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Preparing for and Performing Negotiations

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1.You have decided to purchase a new vehicle and want to be as prepared as possible when you start the negotiation process. Explain how you will prepare for this negotiation. How does the extended warranty option fit into your preparation?

2.Your team has been complaining about excessive demands in the workplace and you have been put in charge of developing a plan for dealing with these excessive demands. Describe what your plan will contain.

3.What are the main issues and interests that are included in a vehicle negotiation? How would you prioritize and address each of them?

4.Why are negotiations for the procurement of outside services on behalf of your employer more complex than other types of negotiations? What are some tactics you can use to maximize your success with these types of negotiations? Use specific examples in your response.

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1. The first thing that I would do to prepare for this negotiation is to conduct thorough research on the prices of the type of vehicle that I'm seeking to purchase. I will collect the prices that are offered for these vehicles at different dealerships within my area, in order to ascertain which dealership offers the cheapest price for this vehicle. This would not only help me to decide which dealership to visit first, but knowing the lowest price that is offered for the vehicle would give me negotiating leverage at other dealerships, due to the fact that I can provide proof that the competitor is offering this vehicle at a cheaper price. I would then conduct research as to how sticker prices are compiled for vehicles, in order to ascertain what the base price for each vehicle is for the dealers, so that I can know approximately what the absolute bottom acceptable price that the dealership will except for the purchase of a vehicle from their lot. This is very important information to ascertain, due to the fact that the salesman's commission as well as some of the markup on the vehicle can be eliminated during the negotiations process, due to the fact that the sales manager of a dealership usually wants to sell the vehicle by any means possible, as long as they're not taking a profit loss. The extended warranty offer fits into my preparation due to the fact that I will seek ...

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Conti Company Preparing Adjusting Entries

See attached file for the problem.

On June 30, the end of the current fiscal year, the following information is available to Conti Company's accountants for making adjusting entries:
a. Among the liabilities of the company is a mortgage payable in the amount of $260,000. On June 30, the accrued interest on this mortgage amounted to $13,000.
b. On Friday, July 2, the company, which is on five-day workweek and pays employees weekly, will pay its regular salaried employees $18,700.
c. On June 29, the company completed negotiations and signed a contract to provide monthly services to a new client at an annual rate of $7,200.
d. The supply account shows a beginning balance of $1,615 and purchases during the year of $4,115. The end-of-year inventory reveals supplies on hand of $1,318.
e. The Prepaid insurance account shows the following entries on June 30:
Beginning balance $1,620
January 1 2,900
May 1 3,366

The beginning balance represents the unexpired portion of a on0year policy purchased in April of the previous year. The January 1 entry represents a new one-year policy, and the May 1 entry represents the additional coverage of three-year policy.

f. The following table contains the cost and annual depreciation for buildings and equipment, all of which were purchased before the current year:

Account Cost Annual Depreciation
Buildings $170,000 $7,300
Equipment 218,000 20,650

g. On June 1, the company completed negotiations with another client and accepted an advance of $21,600 for services to be performed in the next year. The $21,600 for services to be performed in the next year. The $21,600 was credited to unearned service revenue.
h. The company calculates that as of June 30 it had earned $4,500 on a $7,500 contract that will be completed and billed in August.

1. Prepare adjusting entries for each item listed above
2. Explain how the conditions for revenue recognition are applied to transactions C & H.

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