In this question, the examples are not included. Therefore, we cannot classify them. However, we can still define what folkways and mores are, which will allow you to classify them yourself.
Informal norms (those that are not written laws) are guided by values that are agreed upon by a particular community. These informal norms are further divided into folkways and mores. Folkways are rules that are not particularly offensive to violate, but that are still expected to be respected. On the other hand, while mores are also informal rules, their violation can lead to severe punishments. It can also lead to social sanction or social exclusion.
Cultural norms in societies are divided into folkways and mores, with values underpinning these norms. Folkways govern everyday behavior and do not result in severe punishment if breached, whereas mores dictate moral behavior, violating which can lead to significant consequences. Values are abstract beliefs that motivate and justify these norms.
Explanation:Understanding cultural norms is crucial in analyzing how societies function. Norms are the backbone of societal behavior, dictating how individuals are expected to act in various situations. They are broadly categorized into folkways and mores, both of which play significant roles in maintaining social order. Folkways represent the everyday, habitual behaviors and practices such as manners, dressing customs, and dining etiquette. These are social expectations that, when not followed, might cause mild social discomfort but do not attract serious consequences. On the other hand, mores are deeply ingrained ethical or moral standards that dictate right from wrong in a society. Violating mores often results in severe social sanction or legal penalties, as these norms are considered pivotal to societal well-being and order.
Values, while related, are more abstract and foundational beliefs about what is deemed good or desirable in a society, such as freedom or equality. They provide the overarching reasons why certain norms, including folkways and mores, are upheld. For instance, the value of respect for life underpins mores against murder.
To illustrate: Wearing dark clothing to a funeral is a folkway—it reflects societal expectations for expressing grief and respect, originating from the value of showing solidarity and support for the bereaved. On the other hand, laws against homicide are rooted in mores, stemming from the fundamental value that human life is sacred.
Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $6,100. On September 9, the customer unexpectedly pays the $6,100 balance. Record the cash collection on September 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Record the cash collection on September 9
Bank $6,100 (debit)
Bad Debt $6,100 (credit)
Explanation:
When Barnes writes off a customer account on May 7
Bad Debts $6,100 (debit)
Account Receivable $6,100 (credit)
When the customer unexpectedly pays the $6,100 balance on September 9
Bank $6,100 (debit)
Bad Debt $6,100 (credit)
Recognise the Assets of Cash Flowing in the entity and De-recognise the Bad Debts expense account.
The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be collected more than 60 days beyond year-end) as revenue in the current year would include:
a. A credit to Revenues Control.
b. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.
c A debit to Deferred Inflows: Property Taxes.
d. A debit to Revenues Control.
Answer:
b. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.
Explanation:
In accrual accounting revenues and expenses are not recognised till they are earned or incurred.
Deferred revenue is the income for goods that have not been delivered yet. For example if a business made sales of books worth $500 but have not delivered the goods to the buyer, the income realised is credited to deferred income. When the books have been delivered the income can now be recognised and moved to revenue account.
So in the scenario given the property taxes have not been collected yet and Soni's recorded as Deferred inflow from the previous year. When the taxes are collected we debit Deferred Inflow- Property taxes and credit Revenue Control.
Evans Products uses a process costing system with two processing departments: the Mixing Department and the Finishing Department. In June, unit costs incurred by the Mixing Department amounted to $4.00 per unit. Unit costs transferred to the finished goods warehouse during the month amounted to $22. Work-in-process inventories are reduced to zero each month. The transfer of 35,000 units to the Finishing Department in June required:
a. A debit to Finished Goods Inventory of $770,000.
b. A credit to Work-in-Process Inventory, Mixing Department of $770,000.
c. A credit to Work-in-Process Inventory, Finishing Department of $140,000.
d. A debit to Work-in-Process Inventory, Finishing Department of $140,000.
Answer:
d. A debit to Work-in-Process Inventory, Finishing Department of $140,000.
Explanation:
Cost of unit transferred = $4 x 35,000 = $140,000
Cost incurred by mixing department is $4 which so the transfer of cost from mixing department to finishing department will be $140,000 for 35000 units. This cost will be recorded in the work in process inventory account of finishing department. As we know that WIP account has debit nature so same entry will be done to record an expense incurred in mixing department.
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,700. They have made prepayments of $1,500 and also have a child tax credit of $2,000, of which $1,400 is refundable.What is the amount of their tax refund or taxes due?
Answer:
-$1,800
Explanation:
Given that
Tax liability = $1,700
Prepayment made = $1,500
Child tax credit = $2,000
The computation of tax refund is given below:-
= Tax liability - (Prepayment made + Child tax credit)
= $1,700 - ($1,500 + $2,000)
= $1700 - $3500
= -$1,800
Therefore, from the above calculation simply we subtract tax liability from prepayment and child tax credit.
year 2012. On February 2, 2012, the company issued an additional 30 million shares to the market at a price of $50, while the market price per share was $50. "The resulting price per share after new issuance will be":
Price per share after new issuance will be $50
Explanation:
Given data:
The number of shares that are additionally issued by the company= 30 million, price at which the shares are issued by the company = $50, market price of shares = $50
Resulting price per share after the issuance will be:
[tex]$=(158 \text { million } * \$ 50+30 \text { million } * \$ 50) /(158 \text { million }+30 \text { million })$[/tex]
After solving the above equation, we get,
= $50
Therefore, the resulting price per share after the new issuance will be $50
Consider a country with only three producers, x, y and z. Who produce ink, pen and paper. Y uses ink output of x in its production of pens. X produces 1,111 liters of ink monthly, Y produces 52,078 pens monthly, and Z produces 11 metric tons of paper monthly. X sells all of the ink it produces to Y at a market price of $386 per liter. Y sells 43,219 pens at a price of $0.79 per pen and stores the rest as inventory. Z sells all of its paper at the market price of $822 per metric ton. So the annual market value of productionin this economy is ?
The annual market value of production in this economy is approximately $5,748,828.26, considering the sales of ink, pens, and paper.
To calculate the annual market value of production in this economy, we'll break down the production and sales of each producer (X, Y, and Z) and then determine the total annual value.
1. Producer X (Ink):
- Monthly production: 1,111 liters
- Annual production: 1,111 liters x 12 months = 13,332 liters
- Selling price: $386 per liter
- Annual revenue: 13,332 liters x $386 per liter = $5,147,752
2. Producer Y (Pens):
- Monthly production: 52,078 pens
- Annual production: 52,078 pens x 12 months = 625,536 pens
- Selling price: $0.79 per pen
- Annual revenue from sales: 43,219 pens x $0.79 per pen = $34,224.01
- Annual revenue from stored inventory: (625,536 pens - 43,219 pens) x $0.79 per pen = $458,348.25
- Total annual revenue: $34,224.01 + $458,348.25 = $492,572.26
3. Producer Z (Paper):
- Monthly production: 11 metric tons
- Annual production: 11 metric tons x 12 months = 132 metric tons
- Selling price: $822 per metric ton
- Annual revenue: 132 metric tons x $822 per metric ton = $108,504
Now, let's calculate the total annual market value of production:
Total Annual Market Value = Annual revenue of X + Annual revenue of Y + Annual revenue of Z
Total Annual Market Value = $5,147,752 + $492,572.26 + $108,504 = $5,748,828.26
So, the annual market value of production in this economy is approximately $5,748,828.26.
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Cory incurred and paid the following expenses in 2019: Tax return preparation fee $ 600 Moving expenses 2,000 Investment expenses 500 Expenses associated with rental property 1,500 Interest expense associated with loan to finance tax-exempt bonds 400 Calculate the amount that Cory can deduct (before any percentage limitations).
Answer:
$4,600
Explanation:
Given that,
Tax return preparation fee = $600
Moving expenses = $2,000
Investment expenses = $500
Expenses associated with rental property = $1,500
Interest expense associated with loan to finance tax-exempt bonds = $400
Total amount that Cory can deduct:
= Tax return preparation fee + Moving expenses + Investment Expenses + Expenses Associated with rental Property
= $600 + $2,000 + $500 + $1,500
= $4,600
The government might levy an excise tax on a product if it wants to collect _________- from the purchase of that particular good or service. The government would prefer to tax goods with a __________ demand. The government might also tax a product to incentivize consumers to _________-. If taxes are too high on a certain good or service, many consumers will ________- that good.
Answer: Tax revenue,highly inelastic,modify,stop buying
Explanation:
The government might levy an excise tax on a product if it wants to collect tax revenue from the purchase of that particular good or service. The government would prefer to tax goods with a highly inelastic demand. The government might also tax a product to incentivize consumers to modify their behavior. If taxes are too high on a certain good or service, many consumers will stop buying that good.
Final answer:
The government uses excise taxes to generate revenue from goods with inelastic demand and to discourage consumption of certain products. If the tax is too high, consumers might stop buying the taxed goods, especially if their demand is elastic. Examples of such taxed goods include gasoline, cigarettes, and alcohol.
Explanation:
The government might levy an excise tax on a product if it wants to collect revenue from the purchase of that particular good or service. The government would prefer to tax goods with a inelastic demand, meaning the demand for the product does not change significantly with an increase in price. Governments might also tax a product to incentivize consumers to reduce consumption of harmful or less desirable goods. If taxes are too high on a certain good or service, many consumers will avoid purchasing that good, especially if the demand for the product is elastic.
Examples of goods that are commonly taxed include gasoline, cigarettes, and alcohol. These are often referred to as 'sin taxes.' Taxes on these goods help to generate revenue because their inelastic demand ensures continued purchase despite the increased cost. Still, the primary purpose may also be to discourage their use due to the negative impacts they have on health and the environment.
Moreover, an excise tax introduces a difference between the price paid by consumers and the price received by sellers. This is known as the tax incidence, which can fall more heavily on either the consumer or the seller, depending on the relative elasticities of demand and supply for the taxed good. Goods with inelastic demand see consumers bearing a larger share of the tax burden.
You recently conducted a series of interviews for an accounting position at your law firm. You’ve decided on a candidate but need to inform the other applicants that they were not selected for the position.How can you reduce the rejected applicants’ disappointment? Check all that apply.A. Reveal specific reasons for not hiring the applicant.B. Compare the applicant to the candidate hired for the position.C. Use vague explanations.D. Use an indirect pattern.
Final answer:
In rejecting job applicants, provide specific constructive feedback and use an indirect pattern of communication, while avoiding vague explanations and direct comparisons with the hired candidate.
Explanation:
When informing rejected applicants that they were not selected for the accounting position, it is important to be professional and empathetic. Offering specific reasons for not selecting the applicant, without making direct comparisons to the candidate who was hired, can provide closure and opportunities for personal development. Using an indirect pattern of communication can be less harsh, soften the rejection, and maintain a positive image of your law firm. Avoid using vague explanations, as they do not contribute to the candidate’s understanding of the decision and can be frustrating.
Positive feedback and an invitation to apply for future openings can also help mitigate disappointment and preserve a good relationship with potential future employees.
Consider the GDP price index and the CPI, and then choose the correct answer. A. The GDP price index weights each item using information from past expenditure surveys. B. The GDP price index is not an alternative to the CPI as a measure of the cost of living. C. If nominal GDP rises but real GDP remains unchanged, it must be that production has increased. D. The CPI and the GDP price index give us the same value.
Answer:
C. If nominal GDP rises but real GDP remains unchanged, it must be that production has increased.
Explanation:
The CPI and the GDP price index and implicit price deflator are alternative measures of inflation in the U.S. economy. The choice of which one to use in a given scenario likely depends on the set of goods and services in which one is interested as a measure of price change. The CPI measures price change from the perspective of an urban consumer and thus pertains to goods and services purchased out of pocket by urban consumers. The GDP price index and implicit price deflator measure price change from the perspective of domestic production of goods and services and thus pertain to goods and services purchased by consumers, businesses, government, and foreigners, but not importers. In addition, the formulas used to calculate these two measures differ.
Answer:
The correct answer is letter "C": If nominal GDP rises but real GDP remains unchanged, it must be that production has increased.
Explanation:
The Gross Domestic Product (GDP) is a calculation of the overall economic production of a country's goods and services. In general, GDP is measured annually within one year. Real GDP is equal to the economic output adjusted for the effects of inflation. Nominal GDP equals economic output without the inflation adjustment. Nominal GDP is usually higher than real GDP because inflation is typically a positive number.
Thus, nominal GDP can increase without increasing the real GDP.
Superior Printing, Inc. has provided you with its bank statement and Cash T-account for the month of June. The Controller has asked you to prepare the Bank Reconciliation for the month of June.
BANK STATEMENT
Date Checks Deposits Other Balance
June 1 18,500
3 440 18,060
4 1200 16,860
8 500 16,360
10 1200 15,160
13 250 10,000 24,910
20 80 NSF 840 23,990
22 9800 35,000 49,190
26 350 48,840
27 4600 44,240
29 700 17000 60,540
30 920 Serv. Charge 50 59,570
30 600 Interest 30 59,000
Earned
Sheet # 2
Cash
June 1 Bal. 18,500
June 13 deposit 10,000 Check #100 440
June 22 deposit 35,000 Check #101 1200
June 29 deposit 17,000 Check #102 500
June 30 deposit 28,000 Check #103 1200
Check #104 250
Check #105 80
Check #106 9800
Check #107 350 . Check #108 4600
Check #109 770
Check #110 4900
Check #111 700
Check #112 920
Check #113 600
June 30 Bal. 82,190
Bank reconciliation involves comparing a company's cash account balance with the bank statement balance, and then identifying and adjusting for any discrepancies. Discrepancies might include outstanding checks, NSF checks, and bank charges/interest not accounted for in the books.
Explanation:To prepare a bank reconciliation, you should start by comparing the company's cash account balance (found in the company's books) with the bank statement balance. In this case, the cash account balance at the end of June was $82,190, and the bank statement balance was $59,000.
he next steps involve reconciling any discrepancies between these two balances by identifying any items included in one statement but not the other. Here are the differences:
Once these discrepancies are taken into account, the adjusted balances from both the company's cash account and the bank statement should match.
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As a result of moving more decision making from the periphery of the organization toward the center, typically a. the flow of relevant information to the decision maker should be enhanced b. the incentive structure for the decision maker can be eliminated c. the flow of relevant information from the decision maker should be enhanced d. the incentive structure for the decision maker should be strengthened
Answer:
a. the flow of relevant information to the decision maker should be enhanced
Explanation:
Decision making is very crucial in every business institution and organisation.
Results of decisions can help to foster rapid development or hamper the progress of a company.
When moving decision making arm from the periphery to the center, communication should be restrategized. Since the periphery arm is at the fringe, better strategies which will help to avoid road blocks through bureaucracies in an organization must be eliminated. There should be proper flow of important information to decision makers which will help further the interest of an organisation.Wright Company's cash account shows a $28,900 debit balance and its bank statement shows $27,200 on deposit at the close of business on May 31. The May 31 bank statement lists $170 in bank service charges; the company has not yet recorded the cost of these services.
Answer:
$28,390
Explanation:
Bank Reconciliation Statement is a compulsory to pronounce a bank statement/cash book records free from error.
Steps in Preparation of Bank Reconciliation Statement
1. Check for Uncleared Dues
2. Compare the debit and credit sessions
3. Check for missed data
4. Make sure the left-hand side is the same as the right hand Side
See attached for the Bank Reconciliation Statement of the exercise.
The amount of time an activity can be delayed without delaying the early start date of any immediately following activities is known as a _____. a. forward pass b. backward pass c. fast tracking d. free slack
Answer:
Free slack
Explanation:
Free slack can be defined as the amount of time an activity may be delayed without delaying a succeeding activity or a project finish time.
Free slack gives resilience in project management. When leveraged in the right way, project managers can shift activities and resources to meet the project objectives. It is the amount of time an activity can be delayed without impacting other activities or the project end date and changes during the period of the project accomplishment.
Free slack is the amount of time an activity can be delayed without delaying the early start date of any immediately following activities in project management. It allows for flexibility in scheduling and does not affect the overall project completion time.
Explanation:The amount of time an activity can be delayed without delaying the early start date of any immediately following activities is known as free slack. This is a term used in project management and is part of scheduling and control mechanisms. The idea is if an activity has free slack, it can be delayed without affecting the start of the subsequent activities or the project completion time.
For example, if you're working on a project that involves painting a room and the room needs to be clean first, the cleaning can be delayed (assuming it has free slack) without affecting the painting schedule.
In contrast, a forward pass and backward pass are used to determine the earliest and latest an activity can start and end without delaying the project. Fast tracking is a technique used to shorten the project schedule without changing the project scope.
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Of the principles that can be used to derive control requirements and help make implementation decisions, which principle functions as a deterrent control and helps to ensure that people understand they are solely responsible for actions they take while using organization resources?a.awareness principleb.accountability principlec.ethics principled.timeliness principle
Answer:
b.accountability principle
Explanation:
Accountability principle states that a person should be responsible for their actions, products, decisions, and policies in administration and governance.
It is answerability, blameworthiness, liability, and the responsibility to give account of actions within one's jurisdiction. It entails taking ownership of consequences of one's actions.
In internal control accountability acts as a deterrent for noncompliance to laid down procedures, as each person is answerable for his failing in implementing organisation policies.
Boeing's new 787 Dreamliner:
a. is assembled in Washington, D.C.
b. uses engines from Japan
c. has its fuselage sections built in Australia
d. has increased efficiency from new engine technology
e. results from a partnership of about a dozen companie
Answer:
The correct answer is letter "D": has increased efficiency from new engine technology.
Explanation:
American aircraft maker Boeing Commercial Airplanes introduced in 2009 the Boeing 787 under the name of "Dreamliner". The new plane has capacity for around 350 passengers. The Boeing 787 advantage relies on the three engines that move the airplane developed by General Electric and Rolls-Royce. Those engines are fuel-efficient, reducing consumption and having an irrelevant impact on the environment.
A cultural attitude marked by the tendency to regard one's own culture as superior to others is called_____________.
A) ethnocentrism.
B) polycentrism.
C) geocentrism.
D) technocentrism.
E) none of these.
Answer:
A) ethnocentrism.
Explanation:
Ethnocentrism is the term used to describe the belief that one’s own culture to be natural or correct, and therefore superior to all other cultures.
The word ethnos, derived from Greek, means "nation, people, or cultural grouping". Therefore, to be ethnocentric means to be centered towards a particular race or culture, believing it to be superior.
The answer is A) ethnocentrism.
Answer:
The correct answer is letter "A": ethnocentrism.
Explanation:
In anthropology, ethnocentrism is the belief of individuals or groups believing they are superior to others because of features such as language, custom, religion or behavior. These individuals assume their culture is the point of reference of others, thus, all other cultures should imitate them. Ethnocentrism is called cultural ignorance.
Amy Xia's plant is designed to produce 7,000 hammers per day but is limited to making 6,300 hammers per day because of the time needed to change equipment between styles of hammers. The utilization rate for the plant = _______% (enter your answer as a percentage rounded to two decimal places)
Answer: 90%
Explanation: The utilization rate is the percentage of time an asset is productive compared to its capacity.
When it applies to human capital, it is amount of billable hours compared to the total hours they are at work.
The capacity of Amy Xia's plant is 7000 hammers/day.
However, it only produces 6300 hammers/day.
Utilization rate = productivity/capacity X 100%
Utilization rate = 6300/7000 X 100%
Utilization rate = 90%
The utilization rate for Amy Xia's plant is 90%.
Explanation:The utilization rate for the plant can be calculated by dividing the actual production rate by the maximum production rate.
Utilization rate = (Actual production rate / Maximum production rate) x 100%
So, in this case, the utilization rate for Amy Xia's plant is ((6,300 hammers per day) / (7,000 hammers per day)) x 100% = 90%.
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Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 402,300 203,700 Unit selling price $23 $27 Production budget: Desired ending finished goods units 28,100 18,100 Beginning finished goods units 34,100 12,500 Direct materials budget: Direct materials per unit (pounds) 1 3 Desired ending direct materials pounds 34,000 18,500 Beginning direct materials pounds 44,600 13,400 Cost per pound $3 $3 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $14 $22 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $661,000 for product JB 50 and $361,000 for product JB 60, and administrative expenses of $545,000 for product JB 50 and $344,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Prepare the sales budget for the year. Prepare the production budget for the year. Prepare the direct materials budget for the year. Prepare the direct labor budget for the year. Prepare the budegeted multiple-step income statement for the year
Answer:
Explanation:
Sales budget
DELEON INC.
For the Year Ending December 31, 2017
JB 50 JB 60 Total
Expected Unit Sales 402,300 203,700
Unit Selling Price $23 $27
Total Sales $9,252,900 $5,499,900 $14,752,800
Production budget
For the Year Ending December 31, 2017
JB 50 JB 60
Expected Unit Sales 402,300 203,700
Add: Desired Ending Finished Goods Units 28,100 18,100
Total Required Units 430,400 221,800
Less: Beginning Finished Goods Units (34,100) (12,500)
Required Production Units 396,300 209,300
Direct Materials Budget
For the Year Ending December 31, 2017
JB 50 JB 50 Total
Units to be Produced 396,300 209,300
Direct Materials Per Unit 1 3
Total Pounds Needed for Production 396,300 627,900
Add: Desired Ending Direct Materials 34,000 18,500
Total Materials Required 430,300 646,400
Less: Beginning Direct Materials (44,600) (13,400)
Direct Materials Purchases 385,700 633,000
Cost Per Pound $3 $3
Total Cost of Direct Materials Purchases $1,157,100 $1,899,000 $3,056,100
Direct Labor Budget
For the Year Ending December 31, 2017
JB 50 JB 60 Total
Units to be produced 396,300 209,300
Direct labor time (hours) per unit 0.4 0.6
Total required direct labor hours 158,520 125,580
Direct labor cost per hour $12 $12
Total direct labor cost $1,902,240 $1,506,960 $3,409,200
Budgeted Income Statement
For the Year Ending December 31, 2017
JB 50 JB 60 Total
Sales $9,252,900 $5,499,900 $14,752,800
Cost of Goods Sold $5,632,200 $4,481,400 $10,113,600
Gross Profit $3,620,700 $1,018,500 $4,639,200
Operating Expenses:
Selling Expenses $661,000 $361,000 $1,022,000
Administrative Expenses $545,000 $344,000 $889,000
Total Operating Expenses $1,206,000 $705,000 $1,911,000
Income Before Income Taxes $2,414,700 $313,500 $2,728,200
Income Tax Expense (30%) $724,410 $94,050 $818,460
Net Income $1,690,290 $219,450 $1,909,740
What professional organization has developed and published a data quality management tool that defines a specific set of characteristics of health care data that should always be present?
a.AHIMA
b.MIO
c.GAO
d.CMS
Answer:
The correct answer is letter "A": AHIMA.
Explanation:
The American Health Information Management Association (AHIMA) is a U.S. based organization that safeguards health data and information beneficial for healthcare consumers. The AHIMA mainly focuses on information that could be collected in hospitals analyzing electronic medical records and clinical decision support systems to ensure they have standard set characteristics.
The AHIMA describes its activities as having charitable and educational purposes.
Omitted variable bias a. will always be present as long as the regression R2 < 1. b. is always there but is negligible in almost all economic examples. c. exists if the omitted variable is correlated with the included regressor but is not a determinant of the dependent variable. d. exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
Answer:
d. exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
Explanation:
Omitted-variable bias exists when one or more germane variables are left out of a statistical model, and this bias bring about a situation whereby the estimated effects of the variables included in the model are attributed to the impact of the missing variables.
This usually happens when the form and data used for other parameters in the regression model that is estimated are not appropriate.
In 1977, at age 23, Jake Burton left a job at an investment firm to work in a wood shop where he developed the first marketable snow board. Three decades later, he is the owner of Burton Snowboards, the leader in the $2.3 billion snow sports industry. Burton is responsible for the beginning of a technology cycle.a. True.b. False.
Answer:
The Correct answer is "False"
Explanation:
Jake Burton Carpenter (conceived April 29, 1954 in New York City), otherwise called Jake Burton, is an American snowboarder and author of Burton Snowboards and one of the innovators of the cutting edge snowboard. He experienced childhood in Cedarhurst, New York. He was not organizer of innovation cycle.
Based on the fact that Jake Burton developed the first marketable snowboard, saying he is responsible for the beginning of a technology cycle is True.
What is a technology cycle?This refers to the commercial gain that a product brings in from the costs to develop the product, to the profits it brings in while it is popular.
Jake Burton in developing the first marketable snow board, is responsible for the snowboard technology cycle beginning in the first place because it then began to sell since then.
In conclusion, this is true.
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K Company estimates that overhead costs for the next year will be $2,970,000 for indirect labor and $990,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 99,000 direct labor hours are planned for this next year, how much overhead would be assigned to a product requiring 4 direct labor hours
Answer:
$164
Explanation:
Data provided in the question
Indirect labor cost for the next year = $2,970,000
Factory utilities for the next year = $990,000
Planned direct labor hours = 99,000
Required direct labor hours = 4
So by considering the above information, the overhead assigned is
= (Indirect labor cost for the next year + Factory utilities for the next year) ÷ (Planned direct labor hours) × (Required direct labor hours
= ($2,970,000 + $990,000) ÷ (99,000 direct labor hours) × 4 direct labor hours
= $164
Barney Buyer purchased 15 bags of beans from Sam Seller. Each bag of beans weighed 1 lb.. Upon delivery, Barney will have certain rights and duties. Identify which is Barney's right or which is Barney's duty.
He may examine the beans.
[ Choose ] Duty Right
He must pay for the bags of beans that he accepted.
[ Choose ] Duty Right
He may reject all the bags of beans even if only some of the bags of beans are nonconforming.
[ Choose ] Duty Right
He may accept the beans and then seek damages for the nonconforming bags.
[ Choose ] Duty Right
He may accept the conforming bags of beans and reject the nonconforming bags.
[ Choose ] Duty Right
He must give notice of rejection to allow Sam to cure.
[ Choose ] Duty Right
Answer:
Identify which is Barney's right or which is Barney's duty.
He may examine the beans.
[ Right ]
He must pay for the bags of beans that he accepted.
[ Duty ]
He may reject all the bags of beans even if only some of the bags of beans are nonconforming.
[ Right ]
He may accept the beans and then seek damages for the nonconforming bags.
[ Right ]
He may accept the conforming bags of beans and reject the nonconforming bags.
[ Right ]
He must give notice of rejection to allow Sam to cure.
[ Duty ]
Explanation:
The Rights are enshrined in a contract of sales between both parties to the contract. They are actions either party can take in the event one party contravenes the covenant/agreement of the contract
The Duties are equally spelled out in the contract. They are actions each party is expected to carry out to keep the contract active.
Final answer:
Barney Buyer has certain rights and duties upon receiving 15 bags of beans from Sam Seller. His rights include examining, rejecting, and seeking damages for nonconforming goods, while his duties encompass paying for accepted goods and notifying of rejection for curing. These elements underscore essential contractual obligations and remedies in commercial transactions.
Explanation:
Barney Buyer purchased 15 bags of beans from Sam Seller. Upon delivery, Barney has specific rights and duties in this transaction. Critically, these rights and duties are foundational in understanding the legal framework surrounding commercial transactions.
He may examine the beans. [Right]
He must pay for the bags of beans that he accepted. [Duty]
He may reject all the bags of beans even if only some of the bags of beans are nonconforming. [Right]
He may accept the beans and then seek damages for the nonconforming bags. [Right]
He may accept the conforming bags of beans and reject the nonconforming bags. [Right]
He must give notice of rejection to allow Sam to cure. [Duty]
These components of Barney's rights and duties highlight the principles of contractual obligations and remedies in commercial law, which ensure that both parties in a transaction are protected and have a clear understanding of their responsibilities.
Vaughn Company reports pretax financial income of $66,100 for 2020. The following items cause taxable income to be different than pretax financial income.
1. Depreciation on the tax return is greater than depreciation on the income statement by $14,800.
2. Rent collected on the tax return is greater than rent recognized on the income statement by $23,900.
3. Fines for pollution appear as an expense of $10,600 on the income statement.
Vaughn’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2014.
Required:
(a) Compute taxable income and income taxes payable for 2020.
(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
Answer:
a) Taxable Income = $65,200
Income Taxes Payable = $19,560
b) Debit Income tax Expense $19,560 Credit Income Tax payable $19,560
Debit Income Tax Expense $11,610 Credit Deferred Tax $11,610
Debit Profit and loss Account $31,170 Credit Income Tax Expense $31,170
Explanation:
PreTax Income $66,100
1 . Depreciation -$14,800
2 . Rent +$23,900
3 . Fines -$10,000
Taxable Income $65,200
Income Tax Payable (30%) $19,560
Taxable income is in few words net income computed by The Taxman using tax laws and methods. in some cases the Accountant and Taxman can disagree on some things therefore creating temporal and permanent difference. Hence we adjust the Pretax income to arrive at Taxable income.
Income Tax Expense = Income Tax Payable + Deferred tax
Deferred tax arises from temporal difference (Carrying amount - Tax Base)
Deferred Tax = (14,800 * 30%) + ($23,900*30%)
= $4,440 + $7,170
= $11,610
Fines are permanent difference therefore no differed tax arises from them.
Answer:
A1. Taxable income is $85,800
A2. Income tax payable is $19,830
B.
B.
Income tax expense will be the tax rate applied to the Tax Payable amount of $85,800 = $25,740
Whereas the Tax Payable was worked out in the part 1 of our solution as $19,830. This leaves us with an under provision of taxes of $5,910. This $5,910 under provision is referred to as the Deferred tax provision.
Journal Entries
Income tax expense
Debit Income tax payable account with $19,830
Debit Deferred income tax liability Account with $5,910
Credit Cash with $25,740
(Being payment of 2020 Income tax expense to the IRS)
Deferred income tax
Debit Deferred Income tax Account with $5,910
Credit Deferred income tax Liability Account with $5,910
(Being deferred income tax liability for 2020)
Income tax payable
Debit income tax Account with $19,830
Credit Income tax Payable Account with $19,830
(Being Income tax payable on
income from 2020)
Explanation:
Vaughn company
Taxable income is income reviewed from the eyes of the tax authority.
There are some elements of the income statement that are allowable and some not allowable for tax deductions subject to the IRS rules. These are to be considered in finalising the Business Taxable income
Pretax income from financial statement for 2020 = $66,100
Deduct Tax adjustments on Asset Written down Value = -$14,800
Add back Rent received in advance = $23,900
Add back fines on pollution = $10,600
TAXABLE INCOME = $85,800
Income tax Payable on the other hand is a provision made for tax liability based on income arising from the Financial statement. It is an Accounting provision not calculated by the Tax authorities.
In this case, Gross Income was declared to be $66,100
Applying 30% on that gives us our income Tax payable = $19,830
B.
Income tax expense will be the tax rate applied to the Tax Payable amount of $85,800 = $25,740
Whereas the Tax Payable was worked out in the part 1 of our solution as $19,830. This leaves us with an under provision of taxes of $5,910. This $5,910 under provision is referred to as the Deferred tax provision.
Journal Entries
Income tax expense
Debit Income tax payable account with $19,830
Debit Deferred income tax liability Account with $5,910
Credit Cash with $25,740
(Being payment of 2020 Income tax expense to the IRS)
Deferred income tax
Debit Deferred Income tax Account with $5,910
Credit Deferred income tax Liability Account with $5,910
(Being deferred income tax liability for 2020)
Income tax payable
Debit income tax Account with $19,830
Credit Income tax Payable Account with $19,830
(Being Income tax payable on
income from 2020)
Questions in Web surveys often use drop-down boxes as a manner of displaying the response choices for a question. This type of display method is particularly prone to ________.
Answer:
The response options are:
A. halo effects
B. leniency effects
C. primacy effects
D. recency effects
E. presumption effects
The correct answer is C. primacy effects
Explanation:
It is known as the primacy effect of the phenomenon that occurs in the reception of information, through which a person pays greater attention to the first data he receives in comparison to the following data. This effect can be associated with what is usually known as “first impression” (what we feel or think when we meet someone can be difficult to change over time). This would happen when, for example, when presenting a long list of words, people tend to remember the first ones better and value them more.
It is considered that this primacy effect, also called media priming, can result in any image of a story having the capacity to generate in the public the stimulation of what its thoughts are. Thus, it is considered that the image of someone subtracting any object without suffering any kind of consequence can lead to part of the receivers undertake the same action.
Some researchers attribute this effect to a longer trial time of those elements presented previously, which affects a better memorial performance. This also happens when we learn to decide based on past experiences. It seems that the first rewards we have received condition our future decisions to a greater extent than other rewards we have obtained later. This phenomenon is known as the "primacy of the result" and highlights how the first results we get when we perform certain acts, condition us to re-commit the act to a greater or lesser extent.
Oil producers expect that oil prices next year will be higher than oil prices this year. As a result, oil producers are most likely to Group of answer choices place more oil on the market this year, thus shifting the present supply curve of oil rightward. hold some oil off the market this year, thus shifting the present supply curve of oil leftward. place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices. hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices.
Oil producers expecting higher oil prices next year are likely to withhold oil from the market this year, shifting the supply curve leftward, leading to higher prices and lower quantities of oil available.
Explanation:If oil producers expect that oil prices next year will be higher than this year, they are most likely to hold some oil off the market this year. This action effectively shifts the present supply curve of oil leftward. A leftward shift in the supply curve leads to a higher (equilibrium) price of oil and a lower (equilibrium) quantity of oil produced and purchased, assuming the demand for oil remained constant. Producers withhold supply in anticipation of selling it at a higher price in the future, a scenario that decreases the immediate supply available on the market.
During 2017, Windsor Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Windsor’s first year of operations) under FIFO was $174,610 and $191,390, respectively. Pretax income using weighted-average pricing in the prior years would have been $151,100 in 2016 and $173,400 in 2015. In 2017, Windsor reported pretax income (using weighted-average pricing) of $206,200. Show comparative income statements for Windsor, beginning with "Income before income tax," as presented on the 2017 income statement. (The tax rate in all years is 29%.)
Answer:
Description 2017 2016 2015
Net Income $146,402 $107,281 $123,114
Explanation:
The question is to compute a statement of income comparative figures. The step is therefore to use the weighted average pricing method to replace the historical income before taxes for both years 2016 and 2015. After this is done, we then re-calculate the appropriate taxes and arrive at the net income.
Description 2017 2016 2015
Income before taxes 206,200 151,100 173,400
Subtract: Income tax @29% 59,798 43,819 50,286
Net Income 146,402 107,281 123,114
An analyst estimates that the enterprise value of a firm is $2.7 billion. The firm has $900 million in debt outstanding. If there are 900 million shares outstanding, what is the analyst's estimated value per share
Answer:
Analyst's estimated value per share is $2.
Explanation:
Enterprise value of the firm is the total value of the firm. It is used as an alternative to the market capitalization. It is the total value of equity and debts of firm.
Enterprise value = Value of equity + value of Debt
2,700,000,000 = Value of equity + $900,000,000
Value of equity = $2,700,000,000 - $900,000,000
Value of equity = $1,800,000,000
Estimated value per share = Value of equity / total number of outstanding shares
Estimated value per share = $1,800,000,000 / 900,000,000 shares
Estimated value per share = $2 per share
The analyst's estimated value per share of the firm is $2.00, calculated by subtracting the firm's debt from its enterprise value and then dividing by the number of shares outstanding.
Explanation:To calculate the estimated value per share of the firm, we need to subtract the firm's debt from the enterprise value to get the equity value and then divide that by the number of outstanding shares.
Enterprise Value (EV): $2.7 billionDebt: $900 millionNumber of shares outstanding: 900 millionFirst, subtract the firm's debt from the enterprise value to find the equity value:
Equity Value = EV - Debt = $2.7 billion - $900 million = $1.8 billion
Next, divide the equity value by the number of shares outstanding to find the value per share:
Value per Share = Equity Value / Number of Shares = $1.8 billion / 900 million shares
Value per Share = $2.00 per share
You have been requested by the secretary of agriculture of a Central American country to determine whether cattle produced in that country could be hedged using the Chicago Mercantile Exchange(CME) live cattle contract. What information would you need to collect to determine whether this is feasible? What suggestions would you propose (to the country, to the CME) to make hedging Central American cattle in the CME cattle contract?
Answer:
Answer explained below
Explanation:
The variation between the futures or derivatives price and spot price at any given point in time is called basis. It is obtained by subtracting future price from the cash price and can be negative or positive.
Whatever be the basis position, whether positive or negative, before expiry of the contract but at the end of the expiry, it will converge with the spot prices.
Basis risk is the probability of the basis strengthening or weakening after the hedge has been implemented till the time the hedge is exited. Basis can fluctuate making calculation of hedging difficult.
Long basis positions gains from a strengthening of a basis. Short hedges have long basis positions. Short hedge means taking up a short futures position where underlying is owned for delivery in the future.
Short basis points gains from weakening of the basis. Long hedges have a short basis points. Long hedges involve buying up of futures and if underlying prices increase the gain in the long future, will be there.