Answered: What are three typical businesses found…

What are three typical businesses found in the service sector? Multiple select question. Independent music stores Barbershops Real estate agencies Drugstores Accounting firms

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 7MC: The primary purpose of what type of business is to serve a particular need in the community? A....

See similar textbooks

Related questions

Q: At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three…

A: The costs incurred for the production are classified as direct and indirect costs. The direct costs…

Q: Required information Problem 5-56 (LO 5-2) (Algo) [The following information applies to the…

A: Social security benefits provide replacement income for retired adults and individuals with…

Q: EX.17-09.ALGO - Accounts Receivable Analysis The following data are taken from the financial…

A: ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…

Q: Using Process Costs for Decision Making The costs of materials consumed in producing good units in…

A: Cost of materials per unit = Cost of materials/Equivalent units. Change in cost of material =…

Q: 1. A company maintains an allowance for doubtful accounts related to its credit sales. For each…

A: "Since you have posted multiple questions we will only answer the first question for you. If you…

Q: On January 1, 2024, Royal Paradise borrows $42,000 by agreeing to a 5%, four-year note with the…

A: Journal Entry: — It is an act of recording transactions in books of account when a transaction…

Q: Current Attempt in Progress Metlock Corporation earned $2,825,000 during 2025. The company had a…

A: Since warrants have the ability to raise the number of outstanding shares upon exercise, current…

Q: Problem 6: Treasury Shares year 20x1: Valientes Corporation reported the shareholders. Equity at…

A: Answer:- Journal entry meaning:- A variety of transactions, including sales, purchases, expenses,…

Q: Journal entry worksheet 3 < 1 Mater 2 4 5 6 7 8 During the current year, office supplies amounting…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: [The following information applies to the questions displayed below.] Data for Hermann Corporation…

A: In the given question, it is specified that if higher quality material is used:· Variable cost…

Q: Journal entry worksheet 4

A: Prepaid Expense: It implies an expense for which the company has made an advance payment however,…

Q: PA3-3 and PA3-4 (Algo) Preparing a Process Costing Production Report [L [The following information…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross…

A: The objective of the question is to calculate Sherry’s deductible depreciation, the net income or…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: Understanding the cost-to-retail percentage is vital for businesses in the retail sector and beyond.…

Q: Assume receivables of $20,000 at the start of the January are all collected during the month; if…

A: When a sale is made and cash is received at the time of sale it is referred to as cash sale, however…

Q: -S Requirea information E5-13, E5-14 and E5-16 [LO 5-2, 5-3, 5-4, 5-5] [The following information…

A: VARIABLE COST Variable Cost is a cost that varies with the level of output.variable costs include…

Q: Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price,…

A: Cost of land & buildingpurchase price3000000title insurance29000legal fees6500state transfer…

Q: On December 31, Reggit Company held the following short-term investments in its portfolio of…

A: Fair value is the value that is based on market conditions and it is the price estimated under…

Q: alegari Corporation makes cleaning products in two sequential departments, Mixing and Packaging.…

A: Process Costing -Process costing is an accounting technique commonly employed by businesses that…

Q: Record entry to adjust the bonds to their fair value for presentation in the December 31, 2024,…

A: Bonds are high-security debt instruments that give an organization the ability to acquire money and…

Q: Given the following financial information, for the past year. Accounts payable Accrued interest Cash…

A: The balance sheet and income statement are two of the three major financial statements that…

Q: Pete Inc. purchased 80% of Paul Co. for $270,000 when Paul's book value was $300,000. Paul has…

A: Book value is the sum of the amounts of all the items in the shareholders' equity section on a…

Q: White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370,…

A: An item of property, plant and equipment that qualifies for recognition as anasset shall be measured…

Q: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an…

A: Retained earnings are the unallocated profits available for distribution to the shareholders. It is…

Q: Advanced Products Corporation supplied the following data from its activity-based costing system:…

A: Traditionally, the overheads have been assigned by using one or two predetermined overhead rates…

Q: Problem 4-19 (Algo) Varlable Costing Income Statement; Reconciliation (LO4-2, L04-3] During Heaton…

A: The income statement can be prepared using various methods as variable and absorption costing. The…

Q: QUESTION 3 Bacon Bad is a national diner that has set up a defined benefit pension plan for its…

A: To compute the pension expense under IFRS, the following components are considered:Current service…

Q: a. The cash budget for March shows an ending loan balance of $10,000 and an ending cash balance of…

A: Financial statement means statement which shows the financial position as on date and financial…

Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…

A: Sales$1,353,000Selling price per pairs of skies $410Number of pairs of skies sold ($1,353,000 /…

Q: On January 1, 2020, Blindo Corp. issued ten-year, 12% bonds with a face value of $ 500,000, with…

A: Bonds are the securities issued by a company in order to raise funds from investors. It includes…

Q: Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays…

A: DescriptionAmount1)Gross income$150,2002)For AGI deductions$03)Adjusted gross…

Q: Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for…

A: Contribution means the difference between the selling price and variable cost. Break even point…

Q: Carmelo Fernandez and Bobby Morett formed a partnership, investing $120,000 and $180,000,…

A: Partnership: A partnership is an agreement between two or more people who agree to carry on…

Q: Coram Audio makes wireless headphones. Each pair of headphones comes with a travel case. Since its…

A: DIFFERENTIAL ANALYSISDifferential analysis is a decision-making method that examines the net effects…

Q: A machine costing $956,250 with a five-year useful life and a $95,625 salvage value is installed in…

A: Depreciation expense is the non-cash expense charged on the non-current assets. It is reported on…

Q: . A local picnic table manufacturer has budgeted these overhead costs - ERROR: "Handling materials"…

A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…

Q: Same question as above but need help with the following questions please a-2. From an operating…

A: As the operating income will decrease if the special order is accepted, it should not be accepted…

Q: The Cheyenne Hotel in Big Sky, Montana, recorded its total electrical costs and number of…

A: In cost accounting, the high-low method is a method that helps segregate mixed expenses into their…

Q: For both the current year and one year ago, compute the following ratios: 1. Return on equity. 2.…

A: Calculation of Average common Stockholder's Equity for both yearscurrent Year1 Year Ago:Beginning…

Q: Thornton Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company…

A: The absorption based costing is the method through which the company determines the indirect cost…

Q: Accounts Receivable are $400,000 and estimated uncollectible a

A: The allowance account is a contra-asset account used when the aging of receivables, the income…

Q: The Social Security Administration increased the taxable wage base from $137, 700 to $142, 800. The…

A: Taxable wage is the amount of wage chargeable to tax. Tax is the charge imposed by the government on…

Q: A company reports the following: Cost of goods sold $435,000 Average inventory 72,500 Determine (a)…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Gruman Company purchased a machine for $198,000 on January 2, Year 1. It made the following…

A: The objective of the question is to calculate the depreciation expense for the machine purchased by…

Q: Lord Company purchased a machine on January 2, Year 1, for $70,000. The machine had an expected…

A: The objective of the question is to calculate the depreciation expense for Year 1 and Year 2 and the…

Q: Explain the usefulness of the concept of "profit" to users of accounting information.

A: Profit means the amount the business entity earns by selling its products or services or both. It is…

Q: Required information [The following information applies to the questions displayed below.] Jacob is…

A: Qualified business income means the deduction of tax which is allowed to small business and…

Q: tax table

A: A tax rate is the rate at which the tax is levied on the taxable income. However, the taxable income…

Q: Exercise 10-9 (Static) Find missing amounts for retained earnings (LO10-5) Consider each of the…

A: Retained earnings represent the cumulative net income earned by a company since its inception, minus…

Q: If machine 2 is used, machine 3 must be used also. However, if machine 3 is used, machine 2 need NO…

A: This problem requires two different kinds of decision variables. Clearly define each…

Question

What are three typical businesses found in the service sector? Multiple select question. Independent music stores Barbershops Real estate agencies Drugstores Accounting firms

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction to the question:

VIEW

Step 2: Explanation to the question:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

For each office or business segment, indicate which type of Responsibility Center it is: a. A retail location, such as the Apple Store b. A manufacturing division that manages its own facilities and production equipment c. Call center for a warranty claims processing d. Consulting department of an accounting firm e. Quality control department for a golf ball manufacturer PreviousNext
How would a business plan for a small manufacturing firm differ from one for a small retailing firm? compare and contrast them
1. Responsibility Centers Indicate how each of the business situations below is most likely to be organized: cost center (CC), revenue center (RC), profit center (PC), or investment center (IC) A. The assembly department of Toyota Motors Corporation. B. The Ayala Mall car park ticket outlets. C. The Magnolia product division of San Miguel Corporation. D. The accounting department of SM Malls. E. The Project 8 branch of Starbucks Coffee. F. The College of Accountancy of the España University. G. The parts department of Suzuki Motors Corporation. H. The convenience store (Mini-Stop) that is owned by a chain organization; the head office supplies all the goods to be sold and determines the selling prices.
For each office or business segment, indicate which type of Responsibility Center it is: a. Quality control department for a golf ball manufacturer b. Consulting department of an accounting firm c. A retail location, such as the Apple Store d. The sales department at an car dealership e. Maintenance department of a luxury resort ["", "", "", "", "", ""]
Which of the following would most appropriately be evaluated as a “profit center”? Group of answer choices a)Maintenance operations for American Airlines b)A warehouse operation for Amazon c)A hotel restaurant that caters to both hotel guests and non-guests d)Sales division for a large publisher
Which of the following statements is true? I. A packaging department is most likely a cost center. II. In a profit center, the manager is most likely in-charge of investments, revenues and costs. III. The cafeteria in the college is most likely a profit center. IV. A business unit within a business is an example of a revenue center a. All but II b. I only c. All statements are true d. All but II and III e. I and II only Clear my choice
For each of the following managers, describe how managerial accounting could be used to satisfy strategic or operational objectives: a. The vice president of the Information Systems Division of a bank. b. A hospital administrator. c. The chief executive officer of a food company. The food company is divided into three divisions: Nonalcoholic Beverages, Snack Foods, and Fast-Food Restaurants. d. The manager of the local campus copy shop.
Determining the cost of producing specific products or providing services and analyzing for cost effectiveness. Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions. The process in which accountants help managers develop a financial plan. A business that buys a product from another business to sell to customers. Telling the results of the financial information. A type of ownership structure in which more than one person owns the business. Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases. A system of gathering financial information about a business and reporting this information to users. Bringing various items of information together to determine a result. A business that makes products to sell. A business that provides a service. Generally supervises the work of…
Question 4 Select all the examples of investment centers: retail clothing store bank branch O production department accounting department service department PepsiCo Duke Energy welding department human resources retail furniture store hotel reservation center Starbucks