Excellence in Business Communication (11th Edition)
11th Edition
ISBN: 9780133544176
Author: John V. Thill, Courtland L. Bovee
Publisher: PEARSON
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Chapter 16, Problem 17LOC
Summary Introduction
To determine:After how long should you send a follow up message?
Introduction:
Sending a follow up message is a good etiquette and will show that you have got the character that they may be looking for. So this is something like a thank you message and would create more suitability.
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Question text
A company sells a product with an associated warranty. (The customer
must separately purchase the warranty at the time the related product
is purchased). After the sale of a particular warranty, the company
records the following journal entry:
Cash 500
Warranty Liability 500
What error now exists in the company’s financial statements?
Select one:
a.
Liabilities are understated.
b.
Liabilities are overstated.
C. Net income is understated.
d.
No error exists, as the entry has been properly recorded.
Indicate whether each of the following statements is true or false.
Bribery in the world of business typically happens when an organization or representative of an organization gives financial benefits to an official to gain favor or manipulate a business decision.
The Foreign Corrupt Practices Act was implemented in the aftermath of disclosures that businesses were violating the IMA Code of Ethics.
Managers are required to follow specific rules issued by the IMA for internal financial reporting.
Ethics is more than obeying laws.
The Sarbanes-Oxley Act addressed public company accounting reform.
Suppose the following information was taken from the 2025 financial statements of pharmaceutical giant Merck & Co. (All dollar
amounts are in millions.)
Retained earnings, January 1, 2025
$46,600.0
Cost of goods sold
8,900.0
Selling and administrative expenses
8,100.0
Dividends
4,000.0
Sales revenue
35,800.0
Research and development expense
5,500.0
Income tax expense
2,300.0
After analyzing the data, prepare an income statement for the year ending December 31, 2025. (Enter amounts in millions rounded
to 1 decimal place, e.g. 45.5 million.)
MERCK AND CO.
Income Statement
(in millions)
+A
CA
$
Chapter 16 Solutions
Excellence in Business Communication (11th Edition)
Ch. 16 - Prob. 1CACh. 16 - Prob. 2CACh. 16 - Prob. 1LOCCh. 16 - Prob. 2LOCCh. 16 - Prob. 3LOCCh. 16 - Prob. 4LOCCh. 16 - Prob. 5LOCCh. 16 - Prob. 6LOCCh. 16 - Prob. 7LOCCh. 16 - Prob. 8LOC
Ch. 16 - Prob. 9LOCCh. 16 - Prob. 10LOCCh. 16 - Prob. 11LOCCh. 16 - Prob. 12LOCCh. 16 - Prob. 13LOCCh. 16 - Prob. 14LOCCh. 16 - Prob. 15LOCCh. 16 - Prob. 16LOCCh. 16 - Prob. 17LOCCh. 16 - Prob. 18LOCCh. 16 - Prob. 16.1AYKCh. 16 - Prob. 16.2AYKCh. 16 - Prob. 16.3AYKCh. 16 - Prob. 16.5aPYSMFACh. 16 - Prob. 16.5bPYSMFACh. 16 - Prob. 16.5cPYSMFACh. 16 - Prob. 16.5dPYSMFACh. 16 - Prob. 16.5ePYSMFACh. 16 - Prob. 16.4ECh. 16 - Prob. 16.5aECh. 16 - Prob. 16.5bECh. 16 - Prob. 16.5cECh. 16 - Prob. 16.5dECh. 16 - Prob. 16.7ECh. 16 - Prob. 16.8ECh. 16 - Prob. 16.9aECh. 16 - Prob. 16.9bECh. 16 - Prob. 16.9cECh. 16 - Prob. 1EYSCTPCh. 16 - Prob. 1SYCKO
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- The following items and amounts were taken from Sandhill Inc.'s 2025 income statement and balance sheet, the end of its first year of operations. Interest expense $2,100 Equipment, net $55,200 Interest payable 550 Depreciation expense 3,300 Notes payable 11,700 Supplies 4,300 Sales revenue 46,300 Common stock 24,800 Cash 2,400 Supplies expense 750 Salaries and wages expense 15,300 Prepare an income statement for Sandhill Inc. for December 31, 2025. Sandhill Inc. Income Statement S GA $ $arrow_forwardOrganization/Industry Rank Employer Survey Student Survey Career Service Director Survey Average Pay Deloitte & Touche/accounting 1 1 8 1 55 Ernst & Young/accounting 2 6 3 6 50 PricewaterhouseCoopers/accounting 3 22 5 2 50 KPMG/accounting 4 17 11 5 50 U.S. State Department/government 5 12 2 24 60 Goldman Sachs/investment banking 6 3 13 16 60 Teach for America/non-profit; government 7 24 6 7 35 Target/retail 8 19 18 3 45 JPMorgan/investment banking 9 13 12 17 60 IBM/technology 10 11 17 13 60 Accenture/consulting 11 5 38 15 60 General Mills/consumer products 12 3 33 28 60 Abbott Laboratories/health 13 2 44 36 55 Walt Disney/hospitality 14 60 1 8 40 Enterprise Rent-A-Car/transportation 15 28 51 4 35 General Electric/manufacturing 16 19 16 9 55 Phillip Morris/consumer products 17 8 50 19 55 Microsoft/technology 18 28 9 34 75 Prudential/insurance 19 9 55 37 50 Intel/technology 20 14 23 63 60 Aflac/insurance 21 9 55 62 50 Verizon…arrow_forwardIn 2012 XYZ Co. had sales of $74 billion and a net income of $23 billion, and its year-end total assets were $200 billion. The firm's total debt-to-total assets ratio was 45.3%. Based on the DuPont equation, what was XYZ Co.'s ROE in 2012? a) 22.97% b) 8.67% c) 25.62% d) 21.02% e) 14.01%arrow_forward
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