If the bank notifies the company of a deposited customer check that was returned NSF, the company would have to Debit Accounts Receivable and Credit cash.
What happens when a check is returned NSF?This means that the check did not clear and so the depositor still owes the company the amount they had written on the check.
The company would then have to debit Receivables to show that the person still owes them, and credit cash to show the cash never reported.
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Demand for bikes has suddenly increased, and the
market price has risen from $50 to $60.
In three to five sentences, explain how this change will
affect profits.
When the demand for bikes has considerably increased with a rise in price by $10, then the profit also increases by $10 on every bike sold.
What is meant by profit?Profit is an incentive earned by a company by selling its products at a price higher than the original cost.
From the provided situation, it has been analyzed that there is a direct relationship between price and demand, which means an increase in demand leads to a rise in prices also. This will ultimately raise the profits of a company in respect of goods sold.
Therefore, the profits are also raised by $10 in a similar way as the rise in price by $10 due to an increase in demand for bikes.
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Answer:
Sample response: If the market price of bikes rises from $50 to $60, then the company will want to produce a larger quantity of bikes. This is because the overall marginal revenue is now higher and will be maximized differently. Before profit was maximized at six bikes, now the profit will be maximized by producing more bikes, perhaps seven.
Explanation:
When gas prices are $2.73 per gallon, the annual supply for gas in New York State is 135 billion gallons and the annual
demand is 141 billion gallons. When the price increases to $3.26 per gallon, the annual supply increases to 147 billion gallons and the
demand decreases to 137 billion gallons.
(a) Assuming that the supply and demand equations are linear, Ofind the supply and demand equations.
Supply Equation p =
Demand Equation p =
Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions).
The slope and y-intercept should include 3 decimal places, or be left as fractions.
(b) Find the market price and quantity.
market price p =
market quantity q =
Note: The market price and quantity should include 3 decimal places (or left as fractions), and the market price should include a dollar
sign.
The supply equation is p = 0.044q - 3.21.
How to compute the supply equation?The supply will be:
p = mq + b
2.73 = 135m + b
3.26 = 147m + b
Subtract both equations
12m = 0.53
m = 0.53/12
m = 0.044
We'll substitute it and this will be:
2.73 = 135m + b
2.73 = 135(0.044) + b
2.73 = 5.94 + b
b = -5.94 + 2.73 = -3.21
The supply equation will be
p = mq + b
p = 0.044q - 3.21
The demand equation will be:
2.73 = 141m + b
3.26 = 137m + b
Subtract the equations
4m = -0.53
m = -0.1325
2.73 = 141m + b
2.73 = 141(-0.1325) + b
b = 2.73 + 18.68
b = 21.41
The demand equation will be
p = -0.1325q + 21.41.
The equilibrium condition will be:
0.044q - 3.21 = -0.1325q + 21.41.
0.044q + 0.1325q = 21.41 + 3.21
0.1765q = 24.62
q = 140
Equilibrium quantity = 140
The market price will be:
p = 0.044q - 3.21
p = 0.044(140) - 3.21
p = 2.95
The market price is 2.95.
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How and why do economic actors analyze opportunity costs to determine which goods or services they should specialize in?
A model used to illustrate the trade-offs related to splitting resources between the production of two items is called the Production Possibilities Curve (PPC).
How do economic actors calculate costs to specialize products?The PPC is a useful tool for demonstrating the ideas of scarcity, opportunity cost, efficiency, and economic development and contraction.
Exchange possibilities that lead to consumption opportunities outside of the PPC are the consequence of production specialization based on comparative advantage rather than an absolute advantage.
In contrast to what would have been achievable domestically, trade between two agents or countries enables the countries to enjoy a higher overall output and level of consumption.
PPCs can be used to decide who should specialize in a certain good as well as opportunity costs and comparative advantages.
A nation or individual will be able to consume at a point beyond its PPC through specialization and commerce, assuming the terms of trade are advantageous (for example, offering each agent a cheaper opportunity cost than could be accomplished without trade).
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S Corporation makes 43,000 motors to be used in the production of its sewing machines. The average cost per motor at this level of activity is: Direct materials $ 10.20 Direct labor $ 9.20 Variable manufacturing overhead $ 3.80 Fixed manufacturing overhead $ 4.75 An outside supplier recently began producing a comparable motor that could be used in the sewing machine. The price offered to S Corporation for this motor is $26.05. If S Corporation decides not to make the motors, there would be no other use for the production facilities and none of the fixed manufacturing overhead cost could be avoided. Direct labor is a variable cost in this company. The annual financial advantage (disadvantage) for the company as a result of making the motors rather than buying them from the outside supplier would be:
The annual financial advantage is $438,600.
What is Variable manufacturing overhead?The running expenses of a business that change according to the volume of sales or production are known as variable overhead. Variable overhead goes along with changes in production output.What is Fixed manufacturing overhead?The real cost of manufacturing is incurred and is unaffected by variations in production volume. Examples include real estate taxes, rent, equipment, and building depreciation, as well as the salary of manufacturing managers.What is Variable cost?An expense for the company that varies according to how much is produced or sold is called a variable cost. Depending on a company's production or sales volume, variable costs grow or fall. They climb as production rises and reduce as production declines.Solution -To find the annual financial advantage divide Cost of Making Cost of Buying Increase by the Decrease in Income Direct materials.
Cost of Making Cost of Buying Increase / the Decrease in Income Direct materials.
43000 / 10.2 = 438,600
Therefore, the annual financial advantage is $438,600.
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Describe how you have worked with another person to achieve a goal. Describe a situation, your actions, and the outcome.
To achieve an objective working in a team it is necessary that this team is integrated, where each member can contribute with ideas and knowledge.
There are also several tools and methods for teams to use to achieve organizational goals, such as using SMART Goals.
What is SMART Goals?It is a technique used to direct actions to achieve objectives and goals, the word SMART being an acronym for each factor that must be followed to achieve the goals, which are:
SpecificMeasurableAchievableRelevantTime-boundTherefore, to achieve objectives and goals working as a team, it is essential that the work is planned, directed and well structured to be successful.
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From an internal control standpoint, the asset most susceptible to improper diversion and use is:.
From an internal control standpoint, the asset most susceptible to improper diversion and use is Cash.
What is cash?
Cash is the most liquid asset because it can easily be used in exchange unlike other assets.
Cash is classified under the Current Assets section of the balance sheet but is always presented first before debtors, inventory, and short-term investments.
Thus, from an internal control standpoint, the asset most susceptible to improper diversion and use is Cash.
On May 31, Money Corporation's Cash account showed a balance of $13,500 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding $ 3,050 Deposits outstanding 2,900 Non-sufficient funds check 170 Service fees 95 Error: Money Corporation wrote a check for $95 but recorded it incorrectly for $950. What is the amount of cash that should be reported in the company's balance sheet as of May 31
The amount of cash that should be reported in the company's balance sheet as of May 31 is $2,975.
What is a balance sheet?A balance sheet also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, including a corporation, private limited company, sole proprietorship, business partnership, government agency, or not-for-profit organization. As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status." The balance sheet is the only one of the four fundamental financial statements that only apply at one particular period in a company's fiscal year.Solution -
Deposits outstanding = $3,050 (+)
actual amount on check my Money corporation = $95 (+)
Service fees = $170 (-)
∴ [tex]3050+95-170=2975[/tex]
So, the amount of cash that should be reported in the company's balance sheet as of May 31 is $2,975.
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A farmer uses two types of fertilizers. A 50-lb bag of Fertilizer A contains 10 lbs. of nitrogen, 2 lbs. of phosphorus, and 6 lbs. of potassium. A 50-lb bag of Fertilizer B contains 5 lbs. each of nitrogen, phosphorus, and potassium. The minimum requirements for a field are 420 lbs. of nitrogen, 240 lbs. of phosphorus, and 360 lbs. of potassium. If a 50-lb bag of Fertilizer A costs $35 and a 50-lb bag of Fertilizer B costs $25, find the amount of each type of fertilizer the farmer should use to minimize his cost while still meeting the minimum requirements. What is the cost
The answer is, Fertilizer A = 20, Fertilizer B = 56.
What is fertilizer and example?Among the organic fertilizers that occur naturally are manure, slurry, worm castings, peat, seaweed, and guano. Crops made of green manure are also raised to enrich the soil with nutrients. Organic fertilizers also include naturally occurring minerals including mine rock phosphate, sulfate of potash, and limestone.Set up the equations:Nitrogen: 8x + 5y ≥ 440.Phosphorous: 2x + 5y ≥ 260.Potassium: 4x + 5y ≥ 360.Find the vertices:It is easiest to graph the equations to find the vertices. (see attachment). You can also solve each system of equations to find the intersected points.The following satisfy the "greater than or equal to" requirement:(0, 88) = y-intercept of Nitrogen equation.(20, 56) = intersection of Nitrogen and Potassium equations.(50, 32) = intersection of Phosphorous and Potassium.(130, 0) = x-intercept of Potassium.Use vertices in cost function C(x) to find the minimum:C(x) = $30x + $20y.(0, 88): $30(0) + $20(88) = $1760.(20, 56): $30(20) + $20(56) = $1720 = This is the minimum!(50, 32): $30(50) + $20(32) = $2140.(130, 0): $30(130) + $20(0) = $3900.The minimum cost occurs when 20 bags of Fertilizer A and 56 bags of Fertilizer B are purchased.
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Management estimates that 1% of the $100,000 of credit sales will be uncollectible. The Allowance for Doubtful Accounts has a $100 unadjusted debit balance. The adjusting entry to record estimated bad debts includes a ______. (Select all that apply.) Multiple select question. credit to Allowance for Doubtful Accounts of $1,100 debit to Bad Debt Expense of $900 Bad Debt Expense will show a negative (or credit) balance of $1,100 credit to Allowance for Doubtful Accounts of $1,000 credit to Allowance for Doubtful Accounts of $900 debit to Bad Debt Expense of $1,000
The Adjustment entry to record the estimated bad debts include debit to Bad Debt Expense of $900 and credit to Allowance for Doubtful Accounts of $900. Thus 2nd and 5th options are correct.
What is Bad debt?Bad Debt refers to the amount of loan which cannot be recovered. It is an outstanding balance which is irrecoverable. Thus in simply words it means the amount which will not be paid by the customer.
According to the given question, The credit balance is $100 in Allowance for Doubtful Accounts.
The credit sales method a specific percentage of credit sales represent bad debts of the previous period. Thus the difference amount comes under Allowance for Doubtful Accounts.
Journal Entry for the estimated bad debts is as follows:
DR. BAD DEBT EXPENSE $900
To CR. ALLOWANCE FOR DOUBTFUL ACCOUNTS $900
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he post-closing trial balance differs from the adjusted trial balance in that it does not a.include income statement accounts b.take into account closing entries c.take into account adjusting entries d.include balance sheet accounts
Trial balance is a statement of all debits and credits in a double-entry account book is does not include income statement accounts.
What is trial balance?
An accounting worksheet where the balance of all general ledger accounts for debit and credit is equal is referred to as a "trial balance" in a financial report.
Because they are entries of the statements of operation expenses and revenue, trial balances are included in account closure entries and account adjusting entries but not in balance sheet accounts or income statement accounts.
As a result, option a is correct does not included income statement account.
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Two common measures of the overall level of prices are.
Two further indicators of the general level of prices are the GDP deflator and the consumer price index.
What do you mean by price level?The price level is determined by averaging the current prices for all the goods and services produced in an economy. Price level refers to the cost or price of a good, service, or security in the market.
Price level indicators track changes over time and indicate the overall level of pricing for goods and services in an economy.
The Consumer Price Index (CPI), The GDP deflator, and Producer Price Indexis the three main price level indicators that economists and policymakers frequently cite (PPI).
Therefore, the aforementioned are some of the usual indicators of price level changes.
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Captain Hook, the insured, makes a contract with Peter Pan Insurance Company, the insurer, whereby Captain Hook will pay quarterly premiums of $575.00. Upon Hook's death, $1,000,000 will go to Wendy Little as the beneficiary. Further, the policy required that upon Hook's death, the beneficiary must notify the insurer within three months. Captain Hook did not inform Wendy that she was his beneficiary. Captain Hook died and her policy was not found until four months later. Upon finding the policy, Wendy informed Peter Pan Insurance Company that Hook had passed away, but it refused to pay her the money. Wendy sued claiming that she did not need agree to the time limitations and that she was entitled to the money because she informed them of Hook's death. Wendy would best be classified as a(n) ______________.
Based on the contract between Captain Hook and Peter Pan Insurance Company, Wendy would best be classified as an intended beneficiary.
Who is an intended beneficiary?An intended beneficiary can be defined as a type of third-party beneficiary who is intended and designated by an insured to directly receive benefits from an established contractual agreement.
Based on the contract between Captain Hook and Peter Pan Insurance Company, we can infer and logically deduce that Wendy would best be classified as an intended beneficiary.
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If there is unemployment in an economy, then the Group of answer choices economy is operating at an unattainable point. production possibilities frontier will shift inwards. economy is producing at a point inside the production possibilities frontier. production possibilities frontier will shift outwards. production possibilities frontier must be bowed inward.
Answer:
yes Because production possibilities frontier helps in thing like this
Compared to coffee, we would expect the cross elasticity of demand for: Group of answer choices tea to be positive, but negative for cream. tea to be negative, but positive for cream. both tea and cream to be negative. both tea and cream to be positive.
Tea to be negative, but positive for cream is the cross elasticity of demand as compared to the coffee.
What is cross elasticity demand?When the price of one of the items varies, the cross elasticity of demand analyzes the link between the two. It illustrates how the relative shift in demand for one good changes as the cost of the other increases or decreases.
Thus, option B is correct.
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In any collaboration, data ownership is typically determined by:
In any collaboration, data ownership is typically determined by the source of fundings that is used in the collaboration.
What is funding?Fund includes money given for a particular project. It can be donation from organizations or individual support towards a project.
Access to data can be determined by funding as some affiliations give access to researchers.
Therefore, In any collaboration, data ownership is typically determined by the source of fundings that is used in the collaboration.
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When is a consumer most likely to engage in cognitive decision-making?
A consumer is most likely to engage in cognitive decision-making when: The outcome of the decision has a high degree of risk.
Cognitive decision-makingA consumer can tend to engage in cognitive decision-making when the following occur:
When the decision making mode is most common.When the decision making is related to the consumer self-concept. When the outcome or the result of the decision made by the consumer has a high degree of risk.Therefore a consumer is most likely to engage in cognitive decision-making when: The outcome of the decision has a high degree of risk.
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Which components can store logs on the check point secure management architecture? 2. What
The Security Management Server & Security Gateway is the components that can store logs on the check point secure management architecture.
What is a secure management architecture?This refers to the collection of strategies and tools that is intended to keep the organization information secure and safe.
Among other options, the Security Management Server & Security Gateway is the components that can store logs on the check point secure management architecture.
Therefore, the Option B is correct.
Missing options 'A. SmartConsole
B. Security Management Server and Security Gateway
C. Security Management Server
D. SmartConsole and Security Management Server"
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Bad expense is estimated by the aging-of-receivables method. Management estimates that $2,950 of accounts receivable will be uncollectible. Calculate the amount of net accounts receivable after the adjustment for bad debts.
Disclaimer
The question is incomplete and the complete question is shown below
The following information is from the records of Pangolin Camera Shop: Bad expense is estimated by the aging-of-receivables method. Management estimates that $2,950 of accounts receivable will be uncollectible. Calculate the amount of net accounts receivable after the adjustment for bad debts. Supporting Materials / Group of answer choices $22,950 $22,050 $21,150 $20,800
The net account receivable is $22,050
The computation of the net account receivable after the adjustment of bad debt is shown below:
Given that bad debt expense is $2950
As we know that
Net account receivable = Account receivable - bad debt expense
= $25,000 - $2,950
= $22,050
By deducting the bad debt expense from the account receivable we can get the net account receivable and the same is to be considered.
The net amount receivable is $22,050
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discretionary fiscal policy is a fiscal policy action, such as Group of answer choices an increase in payments to the unemployed, initiated by the state of the economy. a decrease in tax receipts, initiated by the state of the economy. an increase in the quantity of money. a tax cut, initiated by an act of Congress. an interest rate cut, initiated by an act of Congress.
Discretionary fiscal policy is a fiscal policy action, such as a tax cut, initiated by an act of Congress.
What is discretionary fiscal policy?Discretionary fiscal policy is a policy in which government uses taxation and spending to influence aggregate demand.
They are deliberate government policies to increase or decrease government spending or taxation inorder to control the economy optimally.
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According to the situational leadership theory, if followers are unable and willing to do a task, then a leader needs to ________. A. follow a supportive style B. engage in participative leadership C. refrain from providing too many inputs D. display high task and relationship orientation E. demonstrate high task and low relationship orientation
The situational leadership theory asserts that a leader needs to display high task and relationship orientation when the followers are unable and willing to do a task.
What is a situational leadership theory?This theory of leadership sees that no leadership style is best and rather deployed strategy that are best-suited to the task.
Hence, the theory is one that asserts that a leader needs to display high task and relationship orientation when the followers are unable and willing to do a task.
Therefore, the Option D is correct.
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Kim-Lee founded a software development company at the age of 27. Over time, he developed the company into a multibillion-dollar transnational organization. He is currently the chief technical officer of the company, holds 75 percent stock of the company, and makes major decisions regarding the products that would be made available to consumers. In the context of Wright's model of the U.S. class structure, Kim-Lee belongs to the __________.
Based on his activities so far, Kim-Lee according to Wright's model of the U.S. class structure, belongs to the Capitalist class.
What is Wright's model of the U.S. class structure?Erik Wright identified four social classes in the United States which are the Capitalists, the Petty Bourgeoise, the Managers, and the Workers.
Kim-Lee is a capitalist because these are the people who own companies and are very wealthy.
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Sam expects to receive $2,000 at the end of each year for 3 years. The annuity has an interest rate of 12%. The present value of this annuity at Time Zero, the inception of the annuity (rounded to the nearest dollar) is
The inception of annuity is $4850
An insurance contract known as a annuity is one that financial institutions sell with the goal of paying out invested money as a fixed income stream in the future.
Given Initial Cash flow is $2000
The rate of interest is 12%
We need to calculate the present value of the growing annuity that is
The inception of the annuity
Present value of the growing annuity can be calculated by
PV = C/r [1-(1/1+r)^n]
Where , C = $2000
r = 12%
n = 3
Substituting the values in the formula
PV = 2000/0.12[1-(1/1+0.12)^3
PV = 2000/0.12 (1-0.709)
PV = 2000/0.12 (0.291)
PV = 1,666.66 (0.291)
PV = $4850
Hence the present value of the growing annuity is $4850
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Your goals tend to set the tone for your investment program, and they play a major role in determining how conservative or aggressive you're likely to be in making investment decisions. Group of answer choices True False
The given statement is true, that the goals set the tone for any investment program and help to determine how conservative or aggressive, the person is likely to be making the investment decisions.
What is the investment decision?
Mainly, the Investors and investment managers execute investment decisions. These decisions are based on the disclosure of investigation tools that are based on data about the establishments. The goals are made to set the tone for any investment program.
Investors oftentimes conduct investment analysis using fundamental analysis, technical analysis, and it also helps to determine how conservative or aggressive the person making the investment decisions.
Therefore, the given statement is true.
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Which of the following is not a characteristic of a bottom-up budget environment? Executive management creates the budget. At each higher level of management, the budget is reviewed and may be altered. The budget approach may also be referred to as participative budgeting. All of these answer choices are characteristics of a bottom-up budget environment.
The following is not a characteristic of a bottom-up budget environment is:
(A) Executive management creates the budget.
Bottom up budgeting is a shape of monetary budgeting wherein a agency lets in every branch to set their very own price range. Each branch creates a listing of prices and fee projections, that's then submitted for evaluation from senior management. Once agreed, those separate budgets are brought collectively to shape the agency’s common price range.
It is likewise called participative budgeting due to the fact branch managers are given a position in placing their very own budgets. Bottom-up price range techniques permit for extra accuracy and incentivize personnel to play through the budgeting rules.
As discussed, backside-up budgeting is based on every branch supervisor taking possession in their very own spending. But to stay in control, senior management will use budgeting software program and era to supervise development and limits. Ownership and decision-making lives with price range managers, however finance groups have budgetary control.
Currently, simplest 40% of groups appoint a cloud-primarily based totally device. For an multiplied danger of backside up price range achievement throughout all regions of an organization, a software program device is notably recommended.
Thus, we will say that the right choice is A.
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Himanshu called his large U.S. supplier to ask for an urgent delivery to his firm in Japan, but his request needed the approval of a high-level manager in the supplying firm. After 10 minutes browsing the Internet, Himanshu found a small business in the U.S. offering the same product. Seconds later, he was talking to the owner. The shipment left for Japan that day. This example demonstrates:
The large U.S. supplier's inability to deliver unlike the small U.S. supplier is an example of the advantages small businesses have over large businesses in international trade because of limited bureaucracy.
What is a bureaucratic bottleneck?Bureaucratic bottleneck refers to the excessive officialdom practiced by large organizations because certain laid down processes must be followed strictly.
With limited bureaucracy, an organization becomes nibble, agile, and can respond promptly to customers' requests without delays.
Thus, in this scenario, we can see an example of the advantages that small businesses enjoy over their larger counterparts, especially in international trade.
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price ceilings are adopted in most cases because:
Price ceilings are adopted in most cases because the government views the current equilibrium price is too high for the consumers.
What is Price Ceiling?Price Ceilings are government-imposed policies on prices for the purpose of price control. This is done so as to limit how high a price is tagged on a particular product.
In most cases, the government adopts a price ceiling so as to have control or equilibrium price on a particular product.
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RewardStyle helps brands and lifestyle influencers engage successfully in e-commerce. RewardStyle is a global community of more than 60,000 influencers who connect consumers with one million brand partners. RewardStyle relies on user-generated content on a website to assist consumers with purchases and builds strong relationships between influencers and brands. This is an example of _______. a. integrated marketing b. sales promotion c. crowdsourcing d. social commerce
D. Social Commerce
What is Social Commerce?In social commerce, product marketing and sales take place on social media networks. The largest social media sites all include eCommerce features that users may rely on when they're in the market to buy something.
It contrasts with traditional social media marketing tactics where consumers watch brand content and then visit their website to start shopping. Customers can utilize social commerce to research companies, locate products, and make purchases all within the same app.
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Describe the 5 economic resource categories??
Answer:
there are three categories of economic resources National resources human resources and capital goods
In the context of contracts formed by promises, a bilateral contract is defined as: Multiple Choice an agreement in which a promise is made in exchange for performance. an agreement wherein at least one party has the right to withdraw without incurring liability. a judicial remedy to prevent one party from receiving unjust enrichment. an agreement containing mutual promises. one that appears to be an agreement but lacks an essential requirement for validity.
An agreement containing mutual promises. Workers on a building are guaranteed that their contractors will pay them at the end of each month.
How do bilateral contracts work?A bilateral contract is a legally binding arrangement between two parties wherein each exchanges commitments to carry out and execute one-half of a deal. Because it makes both parties into what is known as an "obligor," or a person or party who is bound to another, this contract form is one of the most often utilized binding agreements.
Due to their widespread usage, sales contracts and bilateral contracts are frequently used interchangeably. An obligor has violated the bilateral agreement if they don't carry out their obligation (and of course, vice versa).
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Companies that try to act in a socially responsible way are likely to focus on such activities as Multiple select question. increasing the diversity of their workforce hiring only women and minorities providing safety equipment and training for their workers using recyclable packaging
Companies that try to act in a socially responsible way are likely to focus on such activities as increasing the diversity of their workforce, providing safety equipment and training for their workers using recyclable packaging.
How can companies act in a socially responsible way ?Companies that are trying to act in a socially responsible way would take steps to ensure that they protect labour, employ more minority groups and take steps to protect the environment. Companies that are trying to act in a socially responsible way often adopt ESG factors in their decision making processes.
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