Answer:
c. 2.50.
Explanation:
Elasticity of demand is defined as the degree of responsiveness of quantity demanded to changes in the price of a commodity. It is calculated as percentage change in quantity demanded divided by percentage change in price.
Elasticity is considered elastic if the value is above one, and is means an increase in price results in significant decrease in demand.
When elasticity is less than 1 it is said to be inelastic and increase in price does not result in significant change in demand.
Percentage change in quantity= (30millon- 20 million)/20 million= 0.5
Percentage change in price= (100-80)/100
Percentage change in price= 20/100= 0.2
Elasticity= 0.5/0.2= 2.5
To calculate the price elasticity of demand for Nike tennis shoes when the price goes from $100 to $80 and quantity demanded increases from 20 to 30 million, the elasticity is calculated as 1.80.
Explanation:Price elasticity of demand measures how the quantity demanded of a good changes with a change in its price. To calculate it, you can use the formula: percentage change in quantity demanded divided by the percentage change in price. In the given scenario of Nike tennis shoes, the price elasticity of demand is 1.25, which represents a relatively elastic demand.
To calculate the price elasticity of demand, we need to determine the percentage changes in both price and quantity demanded. The original price decreases from $100 to $80, which is a $20 decrease on a base of $90 (the average of $100 and $80), leading to a -22.22% change in price. The quantity demanded increases from 20 million to 30 million, which is an increase of 10 million on a base of 25 million (the average of 20 million and 30 million), resulting in a 40% change in quantity demanded. The formula for price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price, which gives us -40% / -22.22% = 1.80.
On January 1, 2014, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $312,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $208,000 and Rockne’s assets and liabilities had a collective net fair value of $520,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $150,000 in 2015. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $210,000 in 2014 and $310,000 in 2015. Approximately 35 percent of the inventory purchased during any one year is not used until the following year.
a. What is the noncontrolling interest’s share of Rockne’s 2015 income?
b. Prepare Doone’s 2015 consolidation entries required by the intra-entity inventory transfers. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Explanation:
Markup is given at 25%
⇒Conversion to gross profit rate = 0.25/1.25 = 20%
Noncontrolling interest’s share
Reported income in 2015 150,000
Add: 2014 intra company gross profit realized in 2015 14,700
[210,000*0.35* 0.20]
Less: Deferred intra company gross profit for 2015 (21,700)
[310,000*0.35*0.20]
2015 realized income 143,000
Outside ownership percentage 40%
Noncontrolling interest’s share 57,200
Consolidation entries
Dr Retained earnings 14,700
Cr Cost of Goods Sold 14,700
Dr Sales 310,000
Cr Cost of Goods Sold 310,000
Dr Cost of Goods sold 21,700
Cr Inventory 21,700
The balance in the unearned fees account, before adjustment at the end of the year, is $12,960. Required: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $6,960. Refer to the Chart of Accounts for exact wording of account titles.
Answer:
The journal entry is shown below:
Explanation:
The journal entry for the following is as follows:
On December 31
Unearned Fees A/c........................Dr $6,000
Fees Earned A/c..............................Cr $6,000
Being the adjusting entry is posted for the unearned fees.
The account of unearned fees is debited against the account of fees earned with the amount of $6,000.
Working Note:
Amount = Before adjustment amount - Unearned fees at the year end
where
Before adjustment amount is $12,960
Unearned fees at the year end is $6,960
Putting the values above:
Amount = $12,960 - $6,960
= $6,000
Duve Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range.
Sales (2,000 units) $ 40,000
Variable expenses 24,000
Contribution margin 16,000
Fixed expenses 11,200
Net operating income $ 4,800
If the selling price increases by $4 per unit and the sales volume decreases by 200 units, the net operating income would be closest to:
A.$7,200
B.$12,800
C.$10,400
D.$11,520
Answer:
Option (c) is correct.
Explanation:
Given that,
Sales (2,000 units) = $ 40,000
Variable expenses = 24,000
Contribution margin = 16,000
Fixed expenses = 11,200
Net operating income = $4,800
Selling price per unit:
= Sales ÷ Number of units
= $ 40,000 ÷ 2,000
= $20
Contribution margin:
= Sales - Variable costs
= [($20 + $4) × (2,000 units - 200 units)] - [(24,000 ÷ 2,000) × 1,800 units]
= $43,200 - $21,600
= $21,600
Net operating income:
= Contribution margin - Fixed expenses
= $21,600 - $11,200
= $10,400
Bakker Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $93,960 and 2,900 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $96,160 and actual direct labor-hours were 2,800.
Answer:
The question is missing the requirement stated below:
The predetermined overhead rate for the year was closest to: (Round your answer to 2 decimal places.)
The predetermined overhead rate is $32.40/ hour
Explanation:
The predetermined overhead rate is given by the below formula:
predetermined overhead rate=total estimated overhead/estimated direct labor hours
From the question,total estimated overhead is $93,960 while estimated direct labor hours is 2900 hours
Predetermined overhead rate=$93960/2900
Predetermined overhead rate=$32.40/hour
However overhead is computed thus:
Actual overhead rate =Actual manufacturing overhead/actual labor hours
Actual overhead rate=$96160/2800
=$34.34/hour
Franco Company uses IFRS and owns property, plant, and equipment with a historical cost of $5,000,000. At December 31, 2016, the company reported a valuation reserve of $690,000. At December 31, 2017, the property, plant, and equipment was appraised at $5,325,000. The valuation reserve will show what balance at December 31, 2017?
Answer:
$325,000
Explanation:
Valuation reserve is the amount added to to an asset to absorb for any future decrease in the value of such asset.
Given:
Real cost of property, plant, and equipment = $5,000,000
Appraised later/future cost = $5,325,000
Valuation reserve= later/future Appraisal cost - Real cost
=$5,325,000 - $5,000,000
=$325,000
Consider two gas stations. One is located at a major intersection used by people commuting from populous neighborhoods to jobs located in the downtown area. The other is located on the outskirts of the city. Both gas stations sell high-grade or premium-grade gas for a higher price than low-grade or regular-grade gas. However, the gas station along the more congested route charges higher gas prices for all grades than the station on the outskirts of town.Product differentiation within and among these gas stations is based on which of the following?a. Styleb. Locationc. Quality
Answer:
Consider two gas stations. One is located at a major intersection used by people commuting from populous neighborhoods to jobs located in the downtown area. The other is located on the outskirts of the city. Both gas stations sell high-grade or premium-grade gas for a higher price than low-grade or regular-grade gas. However, the gas station along the more congested route charges higher gas prices for all grades than the station on the outskirts of town.
Product differentiation within and among these gas stations is based on which of the following Location and Quality.
Explanation:
Location is certainly one of the criteria, this is due to the reason that there is a difference in the price being charged for the same quality of the product.
Quality is also another factor, the reason being that there are two different grades of gasoline. The price of one of them was raised high while the price for the other one was brought low.
Thus, product differentiation within and among these gas stations is based on Location and Quality.
Identify the parts of the e-mail message indicated:
To: Ellen Stanford
From: Thomas Gregory
[1] Proposed Agenda for November 6 Meeting
Dear Ms. Stanford,
[2] Please review the following agenda for our next shareholder meeting and recommend any changes.
[3]• Rising stock prices
• Discussion of new investors
• Portfolios and new funding
• Introduction of new vice-president
[4] Please send any changes to the agenda to me by 3:00 p.m., November 3.
Many thanks,
Thomas
Thomas Gregory
Financial Analyst
Office: 854.454.4356
Fax: 435.458.9738
Cell: 834.435.8490
Which part of the e-mail is part [1]?
a) Opening with main idea
b) Explaining in the body
c) Subject line
Which part of the e-mail is part [2]?
a) Opening with main idea
b) Closing with a purpose
c) Explaining in the body
Which part of the e-mail is part [3]?
a) Subject line
b) Explaining in the body
c) Closing with a purpose
Answer:Which part of the e-mail is part [1]?
c) Subject line
Which part of the e-mail is part [2]?
a) Opening with main idea
Which part of the e-mail is part [3]?
b) Explaining in the body
Explanation: Also, part 4 is Closing with a purpose.
Business communications have to be clear and concise, one of the ways to achieve this is to have a simple format that makes it easy for the reader or the recipient to scan quickly.
The important parts of the e-mail above include:
The Subject line: this is the heading of the communication and it comes after the 'to' and 'from' fields.
Main Idea: In the spirit of keeping an e-mail concise, it is important to go straight to the main reason you are sending the e-mail. This should be done in one sentence.
Explaining the body: The writer here explained the body of the e-mail with bullet points. This is useful when you have more than one idea.
Closing with a purpose: if there is any required action from the reader, this is where you put it. It is the paragraph of the call to action such as, if you require the person to call you, or prepare some materials.
The nature of a firm's cost (fixed or variable) depends on the A. firm's revenues. B. price the firm charges for output. C. time horizon under consideration. D. explicit but not implicit costs.
Option C
The nature of a firm's cost (fixed or variable) depends on the time horizon under consideration.
Explanation:
Fixed costs are autonomous of the characteristic of goods or services offered. Fixed costs (also related to as overhead costs) manage to be time-related costs including wages or periodically rental fees. Fixed costs are simply short term and do shift over time.
The long-run is enough time of all short-run information that are fixed to enhance variable. Fixed cost are hardly fixed about the amount of production for a particular period. variable costs can be changed in real-time to market need for the product.
You Save Bank has a unique account. If you deposit $7,250 today, the bank will pay you an annual interest rate of 4 percent for 5 years, 4.6 percent for 4 years, and 5.3 percent for 8 years. How much will you have in your account in 17 years
Answer:
$15960.94 is the amount I will have in my account after 17 years.
Explanation:
Firstly we are given the present value of the investment that we will be saving so it will be $7250. we are further given that this investment will be saved during a period of 17 years at different rates through the 17 years so we are looking for the future value after 17 years therefore we will use the future value investment formula as just only one amount is invested.
The future value formula = [tex]Fv = Pv(1+i)^n[/tex]
where Fv is the future value of the investment after 17 years,
Pv is the invested amount initially $7250
i is the interest rate which here it is 4% for the first 5 years, then 4.6% after for 4 years, thereafter 5.3% for the remaining 8 years so we will.
n is the number of years of the investment as per their given interest rates, substitute these values to the above mentioned formula:
Fv= $7250((1+4%)^5) ((1+4.6%)^4)( (1+5.3%)^8) then compute on a calculator
Fv = $15960.938 then we round off to two decimal places
Fv = $15960.94 which will be the amount that will be saved after 17 years .
Answer:
Explanation:
Answer:
After 17 years the account will be =15960.93
Explanation:
Year 5:
Fv=Pv(1+i)^n
Fv=7250(1+0.04)^5
Fv=8820.73
Year 4:
Fv=Pv(1+i)^n
Fv=8820.73(1+0.046)^4
Fv=10559.20
Year 8:
Fv=Pv(1+i)^n
Fv=10559.20(1+0.053)^8
Fv=15960.93
Which of the following is not true regarding the use of simulation in multinational capital budgeting? a. It can be used to generate a probability distribution of NPVs. b. It can only be used for one variable at a time. c. It generates a probability distribution of NPVs by randomly drawing values for the input variable(s). d. It can be used to develop probability distributions of all variables with uncertain future values.
b. It can only be used for one variable at a time is the false statement regarding the use of simulation in multinational capital budgeting.
Explanation:
The process of determining the net present value of the project is known as multinational capital budgeting. The capital budget can be determined by estimating the present value of cash flow in the project and subtracting the initial expenditure required for the projects.
When considering the use of simulation in multinational capital budgeting, it can be used for many variables at a time.
The flow of cash is focused in the long-term investment projects. Multinational capital budgeting can help in determining investment opportunity of the company.
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $8,000 of indirect materials and $12,400 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:
Job 301
Direct materials $10,000
Direct labor 8,000
Factory overhead 6,000
Tota l$24,000
Job 302Direct materials $20,000
Direct labor 17,000
Factory overhead 12,750
Total $49,750
Job 303
Direct materials $24,000
Direct labor 18,000
Factory overhead
—Job 304
Direct materials $14,000
Direct labor 12,000
Factory overhead
—
Required:
Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.
A. Direct and indirect materials used.
B. Direct and indirect labor used.
C. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).
D. Completion of Jobs 301 and 302
Answer:
WIP inventory 68,000 debit
Factory Overhead 8000 debit
Raw Materials Inventory 76,000 credit
WIP inventory 55.000 debit
Factory Overhead 12,400 debit
Factory Payroll payable 77,400 credit
WIP inventory 31,250 debit
Factory overhead 31,250 credit
Finished Goods Inventory 73,750 debit
WIP inventory 73,750 credit
Explanation:
Direct Materials used:
10,000 + 20,000 + 24,000 + 14,000 = 68,000
Direct Labor used:
8,000 + 17,000 + 18,000 + 12,000 = 55,000
Overhead Applied:
6,000 + 12,750 + 13,500 + 9,000 = 31,250
Overhead rate:
6,000 / 8,000 = 0.75
12,750 / 17,000 = 0.75
Finished goods:
24,000 + 49,750 = 73,750
. What is the expected impact of increased security measures imposed by the federal government on airlines and consumers? What do you predict will happen to airline fares and volume of travel? Instructions: Draw a parallel shift in the demand and supply curves by grabbing, dragging, and then dropping the curves to the new positions. b. The impact of increased security measures on airline fares . The impact of increased security measures on the volume of travel
Answer:
Impact of security measures on airline fares - uncertain (see explanation)
Impact of security measures on the volume of travel - decreases
Explanation:
When security measures are increased by the federal government, it means that the cost of flying will increase. This affects both the supplier (airlines) as well as the consumer (travelers).
Refer Diagram from this point onwards :)
When there is increased security measures, airlines would have to be more cautious in their flying operations as they now have more legal standards to abide by. This will lead to a shift left in the supply curve from S1 to S2 causing a reduction in quantity supplied from Q1 to Q2.
At the same time, increased security measures will also discourage many travelers due to excessive rules and guidelines that they now have to follow while flying. Hence, there will be a left-hand shift in the demand curve from D1 to D2, causing quantity demanded to also fall from Q1 to Q2.
It is evident that the volume of travel will decrease with increased security measures. However, what happens to price is uncertain. it can be of 3 scenarios:
1. If quantity demanded shifts left equally to the left shift in quantity supplied, price will remain constant (as shown in the diagram).
2. If quantity demanded shifts further left than quantity supplied, supply exceeds demand. Thus, there will be a slight fall in price since now there is a surplus.
3. If quantity supplied shifts further left than quantity demanded, demand exceeds supply. Thus, there will be a slight rise in price since now there is a shortage.
Hope this helps!
During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $92 in federal income taxes withheld. What is the amount of this employee’s gross pay for the first week of January?
Answer:
$950
Explanation:
Gross pay refers to the total income of an employee before taxes and deductions are removed.
The employee gross pay for the first week of January is calculated as follows:
Regular income = $20 × 40 hours = 800
Overtime income = ($20 × 150%) × (45 - 40 hours)
= $30 × 5 hours = $150
Gross pay = $800 + $150 = $950
NOTE
The following is not stated in the question but just meant to teach you how to calculate the net pay from the question in case you are later asked to calculate it.
Net pay refers to the total income of an employee after taxes and deductions are removed. It can be calculated as follows:
FICA Social Security = 6.2% × $950 = $58.90
Note that 6.2% of the remaining amount of $127,450 (i.e. $128,400 - $959 = $127,450) will still be deducted in the subsequent employee's income to account for the total FICA Social Security deductible.
FICA Medicare = 1.45% × $950 = $13.78
Federal income tax withheld = $92
Total deduction = $58.90 + $13.78 + $92 = $164.68
Note: As stated in the question, the employee's wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. This implies that her wages are not subject to FUTA and the SUTA tax. That is why they are not included in the calculation of the total deduction.
Net Pay = Gross pay - total deduction = $950 - $164.68 = $785.32.
Answer:
Gross Wages = $950
Explanation:
The question is to determine the employee's gross pay for the first week of January as follows:
Description Amount
Regular wages (Regular hours 40 x $20) $800
Overtime wages $150
(Total hours - regular hours) x rate per hour
x pay rate
( 45-40) x $20 x 150%
Gross Wages $950
However, not that if you are to calculate the net wages, social security which is Gross x 6.2%, Medicare which is Gross x 1.45% and Federal Income tax which is $92 withheld will be subtracted from the gross pay or wages.
The following annual amounts pertain to ABC Company: Estimated Overhead Costs $ 101,988 Estimated Direct Labor hours 67,992 If actual direct labor worked in February was 6,000 hours, how much overhead cost would be applied to work-in-process for the month
Answer:
applied overhead for February 9,000
Explanation:
[tex]\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate[/tex]
expected overhead 101,988
estimated cost dirve 67,992
overheead rate:
[tex]\frac{101,988}{67,992}= Overhead \:Rate[/tex]
Overhead rate = 1.5
Now, applied overhead:
driver usage x rate
6,000 labor hours x 1.5 per hour = $9,000
The fact that the price of diamonds is higher than the price of water:
A. can be explained as the outcome of a consumer optimum in consumer choice theory.
B. cannot be explained by behavioral economics or consumer choice theory.
C. is an outcome of irrational behavior in consumer choice theory.
D. can be explained only by behavioral economics but not by consumer choice theory.
Answer: D
Explanation:
Behavioral economics studies the impact of cognitive, psychological, cultural, emotional and social factors on individuals economic decisions. Behavioral economics is concerned with the extent of rationality of individuals, firms and governments. The study includes how market choices are made and the components that propel public choices.
Behavioral economics is important because it gives us an idea about how the mind of humans work. The greater the supply of a particular good, the more we use the good, the less we appreciate it. There are oceans of water and we always get water easily but there are fewer diamonds embedded and hidden in rocks which are not cheap and readily available.
Which data representation system utilizes both letters and numbers? binary decimal hexadecimal octal
Answer:
The correct answer is letter "C": hexadecimal.
Explanation:
The hexadecimal numeral system is composed of ten digits from 0 to 9 and six letters from the English alphabet from A to F. Letter A is given the 10 value and F values 15. Though, the decimal system composed of numbers from 0 to 9 is the most used in calculations and the binary system (composed by 0 and 1) for programming.
Answer:
C
Explanation:
Brief Exercise 5-9 Included in Sunland Company’s December 31, 2017, trial balance are the following accounts: Accounts Payable $244,000, Pension Liability $383,400, Discount on Bonds Payable $33,800, Unearned Rent Revenue $46,300, Bonds Payable $409,300, Salaries and Wages Payable $31,700, Interest Payable $14,810, and Income Taxes Payable $35,300. Prepare the long-term liabilities section of the balance sheet.
Explanation:
The preparation of the long-term liabilities section of the balance sheet is presented below:
Sunland Company’s
December 31, 2017
Long-term liabilities section
Long term liabilities
Bond payable $409,300
Less: Discount on Bonds Payable -$33,800 $375,500
Pension Liability $383,400
Total long term liabilities $758,900
Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 7,300 units, but its actual level of activity was 7,250 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: The direct labor in the planning budget for May would be closest to:
Answer:
The variance of the direct labour in the planning budget of May is $330 Favorable.
Explanation:
As the data is not given in the question, the data is found online and is attached herewith.
Actual output = 7250 units
Actual cost of direct labor= $48,970
Standard direct labor cost per unit = $6.80
Standard direct labor cost for actual output = Actual output * standard direct materials cost per unit = 7250 units * $6.80 = $49300
Direct Labour Cost variance = Standard cost - Actual cost = $49300 - $48970= $330 F
As the actual cost is less than standard cost, the variance is favorable.
So, the answer is $330 Favorable.
DLM preferred stock has a 5.8 percent dividend yield. The stock is currently priced at $36.20 per share. What is the amount of the annual dividend?
-$2.35
-$1.90
-$2.10
-$2.30
-$2.40
Answer:
The correct option is c
Explanation: see the picture attached
Answer:
Annual dividend = $2.10
Explanation:
we know that : dividend yield = Annual dividend/ Current stock price
0.058 = Annual dividend / 36.20
0.058 * 36.20 = Annual dividend
Annual dividend = 2.10
A sound allocation system should: be cheap and easy to administer provide incentives for cost control charge in proportion to amount used or benefit received be perceived as equitable by those who are charged be all of the above
A sound tax system should be efficient, understandable, and equitable.
Efficient: A good tax system should raise necessary revenues without burdening the taxpayer excessively. Understandable: It should be easily understandable by the average citizen. Equitable: The tax burden should be distributed fairly, with wealthier individuals paying more.
If the price of eggs differs by .30 from one month to the next, by how much would you expect the price of milk to differ? Round the answer to two decimal places.
Answer:
0.08
Explanation:
Regression equation:
y'=-0.2519 x+3.1163
slope coefficient=-0.2519
For each unit of increase in x,there will be on average decrease of 0.2519 in y.
So,if price of eggs(x) differs by 0.30,then there will be change in price of milk of =0.30*0.2519=0.0756
To two decimal places
=0.08
If the the price of eggs differs by 0.30 from one month to the next, then the price of milk will differ by 0.08.
From the information given, the regression equation will be:
y = 0.2519x + 3.1163
where,
Slope coefficient = 0.2519
x = Egg difference
Then, we'll put the value of x into the equation which will be:
y = 0.2519x + 3.1163
From the equation, we are concerned with y = 0.2519x since we are looking for the variables.
= 0.2519(0.30)
= 0.0756
= 0.08 approximately
In conclusion, this means that when the price of eggs differs by 0.30, then the price of milk will differ by 0.08.
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Sometimes word of mouth and expert recommendations cause a product to become more popular. However, the firm that produces this product may find it difficult to get parts to increase production, and it might have to pay higher prices to receive an adequate supply of parts. In this case, what will happen to the future price of the product?
Answer:
Invariably, the cost of the product will rise. A relatively increase in supply parts directly influences the price of a product.
Answer:
B. The equilibrium price should rise as the supply curve shifts to the left and the demand curve shifts to the right.
Explanation:
You go to your in-house database, which houses eCompeteUSA's domestic and international sales as well as revenue composition over the past 10 years. You examine this data and apply some statistical analysis in order to help decide where to go next. What should you present at the next meeting to put your investigation on the right path?
Answer:
After further thought, you choose to step back and chip away at characterizing the examination issue. Therefore, The goal of this venture isn't clear. Without the specific meaning of the exploration issue, the examination won't be key and consequently won't fill in as a successful investigation. Henceforth it is imperative to step back, distinguish the targets and restrictions of the investigation and in like manner, choose the examination issue.
All of the following are true about the project scope statement EXCEPT:a.It is an output of the Verify Scope process. b.It describes, in detail, the project’s deliverables and the work required to create those deliverables.c.It provides a common understanding of the project scope among project stakeholders.d.It may contain explicit scope exclusions that can assist in managing stakeholder expectations.
Answer:
a. It is an output of the Validate Scope process.
Explanation:
We can define project scope statement as a tool which is used to manifest the main deliverables of project which includes the major milestones, all requirements, constraints and assumptions. It describes, in detail, the project’s deliverables and the work required to create those deliverables. It also provides a common understanding of the project scope among project stakeholders. It may contain explicit scope exclusions that can assist in managing stakeholder expectations. It is an output or the result of scope process not the validate scope process, therefore, all other options are correct while option "a" is not true.
The project scope statement is not an output of the Verify Scope process. Rather, it is an output of the Define Scope process. It delineates the work to be done in the project, helps setting expectations among stakeholders, and can also clarify what is not part of the project.
Explanation:All the mentioned statements regarding a project scope statement are indeed true except for the first one. The project scope statement is not an output of the Verify Scope process. Instead, it's an output of the Define Scope process of the Project Management Body of Knowledge (PMBOK). It is integral in detailing the project's deliverables and the work needed to create these deliverables. It's also used to establish common comprehension of the project's scope among the stakeholders. Furthermore, it may also distinctly list what isn't included in the project scope (scope exclusions), aiding in managing stakeholder expectations.
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Your company expects to receive 5,000,000 Japanese yen 60 days from now. You decide to hedge your position by selling Japanese yen forward. The current spot rate of the yen is $.0089, while the forward rate is $.0095. You expect the spot rate in 60 days to be $.0090. How many dollars will you receive for the 5,000,000 yen 60 days from now if you sell yen forward
Answer:
$ 47,500
Explanation:
The 60 day Forward rate is USD 0.0095 per JPY
5,000,000 JPY x 0.0095USD = 47,500 USD
The company would receive $ 47,500 at the maturity date.
Answer:
$47,500
Explanation:
A hedge is an investment position that is a strategic technique of employing financial instruments (such as a forward contract) or market techniques to offset or guide against all possible losses or gains that may result from a particular investment.
Since the position is hedged by selling Japanese yen forward, the relevant rate to use to calculate the number of dollars to receive for the 5,000,000 yen 60 days from now is the forward rate of $.0095. We therefore have:
The dollar amount to receive = 5,000,000 Japanese yen × $0.0095 forward rate = $47,500
Therefore, $47,500 will be received for the 5,000,000 yen 60 days from now if the company sells yen forward.
One of Stine Company’s activity cost pools is machine setups, with estimated overhead of $300000. Stine produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
Answer:
$120,000
Explanation:
In activity based costing, cost is allocated to each unit/department based on activities. In other words, the more the level of activities a unit/department is involved in, the more the cost that will be allocated to that unit and vice versa.
Given that Stine produces sparklers (400 setups) and lighters (600 setups), machine setup cost pool should be assigned to sparklers will be
= (400/(400 + 600)) × $300000
= $120,000
The machine setup cost pool assigned to sparklers at Stine Company is $120,000. This is calculated by determining the cost per setup ($300) and multiplying it by the number of setups for sparklers (400).
To calculate how much of the machine setup cost pool should be assigned to sparklers at Stine Company, we first need to determine the total number of setups for all products.
The total number of setups is the sum of setups for sparklers and lighters which is 400 setups for sparklers and 600 setups for lighters, totaling 1000 setups.
With the estimated overhead for machine setups being $300,000, we can calculate the cost per setup by dividing the total overhead by the total number of setups: $300,000 / 1000 setups = $300 per setup.
Since sparklers require 400 setups, we multiply the number of setups for sparklers by the cost per setup: 400 setups * $300 per setup = $120,000.
Therefore, the cost pool amount assigned to sparklers would be $120,000.
For the accounts listed below, indicate if the normal balance of the account is a debit or credit. Accounts Normal Balance 1. Service Revenue 2. Rent Expense 3. Accounts Receivable 4. Accounts Payable 5. Retained Earnings 6. Supplies 7. Insurance Expense 8. Dividends 9. Buildings 10. Notes Payable
Answer:
1. Service Revenue - credit
2. Rent Expense - Debit
3. Accounts Receivable - Debit
4. Accounts Payable - credit
5. Retained Earnings - credit
6. Supplies - Debit
7. Insurance - Debit
Expense - Debit
8. Dividends - Debit
9. Buildings - Debit
10. Notes Payable - credit
Explanation:
The balance sheet shows the assets, liabilities and equity. While assets normally have a debit balance, liabilities and equity have credit balances.
The income statements shows the revenue and expenses. While revenue usually has a credit balance, expenses usually have debit balances.
The accounts listed have normal balances that are determined by whether they increase or decrease equity in a business. Assets and expenses have debit balances, while liabilities, equity, and revenue have credit balances.
Explanation:In accounting, accounts have either a normal debit balance or a normal credit balance. Here's how your accounts stack up:
Service Revenue: This has a normal credit balance as earnings increase the equity in the business.Rent Expense: This has a normal debit balance as it is an expense that reduces the equity of the business.Accounts Receivable: This has a normal debit balance as it is an asset account.Accounts Payable: This has a normal credit balance as it is a liability account, showing what the business owes.Retained Earnings: This has a normal credit balance, representing profit that is held within the business.Supplies: This has a normal debit balance as it is an asset account.Insurance Expense: This has a normal debit balance as it is an expense that reduces the equity of the business.Dividends: This has a normal debit balance as it reduces retained earnings when paid out to shareholders.Buildings: This has a normal debit balance as it is an asset account.Notes Payable: This has a normal credit balance as it is a liability account, showing what the business owes.Learn more about Accounting here:https://brainly.com/question/33477032
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The following information is available for a company's utility cost for operating its machines over the last four months.
Month Machine hours Utility cost
January 1,020 $6,570
February 1,920 $7,140
March 2,640 $8,100
April 720 $4,500
Using the high-low method, the estimated variable cost per machine hour for utilities is:_______
Answer:
Using the high-low method, the estimated variable cost per machine hour for utilities is $1.875/ machine hour
Explanation:
High Low Method is a method used to separate Fixed and Variable Costs Components of a semi-variable cost/overhead.
Step 1 : Establish 2 points - The Highest and The Lowest
High - March 2,640 hrs : $8,100
Low - April 720 hrs : $ 4,500
Step 2 Calculate the variable Cost Component
Variable Costs = Overhead Cost difference /Activity difference
= ($8,100-$4,500)/(2,640hrs-720hrs)
= $3,600/1,920hrs
= $1.875/hr
You are preparing for a business trip to Chile, where you will need to interact extensively with local professionals. Therefore, you would like to collect information regarding the local culture, and business practices prior to your departure. A colleague from Latin America recommends you to visit the Centre for Intercultural Learning and read though the country insights for Chile. Prepare a one -page description of the most striking cultural characteristics that may affect business interactions in this country.
Explanation:
I noticed some of the striking cultural features of the Intercultural Learning Center in Chile which could affect commercial interactions.
Meeting and Greeting
A handshake is customary when you meet someone in Chile. Rather of shaking your head, you can see people slapping each other on the right forearm. This is appropriate mark to shake hands with all those present when joining big groups. Once people are presented they begin formally and wait until they are informally invited. Present your surnames to people and Mr. Skip or Miss. Many Hispanic citizens have two parent names, a father's name and a mother's name. Typically just the dad's is included.
Gestures
In Chile, as you communicate, people leave little room among themselves. Don't be surprised because when you speak with the other you speak with either a hand on your back. Don't want to walk aside or feel nervous. Eye contact in Chile is critical because confidence, honesty and curiosity are expressed here. It is immoral in Chile to strike your right hand in your (stretched) left palm, a stretched palm with split fingers is crazy.
Business Meetings and Negotiating
A few weeks before arrival in Chile should be named. Summer holidays are January and February, so consider stopping them. Trust and communication as individuals are key to effective commercial ties. You should also use a first visit to Chile to set up a friendship and show who you are. Then the talk can be directed softly to your visit. Throughout Chilean culture, dignity plays a critical role. Never openly threaten or cause anyone shame. Keep to your word, since you'll be treated as unfaithful otherwise. With a strict and straight-forward way, Chileans negotiate. Ome frontline, still not overweight. Strong sales or intimidation tactics rarely succeeds. Be always willing to negotiate because this illustrates that you respect the partnership more than the financial elements of the arrangement.
To establish a business in a different country, such as Chile, it is necessary to learn about the local culture, so that the interaction with professionals and the Chilean consumer can be integrated and be effective for the company's positioning.
As characteristics of the culture of Chile, the following can be highlighted:
The influence of Spanish colonists and indigenous.The strong patriotism in the country.Tradition in wine production.It is the largest copper producer in the world.The country has a young population, the central region is well urbanized, and the economy is derived from mineral resources, agriculture, livestock and forestry resources.
Therefore, through this information, it is possible to develop a business that is more aligned with the interests of the population and economy of Chile.
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Carolina Plating Company reported a cost of goods manufactured of $520,000, with the firm's yearend
balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively.
If supplemental information disclosed raw materials used in production of $80,000, direct labor of
$140,000, and manufacturing overhead of $240,000, the company's beginning work in process must have
been:
A. $130,000.
B. $10,000.
C. $66,000.
D. $390,000.
E. some other amount.
Answer:
The correct anwer is A.
Explanation:
Giving the following information:
Cost of goods manufactured= $520,000
Ending work in process= $70,000
Raw materials used in the production of $80,000
Direct labor= $140,000
Allocated manufacturing overhead of $240,000
To calculate the beginning work in process, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
520,000= beginning WIP + 80,000 + 140,000 + 240,000 - 70,000
beginning WIP= 130,000
Final answer:
The beginning work in process for Carolina Plating Company was $130,000, calculated by utilizing the Cost of Goods Manufactured formula and plugging in the provided values.
Explanation:
To determine Carolina Plating Company's beginning work in process, we need to use the Cost of Goods Manufactured (COGM) formula:
The formula to calculate COGM is:
Beginning Work in Process + Direct Materials Used + Direct Labor + Manufacturing Overhead - Ending Work in Process = Cost of Goods Manufactured.From the information given, we know the following:
Cost of Goods Manufactured: $520,000Ending Work in Process: $70,000Raw Materials Used: $80,000Direct Labor: $140,000Manufacturing Overhead: $240,000We are trying to solve for Beginning Work in Process. So, if we rearrange the formula, we get:
Beginning Work in Process = Cost of Goods Manufactured + Ending Work in Process - (Raw Materials Used + Direct Labor + Manufacturing Overhead)
Plugging in the numbers:
Beginning Work in Process = $520,000 + $70,000 - ($80,000 + $140,000 + $240,000)
Beginning Work in Process = $520,000 + $70,000 - $460,000
Beginning Work in Process = $130,000
Therefore, the company's beginning work in process must have been $130,000.