Answer:
tariff = 22x + 178
Explanation:
We use high-low method
hours total cost
1 200
5 288
We subtract one from the other and get the information about hte slope:
4 hours generate cost for 88 dollars
we divide and get the slope:
88/4 = 22
now we replace and the the fixed cost:
total cost - variable cost = fixed cost
200 - 22(1) = 178 fixed cost
288 - 22(5) = 178 fixed cost
tariff = 22x + 178
The price of a service call is described by the linear function y = 22x + 178, where x is the number of hours and y is the total cost. The hourly charge is $22, and the fixed amount is $178.
Explanation:To find a linear function describing the price of a service call in terms of the number of hours, let's denote the total cost by y and the number of hours by x. We are given that the repair company charges $200 for a one-hour service call, which can be represented as (x, y) = (1, 200). We are also given that the charge for a five-hour call is $288, represented as (x, y) = (5, 288). To write the equation in slope-intercept form, y = mx + b, we need to find the slope m, which is the hourly rate, and the y-intercept b, which is the fixed amount. The slope can be calculated by dividing the difference in total costs by the difference in hours, which is (288 - 200) / (5 - 1) = 88 / 4 = 22. This means the hourly rate is $22.
The fixed amount b can be calculated using the price for a one-hour call. By substituting x = 1 and y = 200 into the slope-intercept form, we get 200 = 22(1) + b. Solving for b gives us b = 200 - 22 = 178. Therefore, the linear function that describes the price of the service call is y = 22x + 178.
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Summit Products, Inc. is interested in producing and selling an improved widget. Market research indicates that customers would be willing to pay $98 for such a widget and that 58,000 units could be sold each year at this price. The current cost to produce the widget is estimated to be $58.
Summit has learned that a competitor plans to introduce a similar widget at a price of $88. In response, Summit may reduce its selling price to $88. If Summit requires a 25% return on sales, what is the target cost for the new widget?
a. $88.00
b. $66.00
c. $22.00
d. $24.50
Answer:
b.$ 66
Explanation:
The question requires that Summit requires a return on sales of 25 %. To achieve that the cost of goods sold should be 75 %.
if the revised selling price is $ 88
the target cost price would be ( $ 88 * 75 %) % 66
in your situaton, should purchaing health insurance be an individual decision or a collabrative decision with your family? explain your response
Explanation:
It is always recommend to take insurance for both individual and family but the decision making purely depends on the knowledge and awareness towards the insurance of your family members.
Pointers to check:
How much premium is to be paid?What is the total income of the family?What about the number of dependents and their health condition?What is the benefit from the type of insurance?Why should I go for this policy?What are all the terms and conditions?If these conditions are clearly answered by self-analysis then you / you along with your family members can decide.
You are thinking of investing in Wave Runnerz, Inc. You have only the following information on the firm at year-end 2013: net income = $10 million, total debt = $65 million, and debt ratio = 35 percent. What is Wave Runnerz's ROE for 2018?
Answer:
8.28%
Explanation:
Given that,
Net income = $10 million
Total debt = $65 million
Debt ratio = 35 percent
Debt ratio = Total debt ÷ Total assets
35 percent = $65 million ÷ Total assets
Total assets = $65 million ÷ 35 percent
= $185,714,286
Wave Runnerz's ROE for 2018:
= Net income ÷ Equity
= $10,000,000 ÷ (Total assets - Debt)
= $10,000,000 ÷ ($185,714,286 - $65,000,000)
= $10,000,000 ÷ $120,714,286
= 0.0828 or 8.28%
XYZ Publisher can produce 200 books in a standard 8-hour day. It uses 5 employees. The average labor cost is $25/hour. A book requires $15 of raw materials.
If the books can be sold at a price of $30 each, what is the multifactor productivity?
A) 0.5 B) 1.0 C) 1.5 D) 2.0
Answer:
C) 1.5
Explanation:
multifactor productivity
= total revenue per day/total cost per day
= (30*200)/[(5*8*25)+(15*200)]
= 6000/4000
= 1.5
Therefore, The multifactor productivity is 1.5
The Multi-factor Productivity (MFP) for XYZ Publisher is calculated by dividing the total output ($6000 in sales revenue) by the total input costs ($4000), resulting in an MFP of 1.5. This corresponds to option C.
Explanation:Multi-factor productivity (MFP) is a measure of the efficiency of all inputs to a production process. It is calculated by dividing the total output by the weighted average of the inputs. In this case, XYZ Publisher's total output is the total sales revenue, which is the number of books produced multiplied by the selling price per book. The inputs are labor and raw materials. The costs associated with these inputs include the labor cost and the cost of raw materials. Using the information given:
Output (Sales revenue) = 200 books × $30/book = $6000Labor costs = 5 employees × $25/hour × 8 hours = $1000Material costs = 200 books × $15/book = $3000Total input costs = Labor costs + Material costs = $1000 + $3000 = $4000MFP = Output / Total input costs = $6000 / $4000 = 1.5Therefore, the multi-factor productivity for XYZ Publisher is 1.5, which corresponds with option C.
Juanita, a manager at a multinational organization, is trying to carefully scan and link the firm's internal environment to its external environment. The insights from this analysis will allow her to effectively leverage the company's internal strengths to exploit external opportunities, while mitigating internal weaknesses and external threats. In this scenario, which of the following managerial tools is Juanita employing
Answer:
The correct answer is letter "D": SWOT analysis.
Explanation:
SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a study of a company's internal and external factors and its impact on the business. The internal factors (Strengths and Weaknesses) and the external factors (Opportunities and Threats) help an organization to identify profit and losses chances.
Pure economic rent is:
a. The payment to factors whose supply is perfectly inelastic.
b. Economic profits. a payment made to land.
c. The payment to factors owned by entrepreneurs.
d. The payment to factors whose supply is perfectly elastic.
Answer:
A. The payment to factors whose supply is perfectly inelastic.
Explanation:
This means that this factor of production need to be purchase regardless of the price change, otherwise the business operation couldn't continue.
One example of a pure economic rent is the cost of latex for rubber glove manufacturer. Since latex is the main ingredients for the product, that company still have to buy it even if the price of the latex is increasing (inelastic) . Otherwise, the company need to shut down its operation.
Adjustment error. The accountant for Stringer Services failed to adjust the Supplies account to recognize the amount consumed during March. As a result of this error, will the following items be overstated, understated, or unaffected? a. March revenues will be ________________. b. March expenses will be ________________. c. March net income will be _______________. d. Ending owner’s equity as of March 31 will be _________________. e. Assets as of March 31 will be __________________. f. Liabilities as of March 31 will be _________________.
Answer:
a. unaffected
b. understated
c. overstated
d. overstated
e. overstated
f. unaffected
Explanation:
The journal adjustment entry for supplies consumed should be;
Supplies expense A/C Dr.
To Supplies A/C
(Being supplies consumed recorded)
Supplies expense being an expense and supplies being an asset, the omission would lead to understated expenses since the expense has not been recorded and overstated assets since the cost of supplies used was supposed to be reduced from assets balance.
Bacerra records purchases at invoice price and uses the perpetual inventory system. On July 5, Bacerra returned $12,000 of goods purchased on account to the seller. How would Bacerra record this transaction? Select one: A. Accounts Receivable 12,000 Inventory 12,000 B. Cash 12,000 Purchases 12,000 C. Accounts Payable 12,000 Inventory 12,000 D. Accounts Payable 12,000 Purchases 12,000
Answer:
C. Accounts Payable 12,000 Inventory 12,000
Explanation:
When Purchases Made using perpetual inventory system following Entry was made
Dr. Inventory xxx
Cr. Account Payable xxx
So, the purchase return will be reverse entry of the above which will reduce inventory and account payable as well. The correct entry for the event is C. Accounts Payable 12,000 Inventory 12,000.
Final answer:
Bacerra records the goods return transaction as a debit to Accounts Payable and a credit to Inventory, reflecting the decrease in both the liability and the asset.
Explanation:
When Bacerra returns
$12,000 of goods purchased on account to the seller under the perpetual inventory system, the transaction is recorded by decreasing Inventory and decreasing Accounts Payable. Bacerra is effectively reversing the initial recognition of inventory at the time of purchase and also the associated liability that was recognized when the goods were originally purchased on account. The correct journal entry is:
C. Accounts Payable 12,000 Inventory 12,000
Therefore, the transaction would be recorded as a debit to Accounts Payable and a credit to Inventory, which reflects the reduction of both the liability for the returned goods and the asset that no longer needs to be accounted for.
Assume a bank has $5 million in deposits and $1 million in vault cash. If the bank holds $1 million in excess reserves and the required reserves ratio is 8 percent, what is the minimum required reserve?
Answer:
Minimum Required Reserve are 1.33
Explanation:
The formula for the calculation of Cash reserve ratio is as follows:
Cash Reserve Ratio = Reserve Requirement x Bank Deposits
Cash Reserve Ratio = Reserve Requirement x ( Bank deposit + cash in vault )
8 = Reserve Requirement x ( 5 + 1 )
8 = Reserve Requirement x 6
Reserve Requirement = 8/6
Reserve Requirement = 4/3
Reserve Requirement = 1.33
Answer:
$76 million
Explanation:
($6 million/.08) + $1 million = $75 million + $1 million = $76 million
suppose that there has been a decline in the price of pork and that beef and pork are substitutes. what effect will this have on the market for beef
Answer:
It will get less sales and people will gain less money than usual since there is very little variations.
Explanation:
The American Floral Council used an ad that showed three flower arrangements varying in size froma single rose to a very large elaborate arrangement. The caption simply read, "Just how mad isshe?" This ad relies on which of the following situational influences for its effectiveness?
A. purchase task
B. social surroundings
C. physical surroundings
D. psychological effects
E. antecedent states
Answer: E. Antecedent states
Explanation: The ad relies on antecedent states for its effectiveness. Antecedent states are features of an individual that are not lasting characteristics including mood, social, physical or time factors and momentary conditions such as acute anxiety, pleasantness, cash on hand, fatigue and so on. By asking just how mad?, the emotions of the viewer is elicited which might leads to him or her making a purchase, an additional purchase or none at all. As an aspect of situational influences, antecedent states are temporary.
A fire has destroyed a large percentage of the financial records of the Excandesco Company. You have the task of piecing together information in order to release a financial report. You have found the return on equity to be 16.3 percent. Sales were $1,785,000, the total debt ratio was .33, and total debt was $658,000. What is the return on assets (ROA)
Answer:
The return on assets (ROA) of Excandesco Company is 10.921%
Explanation:
Return on assets (ROA) helps an investor see how much after-tax profit a company gained for each dollar in assets, is calculated by formula:
ROA = Net Income/ Total Assets
The total debt ratio of Excandesco was .33:
Total debt ratio = Total Debts/ Total Assets = 0.33
Total debts = 0.33 x Total Assets
From the accounting equation: Total Assets = Total debts + Total Equity
Total Equity = 0.67 x Total Assets
Excandesco Company had return on equity (ROE) of 16.3 percent.
ROE = Net income/ Equity
Net income = ROE x Equity = 16.3% x 0.67 x Total Assets = 0.10921 x Total Assets.
ROA = Net Income/ Average Total Assets = (0.10921 x Total Assets)/Total Assets = 0.10921 = 10.921%
To find the return on assets for Excandesco Company, first determine total assets using the total debt ratio and total debt. Then, use the return on equity to calculate net income. Finally, divide net income by total assets to get the ROA, which is 10.92%.
Calculating Return on Assets (ROA)
The question is asking how to calculate the return on assets (ROA) for the Excandesco Company using the given information. ROA is a profitability ratio that gives an idea of how efficient a company is at using its assets to generate earnings. It is calculated as the net income divided by the company’s total assets. Given the return on equity (ROE) of 16.3% and the total debt ratio of 0.33, we can determine the equity ratio, which is 1 - total debt ratio. Using the total debt of $658,000, we can calculate the company’s total assets and subsequently the net income.
To start, let's calculate the company's total assets (A) using the total debt ratio (D/A):
Total assets = Total debt / Total debt ratio
Total assets = $658,000 / 0.33 = $1,993,939.39
Next, we calculate equity (E) by subtracting total debt from total assets:
Equity = Total assets - Total debt
Equity = $1,993,939.39 - $658,000 = $1,335,939.39
Now, using ROE, we find the net income (NI):
Net Income = ROE * Equity
Net Income = 0.163 * $1,335,939.39 = $217,757.11
Finally, ROA can be determined:
ROA = Net Income / Total Assets
ROA = $217,757.11 / $1,993,939.39 = 0.1092 or 10.92%
Therefore, the return on assets for the Excandesco Company is 10.92%.
Marie and Ethan form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $100, 800 in exchange for 400 shares of stock. I than contributes an installment note receivable (basis $25,000; lair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $162, 560; fair market value $203, 200) in exchange for 1, 600 shares. If an amount is zero, enter "0". Marie has income of_________ $ and________ $ basis in her 400 shares of stock and Ethan has income of __________$ and _______$ basis in his 1, 600 shares of stock.
Answer:im not gay
Explanation:
but i still love you
Marie reports income equal to $100,800 with a basis in her shares of the same amount, while Ethan generally would record no income from the transaction, with a basis in his shares equal to the aggregate basis of the contributed assets ($237,560).
The question concerns the tax implications and basis calculations for contributions to a corporation by individuals. Marie performs personal services valued at $100,800 in exchange for shares, while Ethan contributes various assets including an installment note, land, and inventory with different bases and fair market values for his shares. Under the Internal Revenue Code, services rendered in exchange for stock are considered taxable income to the service provider at the fair market value of the stock received. Therefore, Marie would have income equal to the fair market value of the 400 shares she receives. The basis of the stock she receives would also be equal to the value of the services provided, $100,800. On the other hand, Ethan's contribution of property (excluding services) to the corporation in exchange for stock is generally not considered a taxable event if certain conditions are met (e.g., if the contributors are in control of the corporation immediately after the exchange). Thus, Ethan would typically not recognize any gain or loss on the exchange, and his basis in the 1,600 shares would be the aggregate basis of the contributed assets ($237,560).
You have been asked to analyze the Value Net of the craft brewing and distilling industries in your state, and you have observed close relationships between those artisanal industries and local hospitality businesses (such as restaurants and lodging facilities) in the region under study. Those local hospitality businesses can be said to be
Answer:
Those local hospitality businesses can be said to be Cooperators.
Explanation:
Co-operation: Cooperation is an art, which is not so easy to be mastered. The primary purpose of the cooperation is to gain mutual benefit. Yet because not everyone can understand the true sense of forming alliances (even if some do understand), it is difficult for them to create or manage those alliances because there are several factors which affect the relationships between associates. So, to have healthy and strong cooperation there is a need to get a grasp over those influencing factors.
Now there are reasons to believe that what the analysis implies (that there is a close relationship between these 2 industries) is true. Although how? let's get into those reasons.
Both industries come in the same domain that is of consumption.Both can do their business separately without cooperating.But still, if they do cooperate they can get more than they do get separately.An example to have a close look on the relationship: Consumer A has to go to 2 different places to get these 2 different services or products, consumer B just go to the one place and get all the service as well as get the product if he desires. So, Which one would be more satisfied? Consumer B for sure.
Assets are usually reported at their A. appraised value. B. historical cost. C. current market value. D. none of the above.
Answer:
B. historical cost.
Explanation:
In financial statements assets are reported at their cost of purchase or historical cost. This approach does not account for price fluctuations under present market conditions.
Historical cost is used to avoid inflating financial position of an organisation, as price changes in the market are largely temporary.
Valuation on the other hand considers an asset's fair market value.
In accounting, assets are generally reported at their original or historical cost. The historical cost principle is based on the belief that the value of money remains constant. This provides consistency and comparability in financial reporting.
Explanation:In accounting, assets are generally reported at their historical cost. This is the original cost that was paid to acquire the asset. The historical cost principle is based on the assumption that the purchasing power of money remains stable over time, which allows for consistency and comparability in financial reporting. It's important to note that although this is the standard practice, it disregards any fluctuations in the market value of an asset after it has been acquired.
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Fair value option; bond investment; effective interest [LO12-1, 12-2, 12-3, 12-4, 12-8] Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to have the investment available for sale when circumstances warrant. When the company purchased the bonds, management elected to account for them under the fair value option. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2021, was $70 million.
Required:
1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4-a. At what amount will Fuzzy Monkey report its investment in the December 31, 2021, balance sheet? 4-b. Prepare the journal entry necessary to achieve this reporting objective. 5. How would Fuzzy Monkey’s 2018 statement of cash flows be affected by this investment assuming Fuzzy anticipates holding these investments for a sufficiently long period?
1. Record Fuzzy Monkey’s investment on bonds on January 1, 2021.
2. Record the interest revenue on June 30, 2021.
3. Record the interest revenue on December 31, 2021.
Req 4A
Invesment_________ million
Req 4B
Record any necessary entry to report the investment at the correct value on the balance sheet.
Req 5
Operating cash flow $ million
Investing cash flow $ million
Answer:
debt securities investment 80,000,000 debit
discount on debt securities 14,000,000 credit
cash 66,000,000 credit
--to record the purchase of the bonds--
cash 3,200,000 debit
discount on debt securities 100,000 debit
interest revenue 3,300,000 credit
--to record first interest collection--
cash 3,200,000 debit
discount on debt securities 105,000 debit
interest revenue 3,305,000 credit
--to record secod interest collection--
Cash flow:
-66,000,000 purchase
+ 6,400,000 interest
net -59,400,000
Balance sheet
debt securities investment 80,000,000
discount on debt securities (13,795,000)
net amount for the investment 66,205,000
Explanation:
As we pay the bonds lower than face value we recognize a discount.
Then, interest reveneu will be carrying value times market rate:
66,000,000 x 10% / 2 = 3,300,000 interest revenue
cash proceeds: 80,000,000 x 8% / 2 = 3,200,000
the difference will amortize the discount.
Then we do it again for the second one:
66,100,000 x 10% / 2 = 3,305,000
difference amortize the discount
We did not adjust for the fair value as we are using another method.
U.S. Interest Rates during the Credit Crisis During the credit crisis, U.S. interest rates were extremely low, which enabled businesses to borrow at a low cost. Holding other factors constant, this should result in a higher number of feasible projects, which should encourage businesses to borrow more money and expand. Yet many businesses that had access to loanable funds were unwilling to borrow during the credit crisis. What other factor changed during this period that more than offset the potentially favorable effect of the low interest rates on project feasibility, thereby discouraging businesses from expanding?
Answer:
The insufficient expected low cash flows from investment caused by low demand for goods and services by the household.
Explanation:
A recession refers to contraction of the business cycle when economic activity fall generally.
In order to get out of recession, governments usually employ macroeconomic policies like increasing government expenditure, reducing taxation, and increasing money supply. When the money supply is increased, it leads to fall in the interest rate.
Interest rate is a cost of investment; and it is expected that investment will rise when the interest rate falls. However, this was not so during the US credit crisis despite that U.S. interest rates were extremely low majorly due to low demand.
During the credit crisis, there was a general low demand for goods and services by the household. This made businesses to be discouraged from investing in new projects, because it was expected that low demand will lead low cash flows from the investment.
The insufficient expected low cash flows was therefore the major factor that discouraged businesses to borrow cheap funds that were allowed by the extremely low interest rate.
I wish you the best.
The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $3,850 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $1,790 and direct labor cost of $770. Therefore, the amount of the applied overhead is: Multiple Choice $2,060. $2,560. $1,290. $770. $3,080.
Answer:
$1,290
Explanation:
The work in process inventory account balance is given by the sum of the direct material cost, direct labor cost and the amount of applied overhead.
If the balance is $3,850, with material cost of $1,790 and direct labor cost of $770, the applied overhead is:
[tex]O = \$3,850 - \$1,790 - \$770\\O=\$1,290[/tex]
The amount of the applied overhead is $1,290.
Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?
An 18% wage cost increase will likely cause a decrease in steel supply, resulting in an increased price and decreased quantity of steel sold, according to the law of supply and demand.
Explanation:The likely economic effect on the market for steel when steel mill wage costs increase by 18 percent over a year will probably involve a shift in the supply curve. This happens because of the assumption that wage costs are a significant component of the total production cost to produce steel. When wage costs rise, it becomes more expensive for steel mills to produce the same amount of steel, causing a decrease in the supply.
This decrease in supply while demand remains constant will lead to an increase in the price of steel and a decrease in the quantity of steel sold (following the law of supply and demand).
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An 18 percent increase in steel mill wage costs is likely to result in higher steel prices, potentially impacting demand and global competitiveness in the steel market.
When steel mill wage costs increase by 18 percent over a year, the likely economic effect on the market for steel can include the following:
Increased Production Costs: Steel producers will face higher labor costs, which can lead to an increase in the cost of producing steel products.
Price Increase: To offset the higher production costs, steel producers may raise the prices of their steel products. This could lead to an increase in the market price of steel.
Reduced Demand: Higher steel prices can potentially reduce the demand for steel, particularly among industries that are sensitive to price changes, like construction and manufacturing.
Impact on Competitiveness: Steel producers may face challenges in international markets if their prices become less competitive compared to steel from other regions.
Supply and Demand Dynamics: The specific impact on the steel market will depend on factors such as the overall supply and demand for steel, the global economic conditions, and the elasticity of steel demand.
In summary, an 18 percent increase in steel mill wage costs is likely to result in higher steel prices, potentially impacting demand and global competitiveness in the steel market.
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In the AS-AD model, cyclical unemployment occurs when: a. aggregate supply increases b. the economy is not at a short run equilibrium in the AS-AD model actual DP falls below potential real GDP in the equilibrium of the AD and short-run AS curves
Answer:
b. the economy is not at a short run equilibrium in the AS-AD model actual DP falls below potential real GDP in the equilibrium of the AD and short-run AS curves.
Explanation:
The aggregate demand/aggregate supply, or AD/AS, model is one of the fundamental tools in economics because it provides an overall framework for bringing economic factors together.
We can examine long-run economic growth using the AD/AS model, but the factors that determine the speed of this long-term economic growth rate do not appear directly.
Cyclical unemployment is relatively large in the AD/AS framework when the equilibrium is substantially below potential GDP and relatively small when the equilibrium is near potential GDP.
The natural rate of unemployment—as determined by the labor market institutions of the economy—is built into potential GDP.
Pressures for inflation to rise or fall are shown in the AD/AS framework when the movement from one equilibrium to another causes the price level to rise or to fall.
An investment banker agrees to underwrite an issue of 10 million shares of stock for TWResearch, Inc. on a firm commitment basis. The investment banker pays $10.50 per share to TWResearch, Inc. for the 10 million shares of stock. It then sells those shares to the public for $11.20 per share. If the investment bank can sell the shares for $9.75 per share, what is the profit (loss) to the investment banker?
Answer:
$ 7.5 million
Explanation:
The investment bank will have a loss which = ( 9.75 - 10.50 ) × 10 million = $ - 7.5 million
Answer:
= -$7,500,000 (the investment bank makes a loss of $7,500,000)
Explanation:
Step 1: Determine the profit or loss of the investment bank if it sells the shares for $11.2 per share
Agreed amount to pay to TWResearch =
$10.5 x 10,000,000= $105,000,000
Investment bank' profit = (11.2- 10.5) x 10 000 000 = $7,000,000
Step 2: However, since the investment bank can only sell the shares for $9.75, then the calculations will be as follows:
a) Agreed amount to pay to TWResearch =
$10.5 x 10,000,000= $105,000,000
b) Based on a selling price of $9.75
The profit or loss to the investment bank = the amount it sold the shares - the amount it bought the shares from the firm.
= ($9.75- $10.5) x 10 000 000
= 0.75 x 10000000
= -$7,500,000 (the investment bank makes a loss of $7,500,000)
On January 1, Frederic Manufacturing had a beginning balance in WorkminusinminusProcess Inventory of $ 164 comma 000 and a beginning balance in Finished Goods Inventory of $ 25 comma 000. During the year, Frederic incurred manufacturing costs of $ 202 comma 000. During the year, the following transactions occurred: Job Cminus62 was completed for a total cost of $ 141 comma 000 and was sold for $ 157 comma 000. Job Cminus63 was completed for a total cost of $ 182 comma 000 and was sold for $ 213 comma 000. Job Cminus64 was completed for a total cost $ 81 comma 000 but was not sold as of yearminusend. The Manufacturing Overhead account had an unadjusted credit balance of $ 24 comma 000 and was adjusted to zero at yearminusend. What was the final balance in the Cost of Goods Sold account? A. $ 299 comma 000 debit balance B. $ 347 comma 000 debit balance C. $ 299 comma 000 credit balance D. $ 347 comma 000 credit balance
Answer:
A) $299,000
Explanation:
The question is to determine the balance in Cost of Goods sold for Frederic Manufacturing
Cost of Goods sold (COGS):
Job C-62 $141,000
Job C - 63 $182,000
Subtract: Over-allocated Overhead ($24,000)
The Balance of COGS 299,000
The Cost of Goods sold represents a direct cost associated with the manufacture of products sold by a company. COGS will usually include the cost of raw materials as well as direct labour that is associated with the production.
Answer:The answer is A
Explanation:
Cost of good sold Account
$
Job C minus 62 (Total cost )141,000
Add: Job C minus 63 (Total Cost )182,000
------------------
323,000
Less: Manufacturing overhead. 24,000
----------------
Balance. 299,000
-------------------
The cost of good sold is a direct cost, which are easily traced to the product or service
a)Please select the term that matches each definition.
Term:
a. Quantity Demanded
b. Demand Curve
c. Demand Schedule
d. Law of Demand
Definition:
1. A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices.
2. The amount of a good that buyers are willing and able to purchase at a given price
3. The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.
4. A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices
The definitions for the following terms are explained below.
Explanation:
A. Quantity Demanded is the amount of a good that buyers are willing and able to purchase at a given price.
B. Demand Cure is a graphical representation of the relationship between the price of a good that buyers are willing and able to purchase at various prices.
C. Demanded Schedule is a table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices.
D. Law Of Demand is to claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.
Quantity demanded is the amount of a good purchased at a given price; a demand curve is a graph showing the relationship between price and quantity demanded; a demand schedule is a table of prices and corresponding quantities demanded; the law of demand states that quantity demanded falls as price rises, ceteris paribus.
To match the terms with their corresponding definitions:
Quantity Demanded matches definition 2: The amount of a good that buyers are willing and able to purchase at a given price.
Demand Curve corresponds to definition 1: A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices.
Demand Schedule is associated with definition 4: A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices.
Law of Demand aligns with definition 3: The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.
If the rate of interest is 2% today, then you should be indifferent about receiving $500 today or ______. A. $500 in one year B. $502 in one year C. $510 in one year D. None of the above
Answer:
C. $510 in one year
Explanation:
Present Value of of a sum receivable after n years compounded at r% rate of interest is given by
PV = [tex]\frac{FV}{(1\ +\ R)^{n} }[/tex]
where PV= Present Value as on today
FV = Future Value of amount receivable
R= Rate of interest per annum
n= Time period
Hence, PV of $510 receivable one year hence would be
= [tex]\frac{510}{(1\ +\ .02)^{1} }[/tex]
= $500 today
The concept of time value of money shows you should be indifferent about receiving $500 today or $510 in one year when the rate of interest is 2%.
Explanation:The subject of your question revolves around the concept of time value of money in finance, which states that money available today is worth more than the same amount in the future due to its potential earning capacity. When the rate of interest is 2%, and you have the option of receiving $500 now or in the future, the amount in one year that would make you indifferent would likely have to be more than $500. To find the equivalent future sum, we calculate it using the formula FV = PV * (1 + r)^n, where FV is the future value, PV is the present value, r is the rate of interest and n is the number of periods, in this case, one year.
Inputting the given values, FV = $500 * (1 + 0.02)^1, we get $510. Therefore, the correct answer would be C. $510 in one year. You should be indifferent about receiving $500 today or $510 in one year if the interest rate is 2%.
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You are considering a savings bond that will pay $ 100 in 9 years. If the interest rate is 1.9 %, what should you pay today for the bond?
To find out the price you should pay for the bond today, you can use the present value formula. Given that the bond will pay $100 in 9 years with an interest rate of 1.9%, you should pay about $81.40 for the bond today.
Explanation:The initial price that you should pay for the bond can be calculated using the formula for the present value of a single future amount in finance. This formula is PV = FV / (1 + r)^n, where PV is the present value (the price you should pay today), FV is the future value (the amount the bond will pay in the future), r is the annual interest rate in decimal form, and n is the number of years until the bond matures.
For this problem, FV = $100, r = 1.9% = 0.019, and n = 9. Plugging these values into the formula, we get PV = $100 / (1 + 0.019)^9. After doing the calculation, we find PV = $81.40. Therefore, you should be willing to pay $81.40 for the bond today if you would like a 1.9% return on your investment.
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Suppose that disposable income, consumption, and saving in some country are $800 billion, $700 billion, and $100 billion, respectively. Next, assume that disposable income increases by $80 billion, consumption rises by $56 billion, and saving goes up by $24 billion. What is the economys MPC? Its MPS?
Instructions: Round your answers to one decimal place.
MPC =
MPS =
What was the APC before the increase in disposable income? After the increase?
Instructions: Round your answer to two decimal places.
APC before the increase in disposable income =
Instructions: Round your answer to three decimal places.
APC after the increase in disposable income =
Answer:
MPC = 0.7
MPS = 0.3
APC before the increase in disposable income = 0.875
APC after the increase in disposable income = 0.859
Explanation:
Given that,
Disposable income = $800 billion
Consumption = $700 billion
Savings = $100 billion
Further,
Disposable income increases by $80 billion
Consumption rises by $56 billion
Saving goes up by $24 billion
Therefore,
Marginal propensity to consume(MPC):
= Change in consumption level ÷ Change in disposable income
= $56 billion ÷ $80 billion
= 0.7
So, Marginal propensity to save = 1 - MPC
= 1 - 0.7
= 0.3
Average propensity to consume(Before increase in disposable income):
= Consumption ÷ Disposable income
= $700 billion ÷ $800 billion
= 0.875
Average propensity to consume(After increase in disposable income):
= Consumption ÷ Disposable income
= ($700 + $56) billion ÷ ($800 + $80) billion
= $756 billion ÷ $880
= 0.859
Can you think of other analogies for sending tanks and battleships to England without getting money or an immediate debt agreement?
Answer:
The Lend- Lease Act
Explanation:
President Franklin D Roosevelt had the unlimited authority to give material aid like tanks, battleships to England without violating America's position of neutrality. This authority was given to the president when the Lend Lease Act was approved by congress in March 1941.
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid.
Accounts payable $ 68,500
Accounts receivable 274,000
Cash 187,500
Common stock 70,000
Fees earned 869,200
Land 544,000
Miscellaneous expense 6,500
Rent expense 40,000
Supplies 5,300
Supplies expense 4,400
Utilities expense 27,000
Wages expense 503,000
Required:
1. Prepare an income statement for the year ended December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries.
Answer:
Journey Travel Agency
Income Statement
For the year ended December 31, 2018
Fees earned $869,200
wages expense 503,000
Gross profit $366,200
Operating expenses:
Rent expense 40,000
Utilities expense 27,000
Supplies expense 4,400
Operating income $294,800
Explanation:
In preparation of Income statement, we will present all nominal accounts which started from revenue (Fees earned) and deduct all expenses to arrive the operating income. It is important that we never forget the headings consists of Name of the company, What schedule to prepare and what period it is applicable in order for the reader of the statement understands the report well.
The inaccuracy of the grapevine has more to do with the message output than with the input. a. True b. False
Answer:
The answer is b. False
Explanation:
Answer:
The correct answer is letter "B": False.
Explanation:
Gravepines are mostly often incorrect beliefs spread within an organization based on the subjective ideas of the employees. The reason why gravepines are inaccurate is that they tend to be rumors, then as the input is not objective, the output or the real situation that takes place has nothing to do with the rumor.
A manufacturer has a monthly fixed cost of $50,000 and a production cost of $7 for each unit produced. The product sells for $16 per unit. If the manufacturer produces and sells 3,000 units per month, indicate whether he will have a profit, loss or break-even.a. Profitb. Break-evenc. Lossd. None of the above.
Answer:
The manufacturer will have a c. Loss
Explanation:
The break-even point is the level of production at which the costs of production equal the revenues for a product and calculated by using following formula:
Break-even point in units = Fixed cost/(Selling price per unit-Variable cost per unit) = $50,000/($16-$7) = $50,000/$9 = 5.556 units (rounding)
The manufacturer produces and sells 3,000 units per month < Break-even point in units. Therefore, the manufacturer will have a loss
Answer:
c. Loss
Explanation:
To break even, the total units sold would result in the total cost being equivalent to the total sales. As such, break even is the point where profit/loss is nil. Where sales is more than cost, the company makes a profit, otherwise a loss.
Given fixed cost = $50,000
Production cost per unit = $7 (variable)
Selling price per unit = $16
Units sold = 3,000
Profit/loss = sales - cost
= 16(3000) - (7(3000) +50,000)
= 48,000 - 71,000
= $23,000
This is negative as such as a loss.