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finance Don Terry opened Terry Company, an accounting practice, in 2016. The following summarizes transactions that occurred during 2016: **1.** Issued a $120,000 face value discount note to First National Bank on July 1, 2016. The note had an 8 percent discount rate and a one-year term to maturity. **2.** Recognized cash revenue of$310,000. **3.** Incurred and paid $145,000 of operating expenses. **4.** Adjusted the books to recognize interest expense at December 31, 2016. **5.** Prepared the necessary closing entries at December 31, 2016. \ The following summarizes transactions that occurred in 2017: **1.** Recognized$346,000 of cash revenue. **2.** Incurred and paid $178,000 of operating expenses. **3.** Recognized the interest expense for 2017 and paid the face value of the note. **4.** Prepared the necessary closing entries at December 31, 2017. \ **Required** Prepare entries in general journal form for the transactions for 2016 and 2017, and post them to T-accounts. Verified answer Recommended textbook solutions
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Terms in this set (41)Planning is a process concerned with selecting the mission, goals or objectives for the future and deciding on the action, tasks and resources to achieve it Planning is an exercise that determines in advance a. The
ends (What is to be done or achieved?) Formal plans written, specific, and long term focus, involves shared goals for the org Informal Plans not written down, short term focus, specific to an organization unit Characteristics of planning Primary Function of Management Importance of Planning Direction Setting Limitations of Planning Lack of accurate information Goals are desired outcomes or targets. They guide management decision and form the criteria against which work results are measured. Hence they are called the foundations of planning Plans are documents that outline how goals are to be met. They usually include resource allocation, schedules and other actions necessary to accomplish the goals Strategic Plans Applies to the entire organization Tactical Plans Used to implement some part of the strategy Operational Plans Focus on carrying out tactical plan Long term plans plans with a time frame of over 3 years short term plans plans with a time frames less than one year Single use plan A one time plan specifically designed to meet the need of a unique situation Standing Plans
Ongoing plans that provide guidance for activities performed repeatedly Specific plans Plans that are clearly defined and leave no room for interpretation Directional plans Flexible plans that set out general guidelines, provide focus but don't lock into course of action Vision States the mid term to long term objectives of the company Mission Identifies the basic purpose or function or tasks of an enterprise Purpose a company's reason for being Strategy Adoption of course of action and allocation of resources to achieve long term objectives of an enterprise Objectives/Goals Specific measurable activities that an enterprise takes towards achieving broader goals. Represent the end point of planning but also the end towards organizing, staffing, leading and controlling are aimed Policies Define an area within
which a decision is to be made and ensure that the decision will be consistent with and contribute to an objective Procedures Plans that establish a required method of handling future activities. Rules spell out specific required actions/non actions allowing no discretions. Programs are a complex of goals, policies, procedures, rules, task assignment necessary to carry out a given course of action Budget is a statement of expected results expressed in numerical terms MBO a process whereby the employees and the superiors come together to identify common goals, the employees set their goals to be achieved, the standards to be taken as criteria for measurement of their performance and contribution and deciding the course of action to be followed. Main concept behind of MBO The principle behind MBO is to make sure that everybody within the organization has a clear understanding of the aims, objectives of the organization and Is aware of their own role and responsibilities in achieving their aims The complete MBO system is to make managers empowered employees acting to implement and achieve their goals, which automatically achieve those of the organization Advantages of MBO MBO helps in increasing motivation of employees as it involves employees in the goal setting process. Increasing employee empowerment increases employee job satisfaction and commitment Disadvantages of MBO Strategic goals/plans might get displaced by operational goals/plans Decision making The process of identifying and selecting a course of action out of the alternatives for achieving the given objectives or solving a problem Steps in Decision-making Step I: Problem, Situation or a Scenario - Identifying a
problem Programmed Decisions A decision that is a fairly structured decision or recurs with some frequency or both. Non-programmed decisions A decision that is relatively unstructured and occurs much less often a programmed decision. Strategic Decisions Provide
a direction to an organization by establishing its mission, vision, long term goals Routine/Tactical Decisions Supportive rather than central to the company's operations Decision Making Under Certainty A condition in which the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative. Decision Making Under Risk A condition in which the availability of each alternative and its potential payoffs and costs are all associated with risks. Decision Making Under Uncertainty A condition in which the decision maker does not know all the alternatives, the risks associated with each, or the consequences of each alternative. Other sets by this creator144 table7 terms umar09 Perfect Squares 1-3636 terms umar09 Module 616 terms umar09 Module 7 motivation4 terms umar09 Verified questions
algebra In the following exercises, V denotes the vertex of a parabola, F the focus, and D the directrix. Two of these are given. Find the third. F(-2, 5), V(-2, 1) Verified answer algebra Write the equation of the circle in standard form. Then sketch its graph. $$ x^2+y^2-6 x+10 y+25=0 $$ Verified answer
calculus Decide which of the following functions are $\mathcal{C}^1$, which are just differentiable. (a) $f (x, y) = \frac{2xy}{(x^2 + y^2)^2}$ (b) $f (x, y) = \frac{x}{y}+ \frac{y}{x}$ (c) $f (r, \theta) = \frac{1}{2} r \sin 2\theta, r > 0$ (d) $f (x, y) = \frac{x y}{\sqrt{x^2 + y^2}}$ (e) $f (x, y) = \frac{x^2 y}{x^4 + y^2}$ Verified answer
algebra How do the two formulas in Exercise earlier compare to the basic percentage formula $P=R B$ ? Verified answer Recommended textbook solutions
Elementary Number Theory7th EditionDavid Burton 776 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Book of Proof2nd EditionRichard Hammack 340 solutions Topology2nd EditionJames Munkres 622 solutions Other Quizlet setsBUSI 310 Exam ch 3 & 445 terms Julia_Jackson81 Chapter 7 - Planning and Goal Setting24 terms Maya_Salazar MGT 300 Test 264 terms GarrettJ4 Urban Planning Midterm Exam104 terms isabelle_fleming7 |
They spell out specific required actions or non-actions, allowing no discretion.
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