ANSWER: To calculate the gross profit for the month of August, Gibson will have to find out the sales in his company. Gibson had a opening stock of 200 units of products valuing $8 per unit. The total value of the stock available at the opening of the month is $8 x 200 units = $1,600. If he uses the average cost method to calculate the inventory cost, he will need the opening stock and the production done in the month of August. This will give him the figure which will show his entire stock which were available for sale in the month.
Let's assume the entire stock produced in the month of August to be 'x', so the total stock available for sale was '$1,600+x'. This amount needs to be subtracted by the closing stock of the month to get the actual value of sales that has happened during the month of August. So, dividing the actual value of sales by the production cost of the sold number of units will give Gibson the gross profit for the month of August.
To calculate gross profit using the average cost method, the average unit cost is calculated when more units are purchased. To work out the cost of goods sold (COGS), this average unit cost is multiplied by the number of units sold. Subtracting COGS from the total revenue gives the gross profit.
It is not possible to provide a precise answer without more details, as the gross profit depends on revenue and cost data that is not provided in the question. However, it is possible to explain the process of determining the gross profit when the company uses the average cost method. First, compute the total inventory cost by multiplying the beginning inventory units by their unit cost. The average unit cost is calculated whenever more units are purchased, by dividing the total cost of all units by the total number of units. Each time a sale occurs, the cost of goods sold (COGS) is computed by multiplying the number of units sold by the average unit cost.
To get gross profit, subtract the cost of goods sold (COGS) from total revenue. The total revenue is the product of the selling price per unit and the number of units sold. Once that is found, it is possible to subtract the cost of goods sold (COGS) from the revenue to identify the gross profit.
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A) redefining the situation
B) teamwork
C) studied nonobservance
D) impression management
Studied nonobservance is the action of ignoring an embarrassing situation in a conversation and acting as though it did not happen. This technique is part of impression management, which is how people seek to control how others view them.
The technique in which all participants involved in an uncomfortable or embarrassing situation choose to ignore it and continue their discussion as though nothing unusual happened is called studied nonobservance. In this technique, people manage the impressions they are giving off by intentionally not reacting to or acknowledging an embarrassing or potentially awkward situation. This process is a part of impression management, which is how individuals attempt to control how others perceive them in social situations.Redefining the situation and teamwork are other methods used in impression management but not the best answer to this question.
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A face-saving technique in which all parties involved in an embarrassing situation ignore it and continue their conversation or interaction as though the embarrassing situation never happened is referred to as C) studied nonobservance.
Studied nonobservance is a face-saving technique in which all parties involved in an embarrassing situation ignore it and continue their conversation or interaction as though the embarrassing situation never happened. This technique is often used to preserve the dignity and social harmony of individuals or groups involved.
Thus, As a face-saving tactic known as "studied nonobservance," all persons engaged in a humiliating scenario ignore it and carry on as if nothing unusual had happened. For example, if someone accidentally spills a drink and everyone at the table pretends not to notice and carries on with the conversation, this is an example of studied nonobservance.
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Final Answer:
Verge Ltd is a public company limited by shares. This classification is based on the equal voting rights associated with the different classes of shares issued by the company.
Explanation:
Verge Ltd is classified as a public company limited by shares based on the information provided. In this type of company, shares are issued to the public, and the shareholders have voting rights equal to the number of shares they hold. This implies that each class of shares, whether it's class A, B, C, or D, holds equal voting rights.
The other options, such as being a proprietary company, an unknown entity, a listed no liability company, an incorporated association, or a public company limited by guarantee, do not align with the characteristics of the company as described in the question.
Public companies limited by shares are typically larger entities, and they offer shares to the general public for trading on the stock exchange. The fact that Verge Ltd has issued shares with equal voting rights suggests that it is a publicly traded company.
Learn more about public company
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Answer:
Raising money from donations for nonprofit arts organizations typically falls under the responsibility of several constituencies, including:
1. **Board of Directors:** Nonprofit arts organizations often have a board of directors or trustees who play a significant role in fundraising. They may set fundraising goals, identify potential donors, and contribute to the organization themselves.
2. **Development or Fundraising Department:** Many nonprofits have a dedicated development or fundraising department responsible for planning and executing fundraising campaigns, grant applications, and donor relations.
3. **Executive Director or CEO:** The organization's top executive is often involved in fundraising efforts, especially when it comes to cultivating major donors or seeking grants.
4. **Artists and Performers:** The artists and performers associated with the organization may also play a role in fundraising by participating in events, donor cultivation, or leveraging their connections to attract donors.
5. **Volunteers and Supporters:** Volunteers and dedicated supporters of the arts organization can be valuable assets in fundraising efforts. They may help organize events, solicit donations, or provide in-kind support.
6. **Community and Stakeholders:** Engaging the broader community and stakeholders is essential for nonprofit arts organizations. These individuals may donate, attend events, or support the organization through grassroots efforts.
Fundraising for nonprofit arts organizations often involves a combination of strategies, including individual giving, corporate sponsorships, foundation grants, special events, and more. It is a collaborative effort that relies on the commitment and engagement of various constituencies to ensure the financial sustainability of the organization.
Answer: Below
Explanation: In nonprofit arts organizations the job of collecting donations usually lies with the fundraising team and the board of directors. Hope this helps!
ACCT 163 - Office Equipment
Debit - 8,000
d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
WHAT IS THE JOURNAL ENTRY FOR D & E????? I have the correct accounts, I just can't figure out the amounts....
d Depreciation expense—Computer equipment
Accumulated depreciation—Computer equipment
e Depreciation expense—Office equipment
Accumulated depreciation—Office equipment
d. The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.
e. The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.
Further Explanation:
Depreciation:
Depreciation refers to the allocation of the cost of the physical asset over the useful life of the asset. The depreciation is a non-cash expense of the business. The value of the asset decreases as the business uses the asset for the operating activities. The normal wear and tear in the value of the asset are recorded as the depreciation. The depreciation can be calculated as follows:
Journal entry for the depreciation of computer system and office equipment:
The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.
The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.
Working notes:
Calculate the annual deprecation for computer depreciation:
Calculate the annual depreciation on office equipment:
Learn More:
Answer Details:
Grade: Middle school
Chapter: Depreciation
Subject: Accounting
Keywords: computer, system, acquired, October, expected, have, four-year, life, salvage, value, office, equipment, acquired, October 1, five-year life, no, salvage value.
The journal entries to record depreciation expense for computer equipment and office equipment acquired on October 1 are $1,400 for computer equipment and $400 for office equipment, corresponding to three months of depreciation in the first year.
The journal entry to record depreciation for both computer equipment and office equipment on October 1 should include the depreciation expense for the first year of use and the corresponding accumulated depreciation for each asset. To calculate the depreciation expense for the computer system with a cost of $22,400 and a 4-year life, divide the initial cost by the number of years to find the annual depreciation, which is $5,600 (22,400 ÷ 4). Since the equipment was acquired on October 1, only 3 months of depreciation should be recorded for the current year. Therefore, the depreciation expense for the three months is $5,600 ÷ 12 months x 3 months = $1,400.
The office equipment with a cost of $8,000 and a 5-year life, would have an annual depreciation of $1,600 (8,000 ÷ 5). Similarly, only 3 months' worth is considered for the first year, giving a depreciation expense of $1,600 ÷ 12 months x 3 months = $400.
The journal entries would look like this:
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b. clothing
c. grammar
d. interviewer’s clothing
Answer:
d. interviewer’s clothing
Explanation:
A prepared talk where one person asks questions and other people answers is called An interview. In other words, an interview is a situation where someone serves as the interviewer and the other as the interviewee.
A chat that occurs between someone who applied for a job and the spokesperson of a business that is being done to determine whether the candidate is capable of working is called Job interview.
It's D. Interviewer’s clothing