21) Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at 2% of sales revenue. In 2013, Franconia had $500,000 of sales. In the same year, Franconia paid out $7,500 of warranty payments. Which of the following is the entry needed to record the estimated warranty expense? A) Estimated warranty payable 7,500 Cash 7,500 B) Warranty […]
61. A June sales forecast projects that 6,000 units are going to be sold at a price of $10.50 per unit. The desired ending inventory of units is 15% higher than the beginning inventory of 1,000 units. Merchandise purchases for June are projected to include how many units? A. 6,000 unitsB. 6,150 unitsC. 5,850 unitsD. 7,150 unitsE. 6,500 units […]
61. A company is considering purchasing a machine for $21,000. The machine will generate an after-tax net income of $2,000 per year. Annual depreciation expense would be $1,500. What is the approximate accounting rate of return? A. 19%B. 33%C. 17%D. 10%E. 25% 62. A company is considering the purchase of a new piece of equipment for $90,000. Predicted annual cash inflows […]
81. On January 1, 2010, Red Company purchased Patriot Shop for $400,000 cash. Red Company received the assets listed below and assumed accounts payable (owed by Patriot) amounting to $30,000. What amount of Goodwill will be recorded in the transaction? A. $35,000 B. $20,500 C. $50,000 D. $45,000 82. McGinn Company purchased 10% of RJ Company’s common stock during 2010 for $100,000. The 10% investment in RJ had a […]
81. The cash flow on total assets ratio: A. Is the same as return on assets. B. Is the same as profit margin. C. Can be an indicator of earnings quality. D. Is highly affected by accounting principles of income recognition and measurement. E. Is average net assets divided by cash flows from operations. 82. The cash flow on total assets ratio is calculated by: A. Dividing cash flows from operations by […]
111. Widgeon Co. manufactures three products: Bales; Tales; and Wales. The selling prices are: $55; $78; and $32, respectively. The variable costs for each product are: $20; $50; and $15, respectively. Each product must go through the same processing in a machine that is limited to 2,000 hours per month. Bales take 7 hours to process, Tales take 4 hours, and Wales take 1 hour. […]
Objective 13.3 1) Which of the following is true of target pricing? A) It is used for short-term pricing decisions. B) It is one form of cost-based pricing. C) Its estimates are based on customers’ perceived value of the product. D) It is calculated by adding a markup component to the cost base. 2) Which of the following is true of reverse […]
Multiple Choice Questions 25. Susan Mason is the manager of one department in a large store. In this capacity, which of the following kinds of information would she be interested in? A. Information that is local, relevant, and timely B. Information that is global and pertains to the business as a whole C. Information that meets cost/benefit criteria D. Both A and C 26. All of the […]
Answer the following questions using the information below: Block Island TV currently sells large televisions for $360. It has costs of $280. A competitor is bringing a new large television to market that will sell for $300. Management believes it must lower the price to $300 to compete in the market for large televisions. Marketing believes that the new price will cause sales […]
63. The Fine Point Company currently produces all of the components for its one product; an electric pencil sharpener. The unit cost of manufacturing the motor for this pencil sharpener is: The company is considering the possibility of buying this motor from a subcontractor and has been quoted a price of $3.60 per unit. The relevant cost of manufacturing the motor to be […]
Case Study #2: Planning, Organizing and Leading
****NEED TO SITE TO TEXT BOOK*****
(FOR EX. “Chapter 8, page 4 states that……………… or Chart 10.4 depicts that this happens because…………… or state why you chose something and not something else that is in the same chart or chapter. For example, extraversion because of this and I didnt chose introvert because of this.”
The presented case study illustrates the importance of the functions of management, planning, organizing and leading. Many entrepreneurs with dreams of starting their own businesses believe that managing a business is simple. This case shows what can happen when new owners do not pay adequate attention to important components of management
Required Elements to include in the Case Study:
· Students will act as the management consultant, Justin Thyme;
· Using what has been learned in the course thus far, look at every aspect of the business depicted in the case study and identify all possible issues related to planning, organizing and leading;
· Explain in detail how the identified issues have impacted the business;
Make recommendations to Tom on how to improve the management of his small business.
· Students are expected to show what they have learned in the course by applying theories and concepts. Be sure to support your reasoning.
Required Formatting of Case Study:
Create a consultant’s report that is double-spaced, 12-point font, and between five and six pages in length excluding the title page and reference page;
Title page with your name, the course name, the date, and instructor’s name;
Include a reference page;
An introductory paragraph, a summary paragraph and the use of headings are required;
Write in the third person;
Use APA format for in-text citations and references. You are required to use the e-text and at least two academic or highly respected business publications, for a total of no less than three references. Students need to paraphrase and avoid direct quotes;
Submit the paper in the Assignment Folder.
(Chapters 1-14 are attached, along with rubric and case study)
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