Answer and Explanation:
1. Interest Revenue $23,000
Sales Revenue $510,000
To Income Summary $533000
(Being closing of revenues accounts are closed)
2. Income Summary $453,000
To Sales returns $20,000
To Sales Discounts $7,000
To Cost Of goods sold $310,000
To Freight out $2,000
To Advertise Exp $15,000
To Interest Exp $19,000
To Salaries & Wages $55,000
To Utility $18,000
To Depreciation $7,000
(Being closing of expenses accounts are closed)
3. Income Summary $80,000
To Retained Earning $80,000
(Being profit is recorded)
4. Retained Earning $30,000
To Dividends $30,000
(Being closing of dividend is recorded)
As operations manager, you are concerned about being able to meet sales requirements in the coming months. You have just been given the following production report: JAN FEB MAR APR Units produced 2,300 1,800 2,800 3,000 Hours per machine 325 200 400 320 Number of machines 3 5 4 4 Find the average of the monthly productivity figures (units per machine hour). (Do not round intermediate calculations. Round your answer to 2 decimal places.) Average productivity 2.06 correct units per machine hour
Answer: 2.36
Explanation: Hours per machine * # of machines
325 * 3 = 975
Units produced/ Machine Hour
2,300/975 = 2.36
The average of the monthly productivity figures is 2.36.
Who are managers?"Manager can be defined as a person who is in charge of managing or looking after an organization he is an acting leader who helps in delegating the responsibilities as well as setting the goals also he possesses some leadership qualities that help in running an organization smoothly."
Hours per machine 325
In total there are 3 units that are producing that the operation manager needs to focus on intaking the decision.
Total machine hour is calculated as:
Hours per machine * number of machines
= 325 * 3
= 975
The average of monthly productivity that the operating manager needs to incur for the smooth running of the business is:
Units produced/ Machine Hour
= 2,300/975
= 2.36
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The CIS Department at Tiny College maintains the Free Access to Current Technology (FACT) library of e-books. FACT is a collection of current technology e-books for use by faculty and students. Agreements with the publishers allow patrons to electronically check out a book, which gives them exclusive access to the book online through the FACT website, but only one patron at a time can have access to a book. A book must have at least one author but can have many. An author must have written at least one book to be included in the system but may have written many. A book may have never been checked out but can be checked out many times by the same patron or different patrons over time. Because all faculty and staff in the department are given accounts at the online library, a patron may have never checked out a book or they may have checked out many books over time. To simplify determining which patron currently has a given book checked out, a redundant relationship between BOOK and PATRON is maintained.
Required:
Write a query that will display all the Books that were published in 2016.
Answer:
Select BOOK_TITLE, BOOK_YEAR, BOOK_SUBJECT from book order by BOOK_SUBJECT asc, BOOK_YEAR desc, BOOK_TITLE asc;
BOOK_PUBLISH 2016;
Explanation:
The books subject will be displayed in ascending order, book year will be displayed in descending orders and book title will be displayed in ascending order. The query used will display all the books entered in the system. If there is specific year in which the search is used then the query will be update with year number instead of year such as BOOK_PUBLISH, 2016; This will show the list of all books that are published in 2016.
On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $370,000 and accumulated depreciation of $74,000. During 2018, the company plans to purchase additional equipment costing $80,000 and expects depreciation expense of $30,000. Additionally, it plans to dispose of equipment that originally cost $42,000 and had accumulated depreciation of $5,600. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:
a) $450,000; $98,400.
b) $450,000; $104,000.
c) $408,000; $104,000.
d) $328,000; $74,000.
e) $408,000; $98,400.
Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns. Alameda Manufacturing has reported the following costs for the previous year. Assume no production inventories.Advertising………………………………………………………………….. $25,600Cost of hardware (hangers, decorations, etc)…………….… $42,300Cost of wood…………………………………………………………..... .$121,200Depreciation on production equipment…………………….... $32,000Factory property taxes……………………………………………….....$15,500Factory rent……………………………………………………………..….. $50,000Glue……………………………………………………………………...…….… $3,030Production supervisor salary…………………………………….. $41,200Sales manager salary…………………………………………………. $41,500Utilities for factory………………………………………………………. $27,800Wages for maintenance workers.......................................$33,200Wages of assembly workers..............................................$87,400Wages of finishing workers...............................................$74,100A compute the direct material cost 1a.____ $163,500 _______Compute the direct labor cost. 1b.________ $161,500 ________Compute the manufacturing overhead. 1c.____ $232,730 ______Compute the total manufacturing cost. 1d.____ $557,730 _____Compute the prime cost. 1e_________$325,000 ______Compute the conversion cost. 1f.____ $394,230 _____Compute the total period cost 1g.____ $67,100 ________
Answer:
Direct Material Cost
= Cost of hardware + cost of wood
= 42,300 + 121,200
= $163,500
Direct labor
= Wages of Assembly workers + Finishing workers
= 87,400 + 74,100
= $161,500
Manufacturing Overhead
= Depreciation + Factory prop. taxes + Factory rent + Glue + Production Supervisor salary + Utilities for factory + Wages for maintenance workers
= 32,000 + 15,500 + 50,000 + 3,030 + 41,200 + 27,800 + 33,200
= $202,730
Prime Cost
= Direct labor + Direct material
= 161,500 + 163,500
= $325,000
Conversion Cost
= Direct labor + Manufacturing Overhead
= 161,500 + 202,730
= $364,230
Total Period Cost
= Advertising + Sales Manager's salary
= 25,600 + 41,500
= $67,100
Banks make money mainly by
A.receiving tax dollars from the government
B.the spread between paying high interest rates on money deposited in the bank and low interest rates on the money loaned out by the bank.
C.the spread between paying low interest rates on money deposited in the bank and high interest rates on the money loaned out by the bank
D.printing money.
Answer:
c
Explanation:
because if you look at how much they pay for your money being in there and then look at what they're change for the money they loan of yours
Read the following scenario and answer the question in 5 sentences at least.
You are the president of the American Association of Construction Manufacturers (AACM), a trade association that represents seven hundred companies who build and sell heavy construction equipment. Members have proposed a number of initiatives to advance AACM interests. First, some members want an AACM advocacy group to lobby Congress for relaxing trade barriers on importing raw materials and parts. Second, some of the smaller AACM members want an advertising campaign promoting the importance of the AACM in order to increase small firm membership. Third, some members propose to segregate regions of the United States into sales territories, whereby only certain members have access to certain customers within a geographic area. Fourth, a group of socially conscious AACM firms want its members to boycott a large supplier that sources from nations with poor human rights records. Evaluate the business and legal (antitrust) implications of each of these proposals.
Answer and Explanation:
1. Business implication: if there are no trade barriers, it would enable them get better raw materials for their business and increase customer base
Legal anti trust implication: lobbying is illegal in some countries
2. Business implication: this would attract more manufacturers who were not previously members of the association which would in turn promote the goals of the association in improving trade amongst the manufacturers
Legal anti trust implication: associatio may be exposed to legal examination, example increased regulations
3 business implications:sales territories would invariably create a safe and secure investment for manufacturers such that there is less cost of marketing and campaigning as consumers are guaranteed
Legal implications: this is against anti trust laws and goes against free trade policies and illegal monopoly
4 business implications: boycotting this supplier could create an alternative source of raw materials which wouldn't be as efficient and even cost more
Legal implications: boycotting a large supplier such as this who might have a political backing might bring political retaliations from the supplier's political proxies who might create other regulations in the supplier's favour
Suppose that the ToyCo Shoppe allocates overhead by a traditional production volume-based method using direct labor dollars as the allocation base and one cost pool. Determine the overhead rate per direct labor dollar and the per unit overhead assigned to the strawberry cheesecake. (Round answers to 3 decimal places, e.g. 15.254.) Overhead rate $enter a dollar amount per direct labor dollar rounded to 3 decimal places per direct labor dollar Direct labor cost $enter a dollar amount per unit rounded to 3 decimal places per unit Overhead assigned $enter a dollar amount per unit rounded to 3 decimal places per unit
Question attached
Answer and Explanation:
Overhead rate per direct labor dollar
=$120,400+$77,140+$148,200+$94,500+$180,630 divided by $2,007,000
=$620,870/$2,007,000 = $0.29
Overhead assigned per unit dollar = total overhead assigned divided by annual production
Total overhead assigned = $72,400 x $0.29 = $20996
Overhead assigned per unit dollar =$20996 / 17,700 units = $1.18
An injunction is a court order for a party to a contract to
Answer:
do something agreed to under an original contract.
Explanation:
An injunction is an order compelling one party to a contract to fulfill their obligations as agreed in the original contract. Therefore, an injunction is a remedy available to any party engaged in the contract should there a breach of the contract.
All valid contracts are enforceable by law. An aggrieved party has the right to go to court and seek orders to compel the other party to fulfill their duty as per the contact. The orders given are the court injunctions.
Determine whether each statement describes the income effect, the substitution effect, or neither. Assume that all other variables are held constant. The price of lobster doubles, making Henri feel less wealthy. As a result, Henri buys fewer lobsters. The price of chicken falls by $0.75 a pound. Since chicken is now relatively less expensive than ground beef, Mary buys more chicken and less beef. The average price of a DVD falls by 15 percent. Tom buys more DVDs because his monthly movie budget can now stretch further. Model Planes Incorporated reduces production of its wooden plane product line. Jessica sees that the price of orange juice is higher this week. She decides to buy less orange juice and more apple juice because orange juice is relatively more expensive.
Answer: See explanation
Explanation:
Income effect is when the demand for a particular good or service changes because the real income of the person has changed.
Substitution effect arises when there is a reduction in the sales for a good or service due to a price rise and therefore the consumers have switched to a cheaper alternative. For example, if the price of beef rises, the consumers may shift and purchase more of chicken.
Based on the above scenario, the following will then be:
• The price of lobster doubles, making Henri feel less wealthy. As a result, Henri buys fewer lobsters.
Income effect
Henry's real income has changed, he has more money and hence reduces the purchase for lobsters because he sees it as inferior good.
• The price of chicken falls by $0.75 a pound. Since chicken is now relatively less expensive than ground beef, Mary buys more chicken and less beef.
Substitution effect
Mary has moved to a cheaper alternative in this situation.
• The average price of a DVD falls by 15 percent. Tom buys more DVDs because his monthly movie budget can now stretch further.
Income effect
• Model Planes Incorporated reduces production of its wooden plane product line.
No effect
No effect here as it's neither income effect not substitution effect.
• Jessica sees that the price of orange juice is higher this week. She decides to buy less orange juice and more apple juice because orange juice is relatively more expensive.
Substitution effect
The reduction in the quantity demanded of lobsters describes the income effect.
Mary substituting chicken for ground beef is an example of the substitution effect.
The increase in the quantity demanded of DVDs describes the income effect.
Reduction in the production of wooden plane does not describe the income or substitution effect.
The increase in the demand for orange juice is an example of the substitution effect.
The substitution effect when a change in the price of a good leads consumers to substitute the demand for the good with other goods. If the price of the good increases, consumers buy cheaper substitutes. If the price of the good declines, consumers reduce the consumption of the substitute and increase the demand for that good.
The income effect is when an increase in price lowers consumer's purchasing power, holding money income constant. This would lead to a fall in the quantity demanded of the good. When price decreases, purchasing power increases and consumers demand more of the good.
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Sadie Equestrian Services established a petty cash fund in the amount of $500 on June 1, 2013. On June 30, a review of the petty cash vouchers showed disbursements for the following: Stamps $60 Cab Fare for Ms. Sadie to attend meeting downtown $28 Dinner for employees working overtime $185 Messenger Costs for delivering legal documents $54 Advance to salesperson for attending networking event $25 Purchase of emergency office supplies $69. The Petty cash fund had a remaining cash balance of $77. The proprietor, Ms. Sadie also decided to increase the size of the Petty Cash fund to $700. Journalize the following:
a) Transaction to establish
Petty Cash Fund
b) Transaction to replenish
Petty Cash Fund on June 30
c) Transaction to increase the size of the
Petty Cash Fund
Answer:
a. Date Description Debit Credit
1-Jun Petty cash fund $500
Cash $500
[To open the petty cash fund]
b. Date Description Debit Credit
30-Jun Stamps 60
Cab fare 28
Dinner expense 185
Messenger cost 54
Advance to sales person 25
Office supplies 69
Cash short and over 2
Petty cash fund 423
[To replenish the petty cash fund]
c. Date Description Debit Credit
June 30 Petty cash [$700-$500] $200
Cash $200
[To increase the petty cash fund]
Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2011. Copper Company is a publicly held company that has declared a $1.00 per share dividend on September 30 every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $1.00 per share dividend on September 30th, payable on October 15th, to stockholders of record as of October 10. The daughter received the $1,000 dividend on October 18, 2011. How does this information impact who must recognize the dividend as income?a. Darryl must recognize the $1,000 dividend as his income because he knew the dividend would be paid.b. Darryl must recognize $750 of the dividend because he owned the stock for three fourths of the year.c. Darryl must recognize the income of $1,000 because he constructively received the $1,000.d. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.e. None of the above
Answer:
d. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.
Explanation:
A stock of a corporation is the shares of all the ownership of the corporation earnings, assets.
The declaration date (or announcement date) of a stock is the date in which the board of directors release a statement about the dividend size and its payment date. Only the owners of the stock are the declaration date would receive the dividend payment.
Since the daughter owned the stock at the declaration date, she must recognize the income.
Long before a single vote is cast, candidates are hard at work weighing the costs and benefits of running for office. As a part of this calculus, a strong candidate will spend time crafting a winning strategy for each stage of the contemporary campaign process In the following dialogue, a candidate is considering making a run for office in Texas. She is meeting with a political consultant to discuss her chances in the upcoming election. Use the dropdown menus to complete their conversation
CANDIDATE: Thank you for coming to my office today to discuss my viability as a candidate in the upcoming election.
CONSULTANT: You're welcome. I have conducted some research with the help of my staff on your chances, and we feel that if you choose your issues carefully, mobilize groups properly, and advertise persuasively, you could win
CANDIDATE: By "advertise persuasively," are you referring to 1. that I'm ready to sling mud just yet.
a) Character
b) Retail
c) Negative
CONSULTANT: I agree. It's best to get through the primary season without running attack ads Remember, because this is 2. and any registered voter may participate. The best-case scenario is that you'll win a clear majority of support. Options for 2. primary, voters don't have to declare their party identification,
a) A closed
b) An open
c) Non-partisan
CANDIDATE: Absolutely. I want to have a decisive victory and avoid 3. possible. In your opinion, what is the best way to accomplish this?
a) A recall
b) A runoff
c) An initiative
CONSULTANT: Name recognition is essential. Retail politics is still relevant, as is a good field organization. Our main focus, however, needs to be on the fundraising that will make it all possible. Without a lot of money in the bank, you will quickly be written off as unelectable because Texas campaigns are often quite.
a) Lopsided
b) Expensive
c) Inexpensive
Answer:
CANDIDATE: By "advertise persuasively," are you referring to................ that I'm ready to sling mud just yet.
a) Character
CONSULTANT: I agree. It's best to get through the primary season without running attack ads Remember, because this is...................... and any registered voter may participate. The best-case scenario is that you'll win a clear majority of support. Options for...................... primary, voters don't have to declare their party identification,
b) An open
CANDIDATE: Absolutely. I want to have a decisive victory and avoid.............. possible. In your opinion, what is the best way to accomplish this?
b) A runoff
CONSULTANT: Name recognition is essential. Retail politics is still relevant, as is a good field organization. Our main focus, however, needs to be on the fundraising that will make it all possible. Without a lot of money in the bank, you will quickly be written off as unelectable because Texas campaigns are often quite.............................
b) Expensive
Explanation:
Above bolded words are the words that could be used to fill the dialogue inorder to have a complete sentence between the Candidate and the Consultant.
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory $12,670
Work-in-Process Inventory 21,090
Finished Goods Inventory 8,680
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 Job 115 Job 116
Direct materials $2,360 $2,647 $3,807
Direct labor 1,780 1,540 4,120
Applied overhead 1,157 1,001 2,678
During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $28,520. Materials requisitioned: Job 114, $16,190; Job 115, $12,340; and Job 116, $4,850. Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 210 hours at $14 per hour; and Job 116, 90 hours at $17 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,590. Job 115 was completed and transferred to the finished goods warehouse. Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Required:
a. Calculate the predetermined overhead rate based on direct labor cost.
b. Calculate the ending balance for each job as of April 30.
Answer: See explanation
Explanation:
a. Calculate the predetermined overhead rate based on direct labor cost.
Job 114:
Predetermined overhead rate = Overhead cost/Direct labor cost
= 1157/1780
= 65%
Job 115:
Predetermined overhead rate = Overhead cost/Direct labor cost
= 1001/1540
= 65%
Job 116:
Predetermined overhead rate = Overhead cost/Direct labor cost
= 2678/4120
= 65%
b. Calculate the ending balance for each job as of April 30
Job 114:
Beginning balance= 2360+1780+1157 = 5297
Material = 16190
Direct labor = 170 × 11 = 1870
Overhead = 1870 × 0.7 = 1309
Ending balance = 24666
Job 115:
Beginning balance= 2647+1540+1001 = 5188
Material = 12340
Direct labor = 210 × 14 = 2940
Overhead = 2940 × 0.7 = 2058
Ending balance = 22526
Less: Finished goods = 22526
Balance = 0
Job 116:
Beginning balance= 3807+4120+2678= 10605
Material = 4850
Direct labor = 90 × 17 = 1530
Overhead = 1530 × 0.7 = 1071
Ending balance = 18056
Describe a scenario in which you thought you were making a good decision but there was still a negative outcome.
Answer:
I was trying to help out a friend by letting her know that her boyfriend was cheating on her but she didn't believe me and got mad at and we weren't friends.
Explanation:
This isn't a real scenario that happened to me but hope this helps.
A scenario in which I thought I was making a good decision but there was still a negative outcome was when:
I was trying to help a friend pay off a debtor who was beginning to turn violent and was a nuisance. Unfortunately, after helping my friend to settle his debts to avoid embarrassment, he refused to pay me back, up till date. That seriously strained our relationshipA good decision is one which a person makes, which seems reasonable and can help someone.
As a result of this, we can see that there can be negative outcomes sometimes, no matter the good decision which is made and the good intentions behind them.
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Slamburger's sells three cheeseburgers for every three regular hamburgers. A cheeseburger sells for $4.75 with a variable cost of $2.00. A regular hamburger sells for $4.25 with a variable cost of $1.75. What is the weighted average contribution margin
Answer:
$2.63
Explanation:
The computation of the weighted average contribution margin is shown below:-
Contribution margin = Selling price - Variable costs
For cheeseburger
= $4.75 - $2.00
= $2.75
For regular hamburger
= $4.25 - $1.75
= $2.5
Weighted average Contribution margin = Respective Contribution margin × Respective mix
= ($2.75 × 3) ÷ 6 + ($2.5 × 3) ÷ 6
= $1.38 + $1.25
= $2.63
Balance sheet information for Pawn Company and its 90%-owned subsidiary, Sox Corporation, at December 31, 20X1, is summarized as follows:
Pawn Sox
Current assets-net $200,000 $50,000
Property, plant, and equipment-net 1,000,000 600,000
Investment in Sox 558,000
$1,758,000 $650,000
Current liabilities $100,000 $30,000
Capital stock 800,000 400,000
Retained earnings 858,000 220,000
$1,758,000 $650,000
Pawn acquired its interest in S for cash when S's assets and liabilities were smaller than their fair values. The consolidated balance sheet of P and S at December 31, 20X1 will show:
a. non-controlling interest, $65,000
b capital stock, $800,000
c. investment in Sioux, $558,000
d. retained earnings, $1,078,000
Answer:
b. capital stock, $800,000
Explanation:
a. Non-controlling interest, $65,000 is incorrect
Reason: The Non-controlling interest would be 10% of the net assets
Net assets = 650,000 - 30,000 =620,000
The Non-controlling interest would be 10% of the net assets
= $620,000 *10% = $62,000
b. b capital stock, $800,000 is Correct
Company will show the capital stock as $800,000 in the consolidated balance sheet. In consolidated financial statements of any company, the amount will be reflected for the equity that with the outside shareholders, and in other company share purchased are not shown under the capital stock account
c. investment in Sioux, $558,000 is incorrect
Reason: investment in Sioux will not be shown in the consolidated balance sheet and will be eliminated in consolidation
d. Retained earnings, $1,078,000 - Incorrect
Reason: Retained earning as summarized in the Balance sheet carry the value of $1,758,000 + $650,000
Thomas, a senior manager at a manufacturing firm, is coming up with
ideas for a new product. Thomas has made a list of the following tasks that form a part of this project, along with their respective durations.
Create questionnaires to interview potential customers (7 days)
Find existing information about the market from online sources and trade journals (6 days)
Interview the respondents with the help of the questionnaire (10 days)
Design a new product according to the information obtained through the interviews (30 days)
If Thomas conducts a Critical Path Analysis to schedule these activities, what is the most likely duration that the activities will take to be completed?
A. 50 days
B. 40 days
C. 57 days
D. 47 days
E. 67 days
Answer:
47
Explanation:
The Answer is D, 47.
Answer:
47
Explanation:
Plato/Edmentum
Paige is 64 years old and would like to retire from her job at a large accounting firm. She, however, is concerned about health insurance. She would not be eligible for Medicare benefits until age 65, and due to some serious health conditions, she would not be able to obtain insurance in the private market. She has good health insurance at the accounting firm and is considering putting off her retirement so that she can keep it.
Which of the following would likely enable Paige to keep her insurance with the accounting firm until she is eligible for Medicare?A) The Health Insurance Portability and Accountability ActB) The Consolidated Omnibus Budget Reconciliation ActC) The Employee Security ActD) The Insurance Protection Act
Answer:
B)The Consolidated Omnibus Budget Reconciliation Act
Explanation:
We are informed about Paige, a 64 years old who would like to retire from her job at a large accounting firm. And she is concerned about health insurance. She would not be eligible for Medicare benefits until age 65, and due to some serious health conditions, she would not be able to obtain insurance in the private market. She has good health insurance at the accounting firm and is considering putting off her retirement so that she can keep it.
In case Paige want to keep her insurance with the accounting firm until she is eligible for Medicare, The law that would likely enable is the Consolidated Omnibus Budget Reconciliation Act.
The Consolidated Omnibus Budget Reconciliation Act by U.S Congress was signed into law in 1985 by President Ronald Reagan.It enables employee of an organization to enjoy the benefits that comes with their Heath insurance even after they are not working in the organization again.
How should you handle an employee who keeps coming to you asking for information regarding major policies, vacations, and benefit(s)?
Answer:
tell him to not talk about politics at work and stop asking for more vacations and benifits.
Explanation:
tell him arguing about policies means less work done. And if he would get more vacation days, and more benifits the other employees would think you are showing favoritism.
basic level profession
Answer:
The basic level profession
Communication skills business communicator is a key point for every type of job. The ability to communicate effectively is very important for business relationships.Decision- Making skills one of the hardest things in our life is to make decisions. but it is also is one of the most important abilities that has a crucial role for us.Leadership skills are among the top qualities and competencies in the professional skills list.Organizational skills you need in the workplace can include general planning, coordinating resources, and meeting deadlines.Time Management skills are an important part of organizational skills.Flexibility is among the top abilities in the professional skills list.Stress Management skills is a good professional never allows stress to reflect his/ her job and tasksRecall the text’s definition of diminishing marginal utility: "the common pattern that each marginal unit of a good consumed provides less of an addition to utility than the previous unit." The reason for this behavior is because of biology. Our body sends our brains a signal once too much of a good or service has been consumed. This prevents a person from literally eating until they explode. In your own experience, share two times instances where the law of diminishing marginal utility applied to you. Can you think of any time when the law of diminishing marginal utility failed for someone? Please answer in 150 words or more. Use your own words - please do not copy and paste from a web site. Be sure to reference your sources.
Explanation:
Note, the term diminishing marginal utility refers to an economic principle that states that the more unit of a particular commodity or service we consume, the more the satisfaction (utility) derived out of the consumption reduces or diminishes.
For instance, if I watched movies produced by a particular entertainment company for several days (eg Disney Studios), I may become dissatisfied using this particular entertainment provider and may decide to try another service (Netflix).
Another instance could occur after exercising, I'm given 3 bottles of coke, after taking my first bottle, the amount of utility I derive would reduce until I get to the third bottle, at this point I've reached my peak.
The law of diminishing marginal utility failed for someone I know who had used the same type of toothpaste and brushed her teeth at least once a day for a period of over 10 years.
Under corporate law, corporations are given the same rights as
A. the Federal Reserve
B. intellectual property
C. individuals
D. foreign countries
Answer:
C. individuals
Explanation:
The law treats corporates organizations as legal citizens. It gives them commercial right to own property, enter into contracts, and incur debts. Corporates have tax obligations, just like individuals. They can sue and be sued.
The law considers a corporate as a separate entity from its owners. It distinguishes the assets and liabilities of the institutions as different from those of its founders. A corporate has an infinite life. The death of its shareholders does not automatically mean its termination.
Answer:
C. Individuals is the correct option
Explanation:
Assume that you have a $100,000 account and you are willing to risk 5% of your capital on an idea. You determine that the there is $4 of risk in your trade. What should be your maximum position size
Answer:
$1,250 Shares
Explanation:
Calculation for What should be your maximum position size
First step is to calculate the 5% risk of your capital
Capital risk =5%*$100,000
Capital risk=$5,000
Last step is to calculate What should be your maximum position size
Maximum position size=$5,000/$4
Maximum position size=$1,250 Shares
Therefore What should be your maximum position size is $1,250 Shares
Sales and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system.
July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the goods sold was $25,000.
7. Returned merchandise with an invoice amount of $6,850 purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $108,000. The cost of the goods sold was $64,800.
22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the goods sold was $10,000.
23. Sold merchandise for cash, $91,200. The cost of the goods sold was $55,000.
28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.
Required:
Journalize the transactions.
Answer:
General Journals
July 3.
Merchandise $62,650 (debit)
Accounts Payable : Hamling Co. $62,650 (credit)
Purchase of Merchandise on credit from Hamling Co
July 5.
Merchandise $33,450 (debit)
Account Payable : Kester Co $33,450 (credit)
Purchase of Merchandise on credit from Kester Co
July 6.
Account Receivable : Parsley Co $36,000 (debit)
Cost of Sales $25,000 (debit)
Sales Revenue $36,000 (credit)
Merchandise $25,000 (credit)
Sale of Merchandise on credit to Parsley Co
July 7.
Account Payable: Kester Co $6,850 (debit)
Merchandise $6,850 (credit)
Merchandise Returned to Kester Co
July 13.
Account Payable : Hamling Co. $62,650 (debit)
Discount Received $1,253 (credit)
Cash $61,397 (credit)
Payment of Merchandise supplied by Hamling Co. Net Cash Discount
July 15.
Account Payable : Kester Co. $26,600 (debit)
Discount Received $532 (credit)
Cash $26,068 (credit)
Payment of Merchandise supplied by Kester Co. Net Cash Discount
July 21.
Cash $108,000 (debit)
Cost of Sales $64,800 (debit)
Sales Revenue $108,000 (credit)
Merchandise $64,800 (credit)
Cash Sale of Merchandise
July 22.
Account Receivable : Tabor Co $16,650 (debit)
Cost of Sales $10,000 (debit)
Sales Revenue $16,650 (credit)
Merchandise $10,000 (credit)
Sale of Merchandise on credit to Tabor Co
July 23.
Cash $91,200 (debit)
Cost of Sales $55,000 (debit)
Sales Revenue $91,200 (credit)
Merchandise $55,000 (credit)
Cash Sale of Merchandise
July 28.
Sales Revenue $7,150 (debit))
Merchandise $4,250 (debit)
Account Receivable : Parsley Co $7,150 (credit)
Cost of Sales $4,250 (credit)
Refund for Merchandise Returned by Parsley Co
July 31.
Service Fees $1,650 (debit)
Cash $1,650 (credit)
Service Fees Paid
Explanation:
See the journal entries and their narrations prepared above.
The concept of demand is best described as:_____.
a. the quantity of a good or a service that people are willing and able to purchase at different possible prices.
b. the total satisfaction that consuming a good provides people at different prices.
c. the additional satisfaction derived from a quantity of goods and services obtained when income increases.
d. the quantity of a good or a service that people will offer for sale at different possible prices.
e. the quantity of a good or service that consumers will substitute when the price of a good changes.
The basic proposition of the law of demand is that:_____.
a. higher prices cause buyers to demand more.
b. buyers demand lower prices.
c. higher prices cause less demand.
d. as the price of a good decreases, buyers are willing and able to purchase less.
e. as the price of a good increases, buyers are willing and able to purchase less.
In a market economy, there is relationship between the price of a good and the amount of a good that buyers are willing and able to purchase.
Answer:
Explanation: The concept of demand usually deals with the consumers yearning for goods and services and the factors which determines the purchasing decision of consumers and the amount being purchased. Quantity and price are two associated variables which can be used to examine consumer behavior towards a certain product. Hence, demand for a product often refers to the quantity of product purchased or demanded by consumers based on the price of the product.
The demand proposition is simply of the notion that the number of quantity demanded for a certain product falls as the price of such product inversa and vice versa. The demand for a product decreases as its price begins to rise, leading consumers to look for substitute products which cost less.
High Tech Manufacturing manufactures 256GB SD cards (memory cards for mobile phones, digital cameras, and other devices). Price and cost data for a relevant range extending to 200,000 units per month are as follows:
Sales price per unit: (current monthly sales volume is 120,000 units) $25
Variable costs per unit:
Direct materials 6.60
Direct labor 7.70
Variable manufacturing overhead 2.40
Variable selling and administrative expenses 1.90
Monthly fixed expenses:
Fixed manufacturing overhead 241,900
Fixed selling and administrative expenses 327,900
Required:
a. What is the company's contribution margin per unit? Contribution margin percentage? Total contribution margin?
b. What would the company's monthly operating income be if the company sold 160,000 units?
c. What would the company's monthly operating income be if the company had sales of
d. What is the breakeven point in units? In sales dollars?
e. How many units would the company have to sell to earn a target monthly profit of $260,100?
f. Management is currently in contract negotiations with the labor union. If the negotiations fail, direct labor costs will increase by 10% and fixed costs will increase by S22,500 per month. If these costs increase, how many units will the company have to sell each month to break even?
g. Return to the original data for this question and the rest of the questions. What is the company's current operating leverage factor (round to two decimals)?
h. If sales volume increases by 7%, by what percentage will operating income increase?
i. What is the company's current margin of safety in sales dollars? What is its margin of safety as a percentage of sales?
Answer:
High Tech Manufacturing
a. Contribution margin per unit:
Selling price = $25
Variable cost $18.60
Contribution $6.40
Contribution margin percentage:
Contribution/Selling price * 100
= $6.40/$25 * 100
= 25.6%
Total contribution margin:
Sales Revenue ($25 * 120,000) = $3,000,000
Variable cost ($18.60 * 120,000) = 2,232,000
Total Contribution = $768,000
b. Monthly operating income if the company sold 160,000 units:
Sales Revenue ($25 * 160,000) = $4,000,000
Variable cost ($18.60 * 160,000) = 2,976,000
Total Contribution = $1,024,000
Fixed manufacturing overhead $241,900
Fixed selling and administrative
expenses 327,900
Total Expenses $569,800
Operating Income $454,200
c. What would the company's monthly operating income be if the company had sales of $4,500,000?
Sales volume = $4,500,000/$25 = 180,000 units
Sales Revenue ($25 * 180,000) = $4,500,000
Variable cost ($18.60 * 180,000) = 3,348,000
Total Contribution = $1,152,000
Fixed manufacturing overhead $241,900
Fixed selling and administrative
expenses 327,900
Total Expenses $569,800
Operating Income $582,200
d. Break-even point in units = Fixed costs/Contribution per unit
= $569,800/$6.4
= 89,031 units
Break-even point in sales dollars = Fixed costs/Contribution margin ratio
= $569,800/25.6%
$2,225,781.25
e. Sales unit to earn a Target profit of $260,100:
= (Fixed Costs + Target profit)/Contribution per unit
= ($569,800 + $260,100)/$6.40
= 129,672 units
f. If direct labor costs increase by 10% and fixed costs increase by $22,500, units to sell to break even per month:
= $592,300/$5.63
= 105,204 units
g. Current operating leverage factor = Contribution margin / Net operating income
= $768,000/198,200
= 3.87
h. = 27.12%
Sales Revenue ($25 * 128,400) = $3,210,000
Variable cost ($18.60 * 128,400) = 2,388,240
Total Contribution = $821,760
Fixed Costs $569,800
Operating income $251,960
Increase operating income = $53,760 ($251,960 - $198,200)
Percentage increase = $53,760/198,200 * 100
= 27.12%
i. Margin of safety as a percentage of sales:
Margin of safety = (Sales Minus Break-even Sales)/Sales * 100
= ($3,000,000 - $2,225,781)/$3,000,000 * 100
= 3.91%
Explanation:
Price and Cost Data and Calculations:
Relevant range = 200,000 units per month
Sales price per unit: (current monthly sales volume is 120,000 units) $25
Variable costs per unit:
Direct materials 6.60
Direct labor 7.70 + 1.1 = $8.47
Variable manufacturing overhead 2.40
Variable Manufacturing Costs $16.70
Variable selling and administrative expenses 1.90
Total variable costs per unit $18.60 New = $19.37
Total contribution margin:
Sales Revenue ($25 * 120,000) = $3,000,000
Variable cost ($18.60 * 120,000) = 2,232,000
Total Contribution = $768,000
Total fixed costs = $569,800
Operating income = $198,200
New Contribution = $25 - 19.37 = $5.63
Contribution margin ratio = $5.63/$25 * 100 = 22.52%
Monthly fixed expenses:
Fixed manufacturing overhead $241,900
Fixed selling and administrative expenses 327,900
Total fixed costs = $569,800
New fixed costs = $569,800 + $22,500 = $592,300
Robert has set-up a start-up business. You have been appointed as an accountant for his business. Prepare journal entries for the following
transactions
1. On January 1, 2015, Robert invested $50,000 in his business.
2. On January 4, 2015, Robert bought a laptop for $2,800 for business use.
3. On January 20, 2015, Robert received $13,000 for services rendered.
4. On January 23, 2015, Robert paid salaries to his staff for $3,500
Answer:
On January 1, 2015, Robert invested $50,000 in his business.
Date Account Debit Credit
January 1, 2015 Cash
50,000
January 1, 2015 Cash
50,000
On January 4, 2015, Robert bought a laptop for $2,800 for business use.
Date Account Debit Credit
January 4, 2015 Office Computer
2,800
January 4, 2015 Cash
2,800
On January 20, 2015, Robert received $13,000 for services rendered.
Date Account Debit Credit
January 20, 2015 Cash
13,000
January 20, 2015 Revenue
13,000
On January 23, 2015, Robert paid salaries to his staff for $3,500.
Date Account Debit Credit
January 23, 2015 Salaries
3,500
January 23, 2015 Cash
3,500
Explanation:
The balance sheet for Appalachian Corporation at the end of the current year includes the following:
Bonds payable, 6% $5,000,000 6%
Preferred stock, $100 par 1,000,000
Common stock, $10 par 2,000,000
Net income was $565,000 and income tax expense for the current year amounted to $285,000.
Cash dividends paid on common stock were $200,000, and the common stock was selling for $28 per share at the end of the year.
There were no ownership changes during the year. Determine each of the following:
a. Number of times bond interest charges are earned;
b. Number of times preferred dividends are earned;
c. Earnings per share on common stock;
d. Price-earnings ratio;
e. Dividends per share of common stock; and
f. Dividend yield.
According to the question, the answer should be the Number of times preferred dividends are earned. Therefore option B is correct.
What is a dividend?A dividend is a payment made by a corporation to its shareholders that is decided by the board of directors. Dividend payments are frequently made quarterly and might take the form of cash payments or stock reinvestments.
The dividend yield, which is the dividend per share, is expressed as a percentage of the share price of a company, for example, 2.5%. If a common shareholder of a dividend-paying company owns the stock on the ex-dividend date or earlier, they are eligible to receive a distribution.
By using their voting powers, shareholders must approve dividends. Despite the fact that stock dividends are less prevalent than cash dividends, they are still a possibility. Different exchange-traded funds (ETFs) and mutual funds also provide dividends.
To learn more about dividends follow the link.
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Your parts supplier gives you one-quarter of a year to pay for parts ordered today, or offers you a discount if you pay cash at purchase. You have just purchased $94,500 worth of parts from your supplier and the discount is at an annual rate of 10%. How much will you pay for the parts if you pay today
Answer: $92,275
Explanation:
The amount you will pay today is the present value of the purchase price given a 10% discount for a quarter of a year.
= 94,500/ (1 + 10%) ^ 1/4 year
= 92,274.91147
= $92,275
what is Framing in a conversation?
Answer:
How someone frames an issue affects how it is seen by others and focuses their attention on specific aspects of it. Framing is the basis of approaching a particular audience to connect. Although framing seems very simple conceptually, the reality is that most people don't do it well.
Explanation: