The inventory account balance as of December 31, year 1 is $21,370. option (A) is correct.
Inventory on December 31, year 1 is calculated below:
Ending Inventory = Beginning Inventory + (Purchases - Purchase return and allowances - Purchase discount ) + Freight on goods purchased - Cost of goods sold
Ending Inventory = $9,300 + ($41,300 - $730 - 530) + $1,730 - $29,700
= $9,300 + $40,040 + $1,730 - $29,700
= $21,370
The inventory account will be expanded by the expenses of the products bought and will be diminished by the expense of the merchandise sold. Consequently, the equilibrium in the Stock record ought to mirror the expense of the stock things as of now on hand.
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This question is not complete , Here I am attaching the complete question:
the following information for year 1 is taken from the accounts of tuttle company. the company uses the periodic inventory method. inventory, december 31, year 1 $ 9,300 purchases 41,300 purchase returns and allowances 730 purchase discounts 530 freight on goods purchased under terms fob shipping point 1,730 freight on goods sold under terms fob destination 930 cost of goods sold 29,700 based on this information, what is the inventory account balance as of december 31, year 1?
(A) $21,370
(B) $9,300
(C) $1,730
(D) $29,700
Which one of the following is NOT an advantage of the cash method for reporting income?a. Taxpayers are able to deduct expenses in the period incurred, which may be before they actually pay them.b. Taxpayers have some control over when income is received and expenses are paid which assists in tax planning.c. The cash method generally simplifies the computation of income.d. Taxpayers recognize income in the period they receive it, giving them the wherewithal to pay the tax.
The following option that is not the advantage of the cash method for reporting income is a. Taxpayers are able to deduct expenses in the period incurred, which may be before they actually pay them.
In the term of financial economic and accounting, Cash method of accounting generally can be defined as a method of accounting used by many individuals and some small businesses to record their liabilities and income. One of the advantage of cash method is the transactions are recorded only when the payments have been made or received. The other benefit of cash method is that deduct expenses in the tax year in which you pay the expenses.
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danny is trying to determine if he should purchase equipment for his business this year or next year. he is currently in the 28% tax bracket and will be able to expense the equipment in the year he purchases it. with the new equipment, he believes that his marginal rate will increase to 33% next year. the cost of the equipment is $20,000 and his after-tax rate of return is 6%. calculate the after-tax cost of the equipment for both years and choose the correct statement below. year4%5%6%7% 1.962.952.943.935 2.925.907.890.873 3.889.864.840.816 4.855.823.792.763 5.822.784.747.713
Currently: 20,000 times 0.28 equals 5,600; 20,000 minus 5,600 is $14,400. In the following year: 20,000 x 0.33 = $6,600 x 0.943 (PV) = 6,224; 20,000 Minus 6,224 = 13,776.
$14,400 > $13,776 —> Next year since it's less expensive
What tax bracket applies to married couples filing jointly in 2022?When married couples file jointly, the tax rate is 32% for incomes over $170,050 ($340,100); 24% for incomes over $89,075 ($178,150); 22% for incomes over $41,775 ($83,550); and 12% for incomes over $10,275 ($20,550).
Does Andre get to choose between getting $1,800 today or $1860 in a year?Andre might choose to get $1,800 right away or $1,860 a year from now. Andre would have $1 in a year if he can invest the money and make 4 percent this year. He ought to accept the $2 ($1,800/$1,860). (Instead of using words, the solutions should be expressed as numbers.)
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in the lecture, when there is a purchase or manufacture in the operating cycle, what happens to cash?
When there is a purchase or manufacture in the operating cycle, the cash will decreases.
An Operating Cycle (OC) is the number of days it takes for a company to receive inventory, sell goods, and earn cash from the sale of inventory. This cycle is crucial in determining a company's efficiency.
All of the following elements determine the length of the operational cycle:
Payment conditions offered by the company's suppliers. Longer payment periods reduce the operational cycle since the corporation can postpone cash payments.Because a greater expected beginning fulfillment rate increases the amount of inventory on hand, the order fulfillment policy lengthens the operational cycle.The credit policy and payment terms, because looser credit means a longer period until clients pay, which lengthens the operational cycle.Learn more about operating cycle here:
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in the first chapter of the wealth of nations, smith introduces the idea of the , which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. question 2 options: division of labor interconnected economy task economy modern economy
The concept of the joyful word, which refers to the division of the labour necessary interconnected to produce an item or service into a number of jobs carried out. The correct answer is C task economy.
By several employees, is introduced by Smith in the first chapter of The Wealth of Nations. Adam Smith introduces the concept of the division of labour in the first chapter, which states that rather than having one person perform each task.
A good or service is created by a number of workers who carry out different duties. Adam Smith defended the economic tenet that businesses should be permitted to function free from government interference in the wealth of nations smith typically opposed free speech. Open markets usually self-regulate through competition, market forces, and self-interest. In The Wealth of Nations, Adam Smith argued that enterprises should be allowed to operate without interference from the government.
Complete question:
in the first chapter of the wealth of nations, smith introduces the idea of the , which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. question 2 options:
A division of labor
B interconnected economy
C task economy
D modern economy
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which of the following is not among the top 10 skills required for jobs in the 21st century? group of answer choices negotiation good gpa people management critical thinking
The top 10 talents needed for jobs in the 21st century do not include flexibility.
What employable abilities are necessary in the workplace of the twenty-first century?Digital literacy, problem-solving abilities, creativity, critical thinking, and cooperation abilities are among the most prevalent 21st century skills. Critical thinking, digital literacy, and creativity are the three key competencies linked to employability.
Why are soft skills crucial in the modern era?Because they have experience and interpersonal skills that make it simpler for them to adjust than others who lack these abilities, employees with great soft skills have the capacity to grow and thrive in any situation.
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Answer:
Explanation:
. Good GPA - Correct
old navy sells fashionable clothing for relatively low prices. what type of income is used to purchase clothing and other necessities from a retailer like old navy?
The given case is represented by the product line stretching and lengthening strategy.
This is referred to as expanding a present product line. There are three conceivable outcomes: either an upward, downward, or both results. increasing downward. A less dramatic example is the procedure of introducing a new product to an already existing product range. As a method of business growth known as "line stretching," new goods are introduced with different or added characteristics while still being part of the same product line. Other varieties include line filling, upward stretching, and two-way stretching. Hegemony is the domination or leadership of one group over another. Hegemony can be seen in the student government of a school.
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business marketing strategy must be based on an assessment of the: a. customer. b. competitor. c. company. d. all of the answer choices. e. both competitor and company.
A marketing strategy is a business's general scheme for developing a customer base for the product or service that the business provides.
What is business marketing strategy?A marketing strategy is a long-term plan for attaining a business' objectives through an understanding of client needs and the development of a distinct and long-lasting competitive advantage. It includes everything, from choosing which channels to utilize to contact your customers to figuring out who they are. A company's overall plan for reaching out to potential customers and converting them into buyers of their goods or services is referred to as a marketing strategy. The value proposition of the business, critical brand messages, information on target customer demographics, and other important components are all included in a marketing plan. One of the most effective marketing tactics for small businesses is social media marketing.
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in the 1970s, some developing economies with certain natural resources managed to gain some power over more industrialized economies through the work of which organization?
Through the efforts of a few individuals in the 1970s, developing economies with particular natural resources were able to exert some control over more industrialised economies.
What is the example of individuals?
existent and taken into account independently of the other things or individuals in a group: Handwork is used to complete each unique table. given to or pertaining to a solitary, distinct entity or person: Every case is handled uniquely by us. Personal life is defined by a person's decisions and preferences outside of the workplace, such as their mate, friends, hobbies, cultural interests, and clothing choices. Particularly, one's personal life is defined by the activities they participate in during their free time.
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which type of life cycle would require customer commitments that are the most spread out in chunks of time versus concentrated in a single block of calendar time?
Iterative life cycle would require customer commitments that are the most spread out in chunks of time versus concentrated in a single block of calendar time.
Iterative (agile) life cycles are made up of multiple repetitions of one or more phases before moving on to the following one. Only when user input is accessible to be utilised as the foundation for fresh cycles of development, refinement, and improvement can iterative techniques be carried out.
The iterative concept is shown through prototyping, the Rational Unified Process (RUP), agile development, and rapid application development.
The advantage of an iterative life cycle is that modifications may be handled during planning and until the following iteration with less financial effect. Because the product is better understood utilising this specific project management life cycle, this also leads to less feedbacks. A lifecycle for an iteration is completed with a heavier emphasis on planning.
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a manager's operation currently has an average sale per guest of $9.00. for the upcoming accounting period, the manager predicts 8,000 guests will be served at a check average 5% higher than the current average sale per guest. what will be this manager's revenue forecast for the upcoming period?
The manager's revenue forecast for the upcoming period is $76,360.
What is manager's revenue?Manager's revenue is the total income generated by a manager or business leader through the sale of goods or services, as well as any other activities under their purview. Revenue is the most important metric for assessing the performance of a business or individual manager and is used to determine profitability and inform decision-making.
The manager's revenue forecast for the upcoming period can be calculated by multiplying the predicted number of guests served (8,000) by the predicted average sale per guest (5% higher than the current average of $9.00, or $9.45).
Thus, the manager's revenue forecast for the upcoming period is $76,360, calculated as 8,000 x $9.45 = $76,360.
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suppose a firm in the 40% federal-plus-state tax bracket needs to pay $1 in dividends to its shareholders. what is the pretax income it should have to pay this dividend?
The pre-tax income it should have to pay this dividend is $1/ (1-.4) = 1.67.
What is pre-tax income?
Pretax income, which is often referred to as earnings before taxes or pretax earnings, is the net profit that a company makes before deducting or accounting for taxes. However, pretax income takes into account deductions for interest, depreciation, and operational costs. The operational and interest expenses are subtracted from the gross profit to determine the pretax earnings, therefore $100,000 - $60,000 = $40,000 is the result. The pretax earnings margin for the specified fiscal year (FY) is $40,000 / $500,000 or 8%. Before taxes, benefits, and other payroll deductions are taken out of an employee's paycheck, that amount is known as their gross pay. Net pay, often known as take-home pay, is the amount that is left after all withholdings have been taken into account.
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scarcity in economics means that: group of answer choices we do not have sufficient resources to produce all of the goods and services we want the wants to people are limited there must be poor people in rich countries shortages much exist in nearly all markets
The answer is not having sufficient resources to produce all the goods and services we want, scarcity in economics means that not having sufficient resources to produce all the goods and services we want.
What constitutes a scarcity, specifically?Gold, oil, silver, and other fossil fuels are examples of natural resources that are inherently scarce. These resources might become rare and pricey when there is a demand that outpaces the supply. A high price is demanded for some goods, such as diamonds, due to their scarcity and market dominance.
What does AP Macroeconomics mean by scarcity?The fundamental issue with economics is scarcity, or the lack of sufficient resources in society to meet everyone's demands. The basic contrast is between unrestricted wants and needs and finite resources.
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Doeringer's research suggests that Japanese managers pay ___ attention to values and ___ attention to business performance.
According to Doeringer's research, Japanese managers give both company performance and values a lot of attention.
Which of the following categories best fosters and rewards innovation?A "culture of innovation" refers to the type of corporate culture that fosters innovation. The way we operate is just our culture. You may create an organizational culture that encourages innovation by altering the way you work to engage more creatively and innovatively.
What kind of emphasis does the involvement culture place on employee involvement and participation to quickly fulfill changing environmental needs?The involvement culture emphasizes an internal focus on employee participation and involvement in order to quickly adjust to the environment's changing needs. Considering the requirements of employees is highly valued in this culture, and the workplace may have a compassionate, family-like feel.
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required: 1. compute a departmental overhead rate for the molding department based on machine hours and a departmental overhead rate for the trimming department based on direct labor hours. 2. determine the overhead cost per unit for each part using the departmental rates.
To compute a departmental overhead rate for the molding department based on machine hours, we must first calculate the total overhead costs associated with the molding department.
What is the rate ?The rate depends on the type of work and the length of the project. A freelancer might charge a flat rate for a project, or an hourly rate for a longer project. Plagiarism-free work is a must for any project, and should be discussed and agreed upon before any work is done.
This includes the cost of indirect materials and supplies, indirect labor, depreciation, repairs, and any other expenses related to the department. Once we have the total overhead costs, we must then divide this figure by the total number of machine hours used in the molding department to get the rate.
To determine the overhead cost per unit for each part, we must first calculate the total overhead costs associated with the part. This includes the cost of materials and supplies, direct labor, and any other expenses related to producing the part. Once we have the total overhead costs, we must then divide this figure by the number of parts produced to get the overhead cost per unit. For the molding department, we can use the machine hours rate to calculate the overhead cost per unit. For the trimming department, we can use the direct labor hours rate to calculate the overhead cost per unit.
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pensions meg's pension plan is an annuity with a guaranteed return of 3% per year (compounded quarterly). she would like to retire with a pension of $50,000 per quarter for 15 years. if she works 27 years before retiring, how much money must she and her employer deposit each quarter? (round your answer to the nearest cent.)
If she works for 27 years before retiring, she and her employer must deposit the requisite $4659 per quarter.
Why should I retire into?
to enroll into a specific circumstance or set of terms after retiring. I had the bad luck to retire during a recession, which meant that either my investments weren't performing as well as I had anticipated, or else they were really losing money.
Can you leave your work and retire?
There are various retirement options, including the following: Early Retirement: You might be able to leave your job early and take advantage of your employer's retirement benefits. Fazed Retirement: Your employment ends gradually over time and is followed by retirement.
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In the context of using salesforce opinion for forecasting, identify true statements about salesforce opinions as a source of information for the forecast.- The salesforce is a good, unbiased source of information about customers' long-term wants and needs.- The salesforce is less likely to be able to distinguish between what customers would like to do and what they actually will do.- The salesforce is often aware of any plans the customers may be considering for the future.- The salesforce is likely to undermine the recent trends in demand.
In the context of using salesforce opinion for forecasting, true statements about salesforce opinions as a source of information for the forecast is the salesforce has a sense of what customers want because of their direct contact with customers. The Option E is correct.
What is use of salesforce opinion for forecasting?The opinion of the Sales Force is a method in which salespeople or intermediaries are responsible for estimating sales goals specific to their respective scope at a given time.
Because your salespeople are in direct contact with your customers, this method takes advantage of their specialized knowledge. As a result, it makes it easier to segment the sales forecast into specific products and markets, giving the sales team more confidence in meeting their quota.
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a country’s national competitive advantage and its attractiveness as a location for international business are most influenced by:______.
A country's national competitive advantage and its attractiveness as a location for international business are most influenced by a well-developed education system.
What is national competitive advantage?
A country's capacity to compete effectively in global markets is measured by its national competitive advantage. For a variety of reasons, some countries are more advantageous than others. Governments can analyse their strengths and shortcomings in order to boost their national competitive advantage and encourage economic growth. Michael Porter, an economist, created one of the most well-liked assessment frameworks for this reason. Resources contribute to some of a nation's competitive edge. These include persons with unique talents as well as human capital, which includes both natural and human capital. Resources may be expanded by nations to give them a competitive advantage.
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which term defines when activities are incompatible so that more of one thing necessitates less of another activity? multiple choice question. straddling balanced approach productivity trade-off
When two activities cannot coexist, a trade-off must be made wherein more of one activity requires less of the other. Competition is rife with positioning trade-offs, which are crucial to strategy.
What exactly does the term "tradeoffs" mean?The trade-off or compromise occurs when one thing is given up in favor of another. Students might have to pick between someone lower hourly rate with a more prime location while looking for after-school work.
Why do people succumb to pressure?One of the fundamental tenets of economics is the concept of trade-offs, which holds that in order to have more of one thing, you must be willing to tolerate having less of another.
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When property rights are clearly defined and enforced, private owners will
a. use their property for selfish ends because they have little or no incentive to consider the
desires of others.
b. develop and direct their property toward uses that others value highly because the market
will generally reward them for doing so.
c. have little or no incentive to take care of their property or conserve it for the future.
d. be unable to derive personal gain if they are sensitive to the desires of others when
deciding how to use their property.
Property rights will create and direct their estate toward uses that others appreciate highly so because market will normally reward them for it if land rights are narrowly outlined and imposed.
The correct answer is B.
What is the most likely outcome of a system of well-defined and enforced personal property rights?Owners of resources will benefit from discovering and utilizing their materials in ways that are greatly regarded by others.
What happens when land rights really aren't clearly defined?Externalities occur because once land rights are not clearly defined or effectively enforced. "Negative externalities" occur so when costs of producing a good fall on people other than the ones who decide the amount or if should produce that good.
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on july 1, 2023, smith industries signed a $160,000, one-year, 5 percent note payable. the principal and interest will be paid on june 30, 2024. how much interest expense should be reported on the income statement for the year ended december 31, 2023?
The amount of interest expense that should be reported on the income statement for the year ended December 31, 2023 is calculated as follows:
Interest rate = 5%
Principal = $160,000
Interest for 1 year = Principal * Interest rate
Interest for 6 months = Interest for 1 year / 2
Interest expense = Interest for 6 months
Interest for 1 year = $160,000 * 5% = $8,000
Interest for 6 months = $8,000 / 2 = $4,000
Interest expense = $4,000
So, the interest expense that should be reported on the income statement for the year ended December 31, 2023 is $4,000.
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blue discounts a 90-day note for $20,000 (maturity value) at 4%. the bank discount is (assume ordinary interest):
Blue Discounts, which takes into account the interest charged on the loan, the bank discount is $160.
A discount is a reduction in the face value of a financial instrument such as a loan or a bond.
To calculate the bank discount, we need to first find the interest (or finance charge) on the loan. This can be found using the formula:
=> interest = Principal x Interest rate x Time.
In this case, the principal is $20,000, the interest rate is 4%, and the time is 90 days, so the interest is
=> $20,000 x 4% x 90/365 = $160.
Next, we subtract the interest from the face value of the note to find the amount received by Blue Discounts. In this case, the face value of the note is $20,000, and the interest is $160, so the amount received is
=> $20,000 - $160 = $19,840.
Finally, the bank discount is found by subtracting the amount received from the face value of the note.
In this case, the face value is $20,000 and the amount received is $19,840, so the bank discount is
=> $20,000 - $19,840 = $160.
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the way to achieve unity and coordination is through the use of which written procedures that specify what companies will do when they arrive at the emergency scene?
Standard operating procedure will do when they arrive at the emergency scene.
A corporation will develop a standard operating procedure (SOP) to guide staff through doing routine tasks. SOPs aim to improve efficiency, high-quality output, and consistency of performance while decreasing misconceptions and failure to follow industry regulations. Some military forces use the term standing operating procedure since a military SOP relates to a unit's own protocols, which are not always common to another unit. The term "standard" might indicate that every unit must employ the same methodology. The expression is occasionally used in a sarcastic manner to characterize common yet harmful activities. For instance, "SOP" in the Philippines refers to pervasive corruption throughout the country's institutions of government.
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net worth is $120,000, excluding his home. his liabilities of $54,000 include all of his credit card balances and the balance due on his auto loan and home improvement loan. his townhouse has a market value of $220,000 and he owes $190,000 to his mortgage company. what is gabriel's debt-to-equity ratio?
Gabriel's debt-to-equity ratio is 36%. This indicates that for every $1 of equity, he has $0.36 of debt. A debt-to-equity ratio of 36% is considered low to moderate risk.
Debt-to-equity ratio is a financial metric that measures the amount of debt a person or company has relative to its equity. It's calculated by dividing total liabilities by total equity. The debt-to-equity ratio indicates the level of risk involved in financing a person or company's operations and growth. A higher debt-to-equity ratio means that a higher proportion of a person or company's financing comes from debt, which can be riskier than financing from equity. A lower debt-to-equity ratio means that a higher proportion of financing comes from equity, which is generally considered less risky.
Gabriel's total equity can be calculated as the sum of his net worth and the market value of his home, minus the mortgage balance owed on the home:
Equity = Net Worth + Home Value - Mortgage Balance
= $120,000 + $220,000 - $190,000
= $150,000
His debt-to-equity ratio can then be calculated as:
Debt-to-Equity Ratio = Total Liabilities / Total Equity
= $54,000 / $150,000
= 0.36 or 36%
Thus, the result is 36%
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sally is a real estate salesperson. how many hours of continuing education must she complete before the license expiration date in order to renew it for another four years?
Sales of real estate are done by Sally. Before her license expires, she must complete 45 hours of continuing education in order to extend it for an additional four years.
How much time is left until a licensee must renew their permit?The license will automatically go inactive at the conclusion of the license period if the license holder doesn't really renew it before the expiration date. After 24 months, the licensee then must renew the license or begin the application process over again, failing which they are not permitted to continue operating.
How many hours of CEUs must she complete prior to her license's expiration in order to extend it for a further four years?In the two years prior to license expiration, a minimum of 80 hours of CE must be completed, including: at minimum of 20 hours, such as 12 hours in technical subject matter, must be finished each year of the 2 license renewal period.
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The key benefit of countries engaging in trade based on comparative advantage is that:
A.) both countries will be able to consumer more than with no trade
B.) it allows countries to produce efficiently inside their individual PPFs
C.) it allows both countries to maximize their opportunity cost
D.) None of these is a key benefit
The main advantage of nations trading with each other according to competitive advantage is that it enables both nations to maximise their opportunity cost.
What are the benefits of trade?Trade increases real earnings and enables families to make larger purchases using their present salaries by enabling them to purchase a wider range of items at cheaper prices. This is crucial for middle-class consumers, who spend more of their discretionary income on commodities like food and clothing that are extensively traded.
What is the main objective of trade?The following is the goal of trade: to get greater pay in order to better the economic circumstances of the workforce. to offer workers better working circumstances. to guarantee that bonuses from the company's revenue go to the employees.
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which forecasting method is particularly good for predicting technological changes and scientific advances?
Delphi's method is particularly good for predicting technological changes and scientific advances.
What is the Delphi method?
The Delphi method is a structured communication framework and forecasting procedure that is based on the responses to numerous rounds of questionnaires distributed to a panel of experts. Each expert is given a summary of the results from the previous round of surveys after each round, allowing them to modify their responses in light of the consensus. The advantages of expert analysis and aspects of the wisdom of crowds are combined in this technique. The group of experts receives several rounds of surveys, and after each round, the anonymous replies are compiled and shared with the group. In the following rounds, the experts are free to modify their responses in accordance with how they understand the "group response" that was given to them.
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mateo bought machinery on december 4, 2019. on june 4, 2020, he traded this machinery for other machinery in a nontaxable exchange. on december 6, 2020, mateo sold the machinery he got in the exchange. his holding period for this machinery began on which date?
The holding period for the machinery that Mateo got in the nontaxable exchange on June 4, 2020, would begin on that date.
A holding period is the length of time that an asset is owned. It starts on the date of acquisition and ends on the date of disposition. In the case of Mateo, the machinery he acquired on December 4, 2019, was traded for other machinery in a nontaxable exchange on June 4, 2020. As a result, his holding period for the new machinery began on June 4, 2020, the date of acquisition in the exchange. When Mateo sold the machinery he got in the exchange on December 6, 2020, the length of his holding period would be determined by subtracting the date of acquisition (June 4, 2020) from the date of disposition (December 6, 2020), resulting in a holding period of approximately 6 months. The holding period is important in determining the tax treatment of the sale, as it affects the calculation of capital gains or losses on the sale.
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Where would you plot full employment on a production possibilities frontier?
a point on the PPF
a point beyond the PPF
a point below the PPF
No answer text provided.
At locations on the PPF like D and E, production happens when resources are completely used. Production takes place at a point inside the PPF, such as point H, when resources are idle.
What does the production possibilities curve for full employment mean?Any point on the curve (full employment) represents the output configuration that can be achieved at the highest level using the available resources and technology. Therefore, if resources and technology remain fixed, output cannot increase.
Does any point on the PPF demonstrate complete resource utilization?The PPF point is referred to as an achievable point since it represents the maximum economic efficiency and the absence of resource scarcity.
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you are stuck in traffic on the way to the customer presentation. how will you notify your teammate to stall for 10 minutes?
On the way to the client presentation, traffic is backed up. I'll send an IM to my teammate telling him to wait for me there for 10 minutes.
What does it mean to send an IM?Instant messaging, often known as IMi-ng or IMi-ng, is the practice of exchanging messages in close to real time through a standalone application or embedded software.
How does an IM work?The majority of IM applications link to an internet IM service provider, which transports messages between users and verifies their identities. An effort is made to establish a connection to a particular company's IM server, when you run an instant messaging program, also referred to as an IM client.
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An effective customer value proposition meets which three criteria?
It outlines the differences. It is important. It clearly describes particular benefits.
What three factors combine to form the customer value triad?Quality, durability, and price make up the trinity of customer values. The distribution network for a marketer of hair care goods can include Walmart and Target outlets.
What three characteristics make a mission statement effective?Pick the top three elements of a strong mission statement. A company's mission statement should be clear and succinct, define the role the company plays in society, and present an inspiring, long-term vision for the business.
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