Answer:
The correct answer is: Bystander Rule.
Explanation:
The Bystander Rule is a U.S. common law by which individuals are not punished after not aiding or calling for help when someone else might require assistance even when helping represents no risk to the individual. The law gives people morality let decide what to do under those scenarios knowing in advantage there is no legal penalty if no action is taken.
Final answer:
The case involves a legal issue about whether a 7-eleven store's clerk's inaction in response to a police officer's son's request for assistance can lead to liability and grounds for the police officer to sue.
Explanation:
The case described deals with the legal issue of whether a store, through the actions of its clerk, has a duty to assist an off-duty, out-of-uniform police officer in danger and whether the police officer has grounds to sue the store for failing to provide assistance when requested.
The discussion centers on concepts such as duty of care, potential negligence, and whether the store's employees had any legal obligation to act upon the request for help. Furthermore, it explores the implications of the Good Samaritan laws where applicable, the store's policy, and potential liability.
The scenario implicates the responsibilities of businesses and their employees toward individuals in distress in their vicinity and assesses the legal consequences of inaction by the clerk.
Why did the Thibodaux workers go on strike? Was the strike successful? What accounts for its success or lack of success
Answer:
Thibodaux workers went on strike to protest against sugar cane plantations in four parishes which are Lafourche, Terrebonne, St. Mary, and Assumption.
No, the strike was not successful.
The unscheduled return to work by some workers before the end of the strike, makes it unsuccessful. The aftermath of the strike resulted to violence leading to death of many black workers and their families, as well injuries to many others.
Brock Company makes candy. During the most recent accounting period Brock paid $3,000 for raw materials, $4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Brock started and completed 10,000 units of candy of which 8,000 were sold. Based on this information the balance in the inventory account on Brock’s balance sheet would be
A. $1,800.
B. $2,000.
C. $9,000.
D. None of the above.
Answer:
A. $ 1.800
Explanation:
The total manufacturing costs for the period are:
Raw materials $ 3,000
Labor $ 4.000
Overhead costs $ 2,000
Total cost of goods manufactured $ 9,000
Units started and completed 10,000
Cost per unit $ 9,000 / 10,000 units $ 0.90 per unit
Units inventory at end of period 2,000
Inventory value at period end $ 0.90 * 2,000 = $ 1,800
True/False:
A. The United States is only a destination for illegal drugs.
B. The global drug trade lives up to its name in that nearly all regions of the world are involved, either as a source or destination of illegal drugs.
C. China appears to be a hotbed of illegal drug activity.
D. Generally, countries with the lowest gross national income per capita are more likely to be sources for illegal drugs than to be destinations for those drugs.
E. Generally, countries with the highest gross national income per capita are more likely to be destinations for illegal drugs than to be sources of those drugs.
Answer:
A-True
B-True
C-True
D-True
E-True
Explanation:
To begin with, according to a report done on 2018 by the United Nations Office on Drugs and Crime The United States is increasing highly its number of drugs consumption regarding the fact that the american territory is growning as an illegal drugs' destination. Moreover, just like other countries that have high gross national income per capita the more citizens they have the more they consume regarding the fact that both rich and poor tend to drug addiction and therefore that those countries tend to be destinations for drugs. In addition, countries with the lowest gross national income per capita tend to be the ones that produce the drugs according to a report done by the government of The United States called ''the black list'' of country producers and where of 22 countries in the list, 17 of them are latinamerican countries that have low gross national income per capita.
To continue, the drug traffic around the world involves nearly all regions of the globe regarding the fact that they may either a source or a destination for the drugs. Furthermore, taking China for example, a great hotbed of illegal drug activity that has been increasing over the years.
Brief Exercise 4-10 The balance sheet debit column of the worksheet for Jolie Company includes the following accounts: Accounts Receivable $12,500, Prepaid Insurance $4,500, Cash $4,100, Supplies $5,200, and Debt Investments (short-term) $7,600. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.)
The order of current assets based on liquidity, starting from the most liquid, is Cash, Accounts Receivable, Supplies, Prepaid Insurance, and short-term Debt Investments.
Explanation:In this context, the order of liquidity is the sequence in which assets would be converted into cash. This implies that cash, being the most liquid asset, would be listed first followed by Accounts Receivable, then Supplies, Prepaid Insurance and finally short-term Debt Investments.
Current Assets
Cash $4,100Accounts Receivable $12,500Supplies $5,200Prepaid Insurance $4,500Debt Investments (short-term) $7,600Learn more about Current Assets here:https://brainly.com/question/34936344
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Wolverine World Wide, Inc., manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Hush Puppies, Wolverine, Merrell, Stride Rite, and Bates, to a global market. The following transactions occurred during a recent year. Dollars are in millions.a. Issued common stock to investors for $14,084 cash (example).b. Purchased $872,418 of additional inventory on account.c. Borrowed $11,700.d. Sold $1,346,068 of products to customers on account; cost of the products sold was $750,547.e. Paid cash dividends of $21,258.f. Purchased for cash $25,726 in additional property, plant, and equipment.g. Incurred $345,584 in selling expenses, paying three-fourths in cash and owing the rest on account.h. Earned $1,772 interest on investments, receiving 90 percent in cash.i. Incurred $2,990 in interest expense to be paid at the beginning of next year.Required:For each of the transactions, complete the tabulation, indicating the effect (positive value for increase, negative value for decrease, and leave blank if no effect) of each transaction.
Evaluate Microsoft’s product and marketing evolution over the years. What has the company done well, and where did it falter?
Explanation:
Microsoft is a giant technology company with worldwide influence.
Its success and reputation have ensured the company the position of the most valuable company in the world by market capital.
The popularization of the Windows Operating System, worldwide, was the product that consolidated the company as a giant in the business world. Technological companies, should focus on innovation, as each day more advances in technology appear to correct possible system errors, make the user's performance and use better and make production costs cheaper. With regard to the Operating System for computers, Microsoft has always evolved in launching new, more evolved versions, and making the previous ones obsolete for use, but one of the company's failures was to have lost the timing to develop an OS aimed at the use in cell phones, since that the company tried to enter this market, but was unsuccessful, and was defeated by its biggest competitors: Google and Apple.
Final answer:
Microsoft has excelled in the operating system market and has adapted to the changing technology landscape, maintaining a strong market presence. The company faced challenges with antitrust issues but managed to overcome them through settlements and changing strategies. Their evolution shows resilience and adaptability, though they have had moments of legal and competitive difficulties.
Explanation:
Microsoft's Product and Marketing Evolution
Upon evaluating Microsoft's product and marketing evolution over the years, it is evident that the company has excelled in innovating and capturing the operating system market. In the early 2000s, Microsoft held a dominant share of the software for computer operating systems, which was integral to its success. Despite this dominance, when considering all computer software and services, Microsoft's market share was around 14% in 2014, illustrating a competitive marketplace with varied definitions of market scope.
In 2000, Microsoft faced legal challenges regarding unfair competition and a federal court proposed the company to be split. This decision was overturned on appeal, and by November 2002, a settlement was reached ending Microsoft's restrictive practices. Microsoft's ability to navigate these legal challenges while maintaining its market position showcases both resilience and adaptability in its business strategy.
Microsoft has demonstrated strength in areas like product integration, marketing, and global brand recognition. They occasionally faltered, such as when dealing with antitrust issues, which questioned their market power and competition practices. Over time, Microsoft has managed to adapt to the changing technology landscape, shifting focus from just software to offering cloud services and other technological advancements, remaining a key player in the industry.
Prepare income statements (Learning Objective 5)
Part One: In 2012, Penny Henderson opened Penny’s Posies, a small retail shop selling oral arrangements. On December
31, 2013, her accounting records show the following:
Sales revenue ................................................................................................... $53,000
Utilities for shop ............................................................................................... $ 1,400
Inventory on December 31, 2013 .................................................................... $ 9,600
Inventory on January 1, 2013 ........................................................................... $12,700
Rent for shop .................................................................................................... $ 4,600
Sales commissions ............................................................................................ $ 4,900
Purchases of merchandise ................................................................................ $37,000
Requirement
Prepare an income statement for Penny’s Posies, a merchandiser, for the year ended December 31, 2013.
Part Two: Penny’s Posies was so successful that Penny decided to manufacture her own brand of oral supplies: Floral
Manufacturing. At the end of December 2014, her accounting records show the following:
Utilities for plant ......................................................................................... $ 4,300
Delivery expense ........................................................................................ $ 2,500
Sales salaries expense ................................................................................ $ 4,400
Plant janitorial services ............................................................................... $ 1,550
Work in process inventory, December 31, 2014 ........................................ $ 3,500
Finished goods inventory, December 31, 2013 ......................................... 0
Finished goods inventory, December 31, 2014 ......................................... $ 4,000
Sales revenue ............................................................................................. $109,000
Customer service hotline expense ............................................................. $ 1,700
Direct labor ................................................................................................ $ 20,000
Direct material purchases ........................................................................... $ 34,000
Rent on manufacturing plant ..................................................................... $ 9,600
Raw materials inventory, December 31, 2013 ............................................ $ 11,000
Raw materials inventory, December 31, 2014 ............................................$ 6,500
Work in process inventory, December 31, 2013 ........................................ 0
Requirements
1. Calculate the Cost of Goods Manufactured for Floral Manufacturing for the year ended December 31, 2014.
2. Prepare an income statement for Floral Manufacturing for the year ended December 31, 2014.
3. How does the format of the income statement for Floral Manufacturing differ from the income statement of Penny’s
Posies?
Part Three: Show the ending inventories that would appear on these balance sheets:
1. Penny’s Posies at December 31, 2013
2. Floral Manufacturing at December 31, 2014
Answer:
Part 1 Penny Henderson
Income Statement
For the year ended December 31, 2013
Sales $53,000
Less: Cost of goods sold
Beginning Inventory 12,700
Add: Purchases 37,000
Total Goods available for sale 49,700
Less: Inventory, end 9,600
Cost of goods sold $40,100
Gross profit $12,900
Less: Operating expenses
Utilities expense 1,400
Rent expense 4,600
Sales commission 4 ,900
Total operating expense $10,900
Net Income $2,000
Part 2
1. $77,350
2. Floral Manufacturing
Income Statement
For the year ended December 31, 2014
Sales $109,000
Less: Cost of goods sold
Raw materials, beginning 11,000
Add:Purchases 34,000
Raw materials available 45,000
Less: Raw material, end 6,500
Cost of raw material used 38,500
Add: Direct labor 20,000
Prime Cost 58,500
Add: Factory overhead 22,350
Manufacturing cost 80,850
Add: Work in process, beginning -
Less: Work in process, Ending 3,500
Cost of Goods Manufactured 77,350
Add: Finished goods, beginning -
Cost of goods available for sale 77,350
Less: Finished goods, ending 4,000
Cost of goods sold 73,350
Gross profit $35,650
Less: Operating expenses
Customer service hotline 1,700
Net Income $33,950
3. The difference between the 2013 and 2014 income statement is the composition of their cost of goods sold. In 2013, there is no cost of goods manufactured, raw materials and work in process account like 2014.
Part 3
1. Ending inventory of $9,600
2. Ending inventory of $14,000
Explanation:
Part 2
1. Floral Manufacturing
Statement of Cost of Goods Manufactured
For the year ended December 31, 2014
Raw materials, beginning 11,000
Add:Purchases 34,000
Raw materials available 45,000
Less: Raw material, end 6,500
Cost of raw material used 38,500
Add: Direct labor 20,000
Prime Cost 58,500
Add: Factory overhead 22,350
Manufacturing cost 80,850
Add: Work in process, beginning -
Less: Work in process, Ending 3,500
Cost of Goods Manufactured 77,350
3. The difference in the 2013 and 2014 preparation came from the balances of working in process and raw materials in the 2014 production wherein 2013 on the hand don't have it.
Part 3.
1. 2013 ending inventory consists of the goods not yet sold at the end of the year.
2. 2014 ending inventory consists of raw materials ending balance of $6,500 plus the work in process ending balance of $3,500 and the finished goods ending balance of $4,000.
In text analysis, what is a lexicon? a. A catalog of customers, products, words, and phrase b. A catalog of customers, their words, and phrase c. A catalog of letters, words, phrases and sentences d. A catalog of words, their synonyms, and their meanings
Answer:C
Explanation:
A lexicon in text analysis is a catalog of words, their synonyms, and their meanings. It serves as a tool for understanding and analyzing language, identifying semantics and context of words used in a text.
Explanation:In text analysis, a lexicon is essentially a catalog of words, their synonyms, and their meanings. Think of it as a type of language database where each word is linked with its meaning or definitions and possibly its synonyms, antonyms, and other related words. A lexicon serves as a tool for understanding and analyzing language in a text. It helps to identify the semantics and context of words used in the text.
For example, a lexicon for English language literature would contain an extensive list of words used in English literature along with detailed information about each word's usage, meanings, and related words.
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Order winners and qualifiers: A. only apply to quasi-manufacturing firms B. remain constant over time C. are consistent between manufacturing and service organizations D. only matter when responding to formal competitive bid requests E. change over time
Answer:
The correct answer is letter "E": change over time.
Explanation:
Qualifiers are those minimal characteristics a good or service must have so customers could consider purchasing them. Once the customer is interested in a product and decides to choose to purchase it over its competitors, the good becomes an order winner.
Both qualifiers and order winners tend to change over time with changes in the market which leads to changes in consumer preferences and behavior.
Manuel Acala is a marketing analyst, but made only $28,000 last year because he was employed only part of the year. He paid $5,000 in taxes, and spent another $10,000 for food, housing, a car, and other "necessities." Manuel's discretionary income was:
Answer:
$13000
Explanation:
There are two types of incomes; disposable income that is the income after paying income tax, and discretionary income that is the income after paying income taxes and necessities. Overall, the Manuel Acala made $28000; he paid $5000 in taxes.
Disposable income= $28000-$5000 = $23000
He spent $10000 on food
Discretionary income = $23000-$10000= $13000
A yacht offered for sale is currently assessed at $350K but asked for $450K. The purchaser of the yacht believes that the yacht is worth $375K, but ultimately purchases the yacht for $400K.
The purchaser records the yacht at:
a. $45K
b. $450K
c. $400K
d. $350K
e. $375K
Answer:
c. $400K
Explanation:
Given that
Offered price for sale = $350K
Asked price = $450K
Worth of the yacht determined by the purchaser = $375K
The Purchase value of yacht = $400K
By considering the historical cost principle, the yacht should be recorded at the purchase price or acquired price or original price i.e $400K in the purchase records so that the reliability of the books could be maintained
The following selected information pertains to Wilson Company. Current liabilities: $100; long-term liabilities: $150; contributed capital: $120; retained earnings: $50; accumulated other comprehensive income: $20. The company's debt to equity ratio
Answer:
The company's debt to equity ratio is 1.32
Explanation:
Wilson Company has following
Total Debt = Current liabilities + long-term liabilities
Total Debt = 100 + 150 = $250
Total Capital = Contributed capital + Retained earnings + Accumulated other comprehensive income
Total Capital = 120 + 50 + 20 = 190
Debt to equity Ratio = Total Debt / Shareholders Equity
Debt to equity Ratio = 250 / 190
Debt to equity Ratio = 25 / 19
Debt to equity Ratio = 1.32
Final answer:
The calculation of the debt to equity ratio for Wilson Company is 1.32, meaning that for every dollar of equity the company has $1.32 in debt.
Explanation:
The question asks to calculate the debt to equity ratio for Wilson Company based on the provided financial data. To compute the debt to equity ratio, we sum the company's current and long-term liabilities and then divide that sum by the total equity. In this case, the equity is the sum of contributed capital, retained earnings, and accumulated other comprehensive income.
The calculation would be as follows:
(Current Liabilities + Long-term Liabilities) / (Contributed Capital + Retained Earnings + Accumulated Other Comprehensive Income)
($100 + $150) / ($120 + $50 + $20) = $250 / $190 = 1.32 approximately.
Therefore, the debt to equity ratio for Wilson Company is 1.32. This means that for every dollar of equity, the company has $1.32 in debt.
Please identify the appropriate term for the following scenarios. Ivan, a Russian fishermen, needs a permit so that he can participate in commercial ice fishing for yellow perch and legally sell the perch he catches. Ivan's permit Garet is an undergraduate student who has to work at McDonald's part-time to help pay his tuition loans. Always looking on the bright side of things, he is thankful that he cannot make less than what he is earning, $ 7.25 /hour. Garet's wage D'Artagnan, a poor French noblemen, discovers
Complete Question:
Please identify the appropriate term for the following scenarios.
Ivan, a Russian fishermen, needs a permit so that he can participate in commercial ice fishing for yellow perch and legally sell the perch he catches.
Ivan's permit Garet is an undergraduate student who has to work at McDonald's part-time to help pay his tuition loans. Always looking on the bright side of things, he is thankful that he cannot make less than what he is earning, $ 7.25 /hour.
Garet's wage D'Artagnan, a poor French noblemen, discovers a large cache of truffles in his backyard. However, the government caps the sale of truffles a $100 a pound, which frustrates D'Artagnan as he knows they are worth more than that.
Answer:
1. Ivan, a Russian fishermen, needs a permit so that he can participate in commercial ice fishing for yellow perch and legally sell the perch he catches - LICENSE
2. Ivan's permit Garet is an undergraduate student who has to work at McDonald's part-time to help pay his tuition loans. Always looking on the bright side of things, he is thankful that he cannot make less than what he is earning, $ 7.25 /hour - PRICE FLOOR
3. Garet's wage D'Artagnan, a poor French noblemen, discovers a large cache of truffles in his backyard. However, the government caps the sale of truffles a $100 a pound, which frustrates D'Artagnan as he knows they are worth more than that - PRICE CEILING
The appropriate term for the scenarios is permits. Permits are legal documents that grant individuals or organizations the right to engage in certain activities, such as fishing, emitting pollution, or preserving salmon, in accordance with specific regulations and limits.
Explanation:The appropriate term for the scenario described is permits. Permits are legal documents that grant individuals or organizations the right to engage in certain activities, such as fishing, emitting pollution, or preserving salmon, in accordance with specific regulations and limits. In the given examples, Ivan needs a permit for commercial ice fishing, a city sells permits to firms for pollution emission, and the federal government pays fishermen to preserve salmon. Permits are often used to regulate and manage various activities to ensure sustainability, resource conservation, and fair competition.
A comparable property price is adjusted to $315,500 from the original selling price of $345,000. What percentage is the adjusted price compared to the original selling price?
Answer:
91.45%
Explanation:
The percentage of the adjusted price compared to the original selling price is determined by dividing the adjusted price by the original price. Since the original price was $345,000 and the adjusted price is $315,500:
[tex]P=\frac{315,500}{345,000}=0.9145 =91.45\%[/tex]
The adjusted price is 91.45% of the original selling price
Shane starts a new business this year and incorporates the business entity as SNB, Inc (taxed as a C corporation). Unfortunately, SNB, Inc. has a slower than expected start and loses $6,800. Assuming a 40% income tax rate, how much income tax will SNB, Inc. pay this year?
Answer:
no tax this year
Explanation:
given data
Shane loses = $6,800
income tax rate = 40%
to find out
how much income tax pay this year
solution
we know that here Shane business as SNB, Inc started slower than expected
and we notice he have loss of $6,800
so that it will pay no tax this year because his business generate a loss
so it is probably can be carry forward loss to future year to offset income
so no tax this year
Santa Fe Company was started on January 1, Year 1, when it acquired $9,800 cash by issuing common stock. During Year 1, the company earned cash revenues of $6,200, paid cash expenses of $3,650, and paid a cash dividend of $1,200. Based on this information, which is true?
a) The 2016 statement of cash flows would show net cash inflow from operating activities of $2,450.
b) The 2016 income statement would show net income of $1,300.
c) The 2016 statement of cash flows would show a net cash flow from financing activities of $9,700.
d) The December 31, 2016 balance sheet would show total equity of $15,750.
Answer:
The 2016 statement of cash flows would show net cash flow from financing activities if $8,600.
Explanation:
The operating activities cash flows is determined by Revenue - Cash expenses.
Operating activities = $6200 - $3650 = 2550.
The dividend paid by the company is considered as Financing activity. The financing activity will include common stock minus dividend paid. Net cash flows from Financing activity = $9800 - $1200 = $8600.
Derek will deposit $3,382.00 per year for 12.00 years into an account that earns 15.00%, The first deposit is made next year. He has $12,548.00 in his account today. How much will be in the account 37.00 years from today?
Answer:
Total sum in the account= $5,438,822.55
Explanation:
Future Value of a single sum
The amount of $12,548 already in the account will earn interest for 37 years at the same rate of 15% compounded yearly. The amount this will accrue to is called the Future value of a lump sum. This can be worked as thus:
FV = PV × (1+r)^(n)
FV = 12,548 × (1.15)^(37)
= $12,548 × 176.124
= $2,210,011.85
Future Value of an annuity
The series of $3,382 to be invested per year to earn an interest of 12% per year for 12 years is called the annuity. The worth of this investment at the end of the 12th year is called the Future value of annuity. It can worked as out as follows:
FV = A ×((1+r)^n - 1)/r
= 3,382 ×( (1.15)^(12) - 1)/0.15)
= 3,382 × 29.0016
= $98,083.64
From the 12th year to 37th year is another 25 years. So the $98,083.64 would be treated as another lump sum invested. So we work out its future value as follows:
FV = 98,083.64 × (1.15)^(25)
= 98,083.64 × 32.9189
=$ 3,228,810.70
Total sum in the account at the end of the 37th year :
= $2,210,011.85 + $ 3,228,810.70
= $5,438,822.55
Landon Corporation was organized on January 2, 2014, with the investment of $120,000 by each of its two stockholders. Net income for its first year of business was $96,560. Net income increased during 2015 to $140,980 and to $164,950 during 2016. Landon paid $23,000 in dividends to each of the two stockholders in each of the three years.
Required:
Prepare a statement of retained earnings for the year ended December 31,2016
Answer:
Landon Corporation
Statement of retained earnings
for the year ended December 31,2016
$
Retained Earning on January 1,2016 = 145,540
Add : Net Income / Less Net loss = 164,950
Less: Dividend = 46,000
Retained earning at December 31,2016 = 264,490
Working:
Retained Earning on January 1,2014 = $0
Add : Net Income / Less Net loss = $96,560
Less Dividend = $46,000
Retained earning at December 31,2014 = $50,560
Retained Earning on January 1,2015 = $50,560
Add : Net Income / Less Net loss = $140,980
Less Dividend = $46,000
Retained earning at December 31,2015 = $145,540
To prepare the statement of retained earnings for Landon Corporation for the year ended December 31, 2016, start with the beginning balance of retained earnings, add the net income for the year, and subtract the dividends paid out.
The statement of retained earnings shows the changes in the retained earnings account over a specified period of time. To prepare the statement of retained earnings for Landon Corporation for the year ended December 31, 2016, we need to start with the beginning balance of retained earnings.
In this case, the beginning balance would be $120,000 + $96,560 - $23,000 - $23,000 - $23,000. Then, we add the net income for 2016, which is $164,950. Finally, we subtract the dividends paid out in 2016, which is $23,000 + $23,000.
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"Consider the market for the Nissan Xterra. Suppose the price of metal, which is an input in automobile production, decreases. When the price of an input changes, this results in a __________ the supply curve
Answer:
Rightward Shift in
Explanation:
Price of inputs is one of the factors affecting the supply.
When price of inputs decrease, the production of that good increases as a consequence, thereby increasing the supply, despite price of the good remaining same.
A shift in a supply curve occurs when factors other than price change. For instance, tastes and preferences, price of complementary goods, income of the consumer, price of inputs, etc.
In the given case, price of metal relates to a factor other than price i.e price of an input. When price of input reduces, it results into a rightward shift in the supply curve. Also referred to as an "increase in supply".
Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $ 8 to $ 15 , and he decides to stop eating generic chips and instead eats a name-brand potato chip. Use the midpoint method to calculate Blake's income elasticity of demand for generic potato chips. Round your answer to two decimal places.\
Answer:
-3.28
Explanation:
The question is to calculate Blake's income elasticity of demand for generic potato chips
The formula for this is as follows
[tex]\frac{Q2-Q1}{Q2+Q1/2}[/tex] ÷ [tex]\frac{M2-M1}{M2+M1}/2[/tex]
For this equation; Q2 will be the final demand while Q1 represents the initial demand. Also , M2 represents the final outcome and M1 is the initial income
First, since Blake decides to stop generic chips completely, it means his demand for generic chips has reduced. The demand function therefore becomes:
Q2-Q1= 0-2=-2
Also, since his income has increased for $8 to $15 which is $7 (M2-M1) increase, the following can be said
His average demand of chips = Q2-Q1/2= 0+2/2=1
His average income, M2-M1/2 8+15/2= $11.5
The Income elasticity of demand for Blake
= -2/1 ÷ 7/11.5
= -3.28
Sue and Kevin Kellman signed a contract for the construction of a cabin near Pinetop. In building the $562,000 cabin, the builder discovered that it had to put the vent for the heating system in the area where the hall closet is located. The result was that the Kellman’s had a half-closet there instead of a full-length closet that was open to the floor. The Kellmans: a. can be compensated under the doctrine of force majeure. b. can be compensated under the doctrine of substantial performance. c. need not pay for the cabin because of this material breach. d. can be compensated under the doctrine of commercial impracticability.
Answer:
The correct answer is letter "B": can be compensated under the doctrine of substantial performance.
Explanation:
Substantial performance is a concept in law by which and an individual who signed a contract can sue the counterparty because part of the contract was not fully respected but the incomplete portion is so minimal or irrelevant that it could not be considered as a breach of the contract.
Thus, the Kellman's can sue the cabin house builder for not constructing a full-length hall closet and could be compensated for that change.
For all of the following questions, refer to the following table, which gives financial information for Apple for fiscal year 2002 (in millions): Sales $5,742 Cash (includes marketable securities) $4,337 Cost of Sales 4,139 Accounts Receivable 565 Gross Profit 1,604 Current Assets 5,388 Net Income 65 Total Assets 6,298 Operating Cash Flow 89 Current Liabilities 1,658 Total Liabilities 2,203 Sales (fiscal year 2001) 5,363 Total Equity 4,095 Net Income (fiscal year 2001) -25 Total Assets (fiscal year 2001) 6,021 Accounts Receivalbe (fiscal year 2001) 466 In Apple's 2002 common-size income statement, gross profit is equal to: a. 27.9% b. 100.0% c. 24.7x d. 4.1%
Answer:
a. 27.9%
Explanation:
The formula and the computation of the gross profit are shown below:
Gross profit = (Gross profit) ÷ (Sales) × 100
where,
Gross profit = $1,604
And, the sales revenue is $5,742
So, the gross profit is
= ($1,604) ÷ ($5,742) × 100
= 27.9%
By dividing the gross profit by the sales we can get the gross profit
The December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected. This account has not been written off. (1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020?
Answer:
There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.
Explanation:
The allowance account is the account used to record receivables due that may not be collectible.
When a company has determined that a receivable may be uncollectible, the company credits the allowance for receivables account and debits bad debit expense. This reduces the accounts receivable balance in the balance sheet as the receivables to be reported will be net the allowance given. As such, where on December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected.
There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.
In January 2017, Expo Mining Company paid $4,400,000 to buy a new mine. Expo estimates it will be able to remove 4,000,000 tons of ore from the mine. It also estimates that the property will be worth $300,000 after the ore has been extracted. Expo incurred a total of $900,000 in development costs when preparing the mine for production. In the mine’s first year of operation (2017), Expo removed 500,000 tons of ore and was able to sell 475,000 tons. Given this information, Expo should record total 2017 depletion cost of A : $593,750 B : $662,500 C : $625,000 D : $629,375
Answer:
correct option is C : $625,000
Explanation:
given data
paid = $4,400,000
total explore = 4,000,000 tons
salvage = $300,000
incurred a total = $900,000
explore = 500,000 tons
sell = 475,000 tons
solution
we get here cost incurred for asset use is capitalized is
so depletion expose is
depletion expose = [tex]\frac{cost-salvage}{total\ tons\ explored}[/tex] × explored .................1
put here value we get
depletion expose = [tex]\frac{4400000+900000-300000}{4000000}[/tex] × 500000
depletion expose = $625000
so correct option is C : $625,000
Expo should record a total 2017 depletion cost of $593,750.
Explanation:To calculate the depletion cost, we first need to determine the depletion rate per ton of ore. The depletion rate is the cost of the mine divided by the estimated tons of ore. In this case, the depletion rate is $4,400,000 / 4,000,000 tons = $1.10 per ton.
Next, we calculate the depletion cost for the ore that was removed and sold in 2017. Since 475,000 tons were sold at a depletion rate of $1.10 per ton, the depletion cost for the sold ore is 475,000 tons x $1.10/ton = $522,500.
Therefore, the total 2017 depletion cost is $522,500. Therefore, the correct answer is A: $593,750.
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A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?
Answer:
The correct answer is $240,000.
Explanation:
According to the scenario, given data are as follows:
Beginning inventory at cost = $70,000
Beginning inventory at retail = $100,000
Net purchases at cost = $270,000
Net purchases at retail = $360,000
Total sales = $320,000
According to the LIFO method.
Particulars Cost Retail Cost/Retail Ratio
Beginning inventory $70,000 $100,000 70%
Net purchases $270,000 $360,000 75%
Total Inventory $340,000 $460,000
Total sales $320,000
Ending inventory ( Estimated )
($360,000-$320,000)× 75% $30,000
$70,000 × 70% $70,000
Ending inventory at cost $100,000
Estimated cost of goods sold $240,000.
Hence the correct answer is $240,000.
Coronado Shoes Fool Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attorneys estimated that there is a 40% chance of losing. If this is the case, their attorney estimated that the amount of any payment would be $800,000. What is the required journal entry as a result of this litigation? a. Debit Litigation Expense for $800,000 and credit Litigation liability for $800,000. b. No journal entry is required. c. Debit Litigation Expense for $320,000 and credit Litigation Liability for $320,000. d. Debit Litigation Expense for $480,000 and credit Litigation Liability for $480,000.
Answer:
b. No journal entry is required
Explanation:
Given that
Estimated percentage of losing = 40%
Estimated amount = $800,000
By considering the above information, we concluded that
As in the case of the litigation, there is no journal entry is recorded as the possibility of the event is not certain with respect to the entity's economic resources.
Therefore in the given case, the correct option is b.
A trader buys two July futures contracts on orange juice. Each contract is for the delivery of 15,000 pounds. The current futures price is 160 cents per pound, the initial margin is $6,000 per contract, and the maintenance margin is $4,500 per contract. What price change would lead to a margin call?Under what circumstance can $2000 be withdrawn from the account?
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Final answer:
A margin call would occur if the futures price decreases by 10 cents per pound. The trader is able to withdraw $2,000 from the account when the account balance exceeds the initial margin requirements by that amount.
Explanation:
A trader buys two July futures contracts on orange juice with each contract being for the delivery of 15,000 pounds. The current futures price is 160 cents per pound, with an initial margin of $6,000 and a maintenance margin of $4,500 per contract.
A margin call occurs when the account balance falls below the maintenance margin. Since the initial margin is $6,000 and the maintenance margin is $4,500, this represents a $1,500 cushion per contract for the price to move against the trader before a margin call is issued. So, for two contracts, the trader has a total cushion of $3,000 ($1,500 x 2). Therefore, to trigger a margin call, the total value of the contracts must decline by $3,000.
Since each contract is for 15,000 pounds, and there are two contracts, the total weight covered is 30,000 pounds. To find the price change per pound that would lead to a margin call, divide the total cushion by the total pounds: $3,000 cushion / 30,000 pounds = $0.10 per pound. Thus, a decrease of 10 cents per pound in the futures price would trigger a margin call.
$2,000 can be withdrawn from the account when the account balance exceeds the initial margin requirements by at least $2,000. This would happen if the futures price moves in favor of the trader, increasing the value of the positions.
Joe's starting salary as a mechanical engineer is around $100 comma 000. Joe is planning to place a total of 13% of his salary each year in the mutual fund. Joe expects a 5% salary increase each year for the next 25 years of employment. If the mutual fund will average 11% annual return over the course of his career, what can Joe expect at retirement?
Answer:
$ 2,209,797.96
Explanation:
Given:
Salary = $100,000
Salary investment rate = 13%
Salary increase rate(g) = 5%
number of year = 25
Annual rate of return(i) = 11%
Calculation:
Salary invested = $100,000*13% = $13,000
calculation of present worth
[tex]P=A[\frac{1-(1+g)^n(1+i)^{-n}}{i-g}] \\P=13000[\frac{1-(1+0.05)^{25}(1+0.11)^{-25}}{0.11-0.05}] \\P=13000[\frac{1-(1.05)^{25}(1.11)^{-25}}{0.06}] \\P=13000[\frac{1-(3.386354)(0.073608086)}{0.06}]\\\\P=13000[\frac{1-0.249263}{0.06}]\\\\ P=13000[12.5122827]\\\\\\P= 162,659.675[/tex]
[tex]Future worth = P(1+i)^n\\ = 162,659.675(1+0.11)^{25}\\ = 2,209,797.96[/tex]
Economists tend to see ticket scalping asA. an unproductive activity which should be made illegal everywhere.B. a way for a few to profit without producing anything of value.C. a way of increasing the efficiency of ticket distribution.D. an inequitable interference in the orderly process of ticket distribution.
Answer:
C. A way of increasing the efficiency of ticket distributionExplanation:
Ticket Scalpers are the ticket speculators who buy the tickets to a sport or performance event and resells them at higher prices. Lassiez-faire economists consider it to be a good thing. the correct value of the ticker is decided by the market but the Scalpers are flexible in pricing than the venue, they may also bear a loss while still guaranteeing the full value that venue gets. But the problem with the scalping is the at the value goes to the agents instead of the venue that is providing the product.
Economists often view ticket scalping as a way of increasing the efficiency of ticket distribution according to the principle of economic efficiency. However, this perspective doesn't consider factors like equity, and possible unwanted outcomes of markets.
Explanation:Economists tend to view ticket scalping as a means of increasing the efficiency of ticket distribution. This perception is based on the workings of the demand and supply diagram, which underscores the principle of economic efficiency. This principle maintains that a situation is efficient if it is not possible to improve the circumstances of one individual or party without imposing a cost on another.
In that light, ticket scalping, which allows for the redistribution of tickets at different prices, could potentially lead to a more efficient distribution, where tickets end up with those consumers who value them most and are willing to pay for that value.
However, it's worth noting that this perspective does not take into account factors such as equity or fairness, nor does it account for situations where markets may produce unwanted outcomes, such as when they lead to severe income inequality.
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Assuming that data mining techniques are to be used in the following cases, identify whether the task required is supervised or unsupervised learning. a. Deciding whether to issue a loan to an applicant based on demographic and financial data (with reference to a database of similar data on prior customers). b. In an online bookstore, making recommendations to customers concerning additional items to buy based on the buying patterns in prior transactions. c. Identifying a network data packet as dangerous (virus, hacker attack) based on comparison to other packets whose threat status is known. d. Identifying segments of similar customers. e. Predicting whether a company will go bankrupt based on comparing its financial data to those of similar bankrupt and nonbankrupt firms. f. Estimating the repair time required for an aircraft based on a trouble ticket. g. Automated sorting of mail by zip code scanning. h. Printing of custom discount coupons at the conclusion of a grocery store checkout based on what you just bought and what others have bought previously
Answer:
Explanation:
A Supervised learning allows you to collect data or produce a data output from the previous experience while an unsupervised learning you do not need to supervise the model.
A. Deciding whether to issue a loan to an applicant based on demographic and financial data (with reference to a database of similar data on prior customers). - Supervised learning
B. In an online bookstore, making recommendations to customers concerning additional items to buy based on the buying patterns in prior transactions. - Unsupervised learning
c. Identifying a network data packet as dangerous (virus, hacker attack) based on comparison to other packets whose threat status is known - Supervised learning
d. Identifying segments of similar customers. - Unsupervised learning
e. Predicting whether a company will go bankrupt based on comparing its financial data to those of similar bankrupt and nonbankrupt firms. - Supervised learning
f. Estimating the repair time required for an aircraft based on a trouble ticket. - supervised learning
g. Automated sorting of mail by zip code scanning. - Supervised learning
H. Printing of custom discount coupons at the conclusion of a grocery store checkout based on what you just bought and what others have bought previously - Unsupervised learning
The described data mining tasks are examples of either supervised or unsupervised learning. Supervised learning includes predicting loan issuance, identifying dangerous data packets, predicting bankruptcy, and estimating aircraft repair time. Unsupervised learning includes creating shopping recommendations, identifying customer segments, sorting mail by zip code, and printing custom discount coupons.
Explanation:In the field of data mining, the tasks referred to in the scenarios given can either be supervised or unsupervised learning:
Supervised learning is when the model is provided with a training set, clear inputs and outputs from past data and it's meant to predict future outputs.https://brainly.com/question/33467641
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