Why might a retailer be interested in using the Census of Retail Trade, which classifies retailers according to the North American Industry Classification System (NAICS) codes?
What will be an ideal response?
A retailer that wants to identify direct competition can find other firms that are classified by the same NAICS codes.
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Disregarding risk, if money has time value, it is impossible for the present value of a given sum to exceed its future value.
Answer the following statement true (T) or false (F)
On January 1, 2016, the Mills Car Repair Company acquired equipment at a cost of $55,000. At that time, the equipment was estimated to have a residual value of $5,000 at the end of an estimated five-year service life. During 2016 and 2017, the company recorded straight-line depreciation on the equipment.
Required: Prepare all the journal entries for 2018 relating to the equipment for each of the following independent situations (ignoring income taxes): ? a. Assume that the company switched to sum-of-the-years'-digits depreciation at the beginning of 2018 with a new estimated remaining life of four years. b. Assume, instead, that at the beginning of 2018, the equipment is determined to have a five-year remaining service life. Straight-line depreciation will still be used. c. Assume, instead, that at the beginning of 2018 the company discovered that it had erroneously ignored the estimated residual value in the computation of its depreciation for 2016 and 2017. What will be an ideal response?
Larry is the owner of an instant noodle manufacturing company. His company has created a special combination of ingredients that makes his product tastier than the ones currently existing in the market. Larry knows that this combination of ingredients cannot be easily copied. This is an example of ________.
A. sustainable competitive advantage B. bootstrap marketing C. entrepreneurial breakeven D. benchmarking
At a certain level of operations, per unit costs and profit for Athena Manufacturing Company are as follows: manufacturing costs, $ 150; selling and administrative costs, $ 50; desired profit $50 . Given this information, the mark-on percentage to manufacturing cost used to determine selling price must have been:
a. 25 percent b. 33 percent c. 75 percent d. 67 percent