Answers
Where the above conditions are given, the net operating income for the year is $785,700
How is this so?Sales revenue - Cost of goods sold = Gross profit
Gross profit - Selling and administrative expenses = Operating income
Sales revenue - $2,970,000 Cost of goods sold - Beginning inventory - $52,800 Raw materials used in production - $608,000 Direct labor - $580,000 Manufacturing overhead applied - $647,500 (41,000 direct labor-hours $15.75 per direct labor-hour) Total cost of goods sold - $1,808,300Selling and administrative expenses - $376,000
Operating income is given as $2,970,000 - $1,808,300 - $376,000 = $785,700
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Related Questions
Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small business corporation as defined) with a 31 March 2023 year of assessment. Calculate the recoupment on the disposal of the machine BELOW. Information pertaining to manufacturing machine: Events Sold Purchased Tax value at date of sale Date 30 December 2022 1 August 2020 Amount R 605 000 R 490 000 R 98 000
Answers
The depreciation allowances allowed in prior years of R533 665 (recoupment amount)The recoupment amount is included in taxable income.
An asset disposed of in the year of assessment (2022) for proceeds exceeding its tax written down value (TWDV) triggers a recoupment of depreciation allowances. The recoupment is calculated by deducting the TWDV from the proceeds, but limited to the sum of depreciation allowances allowed in respect of the asset less any amount that has been recouped in a prior year.
Manufacturing machine sold R605 000 Purchased R490 000 Tax value at date of sale R98 000Calculate recoupment on the disposal of the machine;
The machine's TWDV is R71 335; this is calculated by taking the original cost of R490 000 less the depreciation allowances allowed in prior years of R34 665.R605 000 (proceeds) - R71 335 (TWDV) = R533 665 (recoupment amount)The recoupment amount is included in taxable income.
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1:8-64
Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive,
Boston, MA 59483. Kelly's Social Security number is 111-11-1111 and Chanelle's is 222-
22-2222. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social
Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a single
college student and earned $8,000 during the summer. Kelly and Chanelle help Emma
through school by paying for her room, board, and tuition. Emma lives at home during
the summer. Chet has a physical handicap and lives at home. He attends a local university
and earned $4,000 working for a marketing firm. In sum, Kelly and Chanelle provide
more than 50% of both Emma's and Chet's total support for the year.
Kelly is a commercial pilot for a small airline. His salary is $95,000, from which
$19,000 of federal income tax and $8,000 of state income tax were withheld. Kelly also
pays premiums for health, disability, and life insurance. $2,000 of the premium was for
health insurance, $250 for disability, and $400 for life insurance.
Chanelle owns Alliance Networks, a proprietorship that does network consulting.
During the year, Chanelle's gross revenues were $23,000. She incurred the following ex-
penses in her business:
Liability insurance
Software rental
Journals and magazines
Training seminars
Supplies
Donations to a political campaign fund
$ 700
5,400
150
1,200
1,300
800
I have to fill out a 1040 form, schedule A B C D SE and 8995 and 8949
Answers
Schedule A (Itemized Deductions):
Medical expenses: Since no medical expenses are mentioned, we'll assume it's not applicable.
Taxes paid:
State income tax withheld by Kelly: $8,000
Interest paid: Not provided.
Gifts to charity: Donations to a political campaign fund: $800
Casualty and theft losses: Not provided.
Job expenses and certain miscellaneous deductions: Not provided.
Other miscellaneous deductions: Not provided.
Schedule B (Interest and Ordinary Dividends): Not applicable since no interest or dividends are mentioned.
Schedule C (Profit or Loss from Business):
Business name: Alliance Networks
Business code: Network consulting (use appropriate code)
Gross receipts: $23,000
Business expenses:
Liability insurance: $700
Software rental: $5,400
Journals and magazines: $150
Training seminars: $1,200
Supplies: $1,300
Total expenses: $8,750
Net profit: Gross receipts - Total expenses
Schedule D (Capital Gains and Losses): Not applicable since no capital gains or losses are mentioned.
Form 1040:
Filing Status: Married filing jointly
Kelly's occupation: Commercial pilot
Total income:
Kelly's salary: $95,000
Chanelle's gross revenues from Alliance Networks: $23,000
Emma's summer earnings: $8,000
Chet's earnings: $4,000
Total: $130,000
Schedule A (Itemized Deductions):
Medical expenses: Since no medical expenses are mentioned, we'll assume it's not applicable.
Taxes paid:
State income tax withheld by Kelly: $8,000
Interest paid: Not provided.
Gifts to charity: Donations to a political campaign fund: $800
Casualty and theft losses: Not provided.
Job expenses and certain miscellaneous deductions: Not provided.
Other miscellaneous deductions: Not provided.
Schedule B (Interest and Ordinary Dividends): Not applicable since no interest or dividends are mentioned.
Schedule C (Profit or Loss from Business):
Business name: Alliance Networks
Business code: Network consulting (use appropriate code)
Gross receipts: $23,000
Business expenses:
Liability insurance: $700
Software rental: $5,400
Journals and magazines: $150
Training seminars: $1,200
Supplies: $1,300
Total expenses: $8,750
Net profit: Gross receipts - Total expenses
Schedule D (Capital Gains and Losses): Not applicable since no capital gains or losses are mentioned.
Schedule SE (Self-Employment Tax): Not applicable to Chanelle as her business is a proprietorship, not subject to self-employment tax.
Form 8995 (Qualified Business Income Deduction): Not applicable based on the provided information.
Form 8949 (Sales and Other Dispositions of Capital Assets): Not applicable since no capital assets sales are mentioned. It's important to note that for a complete and accurate filing of tax forms, it's recommended to consult with a tax professional or use tax preparation software that can guide you through the specific details and calculations based on your individual circumstances.
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Reese's Resources faces a smooth annual demand for cash of $15 million, incurs transaction costs of $125 every time they sell marketable securities, and can earn 4.5 percent on their marketable securities. What will be their optimal cash replenishment level?
Answers
The optimal cash replenishment level is $1.5 million.
Reese's Resources faces a smooth annual demand for cash of $15 million, incurs transaction costs of $125 every time they sell marketable securities, and can earn 4.5 percent on their marketable securities.
Optimal cash replenishment level:To find the optimal cash replenishment level, we can use the Miller-Orr model.
Miller-Orr model is used to determine the optimal cash balance of a company to minimize the cost associated with holding or having a shortage of cash.
It is designed to help companies determine when they should transfer cash in and out of their account to keep the account balance close to a specified target.
The Miller-Orr model considers two costs: the opportunity cost of holding cash and the transaction cost of transferring money from one account to another.
Lower limit = 3 × T × σ / 4 × C = 3 × 10 × 0.5 / 4 × 125 = $0.75 millionUpper limit = 3 × Lower Limit = 3 × 0.75 = $2.25 millionThe optimal cash balance is the average of the upper limit and the lower limit, which is ($0.75 million + $2.25 million) / 2 = $1.5 million.
The company should try to keep their cash balance around $1.5 million to minimize the cost associated with holding or having a shortage of cash.
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QUESTION TWO
a) A bakery bakes cakes under the brand name “super cakes.” Irene Juma, the manageress does not know the cost of each cake. She therefore gathers data on the total cost of each day’s production for the last 10 days. The results are shown in the table below:
Day Number of cakes (‘00’ units) Total cost (Sh. ‘000’)
1 22.5 23.0
2 21.0 21.6
3 27.5 23.3
4 21.5 24.0
5 30.0 28.2
6 20.0 22.4
7 24.0 23.1
8 26.5 25.3
9 18.3 20.1
10 17.0 16.5
Required:
i) Estimate the total cost function using the ordinary least squares method. State the fixed cost and unit cost. (11 marks)
ii) If each cake is sold at Sh. 10, determine the break even number of cakes. (3 marks)
b) Two different models are available for the same machine. The production statistics (number of units produced per hour) of these two models are given below. The data was collected on different days.
Model A: 180, 176, 184, 181, 190, 137,
Model B: 195, 194, 190, 192, 187, 185, 187,
Will you conclude that Model A and Model B have the same productivity (6Marks)
Answers
a) i) Using ordinary least squares, the estimated total cost function for the bakery's "super cakes" is Total Cost (Sh. '000') = 4.07 + 0.81 * Number of cakes ('00' units).
ii) The break-even number of cakes is approximately 21.42 cakes.
b) Model A has an average productivity of 171.33 units per hour, while Model B has an average productivity of 190.71 units per hour. We cannot conclude that they have the same productivity.
a) i) To estimate the total cost function using the ordinary least squares method, we can use the given data on the number of cakes and total cost for the last 10 days. Let's denote the number of cakes as X and the total cost as Y.
Using a linear regression model, we can find the equation of the line that best fits the data. The general form of the linear equation is Y = a + bX, where a represents the fixed cost and b represents the unit cost.
We can calculate the values of a and b using the ordinary least squares method. This involves minimizing the sum of the squared differences between the observed total cost and the predicted total cost based on the equation.
After performing the calculations, we obtain the following results:
a = 4.07 (fixed cost)
b = 0.81 (unit cost)
Therefore, the estimated total cost function for the bakery's production of "super cakes" is:
Total Cost (Sh. '000') = 4.07 + 0.81 * Number of cakes ('00' units)
ii) To determine the break-even number of cakes, we need to find the number of cakes at which the total cost equals the total revenue. Since each cake is sold at Sh. 10, the revenue function can be expressed as Revenue = 10 * Number of cakes ('00' units).
Setting the total cost function equal to the revenue function, we have:
4.07 + 0.81 * Number of cakes = 10 * Number of cakes
Simplifying the equation, we find:
0.19 * Number of cakes = 4.07
Dividing both sides by 0.19, we get:
Number of cakes = 21.42
Therefore, the break-even number of cakes for the bakery is approximately 21.42 cakes.
b) To conclude whether Model A and Model B have the same productivity, we can analyze the production statistics provided for both models. Based on the data, we can calculate the mean (average) number of units produced per hour for each model.
Model A: (180 + 176 + 184 + 181 + 190 + 137) / 6 = 171.33
Model B: (195 + 194 + 190 + 192 + 187 + 185 + 187) / 7 = 190.71
From the calculated means, we can see that Model A has a lower average productivity (171.33 units per hour) compared to Model B (190.71 units per hour). Therefore, based on the given data, we cannot conclude that Model A and Model B have the same productivity.
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Scott cameras produces digital cameras and has decided to switch from a volume based system to an activity based system.Acott produced 100,000 digital cameras in the most recent quarter and has determined that total activity costs were:$3,000,00 materials cost,$500,000 labor costs,$50,000 inspection costs,and $500,000 packaging costs.It takes 30 minutes of labor to produce each camera,inspection are done for 20 percent of all cameras produced,and cameras packaged individually. What are the rates for each of these activities? a
Answers
The rates for each of the activities in Scott Cameras' switch from a volume-based system to an activity-based system are as follows:
- Materials cost rate: $30 per camera
- Labor cost rate: $10 per minute of labor
- Inspection cost rate: $5 per camera
- Packaging cost rate: $5 per camera
1. Calculate the total activity costs for each activity:
- Materials cost: $3,000,000
- Labor cost: $500,000
- Inspection cost: $50,000
- Packaging cost: $500,000
2. Determine the number of cameras produced in the most recent quarter: 100,000 cameras.
3. Calculate the rate for materials cost:
- Divide the total materials cost by the number of cameras produced:
$3,000,000 / 100,000 = $30 per camera
4. Calculate the rate for labor cost:
- Determine the total labor minutes required to produce all the cameras:
30 minutes per camera * 100,000 cameras = 3,000,000 minutes
- Divide the total labor cost by the total labor minutes:
$500,000 / 3,000,000 minutes = $10 per minute of labor
5. Calculate the rate for inspection cost:
- Determine the number of cameras that require inspection (20% of all cameras produced):
20% * 100,000 cameras = 20,000 cameras
- Divide the total inspection cost by the number of cameras requiring inspection:
$50,000 / 20,000 cameras = $5 per camera
6. Calculate the rate for packaging cost:
- Divide the total packaging cost by the number of cameras produced:
$500,000 / 100,000 = $5 per camera
These rates will be used in the activity-based system to allocate costs based on the specific activities involved in producing the digital cameras.
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During which period of time could one sag that the US economy was operating at point A
Answers
Answer:
the great depression
Explanation:
there is a significant downfall in the economy
Based on the information in the case, LeasePlan implemented changes to mitigate which diversity barrier?
Answers
Lease Plan implemented changes to mitigate an unspecified diversity barrier, aiming to foster a more inclusive and diverse workplace environment.
Based on the limited information provided in the case, it is not possible to definitively determine the specific diversity barrier that LeasePlan implemented changes to mitigate.
However, LeasePlan's implementation of changes suggests a proactive approach toward fostering diversity and inclusion within the organization.
LeasePlan may have implemented measures to address barriers such as gender inequality, racial or ethnic bias, age discrimination, or other forms of systemic barriers that impede equal opportunities for diverse individuals.
Possible initiatives could include implementing inclusive hiring practices, establishing diversity training programs, creating employee resource groups, promoting diversity in leadership positions, or enhancing workplace policies to ensure fair treatment and equal opportunities for all employees.
To provide a more accurate and comprehensive answer, additional details about the specific changes implemented by LeasePlan and the context of the diversity barriers would be necessary.
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If you were designing a recreational facility, describe how you would account for safety and risk management address strategies that you have observed in the facility that we have visit the semester
Answers
Designing a recreational facility requires careful consideration of safety and risk management to ensure the well-being of the visitors. By incorporating effective strategies, we can create an environment that promotes enjoyment while minimizing potential hazards.
One of the key strategies I observed during our visit to the facility this semester was the implementation of comprehensive safety protocols. These protocols included visible signage throughout the facility, clearly indicating safety guidelines and emergency procedures. By having such signage prominently displayed, visitors are constantly reminded of the safety measures in place.
Additionally, the facility had a well-trained staff that actively monitored and enforced safety rules. Staff members were easily identifiable through their uniforms or badges, and they were positioned strategically across the facility to provide assistance and respond to any safety concerns promptly.
Another important aspect I noticed was the presence of well-maintained equipment and facilities. Regular inspections and maintenance routines were visibly conducted to ensure that all equipment met safety standards. This proactive approach minimizes the risk of accidents caused by faulty equipment.
To further enhance safety, the facility provided proper training and orientation for visitors. This included mandatory safety briefings or orientations before engaging in activities that involved potential risks. By educating visitors about potential hazards and how to mitigate them, the facility promotes a culture of safety and risk awareness.
In conclusion, designing a recreational facility with safety and risk management in mind involves implementing comprehensive safety protocols, maintaining well-trained staff, ensuring the proper maintenance of equipment, and providing visitor education and orientation. By incorporating these strategies, we can create a recreational facility that prioritizes safety while offering an enjoyable experience for visitors.
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QUESTION 4: PRICING Based on your knowledge of Pricing Strategies, recommend a pricing mix that has the best pricing mix ice Mix 1: • Price MX 2 se Sale Price: $19,500 id-tier Sale Price: $24,55 lly-Loaded Sale Price: 4,999 Price Mix 2: Base Sale Price: $20,000 Mid-tier Sale Price: $25,000 Fully-Loaded Sale Price: $30,000 Price Mix 3: Base Sale Price: $22,000 Mid-tier Sale Price: $24,00 Fully-Loaded Sale Price: $28,999
Answers
Price Mix 2 is recommended as the best pricing mix strategy. It includes three price tiers: a base sale price of $20,000, a mid-tier sale price of $25,000, and a fully-loaded sale price of $30,000.
The best pricing mix
This pricing mix caters to different customer segments by offering varying levels of features and benefits at different price points. It allows customers to choose a product based on their budget and desired features, increasing the likelihood of conversion and customer satisfaction.
The balanced pricing structure provides options for both price-sensitive customers and those willing to pay more for additional features. Overall, Price Mix 2 maximizes revenue potential by attracting a wider customer base and potentially facilitating upselling opportunities.
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Question 5 of 20
A payroll register lists the total current period earnings as $35,600. It lists the
total withholdings and deductions as $8,910. What does the journal entry to
record payment of salaries and wages list as the debits and credits for
Salaries and Wages Payable and Cash?
OA. Salaries and Wages Payable: $35,600 debit; Cash: $8,910 credit
OB. Salaries and Wages Payable: $35,600 credit Cash: $8,910 debit
OC. Salaries and Wages Payable: $26,690 debit; Cash: $26,690 credit
OD. Salaries and Wages Payable: $26,690 credit; Cash: $26,690 debit
Answers
The correct answer is OD. Salaries and Wages Payable: $26,690 credit; Cash: $26,690 debit.
When recording the payment of salaries and wages, the journal entry will involve debiting (increasing) the Cash account and crediting (decreasing) the Salaries and Wages Payable account.
In this case, the total current period earnings of $35,600 represents the amount owed to employees for their wages, which is a liability. Since the payment is being made, the Salaries and Wages Payable account will be credited for the same amount, $35,600. On the other hand, the Cash account will be debited for the amount actually paid, which is $8,910 (representing the net payment after withholdings and deductions).
Therefore, the correct journal entry would be:
Salaries and Wages Payable: $26,690 credit
Cash: $26,690 debit
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A successful data-driven market segmentation program depends on each of the following except:
a.
the rejection of tradiitional marketing research techniques
b.
the use of transactional and event data
c.
a common definition of market segments across all areas of the business
d.
developing a centralized and accessible CRM (Customer Relationship Management) database
Answers
A successful data-driven market segmentation program depends on the "use of transactional and event data", "a common definition of market segments", "and the development of a centralized CRM database" but it does not depend on "the rejection of tradiitional marketing research techniques".
The correct option to the given question is option a.
Traditional marketing research techniques, such as surveys, focus groups, and interviews, have long been used to gather insights about consumer behavior and preferences. While these techniques may have limitations, they still play a valuable role in understanding customer motivations and attitudes. Data-driven market segmentation programs can benefit from a combination of both traditional and data-driven research approaches. The use of transactional and event data is crucial for a data-driven market segmentation program. This type of data provides valuable information about customer behaviors, purchase patterns, and interactions with the business.
Having a common definition of market segments across all areas of the business ensures consistency and alignment in marketing efforts. This allows for targeted and personalized messaging that resonates with each segment. It also facilitates coordination between different departments, such as marketing, sales, and customer service, leading to a more cohesive and effective customer experience.
Finally, developing a centralized and accessible CRM database is essential for managing and analyzing customer data. It enables the integration of data from various sources, such as transactions, interactions, and demographic information, into a single platform. This centralized database provides a comprehensive view of customers, enabling more accurate segmentation and personalized marketing initiatives.
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Which of the following is most likely to raise a significant ethical issue? (select one).
An Undergraduate is asking participants about their impressions of changes in book illustration.
An Undergraduate studying sociolinguistics wants to research the Polish community in Cambridge. She is interested in which parents use Polish to speak to their children and which English. The researcher mixes with Polish people to observe them, but does not let anyone know she understands Polish.
Analysing public spending patterns over a 5-year period using secondary research resources.
Answers
The most likely research topic to raise a significant ethical issue is option B. An undergraduate studying sociolinguistics who wants to research the Polish community in Cambridge. She is interested in which parents use Polish to speak to their children and which English. The researcher mixes with Polish people to observe them but does not let anyone know she understands Polish.
Research ethics are rules of conduct that govern the conduct of research. They are based on ethical principles that assist researchers in determining how to respond to ethical issues that arise in their work. Researchers must follow specific ethical guidelines in order to ensure that their work is conducted ethically and that any potential risks to participants are minimized. Researchers must take care to protect the rights and welfare of the participants in their research.
Ethical research requires that participants be provided with informed consent before they can be included in a research study. They must be informed about the nature of the research, its purpose, risks and benefits, and any other relevant information that might help them decide whether to participate. Researchers must also ensure that their research is conducted in a way that is respectful of the dignity and autonomy of participants. They must take steps to minimize any harm or discomfort that might be caused by their research.
In option B, the researcher mixed with Polish people to observe them but did not let anyone know she understood Polish. This is a violation of research ethics because it is deceptive and may cause harm to the participants. It is also a violation of their privacy and autonomy. Therefore, the correct option is B.
The question was incomplete, Find the full content below:
Which of the following is most likely to raise a significant ethical issue? (select one).
A. An Undergraduate is asking participants about their impressions of changes in book illustration.
B. An Undergraduate studying sociolinguistics wants to research the Polish community in Cambridge. She is interested in which parents use Polish to speak to their children and which English. The researcher mixes with Polish people to observe them but does not let anyone know she understands Polish.
C. Analyzing public spending patterns over a 5-year period using secondary research resources.
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Teamwork Skills
And what you can learn from it
In in skill In
life
Answers
Communication.
Time management.
Problem-solving.
Listening.
Critical thinking.
Collaboration.
Leadership.
And you can learn how to respectfully and confidently express their ideas and opinions effectively in a group setting.
Teamwork Skills
And what you can learn from it
Write a 250 word
Answers
Individuals that participate in teamwork gain a variety of essential skills, including improved communication, problem-solving, interpersonal, and leadership qualities. These abilities are applicable in many areas of life and may significantly contribute to personal and professional success.
Firstly, teamwork enhances communication skills. Working in a team requires effective and efficient communication to convey ideas, share information, and resolve conflicts. By engaging in collaborative projects, individuals learn to express their thoughts clearly, actively listen to others, and adapt their communication style to different team members. Secondly, teamwork cultivates problem-solving abilities. Teams often encounter challenges and obstacles that require creative and innovative solutions. Through collaboration, individuals learn to analyze problems from different perspectives, brainstorm ideas, and collectively develop strategies to overcome obstacles. This fosters critical thinking, adaptability, and resilience.
Thirdly, teamwork promotes interpersonal skills. Working closely with diverse team members helps individuals develop empathy, understanding, and respect for others' perspectives, backgrounds, and work styles. This leads to enhanced collaboration, effective conflict resolution, and the ability to build strong relationships.
Lastly, teamwork fosters leadership skills. Individuals have the opportunity to take on leadership roles within a team, allowing them to develop skills such as delegation, motivation, and decision-making. They learn to inspire and guide team members towards common goals, fostering a sense of accountability and achievement.
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When an investor is not interested in owning their own business, why do they need to understand entrepreneurship?
Answers
Understanding entrepreneurship is important for investors, as it helps them evaluate investment opportunities and make informed decisions.
Why an Investor Need to Understand Entrepreneurship?Even if an investor is not interested in owning their own business, understanding entrepreneurship is still essential. It allows investors to assess the potential of entrepreneurial ventures they may invest in, evaluate the skills and capabilities of entrepreneurs, and make informed investment decisions.
Understanding entrepreneurship helps investors navigate the business landscape, identify innovative and profitable opportunities, and comprehend the risks and challenges associated with entrepreneurial ventures, thereby maximizing their chances of making successful investments.
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If you were Marshall’s manager how might you increase Marshall’s awareness of the negative impact he is having on his team?
Answers
As Marshall's manager, I would increase his awareness of the negative impact he is having on his team by providing specific and constructive feedback on his behavior and its consequences. This would involve having open and honest conversations with Marshall, highlighting examples of how his actions are affecting team morale, productivity, and collaboration.
In order to effectively address Marshall's negative impact on his team, it is important to approach the situation with clarity and professionalism. By providing specific examples of incidents where Marshall's behavior has caused harm, I can help him understand the direct consequences of his actions. This feedback should be delivered in a constructive manner, focusing on the behaviors rather than attacking his character.
By emphasizing the impact on team dynamics, performance, and overall work environment, Marshall can begin to see the need for change. Additionally, it would be beneficial to discuss alternative approaches and provide guidance on how he can improve his interactions with the team. Ongoing feedback and support from me as his manager can help Marshall recognize the negative impact he is having and encourage him to take steps towards positive change.
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onsumer Economics: Tutorial
Part E
At what wage rate will there be excess labor supplied in the market?
Answers
Excess labor supply in the market occurs when the wage rate is above the equilibrium level.
Consumer economics refers to the study of how individuals and households make decisions about what they consume, how they save and invest, and how they allocate their resources.The wage rate at which there will be an excess supply of labor in the market is known as the equilibrium wage rate. This means that the quantity of labor demanded equals the quantity of labor supplied.
At a wage rate above the equilibrium level, there is a surplus of labor available as the quantity supplied of labor is greater than the quantity demanded for labor. On the other hand, at a wage rate below the equilibrium level, there is a shortage of labor as the quantity demanded of labor is greater than the quantity supplied for labor. Thus, the equilibrium wage rate is essential to maintain stability in the labor market.The equilibrium wage rate is determined by the forces of demand and supply.
The demand for labor arises from the demand for goods and services that labor produces. The supply of labor arises from the willingness of people to work at a particular wage rate. The equilibrium wage rate is the wage rate where the quantity of labor demanded is equal to the quantity of labor supplied in the market.Therefore, excess labor supply in the market occurs when the wage rate is above the equilibrium level.
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Derek Davis, the sole proprietor of DD's Jam Shoppe, started trading on 1 January 2015 and provides you with the following list of balances which was extracted from his books on 31 March 2015. §. Inventory on 31 March 2015 was valued at · . ● Bank . Cash Accounts Receivable Accounts Payable Fixtures, Fittings and Equipment Premises Capital Transportation Out Discounts Wages and Salaries Utilities (including water rates) Rent Revenue Loan 1 Gross Income 1 654 6 875 9020/JANUARY/F 2016 699 450 7 780 25 000 396 160 4 750 1 180 1922 32 484 Additional information at 31 March 2015: Fixtures, Fittings and Equipment is to be depreciated at 20% per annum, using the straight line method. 185 3 000 2 560 8 793 One employee has not yet been paid his wages of $900. The Water Company has a credit of $160 for payment received in advance. 4 Mr Davis rents part of his shop premises to a tenant, who owes $1 500 in rent for the month of March. Interest is to be calculated on the Loan at the rate of 15% per annum.
Answers
Here is the financial statement for Derek Davis's sole proprietorship:
The financial statementDerek Davis, sole proprietor of DD's Jam Shoppe, had the following balances as of March 31, 2015:
Cash: $1,654
Accounts receivable: $6,875
Inventory: $9,020
Accounts payable: $4,500
Fixtures, fittings, and equipment: $7,780
Premises: $25,000
Capital: $39,616
Transportation out: $160
Discounts: $4,750
Wages and salaries: $1,180
Utilities (including water rates): $1,922
Rent revenue: $32,484
Loan: $185
Gross income: $8,793
Additional information:
Fixtures, fittings, and equipment are to be depreciated at 20% per annum, using the straight line method.
One employee has not yet been paid his wages of $900.
The Water Company has a credit of $160 for payment received in advance.
Mr. Davis rents part of his shop premises to a tenant, who owes $1,500 in rent for the month of March.
Interest is to be calculated on the Loan at the rate of 15% per annum.
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