Even before you use a new credit card, the information on the rate of interest and method used to compute finance charges is required to be given by the institution that issued your card
Every nation generally has a legislation requiring credit card institutions to inform their users of specific disclosures when they apply for a credit card. The institution's goal is to give customers accurate and honest information about the conditions and costs of credit, including finance fees and interest rates for credit cards.
The disclosure statement that credit card issuers should give users includes details like finance cost computation methods, card-related fees, and their right to cancel the card within a specific time frame. Before a user uses a credit card for the first time, they must receive this disclosure statement. Before using the card, credit card issuers may assist customers in making more informed decisions about how to use credit and manage their finances by offering them this essential knowledge.
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Who started the abolition of slavery?
They were overjoyed when, on January 1, 1863, President Abraham Lincoln issued the Emancipation Proclamation, which made slaves free in many parts of the South.
Who was in charge of abolishing slavery?William Wilberforce, Thomas Clarkson, and the British slave trade's end. Two of the most prominent abolitionists, Clarkson and Wilberforce, were crucial to the campaign's ultimate success. Clarkson was a tireless lobbyist and campaigner. In the Atlantic world, slavery was abolished in the 19th century. However, it is generally agreed that the Enlightenment, the political upheaval of the Age of Revolution, and the economic shifts associated with modernization were the primary factors in its development.
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the equations above describe the demand and supply for aunt maud's premium hand lotion. the equilibrium price and quantity for aunt maud's lotion are $20 and 30 thousand units. what is the value of economic surplus in this market?
The value of economic surplus in this market is $388.89 thousand.
To calculate the economic surplus in this market, we first need to graph the demand and supply equations and find the equilibrium point:
Demand: Qd = 100 - 2P
Supply: Qs = 4P
Equating Qd and Qs, we get:
100 - 2P = 4P
100 = 6P
P = $16.67
Substituting P = $16.67 in either Qd or Qs, we get:
Qd = 100 - 2($16.67) = 66.67 thousand units
Qs = 4($16.67) = 66.68 thousand units
So, the equilibrium price is $16.67 and the equilibrium quantity is 66.67 thousand units.
To calculate the economic surplus, we need to find the area between the demand and supply curves up to the equilibrium point. This area represents the total value that consumers place on the product minus the total cost of producing it. Graphically, the economic surplus is represented by the triangle bounded by the vertical axis at the equilibrium quantity, the demand curve, and the supply curve.
Using the equilibrium values, we can calculate the economic surplus as follows:
Consumer surplus =[tex]0.5 * (20 - 16.67) * 66.67 = $111.12[/tex] thousand
Producer surplus = [tex]0.5 * (16.67 - 0) * 66.67 = $277.77[/tex] thousand
Total economic surplus = Consumer surplus + Producer surplus
Total economic surplus =[tex]$111.12 + $277.77 = $388.89[/tex] thousand
Therefore, the value of economic surplus in this market is $388.89 thousand.
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Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance
Make the income statement and balance sheet. There should be a post-closing trial balance prepared. Determine the remaining retained earnings as of December 31.
What does it mean to be in balance?
a counterpoise is a device that creates equilibrium, also known as equipoise, or an even distribution of weight, amount, etc. mental or emotional steadiness; propensity for calm behaviour, judgement, etc. a balance of the body: He stumbled and tumbled down the stairs. When doing a task, whether it is sitting at a table, walking a balance beam, or stepping up onto a curb, balance is the capacity to maintain a controlled bodily position.
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suppose the combined demand is 85 finally. what is the probability that the first market has a demand of 40?
A probability is a number that reflects the chance or likelihood that a particular event will occur.
What is the meaning of Probability?A probability is a numerical representation of the likelihood or chance that a specific event will take place. Both proportions ranging from 0 to 1 and percentages extending from 0% to 100% can be used to describe probabilities.
The word "probability" comes directly from the Latin word "probabilities," which means "credibility, likelihood," in Old French (14th century) (see probable). The word first appeared in mathematics around 1718.
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What are the requirements for drawing unemployment benefits in Missouri?
You must either quit with good reason linked to the job or the employer OR lose your unemployment through no fault of your own. Earn at least $2,250 from an insured employer throughout your base period.
At least $1,500 during one of the calendar quarters and at least $750 throughout the rest of the year. Each week, you must be capable of working and available. This indicates that you are healthy and have no personal issues that would prevent you from working a full-time schedule. Benefits for unemployment may not be granted if a job offer is rejected.
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the distinguishing characteristic of a public good is noncompetitive production. durability. exclusivity. nonrival consumption.
Option b: durability. In economics, public goods (also known as social or collective goods) are non-excludable and non-competitive goods.
Such products may not be prohibited from access or use by reason of non-payment by the user. Also, use by one user does not block access or reduce availability for other users.
Therefore, the product can be used by multiple people at the same time. This is in contrast to commons, such as wild schools of fish in the sea. If too many fish are harvested, the resource will be depleted, limiting access to other fish.
A public good must be of value to multiple users. Otherwise the fact that it can be used by multiple people at the same time is economically irrelevant.
Capital goods can be used to produce public goods or services that "...usually make available on a large scale to many consumers."
Unlike other types of economic goods, public goods are said to be "non-competitive" or "non-exclusive", meaning that one person's use prevents others from accessing them or does not reduce a person's availability
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If average labor productivity in two countries is the same, average living standards will be lower in the country with:
A) the larger population.
B) the smaller population.
C) the higher share of population employed
D) the lower share of population employed.
If average labor productivity in two countries is the same, average living standards will be lower in the country with the larger population.
What is meant by Labor force?The relationship between population size and living standards can be explained by the fact that a larger population creates a larger labor force, which in turn can produce more goods and services. However, this also means that the same output has to be distributed among more people, leading to a lower average income and living standards.
The reason for this is that when the average labor productivity is the same in two countries, the total output (i.e., GDP) of each country will be proportional to its population. Therefore, a larger population means a larger GDP, but also more people to share the GDP with, which leads to lower per capita income and lower average living standards. This is known as the "population-size effect."
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some companies have already released teasers for their 2023 super bowl commercials? what 3 companies are featured in the linked commercials?
Super Bowl Sunday came and conquered, and it was, as always, about much more than just football.
Tubi: Rabbit hole
Free streaming service Tubi got weird with a long ad featuring oversized bunnies hauling people off and chucking them into "rabbit holes" of video discovery. The ad won a special Super Clio award as the best commercial of the game.
Amazon: Saving Sawyer
When in doubt, use a dog in your Super Bowl ad. Amazon tells a story of a bored, destructive dog and the family that figures out a cute way to make the pup's life better using Amazon.
NFL: Run with it
Yes, even the NFL advertises during the NFL's biggest game. This one is an action-packed tribute to the women of football starring elusive Mexican flag-footballer Diana Flores.
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when interest rates increase by one percent, housing starts will decrease by five percent. the forecasting method that is used for this data is
When interest rates increase by one percent, housing starts will decrease by five percent. the forecasting method that is used for this data is Cause and effect.
What is forecasting for causes and effects?Forecasting based on cause and effect makes the assumption that there are one or more factors that influence demand and that it is possible to calculate future demand using the relationship between cause and effect.
What is data on causes and effects?A relationship between two phenomena in which one phenomenon is the cause of the other is referred to as cause and effect. For instance, eating excessive amounts of fast food without engaging in any exercise results in weight increase.
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The complete question is:
when interest rates increase by one percent, housing starts will decrease by five percent. the forecasting method that is used for this data is
a) expert opinion
b) qualitative
c) Cause and effect
d) quantitative
which ethical system defines ethical behavior according to how others behave?
Relativism is an ethical system that defines ethical behavior according to how others behave.
An assortment of philosophical positions known as relativism rejects cases of objectivity in a given field and keeps up with that assessment in that field relying upon the perspective of the eyewitness or the circumstance wherein they are made. Relativism arrives in a wide range of structures, each with a boundlessly unique degree and level of conflict.
The idea of moral relativism includes the variety of moral principles among people and societies. As indicated by epistemic relativism, there are just relative regulating conviction, avocation, and soundness norms, no outright ones.
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what type of cash flow stream has equal payments forever? group of answer choices perpetuity lump sum growing annuity growing perpetuity annuity
(A) Perpetuity is the property of a stream of equal payments that never ends.
What is Perpetuity?In the financial system, perpetuity refers to a circumstance in which a stream of cash flow payments lasts forever or is an unending annuity.
Perpetuities are employed in valuation studies to determine a company's terminal value and the present value of its predicted future cash flow stream.
A cash flow stream with perpetual equal payments is called perpetually.
Perpetuity is defined as a scholarship that is paid from an endowment in perpetuity.
Because receipts that are predicted in the remote future have a very low present value, the value of the perpetuity is limited (present value of the future cash flows).
Because the principal is never repaid, unlike a regular bond, there is no current value for the principal.
Therefore, (A) perpetuity is the property of a stream of equal payments that never ends.
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Correct question:
What type of cash flow stream has equal payments forever?
group of answer choices
A. perpetuity
B. lump sum
C. growing annuity
D. growing perpetuity annuity
in its 1st year of operation, jetway airlines paid salaries expense of $40 million. on december 31, it recorded an entry for additional salaries expense of $2 million that will be paid at the beginning of the 2nd year. what should jetway report in the income statement and balance sheet for its first year ended december 31?
The $2 million entry to record the increased wages expenditure will be recognised on the balance sheet as a current obligation at December 31, when the expenditure is paid in the second year.
What is an income statement?A financial statement that reports a company's financial success over a certain accounting period is known as an income statement. It displays a company's revenue, costs, and net income for the specified time period. One of the three basic financial statements used to analyse a company's financial status is the income statement.
The entry of $2 million to record the additional salaries expense that will be paid in the 2nd year will be recorded as a current liability on the balance sheet at December 31, as the expense has been incurred but not yet paid. This amount will be reported on the income statement in the 2nd year when the expense is paid.
Income Statement:
Salaries Expense: $42 million
Balance Sheet:
Accrued Salaries Payable: $2 million
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the shift from s' to s could be caused by group of answer choices an increase in the number of sellers. a decrease in the number of buyers. an increase in the price of the good. an increase in input prices.
As productivity rises or the cost of essential inputs decreases, the aggregate supply curve shifts to the right, allowing for a combination of lower inflation, more production, and lower unemployment.
What do demand growth and demand decline mean?An increase in demand comes when more is purchased at the same price and the same quantity is purchased at a higher price.
A shift in the number of vendors in a market affects the quantity offered at each price and, consequently, the supply. The supply curve moves to the right when the number of suppliers of an item or service increases, and to the left when the number of suppliers decreases.
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2.37 a no-load (commission-free) mutual fund has grown at a rate of 11% compounded annually since its beginning. if it is anticipated that it will continue to grow at that rate, how much must be invested every year so that $15,000 will be accumulated at the end of five years?
Approximately $3,428.79 must be invested every year to accumulate $15,000 at the end of 5 years, assuming the mutual fund continues to grow at a rate of 11% compounded annually.
To calculate how much must be invested every year to accumulate $15,000 in 5 years, we can use the future value formula for an annuity:
FV = PMT x (((1 + r)^n - 1) / r)
where:
FV = future value (in this case, $15,000)
PMT = payment amount (what we need to calculate)
r = annual interest rate (11%, or 0.11)
n = number of periods (5 years)
Plugging in the values, we get:
[tex]$15,000 = PMT x (((1 + 0.11)^5 - 1) / 0.11)[/tex]
Solving for PMT, we get:
[tex]PMT = $15,000 / (((1 + 0.11)^5 - 1) / 0.11)[/tex]
PMT = $15,000 / 4.37554
PMT = $3,428.79 (rounded to the nearest cent)
So, approximately $3,428.79 is the amount that must be invested every year to accumulate $15,000 at the end of 5 years, assuming the mutual fund continues to grow at a rate of 11% .
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making decisions and taking actions to achieve a superior fit between the organization and its environment is
Strategic management is the practise of making choices and taking action to better match an organization's needs with its environment.
To establish plans and take actions that support the organization's goals and objectives, strategic management include studying and comprehending the organization's internal strengths and weaknesses as well as external opportunities and dangers. Strategic management enables an organisation to adapt to changes in the outside environment, preserve a competitive edge, and accomplish its long-term goals by bringing the business and its environment into harmony. The business is able to adapt proactively to environmental changes and retain its competitiveness through the use of a variety of procedures that are included in strategic management, such as environmental scanning, strategy formulation, implementation, and evaluation.
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which of the following statements are correct regarding the history of the u.s. personal income tax (choose all the correct answers)? multiple select question. the income tax was once ruled unconstitutional. the first personal income tax was enacted to fund the spanish-american war. the 16th amendment to the u.s. constitution gives congress the power to assess income tax on individuals. the first personal income tax contained a very high marginal tax rate.
The correct statements are:The income tax was once ruled unconstitutional. The 16th Amendment to the U.S. Constitution gives Congress the power to assess income tax on individuals. The first personal income tax contained a very high marginal tax rate.
An income tax is levied by the federal government of the United States and most state governments. Applying a tax rate to taxable income, which is the entire income less permissible deductions, yields the results, which may rise as income rises. Income is a wide concept.
There are seven federal income tax bands for the 2022 tax year: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your filing status and taxable income define your tax bracket. Citizens and residents of a United States were subject to tax on their international income. Non-resident aliens must pay taxes on their income from the US and income that is inextricably linked to a US trade or enterprise (with certain exceptions). Non-resident aliens are not permitted to benefit from the combined return rates or the head of household status.
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in the b2b space, many buying decisions are made purely on price. this is because when the product is an input to the buyer’s outputs, and is this a production cost, it affects the business’s profit. true/false
True. In the B2B space, price can often be a significant factor in purchasing decisions, particularly when the product or service is an input to the buyer's outputs and directly affects the buyer's production costs.
Why is price a significant factor in purchasing decisions?This is because the cost of the input will ultimately impact the buyer's profitability, and so buyers may be more price-sensitive when making purchasing decisions. However, other factors such as quality, reliability, and the vendor's reputation may also play a role in B2B purchasing decisions, particularly for more complex or higher-value purchases.
Which of these elements is more crucial to a sale in a B2B setting than a B2C one?In both B2B and B2C sales strategies, customer connections are unquestionably of utmost significance. The duration of each customer relationship accounts for the difference.
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if the company raises its selling price to $400 per unit. 1. compute hudson company's contribution margin per unit. 2. compute hudson company's contribution margin ratio. 3. compute hudson company's break-even point in units. 4. compute hudson company's break-even point in sales dollars.
As per the information provided in the question based on the selling price, the results related to Hudson Company's contribution will be:
It is given that,
Per unit selling price = $400
Per unit variable cost = $300
Fixed cost = $6,60,000
1. To calculate company's contribution margin per unit:
Contribution margin= selling price - unitary variable cost
Contribution margin= 400 - 300= 100
2. To find the company's contribution margin ratio.
Contribution margin ratio= contribution margin/selling price
Contribution margin ratio= 100/400= 0.25
3. To determine the break-even point in units:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 660,000/100
Break-even point in units= 6,600
4. To compute the break-even point in sales dollars:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point = 660,000/0.25
Break-even point = $2,640,000
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Note that the full question is:
Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (11,100 units at $375 each) Variable costs (11,100 units at $300 each) Contribution margin Fixed costs Pretax income $4,162,500 3,339,000 832,509 660,000 172,500 If the company raises its selling price to $400 per unit. 1. Compute Hudson Co's contribution margin per unit. 2. Compute Hudson Co.'s contribution margin ratio. 3. Compute Hudson Co.'s break-even point in units. 4. Compute Hudson Co.'s break-even point in sales dollars.
how much value does the discounted payback period method fail to recognize due to this theoretical deficiency? $2,261,698 $6,039,476 $3,889,270 $1,667,048
The discounted payback period is a financial calculates the number of years it takes for a project to recoup its initial investment.
The method discounts future cash flows to their present value using a discount rate and then adds them up cumulatively until the initial investment is recovered.One of the theoretical deficiencies of the discounted payback period method is that it fails to recognize any value created by the project beyond the payback period. This means that any cash flows generated by the project after the payback period are not considered in the calculation.The amount of value that the discounted payback period method fails to recognize due to this theoretical deficiency depends on the specific project and its cash flows. The values given in the question ($2,261,698, $6,039,476, $3,889,270, and $1,667,048) could be the net present value of the project's cash flows beyond the payback period, but without more information about the project, it is not possible to determine which value is correct
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the rate of interest that will cause a given present value to grow to a given future amount is called the or rate.
A present value of one sum will always be: as long even as interest rate is higher than zero. not equal the future value.
Today's interest rate is .The average 30-year variable price is 6.67% today, Tuesday, Feb 14, 2023, up 11 bps from the previous week. Today's 30-year fixed nationwide refinance rate for homeowners is 6.78%, up 12 basis points so over previous week.
A 5% interest rate—is that good?With the exception of mortgages, almost all financing options are favorable with an APR of 5%. 5% is far less expensive than the standard rate on credit cards, personal loans, auto loans, and student loans.
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when we use the absolute values in the elastic range of the demand curve, we observe that: multiple choice question.
The correct option is C. using absolute values in the elastic range of the demand curve % change in quantity demanded > % change in price.
In economics, the demand curve is a graphical representation of the relationship between the price of a product and the quantity of that product demanded by consumers. The demand curve shows the relationship between price and quantity demanded and is typically downward sloping, indicating that as the price of a good or service increases, the quantity demanded decreases.
In economics, demand is the amount of a good or service that consumers are willing and able to purchase at a given price, over a specific period of time. The demand curve is useful to businesses, as it allows them to predict how much of their product will sell at different price points. Similarly, policymakers can use demand curves to understand the impact of different taxes or subsidies on consumer behavior.
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Complete Question:
using absolute values in the elastic range of the demand curve:
A. % change in quantity demanded < % change in price.
B. % change in quantity demanded = % change in price.
C. % change in quantity demanded > % change in price.
you recently accepted a new job and your first day is next week. what form will you have to complete before you receive your first paycheck?
A W-4 tax form will you have to complete before you receive your first paycheck.
What is a paycheck?A paycheck is defined as the mode of payment that the person reviews who is employed. He is the one who gets the amount. In that, the for the services that he has rendered and the amount is to be paid to him.
This form is provided to determine the information to talk that how many wages are to be played. This form is also known as the Employee withholding certificate form. Employees need to provide some evidence to make sure that the information that you have provided in the form is correct.
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in the current calendar year, gina has had a strong year and brought in 3.5 million dollars of investments for smith/blackwell. which dimension of trustworthiness does this most help her build?
In the current calendar year, Gina has had a strong year and brought in 3.5 million dollars of investments for smith/Bracknell. Ability dimension of trustworthiness does this most help her build.
What is investments?An investment is a valuable item bought with the intention of increasing one's wealth. While stocks, bonds, and real estate are frequently included when discussing investments. The investment is the benefit of the future. The investment are the share and the mutual funds, or banks are to save the money also the large interest on the money.
According to the Gina has had an intense year and bring forward in 3.5 million dollars of investments for smith/Bracknell. It was the ability dimension of trustworthiness was the build.
As a result, the significance of the investment are the aforementioned.
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shondra has a brokerage account with a large investment firm. this morning her broker called asking if she is interested in participating in an ipo. the broker went on to say that he could get her 300 shares for $33/share. if shondra agrees to buy the ipo, the trade will take place in the
if Chandra agrees to buy the IPO, the trade will take place in the primary market
The term IPO stands for initial public offering. The transaction will happen in the primary market if Shondra agrees to purchase the IPO. New securities, such as IPOs, are first issued and sold on the primary market. In the given case, the investment company is serving as the IPO's underwriter and providing Shondra with a chance to participate.
The broker has offered to sell Shondra's 300 shares for $33 per share. The IPO would therefore cost $9,900 in total. Multiplying the number of shares, 300, by the share price, $33, yields the cost. If Shondra chooses to participate in the IPO, she will purchase her shares directly from the firm conducting the offering. On the secondary market, where buyers and sellers of previously issued securities can transact, the shares would not yet be accessible.
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you associate a higher utility with item a than item b and a higher utility with item c than item a. which item do you choose?
The list of example objects that were included in the test is provided in Annex B. The larger degree of student diversity than in the past is the source of these worries.
Which best sums up utility?A phrase used to express the worth or value of a good or service in economics is utility. In more precise terms, utility is the overall benefit or satisfaction received from using a good or service.
How may utility maximization be demonstrated?Making decisions in the interest of utility maximization ensures the best possible level of customer pleasure (benefit). Here's an illustration: If a buyer decides to buy more of "Product A" and less of "Product B" since doing so ensures they will receive more benefit (utility) for their money, that is an example.
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which exemplifies a pair of complementary goods? multiple choice question. home depot and lowe's a hot dog and relish a toyota truck and a ford truck
The pair of complementary goods is Home Depot and Lowe's.
Which exemplifies a pair of complementary goods?Complementary goods are products that are used together, so an increase in demand for one product leads to an increase in demand for the other product. Home Depot and Lowe's are both home improvement retailers that offer complementary products, such as building materials, tools, and appliances. When customers need to purchase supplies to complete a home improvement project, they may shop at both stores to find the specific products they need. An increase in demand for Home Depot may lead to an increase in demand for Lowe's, and vice versa. In contrast, a hot dog and relish are not complementary goods, as they can be consumed separately, and a Toyota truck and a Ford truck are substitute goods, as they are both similar products that can be used interchangeably.
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Answer: a hot dog and relish
Explanation: I picked Home Depot and Lowes and it’s incorrect.
What economic goals is most important in a traditional economy?
Economic security and stability are most important economic goals in a traditional economy.
What is traditional economy?
A traditional economy is one that is built on customs, history, and ingrained values. Tradition has an impact on economic decisions like manufacturing and distribution.
Traditional economies often revolve around families or tribes, exist in hunter-gatherer and nomadic societies, produce only what is necessary, rely on a barter system, and evolve as people begin farming and settling. Traditional economies predominate mostly in emerging markets and developing countries. They are typically found in Asia, Africa, and Latin America. Traditional economies are also present in remote areas of growing nations all over the world.
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morris company applies overhead based on direct labor costs. for the current year, morris company estimated total overhead costs to be $428,000, and direct labor costs to be $2,140,000. actual overhead costs for the year totaled $401,000, and actual direct labor costs totaled $1,870,000. at year-end, the balance in the factory overhead account is a: multiple choice $428,000 credit balance. $374,000 debit balance. $401,000 debit balance. $27,000 credit balance. $27,000 debit balance.
$27,000 credit balance. True direct labour costs for the year came to $1,870,000, while actual overhead costs came to $401,000. The manufacturing overhead account has a $27,000 credit balance at year's end.
This is how the predefined overhead rate is determined:
Estimated Total Overhead Costs / Estimated Total Direct Labor Costs = Predetermined Overhead Rate
Predetermined Overhead Rate is equal to 428,000/2,140,00, which is 0.2.
We can compute the overhead added to real direct labour expenses using the specified overhead rate:
Overhead Applied = Actual Direct Labor Costs x Predetermined Overhead Rate
Applying overhead equals 0.2 x $1,870,000, or $374,000.
The following formula is used to determine the manufacturing overhead account's balance:
Actual overhead costs minus applied overhead equal the balance, which is $27,000.
As a result, there is a $27,000 credit balance in the manufacturing overhead account. The answer is a credit balance of $27,000.
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on july 9, mifflin company receives a $9,400, 90-day, 8% note from customer payton summers to replace an account receivable. what entry should be made by mifflin on july 9 to record receipt of the note?
on july 9, mifflin company receives a $9,400, 90-day, 8% note from customer payton summers to replace an account receivable so there is no effect on net income and no effect on total assets.
What is the definition of corporation in business?A corporation is a legal body that is owned by its shareholders, who elect a board of directors to manage the organization's operations. The corporation is responsible for the business's activities and finances; the shareholders are not. A firm is defined as an individual or group of individuals who engage in commercial business procedures in order to profit. Company is a broad phrase with no legal recognition, restrictions, or authorization. A corporation is always a company, but not all firms are corporations.
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Price of Video Game Quantity Supplied
of Video Games Quantity Demanded
of Video Games
$50
0
500
$75
50
325
$100
200
200
$150
250
100
$200
400
0
In the supply-and-demand schedule shown above, at the equilibrium price, the quantity supplied is _____ and the quantity demanded is _____.
0, 500
200, 200
400, 0
The equilibrium price in the supply-and-demand schedule indicated above is $100.
For $100, the amount of video games delivered and the quantity of video games sought are equal to 200 = 200.
The equilibrium price is equal to the number of goods that sellers are willing and able to sell (200 - 200 = 0).
What does the term "equilibrium pricing level" mean?An equilibrium price, also known as a market-clearing price, is the consumer cost given to a product or service at a point where supply and demand are equal or nearly equal. The producer or seller can sell as many units as they want, and the buyer can buy as many as they want. In economics, the equilibrium price is found by squaring the supply and demand functions and solving for the price. The point at where the supply and demand curves cross is known as the equilibrium point. The point indicates the best price and quantity. It is computed by solving equations for the quantities sought and provided (a - bP = x + yP).
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