Answer:
An correct statement was prepared for a comprehensive income which is given below.
Explanation:
Solution
Given that:
Cheyenne Corporation
Correct Statement of Comprehensive/General Income
Income before income taxes $371,000
The less Tax ($371,000 * 35%) $129,850
The Net Income $241,150
Other Comprehensive income
Unrealized profit on present for
sales securities, net of tax $57,655
The comprehensive income
($241,150 +$57,655) $298,805
Note:
The Unrealized profit on present for sales securities, net of tax is given as
=($88,700 * (100% -35%))
=$88,700 * 65%
=$57,655
Roy was doing repair work in the apartment of Melinda. He saw a deep crack in the floor but did not repair it at the time. Later while doing ceiling work, his ladder got stuck in the crack and he injured himself. Can he recover damages from Melinda?
A. He can impose consequential damages on Melinda.
B. He can recover under the specific performance provision.
C. No, he cannot recover for injuries that could be easily avoided.
D. No, he cannot recover damages till he gets an injunction.
Answer: No, he cannot recover for injuries that could be easily avoided
Explanation:
From the question, Roy was doing repair work in the apartment of Melinda and saw a deep crack in the floor but he did not repair it at the time. Later when he was doing ceiling work, his ladder got stuck in the crack and he got injured.
In this scenario, Roy cannot recover damages from Melinda. He saw the crack in the floor but did not do anything about it. The injury sustained was as a result of his negligence and he could have avoided it. Hence, he cannot recover for injuries that could be easily avoided.
The Universal Containers company thinks it knows everything about business. However, Einstein Discovery surfaces an unexpected pattern that is concerning. They call in department experts and hold a meeting to discuss next steps with an Einstein Consultant. What should the consultant advise as the next action?A. Determine if the pattern is a data issue or a new insightB. Filter out the data that causes the unexpected pattern and analyze the new resultsC. Accept the new pattern and have confidence that Einstein knows the business accurately to the customerD. Consult a Data Scientist for further analysis
Answer:
C. Accept the new pattern and have confidence that Einstein knows the business accurately to the customer.
Explanation:
The business consultants are experts in the field of business and they provide suggestions about certain issue. The Universal Containers Company thinks that they know everything about business but an unexpected pattern is observed. They call a meeting with Einstein Consultant and the consultant will advise to accept the new pattern and observe the customers. The company should have confidence that the consultant knows business accurately.
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn’t keep any significant inventories of the specialized assets that he sells. Joe reported the following financial information for his business activities during year 0.
Determine the effect of each of the following transactions on the taxable business income. (Select "No Effect" from the dropdown if no change in the taxable business income.)
a. Joe has signed a contract to sell gadgets to the city. The contract provides that sales of gadgets are dependent upon a test sample of gadgets operating successfully. In December, Joe delivers $13,950 worth of gadgets to the city that will be tested in March. Joe purchased the gadgets especially for this contract and paid $9,750.
No effect? Amount of deduction? Amount of income ?
b. Joe paid $305 for entertaining a visiting out-of-town client. The client didn’t discuss business with Joe during this visit, but Joe wants to maintain good relations to encourage additional business next year.
No effect? Amount of deduction? Amount of income ?
c. On November 1, Joe paid $650 for premiums providing for $65,000 of "key man" insurance on the life of Joe’s accountant over the next 12 months.
No effect? Amount of deduction? Amount of income ?
d. At the end of year 0, Joe’s business reports $12,750 of accounts receivable. Based upon past experience, Joe believes that at least $2,750 of his new receivables will be uncollectible.
No effect? Amount of deduction? Amount of income ?
e. In December of year 0, Joe rented equipment to complete a large job. Joe paid $6,750 in December because the rental agency required a minimum rental of three months ($2,250 per month). Joe completed the job before year-end, but he returned the equipment at the end of the lease.
No effect? Amount of deduction? Amount of income ?
f. Joe hired a new sales representative as an employee and sent her to Dallas for a week to contact prospective out-of-state clients. Joe ended up reimbursing his employee $550 for airfare, $600 for lodging, $500 for meals, and $400 for entertainment (Joe provided adequate documentation to substantiate the business purpose for the meals and entertainment). Joe requires the employee to account for all expenditures in order to be reimbursed.
No effect? Amount of deduction? Amount of income ?
g. Joe uses his BMW (a personal auto) to travel to and from his residence to his factory. However, he switches to a business vehicle if he needs to travel after he reaches the factory. Last month, the business vehicle broke down and he was forced to use the BMW both to travel to and from the factory and to visit work sites. He drove 245 miles visiting work sites and 96 miles driving to and from the factory from his home. Joe uses the standard mileage rate to determine his auto-related business expenses. (Round your answer to whole number. Use standard mileage rate.)
No effect? Amount of deduction? Amount of income ?
h. Joe paid a visit to his parents in Dallas over the Christmas holidays. While he was in the city, Joe spent $175 to attend a half-day business symposium. Joe paid $450 for airfare, $150 for meals during the symposium, and $95 on cab fare to the symposium.
No effect? Amount of deduction? Amount of income ?
Answer: Please refer to Explanation
Explanation:
a. No Effect on Taxable Income.
First off Joe's income is only dependent on if the test is successful. Even if it were, the test would only be conducted in year 1 March not in year 0 which is the focus of this question. Taxes are only paid when cash is received.
b. No Effect on Taxable Income.
Had there been a business discussion, Joe would have been able to claim a 50% deduction in Tax. However since there was none, there is no effect on Tax.
c. No effect on Taxable Income
The insurance is not tax deductible.
d. $12,750 in taxable income.
Even Joe believes that $2,750 of income might not be collected, he cannot deduct this from taxes until it actually happens therefore his increase in income is $12,750.
e. $2,250 reduction in taxable income
The $6,750 was paid for 3 months. Joe uses Accrual accounting however meaning that expenses have to be recorded for the period they are incurred. $2,250 was incurred for December and so that is the amount that will be deducted as an expense for the year.
f. $1,600 reduction in Taxable income.
If the representative brings back receipts that are in order, Joe can be able to reimburse her for $1,600 in expenses. This includes $550 for airfare, $600 for lodging and for food and entertainment, the maximum he can claim as deductible in tax is 50% of each which means $250 for meals and $200 for entertainment. Adding all that up will give $1,600.
g. $139.15 reduction in Taxable income
Joe drove 96 miles to and fro the factory to his house. This is not tax deductible and considered personal. He however drove 245 miles visiting company sites. This is tax deductible.
The standard rate for 2020 according to the IRS is 57.5 cents per mile so 245 * 57.5 cents per mile will give $139.15.
h. $345 reduction in taxable income
Joe spent $175 to attend to symposium. He also paid $95 in taxi fare to get to the symposium. He ate meals worth $150 during the symposium not which 50% is deductible. 50% being $75. Adding all these together is,
= 175 + 95 + 75
= $345.
This is the taxable reduction.
In each of the following cases, what is the effect on the short-run aggregate supply (SRAS) curve? An increase in firm costs A. does not shift the SRAS curve. B. shifts the SRAS curve upward. C. shifts the SRAS curve downward. An increase in the money supply A. does not shift the SRAS curve. B. shifts the SRAS curve downward. C. shifts the SRAS curve upward. An increase in consumption A. shifts the SRAS curve upward. B. does not shift the SRAS curve. C. shifts the SRAS curve downward.
Answer: 1. B. shifts the SRAS curve upward.
2. A. does not shift the SRAS curve.
3. B. does not shift the SRAS curve.
Explanation:
1. When Firm costs rise, the input cost for Producers rises and they respond by reducing production so as to reduce the cost of production. This reduction causes a reduction in Supply that forces the short-run aggregate supply (SRAS) curve to shift left (upward).
2. This change in the Money Supply means that there will be more money for households to spend. This increases demand but does not have any direct influence on the short-run aggregate supply (SRAS) curve.
3. An Increase in consumption means that there is greater demand for goods and services in an Economy. Indirectly this will cause producers to ramp up production to meet these needs but directly, there is no influence on the short-run aggregate supply (SRAS) curve.
Describe a "rite of initiation" that you experienced at a place of work. This could be described via a situation in which you began with the company as a new employee, or during a period of time in which your status within the company changed. In your opinion, are rites of initiation in the workplace a good thing?
Answer: Rites of initiation is a good thing at the workplace. The answer is explained further below.
Explanation:
Initiation is the rite of passage marking the entrance or acceptance into an organization, a group or a society. The rite of initiation I experienced at a place of work was when I worked as an intern for a firm and I was told that the rite of initiation was for me to sing my favourite song. I actually sang my favorite song and it was fun and I was welcomed into the organization and introduced myself.
I believe rites of initiation are important at the workplace. It helps to increase engagement, boost employee moral, and also foster a supportive culture. It also enable the organization reach its goals as the workers are united and work as a team.
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g In 2010, the MoreForLess Company had revenues of $2,000,000 while costs were $1,500,000. In 2011, MoreForLess will be introducing a new product line that will generate $200,000 in sales revenues and $160,000 in costs. Assuming no changes are expected for the other products, the differential operating profit for 2011 is
Answer:
$40,000
Explanation:
Differential operating profit refers to how much will the company's operating profit change if another project or projects is/are carried out.
In this case, the normal operating profit = $2,000,000 - $1,500,000 = $500,000. When the new product line is introduced, additional revenues and costs will result in $40,000 more in profits (= $200,000 - $160,000). The differential operating profits are the $40,000 generated by the new product line.
abares Corporation had these transactions during 2020. Indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity. (a) Issued $50,000 par value common stock for cash. Financing Activities (b) Purchased a machine for $30,000, giving a long-term note in exchange. Financing Activities (c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. Noncash Investing and Financing Activities (d) Declared and paid a cash dividend of $18,000. Financing Activities (e) Sold a long-term investment with a cost of $15,000 for $15,000 cash. Investing Activities (f) Collected $16,000 from sale of goods.
Answer:
(a) Issued $50,000 par value common stock for cash = Financing Activities
b) Purchased a machine for $30,000, giving a long-term note in exchange. Financing Activities = Non-cash Investing and Financing Activity
(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000 = Non-cash Investing and Financing Activities
(d) Declared and paid a cash dividend of $18,000 = Financing Activities
(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash = Investing Activities
(f) Collected $16,000 from sale of goods = Operating Activities
Explanation:
The Cash flows related to raising of capital is known as Cash flow from Financing Activities.
The Cash flows related to growing and selling of Assets of the business is known as Cash flow from Investing Activities.
The Cash flow related to trade in Ordinary course business of the Company is known as Cash flow from Operating Activities.
Suppose that the last four months of sales were 8, 10, 15, and 9 units, respectively. Suppose further that the last four forecasts were 5, 6, 11, and 12 units, respectively. What is the Mean Absolute Deviation (MAD) of this forecasting period?
A. 2
B. -10
C. 5.5
D. 9
E. 10.5
Answer:
-25.5
Explanation:
First, we find the Mean
= 5+6+11+12=34
Absolute mean value= (5-34) + (6-34) + (11-34) + (12-34) = -102/4=-25.5
You are going to sell your house. You are determining what the price should be. To help you, you have collected information of houses that have sold in your neighborhood during the past eighteen months. You checked houses within a four mile radius and here is the information you collected. You are going to base your determination of the price of your house based on the following information. Evaluate and discuss whether the data collected was appropriate and representative of the information that is needed to analyze the problem presented in the problem setting.
House House Age Square Feet Selling Price
1 33 1812 $190,000
2 32 1915 $205,200
3 32 1840 $194,000
4 32 1832 $192,000
5 33 1851 $202,000
6 34 2032 $208,600
7 31 1755 $188,200
8 30 1805 $205,000
9 28 1900 $215,000
10 29 1485 $192,000
11 31 1525 $195,000
12 32 1515 $192,200
13 33 1685 $201,300
14 34 1600 $205,400
15 35 1650 $218,000
ANSWER: The data collected is NOT an appropriate representation that can be used to determine how much you should sell your house.
EXPLANATION: A house is evaluated by the contents which were used to build it. For instance a house built with a bricks can not be of the same value with a wood or block house, even though they have the same pattern.
Because the data does not show the values of the contents of the house, which are: walls, pattern, designs, how many stirs, roof, and interior quality, it cannot be used to determine the price you should sell your house.
Also, looking at the data gotten, you can understand that this houses has been sold according to the contents that made up the building, because some old builder were sold more costlier than some new buildings, and some building with a much bigger square feet were sold in a lower price when compared to some buildings with a smaller square feet
B is known in the trade as a trader and merchant of soybeans. A entrusts a load of soybeans to B for storage in B's warehouse. Secretly, B delivers the goods to an ocean carrier in return for a bill of lading. B then sells the document covering a shipment of soybeans to C, who has purchased soybeans from B in the past. C pays for the document through its bank. B absconds with the money. In this case:________.
A) B is guilty of a crime under the Uniform Commercial Code.B) C is probably not a good faith purchaser.C) C takes paramount title.D) B and the carrier are liable for a conspiracy to commit fraud.
Answer:
C
Explanation:
The Paramount title is a title that is better or stronger than another. The Paramount title is a title that is bigger than any other claim of title. If C takes Paramount title, in property law this means that the original title or ownership is superior or stronger than the one with which it is compared to.
Insurance companies facilitate the transfer of risk from Multiple Choice those who have a low-risk tolerance to those with high risk-tolerance. insurance policyholders to the government. those who have a high-risk tolerance to those with low risk-tolerance. the insurance companies' owners to the insurance policyholders.
Answer:
Those who have a low-risk tolerance to those with high risk-tolerance.
Explanation:
In Insurance, risk tolerance refers to the willingness of an individual or organization to take a risk in business transactions in order to get a potentially positive reward.
Simply stated, risk tolerance in insurance is the willingness of an insured individual to increase his or her Self-Insured Retentions (SIRs) or deductibles by the insurer. For instance, the high risk associated with investments such as stocks, high-yield bonds, is often perceived by investors to be worth the higher reward such investment brings.
Insurance companies facilitate the transfer of risk from those who have a low-risk tolerance to those with high risk-tolerance. The transfer of risk in insurance refers to the process whereby an individual or entity pay premiums to an insurer for the purpose of mitigating potential losses or liabilities.
Generally, insurance companies across the globe charge millions of their customers (insured) premiums every year. This gives them the privilege of having a pool of cash which can be used to cover the cost of losses and destruction to the asset of a small fraction or percentage of its customers.
This simply means that, since insurance companies collect premium from all of their customers for losses which may or may not occur, so they can easily use this cash to compensate or indemnify for losses incurred by those having high risk.
A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital 12/31 8,500 1/1 6,500 12/31 15,000 Alberto, Drawing 6/30 3,500 12/31 8,500 11/30 5,000 Net income for the period is a.$15,000 b.$18,500 c.$33,500 d.$13,000
Answer: a.$15,000
Explanation:
The Net Income for the year is usually credited to the Capital Account on the last day of the year as Retained Earnings for the year.
The only amount credited to the capital account in the above question is the $15,000 that came in on the 12th of December so it must be the Net Income for the period.
Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her accounting profit
Answer:
The answer is $47,000
Explanation:
Accounting profit profit doesn't consider opportunity cost. So the value for opportunity cost will be left out. It is Economic profit that considers opportunity cost.
Accounting profit = revenue - cost(explicit cost which is all cost involved in directly running the business e.g cost of sales, electricity cost, wage etc.)
Revenue = $64,000
Explicit cost = $17,000
Therefore, Accounting profit is
$64,000 - $17,000
=$47,000
Joe has just moved to a small town with only one golf course, the Northlands Golf Club. His inverse demand function is pequals=140140minus−22q, where q is the number of rounds of golf that he plays per year. The manager of the Northlands Club negotiates separately with each person who joins the club and can therefore charge individual prices. This manager has a good idea of what Joe's demand curve is and offers Joe a special deal, where Joe pays an annual membership fee and can play as many rounds as he wants at $2020, which is the marginal cost his round imposes on the Club. What membership fee would maximize profit for the Club? The manager could have charged Joe a single price per round. How much extra profit does the Club earn by using two-part pricing? The profit-maximizing membership fee (F) is $nothing. (Enter your response as a whole number.)
Answer: $1800
Explanation:
Here is the correct question:
Joe has just moved to a small town with only one golf course, the Northlands Golf Club. His inverse demand function is p=140-2q, where q is the number of rounds of golf that he plays per year. The manager of the Northlands Club negotiates separately with each person who joins the club and can therefore charge individual prices. This manager has a good idea of what Joe's demand curve is and offers Joe a special deal, where Joe pays an annual membership fee and can play as many rounds as he wants at $20, which is the marginal cost his round imposes on the Club. What membership fee would maximize profit for the Club? The manager could have charged Joe a single price per round. How much extra profit does the Club earn by using two-part pricing? The profit-maximizing membership fee (F) is $nothing. (Enter your response as a whole number.)
Answer:
p = 140 - 2q
The profit-maximizing membership fee will be equal to total surplus
Therefore, the number of rounds that Joe played will be,
P = MC
20 = 140 - 2q
2q = 140 - 20
2q = 120
q = 120/2
q = 60
Total surplus = 1/2 × (vertical intercept of the demand curve - marginal cost) × the quantiy of rounds.
Total surplus = 1/2 × (140 - 20) × 60
= 1/2 × 120 × 60
= 3600
Therefore, the maximum membership fee will be = $3600.
If the firm charge Joe a single price , then the rounds provided will be such that MR = MC
Total revenue = price × quantity
TR = (140 - 2q) × q
TR = 140q - 2q²
MR = dTR/dQ = 140 - 4q
We then equate MR = MC
140 - 4q = 20
4q = 140 - 20
4q = 120
q = 120/4
q = 30
P = 140 - 2q
P = 140 - (2 × 30)
P = 140 - 60
P = 80
Therefore, the profit if a single price is charge will be:
= TR - TC = pq - MC×q = (P-MC)×Q
= (80-20) × 30
= $1800
Therefore, the increase in the profit by two-par pricing will be:
=Membership fee - Profit of single price charge
= $3600 - $1800
= $1800
Tony Hawk's Adventure (THA) issued callable bonds on January 1, 2021. THA's accountant has projected the following amortization schedule from issuance until maturity: Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 $ 379,697 06/30/2021 $ 16,000 $ 18,985 $ 2,985 382,682 12/31/2021 16,000 19,134 3,134 385,816 06/30/2022 16,000 19,291 3,291 389,107 12/31/2022 16,000 19,455 3,455 392,562 06/30/2023 16,000 19,628 3,628 396,190 12/31/2023 16,000 19,810 3,810 400,000 THA buys back the bonds for $384,446 immediately after the interest payment on 12/31/2021 and retires them. What gain or loss, if any, would THA record on this date
Answer:
THA would record a gain of $1,370 on 12/31/2021
Explanation:
Particulars Amount ($)
Carrying value of bonds after the interest payment on 12/31/2021 385,816
Less: Amount paid on redemption on 12/31/2021 (384,446)
Gain on redemption of bonds 1,370
Entry would be-
Date Account titles and Explanation Debit ($) Credit ($)
12/31/2021 Bonds payable 385,816
Cash 384,446
Gain on redemption of bonds 1,370
(To record redemption of bonds)
A man works for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, frizzles, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, a man knows that complements are typically consumed together while substitutes can take the place of other goods.
Run-of-the-Mills provides man's marketing firm with the following data: When the price of splishy splashies decreases by 5%, the quantity of frizzles sold increases by 4% and the quantity of kipples sold decreases by 6%. A man's job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods to a man marketing firm should advertise together.
Complete the first column of the following table by computing the cross-price elasticity between splishy splashies and frizzles, and then between splishy splashies and kipples. In the second column, determine if splishy splashies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating should be recommended marketing with splishy splashies.Relative to Splishy Splashies Recommend Marketing with Splishy Splashies
Cross-Price Elasticity of Demand Complement or Substitute
Frizzles _____ _____ _____
Kipples _____ _____ _____
Answer and Explanation:
According to the given situation, when the amount of splishy splashies decrease by 5%, quantity of frizzles increases by 4%.
So, The cross price elasticity of frizzles relative to splishy splashies = Percentage change in quantity demand for frizzles ÷ Percentage change in price for splishy splashies
= 4 ÷ -5
= -0.80
Now,
Cross-price elasticity between splishy splashies and kipples = Percentage change in quantity demand for Kipples ÷ Percentage change in price for splishy splashies
= -6% ÷ -5%
= 1.20
b. Since there is negative cross-price elasticity between splishy splashies and frizzles, these products are complementary.
The elasticity of the cross-price between splendid splashies and kipples is positive, these goods being substitutes.
c. Here, I would therefore recommend Raskels marketing, since these two are used together.
The required Table are as shown below:-
Particulars Cross-Price Elasticity Complements Recommended
of Demand or Substitute Marketing with
splishy splashies
Frizzles 0.80 Complements Yes
Kipples 1.20 Substitute No
Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August, the company's records show the following accounts and amounts for the month of August.Cash 25,370Accounts receivable 22,370Office supplies 5,260Land 44,010Office equipment 20,020Accounts payable 10,540Dividends 6,020Consulting fees earned 27,010Rent expense 9,570Salaries expense 5,620Telephone expense 880Miscellaneous expenses 530Conmon stock 102,100Use the above information to prepare an August statement of retained earnings for Help Today (Hint Net income: $10,410)
Answer:
Help Today
Statement of Retained Earnings
For the Month Ended on August 31, 202X
Retained earnings at the beginning of the period: $0
Net income: $10,410
Dividends: ($6,020)
Retained earnings at the end of the period $4,390
Explanation:
Balance Sheet
Assets:
Cash $25,370
Accounts receivable $22,370
Office supplies $5,260
Land $44,010
Office equipment $20,020
Total assets: $117,030
Liabilities and Equity:
Accounts payable $10,540
Common stock $102,100
Total liabilities and equity: $112,640
Retained earnings ⇒ assets - (liabilities + equity) = $117,030 - $112,640 = $4,390
Another way to calculate retained earnings = net income - dividends = $10,410 - $6,020 = $4,390
Dividends 6,020
Flounder Beverage Company reported the following items in the most recent year. Net income $49,400 Dividends paid 6,820 Increase in accounts receivable 10,010 Increase in accounts payable 7,900 Purchase of equipment (capital expenditure) 8,600 Depreciation expense 4,900 Issue of notes payable 20,940 Compute net cash provided by operating activities, the net change in cash during the year.
Answer:
Net Cash flow from Operating activities is $52,100
Explanation:
Cash Flow from operating activities
Particulars Amount Amount
Net Income $49,400
Add: Depreciation expenses $4,900
Add: Increase in accounts payable $7,900
Less: Increase in accounts receivable -($10,100)
$2,700
Net Cash flow from Operating activities $52,100
Geoffrey, Suzanne, Jay, and Emma are college roommates. They're trying to decide where the four of them should go for spring break: Las Vegas or Vail. If they order the tickets by 10:00 PM on February 1, the cost will be just $500 per person. If they miss that deadline, the cost rises to $1,200 per person.
The following table shows the benefit (in dollar terms) that each roommate would get from the two trips.
Roommate Benefit from Las Vegas Benefit from Vail
Geoffrey $600 $1,300
Suzanne $850 $850
Jay $900 $700
Emma $1,100 $650
The roommates tend to put off making decisions. So, when February 1 rolls around and they still haven't made a decision, they schedule a vote for 9:00 PM that night. In case of a tie, they will flip a coin between the two vacation destinations.
The roommates will get the most total benefit if they choose to go to .
Given the individual benefits each roommate receives from the two trips, which trip will each roommate vote for? Fill in the table with each roommate's preferred location, assuming that a given roommate will abstain if he or she has no preference.
Roommate Vote
Emma
Jay
Suzanne
Geoffrey
Under majority rule, the roommates will vote to go to . Therefore, majority rule leads to an economically outcome.
Suppose Emma misses the vote, leaving Geoffrey, Suzanne, and Jay to figure out where they're going to go.
Geoffrey and Jay argue for their preferred destinations, but Suzanne offers to vote with Geoffrey if Geoffrey will vote on her side in an upcoming class election. This is an example of:________.
Answer: Please refer to explanation
Explanation:
1. The roommates will get the most total benefit if they choose to go to ________.
To answer this, you add the total benefit they could all get from going to either Las Vegas or Vail.
Las Vegas
= 600 + 850+ 900 + 1,100
= $3,450
Vail
= 1,300 + 850+ 700 + 650
= $3,500
The room mates in total will get a higher benefit if they choose to go to Vail.
2. Which location will each pick based on their benefits.
Emma gets a higher benefit if they go to Las Vegas so they will pick that.
Jay gets a higher benefit if they go to Las Vegas as well so they will pick that.
Suzanne will abstain as both places give them the same benefit.
Geoffrey gets a higher benefit if they go to Vail so they will pick that.
3. Under majority rule, the roommates will vote to go to ________ .
They will vote to go to Las Vegas because Emma and Jay will vote for it, Suzanne will abstain and Geoffrey will vote for Vail meaning 2 votes out of 3 for Las Vegas.
4. Therefore, majority rule leads to an economically _______ outcome.
Inefficient outcome because in total they will get a smaller benefit going to Las Vegas as opposed to Vail.5. This is an example of:________.
Logrolling
Logrolling is a practice by which people promise to mutually support each other at different times. Simply speaking, one will support the other in exchange for the other supporting the one at some later period in time. This is the deal that Suzanne offer Geoffrey.
Big data analytics programs (analyzing massive data sets to make decisions) use gigantic computing power to quantify trends that would be beyond the grasp of human observers. As this use of this quantitative analysis increases, do you think it may decrease the "humanity of production" in organizations? Why?
Answer:
It will not decrease the humanity of production.
Explanation:
Big data analytics is useful for unraveling hidden patterns and correlations. Big data analytics is sometimes linked to be a direct descendant of Frederick Winslow Taylor’s scientific management and recently it is the most recent iteration of the quantitative approach to management.
Big data is used in management in activities that includes humans or individuals therefore it will not reduce the humanity of production in organizations.
According to the UN Charter, one of the four purposes of the UN is to:
a. be a center for harmonizing the actions of nations.
b. encourage high tariffs on imports of manufactured goods.
c. provide enhanced protection for patents.
d. promote the establishment of multinational treaties.
e. facilitate globalization of production.
Zeke Company sells 26,900 units at $16 per unit. Variable costs are $9 per unit, and fixed costs are $38,100. The contribution margin ratio and the unit contribution margin, respectively, are
Answer:
Contribution margin ratio= 0.4375
Contribution margin= $7
Explanation:
Giving the following information:
Zeke Company sells 26,900 units at $16 per unit. Variable costs are $9 per unit, and fixed costs are $38,100.
To calculate the contribution margin per unit, we need to use the following formula:
Contribution margin= selling price - unitary variable cost
Contribution margin= 16 - 9= $7
Now, we can calculate the contribution margin ratio:
Contribution margin ratio= contribution margin/ selling price
Contribution margin ratio= 7/16
Contribution margin ratio= 0.4375
g The transactions of Spade Company appear below. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. The company purchased office supplies for $1,250 cash. The company purchased $10,050 of office equipment on credit. The company received $15,500 cash as fees for services provided to a customer. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $2,700 as fees for services provided. The company paid $1,225 cash for the monthly rent. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. The company paid a $10,000 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.
Answer:
1)
Dr Cash 100,750
Cr Common stock 100,750
Dr Office supplies 1,250
Cr Cash 1,250
Dr Equipment 10,050
Cr Accounts payable 10,050
Dr Cash 15,500
Cr Fees earned 15,500
Dr Accounts payable 10,050
Cr Cash 10,050
Dr Accounts receivable 2,700
Cr Fees earned 2,700
Dr Rent expense 1,225
Cr Cash 1,225
Dr Cash 1,125
Cr Accounts receivable 1,125
Dr Dividends 10,000
Cr Cash 10,000
2)
Cash Accounts receivables
Debit Credit Debit Credit
100,750 1,250 2,700 1,125
15,500 10,050 1,575
1,125 1,225
10,000
94,850
Office Supplies Equipment
Debit Credit Debit Credit
1,250 10,050
1,250 10,050
Accounts payable Common Stock
Debit Credit Debit Credit
10,050 10,050 100,750
0 0 100,750
Fees earned Rent Expense
Debit Credit Debit Credit
15,500 1,225
2,700 1,225
18,200
Dividends
Debit Credit
10,000
10,000
Uber has made several decisions creating new product lines aimed at growing revenue, such as establishing UberEats, Uber Fresh, and UberTASTE for food delivery; UberRUSH for package delivery; and UberCARGO and UberVAN for moving goods. This strategy is known as
Answer:
The strategy described above is known as Umbrella (or Family) Brand Strategy
Explanation:
Family branding is a marketing concept where a company with strong equity uses a single brand name to sell two or more products under the same category.
In the question we see two broad categories:
Foods;CargoAnd there, you have under each broad group, sub-categories using the brand Uber.
Real-life examples of successful umbrella brands are:
Apple (iPhone, iMac, iPod etc)AdidasPokémon etc.The advantage of Umbrella Branding as a business strategy is that the cost required to launch a product under a different brand is significantly avoided if the new product is affixed with the existing brand.
If however, the company fails to get it right, by enveloping a different line of product in the existing brand, it may water down the brand and also confuse customers.
Cheers!
True or False : A population refers to the entirety of a group.
Answer:
It is True.
Explanation:
A population may refer to an entire group of people, objects, events, hospital visits, or measurements.
Christmas Timber, Inc., produces Christmas trees. The trees are produced through a cutting and pruning process. Machine maintenance and janitorial labors are performed throughout the production process by nonproduction employees. Maintenance and janitorial costs are allocated based on machine hours used and the number of trees in each department, respectively. The company estimates that the cutting and pruning areas typically have about 6 and 54 trees, respectively, in them at 1 time. The company also estimates that the cutting process requires about 9 times as many machine hours as the pruning process. The total costs of each department are as follows:
Maintenance Department $7,800
Janitorial Department 5,000
Cutting Department 54,500
Pruning Department 11,000
Using the direct method of support department cost allocation, determine the total cost of each production department after allocating all support costs to the production departments.
Answer:
Cutting = $62,020
Pruning = $16,280
Explanation:
The direct method does not consider the impact of reciprocal servicing arrangement when allocating the overhead of service centers and only allocates overhead to the production cost centers only.
Allocation of Overhead
Janitorial overhead
Cutting = 6/(6+54)× $5,000 = $500
Pruning =54/(6+54) × $5,000= $4,500
Maintenance overhead
Cutting = 9/(9+1)× $7,800 = $7020
Pruning =1/(9+1) × $7,800= $780
Total cost of production department
Cutting = 54,500 + 500 + 7020= 62,020
Pruning department = 11,000 + 4,500 + 780 = 16,280
Cutting = $62,020
Pruning = $16,280
What are the challenges planner and mangers do not face in decision making?
Answer:
Management has its share of perks and rewards. Managers are usually in a better position to influence and lead change. In most organizations, being a manager means a better compensation package and not having to sit in a cubicle. Most importantly, there’s nothing like the satisfaction of helping an individual or team reach their goals and perform at their best. Read more
Explanation:
Popson Inc. incurred a material loss that was unusual in character. This loss should be reported as: Multiple Choice a discontinued operation. a line item between income from continuing operations and income from discontinued operations. a line item within income from continuing operations. a line item in the retained earnings statement.
Answer:
A line item within income from continuing operations.
Explanation:
In the United States of America, the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) usually considers or acknowledges material losses that are unusual in character incurred by businesses. It is necessary to report items that are unusual in character because it gives auditors or financial experts clarity on which profits or losses are not related to the operation of the business.
Since the material loss incurred by Popson Inc. was unusual in character. Hence, this loss should be reported as a line item within income from continuing operations.
The income from continuing operations is a net income from an organization's continuous operation.
Answer:
a line item within income from continuing operations.
Explanation:
Given that, from the above question, the company which is Popson Inc. incurred material loss when in operation, the loss should be reported as: a line item within income from continue operation, due to following reasons:
1. Aside extraordinary items, gains and loss, expenditures and revenues from discountinued operation in business, all other items will be recorded in a line item within income from continuing operations.
2. Based on International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) material losses that are unusual in character incurred by businesses are reported, as it gives auditors or financial experts clarity on which profits or losses are not related to the operation of the business.
Hence, Popson Inc. incurred a material loss that was unusual in character, should be reported as: a line item within income from continuing operations.
To increase productivity, your project team has completed the task to develop potential ideas for approval by senior management. While receiving feedback and guidance (message-receiving process) from senior management, you should IDEALLY:
Answer and Explanation:
A lot of the information and suggestions in this section assume a staff of at least five or six members, which is the number at which sustaining internal communication can become particularly difficult. This is not meant to imply that smaller organizations don't have internal communication needs, or that the need for good internal communication is any less in an organization with three staff members than in one with 30. If your staff is larger than one, internal communication is an issue that you can't afford to ignore. Most of the material that follows is relevant to small organizations as well as large ones. This section will help you establish an atmosphere and set up systems that will lead to good internal communication and to the effectiveness of your organization.
The majority of the advice and tips in this area are predicated on a team of at least five or six people, which is the threshold at which maintaining internal communication may be very challenging.
What is the Communication?Giving, receiving, and exchanging information are all parts of communication, which might take the form of talking, writing, listening, or reading. Listen intently, talk or write properly, and appreciate many points of view when communicating
This is not intended to imply that smaller firms don't require effective internal communication or that the need for it is any less in a company with three employees than in one with 30. Internal communication is a problem that you cannot afford to neglect if your staff is more than one. The majority of the information that follows applies to both small and large enterprises.
Therefore, It could be difficult to keep the lines of communication open inside.
Learn more about Communication here:
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In union terms, a direct strike occurs:
a. when an organized body of workers withholds its labor to force the employer to comply with its demands.
b. when union members and their supporters refuse to buy products from a company being struck.
c. when workers who have no particular grievance of their own and who may or may not have the same employer decide to strike in support of others.
d. when people refuse to patronize companies that handle products of struck companies.
Answer:
. when an organized body of workers withholds its labor to force the employer to comply with its demands.
Explanation:
