Answer: TRUE
Explanation:If Total Revenue is greater than Total variable cost,the Airline is expected to sell more or positive number of tickets.
TOTAL REVENUE: this is the total receipts from the sale of goods and services rendered to customers. It can also be described as the total amount of money collected from the sale of goods and for services rendered in this case what is sold is the Airline Tickets.
TOTAL VARIABLE COST: is the total costs incurred by a business entity for the production of goods or the services rendered,the services can be the airline tickets. Total variable costs increases as the number of Products and services increase.
A ________ tariff is designed to raise the price of imported products so that domestic goods are more competitively priced. a. revenue b.progressivec. restrictive protective
Answer:
The correct answer is letter "D": protective.
Explanation:
Protective tariffs are the ones a country imposes over imports to protect domestic production. Typically, this type of tariff brings economic trade war between the countries imposing the tariffs since they affect the revenues especially of the exporter country.
A protective tariff is imposed to raise the cost of imported goods, making domestic ones more competitively priced. This helps protect domestic industries from foreign competition.
Explanation:A protective tariff is designed to raise the price of imported products so that domestic goods are more competitively priced. Protective tariffs aim to protect domestic industries from foreign competition by increasing the price of imported goods. For example, if the country imports cars, a protective tariff can be placed on those to make local cars cheaper in comparison, thereby favoring the domestic automotive industry.
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________ from the manufacturer or service provider is the set of firms that supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service.
Answer: Upstream from
Explanation:
The upstream is one of the processing from the service provider or the manufacturer that helps in providing the various types of information, raw materials, components and the finances for creating the different types of products and the services in the market.
The Upstream is refers to the first step for producing the products and then the products are deliver to the customers or users in the form of upstream in the supply chain system.
Therefore, Upstream is the correct answer.
An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in a mean income of $15,000. What is the upper end point in a 99% confidence interval for the average income (as a whole number without a dollar sign)?
Answer:
The upper end point in a 99% confidence interval for the average income is 15,364.
Explanation:
We have that to find our [tex]\alpha[/tex] level, that is the subtraction of 1 by the confidence interval divided by 2. So:
[tex]\alpha = \frac{1-0.99}{2} = 0.005[/tex]
Now, we have to find z in the Ztable as such z has a pvalue of [tex]1-\alpha[/tex].
So it is z with a pvalue of [tex]1-0.005 = 0.995[/tex], so [tex]z = 2.575[/tex]
Now, find M as such
[tex]M = z*\frac{\sigma}{\sqrt{n}}[/tex]
In which [tex]\sigma[/tex] is the standard deviation of the population and n is the size of the sample.
[tex]M = 2.575*\frac{1000}{\sqrt{50}}= 364.15[/tex]
The upper end of the interval is the mean added to M. So it is 15000 + 364.15 = 15,364.15 dollars.
So the upper end point in a 99% confidence interval for the average income is 15,364.
To calculate the upper end point in a 99% confidence interval for the average income, we can use the formula: upper end point = mean + (z * (standard deviation / sqrt(sample size))).
Explanation:In this question, the economist is interested in studying the incomes of consumers in a particular country. The population standard deviation, which represents the variation in incomes of the entire population, is known to be $1,000. The economist took a random sample of 50 individuals, and the mean income of this sample is $15,000.
To calculate the upper end point in a 99% confidence interval for the average income of the entire population, we can use the formula: upper end point = mean + (z * (standard deviation / sqrt(sample size))), where z is the z-score corresponding to the desired confidence level.
For a 99% confidence level, the z-score is approximately 2.576. Substituting the values into the formula, we get: upper end point = $15,000 + (2.576 * ($1,000 / sqrt(50))). Evaluating this expression gives us the upper end point as a whole number without a dollar sign.
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
Answer:
Gain of $17,000
Explanation:
The basis of Patrice's land is $40,000 and he sells it for $50,000. That is a $10,000 gain because he sold the land for $10,000 more than his basis in the land. But also the buyer assumed Patrice's liability of 7,000, which means that Patrice had to pay someone $7,000 but now the buyer of the land will make this obligation which means that this 7,000 is also part of the gain on sale of land. So the total Gain is 10,000 +7,000= $17,000.
______ reports contain unaudited financial statements and are submitted quarterly to the SEC.
Answer:
Quarterly report
Explanation:
Quarterly report is the report which is issued by the companies in every quarter (which is 3 months), it is a report which describes as the collection or the summary of the financial statements, that are unaudited ( it involves the cash flow statements, balance sheets and income statements).
And every traded public companies need or require to file their reports with the SEC (which stands for Securities Exchange Committee).
Therefore, the quarterly reports are the one which contain the unaudited financial statements and submitted to quarterly with SEC.
Fitness Fanatics is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as needed, are evaluated based largely on return on investment (ROI). The company's Springfield Club reported the following results for the past year: Sales $ 850,000 Net operating income $ 25,500 Average operating assets $ 100,000 The following questions are to be considered independently.
Assume that the manager of the club is able to reduce expenses by $3,400 without any change in sales or average operating assets. What would be the club’s return on investment (ROI)?
Answer:
Old ROI = 25.5%
New ROI = 28.9%
Explanation:
Current ROI = Net operating Income/Average Operating Assets
= ($ 25,500 /$ 100,000) *100%
= 25.5%
Assume manager of the club reduce expenses by $3,400 and variables remained unchanged.
New Net Operating Income = $25,500 + $3,400
= $28,900
Hence, New ROI = ($28,900/100,000) *100%
=28.9%
Chick-fil-A’s "Eat Mor Chikin" advertising campaign features three cows holding signs that say things like "Save the cows, eat more chicken."If consumers began eating more chicken and less beef, would the cattle population increase or decrease? Explain.
Answer:
If consumers began eating more chicken and less beef, the cattle population would decrease.
Explanation:
Once the consumers shift to consuming more chicken than beef, the demand for beef would automatically go down. With an initiated increase in the consumption of chicken, the price of chicken would go up owing to the increase in demand and limited supply. Hence, people would look for alternatives to chicken and turn back to beef as the chicken would be unaffordable.Final answer:
Consumers eating more chicken and less beef would likely lead to a decrease in the cattle population.
Explanation:
Consumers eating more chicken and less beef would likely lead to a decrease in the cattle population. This is because the demand for beef would decrease, causing a shift in the demand curve for beef to the left. As a result, farmers would produce less beef, leading to a decrease in the number of cattle being raised.
Borrowers who met certain requirements for mortgages, such as minimum income level relative to the total mortgage amount, could obtain mortgages that were qualified to be securitized. Such mortgages were called_________________.
Answer:
Subprime or Alt-A mortgages
Explanation:
Generally, there are three types of mortgages: prime mortgage, subprime mortgage, and Alt-A mortgage.
Prime mortgages are mortgages that are usually given to people with excellent credit rating, who can meet all requirements and they are considered as high quality borrowers. Therefore, the interest rates they are offered usually relatively low.
Subprime mortgages are mortgages that are usually given to people with poor credit ratings or histories, who cannot meet all requirements to be given conventional mortgages and are considered as low quality borrowers. Therefore, the interest rates they are offered usually relatively high because the mortgage is considered as the riskiest.
The full meaning of Alt-A mortgage is Alternative A Mortgages which is a type of mortgages for people whose credit ratings or risk profiles lie between prime and subprime. The holders can meet more requirements than the holders of subprime mortgage but not as much as the holders of a prime mortgage. This mortgage is riskier than the prime mortgage but less risky than subprime mortgage. Therefore, the interest rates it offered are therefore higher than what the holder of prime mortgage get but it lower than the interest rates offered to the holders of subprime mortgage.
Best of luck.
The company changed its inventory method to FIFO from weighted-average, which had been used in prior years.
Answer:The Fifo method of stock Pricing is more efficient because it show the current market which do give room to rigor of determining unrealized profits.
Explanation:The First in,First out method has proven to be an effective method by revealing the actual cost of the material and represent the historical cost.The use of this system helps to avoid waste by issuing old stocks first.Its also a good representation of a sound storekeeping practice which increases profits during inflation.
Bonka Toys is planning to buy a robot costing $75,000.
After 5 years its salvage value will be $18,000.
An overhaul costing $10,000 will be needed in Year 3.
Operations and Maintenance costs will be $2000 per year.
What is the cash flow stream for using this robot?
The cash flow stream for using the robot is -$75,000, $2,000, $2,000, -$10,000, $2,000, $2,000, $2,000, $18,000. The cash flow stream is -$75,000 (Year 0), -$2,000 (Year 1), -$2,000 (Year 2), -$12,000 (Year 3), -$2,000 (Year 4), and $16,000 (Year 5).
Explanation:Using the given information, we can calculate the cash flow stream for using the robot. The initial cost of the robot is $75,000, and after 5 years, it will have a salvage value of $18,000. Additionally, an overhaul costing $10,000 will be needed in Year 3, and there will be operations and maintenance costs of $2,000 per year. Therefore, the cash flow stream for using the robot can be calculated as follows:
-$75,000 (initial cost)$2,000 (Year 1 operations and maintenance costs)$2,000 (Year 2 operations and maintenance costs)-$10,000 (overhaul cost in Year 3)$2,000 (Year 3 operations and maintenance costs)$2,000 (Year 4 operations and maintenance costs)$2,000 (Year 5 operations and maintenance costs)$18,000 (salvage value after 5 years)So the cash flow stream for using the robot is: -$75,000, $2,000, $2,000, -$10,000, $2,000, $2,000, $2,000, $18,000.
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The owner of Marshall Restaurant is disappointed because the restaurant has been averaging 7,500 pizza sales per month, but the restaurant and wait staff can make and serve 10,000 pizzas per month. The variable cost (for example, ingredients) of each pizza is $1.55. Monthly fixed costs (for example, depreciation, property taxes, business license, and manager's salary) are $12,000 per month.
Sales price is $10 per pizza. The owner wants cost information about different volumes so that some operating decisions can be made.
Fill in the following chart to provide the owner with the cost information.
Monthly Pizza Volume 6,000 7,500 10,000
Total fixed costs
Total variable costs
Total costs
Fixed cost per pizza
Variable cost per pizza
Average cost per pizza
Selling price per pizza
Average profit per pizza
Answer:
No of units 6,000 7,500 10,000
Total fixed cost $12,000.00 $12,000.00 $12,000.00
Total variable cost $9,000.00 $11,250.00 $15,000.00
Total cost $21,000.00 $23,250.00 $27,000.00
Fixed cost per pizza $2.00 $1.60 $1.20
Variable cost per pizza $1.50 $1.50 $1.50
Average cost per pizza $3.50 $3.10 $2.70
The cost is the expenditure required to produce or sell the product or get an asset ready for normal use. In other words, it is the amount paid to manufacture a product, sell merchandise, purchase inventory or get the equipment ready to use in a business process.
What does the definition of the term cost?
In accounting, the costs are defined as the cash amount or the cash equivalent given up for an asset. Cost includes all costs necessary to get an asset in place and ready for use. For example, the cost of an item in inventory also includes the item's freight-in cost. The cost of land includes all costs to get the land ready for its use.
No of units 6,000 7,500 10,000
Total fixed cost $12,000.00 $12,000.00 $12,000.00
Total variable cost $9,000.00 $11,250.00 $15,000.00
Total cost $21,000.00 $23,250.00 $27,000.00
Fixed cost per pizza $2.00 $1.60 $1.20
Variable cost per pizza $1.50 $1.50 $1.50
Average cost per pizza $3.50 $3.10 $2.70
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The tendency of employees in a functionally organized company to become fixated on their own concerns and work assignments to the exclusion of the needs of other departments is known as:
a. Myopia.
b. Nepotism.
c. Layering.
d. Siloing.
Answer:
d. Siloing.
Explanation:
Siloing is the present participle of the word silo which means isolated.
The tendency of employees in a functionally organized company to become fixated on their own concerns and work assignments to the exclusion of the needs of other departments is known as siloing because that particular employee is being isolated from other departments. This might include an IT system.
DuPont Equation: The Rangoon Timber Company has the following ratios:
Net sales/Total assets = 2.23; ROA = 9.69%; ROE = 16.4%
What are Rangoon’s profit margin and debt ratios?
Answer:
4.35 % ; 0.41
Explanation:
Given
(sales ÷ total assets) = 2.23
ROA = 9.69%
ROE = 16.4%
ROA = Net income ÷ total assets
= [(Net income ÷ net sales) ÷ (net sales ÷ total assets)]
(Net income ÷ net sales) = [ROA ÷ (net sales ÷ total assets) ]
= 0.969 ÷ 2.23
= 0.0435
Net profit margin = net income ÷ net sales
= 0.0435
= 4.35 %
ROE = net income ÷ total equity
ROE = (net income ÷ net sales) × (net sales ÷ total assets) × (total assets ÷ total equity)
(Total assets ÷ total equity) = ROE ÷ [(net income ÷ net sales) × (net sales ÷ total assets)]
= 0.164 ÷ (0.0435 × 2.23)
= 0.164 ÷ 0.097
= 1.69
Equity multiplier = total assets ÷ total equity
Equity multiplier = ROE ÷ ROA
= 0.164 ÷ 0.0969
= 1.69
Equity multiplier = 1 + debt-to-equity ratio
Debt-to-equity ratio = equity multiplier - 1
= 1.69 - 1
= 0.69
Total debt ratio:
= debt-to-equity ratio ÷ (1+debt-to-equity ratio)
= 0.69 ÷ (1+ 0.69)
= 0.41
Certain trends in the recent past have changed the way that businesses are managed and controlled. Four important recent business trends have been: increased transparency, globalization, increased use of information technology, and renewed focus on corporate governance. Which of the following best exemplifies the trend toward the increased use of information technology?
a. High-tech companies have research labs, development centers, and call centers in emerging markets like China and India. These markets give them the benefit of cost-effective services, a qualified workforce, and competitive pricing.
b. Companies are benefiting from e-commerce by buying and selling their products and services to consumers online.
c. Steps have been taken to enhance the interaction between shareholders and company managers so that managers work toward achieving the primary goal: maximize shareholder wealth.
Answer:
b. Companies are benefiting from e-commerce by buying and selling their products and services to consumers online.
Explanation:
This is the example that shows the pure application of IT in business. E-commerce platforms are something every business that has an online presence has in common. Although businesses can differ by industry or niche, e-commerce is a common information technology trend.
The A. answer may indicate that it is IT related, but it is actually more related to globalization and outsourcing.
Page(s) 13-14 1.2. What are five foundations of economics? Arshad is trying to choose his college major. His options are physics, civil engineering, biology, and communications. He is leaning towards communications because he enjoys those classes, but is also concerned about his midcareer salary. Of his options, click on the major that represents Arshadâs opportunity cost of choosing to major in communications.
Answer:
Physics
Explanation:
Opportunity Cost
When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice.
Since Arshad is concerned about his mid-career salary, Physics has the highest mid-career salary among the options, therefore opportunity cost of choosing to major in communications would be Physics
Answer:
economics
Explanation:
trst
The following financial data are for the dental practice of Dr. Donna Wells when she began operations in July.
1. Owes $21,000 to the Allen Equipment Company.
2. Has cash balance of $15,500.
3. Has dental supplies of $5,650.
4. Owes $6,180 to Contemporary Furniture Supply.
5. Has dental equipment of $28,550.
6. Has office furniture of $10,000.
A) Determine the amounts that would appear in Dr. Wells' balance sheet.
Dr. Wells' balance sheet will list assets such as cash, dental supplies, dental equipment, and office furniture, and liabilities including accounts payable to two companies. The total assets amount to $59,700, and the total liabilities are $27,180. Equity is not specified and would be calculated as the difference between total assets and total liabilities.
Explanation:The balance sheet for Dr. Wells' dental practice will show the assets, liabilities, and equity at the beginning of her
business operations. It would be formatted as follows:
Assets
Cash: $15,500Dental Supplies: $5,650Dental Equipment: $28,550Office Furniture: $10,000Liabilities
Accounts Payable (Allen Equipment Company): $21,000Accounts Payable (Contemporary Furniture Supply): $6,180EquityThis section of the balance sheet would typically detail the owner's equity, which is the residual interest in the assets of the entity after deducting liabilities. Since no specific equity information is provided, it would be assets minus liabilities. However, this can be complex without additional information, such as contributed capital or earnings.
The total assets equal $59,700 ($15,500 + $5,650 + $28,550 + $10,000), and the total liabilities equal $27,180 ($21,000 + $6,180). The difference between total assets and total liabilities would yield the net equity, assuming there are no other equity contributions or retained earnings.
uppose you bought a 20-year, $1,000 face-value bond for par 5 years ago. The annual coupon rate on this bond is 8.5% and interest payments are paid annually. If returns required by bond holders are now 1.5% higher than they were 5 years ago, then how much of a decrease have you experienced in the price of your bond
Answer:
Explanation:
Face Value=1000
Remaining term=15years
coupon rate=8.5% =YTM
purchased 5 years ago
Purchase price=1000
Current required rate of return=8.5%+1.5%=10%
Current price of bond = Coupon amount*PVIFA(RR,N)+Maturity value*PVIF(RR;N)=1000*8.5%*PVIFA(10%;15)+1000*PVIF(10%;15)=85*7.6061+1000*0.2394=885.9185
Decrease in the bond=1000-885.9185=114.0815
Choose the best and worst answer to the following question:
Suppose your supervisor returns from vacation and notices that the work area looks terrible. You also had the last two days off. He's angry and criticizes you for being careless and sloppy. This wasn't your fault.
What would you do?
A. Tell him it wasn't your fault and not to criticize you unjustly.
B. Let the coworkers responsible know that you had to take the heat.
C. Suggest he talk directly to the people who left the place a mess.
D. Straighten up the department and try to reason with him later.
E. Take it up with your supervisor's boss.
Answer:
Choose the best and worst answer to the following question:
Suppose your supervisor returns from vacation and notices that the work area looks terrible. You also had the last two days off. He's angry and criticizes you for being careless and sloppy. This wasn't your fault.
What would you do?
Best answer: Let the coworkers responsible know that you had to take the heat.
worst answer: Tell him it wasn't your fault and not to criticize you unjustly.
Explanation:
Bouchard Company's stock sells for $20 per share, its last dividend (D0) was $1.00, its growth rate is a constant 6 percent, and the company would incur a flotation cost of 20 percent if it sold new common stock. Which of the following is the cost of issuing new common stock? (Round off the answer to two decimal places.)a. 12.63 percentb. 11.96 percentc. 10.24 percent
Answer:
Option (A) is correct.
Explanation:
Given that,
Flotation cost, FC = 20 percent
Dividend growth rate, g = 6%
Share price, P = $20
Dividend in the next year, D1:
= 1 × 0.06
= 0.06
Cost of new equity:
= D1 ÷ [P × ( 1 - FC)] + g
= 1.06 ÷ [20 × (1 - 0.20)] + 0.06
= 1.06 ÷ (20 × 0.8) + 0.06
= 1.06 ÷ (16) + 0.06
= 0.06625 + 0.06
= 0.12625 or 12.63%
The cost of issuing new common stock is approximately 12.63%.
Explanation:To calculate the cost of issuing new common stock, we need to use the formula:
Cost of issuing new common stock = (D0 × (1 + g) / (P0 × (1 - F))) + g
Where:
D0 is the last dividend, which is $1.00g is the constant growth rate, which is 6%P0 is the stock price, which is $20.00F is the flotation cost rate, which is 20%Plugging in the values:
Cost of issuing new common stock = (1.00 × (1 + 0.06)) / (20.00 × (1 - 0.20)) + 0.06
Cost of issuing new common stock = 0.0667 + 0.06
Cost of issuing new common stock ≈ 0.1263 or 12.63%
Therefore, option a. 12.63 percent is the correct answer.
A Devil Team is a team that does not simply agree on what you say, but rather critique your ideas in order to create something better.
True or false?
Answer:
The statement is: True.
Explanation:
In management, devil teams are those composed of individuals who tend to have a critical way of thinking about ideas or methods of working proposed. Their objective is not to play the role of antagonists but to expose possible weak points on what is being proposed to them to improve it.
Your salary was $32,000 in 2014. It increased to $35,000 in 2015. What was the percentage increase in your salary from 2014 to 2015?
The percentage increase in salary from 2014 to 2015 can be calculated using the formula (New Value - Old Value) / Old Value * 100%. Plugging in the provided values, the percentage increase is found to be 9.375%.
Explanation:The subject of this question is the percentage increase in a numerical value. Specifically, you had a salary of $32,000 in 2014, and it rose to $35,000 in 2015. You're asked to find the percentage increase in your salary from 2014 to 2015.
The formula for finding the percentage increase is: (New Value - Old Value) / Old Value * 100%.
In this case, the Old Value is $32,000, and the New Value is $35,000.
So, the calculation will be: ($35,000 - $32,000) / $32,000 * 100% = 9.375%.
So, the percentage increase in your salary from 2014 to 2015 was 9.375%.
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John Daniel opened a medical practice in Sacramento, California, and had the following transactions during the month of January.
Jan. 1 The business received $34,000 cash and issued common stock to Daniel.
2 Purchased medical supplies on account, $17,000.
4 Performed services for patients receiving $1,600.
12 Paid monthly office rent of $3,000.
15 Recorded $7,000 revenue for services rendered to patients on account.
Journalize the transactions of John Daniel, M.D. Include an explanation with each entry.
Answer:
Explanation:
The journal entries are shown below:
1. Cash A/c Dr $34,000
To Common stock A/c $34,000
(Being the cash is received in exchange of common stock)
2. Medical supplied A/c Dr $17,000
To Account payable A/c $17,000
(Being the medical supplies are purchased on account)
3. Cash A/c Dr $1,600
To Service Revenue A/c $1,600
(Being the cash is received for service performed)
4. Office Rent Expenses A/c Dr $3,000
To Cash A/c $3,000
(Being the office rent expense is paid for cash)
5. Accounts Receivable A/c Dr $7,000
To Service revenue A/c $7,000
(Being the service revenue is recorded)
The transactions of John Daniel, M.D. are recorded in a specific order: Issue of common stock, purchase of medical supplies on account, cash earned from patient services, rent payment, and revenue recorded from services on account. Each of these transactions affects the business' assets, liabilities, and owner's equity.
Explanation:Here is how we can journalize the transactions of John Daniel, M.D.
Jan. 1: Debit Cash $34,000; Credit Common Stock $34,000 (Explanation: The business issues common stock to John Daniel, increasing both the business' assets (Cash) and owner's equity (Common Stock).)Jan. 2: Debit Medical Supplies $17,000; Credit Accounts Payable $17,000 (Explanation: The business purchases medical supplies on account, increasing both the business' assets (Medical Supplies) and liabilities (Accounts Payable).)Jan. 4: Debit Cash $1,600; Credit Service Revenue $1,600 (Explanation: The business earns revenue by rendering services, increasing both the business' assets (Cash) and owner's equity (Service Revenue).)Jan. 12: Debit Rent Expense $3,000; Credit Cash $3,000 (Explanation: The business pays rent, decreasing the business' assets (Cash) and increasing its expenses (Rent Expense).)Jan. 15: Debit Accounts Receivable $7,000; Credit Service Revenue $7,000 (Explanation: The business earns revenue on account, increasing both the business' assets (Accounts Receivable) and owner's equity (Service Revenue).)Learn more about Journalizing transactions here:https://brainly.com/question/32325411
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Which of the following is NOT a skill the authors say managers must have to be successful?
a. technical knowledge
b. creativity
c. human relations skills
d. critical thinking skills
Answer and Explanation:
b. creativity
Answer:
The correct answer is letter "B": creativity.
Explanation:
There are many skills managers must meet to conduct business successfully. Planning, communication, decision-making, delegation, problem-solving, and motivation are the most common. Besides, it is important for high-rank executives to possess technical knowledge, human relations, and critical thinking skills. Creativity is also crucial but not necessary for a manager. It is vital though for the marketing department of an organization.
Prepare journal entries to record the following four separate issuances of stock.
1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.
Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash.
DATE GENERAL JOURNAL DEBIT
CREDIT
1
2. A corporation issued 2,000 shared of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.
Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.
DATE GENERAL JOURNAL DEBIT CREDIT
1
3. A corportation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has stated no value.
Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value.
Date GENERAL JOURNAL DEBIT CREDIT
1
4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.
Record the issue of 1,000 shares of $50 par value preferred stock for $60,000 cash.
DATE GENERAL JOURNAL DEBIT CREDIT
1
Answer:
1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.
Account Debit Credit
Cash $35,000
Common Stock $20,000
Additonal Paid-In Capital
in Excess of Par Value $15,000
2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.
Account Debit Credit
Promters Services Expense $40,000
Common Stock $2,000
Additonal Paid-In Capital $38,000
3. A corportation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has stated no value.
Account Debit Credit
Promters Services Expense $40,000
Common Stock $40,000
4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.
Account Debit Credit
Cash $60,000
Preferred Stock $50,000
Additonal Paid-In Capital $10,000
what happened to the production possibility frontier during the great depression
Answer:The curve of production possibility frontier moved to left and inward
Explanation:
The production possibility frontier is a curve showing various combinations of the maximum production volumes of several goods (goods or services) that can be created in full employment conditions using all available resources in the economy.
Different release combinations reflect different uses of limited resources. For example, labor can be used in the production of various goods. The use of a unit of labor in the production of one good leads to the impossibility of its use in the production of any other good. Therefore, an increase in output in one sector of the economy leads to opportunity costs in the form of a decrease in output in another sector. In different sectors of the economy, resources can be used with different efficiency, therefore, the curve of production opportunities reflects a complex nonlinear relationship between different combinations of output. The intensity of resource use depends on the presence of other factors of production. The issue is also influenced by the law of diminishing marginal returns: with an increase in a resource and an unchanged number of other resources, the marginal return will decrease.
Changes in production possibility frontier curve are the result of some cases. The main idea is that this curve changes everything that leads to an increase or decrease in economic output. The goal of any economy is to achieve growth by increasing the volume of goods and services that consumers require. Given the scarcity of resources, the production possibility frontier curve has limitations as well. When the economy grows and everything stays stable, the economy can produce more and more, resulting in a change in the production which will move outward and to the right. Of course, if the economy shrank or collapsed or in depression or recession, the curve would shift to the left. The output increases when the curve goes outward or to the right. When the curve shifts inward or left, it shows a decrease in output.
Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $92,600. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
Record the disposal of the machine receiving nothing in return.
2. Diaz sold the machine for $17,500 cash.Record the sale of the machine for $17,500 cash.
3. Diaz sold the machine for $34,000 cash.
Record the sale of the machine for $34,000 cash.
4. Diaz sold the machine for $40,900 cash.
Record the sale of the machine for $40,900 cash.
Answer:
The Journal entries are as follows:
(i)
Accumulated Depreciation - Machine Equipment A/c Dr. $92,600
Loss on Disposal A/c Dr. $34,000
To Machine Equipment $126,600
(To record the disposal)
(ii)
Cash A/c Dr. $17,500
Accumulated Depreciation - Machine Equipment A/c Dr. $92,600
Loss on sale/disposal A/c Dr. $16,500
To Machine Equipment $126,600
(To record the sale)
(iii)
Cash A/c Dr. $34,000
Accumulated Depreciation - Machine Equipment A/c Dr. $92,600
To Machine Equipment $126,600
(To record the sale)
(iv)
Cash A/c Dr. $40,900
Accumulated Depreciation - Machine Equipment A/c Dr. $92,600
To Gain on sale/disposal A/c $6,900
To Machine Equipment $126,600
(To record the sale)
The Marchetti Soup Company entered into the following transactions during the month of June:
(1) purchased inventory on account for $200,000 (assume Marchetti uses a perpetual inventory system);
(2) paid $51,000 in salaries to employees for work performed during the month;
(3) sold merchandise that cost $142,000 to credit customers for $255,000;
(4) collected $235,000 in cash from credit customers; and
(5) paid suppliers of inventory $180,000. Prepare journal entries for each of the above transactions.
Answer:
Explanation:
The journal entries are shown below:
1. Merchandise Inventory A/c Dr $200,000
To Account payable A/c $200,000
(Being the inventory purchased is recorded)
2. Salaries Expense A/c Dr $51,000
To Cash A/c $51,000
(Being salaries expenses are paid for cash)
3. Cost of goods sold A/c Dr $142,000
To Merchandise Inventory $142,000
(Being the merchandise is sold for cost)
Accounts receivable A/c Dr $255,000
To Sales revenue A/c $255,00
(Being the merchandise is sold on credit)
4. Cash A/c Dr $235,000
To Accounts receivable A/c $235,000
(Being the cash is collected)
5. Accounts payable A/c Dr 180,000
To Cash A/c 180,000
(Being cash is paid)
Who are the key participants in the transactions of financial institutions a. ndividualsb. businessesc.governments
Answer:
The correct answers are letters "A", "B", and "C": individuals; businesses; and governments.
Explanation:
A financial transaction is an economic agreement or moves handled by a buyer and a seller where an asset is given in exchange for payment. The participants in these types of activities are individuals and businesses who can play the role of buyers and sellers and vice-versa, and the government granting that minimum legal conditions are provided for those transactions to take place.
After a gas pipeline ex osion that destroyed homes and injured dozens of people, Pacific Power Company publicly unveiled a new mission statement with a greater focus on safety and corporate accountability.
A. Changing communication technologies
B. Renewed emphasis on ethics
C. Heightened global competition
D. Saves Continue
Answer:
B. Renewed Emphasis on Ethics
Explanation:
The gas explosion destroying many homes and injuring people is primarily a Social Responsibility issue which speaks to the accountability of an organisation to the society or the people who are affected directly or indirectly by their business operations.
Pacific Power issued a statement focusing on safety and corporate accountability which means it sees that it needs reinforce its outlook on Corporate Social Responsibility. As such it is an ethical issue.
Business ethics actually deals with those practices and policies that surrounding the way a business carries out its daily operations. It will usually address controversial issues such as bribery, corporate governance and most especially corporate social responsibility.
The statement issued by the company is a renewed emphasis on ethics.
Chong Corporation recently prepared a manufacturing cost budget for an output of 50,000 units, as follows: Direct materials $100,000 Direct labor 50,000 Variable overhead 75,000 Fixed overhead 100,000 Actual units produced amounted to 60,000. Actual costs incurred were: direct materials, $110,000; direct labor, $60,000; variable overhead, $100,000; and fixed overhead, $97,000. If Chong evaluated performance by the use of a flexible budget, a performance report would reveal a total variance of:
Answer:
The variance for Chong Corporation is 3000 favorable using the Flexible Budget.
Explanation:
The flexible budget is calculated by multiplying per unit variable cost to actual units produced.
Per unit cost Actual units Total $
Direct Material $2 ($100,000/50,000) 60,000 120,000
Direct Labor $1($50,000/50,000) 60,000 60,000
Variable Overheads $1.5 ($75,000/50,000) 60,000 90,000
Fixed Overhead (Note1) 100,000
Total 370,000
Note1 : Budget Fixed overhead is $100,000 which will remain same in the Flexible Budget. The budgeted fixed cost is subtracted from Actual Fixed overhead to find out the difference, which is $3000 ($100,000-$97,000).
The total actual expense is $367,000 which is calculated by adding all the actual Direct Material, Direct Labor, Variable Overhead, and Fixed Overhead.
The difference between Flexible Budget total and Actual Expense Total shows the Total Variance of $3000 ($370,000 – $367,000) Favorable.
The total variance, which is the sum of the variances of direct materials, direct labor, variable overhead, and fixed overhead, for Chong Corporation is $42,000 unfavorable.
Explanation:Firstly, a variance is the difference between a budgeted, planned, or standard cost and the actual amount incurred/sold. Hence, a positive variance means actual costs are less than the standard or budgeted costs and vice versa. In this case, Chong Corporation needs to determine the total variance. The total variance for Chong Corporation will be calculated by summing up the variances of direct materials, direct labor, variable overhead, and fixed overhead.
The variances are computed as follows:
Direct materials: $110,000 (actual) - $100,000 (planned) = $10,000 unfavorableDirect labor: $60,000 (actual) - $50,000 (planned) = $10,000 unfavorableVariable overhead: $100,000 (actual) - $75,000 (planned) = $25,000 unfavorableFixed overhead: $97,000 (actual) - $100,000 (planned) = $3,000 favorableThe total variance would then be the sum of individual variances, therefore the answer is $42,000 unfavorable (= $10,000 + $10,000 + $25,000 - $3,000).
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