Answer and explanation:
An asset is a resource with economic value. Assets can be tangible, such as equipment and land or intangible including things like a brand, a chemical formula or property rights.
Liabilities are all those responsibilities firms incur as a result of the operations of the business. Liabilities include notes, accounts, salaries, and interest payable.
Stockholders' Equity represents the equity stakeholders own of a company. They could be common stock, preferred stock, retained earnings or expenses incurred during the period. Thus:
A) Accounts payable (Liability)
B) Accounts receivable (Asset)
C) Fees earned (Stockholder's equity)
D) Supplies (Assets)
E) Supplies expense (Stockholder's equity)
F) Utilities expense (Stockholder's equity)
a. Accounts payable is a liability,
b. accounts receivable and supplies are assets,
c. fees earned is associated with stockholders' equity,
d. supplies are assets,
e. both supplies expense and f. utilities expense are operating expenses that indirectly affect equity.
Explanation:In the context of business and accounting:
Accounts payable is a liability. It represents the money a company owes to someone else or its creditors. For example, when a company purchases supplies from a vendor on credit, it creates an account payable.Accounts receivable is an asset. It represents the money owed to a company by its customers who have bought goods or services on credit. For instance, if a company sells a product to a customer on credit, it creates an account receivable.Fees earned is associated with stockholders' equity. It is revenue that increases the equity, assuming that no liabilities have been created in the process of earning these fees.Supplies are considered as an asset, as they represent items that can be used for producing goods or services in the future.Supplies expense and Utilities expense are neither assets, liabilities, nor directly related to stockholders' equity. They are operating expenses that are deducted from revenues in the calculation of net income, which indirectly affects stockholders' equity by reducing it.Learn more about Business Accounting here:https://brainly.com/question/36268454
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Nevada Company experienced the following events during its first year of operations: Acquired an additional $1,000 cash from the issue of common stock. Paid $2,400 cash for utilities expense. Paid a $1,500 cash dividend to the stockholders. Provided additional services for $6,000 cash. Purchased additional land for $2,500 cash. The market value of the land was determined to be $24,000 at the end of the accounting period. Acquired $16,000 cash from the issue of common stock. Paid $3,500 cash for salary expense. Borrowed $10,000 cash from New South Bank. Paid $6,000 cash to purchase land. Provided boarding services for $10,500 cash. Required Classify each event as an asset source, use, or exchange transaction or as not applicable (NA).
Answer:
Event Classification
1. Asset Source
2. Asset Use
3. Asset Use
4. Asset Source
5. Asset Exchange
6. Not applicable (NA)
7. Asset Source
8. Asset Use
9. Asset Source
10. Asset Exchange
11. Asset Source
Explanation:
An asset is an economic resources controlled by an entity from which future economic benefits are expected.
In recording asset, business events can result in asset source,asset use and asset exchange. Asset source is the acquisition of asset, asset use is consumption of existing asset and asset exchange is the transfer of asset from one source to another.
The Nevada Company's activities can be classified into asset source (issuing of common stock and providing services), asset use (paying expenses and dividends), and exchange transactions (purchasing land). The market value determination of the land does not apply to this classification.
Explanation:The events experienced by the Nevada Company during its first year of operations can be classified as follows: The acquisition of cash from the issue of common stock (both $1,000 and $16,000) and borrowing $10,000 from New South Bank are asset source transactions. Providing services for $6,000 cash and providing boarding services for $10,500 cash are also asset source transactions. The payment of $2,400 for utilities expense, $1,500 cash dividend to stockholders, $3,500 for salary expense, and $6,000 for the purchase of land are asset use transactions. The purchase of additional land for $2,500 is an exchange transaction. The market value of the land being determined to be $24,000 at the end of the accounting period is not applicable to the classification of asset source, use, or exchange.
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If the current exchange rate is 1 euro to 1.5 U.S dollars, according to the theory of purchasing power parity, a haircut that costs 15 dollars in Dallas should cost ____ euros in Paris. A wheel of French cheese that costs 20 euros in Paris should cost ____ dollars in Dallas.
The theory of Purchasing Power Parity predicts that a haircut costing 15 dollars in Dallas, given an exchange rate of 1 euro to 1.5 dollars, should cost 10 euros in Paris. Similarly, a wheel of cheese costing 20 euros in Paris should cost 30 dollars in Dallas.
Explanation:According to the theory of Purchasing Power Parity (PPP), the exchange rate between two countries should equate the cost of a similar basket of goods in both countries. In simpler terms, a haircut or a wheel of French cheese should cost the same regardless of whether you're in Dallas or Paris, after converting currencies.
Given the exchange rate of 1 euro to 1.5 U.S dollars, a haircut that costs 15 dollars in Dallas should cost 10 euros in Paris. This result can be ascertained by dividing the dollar cost by the exchange rate (15 / 1.5 = 10 euros).
Similarly, a wheel of French cheese that costs 20 euros in Paris should cost 30 dollars in Dallas. This is done by multiplying the euro cost by the exchange rate (20 * 1.5 = 30 dollars).
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The term "productivity"A,refers to the quantity of goods and services each unit of labor can produce.B,is seldom used by economists, as it is not important in any economic sense.C,refers to new technology.D,means the same thing as "utility."
Answer:
refers to the quantity of goods and services each unit of labor can produce
Explanation:
Productivity measures the efficiency of production. It calculates how much input is needed to produce output.
Productivity is high if each unit of labour produces more quantity of goods and services. Productivity is low if each unit of labour produces less quantity of goods and services.
I hope my answer helps you
You just won the lottery. Congratulations! The jackpot is $35,000,000, paid in twelve equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won
Answer:
$25,343,040.52
Explanation:
For this question, we have to compute the present value that is shown on the attached spreadsheet.
Given that,
Future value = $0
Rate of interest = 6.5%
NPER = 12
PMT = $35,000,000 ÷ 12 = $2,916,666.67
The formula is shown below:
= PV(Rate;NPER;-PMT;FV;type)
So, after solving this, the answer would be $25,343,040.52
The present value of the lottery jackpot will be 310,155,700 . To calculate the present value of a series of future payments, you can use the present value formula. In this case, you have twelve equal annual payments of $35,000,000 each.
The present value formula for an annuity is:
[tex]PV = PMT \cdot \left(1 - \frac{1}{(1 + r)^n}\right) / r[/tex]
Where:
PV = Present Value
PMT = Payment amount per period
r = Interest rate per period
n = Number of periods
In your case:
PMT = $35,000,000 (annual payment)
n = 12 (12 equal annual payments)
r = The discount rate you want to use (interest rate)
If we assume an annual discount rate (interest rate) of, for example, 5%, the present value calculation would look like this:
[tex]PV = $35,000,000 \times \left(1 - \frac{1}{(1 + 0.05)^{12}}\right) / 0.05[/tex]
[tex]PV \approx 0.05 \cdot 15,507,785 \approx 310,155,700[/tex]
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Alpaca Corporation had revenues of $280,000 in its first year of operations. The company has not collected on $18,600 of its sales and still owes $26,700 on $95,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,500 in salaries. Owners invested $29,000 in the business and $29,000 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $5,400 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. Compute net income for the first year for Alpaca Corporation.
Answer:
$99,960
Explanation:
Gross margin:
= Revenue - Cost of goods sold
= $280,000 - $95,000
= $185,000
Profit before tax:
= Gross margin - salaries - insurance payment - Interest
= $185,000 - $11,500 - ($5,400 ÷ 2) - $4,200
= $166,600
Net Income:
= Profit before tax - Tax
= $166,600 - (40% × $166,600)
= $166,600 - $66,640
= $99,960
Note:
As there is no inventory on hand, so the whole merchandise is used as the Cost of Goods Sold.
Only half of 2-year payment of 6,800 is relevant for this year.
The net income for the first year for Alpaca Corporation is $126,714.29.
Explanation:To compute the net income for the first year, we need to consider the various revenues and expenses of the company. First, we calculate the net sales by subtracting the uncollected sales ($18,600) from the total revenues ($280,000). Net sales = $280,000 - $18,600 = $261,400. Next, we calculate the cost of goods sold (COGS) by subtracting the amount still owed on merchandise ($26,700) from the initial purchase cost ($95,000). COGS = $95,000 - $26,700 = $68,300.
Then, we deduct the COGS, salaries ($11,500), interest ($4,200), and income tax (40% of net income) from the net sales. Net income = Net sales - COGS - Salaries - Interest - (Income tax rate x Net income). Plugging in the values, we have:
Net income = $261,400 - $68,300 - $11,500 - $4,200 - (0.40 x Net income)
Simplifying the equation, we get:
Net income = $261,400 - $68,300 - $11,500 - $4,200 - 0.40 Net income
Combining like terms, we have:
1.40 Net income = $261,400 - $68,300 - $11,500 - $4,200
1.40 Net income = $177,400
Solving for Net income, we divide both sides by 1.40:
Net income = $177,400 / 1.40
Net income = $126,714.29
Therefore, the net income for the first year for Alpaca Corporation is $126,714.29.
Stock A has an expected return of 14% and a standard deviation of 35%. Stock B has an expected return of 20% and a standard deviation of 55%. The correlation coefficient between Stocks A and B is 0.2. What is the expected return of a portfolio invested 25% in Stock A and 75% in Stock B
Answer:
The expected return from a portfolio consisting of 25% of stock A and 75% of stock B is 18.5%
Explanation:
Return on portfolio=Return of security A *Weight of security A+Return of security B *Weight of security B
Return of security A=14%
Return of security B=20%
Weight of security A=25%
Weight of security B=75%
Return on portfolio = 14 % ∗ 25 /100 + 20% ∗ 75 /100
Return on portfolio = 18.5 %
The National Bank Act of 1864 established the national banking system in the United States. The Act still governs U.S. national banks even though Congress has updated it many times since 1864. True False
Answer:
The answer is True
Explanation:
If a company that is in a 35 % tax bracket invests in assets that increase its depreciation expense by $ 562 per year, its change in cash flow is _________.
Enter your answer to the nearest $.01. Be sure to use a negative sign, if the answer is negative. Do not use $ or , signs in your answer.
Answer:
increase of 196.70 dollars
Explanation:
While the depreciation expense will not generate a cash outflow or inflow, the expense will impact the net income which determinates the incoem tax payable.
This change in the net income and therefore, the income tax will also change the cahsflow:
depreciation ( 1 - t ) = tax-shield
562 x 35% = 196.70
The increase in depreciation provides a 196.70 dollars tax shield which increases the cash flow generate for the year.
Outside directors are defined as A. individuals who organize and coordinate politically focused activities. B. those individuals with public relations responsibilities. C. board members who are also officers or executives employed by the corporation. D. individuals on the board who are not employed by the board's corporation. E. those individuals who scan the external environment.
Answer:
The correct answer is letter "D": individuals on the board who are not employed by the board's corporation.
Explanation:
The Board of Directors is a group appointed or elected to represent shareholders at major companies. The Board of Directors is composed of inside directors who have a direct relationship with the organization and outside directors who are not employees of the organization but help to balance the decisions in the overall Board.
9) Nemec Manufacturing uses job costing. In May, material requisitions were $44,000 ($39,000 of these were direct materials), and raw material purchases were $60,000. The end of month balance in raw materials inventory was $24,300. What was the beginning raw materials inventory balance
Answer:
The beginning raw materials inventory balance was $3,300.
Explanation:
Ending balance of Raw Material Inventory = Opening balance of raw material inventory + Purchases for the period - Material requisitions
$24,300 = Opening balance of raw material inventory + $60,000 - $39,000
$24,300 = Opening balance of raw material inventory + $21,000
Opening balance of raw material inventory = $24,300 - $21,000
Opening balance of raw material inventory = $3,300
The beginning raw materials inventory balance was $3,300.
Which of the following statements is true? a. Economic profits ignore implicit costs. b. Economic profits include implicit costs. c. Accounting profits include all of the opportunity costs. d. Economists consider sunk costs in their decision making
Answer:
Option (b) is correct.
Explanation:
Economic profit is the difference between total revenue and total costs. Total costs includes both implicit costs as well as explicit costs. Implicit costs refers to the opportunity cost that are associated with the choice of alternatives.
Accounting profits includes only explicit costs. Explicit costs are the costs which are incurred for operating a business.
The true statement is that economic profits include implicit costs. This differentiates economic profits from accounting profits, which do not include opportunity costs. Furthermore, sunk costs, which are costs that have already been incurred and cannot be recovered, are generally not considered by economists in decision making. The correct statement b.
Explanation:The statement b. Economic profits include implicit costs is the correct one. Economic profits are a measure of the profitability of a venture after accounting for both explicit and implicit costs. Explicit costs are direct monetary expenses for resources needed for production.
Implicit costs, on the other hand, are the opportunity costs of using resources already owned by the firm. They could be what the resources could be earning in their next best employment. This differentiates economic profits from accounting profits which only take into account explicit costs leaving out the opportunity costs (implicit costs).
Economists do not generally factor in sunk costs in decision making because they are costs that have already been incurred and cannot be recovered, hence they do not influence future business decisions. The correct statement b.
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On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. a. Prepare the entry on Pixer's books to record the sale. b. Prepare the entry on Pixer's books to record the receipt of payment.
Answer:
a.
Debit Accounts Receivable $1,500
Credit Sales $1,500
b.
Debit Cash $1,500
Credit Accounts Receivable $1,500
Explanation:
On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account.
Pixer's books records the sale by the entry:
Debit Accounts Receivable $1,500
Credit Sales $1,500
On June 21, Jasmine Co. pays for this merchandise. Pixer's books records the receipt of payment by the entry:
Debit Cash $1,500
Credit Accounts Receivable $1,500
Final answer:
On June 7, Pixer Co. makes a credit sale of $1500, recorded as an increase in Accounts Receivable and Sales Revenue. Upon receipt of payment on June 21, they debit Cash and credit Accounts Receivable for $1500.
Explanation:
Accounting Entries for Pixer Co.
For the scenario provided where Pixer Co. sells merchandise to Jasmine Co.:
a. Entry to Record the Sale on Pixer's Books
June 7: When Pixer Co. sells $1500 of merchandise on account, the entry is:
Accounts Receivable..........$1500Sales Revenue.........$1500This entry indicates that Pixer Co. has made a credit sale, increasing its Accounts Receivable and recognizing the Sales Revenue at the same time.
b. Entry to Record the Receipt of Payment
June 21: When Jasmine Co. pays for the merchandise, the entry is:
Cash........................$1500Accounts Receivable.........$1500This entry shows that Pixer Co. has received cash, which increases its Cash account, and decreases the Accounts Receivable since the customer's debt has been paid.
A hamburger factory produces 60,000 hamburgers each week. The equipment used costs $10,000 and will remain productive for four years. The labor cost per year is $13,500.
A. What is the productivity measure of "units of output per solar of input" averaged over the four-year period?
B. The company has the option of purchasing equipment for $13,000, with an operating life of five years. It would reduce labor costs to $11,000 per year. Should it consider purchasing this equipment (using productivity arguments alone)?
Answer:
A. 195 hamburgers
B. Yes
Explanation:
The computation is shown below:
A. Productivity measure = (Annual output) ÷ (Annual labor cost + annual equipment cost)
where,
Annual output = 60,000 × 52 weeks = $3,120,000
Annual labor cost = $13,500
Annual equipment cost
= $10,000 ÷ 4
= $2,500
So, the productivity measure is
= ($3,120,000) ÷ ($13,500 + $2,500)
= 195 hamburgers
B. Productivity measure = (Annual output) ÷ (Annual labor cost + annual equipment cost)
where,
Annual output = 60,000 × 52 weeks = $3,120,000
Annual labor cost = $11,000
Annual equipment cost
= $13,000 ÷ 5
= $2,600
So, the productivity measure is
= ($3,120,000) ÷ ($11,000 + $2,600)
= 229 hamburgers
Since the productivity is increased from 195 hamburgers to 229 hamburgers so the equipment should be purchased.
Part A:
The productivity measure of "units of output per solar of input" averaged over the four-year period :
Formula:
Productivity measure = (Annual output) ÷ (Annual labor cost + annual equipment cost)
Annual output = 60,000 × 52 weeks = $3,120,000 Annual labor cost = $13,500 Annual equipment cost = $10,000 ÷ 4 = $2,500
Productivity measure = ($3,120,000) ÷ ($13,500 + $2,500)
Productivity measure= 195 hamburgers
The productivity measure of "units of output per solar of input" averaged over the four-year period is 195 hamburgers.
Part B:
Should it consider purchasing this equipment :
YesFormula :
Productivity measure = (Annual output) ÷ (Annual labor cost + annual equipment cost)
Annual output = 60,000 × 52 weeks = $3,120,000 Annual labor cost = $11,000 Annual equipment cost = $13,000 ÷ 5 = $2,600
Productivity measure = ($3,120,000) ÷ ($11,000 + $2,600)
Productivity measure = 229 hamburgers
Thus, the productivity is increased from 195 hamburgers to 229 hamburgers so the equipment should be purchased.
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"Ivana just finished a training program sponsored by her employer that dramatically increased her computer skills. She feels that she should stay with the company for at least a couple more years to repay them for investing in her skill development. What type of commitment is Ivana likely experiencing?"
Answer:
As Ivana has just finished a training program sponsored by her employer that has dramatically increased her computer skills. She feels that she should stay with the company for at least a couple more years to repay them for investing in her skill development. Ivana is experiencing Normative Commitment for her organisation.
Explanation:
As Ivana has just finished a training program sponsored by her employer that has dramatically increased her computer skills. She feels that she should stay with the company for at least a couple more years to repay them for investing in her skill development. She is experiencing Normative Commitment for her organisation. She feels that she ought it to her company. Her company has added some value in her, she has spend time here and her company has made her learnt new skills, therefore, she should return something valuable to her company in the form of her services. Ivana feels herself obliged and consequently want to continue working for the same company so she can repay them something back.
Ivana is experiencing normative commitment, where she feels obliged to stay with her employer due to the investment they made in her skill development.
Ivana is likely experiencing what is referred to as normative commitment. Normative commitment refers to an employee's feeling of obligation to remain with an organization. In this case, Ivana feels obliged to stay with her employer because they invested in her skill development, which demonstrates a form of reciprocation. This form of commitment could greatly benefit companies as it promotes loyalty and reduces employee turnover.
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__ Last week Stephanie lost her job as a copy-writer at an advertising agency after a corporate merger deal. She has spent the past few days browsing the help-wanted ads, but has not found anything that matches her skills. Stephanie is best classified as
Answer:
frictionally unemployed.
Explanation:
Frictional unemployment -
It refers to the situation , when a person is jobless and is searching for a new job in the upcoming healthy economy , is referred to as frictional unemployment.
The person might have left the job intentionally or unintentionally , but the main motto is to find a job which suits the person better .
Hence , from the given scenario of the question,
Stephanie is classified as a frictionally unemployed .
The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $35,000. Receive cash of $27,000 from customers in (a) above. Purchase bike equipment by signing a note with the bank for $20,000. Pay utilities of $3,500 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation
Answer:
Assets = Liabilities + Equity
1) services on account
+35,000 (A/R) + 35,000 Service revenue
2) collection of 27,000
-27,000 (A/R)
+27,000 (cash)
net effect of zero
3) acquisition of equipment through promissory note
+20,000 (equipment +20,000(note payable)
4) -3,500(cash) - 3,500 utlities expense
Explanation:
Asset will be affected when cash, equivalent of cash, or right or property than can be used to produce cashflow is acquired or used
Liabilities is affected whe nwe take debt like in #3
Equity when the company generated revenue or expenses.
It will also be affected when investment fro mowners are made.
Mandy Ewing has been working as a veterinarian's assistant for almost a year. Her friend recently told that her employee was in violation of the _____ because she was not being paid the minimum wage.
O Fair Wage and Salary Bill
O Fair Labor Standards Act
O Compensation-Wage Law
O Minimum Compensation Act
O Equal Opportunity Act
Final answer:
The employer of Mandy Ewing is said to be in violation of the Fair Labor Standards Act (FLSA) for not paying the federal minimum wage. The FLSA established the federal minimum wage and regularly adjusts it to maintain a minimum standard of living for workers.
Explanation:
Mandy Ewing's friend mentioned that her employer was in violation of the Fair Labor Standards Act (FLSA) because she was not being paid the minimum wage. The FLSA is federal legislation that sets the federal minimum wage as well as standards for overtime pay, record keeping, and youth employment in the private sector and government. It was established to ensure a minimum standard of living for employees who are covered by the act. Employers that do not comply with the FLSA may face penalties, and Mandy might have a right to receive back pay.
This act is the reason why employers across states from Wisconsin to Pennsylvania may offer the same hourly minimum wage. The current federal minimum wage, which was first set in 1938, has been adjusted periodically to reflect changes in the cost of living and inflation. While many states have minimum wage laws that can be higher than the federal standard, employers must at least meet the federal minimum wage as outlined by the FLSA.
A nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production is called ____________. efficiency-driven economy factor-driven economy innovation-driven economy fast moving opportunity
Answer:
Factor-driven economy.
Explanation:
The factor-oriented economy can be defined as the first sector of economic development, which is based on the use of natural resources and unskilled labor. In this type of economy, the competitive advantage is based on the production of basic products, which are the source of production of this factor-oriented economy.
Generally, this first stage of economic development supports low wages compared to other economic stages.
For the following pairs of goods, would you expect the cross-price elasticity of demand to be positive, negative, or zero? Briefly explain your answer.
a) Red umbrellas and black umbrellas
b) Coca-Cola and Pepsi
c) Grape jelly and peanut butter
d) Chocolate chip cookies and milk
e) Computers and software
Answer:
A-Positive
B-Positive
C-Negative
D-Negative
E-Negative
Explanation:
To begin with, the term known as ''cross elasticity of demand'' refers to an economic concept that measures the quantity demanded of a good when a change in the price of other good takes place.
In the case of the umbrellas, as being products very equal the most common thing to happen is that when the price of one of them increases the quantity demanded of the other will increase too regarding the fact that the second one will be cheaper. Therefore establishing a positive cross elasticiy of demand due to the fact that they are two substitute products.
In the case of the Coca-Cola and Pepsi, both products are also substitute and therefore it is obvious that the cross elasticity of demand will be positive due to the fact that if the price of one of them increases then the quantity demanded of the other will increase as well too.
In the cases C, D and E the most likely thing to happen is that when the price of one of them increases then the quantity demanded of the other will decrease due to the fact that they are two complementary goods whose cross elasticity of demand is negative. Because the complementary goods are those that whose appeal increases with the demand of its complement and that happens in the cases of the grape jelly and peanut butter, the chocolate chip cookies and milk and the computers and software.
The cross-price elasticity of demand would be positive for substitutes (red and black umbrellas, Coca-Cola and Pepsi); negative for complements (grape jelly and peanut butter, chocolate chip cookies and milk, computers and software).
Explanation:The cross-price elasticity of demand measures how the quantity demanded of one good changes with respect to the price change of another good. It indicates whether two goods are substitutes, complements, or unrelated.
Red umbrellas and black umbrellas: The cross-price elasticity of demand would be positive. These are substitute goods. If the price of red umbrellas rises, people would likely buy more black umbrellas.Coca-Cola and Pepsi: The cross-price elasticity of demand would be positive. These are substitute goods. If the price of Coca-Cola increases, the demand for Pepsi would likely rise.Grape jelly and peanut butter: The cross-price elasticity of demand would be negative. These are complementary goods. If the price of grape jelly increases, the demand for peanut butter may decrease as they are often bought together.Chocolate chip cookies and milk: The cross-price elasticity of demand would be negative. These are complementary goods. If the price of chocolate chip cookies rises, the demand for milk might decrease, as they are often consumed together.Computers and software: The cross-price elasticity of demand would be negative. These are complementary goods. If the price of computers rises, the demand for software might decrease as software is typically used on computers.Learn more about Cross-price Elasticity of Demand here:https://brainly.com/question/33762697
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A useful economic model a. deals only with possibilities that actually occurred. b. will avoid conclusions that have public policy implications, because economists do not make value judgments. c. makes only realistic assumptions. d. may make some unrealistic assumptions in order to simplify a complex reality. g
Answer:
d. may make some unrealistic assumptions in order to simplify a complex reality
Explanation:
In economics, a model is a conceptual structure that represents economic procedures through a number of variables and a series of rational or quantitative interactions. The economic model is a simpler framework intended to demonstrate complex structures that is often mathematical.
Final answer:
A useful economic model often makes unrealistic assumptions to simplify complex realities, allowing economists to understand and predict economic behaviors. These simplifications are standard in economics and can provide relevant insights despite their lack of realism.
Explanation:
Within the realm of economics, a useful economic model may indeed make some unrealistic assumptions in order to simplify complex realities and analyze important economic relationships. While it's true that these assumptions are not realistic reflections of the real world, their purpose is to create a framework that allows economists to isolate and understand the behaviors and interactions that drive economic outcomes.
Economic models function as tools that help economists reason through problems by creating a more manageable version of reality. For example, models may assume perfect information, profit maximization, or rational choices to explore how agents are likely to behave under certain conditions. Critically, while the real world is more nuanced and uncertain, these simplifications can reveal insights that do bear relevance to more complex, real-life situations.
Therefore, the correct answer to the student's question is that a useful economic model d. may make some unrealistic assumptions in order to simplify a complex reality. This is acknowledged as a standard practice in economics, which seeks to understand how agents respond to changes and predict outcomes through the analysis of simplified representations of reality.
You determine that a robot welder is malfunctioning on your assembly line because final inspection has revealed a loose connection in every weld made by the robot. What specific management skill have you displayed?
1) Job knowledge2) Information processing3) Problem analysis4) Initiative
Explanation:
Option 1: Job Knowledge
This option is closely associated with the question but not right. Only the job knowledge cannot solve the issue. You need an additional skill of problem solving to fix or identify the issue.
Option 2: Information processing
Processing the information is not the required skill to analyze the given problem.
Option 3: Problem analysis
Here there is a loose connection inspected. So inspection is one kind of analysis of problem. This skill is important for the given situation.
Option 4: Initiative
Initiative is one of the soft skill but this skill will not be used in analysis of a problem.
A marketing consultant uses the job costing system and has a pre-determined overhead rate of $15 per direct labor hour. This amount is based on an estimated overhead of $30,000 and an average time of 5.0 hours per job. Job #521 incurred direct material costs of $50 and 6 direct labor hours costing of $75 per hour. The total cost of job #521 is_.
A. $155.
B. $215.
C. $565.
D. $590
Answer:
D. $590
Explanation:
Predetermined overhead rate = $15 per labour hour
Direct Material cost = $50
Labor rate = $75 per hour
Number of Direct labor hour = 6
Direct labor cost = 6 x 75 = $450
Overhead applied cost = Predetermined overhead rate x Direct labor hours
Overhead applied cost = 15 x 6 = $90
Total cost = $50 + $450 + $90
Total cost = $590
So, the correct answer is D. $590
The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue $ 375,000 Cost of goods sold 322,000 Value of production materials on hand 42,500 Value of work-in-process inventory 37,000 Value of finished goods on hand 12,500 a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) Inventory turnover ratio per year b. Compute the weeks of supply (WS). (Do not round intermediate calculations. Round your answer to 1 decimal place.) Weeks of supply
Answer:
The firm turnover: is 8.1
while the weeks of supply are 6.19
Explanation:
[tex]\frac{COGS}{Average Inventory} = $Inventory Turnover[/tex]
where:
[tex]$$Average Inventory=(Beginning Inventory + Ending Inventory)/2[/tex]
37,000 + 42,500 = 79,500 / 2 = 39,750
Inventory TO 322,000 / 39,750 = 8,100
cost of good sold: 322,000 / 52 = 6,192 inventory sold per week
inventory at hand 42,500
42,500 / 6,192 = 6,86
To calculate the inventory turnover ratio, the average inventory and COGS is used, and for weeks of supply, the ITR is converted using the number of weeks in a year.
Explanation:To compute the inventory turnover ratio (ITR), we must first determine the cost of goods sold (COGS) and the average inventory for the period. The value of starting inventory plus the value of ending inventory, divided by 2, gives us the average inventory. In this scenario, the average inventory is calculated as the sum of the value of production materials on hand, the value of work-in-process inventory, and the value of finished goods on hand, all divided by 2. The ITR is then found by dividing the COGS by the average inventory.
For the weeks of supply (WS), we convert the ITR into how many weeks' worth of inventory is present on average by dividing the number of weeks in a year, which is 52, by the ITR.
Globalization is:
a. making HR planning increasingly a government responsibility.
b. simplifying HR planning.
c. having an imponderable impact on ahr planning.
d. making HR planning more critical and complex.
Answer:
d) making HR planning more critical and complex.
Explanation:
Globalization refers to the way of interacting with different people around the world in order to get healthy relationship for business purpose. Communication technologies become a helping hand to make globalization so easy and efficient.
Increase Globalization increase the practice of human Resource, in order to maintain the workforce in a more systematic way thus globalization make human resource planning more complex.
An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to consumers, 300,000 are sold to businesses, 300,000 are sold to the government, and 100,000 are sold abroad. No computers are imported. The unsold computers at the end of the year are held in inventory by the computer manufacturers. What is the value of the investment component of GDP?a. $0.9 billionb. $1.0 billionc. $1.8 billiond. $2.0 billion
Answer:
$2.0 billion
Explanation:
The Gross Domestic Product is the monetary value of all goods and services that is produced within the boundary of a country in a specific time.
The formula for GDP is
GDP= consumption + government spending + investment + (export - import)
200,000 are sold to consumers
300,000 are sold to businesses
300,000 are sold to the government
100,000 are sold abroad (exported)
100,000 is kept as inventory
GDP= {200,000 + 300,000+ 300,000+ 100,000+ (100,000- 0)}* $2,000
GDP= 1,000,000*2000
GDP= $2 billion
you are watching a news report with your father. The news anchor points out that a certain troubled caribbean nation generates a GDP per capita of only 430$ per year. Since your father knows that the US GDP per capita is approximately 43000$ he suggests that we are materially 100 times better off in the united states
Answer:
Your father's assumption is incorrect, due to the purchasing power parity (PPP). The PPP accounts for the differences in living costs between nations that have different GDPs per capita. For example, very poor nations tend to be cheaper than very rich nations, so the PPP adjusts the GDP per capita to the actual cost of the expenses in different countries. The US is used as a base, and most countries's currencies have a lower PPP, i.e. $1 dollar in a poor country buys more goods than $1 in the US. But some countries have a higher PPP than the US, e.g. Switzerland, Germany, Australia.
GDP per capita is a measure that calculates the average economic output per person in a country. The troubled Caribbean nation has a GDP per capita of $430, while the United States has a GDP per capita of approximately $43,000. However, GDP per capita is not the only indicator of a country's well-being or standard of living.
Explanation:GDP per capita is a measure that calculates the average economic output per person in a country. In this case, the troubled Caribbean nation has a GDP per capita of $430, while the United States has a GDP per capita of approximately $43,000. This means that, on average, each person in the United States produces and consumes about 100 times more than someone in the troubled Caribbean nation.
It is important to note that GDP per capita is not the only indicator of a country's well-being or standard of living. There are many factors that contribute to the overall development and quality of life in a country, including education, healthcare, infrastructure, and inequality.
Therefore, while GDP per capita can provide some insights into the economic conditions of a country, it is not the sole measure of material well-being or progress.
Wen really did not want to work on Saturday. On Saturday morning his boss called and told him to report and Wen did. Wen's boss had just demonstrated: Select one: a. coercion b. social power c. muscle d. social control
Answer:
b. social power
Explanation:
Social power is exercised by an individual when such an individual holds a higher rank in a society.
In the given case, an employee was desirous of taking a leave on Saturday but his Boss asked him to report, whose direction he could not decline. Since the boss represents a higher social rank, his order could not be refused.
This is the case of Social Power, wherein an individual exercises considerable influence over another owing to his higher position in social ranks.
he Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material $5 per unit Labor 3 per unit Overhead 1 per unit Beginning inventory at these costs on July 1 was 3,200 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,400 units. These units had a material cost of $4, labor of $6, and overhead of $4 per unit. Bradley uses LIFO inventory accounting.
a. Assuming that Bradley sold 16,800 units during the last six months of the year at $13 each, what is its gross profit?
b. ending inventory value?
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
July 1, 20X1:
Material $5 per unit
Labor $3 per unit
Overhead $1 per unit
Total cost= $9
Beginning inventory= 3,200 units.
December 1, 20X1:
Bradley Corporation produced 12,400 units.
These units had a material cost of $4, labor of $6, and overhead of $4 per unit.
Total cost= $14
A) Units sold= 16,800 units
Selling price= $13
The total inventory is= 3,200+12,400= 15,600
We will assume that production levels with sales.
Sales= 16,800*13= $218,400
Cost of goods sold= (3,200*9 + 13,600*14)= (219,200)
Gross profit= (800)
B) We will assume the ending inventory is 300 units:
Inventory= 300*14= $4,200
Which of the following accounts would not appear on a balance sheet? options: a. Unearned Revenue. b. Salaries Payable. c. Interest Revenue. d. Retained Earnings.
Answer:
The correct answer is letter "A": Unearned Revenue.
Explanation:
Unearned Revenue is accrued payments obtained by a company or individual for products and services not yet made or delivered by the company. Other terms for unearned revenue are advanced payments or deferred revenue. According to the Generally Accepted Accounting Principles (GAAP) the revenue process must be complete before revenue becomes an asset. This requires both delivery of the service or product and received-up payment.
Unearned revenue is recorded as a liability on the Balance Sheet because it represents a debt owed to a customer.
For most people, the purchase of a Ford automobile would employ which type of consumer decision making?
Answer:
Extended decision making
Explanation:
Extended decision making is the decision making which involve the very high level of the purchase, an internal as well as extensive information search which is followed by the complex computation of the alternatives available and thorough evaluation is taken place when the purchase will take place.
So, for most of the people, when the decision of purchase is to be made like for the Ford automobile, the people will choose the extended decision making as it is expensive, infrequently purchased products.