Answer:
a. production inputs are readily available at a relatively low cost. Supply is said to be elastic when a small change in prices leads to a greater demand in the quantity of goods supplied. In this case Elasticity is greater than 1
Explanation:
Elasticity of supply measures the extent to which the quantity of a commodity supplied by the producer changes as a result of a little change in the price of the commodity. Elasticity of supply is the degree of responsiveness of supply to little changes in the price of a commodity
Fontana Manufacturing provided the following information for the month ended March 31: Sales Revenue $26,000 Beginning Finished Goods Inventory 8000 Ending Finished Goods Inventory 13,500 Cost of Goods Manufactured 15,600 Compute cost of goods available for sale.
Answer:
10,100
Explanation:
The cost of goods sold refers to the direct expense incurred in manufacturing products meant for sale.
the cost of goods sold is calculated using the formula
COGS = opening stock + purchase/ cost of goods manufactured - ending stock
For Fontana manufacturing
Beginning stock = 8,000
Ending stock =13, 500
Cost of goods manufactured 15,600
COGS= 8,000 + 15,600- 13,500
COGS = 10,100
On January 2, 1986, Beal, Inc. acquired a $70,000 whole-life insurance policy on its president. The annual premium is $2,000. The company is the owner and beneficiary. Beal chairqed officer's life insurance expense as follows: 1986 $2,000 1987 1,8001988 1,500 1989 1,100----------------------------------------- Total $6,400 In Beal's December 31, 1989 balance sheet, the investment in cash surrender value should be:____________.a. $0b. $1,600c. $6,400 d. $8,000
Answer:
B) $1,600
Explanation:
The ending cash surrender = total premiums paid - total amount charged to insurance expense = ($2,000 x 4 years) - ($2,000 + $1,800 + $1,500 + $1,100) = $8,000 - $6,400 = $1,600
In this case, a larger portion of the premiums paid are allocated to investments related to the life insurance.
A firm wants to develop a level material use schedule based on the following data. What should be the setup cost? Desired lot size: 60 Annual demand: 40,000 Holding cost: $20 per unit per year Daily production rate: 320 Work days per year: 250
Answer:
$0.45
Explanation:
Given that
Desired lot size = 60
Annual demand = 40000
Holding cost = 20 per unit
Daily production rate = 320
Workdays per year = 250
Recall that
S = (Q^2 H[1 - d/p])/ 2d
Where S = setup cost
D = annual demand
Q = order quality
P = daily production
Seeing that daily demand is not given. We find d
d = 40000/250 = 160
Therefore
S = [60^2 20( 1 - 60/320)] / 2 × 40000
S = 3600 20 ( -1.12)/ 80000
S = $0.45
A firm can develop a level of material. The setup cost is $0.45
What is the Holding cost?
The Desired lot size is = 60
Then Annual demand is = 40000
After that Holding cost is = 20 per unit
Then Daily production rate is = 320
The Workdays per year is = 250
Now, S is = (Q^2 H[1 - d/p])/ 2d
Where S is = setup cost
Then D is = annual demand
After that Q is = order quality
Then P is = daily production
Now we Seeing that daily demand is not given. We can find d
d is = 40000/250 = 160
Then S = [60^2 20( 1 - 60/320)] / 2 × 40000
After that S = 3600 20 ( -1.12)/ 80000
Therefore, S = $0.45
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A company sells each unit of its product for $ 107. The final department showed the following costs per equivalent unit: $ 48 transferred-in, $ 23 direct materials, $ 12 conversion. What is the gross profit on each unit sold by the company?
Answer:
$24
Explanation:
Gross profit is the net return from the selling price of the product less all the manufacturing cost associated with that product. These cost included material and conversion cost of all the departments working on the product.
Conversion cost is the some of all the manufacturing cost except the material cost, in other work all the cost incurred to convert the raw material to a finished product is called conversion costs.
Selling Price of the product = $107
Costs:
Material $23
Conversion cost $12
Cost Transferred In $48
Total Cost $83
Gross profit $24
Carol will be a bridesmaid next summer, and she purchased her dress online. The next time she turned on her computer, Carol was surprised to see special offers for matching accessories. This is an example of which marketing strategy?
A. public relations
B. sales promotions
C. direct marketing
D. personal selling
E. media advertising
Answer:C. direct marketing
Explanation:Direct marketing is an advertising strategy that relies on the individual distribution of a sales pitch to potential customers. Mail, email, and texting are among the delivery systems used. It is called direct marketing because it generally eliminates the middleman such as advertising media.
Direct marketing is the form of marketing communication that is most easily personalized, including increased use of customer databases to track purchases made online.
Answer:
C) Direct marketing
Explanation:
Direct marketing also known as 'direct response marketing'
is a marketing or promotional strategy involving the presentation of information about a product or services in a company to prospective consumer with the eradication of a middleman.
It is called direct marketing because it generally eliminates the middlemen such as marketing or advertising media.
It is a form of advertisement target at potential buyers.
Carol could see special offers to matching accessories to her order because she is seen as a potential buyer of those accessories.
Direct marketing is a form of communicating an offer directly to a targeted customer.
A vertical analysis calculates percentages to compare the parts of an individual statement to the whole. For example, on an income statement, each item could be shown as a percentage of net sales.1. True2. False
Answer:
1. True
Explanation:
Vertical analysis the the percentage calculation of each item of Income statement with Gross revenue. We calculate the percentage of Gross margin which is the percent of Gross income and gross sales. Just like this the COGS to sales, Net income margin, operating income margin and operating expenses to sales ratio are calculated in vertical analysis to check the sensitivity of each part of the income to the gross income.
Ye it is true that A vertical analysis calculates percentages to compare the parts of an individual statement to the whole. For example, on an income statement, each item could be shown as a percentage of net sales.
According to our discussion in class, two reasons why capital may not flow to poor countries are that the poorer countries may:______.a. have economies unlike those described by a Cobb–Douglas production function and not be subject to diminishing returns to capital. b. have already accumulated high levels of capital relative to labor and may already have access to advanced technologies. c. legally prevent the inflow of foreign capital and provide strong legal protection of private property. d. have inferior production capabilities (such as a low value of A in the production function) and not enforce property rights (so that investments in the poor countries might be expropriated by the governments there).
Answer:
have inferior production capabilities (such as a low value of A in the production function) and not enforce property rights (so that investments in the poor countries might be expropriated by the governments there).
Explanation:
According to our discussion in class, two reasons why capital may not flow to poor countries are that the poorer countries may: have inferior production capabilities (such as a low value of A in the production function) and not enforce property rights (so that investments in the poor countries might be expropriated by the governments there).
Poor countries have lower levels of capital per worker and this explains, in part, the reason for their poverty. Although the expected return on investment might be high in many developing countries, it does not flow there because of the high level of uncertainty associated with those expected returns. and lack of enforcement of property rights
Final answer:
Capital may not flow to poor countries primarily due to their inferior production capabilities and weak enforcement of property rights, which generate substantial investment risks.
Explanation:
The discussion about why capital may not flow to poorer countries highlights two critical barriers: inferior production capabilities and the lack of enforcement of property rights. These barriers prevent poorer countries from effectively utilizing and protecting investments. Porous production capabilities, symbolized by a low value of A in the production function, suggest that even with capital, these economies might not achieve high productivity due to insufficient technology, skills, or infrastructure.
On the other hand, the non-enforcement of property rights creates a risky environment for investors, as there is a real threat of expropriation by governments. Both factors contribute significantly to the apprehension among foreign investors about directing capital towards these economies, despite the potential high returns due to a lack of capital.
Market power: A. Is the same for all market structures. B. Means that a firm is a price taker, not a price setter. C. Is the ability to alter the market price of a good or service. D. Only exists for a monopoly.
Answer:
C) Is the ability to alter the market price of a good or service.
Explanation:
Market power can be held by both consumers and suppliers, it just depends on the size of each of them. For example, a monopoly has a very large market power because it is the only supplier of a certain product or service. On the other hand, a large manufacturer or retailer has a large market power over its vendors. E.g. Walmart is known for demanding the lowest possible prices form its vendors.
Which of the following statements are true? Check all that apply. In this labor market, a minimum wage of $9.00 is binding. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium. If the minimum wage is set at $12.50, the market will not reach equilibrium. Binding minimum wages cause frictional unemployment.
Answer:
1. In this labor market, a minimum wage of $9.00 is binding : FALSE
2. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium : TRUE
3. If the minimum wage is set at $12.50, the market will not reach equilibrium : TRUE
4. Binding minimum wages cause frictional unemployment : FALSE
Explanation:
Question has been attached here
Unemployment is the term used to define those who are willing and are actively seeking work but cannot find any. A minimum wage is a price control, in the form of a price floor imposed by government legislation in order to protect laborers from low wages. Paying anything below the minimum wage is against the law.
1. In this labor market, a minimum wage of $9.00 is binding : FALSE
A minimum wage is binding only if it is set above the equilibrium price. In this scenario, the equilibrium price is at $12. Hence, $9 is not binding since a shortage of labor would gradually raise the price to the equilibrium.
2. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium : TRUE
When there is a shortage in the market, it means that the quantity supplied is higher than the quantity demanded. With any particular commodity such as bread or rice, a shortage creates a rise in price. Just as that, a shortage of workers creates an upward pressure on the price (wage). Since there are no price ceilings, market will reach equilibrium.
3. If the minimum wage is set at $12.50, the market will not reach equilibrium : TRUE
As shown in the diagram, the market equilibrium is $12. If the minimum wage was $12.50, there would be a surplus of labor (quantity supplied is higher than quantity demanded). Naturally, this may cause a downward pressure on wages until it reaches $12. However, when a minimum wage is imposed at $12.50, it cannot fall below that level. Thus, the market will not reach the equilibrium.
4. Binding minimum wages cause frictional unemployment : FALSE
Frictional unemployment is a type of unemployment that occurs when workers are temporarily unemployed while switching between jobs. It is normal and occurs even in the healthiest of economies. A binding minimum wage is more likely to cause structural unemployment. This occurs when there is a mismatch between the skills of the labor force and the skills expected to be possessed by employers to do a particular job. Hence, even if jobs are available, the laborers are not suited to do them and thus are unemployed.
The statements that are true are:
If the minimum wage is set at $12.50, the market will not reach equilibrium.In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.What is minimum wage?A minimum wage is known to be the smallest form of income or remuneration that employers are said or required to legally pay all their employees.
Note that If the equilibrium wage is said to be higher than the minimum wage (at the price floor), then the minimum wage is said to have no kind of effect on the market, based on the fact that the equilibrium point is above the minimum wage.
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"This model 107 electric nail gun will reduce the amount of time your crew spends roofing a 3,000 square foot home by 30 percent. This will lower your labor costs and allow you to bid more competitively in the market for your service." This opening statement is an example of a(n) _____ opening.
Answer:
E) benefit
Explanation:
An opening benefit statement focuses on what benefits will my customers obtain from purchasing and using my product or service. How can I make these benefits appear more attractive to them?
The purpose of all sales opening statements is to get the audience's attention and try to engage the largest amount of them.
The opening statement used in this case directly emphasizes on the lower labor costs resulting from using this electric nail gun.
A practical opening in a business or proposal context is designed to show immediate benefits and engage the audience, similar to a lead in an academic essay.
Explanation:The opening statement provided is an example of a practical opening. This type of opening is often used in proposals or business communications where the writer seeks to engage the audience by showing immediate practical benefits. By stating that the use of a model 107 electric nail gun will significantly reduce roofing time, the speaker or writer is hooking the audience with the promise of increased efficiency and cost savings, which is a powerful incentive for potential customers.
In the context of numerical problems like choosing whether to purchase the nail gun, a business would calculate the highest interest rate acceptable for a loan to buy the nail gun, based on the savings the nail gun provides over time. If the savings due to the efficiency brought by the nail gun exceed the costs of the loan's interest, then the purchase would be considered a good investment.
In academic terms, the concept of a 'lead' in an academic essay is similar to a practical opening in business, as both serve to immediately draw in the reader's interest and provide a clear indication of the benefits or key messages that will follow.
Caitlin wants to be a teacher when she graduates. She is very friendly toward others in her classes and contributes to class discussions thoughtfully. She has made it a point to get to know her instructors by stopping in during office hours and has joined a service learning group focused on teaching reading skills to speakers of English as a second language. Caitlin is making an effort in building
Answer:
Networking Relationships.
Explanation:
As Caitlin wants to be a teacher and she is very friendly toward others in her classes and contributes to class discussions thoughtfully. She has also made it a point to get to know her instructors by stopping in during office hours and has joined a service learning group focused on teaching reading skills to speakers of English as a second language. Caitlin is making an effort in building and networking relationships. She wants to enhance her connections with as many people as she could. She also wants to be well known and acknowledged by her teachers as well which definitely can help her in reaching her goal of becoming a teacher because she will be quite popular among many circles.
The laser printer in your accounting department is printing faded prints that are getting lighter over time. What is the most likely reason for the faded prints?
Answer:
The most likely reason would that the printer is low on toner
Explanation:
Ordinarily some printers display a message confirming that their toner is low especially the toner would be likely exhausted anytime soon.
One can also confirm if no warning message is displayed through the printer setting icon on the system to be sure the toner needs to be refilled or replaced.
Another point is that the makers of printers such as HP have readily made toners available for sale that could be used to replace exhausted toner in a twinkling of an eye.
The three major economic impacts of tourism are. a.Cultural facilities, infrastructure, and employment b.Employment, income, and income from outside the destination c.Invisible exports, balance of payments, and economic growth d.Foreign exchange earnings, land speculation, and import substitution Income, demonstration effect, and multiplier
Answer:
a.Cultural facilities, infrastructure, and employment
Explanation:
Answer:
Employment, income, and foreign exchange earnings
Explanation:
The three most important economic impacts of tourism are:
employment: jobs directly or indirectly related to tourism activities represent a large portion in some countries, and this doesn't include only poor countries. E.g. 20% of Spain's total jobs are directly or indirectly related to tourism. income: tourism generates huge amounts of money that is specially welcomed at developing countries. foreign exchange earnings: developing countries rely on tourism for obtaining foreign currencies, especially US dollars that they later use to import goods.The Mickey and Mouse Cat Food Factory runs an aggressive marketing campaign and much to the delight, orders surge to twice their previous level. If their operations manager uses an EOQ policy, what is the impact on the order quantity?
Answer:
A) The order quantity will be 40% higher.
Explanation:
the economic order quantity (EOQ) is the order quantity that should minimize total inventory costs which include both order costs and carrying inventory costs.
the formula for calculating EOQ is:
EOQ = √(2DS / H)
D = annual demand in unitsS = order cost per purchase orderH = holding cost per unit per yearIf D doubled, that means that EOQ will increase by 41% = √2 - 1 = 0.41 or 41% ≈ 40%
any companies try to to organize their business into __________ centers, because they can hold the manager of each responsibility center accountable for the entire performance within his/her responsibility center. The problem with the other three types of responsibility centers is that excuses are so easy to come by: "I didn’t have the resources I needed", "Another department drove up costs," or "Another department didn’t sell enough." With _________ (same word as before) centers, the manager has authority over revenue, costs, and investments.
Answer:
The correct options to fill the gaps are
Responsibility Centres;Responsibility Centres.Fill the blank spaces in the sentences we have:
Many companies try to to organize their business into responsibility centers, because they can hold the manager of each responsibility center accountable for the entire performance within his/her responsibility center. The problem with the other three types of responsibility centers is that excuses are so easy to come by: "I didn’t have the resources I needed," "Another department drove up costs," or "Another department didn’t sell enough." With responsibility (same word as before) centers, the manager has authority over revenue, costs, and investments.
Explanation:
In order to have a better insight into the meaning of the above statement, let us understand the concept of A responsibility centre.
A responsibility center is a part or sub-unit of a company in which the manager has some degree of authority and responsibility. The company's detailed organization chart is a logical source for identifying responsibility centers. The most common responsibility centers are the numerous departments within a company.
FIND ATTACHED DIAGRAM OF A RESPONSIBILITY CENTRE
Scenario: As phasedown of shelter operations has begun, the American Red Cross Disaster Operations Supervisor has directed you to begin re-assigning shelter staff personnel and release those that are no longer required. As a supervisor, you direct released staff to checkout. What NIMS Management Characteristics are you supporting?
Final answer:
The supervisor is supporting the NIMS Management Characteristics by optimizing resource use, maintaining the chain of command, and engaging in comprehensive resource management during the phasedown of shelter operations.
Explanation:
In the given scenario where shelter operations are being phased down, the supervisor supports specific NIMS Management Characteristics by re-assigning and releasing personnel. Three key characteristics are observable:
Use of Resources - The reassignment of staff and release of non-required personnel optimizes the use of human resources, ensuring they are appropriately deployed or demobilized based on operational needs.Chain of Command and Unity of Command - Directing staff to checkout maintains a clear reporting hierarchy and decision authority within the organization, preserving the chain of command and unity of command principles.Comprehensive Resource Management - By managing staff assignments and releases, the supervisor is engaging in comprehensive resource management, a fundamental principle of NIMS.The country of Trevanvia goes through a period of recession, which leaves a large number of people unemployed due to extensive layoffs by companies. The companies use the strategy of job termination to cut down their costs and reduce their output as the people are now more cautious with their spending. In the given scenario, the layoffs that take place exemplify _____.
Answer:
Trough
Explanation:
Trough economic situation is when the recession is hardest and comes after the phase of contraction where growth slows, employment declines (unemployment increases), and pricing pressures subside.
Trough is characterized by large number of people being unemployed due to extensive layoffs by companies in order to cut down their costs and reduce their output during the period of economic decline
Read the following scenario, and determine if the message is professional. Message sent from a BlackBerry mobile device to a client: Jack, are you available this evening? I’d like to touch base on the Smith project. Best, Katie. This message sent from a BlackBerry mobile device to a client is:________. A) Professional B) Unprofessional
Answer:
Professional
Explanation:
A professional message has the following in it content
Thank the recipient. If you are replying to a client's inquiry, you should begin with a line of thanks. ...
Purpose should be stated
Closing remarks will be added
End with a closing.
Adrian Corp. sells goods on account for $100,000 on May 1. On May 15, the customer returns $40,000 of the merchandise. The customer has not yet paid for any of the goods. What will Adrian record on May 15?
Answer:
C. DEBIT TO SALES RETURNS
D. CREDIT TO ACCOUNTS RECEIVABLE
Explanation:
The journal entry to record the May 15 transaction is shown below:
Sales return and allowance A/c Dr $40,000
To Accounts receivable $40,000
(Being sales return is recorded)
For recording the given transaction we debited the sales return and credited the account receivable. Both are recorded for $40,000
Defining the problem is among the most difficult aspects of the marketing research process because of the __________ of every situation a manager may encounter.
Answer:
Uniqueness
Explanation:
Defining the problem is among the most difficult aspects of the marketing research process because of the uniqueness of every situation a manager may encounter. Marketing research helps us in identifying different new solutions for the customers but the problem which Marketing manager encounters is the uniqueness and contextual nature of every situation, dilemma and problem they face. Managers have to deal each and every situation differently purely on its context. Therefore, it is also said in marketing that the solutions found by KFC can't be used by the McDonald's for its customers.
CraftWare Inc., a furniture manufacturer, uses ABC analysis to define its inventory value. The inventory contains wood, cast iron, adhesive, and carbon fiber. If wood accounts for 50 percent of the items and 5 percent of the total dollar value; carbon fiber accounts for 10 percent of the items and 60 percent of the total dollar value; cast iron accounts for 25 percent of the items and 18 percent of the total dollar value; and adhesive accounts for 15 percent of the items and 17 percent of the total dollar value, _____ can be classified as a class C item.
a. adhesive
b. carbon fiber
c. cast iron
d. wood
Answer:
d. wood
Explanation:
A Class C-item refers to items that have the lowest consumption value which is the lower 5% of the annual consumption value and it applies to the 50% of the total inventory items. Therefore based on this information and the information provided within the question it can be said that the class C item in this scenario would be wood.
Wood, accounting for 50% of the items but only 5% of the total dollar value in CraftWare Inc.'s inventory, is classified as a class C item based on ABC analysis.
To determine which item can be classified as a class C item in CraftWare Inc.'s inventory using ABC analysis, we examine the percentage of the total dollar value each item comprises. ABC analysis categorizes inventory items into three classes based on their value, with class A items being the most valuable, class B being of moderate value, and class C being the least valuable in terms of the percentage of total dollar value they represent. According to the information provided:
Wood accounts for 50% of the items and 5% of the total dollar value.
Carbon fiber accounts for 10% of the items and 60% of the total dollar value.
Cast iron accounts for 25% of the items and 18% of the total dollar value.
Adhesive accounts for 15% of the items and 17% of the total dollar value.
Since class C items are those that contribute the least to the total dollar value, wood, which accounts for only 5% of the total dollar value despite being 50% of the items, can be classified as a class C item. Therefore, the correct answer is d. wood.
Faye files a suit in a state court against Gas Station Stop, claiming employment discrimination. Gas Station loses the suit and appeals. After the state's highest court's review of Faye v. Gas Station Stop, either party can appeal the decision to the United States Supreme Court if:___________.
a. a federal question is involved.
b. a question of state law remains unresolved.
c. the state trial and appellate court rulings are different.
d. the party is unsatisfied with the result
Answer:
a.
Explanation:
Based on the information it can be said that in this scenario either party can appeal the decision to the United States Supreme Court if a federal question is involved. This means that there is an issue within the case that involves the constitution or other federal laws. These types of issues are cause for being able to take the case to the Supreme court.
Ed owned and used his home in Kentucky as his principal residence for 15 years. He moved to another state in the 16th year and rented the Kentucky home. Two years later he sold the Kentucky home. Ed's brother, Fred, had two houses. Fred owned and used his home in Tennessee as his principal residence for 10 years. He had another home in Florida. In the 11th year, he moved into his Florida home. He resided there for 3 years and then sold the Florida home. Which brothers has "nonqualified use" of his principal residence that will reduce the exclusion on the gain on a sale of a personal residence?
Fred has "nonqualified use" of his principal residence that will reduce the exclusion on the gain on a sale of a personal residence.
Explanation:
Fred moved into his house post a period of “nonqualified use”. Nonqualified use can be stated as any period during which the particular asset is not used as the primary residence of the owner or taxpayer.
If a taxpayer moves between two houses, using each as his residence for consecutive periods of time, the home that the owner uses for most of the time will be stated as the person's principal residence.
Ed had 'Nonqualified Use' for his Kentucky home as he rented it out after moving, which will reduce his exclusion on the gain on sale. In contrast, Fred had no 'Nonqualified Use' as he turned his Florida house into his primary residence before selling it.
Explanation:Under the Internal Revenue Code, a provision permits homeowners to exclude up to $250,000 ($500,000 for married couples filing jointly) of gain on the sale of a principal residence, provided they have owned and used the property for at least two of the last five years. However, there is a clause about Nonqualified Use, which largely refers to periods when the property is not used as a principal residence. Here, the property must not be rented out in any 5-year period before the sale.
In Ed's case, he had Nonqualified Use because after having used his Kentucky house as a principal residence for 15 years, he rented it out after moving to another state. This reduces his exclusion for the gain on the house's sale.
On the other hand, Fred moved from his primary home in Tennessee into his Florida home, making it his new primary residence before selling it. Hence, he had no non-qualified use of either home and will bear no reductions on his exclusions.
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Felix and Janet are building their portfolios. Felix purchases shares in a mutual fund and pays fees to a manager who actively manages the mutual fund's portfolio. He does so because he believes that the manager can identify inexpensive stocks that will rise in value. Janet is not convinced. She buys shares in an index fund-a type of mutual fund that simply buys all of the stocks in a given stock index rather than actively managing a portfolio Felix builds his portfolio on the supposition that:_______. A. The stock market exhibits informational efficiency B. Stock prices follow a random walk. C. Stock analysts can use fundamental analysis to identify undervalued stocks
Answer:
C. Stock analysts can use fundamental analysis to identify undervalued stocks
Explanation:
The answer is that Felix builds his portfolio on the supposition that stock analysts can use fundamental analysis to identify undervalued stocks because the statement indicates that Felix decides to pay to a manager who handles the mutual fund's portfolio to help him find stocks that will increase their value. From this, you can inferred that Felix considers that as the manager works with stocks that he has the knowledge and tools to be able to advise him on the stocks that will increase their value given the constant change and the unpredictability of the stock market.
A theater group made appearances in two cities. The hotel charge before tax is the second city was $ 1000 higher than in the first. The tax in the first city was 8.5 % and the tax in the second city was 5.5 %. The total hotel tax paid for the two cities was $ 790 . How much was the hotel charge in each city before tax?
Answer:
First city was= $ x = $ 5604
Second city was =$(x +1000) = $6604
Explanation:
The tax in the first city was 8.5%
The tax in the second city was 5.5%
Let the hotel charge amount before tax for the first city be $x
Let the hotel charge amount before tax for the second city be: $(x+1000)
Applying the tax
First city will be;
8.5/100*(x) = $0.085 x
Second city will be;
5.5/100* (x+100) =0.055(x+100) = $ (0.055x+5.5)
Total hotel tax paid for the two cities was ;
0.085 x + 0.055 x + 5.5 = $(0.14 x + 5.5)
This expression for total hotel tax paid for the two cities is equal to $790
$(0.14 x + 5.5) = $ 790
0.14 x = 790 -5.5
0.14 x = 784.5
x= 784.5/0.14
x=5603.57
x= $5604 ( nearest $)
Before tax, hotel charge for;
First city was= $ x = $ 5604
Second city was =$(x +1000) = $6604
The group paid $ 5250 at first city and $ 6250 at second city
Solution:Let x = the charge in 1st city before taxesLet y = the charge in 2nd city before taxesThe hotel charge before tax in the second city was $1000 higher than in the firstThen the charge at the second hotel before tax will be x + 1000y = x + 1000 ----- eqn 1The tax in the first city was 8.5% and the tax in the second city was 5.5%The total hotel tax paid for the two cities was $790Therefore, a equation is framed as:8.5 % of x + 5.5 % of y = 7900.085x + 0.055y = 790 ------- eqn 2Let us solve eqn 1 and eqn 2Substitute eqn 1 in eqn 20.085x + 0.055(x + 1000) = 7900.085x + 0.055x + 55 = 7900.14x = 790 - 550.14x = 735x = 5250Substitute x = 5250 in eqn 1y = 5250 + 1000y = 6250Thus the group paid $ 5250 at first city and $ 6250 at second city
Clear Call Corporation makes phones, which are sold to consumers by DefDeals stores. Erna files a product liability suit against ClearCall, alleging a design defect. In deciding whether to hold ClearCall liable, the court may consider:__________.1. Erna's intended use for the phone.2. An available alternative design.3. DefDeals' method of accounting.4 .ClearCall's quality control efforts
Answer:
2. An available alternative design.
Explanation:
Product liability is the liability a manufacturer bears for putting a defective product in the hands of a consumer. Defective products are either those that are produced with functional inadequacy or liability can also be filed when sufficient information is not provided for safe use of the product.
In this scenario Ema files a product liability claim against clear call alleging design defects. The court may consider an alternative design in the bid to decide if clear call is liable in this lawsuit. The alternative can be given to Ema as replacement for the defective phone.
Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account consisting of $1,060 from Champion Co. and $1,450 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 2016 are as follows:Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $2,890.Oct. 5. Received cash from Champion Co., on account, for $1,060.Oct. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $1,940.Oct. 12. Received cash from Wayfarer Co., on account, for $1,450.Oct. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,970.Oct. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3.Oct. 28. Issued Invoice No. 625 to Wayfarer Co., on account, for $900.Oct. 30. Received cash from Rogers Co. for services provided, $120.a. Prepare a single-column revenue journal to record these transactions. Enter transactions in chronological order.b. Prepare a listing of the accounts receivable customer balances and verify that the total of the accounts receivable customer balances equals the balance of the accounts receivable controlling account on October 31, 2016
Answer:
Explanation:
REVENUE JOURNAL
DATE. DES. NO. DR. CR
3 Oct. Palace 622. $2,890
8 Oct Sunny. 623. $1,940
18 Oct Amex. 624. $2,970
28 Oct Wayfarer 625. $900
30 Oct. Rogers. . $120
Total revenue. $8,820
Less pmt in the month $3,010
Amount receivable. $5,810
Account receivable
Date. Description. Dr. Cr
1 Oct. Bal b/f. $2,510
3 Oct. Palace $2,890
5 Oct. Champion. $1,060
8 Oct Sunny. $1,940
12 Oct. Wayfare. $1,450
18 Oct Amex. $2,970
23 Oct. Palace. $2,890
28 Oct Wayfarer $900
Balance c/d. $5,810
This occurs when total demand rises faster than the production of goods:
A cost-push inflation
B deflation
C hyperinflation
D demand-pull inflation
Answer:D
Explanation:
Victoria works in the production department for a manufacturer of coffee equipment. A new promising product idea the company is considering involves the development of simple pour-over coffee makers. These coffee makers would be made of wood with a cotton drip bag, similar to what is known in Costa Rica as Chorreadores. Victoria's firm thinks this type of product can catch on in the United States because they are exotic and highly environmentally friendly. Refer to Scenario 12.4. Victoria is working with a team to determine the feasibility of the product. Together with her team, she shows a small group of avid coffee customers a written description as well as a photo of the proposed product. She hopes to determine whether they would buy the product and what they think about it. Victoria and her team are at what stage in the product development process?
Answer: concept testing stage
Explanation: Concept testing is the process of evaluating consumer response to an idea before introducing a product to market.
In the concept testing stage of new product development, a product concept in physical or symbolic form is presented to groups of target consumers.
Victoria and her team are conducting concept testing to evaluate customer interest and potential marketability of their new pour-over coffee maker.
Victoria and her team are at the concept testing stage in the product development process. At this stage, they are presenting a description and visuals of the product to a small, targeted group to gauge customer reaction and buying intentions. Concept testing is crucial to understand potential customer interest and to forecast the market potential before investing in the actual product development and launch.
During the adjusting process two transactions were missed. The first is for unearned rent revenue of which $450 was earned during the period, the second was for accrued interest payable of which $275 is owed for the period. As a result of these omissions
1. liabilities are overstated by $725.
2. assets are overstated by $725.
3. net income is understated by $175.
4. revenue is overstated by $725.
Answer:
3. net income is understated by $175
Explanation:
There were two transactions omitted. The first transaction is unearned rent revenue of which $450 was earned. This earned rent revenue increases income by $450. While the second transaction was accrued interest payable of which $275 is owed. This interest payable increases liabilities by $275.
Therefore, from the above, income or revenue is understated by $450, while expenses is understated by $275.
Therefore, net income is understated by income less expenses, thus 450 - 275 = $175. This also implies that liabilities are overstated by $175.