Answer:
1. Prepare the December 31, 2017, closing entries for Cruz Company.
Dr. Cr.
404 Services revenue 44,100
Income Summary 44,100
Income Summary 33,972
612 Depreciation expense—Equipment 2,000
622 Salaries expense 25,710
637 Insurance expense 1,852
640 Rent expense 2,955
652 Supplies expense 1,455
2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.
Dr. Cr.
101 Cash 18,000
126 Supplies 14,500
128 Prepaid insurance 2,000
167 Equipment 23,000
168 Accumulated depreciation—Equipment 6,500
307 Common stock 13,272
318 Retained earnings 33,600
319 Dividends 6,000
404 Services revenue 44,100
612 Depreciation expense—Equipment 2,000
622 Salaries expense 25,710
637 Insurance expense 1,852
640 Rent expense 2,955
652 Supplies expense 1,455
Totals 97,472 97,472
Explanation:
Final answer:
The answer provides instructions on preparing closing entries and a post-closing trial balance for Cruz Company as of December 31, 2017.
Explanation:
1. Prepare the December 31, 2017, closing entries for Cruz Company:
1. Close revenue accounts:
- Debit Services Revenue $44,100
- Credit Income Summary $44,100
2. Close expense accounts:
- Debit Income Summary $34,972
- ($2,000 + $2,955 + $1,852 + $25,710 + $1,455)
- Credit Depreciation Expense—Equipment $2,000
- Credit Insurance Expense $1,852
- Credit Rent Expense $2,955
- Credit Salaries Expense $25,710
- Credit Supplies Expense $1,455
3. Close Income Summary to Retained Earnings:
- Debit Income Summary $44,100
- Credit Retained Earnings $44,100
4. Close Dividends to Retained Earnings:
- Debit Retained Earnings $6,000
- Credit Dividends $6,000
2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company:
No. Account Title Debit Credit
101 Cash $18,000
126 Supplies $ 14,500
128 Prepaid insurance $ 2,000
167 Equipment $ 23,000
168 Accumulated depreciation—Equipment $6,500
307 Common stock $ 13,272
318 Retained earnings $72,600
Totals $57,500 $79,772
The most important step in the marketing research process is:
A. Defining the problem.
B. Defining the research plan.
C. Determining the research objectives.
D. Determining the need for marketing research.
Answer: (A) Defining the problem
Explanation:
The marketing research process is one of the customers that is used to identify the various types of information for defining the marketing opportunities, monitoring the various types of marketing performances and also evaluating the actions.
The important step in the marketing research process is basically defining the actual problem properly during the research process and the data. It is one of the first step in the marketing research process.
The main step in the marketing research process is to defining the actual problem in the account with some relevant information. It is basically used in the decision making process.
Therefore, Option (A) is correct answer.
The most important step in the marketing research process is defining the problem, followed by defining the research plan and determining the research objectives.
Explanation:The most important step in the marketing research process is defining the problem. This step involves clearly understanding the issue or challenge that needs to be addressed through research. Without accurately defining the problem, the subsequent steps in the marketing research process may not yield relevant or effective results.
Once the problem is defined, the next steps in the marketing research process include defining the research plan and determining the research objectives. The research plan outlines the specific steps, methodologies, and resources needed to address the defined problem. The research objectives, on the other hand, set clear goals for what the research aims to achieve, such as gathering consumer insights or evaluating the effectiveness of a marketing campaign.
While determining the need for marketing research is an essential consideration, it is not the most important step. The need for marketing research arises when there is uncertainty or a lack of understanding in a particular area, and it is driven by the need to make informed marketing decisions.
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A manager who allows employees to make the decisions necessary to face a rapidly changing environment promotes a culture, which emphasizes an internal focus on the participation of employees to adapt rapidly to change.
True or False?
Explanation:
Yes, the answer is in fact true
What are some events that have significantly influenced and changed the sport industry? Please explain.
Answer: WORLD WAR 1 AND II
BICYCLE CRAZE
ENDORSING.
Explanation:World war 1 is also known as the FIRST WORLD WAR it took place between 1914-1918, it made sports Competition popular among soldiers such as Football, Athletics etc the love of sports led to the creation of leagues among soldiers and war criminals. World war II significantly affected the sports as.moat of the plays were called-off,sports men were recruited to fight etc.
The bicycle craze had a great significant in sports as the urge for bicycle rasing started immediately after the invention of bicycles in the 1800s.
ENDORSING have impacted sports greatly as many multinationals have been involved in endorsing spots men and women,this has helped to increase the urge for sporting activities.
The sport industry has been significantly influenced by the establishment of professional leagues, worldwide sporting events like the Olympic games, and advancements in technology such as broadcast media and digital platforms.
Explanation:There are several key events that have significantly influenced the sport industry. The establishment of professional leagues like the NFL, NBA, and FIFA strongly altered the business structure of sports, prompting a shift from an amateur outlook to a professional one. Furthermore, the inception of worldwide sport events such as the Olympic games has a profound impact on international unity and diversity, economically and culturally. Lastly, advancements in technology have played an indispensable role in the evolution of sports, enhanced performances, created new sports, and revolutionized the experience for spectators with broadcast media and digital platforms.
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Net income was $490,000 in 2018, $460,600 in 2019, and $515,872 in 2020. What is the percentage of change from (a) 2018 to 2019, and (b) from 2019 to 2020? Is the change an increase or a decrease?
Answer:
a. The percentage of change from 2018 to 2019 is 6%
The change is an decrease.
b. The percentage of change from 2019 to 2020 is 12%
The change is an increase.
Explanation:
a.
The amount net income of change from 2018 to 2019:
Net income in 2019 - Net income in 2018 = $460,600 - $490,000 = -$29,400<0
The percentage of change from 2018 to 2019 = ($29,400/$490,000) x 100% = 6%
The change is an decrease.
b.
The amount net income of change from 2019 to 2020:
Net income in 2020 - Net income in 2019 = $515,872 - $460,600 = $55,272>0
The percentage of change from 2019 to 2020 = ($55,272/$460,600) x 100% = 12%
The change is an increase.
Answer:
2000yes
uyrs 2000
You borrow money from Fast Eddie’s Fast Cash at 20 percent per year interest and agree to pay $500 at the end of each of the next four years. You must have borrowed approximately:a. $2,000 b. $1,595c. $1,295d. $1,095
Answer:
The answer is C. $1,295
Explanation:
This question wants us to find the prevent value of all the $500 for those for years.
Please find the attached file for the calculation
"Cary’s Carpet Cleaning, Inc. purchased $10,000 of carpet cleaning equipment, paying $2,000 cash and giving an informal promise to pay $8,000 at the end of the month. On April 30, Cary’s Carpeting Cleaning pays $8,000 to the equipment supplier."Prepare the appropriate journal entry for the payment on April 30.
Answer:
Carpet Cleaning, Inc. purchased $10,000 of carpet cleaning equipment.
Cash paid = $2,000
Giving an informal promise to pay at the end of the month = $8,000
The journal entry is as follows:
On April 30,
Accounts payable A/c Dr. $8,000
To cash A/c $8,000
(To record the payment for the equipment on April 30.)
George Kyparisis makes bowling balls in his Miami plant. With recent increases in his costs, he has a newfound interest in efficiency. George is interested in determining the productivity of his organization. He would like to know if his organization is maintaining the manufacturing average of a 3% increase in productivity. He has the following data representing a month from last year and an equivalent month this year: Last Year Now Cost Per Input UnitUnits Produced 1,000 1,000 Labor (hours) 280 255 $12Resin (pounds) 48 43 $5Capital Invested ($)9,000 10,000 1%Energy (BTU) 2,900 2,750 $0.50The percent change in productivity for one month last year versus one month this year on a multifactor basis with dollars as the common denominator = ___%?
Answer:
7.313%
Explanation:
In the problem above, the total cost for last year production is equivalent to the addition of labor cost, energy cost, capital cost, and material cost. Thus,
Total cost (last year) = (300*12) + (3000*0.6) + (9000*0.02) + (48*6) = 3600 + 1800 + 180 + 288 = 5868.
Last year productivity = unit produced/total cost = 1000/5868 = 0.17042
Total cost (this year) = (275*12) + (2850*0.60) + (10000*0.02) + (43*6) = 3300 + 1710 + 200 + 258 = 5468
This year productivity = 1000/5468 = 0.18288
%change in productivity = [(0.18288 - 0.17042)/0.17042]*100% = 7.313%
The percent change in productivity for one month last year versus one month this year on a multifactor basis with dollars as the common denominator is 7.313%
The calculation is as follows;
Total cost (last year) is
= (300 × 12) + (3000 × 0.6) + (9000 × 0.02) + (48 × 6)
= 3600 + 1800 + 180 + 288
= 5868.
Now
Last year productivity = unit produced ÷ total cost
= 1000 ÷ 5868
= 0.17042
Now
Total cost (this year) = (275 ×12) + (2850 ×0.60) + (10000 × 0.02) + (43 × 6)
= 3300 + 1710 + 200 + 258
= 5468
Now
This year productivity = 1000 ÷ 5468
= 0.18288
Now
%change in productivity = [(0.18288 - 0.17042) ÷ 0.17042]
= 7.313%
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Suppose that towns collect resources from their surroundings. Then, through trade, they attempt to obtain other desirable items. Mortarville, an urban town that specializes in brick and ore, wants wood to build roads so that it can expand and connect to other major cities. Mortarville has a willingness to pay $ 50 $50 for wood, since wood is hard for them to obtain. Mayflair also needs wood to build grain silos for their wheat harvests. Mayflair is willing to pay $ 45 $45 for wood. Timber, the only foresting company, sets the price of wood at $ 60 $60 . The change in total surplus that arises due to trades between TIMBER and and the tows is:________.
-less than zero
-equal to zero
-greater than zero
Answer:
-equal to zero
Explanation:
As the price for wood is above the demand is willing to pay there is no trade.
Either some of the participants will increase their demand and accept the price of 60 dollars; look for another supplier or look into producing for themselves
Also, Timber could lower the prce of wood so trade occurs.
The change in total surplus from the trades between Timber, Mortarville, and Mayflair is negative because Timber's price for wood exceeds both towns' willingness to pay, discouraging trade and decreasing the total surplus.
Explanation:The change in total surplus from the trades between Timber, Mortarville, and Mayflair is less than zero. This is due to the price Timber is charging for the wood it's higher than the willingness to pay of both towns (Mortarville is willing to pay $50 and Mayflar $45 while Timber is charging $60).
None of the towns will make a trade because the cost exceeds their willingness to pay leading to a decrease or negative change in total surplus. This is an example of how supply and demand can influence the market price and whether trades occur in an economy. The surplus is considered the benefit obtained from trading, but because the price is set too high and no trades are happening, there is no benefit, thus the total surplus is negative.
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Relevance is a critical criterion in formulating a value claim for a positioning statement. The makers of Cialis, an erectile dysfunction (ED) drug, are considering a value claim that it "enhances intimacy and relationship." To assess the relevance of this claim, Cialis must determine if the claim: a. Is unique among value claims of competitor brands. b. Aligns with the specific needs of the target market. c. Can be endorsed by an authority figure or a celebrity. d. Is supportable by scientific evidence.
Answer:
Option D
Explanation:
Claim becomes valid and relevant if it has support of a scientific evidence.
Granite Tops for You uses 15 units of capital at $5,000 per unit and employs 50 employees at a cost of $500 each. What is the company's variable cost?
Answer:
$25,000
Explanation:
Given that,
Units of capital used = 15
Per unit cost = $5,000
Number of Employees employed = 50
Cost of each employee = $500
In this question, the variable cost is the cost of employees.
Therefore,
Company's variable cost:
= Number of employees employed × Cost of each employee
= 50 × $500
= $25,000
Straight Packs manufactures backpacks. Its plant records include the following materials-related data:
Raw Materials Inventory, beginning balance
$31,000
Purchases of canvas, on account
66,000
Purchases of sewing machine lubricating oil, on account
1,100
Material requisitions:
Canvas
60,000
Sewing machine lubricating oil
450
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
Journalize the entries to record the transactions.
Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.)
Answer:
Journalize the entries to record the transactions.
Dr. Cr.
Raw Material Inventory $67,100
( 66,000 + 1,100 )
Account Payable $67,100
Work in Process $60,450
Raw Material Inventory $60,450
Raw Material Inventory Account
Dr. Cr. Balance
Opening Balance $31,000
Purchases (Canvas+oil) $67,100 $98,100
Work in Process $60,450 $37,650
Ending balance in Raw Materials Inventory is $37,650
Explanation:
Raw Material Inventory account is an asset account and Purchases are added in it. Material requisitions are made to transfer raw material from warehouse to other departments for processing so it is transferred to work in process account from Raw material Inventory account.
The journal entries provided will record the transactions and update the balances in the Raw Materials Inventory account.
Explanation:The journal entry to record the purchases of materials for Straight Packs would be:
Debit Raw Materials Inventory for $66,000 for the purchases of canvasDebit Raw Materials Inventory for $1,100 for the purchases of sewing machine lubricating oilCredit Accounts Payable for $66,000 for the purchases of canvas on accountCredit Accounts Payable for $1,100 for the purchases of sewing machine lubricating oil on accountThe journal entries to record the material requisitions would be:
Debit Work in Process Inventory for $60,000 for the requisition of canvasDebit Work in Process Inventory for $450 for the requisition of sewing machine lubricating oilCredit Raw Materials Inventory for $60,000 for the requisition of canvasCredit Raw Materials Inventory for $450 for the requisition of sewing machine lubricating oilThe journal entries provided will record the transactions and update the balances in the Raw Materials Inventory account.
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A 5-year corporate bond yields 9.70%. A 5-year municipal bond of equal risk yields 6.5%. Assume that the state tax rate is zero. At what federal tax rate are you indifferent between the two bonds?a. 25.40%
b. 29.03%
c. 32.99%
d. 33.98%
e. 27.38%
Answer:
c. 32.99%
Explanation:
Risk yield = bond yield*(1 - Federal tax rate)
6.50% = 9.70%*(1 - Federal tax rate)
1 - Federal tax rate = 6.50%/9.70%
Federal tax rate = 1 - 6.50%/9.70%
= 32.99%
Therefore, The federal tax rate that you are indifferent between the two bonds is 32.99%
Final answer:
At a federal tax rate of 32.99%, you would be indifferent between a 5-year corporate bond yielding 9.70% and a 5-year municipal bond yielding 6.5%, since this is the tax rate that makes the after-tax yield of the corporate bond equal to the tax-free yield of the municipal bond.
Explanation:
To determine at what federal tax rate you would be indifferent between a 5-year corporate bond yielding 9.70% and a 5-year municipal bond yielding 6.5%, we need to calculate the tax equivalent yield of the municipal bond. This can be found using the formula:
Tax Equivalent Yield = Municipal Bond Yield / (1 - Federal Tax Rate)
Since municipal bond interest is federally tax-free, we want to find the federal tax rate at which the after-tax yield of the corporate bond is equal to the tax-free yield of the municipal bond. Setting the corporate bond's after-tax yield to be equal to the municipal bond's yield and solving for the tax rate yields:
6.5% = 9.70% * (1 - Federal Tax Rate)
Solving for the federal tax rate gives:
Federal Tax Rate = (9.70% - 6.5%) / 9.70%
Calculating the above expression, we get:
Federal Tax Rate = 32.99%
So at a federal tax rate of 32.99%, you would be indifferent between the 5-year corporate bond and the 5-year municipal bond.
All of the following are ethical sources of data for external analysis EXCEPT: a. trade shows. b. a competitor's help-wanted advertisements. c. a competitor's confidential memos. d. a competitor's annual reports.
Answer:
c. a competitor's confidential memos.
Explanation:
Using a competitor's confidential memos for external analysis is not an ethical practice. To use confidential internal memos is unethical and it might be illegal in some situations because you might use an illegal and unethical way to obtain that information. All the other options Trade shows, Advertisements and annual report are the publicized data which could be used. Competitive Intelligence is a practice in the market to to gather competitor's data by using all the public information available which is legal and ethical too.
A competitor's confidential memos are not an ethical source of data for external analysis, unlike trade shows, help-wanted ads, and annual reports, which are publicly available and ethical to use.
The question asks which of the following is not an ethical source of data for external analysis: a. trade shows, b. a competitor's help-wanted advertisements, c. a competitor's confidential memos, d. a competitor's annual reports. The ethical sourcing of data is critical for maintaining professional integrity and adhering to legal standards in business practices. Ethical sources include publicly available information such as data from trade shows, help-wanted advertisements, and annual reports. These sources are openly accessible to the public and do not infringe upon privacy or proprietary rights.
Conversely, a competitor's confidential memos are not an ethical source of data for external analysis. These documents are considered proprietary and confidential, accessing them without permission constitutes a breach of privacy and can result in legal consequences as well as damage to professional relationships and reputation.
Therefore, the correct answer to the question is c. a competitor's confidential memos.
Consider the market for plane tickets to Hawaii. A bad winter in the mainland United States increases demand for tropical vacations, shifting the demand curve to the right. The supply curve stays constant. Total surplus will:
Answer:
Increase
Explanation:
Consumer surplus means the difference between the highest price a consumer is willing to pay and the actual market price of a product
Producer surplus means the difference between the market price and the lowest price a producer is willing to take for his product.
The addition of the two gives total surplus which is also known as economic surplus.
In economics, market price and quantity of a good are obtained when supply and demand curves intersect. The space before the intersection of the two curves is where the consumer is ready to pay higher than the price which suppliers is ready to a given quantity the good. There is therefore surplus for both of them at the market price.
If the demand curve shifts to the right while the supply curve remains constant, the market price will rise and this will lead to increase both consumer and producer surplus increase. By implication, total surplus will rise since it is the addition of both consumer and producer surplus.
Therefore, total surplus will increase if a bad winter in the mainland United States increases demand for tropical vacations, which shifts the demand curve to the right while the supply curve stays constant.
I wish you the best.
Answer:
increase because both consumer and producer surplus increase
Brief Exercise 4-08 In 2020, Kingbird Corporation reported net income of $1,171,600. It declared and paid preferred stock dividends of $265,400. During 2020, Kingbird had a weighted average of 209,100 common shares outstanding. Compute Kingbird 2020 earnings per share. (Round earnings per share to 2 decimal places, e.g. 1.48.) Kingbird 2020 earnings per share $enter Kingbird's 2017 earnings per share in dollars rounded to 2 decimal places
Answer:
$4.33 per share
Explanation:
Given that,
Net income = $1,171,600
Preferred stock dividends paid = $265,400
weighted average of common shares outstanding = 209,100
Therefore,
Earnings per share:
= (Net income - Preferred stock dividends paid) ÷ weighted average of common shares o/s
= ($1,171,600 - $265,400) ÷ 209,100
= $906,200 ÷ 209,100
= $4.33 per share
Hence, the Kingbird 2020 earnings per share is $4.33.
Following are the transactions of a new company called Pose-for-Pics.
Aug. 1 Madison Harris, the owner, invested $12,000 cash and $51,600 of photography equipment in the company in exchange for common stock.
2 The company paid $2,300 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $2,280 cash. 20 The company received $2,000 cash in photography fees earned.
31 The company paid $881 cash for August utilities.
Prepare an August 31 trial balance for Pose-for-Pics.
a. Debit Credit
b. Cash
c. Offices
d. Prepaid insurance
e. Photography equipment
f. Common stock
g. Photography fees earned
h. Utilities expense
i. Totals
Answer:
Pose-for-Pics
Trial Balance
For the month ended August 31
DEBIT CREDIT
b. Cash 8,539
c. Offices 2,280
d. Prepaid insurance 2,300
e. Photography equipment 51,600
f. Common stock 63,600
g. Photography fees earned 2,000
h. Utilities expense 881
i. Totals 65,600 65,600
Explanation:
In trial balance, all accounts in general either real or nominal is posted here whether on debit or credit side. It shows the balances of debits and credits entries from the transaction of the general journal that the company have made for the period. There are 2 types of trial balance, the unadjusted trial balance and the adjusted trial balance.
The ______________ of the U.S. Constitution gives constitutional powers to Congress to regulate commerce, tax and spend, and regulate bankruptcy, patents, and copyrights, and other implied powers.
Answer:
The article I section 8,of the U.S Constitution gives constitutional powers to Congress to regulate commerce,tax and spend,and regulate bankruptcy,patents,and copyrights, and other implied powers.
Explanation:
The powers conferred on U.S Congress by the above section of the constitution is called Commerce Powers.
The powers also include the powers to regulate inter-states and foreign trade as well as the powers to regulate the U.S treasury in the areas of printing and circulating the U.S dollar.
1. ABC Corporation acquires all of the assets and liabilities of XYZ Company, at a price that is significantly higher than the fair value of the identifiable net assets acquired. Four months after the acquisition, a fire destroys some of XYZ's property. How does ABC report this? A. ABC will report a loss on property in income. B. ABC will report more goodwill from the acquisition. C. ABC will not report this event. D. ABC will report less goodwill from the acquisition.
Answer:
A. ABC will report a loss on property in income
Explanation:
The fire made a physical impact on the assets of XYZ
The entry to report the fire in accounting will acknowledge the physical losses in XYZ assets.
Later, at year-end will check the goodwill for impartment and check if the outgoing busines s of XYZ still has that intangible value attached to it or not and, amortize the required amount.
ABC Corporation must report the loss from the fire as a loss on property in income. The loss does not directly impact previously recorded goodwill unless an impairment of the goodwill is specifically attributable to the event.
Explanation:When ABC Corporation acquires all of the assets and liabilities of XYZ Company for a price higher than the fair value of the identifiable net assets acquired, this creates goodwill on ABC's balance sheet. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets. If, following the acquisition, a fire destroys some of XYZ's property, ABC Corporation must report the event as a loss. Therefore, the correct answer is A. ABC will report a loss on property in income.
This loss acknowledgement would appear as a decrease in the value of the property on ABC's balance sheet, and the company would recognize a loss on the income statement. The loss from the fire does not affect the amount of goodwill recorded earlier unless it is determined that the goodwill itself has been impaired as a direct result of the fire. If goodwill is found to be impaired, it may lead to an impairment charge, which would also be reported on the income statement, and the value of goodwill on the balance sheet would decrease accordingly.
Which of the following is part of an economic model? A. norms B. opinions C. preferences of economic agents D. data
Answer:
The correct answer is letter "D": data.
Explanation:
Economic models are abstractions that aim to simplify real-world economic events. Economists base their hypothesis in data collected that allows thinking certain patterns are being repeated and are likely to let verify trends by which those events can be studied and dealt with if occurred again.
If you invest $100 per year for 12 years at an interest rate of 6%, how much money will be in the account in the future?
Answer:
$1,686.99
Explanation:
The future value of an annuity is determined by the following expression:
[tex]FV = A*[\frac{(1+r)^n-1}{r}][/tex]
For an annual investment (A) of $100 for a period (n) of 12 years at an interest rate (r) of 6%, the future value (FV) is:
[tex]FV = 100*[\frac{(1+0.06)^{12}-1}{0.06}]\\FV=\$1,686.99[/tex]
After 12 years, there will be $1,686.99 in the account.
Fixed Costs,or overhead,are expenses that are the same no matter how much product you sell. Identify the fixed costs for your cafe, estimate the monthly amount for each, and calculate the monthly total.
Answer:
Total cost = $14,720 per month.
Explanation:
There is a kiosk café near my house that runs for 40 hours a week and its fixed cost comprises of basically of rent and labour, it employs a Barista, a baker and a manager. Below is what the total fixed cost looks like
Rent = $8000 Per month
Labour (barista$8, baker$8 and manager$14 all per hour) = $6720(assuming a 160 working hours per month.
Therefore, the overhead cost is $14,720 per month.
Fixed costs for the cafe include rent, insurance, salaries, equipment leases, and utilities. Estimating these monthly expenses helps determine the business's stable operational costs, vital for financial planning.
In your cafe, fixed costs typically remain constant regardless of sales volume. Common fixed costs include rent or lease payments, insurance premiums, salaries of salaried employees, equipment leases, and utilities like internet and phone services.
To estimate the monthly amounts, tally up these expenses from your records or contracts. For instance, if your rent is $2,000, insurance is $300, and utilities cost $500 per month, the total fixed costs would be $2,800 monthly. This calculation helps you understand your baseline operational expenses, allowing you to plan your budget and pricing strategies effectively.
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Find the amount to which $600 will grow under each of these conditions: 12% compounded annually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 12% compounded semiannually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 12% compounded quarterly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 12% compounded monthly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 12% compounded daily for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ Why does the observed pattern of FVs occur
Answer:
1. = $1,485.58
2. = $1,524.21
3. = $1,545.05
4. = $1,559.56
Explanation:
The amount the $600 will grow can be calculated using the following compounding formula:
A = P × [1 + (r ÷ n)]^nt ............................................. (1)
where:
P = Initial or original amount = $600
A = new amount
r = interest rate = 12% = 0.12
n = compounding frequency
t = overall length of period the interest is applied
Equation can then be applied as follows:
1. For 12% compounded annually for 8 years
P = Initial or original amount = $600
r = interest rate = 12% = 0.12
n = compounding frequency = annually = 1
t = overall length of period the interest is applied = 8
Therefore,
A = $600 × [1 + (0.12 ÷ 1)]^(1 × 8)
= $600 × [1 + (0.12)]^8
= $600 × (1.12)^8
= $600 × 2.47596317629481
= $1,485.58
2. For $12% compounded semiannually for 8 years.
P = Initial or original amount = $600
r = interest rate = 12% = 0.12
n = compounding frequency = semiannually = 2
t = overall length of period the interest is applied = 8
Therefore,
A = $600 × [1 + (0.12 ÷ 2)]^(2 × 8)
= $600 × [1 + (0.06)]^16
= $600 × (1.06)^16
= $600 × 2.54035168468567
= $1,524.21
3. For $12% compounded semiannually for 8 years.
P = Initial or original amount = $600
r = interest rate = 12% = 0.12
n = compounding frequency = quarterly = 4
t = overall length of period the interest is applied = 8
Therefore,
A = $600 × [1 + (0.12 ÷ 4)]^(4 × 8)
= $600 × [1 + (0.03)]^32
= $600 × (1.03)^32
= $600 × 2.57508275568511
= $1,545.05
4. For $12% compounded monthly for 8 years.
P = Initial or original amount = $600
r = interest rate = 12% = 0.12
n = compounding frequency = quarterly = 12
t = overall length of period the interest is applied = 8
Therefore,
A = $600 × [1 + (0.12 ÷ 12)]^(12 × 8)
= $600 × [1 + (0.01)]^96
= $600 × (1.01)^96
= $600 × 2.59927292555939
= $1,559.56
The observed pattern of FVs occur because of the different compounding frequency.
All the best.
The mayor of NYC convinced the Rent Guidelines Board to approve a rent freeze. Landlords complained, but could not change it. This is an example of the a. relationship of the firm to other economic agents. b. relationship of the firm to its competitors. c. relationship of the firm to the employee. d. relationship of the employee to the firm. e. relationship of the employee to the environment.
Relationship of the firm to other economic agents.
Explanation:
Economics is a branch of social science where it shows the relation between the firm as well as other economic agents. The economic agents can interact individually as well as in an aggregate way. An economic agent is referred to as decision maker that can effect the economy at the time of selling, producing, buying. The various examples of economic agents are firm, households, individuals as well as business.
In this context NYC is a firm and the rent guideline boards as well as the landlords are various economic agents. In this context a relationship is shown between the firm and the economic agents.
An increase in the foreign demand for U.S. wheat, combined with improved technology in U.S. wheat production, would cause the domestic equilibrium price of wheat to _________ and the equilibrium quantity to _________.
Answer:
An increase in the foreign demand for U.S. wheat, combined with improved technology in U.S. wheat production, would cause the domestic equilibrium price of wheat to remain unchanged (intermediate) and the equilibrium quantity to increase.
Explanation:
It is worthy of note that as the foreign demand for U.S wheat increases, there was a combined improvement in the technology used in the U.S wheat production. Hence it can be stated that as demand from foreign sources increased, the supply also increased to mop up the effect of this increase in demand, as a result, the domestic equilibrium price remains relatively unchanged. If the production rate had not increased along with demand, there would have been more demand than supply thus, the price of wheat would have increased. On the other hand, the equilibrium quantity of wheat increased due to the improvement in production technology.
Final answer:
An increase in foreign demand for U.S. wheat combined with improved technology in wheat production will likely lead to higher equilibrium quantity. The effect on the domestic equilibrium price of wheat can be ambiguous, as it depends on the relative magnitudes of demand increase and supply increase.
Explanation:
An increase in the foreign demand for U.S. wheat coupled with improved technology in wheat production affects the domestic equilibrium for wheat. Higher foreign demand would increase U.S. wheat exports, leading to a potential increase in the domestic equilibrium price of wheat because there's less supply available for domestic consumers. However, improved production technology increases supply which could mitigate this price increase and lead to a lower equilibrium price than without the technology improvement. As a result, the equilibrium quantity of wheat would increase due to the combined effect of increased foreign demand and a larger supply thanks to the improved technology.
If the U.S exported more to Mexico due to increased demand there, at the same time as U.S farmers are producing more efficiently, we would see conflicting pressures on the U.S. domestic price. Increased exports could raise prices, but higher efficiency could reduce them. Ultimately, the net effect on price could go either way depending on the relative magnitudes of demand increase and supply increase. The equilibrium quantity, on the other hand, is likely to increase, as the higher foreign demand coupled with greater production capacity results in more wheat being sold overall.
How many months will it take to pay off a $470 debt, with monthly payments of $20 at the end of each month, if the annual interest rate is 15%, compounded monthly?
Answer:
28 month (approx)
Explanation:
Given
Present value = $470
Monthly Payment = $20
Interest Rate = 15% annual = 15% / 12 = 1.25% monthly
=0.0125
[tex]Present Value = PMT [\frac{1-(1+i)^{-n}}{i}] \\470 = 20 [\frac{1-(1+0.0125)^{-n}}{0.0125}]\\470/20 = [\frac{1-(1+0.0125)^{-n}}{0.0125}]\\23.5 \times 0.0125 =1-(1+0.0125)^{-n}\\1-0.29375= (1+0.0125)^{-n}\\0.70625 = (1+0.0125)^{-n}\\0.70625 =(1.0125)^{-n}\\0.70625= \frac{1}{(1.0125)^{n}}\\(1.0125)^{n}=1.4159292\\n=28(approx)[/tex]Assume that the assumptions of the Expectations Hypothesis are true and that today's one-year risk-free rate is 7%. Moreover, investors expect that the one year rate one year from now will be 8% and the one year rate two years from now will be 9%. Given this information, what should be today's two-year and three-year risk-free rates? Be precise with lots of decimals on your calculator!
Answer:
for two-years: 7.4988372%
for three years: 7.9969135%
Explanation:
the expectation theroy assumes the two year and three year rate will yield the same amount as th expected investment
thus the two-year rate will equivalent to 7% for the first year and then, the expected 8%
[tex](1+0.7)(1.08)=(1+r_{two-year})^2[/tex]
for two-years: 0.074988372 = 7.4988372%
for three years:
[tex](1.07)(1.08)(1.09) = (1 + r_{three-years})^3[/tex]
r3 = 0.079969135
With the assumptions of the Expectations Hypothesis, today's 2-year risk-free rate would be 7.5% and the 3-year risk-free rate would be 8%.
Explanation:Under the assumptions of the Expectations Hypothesis, the forward rates are equal to the future spot rates expected today. Therefore, the 2-year risk-free rate today would be the average of this year's risk-free rate (7%) and next year's expected risk-free rate (8%). This would average to 7.5%.
Then, the 3-year risk-free rate today would be the average of this year's rate (7%), next year's expected rate (8%), and the rate expected two years from now (9%). This would average to 8%. Please note that this calculation assumes that investors are risk-neutral and there is no risk premium. This is typically the assumption under the Expectation Hypothesis.
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A characteristic of FICA is that:
A. None of these.
B. It is imposed only on the employer.
C. It provides a modest source of income in the event of loss of employment.
D. It does not apply when one spouse works for the other spouse.
E. It is administered by both state and Federal government.
Answer:
The correct answer is letter "A": None of these.
Explanation:
The Federal Insurance Contributions Act (FICA) is a U.S. law that requires a paycheck deduction to be paid to Social Security and Medicare. Employers and employees share half the payments. Self-employed people are responsible for the entire tax amount.
Jim was a crook. He embezzled $450,000 from his employer. When his employer found out about his misdeeds, before even conducting a thorough investigation, he went and gave all the details to a local newspaper agency. The next day Jim read his own story, with his own name, in the newspaper. Which of the following is correct? a. Publishing the story in the newspaper was a wrong thing to do because Jim's family will be embarrassed. b. Jim may have been misrepresented in the story by the newspaper agency and the company might face legal consequences. c. The company did the right thing by publishing Jim's identity in the newspaper because it punished him for stealing as well as served a warning to his neighbors who might also be at the risk of being defrauded. d. The company should not have put Jim's name and story in the paper because when other employees will come to know about it, they might leave the organization.
Answer:
b. Jim may have been misrepresented in the story by the newspaper agency and the company might face legal consequences.
Explanation:
Jim has the right to take legal action against the company for releasing the story. The investigation had not been completed and all facts had not been established by the company.
Also the newspaper did not contact Jim to get his own side of the story before publishing, that could have revealed pertinent information about the case.
George Kyparisis owns a company that manufactures sailboats. Actual demand for George's sailboats during each of the past four seasons was as follows: Year Season 1 2 3 4 Winter 1 comma 440 1 comma 240 1 comma 000 920 Spring 1 comma 500 1 comma 440 1 comma 600 1 comma 500 Summer 1 comma 040 2 comma 140 2 comma 000 1 comma 900 Fall 600 770 690 520 George has forecasted that annual demand for his sailboats in year 5 will equal 6 comma 500 sailboats. Based on the given data and using the multiplicative seasonal model, the demand level for George's sailboats in the spring of year 5 will be nothing sailboats (enter a whole number).
Answer:
budget sales per season
Seaon Year 5
winter 1,473
spring 1,934
summer 2,267
fall 826
Explanation:
First, we calcualte the average per season:
Seaon Year 1 Year 2 Year 3 Year 4 Average per season
winter 1440 1240 1000 920.00 1,150.00
spring 1500 1440 1600 1,500.00 1,510.00
summer 1040 2140 2000 1900 1,770.00
fall 600 770 690 520 645.00
Now, we cross multiply to get the next year values
Seaon Average per season Year 5
winter 1,150.00 1,472.91 (1150/5075 x 6500)
spring 1,510.00 1,933.99
summer 1,770.00 2,267.00
fall 645.00 826.11
5,075.00 6,500.00
Which of the following is not an example of a cost and its related cost driver? Cost Cost Driver A. Rent Square feet B. Transportation Miles driven C. Direct labor hours Indirect labor D. Utilities Machine hours
Option C
Direct labor hours ; Indirect labor is not an example of a cost and its related cost driver
Explanation:
A cost driver triggers a variation in the price of the activity. The idea is everywhere ordinarily employed to allocate aloft prices to the abundance of built assemblies. It can further be related to activity-based costing inquiry to ascertain the circumstances of expenses, which can be done to depreciate overhead prices.
In unusual accounting systems, cost drivers are practically inapplicable in determining the enrichment, Quantity of set-ups, Amount of machine-hours, Amount of labor hours, Abundance of orders bound and uttered.