Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Enter only one letter for each element.Increase = IDecrease = DNo Effect = NOn January 1, Year 1, Ravenswood Company issued a long-term installment note. Show how the issuance of the note affected the financial statements.AssetsLiabilitiesEquityRevenuesExpensesNetIncomeCash Flow? ?????
What will be an ideal response?
(I) (I) (N) (N) (N) (N) (I)
Issuing a long-term installment note increases assets (cash) and increases liabilities (notes payable). It is reported as a cash inflow for financing activities on the statement of cash flows.
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Evergreen Corporation manufactures circuit boards and is in the process of preparing next year's budget. The pro forma income statement for the current year is presented below.Sales $3,500,000Cost of sales: Direct Material$500,000 Direct labor 250,000 Variable Overhead 275,000 Fixed Overhead 600,000 1,625,000Gross Profit $1,875,000Selling and General & Admin. Exp. Variable 750,000 Fixed 250,000 1,000,000Operating Income $875,000The break-even point (rounded to the nearest dollar) for Evergreen Corporation for the current year is:
A. $1,724,138. B. $2,155,172. C. $2,625,000. D. $1,865,672.
"Contemporary" strategic controls involve comparing actual performance to predetermined goals.
Answer the following statement true (T) or false (F)
A database software program facilitates data entry but not retrieval
Indicate whether the statement is true or false.
When the CEO of IDEO, Tim Brown, says “How Might We?” what is the significance of might?
a. Might assumes an attitude of power. b. Might invites people to suggest ideas without wondering if they will work. c. Might assumes that all answers are workable. d. Might assumes some editing of ideas