Answer: Definition the problem.
In trying to solve a problem, the first and the most basic step to take is to identify or define the problem, this stage involves determining the circumstances and situation as it helps one to be focused and pay attention to what the real problem is.
It is the first step and the most important, although it is most times difficult.
Defining the problem must answer the question "why", "who", "where","what", "how" and "when".
Defining the problem helps one to gain control over the situation.
Jim is one of several general partners who own beef 'n beer, a small chain of restaurants located in missouri and illinois. jim is interested in converting the partnership into a master limited partnership. if he convinces other partners to go along with his idea, beef 'n beer will: offer shares of ownership that are traded on a stock exchange much like a corporation. pay its taxes like a corporation. begin to operate much like a sole proprietorship. have to change its name to include the term ltd. in its title to indicate its owners have limited liability.
Master limited partnerships work much like enterprises with shares of proprietorship exchanged on the stock trades, however like a partnership they are taxed, where every proprietor includes his/her profits to other individual pay earned and pays tax on it at the proprietor's own rate of income tax.
A static budget is appropriate in evaluating a manager's performance if actual activity closely approximates the master budget activity.
actual activity is less than the master budget activity.
the company is a not-for-profit organization.
the company prepares reports on an annual basis.
The correct answer is letter "A": actual activity closely approximates the master budget activity.
A static budget includes projected values of inputs and outputs conceived before a company period begins. It estimates revenue and expenditure over a particular period which keeps the same with changes in business activity. It is also a helpful tool that allows rating the manager's performance by checking if the goals set in the master budget are being accomplished or not.
At January 1, 2016, Sheffield Corp. has beginning inventory of 3000 surfboards. Sheffield estimates it will sell 11000 units during the first quarter of 2016 with a 12% increase in sales each quarter. Sheffield’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each surfboard costs $100 and is sold for $150. How much is budgeted sales revenue for the third quarter of 2016?
If Sheffield estimates it will sell 11000 units during the first quarter of 2016 with a 12% increase in sales each quarter. The amount of the budgeted sales revenue for the third quarter of 2016 is $2,069,760
First step is to estimate first quarter sales
Estimated first quarter sales= 11,000 units + (11,000 units x 12%)
Estimated first quarter sales=11,000 units +1,320 units
Estimated second quarter sales in units=12,320 units
Second step is to estimate second quarter sales
Estimated second quarter sales= 12,320 units + (12,320 units x 12%)
Estimated second quarter sales= 12,320 units + 1,478.4 units
Estimated second quarter sales= 13,798.4 units
Third step is to calculate how much is budgeted sales revenue for the third quarter of 2016 using this formula
Budgeted Sales for Third Quarter=Estimated second quarter sales × Selling price per unit
Let plug in the formula
Budgeted Sales for Third Quarter=13,798.4 units × $150
Budgeted Sales for Third Quarter=$2,069,760
Inconclusion if Sheffield estimates it will sell 11000 units during the first quarter of 2016 with a 12% increase in sales each quarter. The amount of the budgeted sales revenue for the third quarter of 2016 is $2,069,760
Learn more here:
budget sale revenue = $2,069,760
beginning inventory = 3000
sell = 11000 units
sales = 12% increase
ending inventory = 25%
surfboard costs = $100
sold = $150
to find out
How much is budgeted sales revenue for the third quarter of 2016
first we will get here budget sales unit for quarter 3 that is
budget sales unit = ( 11000 × 112% ) 112%
budget sales unit = $13798.4
selling price is here $150
budget sale revenue for 3rd quarter sale is = budget sales unit × selling price
budget sale revenue = $13798.4 × $150
budget sale revenue = $2,069,760
When union representatives negotiate with employers for better wages and working conditions, they are involved in __________?