Explanation:
The journal entries are shown below:
1. Petty cash A/c $146
To Cash A/c $146
(Being the petty cash fund is established)
2. Office supplies A/c Dr $4.73
Miscellaneous items $15.03
Postage $38.33
Freight-Out $5.43
Cash short and over A/c $21.41 (Balancing figure)
Petty cash A/c $50 ($196 - $146)
To Cash $134.93 ($196 - $59 - $2.07)
(Being the expenses are recorded)
b. How much of the $30,000 distributed to Clare is included in her gross income? $ is included in her gross income.
c. The distributions which are composed of trust accounting income that is required to be distributed currently come under .
Answer:
a)
Results for Renee are as follows:
After the first tier distributions ($60000/2 = $30000 to each income beneficiaries) are accounted for, $100000 DNI remains to be assigned to the beneficiaries on the second tier ($160000 DNI - $60000 DNI used for first tier distribution).
Amount received DNI received = Gross income,
portfolio income
First tier $30,000.00 $30,000.00
Second tier $1,20,000.00 $ 1,00,000.00
Total $1,50,000.00 $ 1,30,000.00
b)
Results for Clare are as follows:
Amount received DNI received = Gross income,
portfolio income
First tier $30,000.00 $ 30,000.00
Second tier $ - $ -
Total $30,000.00 $ 30,000.00
c)
The distributions which are composed of trust accounting income that is required to be distributed currently come under First Tier Distribution.
Given that, Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000 and $1,200, respectively. Hence, by doing calculations, it is found out that the correct option is-
an increase of $200 which shall be subtracted from net income.
The gap between the opening and closing balances is reflected in the prepaid expense account as an increase.
Prepaid expenses are asset accounts, and an increase implies that cash was spent on attaining the asset, so it is considered an application of cash and hence deducted from net income.
Net income is the amount of money left over after taxes as well as deductions are deducted from your paycheck. Net income is the money left over after paying operational expenses, administrative expenses, cost of products sold, taxes, insurance, and all other business expenses for a company.
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Answer:
Showcase stores are stores that display their products in a way that makes it easy for customers to determine what products are available.
Explanation:
Department stores are large stores with various assorted products and they adopt different approaches for selling their products to customers which include retail branding and showcase stores.
In a showcase store, a variety of products available in the store are displayed for customers to see, so they know what the store has available. These products that are showcased are not actually the ones sold.
The retail branding approach involves a large department store owning or controlling several smaller retail outlets with unique brands through which it sells its specific products.
A well branded retail outlet connects better with target customers and provides a more attractive option when they have to choose between competing brands.
Answer:
Net income = $8,318
Explanation:
Current asset
Cash 5,345
Accounts receivables 2,662
Prepaid expenses 725
Total 8,732
Fixed asset
Equipment 14,421
Less dep. 6,970
Balance. 7,451
Total 8,733 + 7,451 = 16,184
Current liabilities
Accounts payable 1,643
Notes payable. 5,223
Total. 6,866
Financed by
Common stock 1,000
Net Income. 8,318
Total 6,866 + 9,318 = 16,184
Answer:
$145,008
Explanation:
Outstanding checks at the end of November = $68,800 + $63,002 = $131,802
Outstanding checks at the end of December = $131,802 + $94,176 - $80,970 = $145,008
Therefore, the amount of outstanding checks at the end of December is $145,008.
Answer:
Establish metric-based performance measures.
Explanation:
In the given scenario the line managers are not taking corporate objectives into consideration in their decision making.
As a upper-level manager can resolve this by introducing metric based performance measures that will show clearly productivity of the line managers.
The Key Performance Indicators should be tailored to the organisation's objectives.
The line managers that are not performing well according to the KPIs will need to align and perform better in the specific areas.
This is an effective way of disseminating the corporate objectives in the organisation.
To effectively disseminate corporate objectives throughout an organization, holding supervisory manager meetings, establishing metric-based performance measures, and evaluating and increasing manager salaries and benefits can be effective methods.
In order to correct the issue of corporate objectives not being effectively disseminated throughout an organization, the best method to try would be to hold a series of supervisory manager meetings. This would create a direct channel for upper management to communicate these objectives to line managers. It also gives room for discussion, understanding, and eventual implementation of the objectives in their decision-making process. Establishing metric-based performance measures could also be useful in this context as it would provide a defined and quantifiable way to bring about desired behaviors in line-level managers by linking their performance indicators directly to corporate objectives. Evaluating and increasing manager salaries and benefits will also incentivize them to work in accordance with the corporate objectives.
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