Are there reasons other than profitability for eliminating a product? Discuss.
What will be an ideal response?
Other reasons for product elimination besides profitability include poor performance, a stagnant market share that would be too costly to build up, technological obsolescence with no prospects for rejuvenation, one strong competitor having a large share of the market, and a poor fit with the company’s strengths or declared mission
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Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4Freight charge for merchandise purchased$56.00?December 7Delivery charge for shipping to customer$80.00?December 12Purchase of office supplies$45.00?December 18Donation to charitable organization$64.00?If, in addition to these receipts, the petty cash fund contains $246.00 of cash, the journal entry to reimburse the fund on December 31 will include:
A. A credit to Cash Over and Short of $9.00. B. A debit to Transportation-In of $101. C. A credit to Cash of $254.00. D. A debit to Petty Cash of $101. E. A credit to Office Supplies of $80.
On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $215,000 with an accumulated depreciation of $185,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?
A) Gain of $30,000 B) Loss of $30,000 C) No gain or loss D) Cannot be determined
All of the following statements are true of sustainable entrepreneurship except:
A. Environmental gains include reduced air pollution, improved air quality, and enhanced living conditions. B. It is not just the natural environment that needs sustained; communities also need to be preserved. C. Entrepreneurs with a positive attitude toward the natural environment never disengage these values to exploit an opportunity. D. Social gains include improved child survival rates, longer life expectancy, and equal opportunity.
Under the Family and Medical Leave Act, covered employees are required to provide unpaid
leave for the statutory time periods allowed by law for: A) Care for a spouse, child, or parent with a serious health problem. B) Birth of, and care for, a child. C) Placement of a child for adoption or in foster care. D) A and B only. E) A, B, or C.