Pentrall Bros. is a seller of used automobiles. A research study conducted by the company indicates that customers are not willing to pay more than 70 percent of the market price of a new car for a used car. In light of this, the company makes sure that the prices of used cars are not set higher than 70 percent of the market value. In this scenario, Pentrall Bros. is trying to avoid _____.

Answers

Answer 1

Answer:

The endowment effect

Explanation:

According to the endowment effect, people are emotionally biased and tend to over value what they already own and undervalue what they haven't purchased.

They form some kind of attachment to what belongs to them and attach extra value to the item, due to the fear of losing it.

For example a person may prefer to continue using an old car rather than pay a certain amount to buy another used car.

Pentrall Bros, is trying to avoid the endowment effect by ensuring the prices of its used cars, are not higher than the prices at which customer's value them.


Related Questions

Lupe, a cash basis taxpayer, owns 55% of the stock of Jasper Corporation, a calendar year accrual basis C corporation. On December 31, 2019, Jasper accrues a performance bonus of $100,000 to Lupe that it pays to him on January 15, 2020.In which year can Jasper deduct the bonus? In which year must Lupe include the bonus in gross income?

Answers

Answer:

Explained below.

Explanation:

An organization that utilizes an accrual system can't challenge a reduction in the investment of a relevant group. For example, a more than 50% shareholder, continuously the recipient notifies that value as profit. Lupe a cash base taxpayer that needs to report the $100,000 reward in the year 2016 that year in which he accepts the payment. The Jasper Corporation may subtract the $100,000 bonus in the year 2016 the concerned year Lupe is needed to report it as similar to income.

Luke is shocked by the price that Obi-Wan agrees on for passage to Alderon. The transaction between Obi-Wan and Hans Solo is an example of:

Answers

Answer:

A Bad Deal

Explanation:

Luke is shocked as he believe the price paid by Obi-Wan to Hans Solo is very high or overpriced. That is why the transaction between Obi-Wan and Hans Solo is an example of a bad deal.

Answer:

Luke is shocked by the price that Obi-Wan agrees on for passage to Alderon. The transaction between Obi-Wan and Hans Solo is an example of Mutually Beneficial Exchange.

You meet a friend of yours for lunch. He is a supplier of coffee machines. While talking business, you mention to him that you've decided to use the principles of supply and demand to determine the market price for the coffee you plan to sell at your kiosk on campus. He suggests that you're making a lot of work for yourself, and you should just set your price based on the prices charged by your competitors.
However, you're apprehensive about using that approach.
Which would be the best argument in favor of your decision to use the principles of supply and demand

Answers

Final answer:

Choosing supply and demand principles to set prices for coffee at a campus kiosk takes into account variances in market conditions, such as changes in consumer preferences and supply issues, ensuring that prices can adapt to reach equilibrium without relying solely on competitors' pricing.

Explanation:

Using the principles of supply and demand to determine the market price for coffee you plan to sell at your kiosk on campus can be very beneficial. Competition indeed affects the market, but it doesn't always account for all the variances in the economy.

When you adhere to supply and demand principles, you can accurately adjust your prices based on real-time market conditions, like changes in consumer preferences or supply shortages. For instance, if the price of coffee were lowered to $2, according to the law of demand, the quantity demanded would increase, potentially creating a disequilibrium where demand exceeds supply, leading to a shortage. Conversely, when there's an excess supply due to a decrease in demand, prices would naturally fall to reach a new equilibrium.

Additionally, these adjustments of equilibrium price and quantity typically occur organically within a market-oriented economy, without much need for government intervention. An unforeseen event, such as a frost affecting the coffee crop in Brazil, might shift the supply curve of coffee to the left, causing a rise in price. Through the market's self-regulation, supply and demand will dictate the allocation and pricing, not just the singular aspect of competitor pricing. Hence, relying solely on competition and setting prices similar to your competitors may not optimally reflect the continuously changing market dynamics that supply and demand principles consider.

The work of the Holy Spirit in the life of the individual believer regarding the interpretation and application of Scripture is known as ________

Answers

Answer:

illumination.

Explanation:

The work of illumination of the holy spirit corresponds to the divine assistance of the ministry of the Holy Spirit so that the believer may have wisdom to understand and apply in his life the information and revelations contained in the sacred scriptures.

Reading the Bible is extremely important for believers, but according to the scripture, human understanding is not sufficient for understanding the word, so the holy spirit illuminates what is already revealed in the scriptures, so that in a reading and biblical study, there is divine interference to enter the minds of believers and provide knowledge and interpretation of the word of God, so that the bible is an instrument of salvation and faith.

John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived in Albany at 3:00 P.M. During the week, he worked his normal 40 hours in the Albany office (Monday through Friday—9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is $24.80 per hour.
Calculate Porter's OT rate for the week and total earning for the week.

Answers

Final answer:

John Porter's overtime rate is $37.20 per hour. He earned $992.00 for his regular 40-hour workweek and an additional $148.80 for 4 hours of overtime during the mandatory training session, totaling $1140.80 for the week.

Explanation:

To calculate John Porter's overtime (OT) rate and total earnings for the week, follow these steps:

Calculate the OT rate, which is typically 1.5 times the regular hourly rate. John's regular hourly rate is $24.80, so his OT rate is 24.80  imes 1.5 = $37.20 per hour.Calculate the regular earnings for the week. John worked his normal 40 hours, so his regular earnings are 40  imes 24.80 = $992.00.John also attended a mandatory work training session for 4 hours, which should be paid at the OT rate, as it is beyond his regular 40 hours. These additional earnings are 4  imes 37.20 = $148.80.Add the regular earnings and the overtime earnings to find the total earnings for the week: 992.00 + 148.80 = $1140.80.

John Porter's total earnings for the week are $1140.80.

On December 31, 2016, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,800. The company estimates that $1,700 of the year-end receivables will not be collected. Accounts receivable in the 2016 balance sheet will be valued at:

A. $55,500.
B. $1,700.
C. $52,100.
D. $53,800.

Answers

Answer:

accounts Receivable = $52,100

correct option is C. $52,100

Explanation:

given data

accounts receivable = $53,800

company estimates = $1,700

solution

we get here accounts Receivable that is express as

accounts Receivable = accounts receivable - company estimates     ................1

accounts Receivable = $53,800 - $1,700

accounts Receivable = $53,800 - $1,700

accounts Receivable = $52,100

correct option is C. $52,100

The purpose of this assignment is to provide the experience of obtaining a company's annual report.
Required:
Obtain the most recently issued annual report of a publicly owned manufacturing or merchandising corporation of your choice. Do not select a bank, insurance company, financial institution, or public utility. It would be appropriate to select a firm that you know something about or have an interest in. Type firm name or use a search engine to locate your chosen company's website and then scan your firm's home page for information about annual report ordering. If you don't see a direct link to Investor Relations or Investors on the home page, look for links such as Our Company, About Us, or Site Map that may lead you to SEC Filings, Financial Information, or Annual Reports. Most companies allow you to save or print an Adobe Acrobat version of their annual reports.

Answers

Answer:

Download Apple Inc's 2019 Annual Report

Explanation:

Follow the following steps to download and save the 2019 annual report of Apple Inc:

1. Type www.apple.com in the url address box on your web browser. This will take you to Apple Inc home page.

2. Scroll down to the bottom of the home page and look for "About People" which is at the bottom right of the page and then click on "Investors" under "About People". This will take to the Investor Relation page.

3. On the Investor Relation page, scroll down and look for "Annual Reports on Form 10-K".

4. Right under the "Annual Reports on Form 10-K", you will see "2019 10-K" which is the most recently issued annual report by Apple Inc. Just click on the "2019 10-K" to download and save a pdf format of the Apple Inc's 2019 Annual Report which is their most recent annual report.

Best of luck.


Tyare Corporation had the following inventory balances at the beginning and end of May:

May 1 May 30
Raw materials $ 32,500 $ 44,000
Finished Goods $ 82,000 $ 80,000
Work in Process $ 20,500 $ 17,578
During May, $65,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 440 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,750 of direct materials cost. The Corporation incurred $44,100 of actual manufacturing overhead cost during the month and applied $43,800 in manufacturing overhead cost.

The amount of direct labor cost in the May 30 Work in Process inventory was:


a. $5,460
b. $9,828
c. $4,368
d. $5,020

Answers

The amount of direct labor cost(DLC) in the May 30 Work in Process inventory was $4,368. Thus, option C is appropriate.

In this question, we are given the following information: Raw materials on May 1 = $32,500Raw materials on May 30 = $44,000Direct material used = $58,500Predetermined overhead rate = $12 per direct labor-hourDirect labor rate = $15 per hour direct labor cost(DLC) = 300Direct materials cost in the ending Work in Process inventory account = $7,050Actual manufacturing overhead cost = $42,000Manufacturing overhead cost applied = $39,600Work in Process on May 1 = $20,500Work in Process on May 30 = $17,578We can calculate the total manufacturing cost by adding the direct materials cost, direct labor cost, and manufacturing overhead cost. Then, we can subtract the cost of goods completed from the total manufacturing cost to get the cost of goods in process.

A direct labor cost(DLC) is a component of the wage bill or salary that can be specifically consistently attributed to or related to the production of a good, the completion of completing a specific task, or providing a service.

The term "direct labor cost"(DLC) describes the compensation and benefits paid to employees that may be directly linked to certain goods or services. It covers the price of standard working hours, extra work hours, payroll taxes, jobless tax, Medicare, employment coverage, etc.

Thus, option C is correct.

Learn more about the direct labor cost(DLC) here:

https://brainly.com/question/14671852

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The Japan-based multinational Sony engaged in __________ when it partnered with Shanghai Oriental Pearl Group. Together, the two companies would make and market PlayStation consoles and games in China.

Answers

Answer:

The correct word for the blank space is: a joint venture.

Explanation:

In a joint venture, two or more businesses agree to contribute to capital and resources for a common project. Usually, developers, manufacturing companies, and service providers agree to produce a good. If successful, those parties split the profits based on the value of their respective contribution to the joint venture.

Adam entered into a contract with Ben for the purchase of ten tons of coal for $200. Ben refused to supply the coal and Adam had to buy ten tons of coal for $300 from Chris.

(A) Adam could have forced Ben to specifically perform the contract.
(B) The measure of consequential damages is $100.
(C) Adam is entitled to puniti ve damages.
(D) The measure of damages is $300.

Answers

Answer: B the measure of consequential damages is $100. Because Adam would have a profit of $100 is Ben had not refused to supply the coal.

In the past 5 years, the cost of producing 4K televisions has decreased. At the same time, many consumers are opting to watch television programs on their smartphones, tablets or laptops. Considering these two facts, assess the following claim: "The price of 4K TVs are decreasing, but it is not clear whether the quantity of 4K televisions bought and sold have increased or decreased." a. Correctb. Incorrect

Answers

Answer:

Correct.

Explanation:

If the cost of production of 4K televisions decreases then as a result this will increase the supply of 4K televisions and shifts the supply curve of 4K televisions rightwards.

At the same time, there is a unfavorable change in the consumer preference. Now, consumers prefer to watch television programs on their smartphones, tablets or laptops. This will shift the demand curve of 4K televisions leftwards.

Therefore, there is a fall in the equilibrium price level and the effect on equilibrium quantity is ambiguous because it depends upon the magnitude of the shifts of demand and supply curve.

Indicate whether each of the following changes will increase or decrease the equilibrium price and quantity, or whether the effect cannot be predicted.

(a) Demand increases; supply remains constant
(b) Supply increases; demand remains constant
(c) Demand decreases; supply remains constant
(d) Supply decreases; demand remains constant
(e) Demand increases; supply increases
(f) Demand decreases; supply decreases
(g) Demand increases; supply decreases
(h) Demand decreases; supply increases

Answers

Answer:

(a) This will shift the demand curve rightwards and supply curve remains the same. Hence,

Equilibrium price: Increases

Equilibrium Quantity: Increases

(b) This will shift the supply curve rightwards and demand curve remains the same. Hence,

Equilibrium price: Decrease

Equilibrium Quantity: Increases

(c) This will shift the demand curve leftwards and supply curve remains the same. Hence,

Equilibrium price: Decrease

Equilibrium Quantity: Decrease

(d) This will shift the supply curve leftwards and demand curve remains the same. Hence,

Equilibrium price: Increase

Equilibrium Quantity: Decrease

(e) This will shift the supply curve and demand curve rightwards. Hence,

Equilibrium price: Indeterminate because of the magnitude of the shift in demand and supply curve.

Equilibrium Quantity: Increase

(f) This will shift the supply curve and demand curve leftwards. Hence,

Equilibrium price: Indeterminate because of the magnitude of the shift in demand and supply curve.

Equilibrium Quantity: Decrease

(g) This will shift the supply curve leftwards and demand curve rightwards. Hence,

Equilibrium price: Increase

Equilibrium Quantity: Indeterminate because of the magnitude of the shift in demand and supply curve.

(h) This will shift the supply curve rightwards and demand curve leftwards. Hence,

Equilibrium price: Decrease

Equilibrium Quantity: Indeterminate because of the magnitude of the shift in demand and supply curve.

The market is in equilibrium when at the market equilibrium price the quantity demanded is equal to the quantity supplied.

What is the equilibrium price?

The equilibrium price is the only price at which consumers' plans and producers' plans agree — that is, when the price consumers want to buy the product, the desired price, is equal to the amount the producers want to sell, the price offered.

This common value is called equilibrium quantity.

(a) This will shift the demand curve to the right and the supply curve will remain the same. So,

Equilibrium price: IncreasesEquilibrium Quantity: Increases

(b) This will shift the supply curve to the right and the quest curve remains the same. So,

Equilibrium price: ReduceEquilibrium Quantity: Increases

(c) This will shift the search curve to the left and the supply curve will remain the same. So,

Equilibrium price: ReduceEquilibrium Amount: Reduce

(d) This will shift the supply curve to the left and the quest curve remains the same. So,

Equilibrium price: IncreaseEquilibrium Quantity: Reduce

(e) This will shift the supply curve and the demand curve to the right. So,

Equilibrium price: Can not be determined due to the magnitude of the change in seeking and providing the curve.Equilibrium quantity: Increase

(f) This will shift the supply curve and the search curve to the left. So,

Equilibrium price: Can not be determined due to the magnitude of the change in seeking and providing the curve.Equilibrium Quantity: Reduce

(g) This will shift the delivery curve to the left and then turn the curve to the right. So,

Equilibrium price: IncreaseEquilibrium Quantity: Not limited due to demand change size and supply curve.

(h) This will shift the supply curve to the right and then turn the demand curve to the left. So,

Equilibrium price: ReduceEquilibrium Quantity: Not limited due to demand size change and supply curve

Hence, these are effects of the increase and decrease of the demand curve and supply curve on the equilibrium price and quantity.

To learn more about equilibrium price, refer:

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On December 31, 2022, before any year-end adjustments, Canterbury Shoe Repair's Prepaid Insurance account had a balance of $3,500. It was determined that $2,200 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance at December 31, 20122, will be________________.

Answers

Final answer:

To calculate the adjusted balance for Prepaid Insurance, we subtract the expired portion of $2,200 from the initial balance of $3,500, resulting in an adjusted balance of $1,300 at December 31, 2022.

Explanation:

The subject of the question is determining the adjusted balance for the Prepaid Insurance account at the end of the accounting period after recognizing the expired portion of the insurance coverage. The beginning balance in the Prepaid Insurance account was $3,500. Since it was determined that $2,200 of the Prepaid Insurance had expired, we need to subtract this amount from the initial balance to find the adjusted balance. The calculation is as follows:

Adjusted Prepaid Insurance balance = Beginning Prepaid Insurance balance - Expired Prepaid Insurance

Adjusted Prepaid Insurance balance = $3,500 - $2,200

Adjusted Prepaid Insurance balance = $1,300

So, the adjusted balance for Prepaid Insurance at December 31, 2022, will be $1,300.

Sammy’s Pizza opened on January 1, 2018. Sammy’s reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Revenues $19,000 $29,000 $39,000 Cash Expenses $10,500 $13,500 $21,500 What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020?

Answers

Answer:

Net income for 2018 is $8,500

Net income for 2019 is $15,500

Net income for 2020 is $17,500

Retained earnings from 2018 to 2020 is $41,500

Explanation:

Net income = cash revenue - cash expense

Net income for 2018 = $19,000 - $10,500 = $8,500

Net income for 2019 = $29,000 - $13,500 = $15,500

Net income for 2020 = $39,000 - $21,500 = $17,500

Retained earnings from 2018 to 2020 = net income for 2018 + net income for 2019 + net income for 2020 = $8,500 + $15,500 + $17,500 = $41,500

Jan. 1Purchased a small company and recorded goodwill of $177,000. Its useful life is indefinite. May 1Purchased for $144,000 a patent with an estimated useful life of 6 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

Answers

Answer:

The Journal entries are as follows:

(i) On December 31,

No entry

(ii) On December 31,

Amortization expense A/c Dr. $16,000

           To Patents A/c                            $16,000

(To record the amortization expenses)

Workings:

Amortization expense:

= (Purchasing cost of patent ÷ Estimated useful life) × Time period

= ($144,000 ÷ 6) × (8/12)

= $24,000 × (8/12)

= $16,000

To record amortization at December 31, no entry is needed for goodwill due to its indefinite life. For the patent, an adjusting entry debits Amortization Expense and credits Patent Accumulated Amortization for $16,000, reflecting 8 months of amortization.

The question deals with recording amortization for both goodwill and a patent according to the events described. Goodwill, with an indefinite life, is not amortized but may be subject to impairment tests. The patent, however, has a definite useful life over which it should be amortized.

Adjusting Entries at December 31

No amortization entry is required for goodwill since its life is indefinite. It should be reviewed annually for impairment.

For the patent purchased on May 1 for $144,000 with a 6-year useful life, the annual amortization expense would be $24,000 ($144,000 / 6 years). However, since the patent was purchased partway through the year, only 8 months (May through December) of amortization should be recorded for the first year. This amounts to $16,000 ($24,000 × 8/12 months).

The necessary adjusting entry for the patent on December 31 is to debit Amortization Expense for $16,000 and credit Patent Accumulated Amortization for $16,000.

World-class businesses use which of these systems to integrate all of a company’s worldwide functions, departments, anddata into a single system?a. Cost standardsb. Enterprise resource planningc Just-in-time managementd. Items a, b, and c are correct

Answers

Answer:

All items are correct.

Explanation:

A world-class company is one that uses several integrated factors to improve its activities and processes. Therefore, all alternatives are correct, as these companies stand out for their flexibility and ability to adapt to trends and capitalize on opportunities for their success in the market.

It is necessary that these companies adopt cost behavior patterns so that there is better control and management of the stability or instability of operating and commercial expenses when influenced by different internal and external events.

In order to meet organizational cost standards, an information system that integrates all organizational processes and data into a single system, called Enterprise Resource Planning, must be implemented in the company.

Finally, for better cost management and resource planning, it is the adoption of the just-in-time system, which is the way to produce according to demand, avoiding waste of the process, reducing inventories and making the product arrives at the right destination and at the right time, so that there is a maximum reduction of waste and a culture of continuous improvement is implemented.

Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor $16.40q Indirect labor $4,100 + $1.30q Utilities $5,400 + $0.80q Supplies $1,600 + $0.20q Equipment depreciation $18,200 + $2.70q Factory rent $8,300 Property taxes $2,900 Factory administration $13,600 + $0.60q The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 65,560 Indirect labor $ 8,610 Utilities $ 9,070 Supplies $ 2,630 Equipment depreciation $ 28,730 Factory rent $ 8,700 Property taxes $ 2,900 Factory administration $ 15,290 Required:
1. Prepare the Production Department’s planning budget for the month.
2. Prepare the Production Department’s flexible budget for the month.
3. Prepare the Production Department’s flexible budget performance report for March, including both the spending and activity variances.

Answers

Answer:

1) Planning Budget

Packaging Solutions Corporation

Production Department Planning Budget

For the Month Ended March 31

Direct labor         66010

Indirect labor         10240

Utilities                  8270

Supplies                  2520

Equipment depreciation 29890

Factory rent          8400

Property taxes   2600

Factory administration 16380

Total expense           144310

2) Flexible budget :

Packaging Solutions Corporation

Production Department Flexible Budget

For the Month Ended March 31

Direct labor            62790

Indirect labor            9960

Utilities                    8130

Supplies                     2480

Equipment depreciation 29310

Factory rent                         8400

Property taxes                 2600

Factory administration         16220

Total expense                  139890

3.Packaging Solutions Corporation

Production Department Flexible Budget Performance Report

For the Month Ended March 31

                           Spending Variances

Direct labor         1540 U

Indirect labor          540 F

Utilities                  530 U

Supplies                  250 U

Equipment depreciation None  

Factory rent          400 U

Property taxes None  

Factory administration 610 F

Total expense   1570 U

Explanation:

Based on the information given from the question, the planning budget will look like the following

1) Planning Budget

Packaging Solutions Corporation

Production Department Planning Budget

For the Month Ended March 31

Direct labor         66010

Indirect labor         10240

Utilities                  8270

Supplies                  2520

Equipment depreciation 29890

Factory rent          8400

Property taxes   2600

Factory administration 16380

Total expense           144310

2) Flexible budget :

Packaging Solutions Corporation

Production Department Flexible Budget

For the Month Ended March 31

Direct labor            62790

Indirect labor            9960

Utilities                    8130

Supplies                     2480

Equipment depreciation 29310

Factory rent                         8400

Property taxes                 2600

Factory administration         16220

Total expense                  139890

3.Packaging Solutions Corporation

Production Department Flexible Budget Performance Report

For the Month Ended March 31

                           Spending Variances

Direct labor         1540 U

Indirect labor          540 F

Utilities                  530 U

Supplies                  250 U

Equipment depreciation None  

Factory rent          400 U

Property taxes None  

Factory administration 610 F

Total expense   1570 U

Final answer:

To prepare the Production Department’s planning and flexible budgets, use the provided cost formulas and plug in the planned or actual number of labor-hours. Compare the actual costs to the flexible budget to calculate the spending and activity variances.

Explanation:

To prepare the Production Department’s planning budget for the month, we can use the cost formulas provided. The planning budget is based on the expected number of labor-hours worked. For each cost category, we can plug in the planned number of labor-hours (4,100) into the corresponding formula to calculate the total planned cost. Summing up the costs for each category gives us the planning budget.

To prepare the Production Department’s flexible budget for the month, we can use the same cost formulas but plug in the actual number of labor-hours worked (3,900) instead. Again, we calculate the total cost for each category and sum them up to get the flexible budget.

The flexible budget performance report for March can be prepared by comparing the actual costs incurred to the costs in the flexible budget. We calculate the spending variances by subtracting the actual costs from the flexible budget costs. Similarly, we calculate the activity variances by subtracting the flexible budget costs from the planning budget costs.

Which value gap refers to a company’s failure to accurately assess what customers really want?

Answers

Answer:

The correct answer is: Service Quality Gap.

Explanation:

The Service Quality Gap refers to the difference between what a company understands a customer's desires and what must be really done to satisfy that consumer. Firms should make all the efforts in their hands to close that breach and provide the customer with the good or service they need to keep their businesses going. When the gap is not closed, the customer's loyalty fails, pushing them to look for different options in other organizations.

Final answer:

A value gap related to misjudging customer preferences and market demand can lead to a loss of customer goodwill and misaligned company offerings.

Explanation:

The value gap that refers to a company's failure to accurately assess what customers really want is rooted in imperfect information, leading to misjudgment in areas like customer preferences, tastes, and the elasticity of demand.

Companies such as Netflix have suffered from these missteps by not fully understanding the market demand, lacking clarity on the impact of substitutes, and inadequately gauging customer expectations. The result can be a mismatch between the company's offerings and what the market actually desires, leading to loss of customer goodwill and potentially, market share.

At the beginning of theâ year, Swift,â Inc.'s Work-in-Process Inventory account had a balance of $ 122 comma 000. During theâ year, $ 250 comma 000 of direct materials were used inâ production, and $ 70 comma 000 of direct labor costs were incurred. Manufacturing overhead amounted to $ 826 comma 000. The cost of goods manufactured was $ 673 comma 000. What is the balance in theâ Work-in-Process Inventory account on Decemberâ 31?

Answers

Answer:

$595,000

Explanation:

We know that

Cost of goods manufactured = Work in process opening balance + Manufacturing cost - Work in process closing balance

where manufacturing cost equal to

= Direct material used + Direct labor cost + Manufacturing Overhead cost

= $250,000 + $70,000 + $826,000

= $1,146,000

So, the Work in process closing balance would be

$673,000 = $122,000 + $1,146,000 - Work in process closing balance

So, the Work in process closing balance would be $595,000

Mary Catherine is a recent employee who initially requires 17 minutes to complete a job task. If she experiences a learning rate of 77%, how much time will it take her to complete the sixth task?

Answers

Answer:

for sixth tasks, she will spend 77% of 5.98 minutes =`4.60 minutes

Explanation:

Mary Catherine is a recent employee

initial time requires 17 minutes to complete a task

as she get use to the task, her experiences a learning rate is found to be 77% for each task,

how much time will it take her to complete the sixth task?

Now, we need to calculate per task

the first task, she spend 17 minutes

for second tasks, she will spend 77% of 17 minutes =

 = 0.77 * 17 = 13.09 minutes

for third tasks, she will spend 77% of 13.09 minutes   =

 = 0.77 * 13.09 minutes =  10.08 minutes

for fourth tasks, she will spend 77% of 10.08 minutes =

 == 0.77 * 10.08 minutes =  7.76 minutes

for fifth tasks, she will spend 77% of 7.76 minutes =

 == 0.77 * 7.76 minutes =  5.98 minutes

for sixth tasks, she will spend 77% of 5.98 minutes =

 == 0.77 * 5.98 minutes =  4.60 minutes

If the price of good A decreases by 10 percent and the quantity demanded of good B increases by 10 percent, this is evidence that goods A and B are :

a. substitute goods
b. complement goods
c. inferior goods
d. normal goods
e. not related

Answers

Answer:

b. complement goods

Explanation:

Complement goods -

These are the type of goods , that are related to each other in a certain manner , is referred to as complement goods.

These type of good are also referred to as paired goods or associated goods .

In case of complement goods , if a person buys first good , then he might require the second good too.

These goods can even alters the prices of each other .

For example ,

people buying a CD player , need to buy the corresponding CD too , and hence ,

CD player and CD are complement goods.

Hence , from the given scenario of the question,

The correct option is b. complement goods .

A complementary good is a good whose use is related to the use of an associated or paired good. Two goods (A and B) are complementary if using more of good A requires the use of more of good B.

Which choice is​ best? A. The job offered full medical​ benefits; but I already had them from my​ wife's job. B. The job offered full salary​ and benefitsC. The job offered less salary with good medical benefits D. None of the above

Answers

Answer:

The best choice would be to go for a job that offered full salary​ and benefits.

Explanation:

The remuneration offered by a job is ample enough, one prefers to ignore the absence of other benefits. On the other hand, there are people who prefer the benefits dispensed by the job over the salary offered by the job. When both these preferences are amalgamated, a job that offers both the salary and the benefits would be deemed to be the best choice.

Leah has just handed in a major required report to her professor, and after careful scrutiny, the professor finds numerous instances of plagiarism. If the school policy and the professor's personal perspective follow a principles-based approach, Leah should be charged and suffer whatever penalty is prescribed by school policy.A. True
B. False

Answers

Answer:

The correct answer is letter "A": True.

Explanation:

A principles-based approach aims to apply regulations that have been implemented. The practice consists of taking a strict set of rules and enforcing them in different ways according to the problematic situation. It could be flexible but eventually ends making the rule to be effective.

Identify one environmental factor or risk that affects the decision-making opportunities within your organization. Provide a brief description of the concerns and potential solutions for addressing the concerns or risks. Are there financial requirements that must be considered when processing decisions within a company?

Answers

Answer:

Explanation:

Businesses can be affected by various environmental facors as political, economic, social and technological facors (PEST). All of these factors influence the decision making within the organization.

Let's briefly describe each of the factors:

1. Political factors: In some countries there are subsidiaries and tax exemptions for running a particular businesses. For example, tax exemptions for those doing green business or producing electric cars. In order to adress such risks, business people should investigate about legislation and political environment of countries.

2. Economic factors: Businesses are affected by economic well being of the market where it is based. For example, market largely differs in European ccountries and Central Asian countries. Most of the countries in Central Asia are developing countries, whereas European countries are developed and have economic stability. To handle such risks, businessman should research the potential markets on the issues of inflation rate, average income of people and etc.

3. Social factors: How society views the markets and what it demands. Some support green initiatives and want zero waist products and etc.

4. Technological environment: In case of electro cars, if there are no energy for charging them that could be the potential issue. Or if market is not really technologically advanced, business will need to educate the market about their innovational products and etc.

In order to manage such concerns there should be particular research and investigations held and of course financial requirements are important and should be met for budgeting purposes.

The opportunity cost of being a full-time student at a university instead of working full-time at a job includes all of the following EXCEPT:

a. Payment for meals
b. Payment for tuition
c. Payments for books
d. Income from the full-time job

Answers

Answer:

a.Payment for meals

Explanation:

Opportunity cost is referred to as the next best alternative.

Opportunity cost means the benefits foregone of the non chosen alternative when an alternative is chosen from the available set of options which includes the non chosen option.

For e.g storage of money at home has an opportunity cost in the form of loss of interest had the same money been invested elsewhere apart from assuming the risk of loss of theft.

In the given case, the opportunity cost of being a full time student at a university instead of working full time at a job includes the opportunity cost in the form of income from that full time job in addition to specific expenses incurred for being a full time student such as Payment for tuition, Payment for books.

Thus, payment for meals represents a common cost which would've been incurred anyway irrespective of whether one attends full time college or does a full time job.

Final answer:

The opportunity cost of being a full-time student includes tuition, books, and meal payments, but not the income from the foregone job, which is the essence of what opportunity cost represents.

Explanation:

The question asks about the opportunity cost of being a full-time student at a university instead of working full-time at a job, which includes all but one of the listed options. The correct answer to this is d. Income from the full-time job. This is because opportunity cost refers to the benefits or income one gives up by choosing one option over another. In this context, the opportunity costs of attending college as a full-time student include the tuition fees, payments for books, and even the cost for meals related to being in college, but not directly the income from a job you didn't take. That income represents the actual foregone benefit, making it the essence of the opportunity cost calculation in this scenario.

Opportunity cost is a fundamental concept in economics that encompasses the value of the best alternative you give up when you make a decision. For a college student, while the out-of-pocket expenses like tuition fees, book payments, and even meal payments are direct costs, the true opportunity cost also includes the income they could have earned if they were not in school. This is because, by choosing to study, they are sacrificing the chance to earn an income during this period, hopeful in gaining greater earnings in the future due to higher education.

Many partnerships provide for the admission of new partners or withdrawals of present partners in the partnership agreement so that the firm may continue to operate without executing a new agreement.
True/False

Answers

Answer:

The statement is: False.

Explanation:

A partnership is an organization where two or more owners operate a business. They share the profits in proportion to their percentage partnership interest. There are two types of partnerships: general partnerships (unlimited liability) and limited partnerships (the liability is proportional to the amount of the money the partners contribute to the partnership).

If one of the partners retires, wants to exit the partnership, passes away or if a new partner will be added, the partnership is dissolved and a new partnership is formed.

It is true that partnerships often include provisions for adding or removing partners in their agreements, which allows the business to continue without creating a new agreement. This flexibility makes partnerships manageable and capable of adapting to changes in ownership.

True, many partnerships provide for the admission of new partners or withdrawals of present partners in the partnership agreement so that the firm may continue to operate without executing a new agreement. This is often stipulated in the partnership paperwork, allowing for a more efficient business operation and the ability to easily attract investors or address the withdrawal of existing partners. Partnerships are a flexible form of business, which can be an advantage, as they allow existing partners to manage transitions without dissolving the business entity.

There are several positive aspects of a partnership: it is straightforward to start up a business with a partnership agreement, partnerships are easy to manage, and there are no special taxes on partnerships. Additionally, partnerships can hire additional employees to support the growth of the business.

However, the main disadvantage of partnerships is the joint responsibility for each partner's actions. If one partner defaults on their responsibilities or makes poor decisions, other partners may be held accountable, potentially affecting the firm's continuity and finances. This risk emphasizes the importance of clearly outlined terms in the partnership agreement regarding the addition or withdrawal of partners.

Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations:a.The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,300, 24,000, 26,000, and 27,000 units, respectively. All sales are on credit.b.Forty percent of credit sales are collected in the month of the sale and 60% in the following month.c.The ending finished goods inventory equals 30% of the following month’s unit sales.d.The ending raw materials inventory equals 20% of the following month’s raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound.e.Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month.f.The direct labor wage rate is $14 per hour. Each unit of finished goods requires two direct labor-hours.g.The variable selling and administrative expense per unit sold is $1.90. The fixed selling and administrative expense per month is $63,000.2. What are the expected cash collections for July?3. What is the accounts receivable balance at the end of July?4. According to the production budget, how many units should be produced in July?5. If 105,200 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?6. What is the estimated cost of raw materials purchases for July?7. If the cost of raw material purchases in June is $158,880, what are the estimated cash disbursements for raw materials purchases in July?8. What is the estimated accounts payable balance at the end of July?9. What is the estimated raw materials inventory balance at the end of July?10. What is the total estimated direct labor cost for July assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced?11. If the company always uses an estimated predetermined plantwide overhead rate of $9 per direct labor-hour, what is the estimated unit product cost?

Answers

The detailed answer provides explanations and calculations for expected cash collections, accounts receivable balance, and production budget for July in the context of a business's master budget preparation.

Expected Cash Collections for July: To calculate this, you need to find the credit sales for June and July, apply the collection percentages provided, and sum them up. In this case, it would be (June credit sales * 40%) + (July credit sales * 60%).

Accounts Receivable Balance at the end of July: This is the amount of money customers owe the company at the end of July. It is calculated as (June credit sales * 60%) + (July credit sales * 40%).

Production Budget for July: You determine this based on the August sales forecast and the required ending finished goods inventory, taking into account the beginning finished goods inventory.

The field of accounting that reports according to generally accepted accounting principles (GAAP) is called:cost accounting.financial accounting.managerial accounting.responsibility accounting

Answers

Answer:

Financial accounting

Explanation:

The Generally accepted accounting principle (GAAP) is the standard, principles and  procedures that accountant must follow or adhere to when compiling financial statements. The major objective of GAAP is to make the accounting process uniform so financial reports are comparable from one company to another.

Final answer:

The branch of accounting that adheres to GAAP is financial accounting. It prepares necessary financial statements to deliver comprehensive economic data to stakeholders.

Explanation:

The field of accounting that reports according to generally accepted accounting principles (GAAP) is called financial accounting. Financial Accounting focuses on the preparation of financial statements for an entity, which should be in accordance with relevant standards and regulations like GAAP. These financial statements are vital as they provide information to stakeholders such as investors, creditors, and regulators about the overall financial performance and position of the entity. Unlike managerial or cost accounting, financial accounting deals more with historical data and is universal, meaning the procedures are the same across the globe.

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W. Glass & Company reported the following information in its recent annual report: 2015 2016Cost of goods sold $4,000,000 $4,600,000Beginning inventory $900,000 860,000Ending inventory 860,000 640,000Calculate the company’s inventory turnover and days’ sales in inventory for both years.

Answers

Answer:

2015 inventory turnover is 4.5

2016 inventory turnover is 6.1

Explanation:

Inventory turnover is computed by dividing Cost of goods sold over average inventory.

First step: Compute the Average inventory for the period. Average inventory is simply Beginning inventory plus Ending inventory divided by 2.

2015:

($900,000 + $860,000) / 2 = $880,000

2016:

($860,000 + $640,000) / 2 = $750,000

Finally, we can now compute the inventory turnover by dividing Cost of Goods Sold over Average inventory.

2015:

$4,000,000 / $880,000 = 4.5

2016:

$4,600,000 / $750,000 = 6.1

As long as all sales requests are being met, a ______ inventory turnover ratio is better.

Answers

Answer:

Higher

Explanation:

The formula to compute the inventory turnover ratio is show below:

= Cost of goods sold ÷ average inventory

where,  

Average inventory = (Opening balance of inventory + ending balance of inventory) ÷ 2

It shows a relation between the cost of goods sold and the average inventory which is shown above.

The more long sales request will higher the inventory turnover ratio and therefore inventory turnover ratio is performing better

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