Answer:
The March 31st balance sheet should have $2100.
Explanation:
Candy Inc. had $2000 of supplies on hand. They purchased $2900 more.
Therefore at this time, Candy Inc. had a total of $4900 supplies. See below.
Total amount of supplies = supplies on hand + supplies purchased
Total amount of supplies = $2000+$2900
Total amount of supplies= $4900
They used $2800 in March. Therefore, the March 31st balance sheet should have $2100.
Balance=total amount of supplies-supplies used
Balance=$4900-$2800
Balance=$2100
Which of the following are good opportunities to use clustering? (Select all that apply) a. An airline would like to use customer demographic data to predict which customers are likely to “no-show” for its flights, i.e., buy a ticket but not actually show up to the airport. b. After running a survey asking customers what services they would like to see, an insurance company wants to design 4-5 personalized products to market to new customers. c. A marketing consulting firm would like to segment consumers into a small number of groups to help its clients understand consumer needs. d. A university would like to identify small number of metrics to track to ensure they are progressing towards their strategic goals.
Answer: the correct answer is c. A marketing consulting firm would like to segment consumers into a small number of groups to help its clients understand consumer needs.
Explanation:
Cluster analysis is an exploratory analysis that tries to identify structures within the data. Cluster analysis is also called segmentation analysis or taxonomy analysis. More specifically, it tries to identify homogenous groups of cases if the grouping is not previously known.
Exercise 12-7 Shown below are comparative balance sheets for Flint Corporation. Flint Corporation Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 201,348 $ 65,142 Accounts receivable 260,568 225,036 Inventory 494,487 559,629 Land 236,880 296,100 Equipment 769,860 592,200 Accumulated depreciation—equipment (195,426 ) (94,752 ) Total $1,767,717 $1,643,355 Liabilities and Stockholders’ Equity Accounts payable $ 115,479 $ 127,323 Bonds payable 444,150 592,200 Common stock ($1 par) 639,576 515,214 Retained earnings 568,512 408,618 Total $1,767,717 $1,643,355 Additional information: 1. Net income for 2017 was $275,373. 2. Depreciation expense was $100,674. 3. Cash dividends of $115,479 were declared and paid. 4. Bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. Common stock was issued for $124,362 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method.
Final answer:
The statement of cash flows for Flint Corporation for 2017 was prepared using the indirect method, starting with net income and adjusting for non-cash effects and changes in operating assets and liabilities. Cash flows from investing and financing activities were also considered, leading to the calculation of the net increase in cash and the resulting ending cash balance. The bank's net worth is calculated by subtracting the total liabilities from total assets.
Explanation:
Statement of Cash Flows using the Indirect Method
To prepare the statement of cash flows for Flint Corporation for the year 2017 using the indirect method, we start by adjusting the net income with changes in balance sheet accounts that affect operating activities, then account for investing and financing activities. Here's the summarized indirect method statement of cash flows based on the provided information:
Net Income: $275,373
Adjustments for non-cash effects:
Depreciation Expense: $100,674
Changes in Operating Assets and Liabilities:
Increase in Accounts Receivable: $(35,532)
Decrease in Inventory: $65,142
Decrease in Accounts Payable: $(11,844)
Cash from Operating Activities: $393,813
Cash Flow from Investing Activities:
Sale of Land: $59,220
Cash Flow from Financing Activities:
Payment of Dividends: $(115,479)
Redemption of Bonds Payable: $(148,050)
Issuance of Common Stock: $124,362
Net Increase in Cash: $263,866
Beginning Cash Balance: $65,142
Ending Cash Balance: $201,348
Net worth is calculated by subtracting total liabilities from total assets, which in this scenario yields:
Total Assets: $620
Total Liabilities: $400
Net Worth: $220
Which of the following people displays a learner mind-set?Natasha walks away when someone says something she disagrees withSam, a factory worker, declares that executives have no idea what real work isEmilie declares in a meeting that there is only one correct procedure to followDuring a department meeting, Sasha reminds people that disagreements are normal
Sasha reminds people that disagreements are normal. She is open minded
Sasha shows a learner mindset, characterized by openness to disagreement and continuous self-improvement, in contrast to the fixed mindsets observed in the others.
Explanation:The person who displays a learner mindset from the given examples is Sasha. A learner mindset is characterized by openness to new opinions, the ability to handle disagreements and disputes, and continued self-improvement for growth. In contrast, the rest do not demonstrate a learner mindset: Natasha avoids confrontation and doesn't seem open to hearing conflicting views; Sam sets rigid boundaries between hierarchy levels, assuming an unbridgeable gap in understanding; and Emilie believes in a single 'right' way, possibly hindering innovation.
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A _____ is typically used to support decisions related to managing an organizations cash flows
Answer:
financial information system :)
Explanation:
Answer:
A financial information system
Explanation:
A financial information system is used to collect, accumulate and analyse financial data as related to a business or a project. a Financial information system informs the business manager on how to plan and run a business efficiently.
A financial information system helps in the forecasting of business decisions and its potential outcomes. a financial information system is usually carried out by financial experts/managers and the outcome is implemented to ensure business success. it is stored electronically because the best way to keep hold of documents like this is to store them electronically.
Who is responsible for designing and implementing systems to gather, organize, and distribute facts essential for the running of the company
Answer:
information managers
Explanation:
helpful?
You bought one of Lambert Sandblasting Company's 15-year bonds one year ago for $960. These bonds pay 7 percent annually, have a face value of $1,000, and mature 14 years from now. Suppose you decide to sell your bond today when the required return on the bonds is 8 percent. The inflation rate over the past year was 2.7 percent. What was your total real return on this investment?
Answer:
Real return on investment: 22.9465%
Explanation:
Okay let's explain each concept we have given:
Face Value $1,000
This is the ammount Lambert will pay at maturity
Purchase Value $ 960
This is the Ammount we pay for the bond
Market Value of the bond today $ ???
This is what we need to determinate to see the return we got
Once we got the market Value we will do:
Market Value / Purchase Value - 1 = rate of return
Now the market value today will be the present value of the bond, and the bond has the following data:
Mature in 14 yearbond rate 7% annualy.So each year we receive the 7% of the face value ($1,000) = $70
And at the end of the bond life we receive 1,000
We need to bring this numbers at present day using the real market rate, because the economy is having inflation:
market rate 8%
inflation rate 2.7%
real rate:
(1+rate)/(1+inflation) -1 = real rate
[tex]\frac{1.08}{1.027} -1 = real rate[/tex]
real rate = 5.16%
To know the present value of the bond we will have to consider:
present value of an annuity of 70$ during 14 year at a rate of 5.16% = present value of the 1,000 that will be pay at maturity at a rate of 5.16%The annuity will be
[tex]70 * \frac{1-(1+0.0516)^-14}{0.0516} = 685.87[/tex]
[tex]C * \frac{1-(1+rate)^-time}{rate} = present value[/tex]
$685,87
The present value of the 1,000 will be
face value/(1+rate)^time
1,000/(1+0.0516)^14 = $494,42
for a total of $1.180,29
Now we will calculate the real return on the investment:
we receive 1.180,29 for 960 so the rate is
1.180,29 /960 - 1 = 0.229465 = 22.9465%
What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per bank $Enter a dollar amount rounded to 2 decimal places (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per books
The proper adjusted cash balance per bank is the amount of cash that the bank statement should show after making necessary adjustments. The proper adjusted cash balance per books is the amount of cash that the company's books should show after making necessary adjustments.
Explanation:The proper adjusted cash balance per bank is the amount of cash that the bank statement should show after making necessary adjustments. This balance can be calculated by taking the beginning cash balance, adding any deposits in transit, subtracting any outstanding checks, adding or subtracting any bank errors, and adding or subtracting any other adjustments such as bank service charges or interest.
The proper adjusted cash balance per books is the amount of cash that the company's books should show after making necessary adjustments. This balance can be calculated by taking the beginning cash balance, adding any cash receipts or other credits, subtracting any cash disbursements or other debits, and adding or subtracting any other adjustments such as reconciling items or corrections of errors.
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Which of the following items is not a temporary difference? A. Vacation pay accrued for tax purposes in a prior period is deducted in the current periodB. Tax depreciation for the period exceeds book depreciationC. A goodwill impairment expense is recorded on the income statement
Answer: the correct answer is B. Tax depreciation for the period exceeds book depreciation.
By which distribution system is more than 90 percent of U.S. coal shipped?A. pipelinesB. trucksC. waterwaysD. railroadsE. None of the above
Your question asks which distribution system shipped more than 90% of the U.S coal.
Answer: D). RailroadsThe reason why answer choice "D). Railroads" is the correct answer is because this was the distribution method that was used when shipping coal around the U.S.
Railroads were a very reliable source of distribution/transportation/and etc. in the United States. Railroads were especially impactful when it came to distributing things around the country. Railroads were quick, could hold a lot of things, and get their safely. That's why businesses who sold coal used railroads since they could get a lot across the country quickly and safely.
Trains on the railroads could hold a lot of things, and businesses sold coal in huge volumes, in which they needed something to transport the huge volume of coal, and that's where the rail roads came in handy. If they didn't use railroads, then there would be a lack of sales since they can't get their products across the country in a timely manner.
I hope this helps!Best regards, MasterInvestorHow can the Federal Reserve raise interest rates? use open market operations to reduce the money supply. increase the opportunity cost of holding money by raising the rate of inflation. raise fees for automatic teller machines (ATMs). use open market operations to increase the money supply. increase the velocity of money
The correct answer is: "use open market operations to reduce the money supply"
The interest rate can be defined as the "price of money" as it determines the amount charged for borrowed money. Therefore, if the money supply should be decreased, as the relative scarcity of money will incrase its price, the interest rate.
The Federal Reserve can use open market operations to either increase or reduce the money supply, depending on its needs. These operations consist on selling/buying US debt, so that the amount earned/paid is removed from/put into circulation.
If US debt is sold through open market operations, the total amount paid by the buyer to the Fed will be kept by the Fed and taken out from circulation. As a result, the money supply will decrease and the interest rate levels will rise.
Answer:
use open market operations to reduce the money supply
Explanation:
Hope this helps
Which element of an organization is defined by shared experiences, stories, beliefs, and norms? A)its mission statementB) Its corporate cultureC) its product philosophyD)its human resourcesE) its organizational structure
Answer:
The answer is (B) its corporate culture.
Explanation:
Corporate culture, or organizational culture, is defined as a set of values and behaviors that members of the organizations embody, engage, and influence in their working environment, especially in a social context. Organizational culture is both top-down and bottom-up; or in other words, both stakeholders and employees have the capability to influence the organizational culture through their own ways.
White truffles are a very prized and rare edible fungus that grow naturally in the countryside near Alba, Italy. Suppose that it costs $200 per day to search for white truffles. On an average day, the total number of white truffles (T) found in Alba is T = 20x − x 2 , where x is the number of people searching for white truffles on that day. White Truffles can be sold for $100 each. If there is no regulation, how many more people will be searching for white truffles than the socially optimal number?
Explanation: Take (t), if white truffles is $100 to sell, as x is the amount of people searching for truffles. you divide 100 by 20, that leaves, 5, x-x2 is x, so the answer would be, x equals 5.
If there is no regulation, any number of people searching for white truffles will be more than the socially optimal number of 0. This analysis is based on the private cost of searching for truffles and the marginal cost of each additional person searching.
Explanation:To determine how many more people will be searching for white truffles than the socially optimal number, we need to compare the individual's private cost with the social cost. The individual's private cost is $200 per day, while the social cost includes the private cost plus the cost to society from each additional person searching. The socially optimal number is the point where the social cost equals the private cost.
To find the socially optimal number, we need to determine the marginal cost of each additional person searching. The marginal cost is the change in the total cost divided by the change in the number of people searching. The equation for the total number of truffles found is T = 20x - x^2, so the marginal cost is the derivative of this equation, which is dT/dx = 20 - 2x.
Setting the marginal cost equal to the private cost of $200, we have 20 - 2x = 200. Solving for x, we get x = -90. Since we can't have a negative number of people searching, the socially optimal number is 0. This means that no one should be searching for truffles.
Therefore, if there is no regulation, any number of people searching for truffles will be more than the socially optimal number. However, it's important to note that this analysis assumes that the social cost of an additional person searching is constant and does not take into account any potential benefits or externalities.
The ____ model of ecommerce is an extension of traditional marketing media such as radio and television
Hello There!
The "ADVERTISING MODEL" of e-commerce is an extension of traditional marketing media such as radio and television
Mass media advertising is the ecommerce model extending traditional marketing channels like radio and TV. It faces challenges due to consumer behavior changes, but new models like the long tail theory and distributed ecosystem approach are shaping modern ecommerce strategies.
Explanation:The model of ecommerce that is an extension of traditional marketing media such as radio and television is known as mass media advertising. This model of advertising is considered by companies as a way to address the downturn in traditional advertising revenue that has occurred due to the advent of technologies allowing consumers to bypass conventional adverts. However, the world of ecommerce and digital marketing has evolved, with the long tail theory suggesting a shift from mass-marketing to more niche marketing opportunities, thanks to the digitization of commerce and communication. Furthermore, the shift to an environment where hardware and software producers collaborate in a distributed ecosystem model is indicative of the changes in how products and services are marketed in the modern world.
Saeed needs money to purchase tools, basic office supplies, parts to refurbish equipment, accounting software, and legal help fees. Believing Saeed's business will be a success, an investor invests $5,000 to help Saeed open his business. In return, Saeed agrees to repay the investor the $5,000 plus 17 percent of the profits of the business. Calculate the return on investment for the investor if Saeed's business makes $7,000 in profit as a total return of the business in its first year.
Answer:
The return of investment for the investor if Saeed's business makes $7000 in profit in its first year is $6190.
Explanation:
Saeed agrees to repay the investor the $5000 plus 17 percent of the profits of the business. This can be represented by this equation.
Return of investment for the investor= initial investment+ (percentage of profits X profit)
When we fill in our known numbers, this is the equation. Remember, the profit for the first year was $7000.
Return of investment for the investor = 5000 + (.17 X 7000)
Return of investment for the investor = 5000 + 1190
Return of investment for the investor = $6190
According to the _____ ethics tradition, people act out of habit than out of deliberations. a. Kantianb. virtuec. utilitariand. principle-based
Answer:
The answer is virtue ethics.
Explanation:
Virtue ethics were conceptualized and popularized by Socrates, broadly describing ethical theories that emphasize what are considered as good morals and characters. Because of its focus on good character, it is generally agreed that how a person usually behaves – thus, the individual’s habit – illustrates the type of individual they are.
You, Student B. Success have been hired to start on February 1, 2017, as the new accounting clerk. Your employee number is B-XXXXX, where “B” denotes that you are an office worker and “XXXXX” is the first five letters of your last name. Your Social Security number is 555-55-5555, and you are full-time, nonexempt, and paid at a rate of $34,000 per year. You have elected to contribute 2% of your gross pay to your 401(k). Complete the W-4 and the I-9 to start your own employee file. You are single with only one job (claiming two exemptions). You live at 1644 Smitten Road, Woodstock, VT 05001. Your phone number is (555) 555-5555. Your date of birth is 01/01/1991. You are a citizen of the United States and provide a Vermont driver's license #88110009 expiring 1/1/2020 in addition to your Social Security card for verification of your identity.
what is the question actually asking?
Is a measure of the extent to which a system achieves its goals
Effectiveness Is a measure of the extent to which a system achieves its goals by assessing various factors.
What is the goal?A goal is refer to any purpose or objective for which a particular work is performed. The maximization of profit is the goal of any business. Customer satisfaction is another goal of any business.
The term "effectiveness" refers to the assessment of how well a system accomplishes its objective. By combining the goals that were really accomplished with the sum of the goals that were declared, it may be calculated.
The effectiveness of a business is based on The productivity of the workforce, It can be determined by performance evaluation. When the actual performance is compared with standard performance effectiveness is addressed.
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What is a union? An organization of obstetricians that collectively decides what the best practices for delivering babies should be. An organization of workers that negotiates with employers over working conditions, but not over wages. An organization of firms that negotiates with workers over working conditions. Any group demonstrating with picket signs. An organization of workers that negotiates with employers over wages, but not over working conditions. An organization of workers that negotiates with employers, as a group, over wages and working conditions.
Answer:
An organization of workers that negotiates with employers, as a group, over wages and working conditions.
Explanation:
What do you call of a scanner data where panel members are identified by an ID card allowing each panel members purchases to be stored with respect to the individual shopper?
A) scanner panels with cable TV
B) scanner panels
C) volume tracking data
D) none of the above
Answer: I belive it is volume tracking data.
Sorry if it is wrong.
Explanation:
Scanner panel data are only the information that checkout scanners that keep tabs on panelists' purchases record.
What do you mean by scanner panels?
The panel is made up of various consumers who consent to have their purchasing habits monitored. This purchase is noted when they check out at the store, creating a vast amount of data that aids in our understanding of consumer behavior. Big data is frequently assumed to be generated by scanner panels. Huge volumes of data and information that are tracked through technology, such as scanner panels, are referred to as "big data". Scanner panel data has another benefit in that it might clarify what co-purchasing is. Thus, it not only alerts us when someone purchases our goods. It reveals other purchases people make at the same time.
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What additional information about the numbers used to compute this ratio might be useful in helping you assess liquidity? (Select all that apply) (a) The maturity schedule of current liabilities (b) The average stock price for the industry (c) The average current ratio for the industry (d) The amount of current assets that is concentrated in relatively illiquid inventories
A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:
Answer:
The answer is aging of accounts receivable method.
Explanation:
This method helps accountants in determining how much of a company’s account receivables would not be collected. This is related to unpaid invoices of a company’s customers. Though invoices usually have due dates, according to the company, customers who haven’t paid even after the due date has passed must be calculated using this method for more accurate accounting reporting.
Theresa has a contract to teach eighth grade at Washington Middle School. She decided she could make more money writing a book, so she assigns her teaching contract to her friend, Stephanie, who is also a licensed teacher. The duties under the teaching contract:a. The duties under the teaching contract are nondelegable.b. The duties which Theresa has attempted to delegate are personal in nature.c. If the school district agrees to accept Stephanie's services, a novation would occur, which would relieve Theresa of her obligation to the school district.d. All of the above are correct.
Final answer:
The duties under the teaching contract are nondelegable, personal, and a novation would occur if the school district agrees to accept Stephanie's services, which would relieve Theresa of her obligation. Option d.
Explanation:
The situation described with Theresa and Stephanie involves legal principles related to employment and contract law within the education sector. We can assess the scenario based on those principles, particularly around the assignment and delegation of contract duties, as well as the concept of novation.
Nondelegable duties often exist in contracts that involve highly personalized services. In the case of a teaching contract, the services are typically considered personal because they are based on the unique skills, qualifications, and certifications of the hired teacher.
Given that teaching positions usually require specific credentials and bear personal responsibility for student outcomes, the duties under the teaching contract being delegated by Theresa are certainly personal in nature, which makes the delegation potentially problematic without consent.
However, if the school district agrees to accept Stephanie to fulfill Theresa's contract, a legal concept called novation would occur.
Novation is the substitution of a new contract in place of the old one, with the consent of all parties, and would relieve Theresa of her prior obligations to the district as Stephanie effectively becomes the new contracting party.
Therefore, the correct answer is d. All of the above are correct. The duties are nondelegable, personal in nature, and novation would relieve Theresa of her contractual obligations upon agreement of the school district. Option d.
A contingency table is sometimes called an rxc table where are stands for the number of
1. Economic systems An economic system consists of a set of institutional arrangements and a method of coordinating economic activity. The two polar extremes of economic systems are the command system and the market system. Which of the following are characteristics of the market system? Check all that apply. Production goals or targets are transmitted from top authorities to the individual producing units. The independent decisions of individuals in the marketplace determine the answers to the fundamental economic questions. A dictator or a group of central planners answers the fundamental economic questions.\\
Answer:
The independent decisions of individuals in the marketplace determine the answers to the fundamental economic questions.
Explanation:
The study of Economic Science allows us to understand the fundamental premises that govern the functioning of market economies. A market economy operates freely - the decisions of the economic agents are independent - which leads us to understand determining questions, such as how much to produce and how much to employ.
A market economy operates under the logic of the interaction between supply and demand of goods and services, so that companies act in a system of competition, via prices, for market share. Thus, consumers benefit from competition and the role of government is only to ensure the right environment for economic transactions.
In a market system, independent decisions of individuals in the marketplace determine the fundamental economic questions, with limited government intervention. In contrast, a command economy relies on centralized decision-making by a government authority.
The characteristics of a market system are markedly different from those of a command system. In a market economy, production goals are not transmitted from top authorities to the producing units. Instead, the independent decisions of individuals in the marketplace determine answers to fundamental economic questions such as "what to produce?", "how to produce?", and "for whom to produce?". The operation of a market system is based on the private ownership of resources and the coordination of economic activity through decentralized decision-making. Governments may have limited roles, primarily to enforce private property rights and maintain the rule of law. In contrast, a command economy relies on a dictator or a group of central planners to answer these fundamental economic questions. Resource ownership and decision making in a command system are centralized and dictated by government policies.
Products or services that may be sought as alternative solutions-such as purchasing tax planning software rather than paying a CPA to assist with preparing your taxes-are referred to as:
A) buyers products.
B) rivalry products.
C) substitute products.
D) competitive alternatives
Answer:
The answer is substitute products.
Explanation:
Substitute products are defined as two or more products that can be used for the same function for the same consumer. We can say that the tax planning software is a form of substitute product since it provides the same function that a certified public accountant also does. Buyers product refer to good made by manufacturers that are sourced by buyers to be sold by a distribution company. Competitive alternatives have no specific meaning exclusive to the term; the same applies to rivalry products.
Noelke Industries had a Raw Materials Inventory account balance of $27,388 on June 1. During the month of June, Noelke had the following transactions: 1. Purchased $345,000 of lumber. 2. Purchased $184,000 of steel. 3. Spent $1,867 on freight charges. 4. Received a credit of $3,450 for their lumber order. 5. Returned $6,430 of flawed lumber. 6. Used $353,000 of lumber. 7. Used $181,000 of steel. What is the balance of the Raw Materials Inventory account on June 30?
Answer:
this is messing with my brain lol but i got -493,579?
Explanation:
The first step toward understanding business ethics is to: A) know your company's ethical policies. B) know your own morals and philosophies. C) know society's ethical policies. D) develop ethical-issue awareness. E) develop a set of decision-making rules.
Answer:
E) develop a set of decision-making rules.
Explanation:
Although not identical, the concept of business ethics (or management ethics) arises strictly related to the concept of social responsibility of organizations. Ethics can be considered as a set of social values and rules that distinguish what is right from wrong, that is, indicate when a behavior is socially acceptable or not. In other words, an ethical action means no more than respect for the moral principles of society. These moral principles constitute general rules of behavior of great importance to society which can not be established or modified by the decisions of individuals alone or by the powers that be instituted. At the business level, ethics has to do with the set of rules of decision making, that is, the choices made by managers in face of a plurality of options, which will have, as a background, morality.
The first step toward understanding business ethics is to know your own morals and philosophies and develop ethical-issue awareness.
Explanation:The first step toward understanding business ethics is to know your own morals and philosophies. This is important because ethics is the study of morality and ethical decisions are based on personal values and beliefs. By understanding your own morals and philosophies, you can make informed ethical decisions in a business context.
Developing ethical-issue awareness is also an important step, as stated in option D. This involves being aware of potential ethical issues that may arise in business situations, and being able to recognize and address them.
While options A, C, and E are also important in understanding business ethics, knowing your own morals and philosophies and developing ethical-issue awareness are fundamental steps that form the basis for ethical decision-making.
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Which statement describes a monopoly? Many firms produce identical products with no control over the market price. Many firms produce differentiated products with control over market price. A single firm produces a product with no close substitutes and control over the market price. A single firm produces a product with many close substitutes and limited control over the market price.
Answer:
A single firm produces a product with no close substitutes and control over the market price.
Explanation:
Monopoly is the uncontested exploitation of a business or industry, by virtue of a privilege. It is the possession or the right in an exclusive character. To have the monopoly is to possess or to enjoy the exploitation in an abusive way, is to sell a product or service without competitor, by high prices. From the Greek monos, which means "one" and "polein" meaning "to sell".
A monopoly is characterized by a single firm dominating in a market, producing a product with no close substitutes, and having substantial control over the market price. An example is Microsoft, which controls the operating systems market.
Explanation:A monopoly is a market structure where one single firm dominates the market, producing a product for which there are no close substitutes. This market structure allows the monopolist to exercise a great deal of control over the market price. An excellent example is Microsoft, which is considered a monopoly because it overwhelmingly controls the operating system market.
Contrary to perfect competition where many firms produce identical products, a monopoly is characterized by its lack of significant competition. This allows it to set any price it wishes, guided only by the market's demand curve. However, debates can occur over whether or not substitutes are close, thus categorizing a firm as a monopoly can sometimes be controversial.
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All Rite Manufacturing reported the following:
Revenue $ 460,000
Beginning inventory of direct materials, January 1, 2015 26,000
Purchases of direct materials 157,000
Ending inventory of direct materials, December 31, 2015 10,000
Direct manufacturing labor 28,000
Indirect manufacturing costs 44,000
Beginning inventory of finished goods, January 1, 2015 46,000
Cost of goods manufactured 245,000
Ending inventory of finished goods, December 31, 2015 50,000
Operating costs 154,000
What is Leslie's cost of goods sold?
A. $84,000
B. $239,000
C. $234,000
D. $79,000
Final answer:
The cost of goods sold is calculated by adding the beginning inventory of finished goods to the cost of goods manufactured and then subtracting the ending inventory of finished goods. In this scenario, the COGS would be $241,000, but since this option is not available in the choices provided, there may be an error in the question or answer choices.
Explanation:
Calculation of Cost of Goods Sold
To calculate Leslie's cost of goods sold (COGS), we need to consider several components from the information provided:
Beginning inventory of finished goodsCost of goods manufacturedEnding inventory of finished goodsThe formula to calculate COGS is:
COGS = Beginning Inventory of Finished Goods + Cost of Goods Manufactured - Ending Inventory of Finished Goods
Let's input the values:
COGS = $46,000 + $245,000 - $50,000
Therefore:
COGS = $241,000
However, this answer isn't one of the offered choices. It appears there may have been a typographical error in the question or the answer choices. Double-checking the provided values and calculations is crucial to ensure accuracy. Assuming the provided values are correct and complete, the calculated COGS does not align with any of the given answer choices. It is recommended to clarify this with the student or reevaluate the provided data.
Distributors of beer earn some monopoly profits in their local markets but see them slowly erode as substitutes enter the market. Suppose Nebraska has scheduled a vote on the legalization of marijuana. Additionally, suppose that marijuana and beer are substitutes and that the legalization of marijuana would lead to a decrease in the price of marijuana. Given the relationship between marijuana and beer, the legalization of marijuana would lead to _______(a decrease/an increase) in demand for beer. Thus, distributors of beer would likely _______ (support/oppose) the legalization of marijuana.
Answer:
Decrease, oppose. Because they want there beer to sell not someone’s marijuana
Explanation: