When assessing the current situation in the first step of a marketing plan, it is recommended that one ________
A) avoids making assumptions of any kind
B) eliminates areas that lack factual data from the purview of the plan
C) utilizes only concrete facts about the future projections and performance gaps
D) generates estimates based on knowledge and experience to be modified in the future
E) substitutes the data of current performance by that of the projected performance in the plan
D
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Greenway Company's balance sheet as of December 31, Year 1 is provided below:Greenway CompanyBalance SheetDecember 31, Year 1Assets? Cash$ 35,000 Accounts receivable 40,000 Inventory 25,000 Plant and equipment, net of depreciation 300,000Total assets$ 400,000??Liabilities and stockholders' equity? Accounts payable$ 30,000 Notes payable 50,000 Capital stock, no par 200,000 Retained earnings 120,000Total liabilities and stockholders' equity$ 400,000In anticipation of preparing the company's operating budget for the upcoming period, the company's accountant has gathered the following information:(a) December Year 1 sales were $220,000. Sales are expected to grow at a rate of 8% per month. Half of all sales
are for cash and half are on account.(b) Inventory purchases are expected to total $100,000 during January and the inventory account is expected to have a $28,000 balance at January 31, Year 2. All inventory purchases are on account.(c) Selling and administrative expenses for January Year 2 are budgeted at $60,000 (exclusive of depreciation) plus 10% of sales. Selling and administrative expenses are paid in cash. Depreciation is budgeted at $3,000 for the month.(d) The notes payable will be paid in January, Year 2. The amount due will be $50,500. The $500 represents interest expense for the month of January, Year 2.(e) The company expects to purchase a new machine during January Year 2 at a cost of $5,000. Required:Prepare a budgeted income statement for the month of January Year 2. Use the traditional income statement format and ignore income taxes. What will be an ideal response?
Which of the following costs generally do not include standard unit costs?
A) Direct materials costs B) Indirect materials costs C) Board of directors' salary D) Depreciation on factory machine
The phenomenon of ________ includes consumers creating their own ads and buying and selling products on eBay
A) production orientation B) the triple bottom line orientation C) consumer-generated value D) socially responsible marketing E) the marketing concept
A company has a selling price of $2250 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $159 each. During November, the company sold 39,000 printers, and 490 printers were serviced under the warranty at a total cost of $64,000. The balance in the Estimated Warranty Liability account at November 1 was $33,500. What is the company's warranty expense for the month of November?
A. $62,010 B. $124,020 C. $30,500 D. $64,000 E. $77,910