Companies that sell basic necessities face the highest levels of business risk because consumers will
price shop aggressively for items they purchase on a regular basis.
Indicate whether the statement is true or false
FALSE
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Business is booming! Out of excitement, you sent out a memo that told everyone that you would be giving everyone vacations once this quarter’s sales figures were posted on August 1st. Subsequently, everyone in your department planned a vacation for August 1st through the 7th. What was wrong with your message?
a. The who: You did not send the message to the correct people. b. The how: You did not encode your message correctly in terms of when the vacations would be. c. The when: You did not send the message at the right time. d. The where: You did not send the message in the correct setting.
Deacon Company provides you with following information related to payroll transactions for the month of May. Prepare journal entries to record the transactions for May.Office SalariesSales SalariesSocial SecurityTaxesMedicare TaxesFederal Income Taxes$38,000$26,000$3,968$928$5,600a. Recorded the May payroll using the payroll register information given above.b. Recorded the employer's payroll taxes resulting from the May payroll. The company had a merit rating that reduces its state unemployment tax rate to 3.5% of the first $7,000 paid each employee. Only $42,000 of the current months salaries are subject to unemployment taxes. The federal rate is 0.6%.c. Issued a check to Reliant Bank in payment of the May FICA and employee taxes.d. Issued a check to the state for the payment of the
SUTA taxes for the month of May.e. Issued a check to Reliant Bank in payment of the employer's quarterly FUTA taxes for the first quarter in the amount of $1,020. What will be an ideal response?
Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May: Units Work in process, May 1 15,000 Units started during May 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Total Direct Materials Conversion CostsCosts: Work in process, May 1$41,250 $16,500 $24,750 Costs incurred during May 234,630 72,000 162,630 Totals$275,880 $88,500 $187,380 Using the weighted-average method of process costing, the cost of goods
completed and transferred during May is: A. $258,400. B. $250,240. C. $263,840. D. $249,560. E. None of the answers is correct.
When Kumquat, a contemporary sportswear company, tries to open its clothing stores in a new country, it learns that local rules require a certain percentage of its products be manufactured locally. This example fits into which category of pressures for local responsiveness?
A. differences in consumer tastes B. differences in traditional practices C. differences in distribution channels D. economic and political demands E. global market integration