One of the most effective ways to increase sales and revenue is to provide your current customers with excellent customer service. The following article provides real-world examples of how companies like Zappos and Amazon gain market share by providing their customers with excellent customer service. For this assignment, please click on the link provided to access the article. After reviewing the article
https://www.business.com/articles/customer-service-as-a-marketing-strategy/
In: Economics
An entrepreneur opened a small hardware store in a street mall.
During the first few
weeks, business was slow with the store averaging only one customer
arrived every 20
minutes. Assume that the random arrival of customers is Poisson
distributed.
(a) What is the probability that exactly 5 customers arrive during
one-hour period?
(b) If the average revenue from each customer is MYR 12, what is
the probability
that the entrepreneur’s hourly earnings are at least MYR 24?
(c) If the hardware shop is open for 8 hours, what is the
entrepreneurs mean daily
earnings if each customer were to spend on average about MYR
12.
( show steps please)
In: Statistics and Probability
Waldie Corporation publishes a monthly magazine for subscribers. The publication is delivered on the 10th day of each month. They received cash of $96,000 on October 1, 2018 for one year's subscription in advance. On October 1, the company recorded the transaction with a credit to Unearned Subscription Revenue. The December 31, 2018 adjusting entry is
In: Accounting
If a Company is generating EPS or revenue growth, does that necessarily imply there is positive economic profit created by the firm's management? Explain and give at least one specific factor for each variable that supports your answer.
In: Economics
A company calculates the following for an item that they produce and sell. The revenue, R(x), from the sale of 90 items is 2300 dollars. The marginal revenue when 90 items are sold is 61 dollars per item. The cost, C(x), to produce 90 items is 1250 dollars. The marginal cost when 90 items are produced is 16 dollars per item. (a) Estimate the revenue from the sale of 89 items. (b) Estimate the cost from the sale of 94 items. (c) Estimate the profit from the sale of 91 items.
In: Math
In a retail, wholesale or manufacturing company the most common revenue account is Sales. In a nonprofit the revenue is separated into what two classifications based on the intention of donors?
In: Accounting
The revenue function for a company can be defined as; TR = Price (P) ´ Quantity Demanded (Q). If the ordinary demand function for your firm is Q = 60 - 0.4P:
a. What is the total revenue function for this firm in terms of Q?
b. What is the average revenue function for this firm in terms of Q?
c. What is the MR function for this firm in terms of Q?
d. Show that MR will be less than AR for any positive level of Q. Why is that?
e. What is the quantity level that maximizes total revenue? What is the price?
In: Economics
Revenue and expense data for the current calendar year for Dawg Electronics Company and for the electronics industry are as follows. Dawg Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages.
| Dawg Electronics Company |
Electronics Industry Average |
||||
| Sales | $ 3,750,000 | 100 | % | ||
| Cost of goods sold | (2,062,500) | (61.0) | |||
| Gross profit | $1,687,500 | 39.0 | % | ||
| Selling expenses | $(1,125,000) | (23.0) | % | ||
| Administrative expenses | (262,500) | (10.0) | |||
| Total operating expenses | $(1,387,500) | (33.0) | % | ||
| Operating income | $300,000 | 6.0 | % | ||
| Other revenue and expense: | |||||
| Other revenue | 15,000 | 3.0 | |||
| Other expense | $(3,750) | (1.0) | |||
| Income before income tax | $ 311,250 | 8.0 | % | ||
| Income tax expense | (93,750) | (2.5) | |||
| Net income | $217,500 | 5.5 | % | ||
a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place.
| Dawg Electronics Company | |||
| Common-Sized Income Statement | |||
| Dawg Electronics Company Amount |
Dawg Electronics Company Percent |
Electronics Industry Average |
|
| Sales | $3,750,000 | % | 100.0% |
| Cost of goods sold | (2,062,500) | % | (61.0)% |
| Gross profit | $1,687,500 | % | 39.0% |
| Selling expenses | $(1,125,000) | % | (23.0)% |
| Administrative expenses | (262,500) | % | (10.0)% |
| Total operating expenses | $(1,387,500) | % | (33.0)% |
| Operating income | $300,000 | % | 6.0% |
| Other revenue and expense: | |||
| Other revenue | 15,000 | % | 3.0% |
| Other expense | (3,750) | % | (1.0)% |
| Income before income tax | $311,250 | % | 8.0% |
| Income tax expense | (93,750) | % | (2.5)% |
| Net income | $217,500 | % | 5.5% |
In: Accounting
The revenue function for a company can be defined as; TR = Price (P) ´ Quantity Demanded (Q). If the ordinary demand function for your firm is Q = 75 - 0.4P:
In: Economics
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages.
|
1 |
Tannenhill Company |
Electronics Industry Average |
|
|
2 |
Sales |
$4,920,000.00 |
100.0% |
|
3 |
Cost of goods sold |
2,533,800.00 |
56.5 |
|
4 |
Gross profit |
$2,386,200.00 |
43.5% |
|
5 |
Selling expenses |
$1,328,400.00 |
24.0% |
|
6 |
Administrative expenses |
787,200.00 |
14.0 |
|
7 |
Total operating expenses |
$2,115,600.00 |
38.0% |
|
8 |
Operating income |
$270,600.00 |
5.5% |
|
9 |
Other revenue |
120,000.00 |
2.4 |
|
10 |
$390,600.00 |
7.9% |
|
|
11 |
Other expense |
74,000.00 |
1.5 |
|
12 |
Income before income tax |
$316,600.00 |
6.4% |
|
13 |
Income tax expense |
80,000.00 |
1.6 |
|
14 |
Net income |
$236,600.00 |
4.8% |
| A. | Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. Round percentages to one decimal place. Enter all amounts as positive numbers. |
| B. | As far as the data permit, comment on significant relationships revealed by the comparisons. |
Income Statement
Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. Round percentages to one decimal place. Enter all amounts as positive numbers. Percentage sign will appear automatically.
|
Tannenhill Company |
|
Common-Sized Income Statement |
|
For the Year Ended December 31 |
|
1 |
Tannenhill Company |
Tannenhill Company |
Electronics Industry Average |
|
|
2 |
Amount |
Percent |
||
|
3 |
Sales |
$4,920,000.00 |
100.0% |
|
|
4 |
Cost of goods sold |
2,533,800.00 |
56.5 |
|
|
5 |
Gross profit |
$2,386,200.00 |
43.5% |
|
|
6 |
Selling expenses |
$1,328,400.00 |
24.0 |
|
|
7 |
Administrative expenses |
787,200.00 |
14.0 |
|
|
8 |
Total operating expenses |
$2,115,600.00 |
38.0% |
|
|
9 |
Income from operations |
$270,600.00 |
5.5% |
|
|
10 |
Other revenue |
120,000.00 |
2.4 |
|
|
11 |
$390,600.00 |
7.9% |
||
|
12 |
Other expense |
74,000.00 |
1.5 |
|
|
13 |
Income before income tax |
$316,600.00 |
6.4% |
|
|
14 |
Income tax expense |
80,000.00 |
1.6 |
|
|
15 |
Net income |
$236,600.00 |
4.8% |
In: Accounting