Bill and Fred bake cakes and pies. Bill's opportunity cost of baking 1 pie is 5 cakes. Fred's opportunity cost of baking 1 pie is 7 cakes. If both parties are to benefit from trade then we can expect 1 pie to sell for: Group of answer choices

Answers

Answer 1

Explanation:

Bill will benefit from trade If 1P > 3C and Fred will benefit from trade If 1P < 5C

Thus, both will benefit from exchange if 3C < 1P < 5C.

That means that both of them would benefit from trading if 1 pie are to be traded for more than 3 cakes and less than 5 cakes like 1 pie is exchanged for 4 cakes. (As a result, since both sides are to profit from exchange, we should expect 1 pie to be exchanged for 4 cakes)


Related Questions

The cost of equipment purchased by Sheridan, Inc., on June 1, 2020, is $107,100. It is estimated that the machine will have a $6,300 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 50,400, and its total production is estimated at 630,000 units. During 2020, the machine was operated 6,480 hours and produced 59,400 units. During 2021, the machine was operated 5,940 hours and produced 51,800 units.
Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to decimal places, e-g. 45,892.)
2020 2021
(a) Straight-line
(b) Units-of-output
(c) Working hours
(d) Sum-of-the-years'digits
(e) Double-declining-balance (twice the straight-line rate) $

Answers

Answer:

(a) Straight-line

depreciable value = $107,100 - $6,300 = $100,800

depreciation expense per year = $100,800 / 7 = $14,400

depreciation expense 2020 = $14,400

depreciation expense 2021 = $14,400

(b) Units-of-output

depreciable value = $107,100 - $6,300 = $100,800

depreciation expense per unit = $100,800 / 630,000 = $0.16

depreciation expense 2020 = $0.16 x 59,400 = $9,504

depreciation expense 2021 = $0.16 x 51,800 = $8,288

(c) Working hours

depreciable value = $107,100 - $6,300 = $100,800

depreciation expense per working hour = $100,800 / 50,400 = $2

depreciation expense 2020 = $2 x 6,480 = $12,960

depreciation expense 2021 = $2 x 5,940 = $11,880

(d) Sum-of-the-years' digits

depreciable value = $107,100 - $6,300 = $100,800

depreciation expense 2020 = $100,800 x 7/28 = $25,200

depreciation expense 2021 = $100,800 x 6/28 = $21,600

(e) Double-declining-balance (twice the straight-line rate)

depreciation expense 2020 = $100,800 x 2/7 = $28,800

depreciation expense 2021 = $72,000 x 2/7 = $20,571

Financial information related to the proprietorship of Ebony Interiors for February and March 2016 is as follows:
Accounts February 29, 2016 March 31, 2016
Accounts payable $329,000 $398,000
Accounts receivable 796,000 952,000
Cash 337,000 381,000
Justin Berk, capital ? ?
Supplies 33,000 34,000
Required:
1. Prepare balance sheets for Ebony Interiors as of February 29 and March 31, 2016. Refer to the lists of Accounts, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
2. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month.
3. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $47,000 during the month.

Answers

Answer:

Ebony Interiors

1. Balance sheets for Ebony Interiors as of February 29 and March 31, 2016:

                                            February 29      March 31, 2016

Cash                                       $337,000             $381,000

Accounts receivable               796,000               952,000

Supplies                                     33,000                 34,000

Total assets                         $1,166,000          $1,367,000

Accounts payable                $329,000            $398,000

Justin Berk, capital                 837,000              969,000

Total liabilities + equity      $1,166,000          $1,367,000

2. The amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month:

March 31 Capital =  $969,000

February 28 Capital (837,000)

Net income              $132,000

3. The amount of net income for March, assuming that the owner made no additional investments but withdrew $47,000 during the month:

March 31 Capital =  $969,000

Drawings                      47,000

February 28 Capital (837,000)

Net income              $179,000

Explanation:

a) Data and Calculations:

Financial information for February and March 2016 is as follows:

Accounts payable $329,000 $398,000

Accounts receivable 796,000 952,000

Cash 337,000 381,000

Justin Berk, capital ? ?

Supplies 33,000 34,000

b) Net income can be determined by comparing the beginning capital (equity) with the ending capital balance (equity).  This is because equity is equal to the common stock plus the retained earnings or adjusted net income.  Personal withdrawals by the owner affect the ending equity, which includes the net income.

Murphy Company, a cash-basis, calendar-year taxpayer, received a call on December 28, year 1, from a client stating that a check for $9,000 as payment in full for their services can be picked up at their offices, two blocks away, any weekday between 1:00 and 6:00 P.M. Murphy does not pick up the check until January 3, year 2. In which year does Murphy recognize the income?

Answers

Answer:

Murphy Company

The year in which Murphy recognizes the income is year 2.

Explanation:

As a cash basis taxpayer, Murphy Company reports income and deductions in the year that they are actually paid or received.  Similarly, as a cash basis taxpayer, Murphy Company deducts expenses in the year the expenses are paid off, which is not necessarily the year they were incurred.  The income for services of $9,000 rendered to a customer, for which payment was received on January 3, year 2, will be recognized in year 2 and not in year 1 when the services were performed.

Your friend remarks that longer movies are a better deal than shorter movies because the ticket price is the same in both cases. Therefore, the longer movie provides more benefit for the same cost as a shorter movie. Which of the following is the best argument against your friend's claim that longer movies provide more benefit than shorter movies?

Based on the:

a. opportunity cost principle, the length of the movie does not matter as long as watching a movie is the best way to spend your time compared to other alternatives.
b. cost-benefit principle, the benefits of a longer movie exceed the costs when compared to a shorter movie.
c. marginal principle, you should only continue to watch an additional movie if it is shorter than the first movie.
d. interdependence principle, longer movies are affected by the market for shorter movies.

Answers

Answer:

a. opportunity cost principle, the length of the movie does not matter as long as watching a movie is the best way to spend your time compared to other alternatives.

Explanation:

In the given case since it is mentioned that longer movies would be more better as compared with the shorter movies also the price for the both would be the same so here the opportunity cost principle is applied i.e. the movie length is not relevant here as it is considered to spend your time by watching a movie

So the first option is correct

Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions)AmountClassification Sales$61,471Answer I Accumulated depreciation7,887Answer B Retained earnings12,761Answer B Depreciation expense1,659Answer I Net income2,849Answer I Property, plant

Answers

Answer:

Target Corporation

Accounts that appear on the balance or the income statement:

Balance Sheet:

Accumulated depreciation 7,887

Retained earnings 12,761

Property, plant

Income Statement:

Sales $61,471

Depreciation expense 1,659

Net income 2,849

Explanation:

The accounts that appear on the balance sheet of Target Corporation are permanent accounts, which are not closed to the income summary at the end of its financial period.  These accounts are carried over to the next accounting period.  They include assets, liabilities, and owners' equity.  The accounts that appear on the income statement of Target Corporation are the temporary accounts, which are closed to the income summary at the end of the company's financial period.  The accounts include revenue and expenses, which are compared to extract the net income or loss for the period.

QUESTION 2 of 10: You're opening a chic new restaurant and have 15 tables which are all square and can seat 4 people. However, you can
combine two tables to seat 6 or 3 to seat 8. for example. You have reservations for parties of 2,6, 8, 8, and 10. Once the guests arrive they
stay for the night and each reservation expects their own private table. Can you accommodate everyone's reservation requests?
A)Yes
b) No

Answers

Answer:

A) Yes

Explanation:

15 x 4 = 60 person capacity

60 - 2 = 58

58 - 6 = 52

52 - 8 = 44

44 - 8 = 36

36 - 10 = 26 person capacity left

Yes, you can accommodate everyone's reservation requests.

Yes, you can accommodate everyone's reservation requests.

Organizing the information given in the statement we have:

15 tables which are all square and can seat 4 people.to seat 6 or 3 to seat 8.reservations for parties of 2,6, 8, 8, and 10.

Making the booking calculations

[tex]15 * 4 = 60 \\60 - 2 = 58\\58 - 6 = 52\\52 - 8 = 44\\44 - 8 = 36\\36 - 10 = 26[/tex]

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The cash account shows a balance of $85,000 before reconciliation. The bank statement does not include a deposit of $4,600 made on the last day of the month. The bank statement shows a collection by the bank of $1,880 and a customer's check for $640 was returned because it was NSF. A customer's check for $900 was recorded on the books as $1,080, and a check written for $158 was recorded as $194. The correct balance in the cash account was

Answers

Answer:

$86,024

Explanation:

The computation of the corrected balance in the cash account is as follows:

Unadjusted cash balance $85,000

Add: Collection by bank $1,880

Less: NSF Check -$640

Less: Error in recording customers check ($1,080 - $900) -$180

Add: Error in recording check ($194 - $158) -$36

Adjusted cash balance $86,024

Fran Bowen created the following budget: Budget Food $ 364 Clothing $ 164 Transportation 408 Personal expenses and recreation 307 Housing 994 She actually spent $331 for food, $416 for transportation, $1,046 for housing, $161 for clothing, and $259 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus.

Answers

Answer:

Fran Bowen

Budget Vs Actual, Variance and Status:

                                                      Budget     Actual   Variance  Status

Food                                                $ 364     $331         $33        Surplus

Clothing                                               164       161              3        Surplus

Transportation                                   408       416            -8        Deficit

Personal expenses and recreation  307      259           48        Surplus

Housing                                             994    1,046          -52       Deficit

Total                                             $2,237  $2,213         $24       Surplus

Explanation:

a) Data and Calculations:

                                                      Budget     Actual   Variance  Status

Food                                                $ 364     $331         $33        Surplus

Clothing                                               164       161              3        Surplus

Transportation                                   408       416            -8        Deficit

Personal expenses and recreation  307      259           48        Surplus

Housing                                             994    1,046          -52       Deficit

Total                                             $2,237  $2,213         $24       Surplus

b) The difference between the estimated budget cost and the actual cost spent on each item gives rise to either surplus or deficit.  This surplus or deficit is described as the variance.  It is surplus when the budgeted cost is greater than the actual cost spent.  It is deficit when the budgeted cost is less than the actual cost spent.

You recently purchased 1,300 shares of stock at a cost per share of $54.10. The initial margin requirement on this stock is 60% and the maintenance margin is 30%. The stock is currently valued at $42.30 a share. What is your current margin position?

Answers

Answer:

The current margin position is 48.84%.

Explanation:

This can be calculated as follows:

Margin loan = Number of shares purchased * Cost per share * (1 - Initial margin requirement) = 1,300 * $54.10 * (1 - 60%) = $28,132

Current value of stock = Number of shares purchased * Current price per share = 1,300 * $42.30 = $54,990

Current equity = Current value of stock - Margin loan = $54,990 - $28,132 = $26,858

Current margin position = Current equity / Current value of stock = $26,858 / $54,990 = 0.488416075650118, or 48.8416075650118%

Rounding to 2 decimal places, we have:

Current margin position = 48.84%

Therefore, the current margin position is 48.84%.

Benjamin and Amelia Hopkins have been married since 2016.
Benjamin is a U.S. citizen with a valid Social Security number. Amelia is a resident alien with an Individual Taxpayer Identification Number (ITIN). They elect to file Married Filing Jointly.
Benjamin worked in 2020 and earned wages of $25,000. Amelia worked part-time and earned wages of $15,000.
They have two children: Harper, who is 9 years old, and Evelyn, who is 12 years old.
Both children were supported by their parents all year. Harper is a U.S. citizen and has a valid Social Security number. Evelyn is a resident alien and has an ITIN.
Benjamin, Amelia, Harper, and Evelyn lived together in the U.S. all year 7. Evelyn is a qualifying child for the child tax credit.
1. Which credit(s) can the Hopkins claim on their 2020 tax return?
a. Child tax credit for Harper
b. Credit for other dependents for Evelyn
c. Both a and b
d. Neither a norb
2. Are the Hopkins eligible to claim the earned income credit?
a. Yes, because Benjamin has a Social Security number.
b. Yes, because everyone has a taxpayer identification number.
c. No, because their income is too high.
d. No, because Amelia has an ITIN.

Answers

Answer:

1. c. Both a and b

2. a. Yes, because Benjamin has a Social Security number.

Explanation:

According to tax laws, you can claim a child tax credit for an American dependant below the age of 17 which qualifies Harper for it. Evelyn however qualifies for a Credit for other dependents as she is a resident alien and has an Individual Taxpayer Identification Number (ITIN).

Because Benjamin has a Social Security Number, the Hopkins are indeed eligible to claim an earned income credit. Married couples filling jointly can claim the credit if either of them are U.S. citizens with a valid Social Security number.

Which phrase best completes the diagram?
Effective Strategies for Managing Credit
?
Paying more than the minimum monthly payment
Replacing high-interest loans with low-interest loans
O A. Paying bills on time
B. Frequently filing for bankruptcy
C. Spending over credit limits
D. Avoiding all credit cards

Answers

Answer: mine is a bit different the question mark at the top is at the bottom for me but the answer on the top for me is paying bills on time

Explanation:

So I say A

The best phrase for Effective Strategies for Managing Credit is replacing high interest loans with low interest loans and paying bills on time.

What is credit?

It is a process in which one party provides any sum of money or resources to the other party on the basis of trust. The latter pays the sum after some time on a given specific date.

Credit can be both interest bearing or non interest bearing.

What are effective strategies for managing credit?

Regular credit checkStrict credit termsInvest in TrainingReplace high interest bearing loans with low interest bearing loansRegular payment of billsManaging credit score

What is Interest?

Interest is the type of amount which is paid when a sum of amount is given to someone as credit, to provide credit facility one receives some amount which is interest.

Hence option A is the correct answer,

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Toro, S.A., which is based in Mexico, enters into a contract for the purchase of portable livestock fencing from United Fencing Company, which is based in the United States. This contract is governed by a. the United Nations Convention on Contracts for the International Sale of Goods. b. Mexican law. c. the provisions in the laws of both countries that are similar. d. the Uniform Commercial Code.

Answers

Answer:

A) the United Nations Convention on Contracts for the International Sale of Goods.

Explanation:

From the question we are informed about Toro, S.A., which is based in Mexico, enters into a contract for the purchase of portable livestock fencing from United Fencing Company, which is based in the United States. In this case, This contract is governed by the United Nations Convention on Contracts for the International Sale of Goods. The United Nations Convention on Contracts for the International Sale of Goods can as well be regarded as

"Vienna Convention" this body is a

a multilateral treaty which was set up to bring about uniform framework as well as international commerce is concerned.

the bookkeeper for Blue Spruce Equipment Repair made a number of errors in journalizing and posting, as described below. For each error: (a) Indicate whether the trial balance will balance. (b) If the trial balance will not balance, indicate the amount of the difference. (c) Indicate the trial balance column that will have the larger total.

Answers

Answer:

Note: The full question is attached as picture below

                               (a)                   (b)                   (c)  

                                In                                      Larger  

                            Balance      Difference       column

1.                               No               $725             Debit  

2.                             Yes                 NA                NA  

3.                              Yes                 NA                NA  

4.                               No               $225            Credit  

5.                              Yes               $684               NA  

6.                               No                $45             Credit

Included in Allen Corp.'s balance sheet at June 30, 2021 is a 10%, $4,000,000 note payable. The note is dated October 1, 2019 and is payable in three equal annual payments of $2,000,000 plus interest. The first interest and principal payment was made on October 1, 2020. In Allen's June 30, 2021 balance sheet, what amount should be reported as accrued interest payable for this note

Answers

Answer:

Explanation:

The amount that should be reported as accrued interest payable for this note would be calculated as:.

= 4,000,000 × 10% × 9/12

= 4,000,000 × 0.1 × 0.75

= 300,000

The amount should be $300,000.

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. Further assume that the company uses a markup of 50% on manufacturing cost to establish selling prices. The calculated selling price for Job M is closest to:

Answers

Answer:

Selling Price for Job M = $49,005

Explanation:

Note: This question is incomplete and lacks necessary data to solve. But I have found similar question on the internet and will be using its data to solve this question for the sake of understanding and concept.

Data Missing:

Estimated Total Machine Hours for Molding = 9000

Estimated Total Machine Hours for Customizing = 3600

Total = 9000 + 3600 = 12,600

Estimated Total Fixed manufacturing overhead cost for Molding = 36000

Estimated Total Fixed manufacturing overhead cost for Customizing = 13,320

Total = 36000 + 13320 = 49320

Estimated variable Manufacturing overhead cost per MH for Molding =  2.50

Estimated variable Manufacturing overhead cost per MH for Customization = 3.00

Data For JOB M:

Direct materials = $9,900

Direct labor Cost = $10,300

Molding Machine-hours = 1300

Customizing Machine Hours = 600

Required:

We are asked to calculate the selling price for Job M:

Solution:

Direct materials = $9,900

Direct labor Cost = $10,300

Variable manufacturing overhead For Molding:

(Estimated variable Manufacturing overhead cost per MH for Molding 2.50 x Molding Machine-hours = 1300)

Molding = 2.50 x 1300

Molding = 3,250

Similarly,

Variable manufacturing overhead For Customizing:

(Estimated variable Manufacturing overhead cost per MH for Customization = 3.00 x Customizing Machine Hours = 600)

Customizing = 3.00 x 600

Customizing = 1800

Now, we need to find Fixed manufacturing overhead for both molding and customizing:

For Molding:

First we need to find the cost per machine hour for molding:

Molding Cost per machine hour = (Estimated Total Fixed manufacturing overhead cost for Molding = 36000 / Estimated Total Machine Hours for Molding = 9000)'

Molding Cost per machine hour = 36000/9000

Molding Cost per machine hour = $4 per machine hour

So,

Fixed manufacturing overhead for Molding:

Molding = Molding Cost per machine hour x Molding Machine-hours = 1300

Molding = 4 x 1300

Molding = 5200

Similarly,

For Customizing:

Customizing Cost per machine hour = 13320/3600

Customizing Cost per machine hour = $3.70 per machine hour

Fixed manufacturing overhead for Customizing:

Customizing = Customizing Cost per machine hour x Customizing Machine Hours

Customizing = $3.70 x 600

Customizing = 2220

Now, we need to find the total cost for Job M:

Total Cost = Direct materials + Direct labor Cost  + Variable manufacturing overhead For Molding + Variable manufacturing overhead For Customizing + Fixed manufacturing overhead for Molding + Fixed manufacturing overhead for Customizing

Total Cost =  $9,900 + $10,300 + 3,250 + 1800 + 5200 + 2220

Total Cost = $32,670

Now, we need to find the Selling price for Job M, for which we need to add the markup into the total cost.

Markup percentage = 50%

So,

Markup = Markup% x Total Cost

Markup = 0.50 x 32,670

Markup = $16,335

Selling Price = Markup + Total Cost

Selling Price for Job M = $16,335 + $32,670

Hence,

Selling Price for Job M = $49,005

Company A started business on January 1, 20X1, and bought the following piece of equipment. Cost of asset $150,000 Useful life 3 Tax rate 21% 20X1 estimated tax payment 1,800 Depreciation for book and tax purposes is as follows: Book Tax 20X1 40,000 100,000 20X2 40,000 20,000 20X3 40,000 0 20X1 income statement information: Sales 638,000 Expenses (does not include depreciation expense and tax expense) 510,000 What is ending taxes payable on the December 31, 20X1 balance sheet?

Answers

Answer:

the ending tax payable as on Dec 31,20X1 is $12,600

Explanation:

The computation of the ending tax payable as on Dec 31,20X1 is as follows:

Depreciation as per Tax = $100,000

Less : Depreciation as per Book = $40,000

Tax Base of deferred tax asset = $60,000

Tax Rate = 21%

So,  

= $60,000 ×  21%

= $12,600

Hence, the ending tax payable as on Dec 31,20X1 is $12,600

The income statement of a proprietorship for the month of February indicates a net income of $17,500. During the same period, the owner withdrew $25,500 in cash from the business for personal use. Would it be correct to say that the business incurred a net loss of $8,000 during the month

Answers

Answer:

It Would NOT

Explanation:

Based on the information given it Would NOT be correct for us to say that the business incurred a net loss of the amount of $8,000 during the month reason been that the amount the owner withdrew which is the amount of $25,500 in cash from the business for his personal use is the Dividend which simply indicate that the excess amount of the Dividend over the net income amount which is $8,000($25,500-$17,500)will tend to lead to a reduction in the amount of business retained earnings.

tone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical UnitsPercent Complete for ConversionBeginning work in process74,00060%Ending work in process94,00075Stone adds all materials at the beginning of its manufacturing process. During the month, it started 184,000 units. Using the FIFO method, reconcile the number of physical units.

Answers

Answer:

TOTAL 258,000

TOTAL 258,000

Explanation:

Calculation to reconcile the number of physical units Using the FIFO method

PHYSICAL UNITS

Beginning Inventory 74,000

Units Started 184,000

TOTAL 258,000

PHYSICAL UNITS

Units Completed 164,000

(258,000-94,000)

Ending Inventory 94,000

TOTAL 258,000

Therefore Using the FIFO method to reconcile the number of physical units will give us 258,000 and 258,000

(C____________ ) among buyers and sellers prohibits a single buyer or seller can dictate the price of a product or resource because others can undercut that price. The regulatory mechanism of the market system is ( c___________ ). As the result, the ( __________ ________ ) is widely distributed. In other words, competition diffuses ( __________ _________ ) and limits the actions of any single seller or buyer

Answers

Answer:

(Competion____________ ) among buyers and sellers prohibits a single buyer or seller can dictate the price of a product or resource because others can undercut that price. The regulatory mechanism of the market system is ( competition___________ ). As the result, the ( _economic_________ ___power_____ ) is widely distributed. In other words, competition diffuses ( __economic________ ___power______ ) and limits the actions of any single seller or buyer.

Explanation:

Economic power refers to the ability of countries, businesses, or individuals to improve their standard of living, making decisions that benefit themselves alone, and reducing the ability of any outside force to reduce their freedom.  Competition refers to the selling and buying of goods and services with others, who are also selling and buying the same goods and services.  It balances economic power, preventing a single individual from monopolizing the market interaction.

The following units of an inventory item were available for sale during the year. Use this information to answer the following questions.

Beginning inventory 10 units at $55
First purchase 25 units at $60
Second purchase 30 units at $65
Third purchase 15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

The value of ending inventory using FIFO is:________

a. $1,350
b. $1,150
c. $1,375
d. $1,250

Answers

Answer:

The value of ending inventory using FIFO is $1,375

Explanation:

Under FIFO the items of inventory purchases earlier will be sold first and the items purchased later will be sold at last.

First, we need to calculate the total available inventory units

Numbers of units available to sale = Beginning Inventory + First purchase  + Second purchase + Third purchase  = 10 units + 25 units + 30 units + 15 units = 80 units

Now 60 units out of 80 are sold the remaining 20 units ( 80 units - 60 units ) will be in the ending inventory.

As per FIFO 20 units will be values as per the last 20 units purchases which will be as follow

Ending Invetory = ( 15 units x $70 ) + ( (20-15) units x $65 ) = $1,375

Taxpayers get their refunds fastest when they file electronically.
True or False

Answers

Answer:

True

Explanation:

The following accounts are taken from the ledger of Crane Company at December 31, 2017. Notes Payable $19,600 Cash $5,900 Common Stock 24,500 Supplies 4,900 Equipment 74,500 Rent Expense 2,000 Dividends 7,800 Salaries and Wages Payable 2,900 Salaries and Wages Expense 37,200 Accounts Payable 8,800 Service Revenue 84,300 Accounts Receivable 7,800
Prepare a trial balance.
CRANE COMPANY
Trial Balance
For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017
Debit Credit
$ $
$ $

Answers

Answer:

DEBIT SIDE $140,100

CREDIT SIDE $140,100

Explanation:

Preparation of a trial balance.

CRANE COMPANY Trial Balance For the Month Ended December 31, 2017

DEBIT SIDE

Equipment $74,500

Accounts receivable $7,800

Cash $5,900

Supplies $4,900

Dividends $7,800

Salaries and Wages Expense $37,200

Rent Expense $2,000

TOTAL DEBIT SIDE $140,100

CREDIT SIDE

Common stock $24,500

Notes payable $19,600

Salaries and wages payable $2,900

Accounts payable $8,800

Service Revenue $84,300

TOTAL CREDIT SIDE $140,100

Therefore Prepare a trial balance CRANE COMPANY Trial Balance will have both. DEBIT and CREDIT BALANCE of $140,100

Oriole Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.
1/2/20 Purchased patent (7-year life) $311,500
4/1/20 Purchase goodwill (indefinite life) 355,000
7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 435,000
8/1/20 Payment of copyright (5-year life) 162,000
9/1/20 Research and development costs 225,000
$1,488,500
Required:
1. Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.
2. Make the entry as of December 31, 2020, recording any necessary amortization.
3. Reflect all balances accurately as of December 31, 2020.

Answers

Answer:

Oriole Company

a. Journal Entries:

1. December 31, 2020:

Accounts Titles        Debit          Credit

Patent                 $311,500

Goodwill             355,000

Franchise           435,000

Copyright           162,000

R & D expense 225,000

Intangibles                              $1,488,500

To transfer out to individual intangible accounts.

2. Amortization Expense:

Accounts Titles        Debit          Credit

Debit Amortization Expenses:

Patent                   $44,500

Franchise              $21,750

Copyright              $13,500

Accumulated amortization       $79,950

To record amortization expense for the year.

3. December 31, 2020 balances:

December 31, 2020 Balances:

                       Book Value     Amortization Expense  Net Book Balance

Patent                 $311,500       $44,500                           $267,000

Goodwill             355,000       $0                                     $355,000

Franchise           435,000       $21,750                             $413,250

Copyright           162,000        $13,500                            $148,500

R & D expense 225,000        $225,000                         $0

Explanation:

a) Data and Calculations:

1/2/20 Purchased patent (7-year life) $311,500

4/1/20 Purchase goodwill (indefinite life) 355,000

7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 435,000

8/1/20 Payment of copyright (5-year life) 162,000

9/1/20 Research and development costs 225,000

$1,488,500

Amortization Expenses:

Patent = $44,500 ($311,500/7)

Goodwill = $0

Franchise = $21,750 ($435,000/10 * 6/12)

Copyright = $13,500 ($162,000/5 * 5/12)

Total  =     $79,950

December 31, 2020 Balances:

                       Book Value     Amortization Expense  Net Book Balance

Patent                 $311,500       $44,500                           $267,000

Goodwill             355,000       $0                                     $355,000

Franchise           435,000       $21,750                             $413,250

Copyright           162,000        $13,500                            $148,500

R & D expense 225,000        $225,000                         $0

Suppose that Harry drinks one cup of coffee with his preferred three packs of creamer every day for seven days. What is his utility for that week

Answers

Answer:

21

Explanation:

The computation of the utility for that week is as follows:

Given that

There are three packs

Also it is for seven days

u(x,y) = min(3x,y)

C = 1

x = 1

y = 3

So,

u = min(3,3)

= 3

For 7 days it would be

= 7 × 3

= 21

Hence, the utility for that week is 21

The ABC Lawn Company aims for a high number of clients that result in high profits. To meet its goal ABC markets its landscaping service vigorously because there are many lawn services and nurseries in the local community. As a sales-oriented company, ABC focuses on _______.

Answers

Answer:

Agressive trading technique

Explanation:

A Sales Orientation company is a company that capitalizes or dwell on selling its products and services rather than satisfying their customers wants or needs. Due to the fact that sales orientation business is bent on pushing their product out to the customer it use or employ aggressive techniques in its handling, and this will cost or involves intensive promotions and price- strategy.

Aggressive trading shoulders more risk and thereafter may be accepting a big loss.

The basic economic questions that any provider of goods must ask are:
• What will be produced?
• Who will produce it?
• For whom will it be produced?
In which type of economy are these decisions made solely by the
government?
A. Mixed
B. Free
C. Command
D. Traditional

Answers

Answer:

C. Command

Explanation:

In a command economy, the government owns and controls all the factors of production. All the factors of production are owned and controlled by the government. The government does all the productions through its agencies.

The government prepares central economic plans that guide the country's economic activities. The central plans indicate what goods and services will be produced, their quantities, and prices. The plans also dictate how distributions will be done in the country.

Wildhorse Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $18 in 2020 and $19.75 in 2021. The average vacation days used by each employee in 2021 was 9. Wildhorse Co. accrues the cost of compensated absences at rates of pay in effect when earned.

Required:
Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021.

Answers

Answer and Explanation:

The Journal entries are as follows:

On 2020,

Wages expense Dr. $18,720 (13 × 8 hrs × 10 days × $18)

     To vacation wages payable  $18,720

(being the wages expense is recorded)

On 2021

Wages expense Dr $1,638

Vacation wages payable $16,848 (13 × 8 hrs × 9 days × $18)

          To Cash $18,486 (13 × 8 hrs × 9 days × $19.75)

(being cash paid is recorded)

Wages expense Dr. $20,540 (13 × 8 hrs × 10 days × $19.75)

     To vacation wages payable  $20,540

(being the wages expense is recorded)

 

Application of career management model

Summary of Preferred work

1. Components of PWE

2. Tasks and activities more interesting to you

3. Significant talents you want to express at work

4. Importance of independence at work

5. Importance of job security

6. Relationship between work and other parts of life

7. Physical work setting

Answers

I H A T E T H I S F E E L I N G

Which of the following statements best reflects a price-taking firm? a The firm has an incentive to charge less than the market price to earn higher revenue b If the firm were to charge more than the going price, it would sell none of its goods c The firm can sell only a limited amount of output at the market price befo

Answers

Answer:

b

Explanation:

A price taking firm is a firm that must sell at the price determined by the forces of demand and supply. This is typical of firms that in industries that sell identical products.

If the firm charges a price higher than equilibrium price, customers would go to other suppliers and the firm would sell known of its product.

There would be no incentive for a firm to sell below equilibrium price because it would be earning losses.

An example of an industry characterised by price taking firms are perfectly competitive industries.

For example, a farmer selling oranges is an example of a price taking firm

Take-home pay is about 70% of gross pay. If your annual salary is $40,000
what is your annual take-home pay?

Answers

Answer:

$28,000

Explanation:

The annual salary is $40,000

Take home is 70% of $40,000

=70% x $40,000

=70/100 x $40,000

=0.7 x $40,000

=$28,000

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