a ______ revenue account and has a normal (debit/credit) _______ balance.
Answers
Sales returns and allowances is a contra revenue account and has a normal debit balance.
This means that the account is designed to reduce the amount of revenue reported on the income statement. Sales returns and allowances are transactions that result in the reversal of a sale or a reduction in the amount of revenue recognized from a sale. For example, if a customer returns a product, the business will issue a refund or credit for the purchase price, which reduces the amount of revenue recognized from the original sale. Similarly, if a customer receives a discount or allowance on a sale, the revenue recognized will be reduced.
The use of a contra revenue account, like sales returns and allowances, is necessary because it allows for more accurate reporting of revenue. If sales returns and allowances were recorded as a separate revenue account, it would be double-counted in the overall revenue figure.
However, by recording it as a contra revenue account, it allows for a clear and accurate representation of the actual amount of revenue earned by the business. In summary, sales returns and allowances is a contra revenue account that has a normal debit balance. It is used to reduce the amount of revenue recognized from sales that are reversed or reduced due to returns, discounts, or allowances.
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Related Questions
why does the balance of payments accounting system always balance to 0 (zero) in theory?
Answers
The balance of payments accounting system always balances to 0 (zero) in theory because it records all international transactions between a country and the rest of the world.
This system includes two main accounts: the current account and the capital account. The current account records all trade in goods and services, income flows, and transfers between countries. The capital account records all international financial flows, including foreign investments, loans, and aid. The sum of the current account and the capital account should always be equal to zero because every transaction must have an equal and opposite transaction. For example, when a country exports goods and receives payment, this transaction is recorded as a credit in the current account. However, when the country imports goods and pays for them, this transaction is recorded as a debit in the current account. Therefore, the balance of payments accounting system always balances to zero in theory, reflecting the fact that all transactions have an equal and opposite effect on the accounts.
the reason why the balance of payments accounting system always balances to 0 (zero) in theory is that it is a double-entry system that records all international transactions. The balance of payments consists of two main components: the current account and the capital account. The current account includes trade in goods and services, investment income, and transfers. The capital account covers financial transactions, such as foreign direct investment and portfolio investment.
When a country experiences a surplus in one account, it must have a corresponding deficit in the other account to maintain equilibrium. For example, if a country has a current account surplus, it means it is exporting more goods and services than it imports. This generates an inflow of foreign currency, which leads to a capital account deficit as the country invests the excess currency abroad. Conversely, a current account deficit signifies that a country imports more than it exports, leading to a capital account surplus as it receives foreign investment.
In conclusion, the balance of payments system always balances to 0 because surpluses and deficits in the current and capital accounts offset each other, maintaining equilibrium in international transactions.
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an ice cream maker requires approximately two months from the time a new flavor is selected in the corporate board room until the time it is produced and available to consumers in stores. this time frame is referred to as
Answers
The time frames based on statement above is cycle time. It is because in the production, we calculated the time from start to finish.
In economic and business, a time frame generally can be defined as a period of time that is used or planned for a particular action or project. Based on the how long a time frame, time frame can be classified into several types, there are long-term time frame, medium-term time frame and also short-term time frame. Cycle time generally can be defined as the amount of time it takes to complete a specific task from start to finish. Time frame cycle also can be defined as the time it takes to produce one unit or item from beginning to end.
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Marketing segmentation is one of the easiest aspects of marketing.
true or false
Answers
Answer:
false
Explanation:
I THINK IT'S FALSE OK?! I'm a straight B student, if that's enough proof LOL
How Red Robin Is Trying to Fly High
Red Robin operates more than 550 casual restaurants in the United States and Canada. The burger-focused company, based in Greenwood Village, Colorado, has been struggling with sales declines in a difficult business environment. Consumers today have many alternatives to cooking, including a wide array of restaurants and services that will deliver prepared food. At the same time, restaurants have difficulty limiting the cost of labor, for two reasons. First, the minimum wages paid to many restaurant workers have been rising, and second, the demand for workers has been high, as reflected in several years of low nationwide unemployment rates.
Under the leadership of former chief operating officer Guy Constant, whose background is in finance, the company decided to meet the competitive challenge with a focus on labor costs. They announced what they called a team service model, which involved having employees perform a wider variety of tasks. Instead of having bussers clear tables alongside servers, the servers would take orders and clear tables. And the restaurants’ hosts would also handle carryout orders when customers came to pick them up. Along with these changes, the restaurants cut back on the number of workers scheduled for shifts. These moves did indeed reduce the cost of labor as a percentage of sales. The problem was that sales also fell, posting quarterly declines almost every quarter for four years, dragging down profits with them. Constant acknowledged that the changes in staffing had made it difficult for restaurants to maintain consistent quality. Trying to compete by emphasizing low-price deals only made the profit situation worse. Constant eventually was dismissed, and his boss, chief executive Denny Marie Post, also was replaced.
Other performance metrics also signaled trouble. Following the switch to the team service model, customer wait times increased, and so did the ticket time: the number of minutes from submission of a diner’s order ticket to delivery of food to the table. The number of people who left before being served jumped 85% in one year. At the same time, the company was having more trouble keeping employees. It had many open positions for managers in the restaurants.
Red Robin brought in a new CEO, Paul Murphy, from his previous position at Noodles & Company to turn around the company just as it was reporting its first quarter of sales gains in a year and a half. Murphy has been focusing on quality improvements in the food and service. Instead of lowering costs by expanding employees’ responsibilities, the company intends to focus on how technology such as handheld devices to take orders can bring efficiency to restaurant operations. The chain also is improving schedules so that the busy hours are more heavily covered by staff. The company also is testing more generous pay for managers. Although this raises costs, Murphy notes that attracting and keeping experienced managers is associated with better restaurant performance, including financial performance.
With regard to food, Red Robin has been expanding its arrangement to sell Donatos pizza in its restaurants. At the same time, Murphy aims to cut the number of menu items by 10% to streamline service and also to investigate new ingredients to improve the appeal of menu items in line with what customers are seeking from Red Robin’s competitors. And he has set a goal to build loyalty while shaving costs by enticing customers to order direct from the company’s website, rather than through a third-party delivery service.
Early results have been positive, and not just in continued sales gains at stores open at least a year. Customer visits were still down, but customers were spending more per check, and sales have been increasing for catering and delivered food. Traffic in restaurants with Donatos pizza on the menu have actually seen an upswing in the number of customers. Murphy reported that manager positions have been fully staffed and there is lower turnover of hourly employees. The result is more experienced employees, who are better able to handle the traffic and keep customers satisfied. Ticket times have gotten shorter as well. Despite stores being shutdown in some states for several months due to the COVID-19 pandemic, Murphy has predicted steady growth in revenues, as the initiatives to improve service take off.
PLEASE EXPLAIN IN DETAIL AND WITH OPINION
How do you think Mary Parker Follett would have addressed the challenge of improving productivity in Red Robin’s restaurants? Would her approach have helped the company? Why or why not?
Give an example of a type of problem management science could solve for Red Robin. What limits, if any, do you see on the ability of management science to help Red Robin’s managers solve business challenges described in this case?
Answers
Mary Parker Follett was a management theorist known for her emphasis on collaborative and participatory approaches to management. Her ideas focused on the importance of integrating the expertise and contributions of employees in decision-making and problem-solving processes.
Collaboration and Empowerment: Follett would advocate for involving employees at all levels in the decision-making process. She would encourage managers to seek input from front-line staff regarding operational improvements, such as streamlining processes, reducing wait times, or enhancing customer service. By empowering employees and valuing their expertise, Follett believed that organizations could tap productivityimprovements.Cross-Functional Teams: Follett would promote the formation of cross-functional teams within Red Robin's restaurants. These teams would bring together employees from different areas, such as servers, hosts, cooks, and managers, to collaboratively identify and solve productivity-related issues. By fostering teamwork and cooperation, Follett believed that organizations could leverage the diverse skills and perspectives of their employees to find innovative solutions.Training and Skill Development: Follett emphasized the importance of investing in employee training and skill development. She would encourage Red Robin to provide comprehensive training programs to ensure that employees are equipped with the necessary skills and knowledge to perform their tasks efficiently. By enhancing employee capabilities, organizations can improve productivity and deliver better service to customers.Continuous Improvement: Follett would emphasize the need for a culture of continuous improvement within Red Robin's restaurants. She would advocate for regular feedback loops, where employees are encouraged to share their ideas, provide suggestions, and offer insights on potential productivity enhancements. By fostering a culture of continuous learning and improvement, organizations can adapt to changing customer preferences and market demands.
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A cover letter accompanies_____?
A. a college application
B. the FAFSA
C. a letter of recommendation
D. a résumé
Answers
Answer:
B brainliest?
Explanation:
Define the word extractive!
Thanks!
Answers
Pleasing or appealing to the senses
Question 5 of 20
Which is an advantage of paying off a liability?
OA. The liability remains a liability.
B. The liability starts to lose valu
OC. The liability starts to gain value.
OD. The liability can become an asset.
Answers
Answer:
OD is the answer because a liability can become an asset once paid
An advantage of reimbursing the liability is that it becomes an asset when it is being paid.
Option D is correct.
What is an asset?An asset is the monetary resource of a company which is acquired so that the company would get the maximum benefits in the near future. It is the secondary part of balance sheet which is further classified into two parts namely, current and non-current assets.
Liability is referring to the obligation of a company regarding which the repayment would be done after a certain period of time. In order to repay the liabilities like short-term and long-term borrowings, the assets which can be easily converted into cash are being considered. For instance, the amount due from debtors is a current liability and when it is paid, then it is considered to be a current asset.
Therefore, the advantage written in option D is correct.
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1.1 Which statement best describes financial accounting …
A. Reports are prepared for managers and users inside the organisation
B. Provides a scorecard by which the past performance of a business is judged in
the form of financial statements which are used by stakeholders outside the
organisation
C. Conduct an official financial inspection of a company or its accounts
D. A and B only
E None of the above
Answers
How can we apply accounting and bookkeeping in our daily lives?
Answers
Can someone PLEASE PLEASE HELP ME WITH THIS!!!!!
Answers
Answer:
1. Consumer.
2. Producer.
3. Transportation.
4. Marketing.
5. Harvesting.
6. Processing.
7. Retail/food service.
Explanation:
Food supply continuum can be defined as a cycle of how livestock (animal products) moves from the producer to the consumers. The main goal of the food supply continuum is to safely provide quality animal products to the consumers.
Basically, the seven (7) steps or segments in the food supply continuum include the following;
1. The segment which is responsible for safe handling of the animal product (beef, pork, lamb) in their homes is the consumer.
2. The producer is responsible for raising a healthy animal.
3. The segment which carries the animal from the farm to the market is transportation.
4. The segment which sells the animal to the packer is marketing.
5. The segment which harvests the animal is harvesting. It involves the slaughtering of the animal.
6. The segment which processes the carcasses into retail cuts is processing.
7. The segment which involves a negotiator is the retail/food service.
Which of the following are examples of capital resources? (Check all that apply)
Display case
Employee
Iron ore
Computer
Answers
Display cases, irons, and Computers are examples of capital resources. A vital part of the production system is played by capital resources. A, C, and D are the appropriate selections.
What type of resource is capital?All of the resources created by humans are referred to as capital resources. These resources include things like equipment, machinery, structures, and tools. A capital resource is any device or resource used by a company during the creation of products or services.
Money to launch a new company, as well as tools, structures, equipment, and whatever else individuals create to produce things and render services, are all considered capital resources. Capital resources are the things that Communityville's residents generated.
Thus, the correct options are A, C, and D.
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(T/F) petty cash is a fund containing a small amount of cash that is used to pay for minor expenditures.
Answers
The statement " petty cash is a fund containing a small amount of cash that is used to pay for minor expenditures." is true because it provides a convenient and efficient way to manage these expenses.
Petty cash is a small amount of cash that is kept on hand by a business to cover small or minor expenses. This fund is usually maintained in a small cash box or drawer, and is managed by a designated employee or team who are responsible for disbursing the cash and maintaining records of all transactions.
Petty cash is typically used to pay for things like office supplies, postage, minor repairs, and other miscellaneous expenses that arise during the course of running a business. Because these expenses are often too small to justify writing a check or making a larger withdrawal from a bank account.
By keeping track of all petty cash transactions and regularly replenishing the fund, businesses can maintain accurate records of all their expenses and ensure that their cash flow remains balanced and under control.
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The set of business activities that add value to goods and services sold to the end consumer is referred to as ______. Multiple choice question. merchandising
Answers
The set of business activities that add value to goods and services sold to the end consumer is referred to as : Merchandising
What is merchandising?Merchandising refers to what is done to promote and sell products once the potential customer is in the store. It is the promotion of the sale of goods that can employ pricing, special offers, display and other techniques designed to influence consumers.
Merchandising consist of any practice which contributes to the sale of products to a retail consumer.
Merchandising includes but not limited to:
Auto dealershipsClothing storesSupermarketsTherefore, the set of business activities that add value to goods and services sold to the end consumer is referred to as merchandising.
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Which of the following is not a reason for redesigning a product or service?
A) to reduce labor or material cost
B) to increase the level of customer satisfaction
C) to increase quality
D) to increase the level of employee satisfaction
E) to attract and increase customer demand
Answers
100 points please help. let’s say eur/usd is trading at=1.1872. So if I have a forex account worth 100$ and I use a leverage of 1:100 I have 10000$ of buying power so if buy a mini lot of eur/usd. Do I only need to pay 10k or the quote price which would be 11872$ that I need to pay?
Answers
Answer:
With 100:1 leverage a trader can open a position 100 times greater than they could without leverage. For example, if the cost to purchase . 01 lots of EUR/USD is normally $1000 and the broker offers 100:1 leverage, then the trader must put up only $10 as margin.
Explanation:
From June to the end of September, Jennifer wants to save at least $1,500. Her monthly expenses are $600. Jennifer saves whatever money she has left after paying her expenses each month. Jennifer is scheduled to work 80 hours in September. Find the minimum sales she needs in September to meet her goal of saving at least $1,500.
Answers
The minimum sales required by Jennifer to meet her savings goal must be $26.25 per hour or $2100 for September.
Given that,
Savings desired = $1500
Monthly expenses = $600
Let money earned by her every hour be \(x\)
No. of scheduled work hours \(=\) \(80\)
So,
Total money earned for the month \(=\) \(80\) × \(x\)
\(= 80x\)
As we know,
Money left = Total money earned - expenses
\(= 80x\) - \($600\) ...(i)
A.T.Q.
Money left must be = $1500
Then, by putting the variables in equation (i), we get
\(80x - 600 = 1500\)
Now, solving for \(x\)
\(80x - 600 = 1500\)
\(+600 = + 600\)
_______________
\(80x = 2100\)
\(x = 2100/80\)
∵ \(x = 26.25\)
Thus, the required sales are $ \(26.25\) per hour or ( \(26.25\) × \(80\) = $2100) for the month of September.
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if a person attempts to make a phone call while they are waiting for a meeting to begin, they are________
a. combining tasks
b. multitasking
c. sequential tasking
d. cleaving tasks
Answers
when gm and ford motor company introduced large factories and mass production, the cost of building each car declined. this effect exemplifies blank . multiple choice question. job specialization law of diminishing returns economies of scale departmentalization
Answers
The cost of producing each automobile decreased as GM and Ford Motor Company built large factories and mass production; this result is an example of economies of scale.
What is the Ford Motor Company's business plan?Market penetration is Ford's main intensive growth strategy. In order to expand the company, this intense strategy calls for selling more products to current clients. Ford uses this intense expansion approach by expanding its dealership network and upping sales.
What kind of corporate structure does GM have?Regional divisions make up the organisational structure of General Motors Company. According to geographic regions or operational areas, corporate activities are grouped in this form of organisational structure.
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the effect of an increase in the price level on the aggregate-demand curve is represented by a
Answers
Answer:
movement to the left along a given aggregate-demand curve.
Explanation:
Using the SMART goal-writing criteria, what refers to being able to complete a goal? A. Realistic B. Measurable C. Attainable D. Specific
Answers
Answer:
C.
Explanation:
attainable or to attain the goal
Discuss the advantages and disadvantages of the division of labour.
Answers
Explanation:
I hopeit help you✌️✌️✌️✌️✌️
Morganton Company makes one product and it provided the following information to help prepare the master budget: The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,200, 13,000, 15,000, and 16,000 units, respectively. All sales are on credit. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. The ending finished goods inventory equals 20% of the following month’s unit sales. The ending raw materials inventory equals 10% of the following month’s raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.50 per pound. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours. The variable selling and administrative expense per unit sold is $1.40. The fixed selling and administrative expense per month is $63,000. 5. If 76,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?
Answers
Raw materials needed for July production = 8,200 units x 5 lbs/unit = 41,000 lbs
Ending raw materials inventory = 10% of August production needs = 10% x 76,000 lbs = 7,600 lbs
Total raw materials needed in July = 41,000 + 7,600 = 48,600 lbs
Purchases in July = 48,600 - 41,000 (raw materials needed for July production) = 7,600 lbs
Banks that are not members of the Federal Reserve system are subject to
federal regulations.
A. True
B. False
Answers
Answer:
A.True
Explanation:
Hope this help ^^
Funds that are identified for specific work packages and cover risks that have a low probability of occurring are called _________ reserves.
Answers
Funds that are identified for specific work packages and cover risks that have a low probability of occurring are called Contingency reserves.
What is Contingency Reserve?A contingency reserve is retained earnings that have been set aside to guard against possible future losses. A contingency reserve is needed in situations where a business occasionally suffers significant losses, and needs reserves to offset those losses.
In other word, Contingency reserve is defined as an amount set aside to cater for unforeseen circumstances by a firm. It is a surplus amount taken from profit of an organization. Here, certain funds are earmarked out of the profit made by a firm, indicating a reservation against a specific or general contingency.
Hence, funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called contingency reserves.
Therefore, we can conclude that the correct option is A.
Your question is incomplete, but most probably your full question was:
Funds that are for identified for specific work packages and cover risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.
A. Contingency
B. Management
C. Unidentified Risk
D. Just in Case
E. Padded
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Is a business plan a one time fee?
Answers
Answer:
i think so :)
Explanation:
Imagine you are a training and development specialist.
You are tasked with creating a training workshop about strong meeting facilitation. Create an outline for this workshop.
Include:
Medium: Is your training in-person, webinar, online, or some other method? Objectives: What are your intended outcomes?
Outline: What information topics will you deliver on? What activities will you ask the people in the training to do, individually and in groups? How will the content be organized?
Deliverables: What will you have attendees produce or accomplish by the end of the training to show that they have absorbed the information?
Evaluation: What can you do at the end to measure participants' feelings about the training?
Answers
The goal of training session is to provide attendees with knowledge, skills, and understanding that they can apply in their work or personal lives.
What is training?Training is the process of teaching or learning a particular skill, knowledge, or behavior through practice and instruction. In the context of machine learning, training refers to the process of teaching a computer algorithm to recognize patterns and make predictions based on input data. During training, the algorithm is fed a large amount of data, along with the correct outputs, and it adjusts its parameters to minimize the difference between the predicted output and the actual output. This process is repeated over many iterations until the algorithm can accurately make predictions on new, unseen data. Training is a crucial step in developing effective machine learning models and is essential for a wide range of applications, from image recognition and natural language processing to self-driving cars and fraud detection.
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Supplier bargaining power is weaker when O a few suppliers are regarded as the best and most reliable sources of a particular item. there are no good business reasons for buying firms to integrate backward and self- manufacture items they have been buying from suppliers. O industry members are major customers of their suppliers and/or when the item being supplied is a standard item or commodity. a few large suppliers are the primary sources of a particular item. o the cost of switching from one supplier to another is high.
Answers
The statement "Supplier bargaining power is weaker when a few suppliers are regarded as the best and most reliable sources of a particular item" is true.
What is it exactly?Supplier bargaining power is the ability of a supplier to affect the terms and conditions of supply in its favor.
When a few suppliers are regarded as the best and most reliable sources of a particular item, their bargaining power tends to weaken. This is due to the fact that they will be forced to compete with other suppliers to meet the demand for that item. In addition, their ability to dictate the terms and conditions of supply will also be limited.Other factors that can weaken supplier bargaining power include when the industry members are major customers of their suppliers and/or when the item being supplied is a standard item or commodity. This is because there will be many suppliers in the market who can supply the same item or commodity, and buyers can easily switch between them without incurring high switching costs. Conversely, supplier bargaining power tends to increase when a few large suppliers are the primary sources of a particular item, and the cost of switching from one supplier to another is high.In such cases, suppliers have a strong bargaining power, as buyers will be hesitant to switch suppliers due to the high switching costs involved.
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adam smith’s wealth of nations examines the underlying principles of which economic system?
Answers
Adam Smith, which recommended leaving economic decisions to the free play of self-regulating market forces.
What does the term economic mean?Economics is the study of scarcity and its effects on resource usage, the creation of commodities and services, the expansion of production and welfare through time, as well as a wide range of other complicated concerns of paramount importance to society.
As the creator of laissez faire ("to let alone") economics, Adam Smith is well-known today. This is the viewpoint that suggests that the government should refrain from meddling in the economy and let free markets and commerce operate as they naturally would.
Adam Smith, a Scottish economist and philosopher, outlined classical capitalism in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations leaving economic decisions to the free play of self-regulating market forces.
Conclusion of the Mercantile System: Smith's argument about the international political economy opposed the idea of Mercantilism. While the Mercantile System encouraged each country to hoard gold, while trying to grasp hegemony, Smith argued that free trade eventually makes all actors better off.
Adam Smith, which recommended leaving economic decisions to the free play of self-regulating market forces.
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A semester consists of half the year (18 weeks) and is worth .5 (1/2)
credit. *
True
False
Answers
select all that apply which of the following is/are true about the impact of variability on managing processes? multiple select question. customers understand that process variability occurs and accept that delays are inevitable. variability in processes can make planning and managing the process more challenging. process variability can lead to product delays and shortages, which can lead to a damaged company reputation.
Answers
Option B is correct. Variability in processes can make planning and managing the process more challenging. Process variability can lead to product delays and shortages, which can lead to a damaged company reputation.
What is process variability?Process variability highlights the underlying variations and oscillations in a process's outcome. A number of things, including variances in building ingredients, logistics planning, human mistake, or ecological factors, might contribute to it. Process variability can cause problems including delays, faults, and higher costs while also affecting a process's effectiveness, efficiency, and quality. To maintain quality and consistency of output, businesses must track and manage process variability. To recognize and minimize process variability, strategies like Statistical Process Control (SPC) and Six Sigma can be applied.
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