US Foods
ELT Member John Tonnison(JT)'s Title
Executive Vice President, Chief Information & Digital Officer
Simon is an apprentice Chef employed by Joe's Taco Truck. He is paid his weekly wage of $450, receives a gift of $80 and spends $30 on a new blender. What is Simon's personal revenue?
$450
Revenue is the receipt of economic benefits from 'ordinary activities'. Simon's 'ordinary activity' is his role as an apprentice mechanic, hence his wage from Joe's Mechanical Workshop is his personal revenue.
A cost that changes with the number of units produced, but that can never be zero.
Mixed Cost
A staple of Korean cuisine that is made from salted and fermented vegetables. The most common ingredients are cabbage and Korean radishes.
Kimchi
US Foods 2023 Key Result Adjusted EBIDA Goal
1.5 Billion
If a company reported total sales of $59,919, cost of goods sold of $21,112, gross income of $38,807, operating expenses of $18,005 and a gross profit ratio of 65%, what was the company's operating income? (Round to the nearest dollar)
$20,802
Operating income = Net Earnings + Interest Expense + Taxes
Which of the following accounts would be increased with a debit?
Owner's Equity/Capital
Rent Payable
Fees Earned
Owner's Drawings
Owner's Drawings
Poppy seeds, toasted sesame seeds, dried garlic, dried onion, and salt are the common mix of ingredients with what universal-sounding name of a seasoning?
Everything Bagel Seasoning
What does the "US" stand for in US Foods?
United Signature
If total assets equal 3 times liabilities, and owner's equity is $40,000, what are total assets?
$60,000
Let "L" stand for liabilities. Given that total assets equals 3L and that owner's equity equals $40,000, then according to the accounting equation:
3L = L + $40,000
Subtract L from both sides of the equation.
2L = $40,000
L = $20,000
Total Assets = $20,000 + $40,000
Total Assets = $60,000
Julia Child goes to the grocery store to buy some lamb chops, lettuce, tomatoes, and various herbs and spices which are used on her cooking show. How should she record this purchase?
As an expenditure on the income statement
As an extraordinary expense on her income statement
As an investment to appear on her balance sheet
Not record at all since the items are immaterial
As an expenditure on the income statement
Chicagoan Jimmy Dewar worked as a manager at a Hostess factory when he created a banana cream pastry in 1930. During WWII when bananas were scarce, vanilla cream replaced the banana filling. This product is....
Twinkies
What year did US Foods Launch it's IPO
Net credit sales are normally sold on terms of n/30 (net in 30 days). Net credit sales total $50,000, and the average net accounts receivable is $5,000 in the current period. The collection period ratio is...?
36.5 days
The collection period ratio is calculated as follows: Days in the Year divided by Receivables Turnover (Receivables Turnover = Net Credit Sales divided by Average Accounts Receivable) = the Average Collection Period. So, Receivables Turnover = $50,000 divided by $5,000, which is equal to 10 times.
Then, 365 divided by 10 = 36.5.
A group of accounts with a common characteristic, such as all customer accounts.
Subsidiary ledger
Lox is a fillet of the brined version of what type of sea critter? We're looking for a specific type of fish, not just the word "fish."
Salmon
What are the three tiers of the US Foods Strategy Model in order from top down?
Often shown next to our cultural beliefs in US Foods Media
Leading fresh
Reliable and Flexible
Innovative Partnerships
Owners equity represents the residual interest that Joe would have in his business. In other words, the assets of the business less its liabilities.
Joe's Taco Truck started business with $24,000 cash and a truck worth $40,000. He purchased some equipment. Paid $24,000 for half the equipment and borrowed the balance from the bank. How much equity does Joe have in the business?
The correct answer was $64,000
Assets first:
Cash $24,000
Truck $40,000
Equipment $48,000 (remember he'd paid $24,000 for half the equipment, hence their total value is $48,000).
Sub-total $112,000.
As he paid for half the equipment and that can only have come out of his cash supply, therefore, assets are reduced by $24,000.
TOTAL ASSETS $88,000.
Liabilities:
Joe borrowed $24,000 to pay for half the cost of the equipment.
TOTAL LIABILITIES $24,000
OWNERS EQUITY = $64,000
BEING ASSETS $88,000 less LIABILITIES $24,000
The general concept of recognizing expenses and liabilities as possible when there is uncertainty about the outcome.
Only recognize revenues and assets when they are assured of being received
Recognize that transaction resulting in the lower amount of profit, or at least the deferral of a profit
Conservatism
What is the four letter word for the paste made from fermented soybeans and barley or rice malt which is commonly used in Japanese cooking? This term can also be used to describe a type of soup thickened with the paste.
Miso