CHAPTER 5 Merchandising Operations and the Multiple-Step Income Statement ANSWERS TO QUESTIONS 1. (a) Disagree. The steps in the accounting cycle are the same for both a merchandising company and a service company. (b) The measurement of income is conceptually the same. In both types of companies‚ net income (or loss) results from the matching of expenses with revenues. 2. The components of revenues and expenses differ as follows: | | Merchandising | | Service | RevenuesExpenses
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Healing Hospital: A Daring Paradigm Introduction At a conference in 2012‚ Health Affairs Editor-in Chief Susan Dentzer affirmed‚ “It is well established now that one can in fact improve the quality of health care and reduce the costs at the same time” (Rickert‚ 2012). This is the principal concept of “patient centered care”. Health-care providers practicing patient centered care enhance not only patients’ medical outcomes‚ but increase patient satisfaction rates and improve the quality of the
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Hospitals are places of illness‚ suffering‚ and disease. They can also be places of compassion‚ loving‚ caring‚ and healing. A patient can go to different hospitals and they will receive the same treatment‚ but at some hospitals‚ patients feel better emotionally and physically after a stay‚ while some they feel worse emotionally and physically. This also holds true for different units at the same hospital. This is due to several factors‚ the main one being that some hospitals focus on mainly treating
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1.0 Description of Situation and Identification of Problems 1.1 Service The Shouldice Hospital competitive advantage is that it only conducts external hernia operations and is specifically designed and operated to provide the highest probabilities for successful treatment with “country club like” patient service. Hernia operations typically have a 90% success rate‚ with Shouldice hernia operations boasting over a 99% success rate. The Shouldice competitive advantage can be summarized into:
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The world-class Hong Kong Disneyland theme park and resort is a must-visit on any trip to Hong Kong. Located on scenic Lantau Island‚ Disneyland offers magical experiences for the whole family‚ ranging from Broadway-style shows such as Festival of the Lion King and The Golden Mickeys‚ to hilarious 3D movie and musical adventures at Mickey’s Philharmagic. There are also the signature Disney attractions‚ photo-taking with your favourite Disney friends‚ spectacular fireworks and a parade that is sure
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The crazy house‚ asylum‚ and jail‚ are all common names for the psychiatric hospital. Dating back to the medieval era‚ mental institutions have been around and they have each served their purpose; both good and bad. In Europe‚ London and England housed one hundred inmates in public asylums. Nowadays‚ these hospitals are given discreet names or are no longer in existence. Back then they had very harsh names such as Hospital for the Lunatics‚ and the Liverpool Lunatic Asylum. In the United States‚ Virginia
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VISIT TO A HOSPITAL INTRODUCTION: A visit to a hospital in a whole lot of experience in itself. During this summer‚ one of my Grandfathers was admitted to a hospital due to his illness. When I went to see him‚ I went to the hospital for the very first time in my life. My Grandfather was admitted in Billroth hospital. ENQUIRY: As I entered the hospital‚ I saw people going here and there. First I saw a temple on the right side of the entrance‚ on the left side a outpatient pharmacy.
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Destin Brass Products Problem: - The Company is producing 3 major products – Valve‚ Pump and Flow Controller. The Company is concerned about the price cutting of Pumps going on in the market every month. It is also surprised to see no change in sales of Flow Controller despite 12 ½% increases in prices. Current Scenario: - Currently it is using traditional accounting system‚ Unit of product is charged for material cost‚ labor cost (standard time for labor times the labor pay rate $16 per hour)
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After having received an email from Shannon McDonald (regarding the need to receive a statement of his perspective on recent performance and ideas)‚ Thomas Green is left with several options to choose from to solve the issue at hand. Before discussing these options it is important to describe his first step in taking any one of these decisions. Green must first email McDonald to find out the best time they could meet. For any decision Green decides upon at this point‚ it is important that he communicate
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6.0 Recommendations Acid Test Ratio The acid test ratio shows that Muhibbah have less liquidity which indicates that they holding low amount of cash but high level of inventories .They may have difficulty paying its current liabilities on time. Business is relying on turnover of stock to meet obligations. Here‚ we recommend that Muhibbah should consider level of their accounts payable or paying off their liabilities and ensure the cash flow of the business is optimal meaning that the company must
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