Answer and Explanation:
The preparation of the multi-step income statement for the year is presented below:
Photographic Supplies, Inc.
Income statement
Year Ended December 31, 2016
Sales revenue $575,000
Less: Cost of goods sold -$245,000
Gross profit $330,000
Less: Operating expenses -$100,000
Income from continuing operations $230,000
Less: Loss on discontinued operations -$24,000
Discontinued expenses $9,600
Income before extraordinary item $215,600
Less: Extraordinary loss -$20,000
income tax savings $8,000
Net income $203,600
Lorenzo was complaining about his workload before the staff meeting began. Later, when the manager announced that 12 parking spaces would be lost due to construction across the street, he raised his hand and asked, "Then where exactly do you expect us to park?" The manager tried to provide some recommendations, but Lorenzo continued to complain until the manager gave up and announced the meeting was over. What could Lorenzo do to make the next meeting more effective and productive?
Answer:
Bring a positive attitude
Explanation:
In this scenario Lorenzo already had a negative attitude before the meeting and was complaining about the workload he had.
This negative attitude made him to be inconsiderate of all recommendations made by his manager with regards to the 12 parking spaces that will be lost.
Bringing a positive attitude to the next meeting will help Lorenzo keep an open mind to alternative solutions, and he can even propose some way to get around the lost parking spaces.
Which of the following is most likely to be considered a profit center?
A. The grocery department of a Wal-Mart Supercenter or Target Superstore.
B. The maintenance department of a large retail operation.
C. A stand-alone eye clinic.
D. The personnel office of a business.
E. An individual retail store in a large chain.
Answer:
A. The grocery department of a Walmart Supercenter or Target Superstore
Explanation:
A profit center is a type of business where the business is expected to make into valuable contributions, a profit center can be treated as a separate business of the company. The profits and losses for that center are calculated separately. Examples of profit centers include the store, sales organization, or consulting organization.Economic principles are generalizations relating to __________ tendencies in economic behavior or to the economy itself_______
Answer: Average
Explanation:
Economic principles are generalizations relating to average tendencies in economic behavior or to the economy itself.
It is impossible to explain the individual choices people or companies make and yet it still needs to be done so that the economy can be studied and planned. For this reason economic principles use generalizations to study and explain the economy based on the behavior of the majority of people.
Essentially they are based on perceived rational tendencies of what is expected of people and firms. This is why some economic principles are supported by one group of economists and not by others. If the principles applied to all, it would not be the case.
Fiori Corporation's relevant range of activity is 4,700 units to 11,500 units. When it produces and sells 8,100 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.50 Direct labor $ 3.90 Variable manufacturing overhead $ 2.20 Fixed manufacturing overhead $ 2.50 Fixed selling expense $ 0.95 Fixed administrative expense $ 0.85 Sales commissions $ 1.35 Variable administrative expense $ 0.85 The incremental manufacturing cost that the company will incur if it increases production from 10,500 to 10,501 units is closest to:
Answer:
$12.6
Explanation:
Calculation for incremental manufacturing cost
The incremental manufacturing cost will be the addition of the following :
Direct materials $ 6.50
Direct labor $ 3.90
Variable manufacturing overhead $ 2.20
Incremental manufacturing cost $12.60
Therefore incremental manufacturing cost will be $12.60
Alexis want to buy a house in 5 years. She wants to save $75,000 over the next five years for a down payment. If she can earn an annual rate of 9% on her savings, how much must she deposit in equal payments at the end of each month for the next five years to reach her goal
Answer:
the monthly payment is $994.38
Explanation:
For computing the deposit amount made in equal payment for the next five years we need to apply the PMT formula i.e. to be shown in the attachment below:
Given that,
Present value = $0
Future value or Face value = $75,000
RATE = 9% ÷ 12 = 0.75%
NPER = 5 years × 12 = 60 years
The formula is shown below:
= PMT(RATE;NPER;PV;-FV;type)
The future value come in negative
So, after applying the above formula, the monthly payment is $994.38
Employment-at-will is an employment relationship which ________.
Answer:
Employer can terminate the employment of an employee without any reason or explanation
Explanation:
Employment-at-will is a labour practice in which there is a high level of flexibility on the part of the employer and employee.
The employer can determine to terminate an employment contract for no reason.
Also the employee can resign without giving a reason.
This also allows employers to adjust the terms of the contract. For example changing salary or policy on time off can be changed without any prior warning or reason.
Unfortunately, Diana doesn't have enough money in her account right now. She needs to make additional contributions at the end of each of the next three years to be able to pay for the repairs. Her account currently has $3,500, which, along with her additional contributions, is expected to continue earning 6% annual interest. If she makes equal contributions each year, how large must each contribution be for Diana to have $8,000 after three years
Answer: $1,203.49
Explanation:
The equal contributions will be an annuity. The $3,500 already there will also grow at 6% for 3 years. Expression is;
8,000 = ( 3,500 * ( 1 + 6%)^3) + Contribution * Future value interest factor of annuity, 3 years, 6%
8,000 = 4,168.56 + Contribution * 3.1836
Contribution = (8,000 - 4,168.56) / 3.1836
Contribution = $1,203.49
"Some companies, such as Heinz, can forecast revenues well using pure time series analysis (that is, by extrapolation of prior data, accounting for seasonal effects). Other companies, such as FedEx (which makes money by shipping packages), or Sony (which sells consumer electronics) find that they cannot rely on pure time series analysis for reliable forecasting. They are strongly affected by recessions and need to use theory-based methods, including such explanatory variables as income in their forecasting models. Why are they different from Heinz?"
Answer:
Heinz sells ketchup and other sauces and condiments. Their demand is relatively stable and doesn't change that much year after year. The demand for their products is not that seriously affected by economic recessions or expansions.
On the other hand, Sony is a consumer electronics company and the demand for their products can vary drastically from one year to another. It depends on trends and innovations, and their total sales are affected by disposable income (expansions increase disposable income while recessions decrease it).
FedEx is also affected severely by economic recessions or expansions. Since FedEx ships and transports goods, when the economy is booming, FedEx is doing excellent. But if the economy starts to cool down or enters a recession, the amount of goods transported falls.
Berg Inc. has just paid a dividend of $2. Its stock in now selling for $48 per share. The firm is half as risky as the market. The expected return on the market is 14%, and the yield on U.S. Treasury bonds is 11%. If the market is in equilibrium, what rate of growth is expected?
Answer:
Explanation:
Given the following :
Price of stock (p) = $48/share
Dividend (d) = $2
Expected return on market = 14%
Yield on Treasury bond = 11%
If market is in equilibrium ; Expected growth Rate will be:
Required rate of return (r):
Yield on Treasury + ( expected return on market - yield on Treasury) × 0.5
11% + (14% - 11%)× 0.5
11% + 1.5% = 12. 5% = 0.125
Using:
P = d(1 - g) / (r - g)
Where G = growth rate
48 = 2(1 + g) / (0.125 - g)
(0.125 - g)48 = 2 + 2g
6 - 48g = 2 + 2g
-48g - 2g = 2 - 6
-50g = - 4
g = 4 / 50
g = 0.08 = 8.0%
Suppose that supply changes such that at each price, 20 fewer towels are offered for sale. In other words, the new supply is now ????S=10P−20QS=10P−20 . Derive and plot the new inverse supply curve by moving the endpoints of the line labeled Supply 2. d. Find the new equilibrium price and quantity using Demand 1 and Supply 2. Equilibrium price: $ Equilibrium quantity: towels
Answer:
1) Correct supply function according to the state information
S=10P−20
Slope 10
2)
Equilibrium
Q = 60
P = $8
missing information:
Demand QD = 100 − 5P
Explanation:
The supply is variable for price and we are given the information that for each price there are 20 fewer towels thus, there is a constant decreased of 20 at each level of the curve.
S' = 10P
S'' = 10
The slope of the curve is 10
Equilibrium of D1 and S2
100 - 5P = 10P - 20
120 = 15P
8 = P
Supplu Quantity = 10 x 8 - 10 = 60
Demand Quantity = 100 - 5 x 8 = 100 - 40 = 60
Samuel's Dad is looking to deposit a sum of money immediately into an account that pays an annual interest rate of 9.00% so that his first-year college tuition costs are provided for. Currently, the average college tuition cost is $12,000 and is expected to increase by 3.00% per year (the average inflation rate). Samuel just turned 3 and is expected to start college when he turns 18. How much money will Samuel's Dad have to deposit into the account
Answer: $5,132.66
Explanation:
If the current tuition costs are $12,000 but increasing at a rate of 3% every year, the cost of tuition in first year when Samuel will be 18 is;
= 12,000 * ( 1 + r) ^ n
= 12,000 * (1 + 3%) ^ (18 - 3)
= $18,695.61
Assuming that the account will pay 9% per year on an investment now, Samuels's Dad will have to pay the present value of the tuition fee discounted at 9%.
= 18,695.61 / ( 1 + 9%) ^ 15
= $5,132.66
Which of the following is NOT a way to encourage and foster innovation?
a. being responsive to change
b. motivating individuals
c. emphasizing processes and tools
d. testing prototypes
e. collaborating with customers
Answer: emphasizing processes and tools
Explanation:
Innovation is simply defined as creating, developing and then implementing a new process, product, or service, in order to bring about improvement in effectiveness, efficiency, or competitive advantage.
Emphasizing processes and tools is not a way to encourage and foster innovation.
Give definition of microeconomic and macroeconomics
Microeconomics: is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Macroeconomics : the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
Meric Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciation. The company had no amortization charges, it had outstanding $6,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 35%. How much was the firm's net income after taxes
Answer:
The firm's net income after taxes is $3,830.94.
Explanation:
Net income after taxes refers to the net income obtained after relevant taxes have been deducted from income before taxes. This can be calculated for Meric Mining Inc. by preparing an income statement as follows:
Meric Mining Inc.
Income statement
For the period .....
Particulars $
Sales 15,000.00
Operating costs (7,500.00)
Depreciation (1,200.00)
Income before in interest and taxes 6,300.00
Interest on bond ($6,500 * 6.25%) (406.25)
Net Income before taxes 5,893.75
Taxes ($5,893.75 * 35%) (2,062.81)
Net income after taxes 3,830.94
Therefore, the firm's net income after taxes is $3,830.94.
Congress passed Sarbanes-Oxley into law as a response to:
Answer:
Financial scandals and corporate fraud
Explanation:
Hula Products has reintroduced the hula hoop to the world and faces a growing demand for its product in two distinct markets: the United States and Europe. Demand in these markets is: United States: PU = 20 - 0.1QU Europe: PE = 10 - 0.05QE where all quantities are expressed in thousands of units (i.e. QU = 10 should be interpreted as 10 thousand hula hoops). The company has a marginal cost of two dollar per unit in the United States (MCU = $2) and four dollars per unit in Europe (MCE= $4). Finally, the firm has a production limitation or constraint of 96 units (96 thousand hula hoops). How many hoops should be sold in the United States?
Answer:
90 units hoops (90 thousand hula hoops) should be sold in the United States.
Explanation:
Demand function given are indirect demand functions. The total revenue can be obtained by multiplying the indirect demand function my the quantity.
Since we wan to calculate the number of hoops that should be sold in the United States, we therefore have:
TRU = QU(20 - 0.1QU)
TRU = 20QU - 0.1QU^2 ......................... (1)
Where TRU denotes the total revenue in the United States.
The marginal revenue in the United States (MRU) can be obtained by differentiating equation (1) with respect to QU as follows:
MRU = dTRU/dQU = 20 - 0.2QU ............ (2)
Note that in the question, the company has a marginal cost of two dollar per unit in the United States given as follows:
MCU = $2
Since profit is maximized at where marginal revenue is equal to the marginal cost, we therefore equate MRU and MCU and solve for QU as follows:
MRU = MCU
This implies;
20 - 0.2QU = 2
-0.2QU = 2 - 20
-0.2QU = -18
QU = -18 / -0.2
QU = 90
This implies that profit is maximized in the US at 90 units hoops (90 thousand hula hoops).
Therefore, 90 units hoops (90 thousand hula hoops) should be sold in the United States.
When The demand curve shifts to the right and the supply curve is held constant:______.
A. You see a movement along the demand curve
B. The equilibrium price decreases and the Equilibrium quantity increases
C. The equilibrium price increases and the equiibrium quantity decreases
D. The equilibrium price and quantity increases
E. The equilibrium Price and quantity decrease
Answer:
D. The equilibrium price and quantity increases
Explanation:
When the demand curve shifts to the right and the supply curve is held constant, the equilibrium price and quantity increases.
A rightward shift in the demand curve from D1 to D2 an a supply curve S held constant, the equilibrium price increases from P1 to P2 and equilibrium quantity increases from Q1 to Q2.
Therefore, a shift in demand curve to the right at a constant supply curve will increase equilibrium price and quantity.
See graph attached for more information
What can a cover letter explain that a résumé cannot?
a. Gaps in employment history
b. Reentry into the job market
C. Changes in career focus
d. All of the above
Answer:
D. All of the above.
Explanation:
A central lesson of the Solow model is:______.a. capital accumulation cannot serve as the engine of long-run per capita economic economic growth. b. capital accumulation is the only engine of the long run per capita economic growth. c. consumption is the only engine of short-run per capita economic growth.d. saving rates serve as the engine of long-run per capita economic growth. d. the initial capital stock plays a large part in long run economic growth.
Answer:
c because it show how the economy runs
mic exchange and the
2. How does it affect economics in the Philippines?
Answer:
phillipine pget no money
Explanation:
The purchaser of a franchise is called the franchisee.A. TrueB. False
When using straight line amortization on premium bonds:_______.
A. the same interest income is reported each year
B. decreasing interest income is reported each year
C. increasing interest income is reported each year
D. the reported interest income is determined by the current market price of the bond
Answer: the same interest income is reported each year
Explanation:
The straight-line amortization method is a simple way to amortize a bond as an equal amount of interest are allocated over every accounting period.
When using straight line amortization on premium bonds, the same interest income is reported each year. Therefore, option A is the best answer.
Question 8 of 25
Environmental protection laws limit what?
A. Unfair business practices
B. The use of alternative energy sources
C. Anticompetitive behavior
D. The exploitation of natural resources
Answer:
the answer is D. the exploitation of natural resources
Environmental laws place restrictions on exploitation of natural resources. Option D is correct.
What is the purpose of Environmental laws?The main purpose of environmental law is to protect the natural resources like land, air, water, and soil.
Infractions of these laws so that would result in a many number of penalties, and can be sent to jail. These laws mainly focussed in making restrictions on exploration of natural resources.
Therefore, option D is correct.
To learn more about the natural resources, refer to:
https://brainly.com/question/13954163
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1. Matt has two choices for a summer job. The first opportunity is at a computer manufacturer, where he would earn 10.25 an hour. The second opportunity is with a landscaping company, where he could work and have lunch with three of his closest friends every day. The landscaping job would pay $8.65 per hour.
Answer:
the question is incomplete, so i looked for similar questions and they referred to opportunity costs:
the opportunity cost of taking the summer job at the computer manufacturer = lost wages from the landscaping job + the value that Matt assigns to working and having lunch with his 3 friends = $8.65 per hour + value of friendship. Assuming that he could work 160 hours per month, total opportunity cost = $1,384 + value of friendship
the opportunity cost of taking the summer job at the landscaping company = the lost wages from the computer manufacturing job = $10.25 per hour. Assuming that he could work 160 hours per month, total opportunity cost = $1,640
Opportunity costs are the extra costs or benefits lost resulting from choosing one activity or investment over another alternative.
Milden Company is a merchandiser that plans to sell 43,000 units during the next quarter at a selling price of $60 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost Formula Cost of good sold $31 per unit sold Advertising expense $187,000 per quarter Sales commissions 6% of sales Shipping expense $45,000 per quarter + $4.00 per unit sold Administrative salaries $97,000 per quarter Insurance expense $10,700 per quarter Depreciation expense $67,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter.
Answer:
1. Contribution format income statement for the next quarter.
Sales (43,000 units × $60 ) $2,580,000
Less Variable Costs
Cost of Goods Sold ( 43,000 units × $31 ) ($1,333,000)
Sales commissions (6% × 43,000 units × $60) ($154,800)
Shipping expense ( $4.00 × 43,000 units) ($172,000)
Contribution $920,000
Less Fixed Costs
Advertising expense $187,000
Shipping expense $45,000
Administrative salaries $97,000
Insurance expense $10,700
Depreciation expense $67,000 ($406,700)
Net Income/ (Loss) $513,300
2. Traditional format income statement for the next quarter.
Sales (43,000 units × $60 ) $2,580,000
Less Cost of Goods Sold ( 43,000 units × $31 ) ($1,333,000)
Gross Profit $1,247,000
Less Expenses
Advertising expense $187,000
Shipping Expense :
Variable Shipping expense $172,000
Fixed Shipping expense $45,000
Administrative salaries $97,000
Insurance expense $10,700
Sales commissions $154,800
Depreciation expense $67,000 ($733,500)
Net Profit / (Loss) $513,500
Explanation:
The contribution format income statement shows the Contribution instead of Gross Profit. Contribution is calculated as Sales less all Variable Costs.
The traditional format income statement shows the Gross Profit instead of Contribution. Gross Profit is calculated as Sales less Cost of Goods Sold.
Which of the following is an example of cannibalization? Group of answer choices A toothpaste manufacturer adds a new line of toothpaste (that contains baking soda) to its product line. A grocery store begins selling T-shirts featuring the local university's mascot. A basketball manufacturer adds basketball hoops to its product line. A convenience store begins selling pre-paid cell phones.
Answer:
The corrects answer is: A toothpaste manufacturer adds a new line of toothpaste (that contains baking soda) to its product line.
Explanation:
Cannibalization is a market strategy that can occur without the company's intention, and can be defined as when a company replaces a product on the market with a similar new product, as in the example above, when a toothpaste manufacturer adds a new one line of toothpaste (containing sodium bicarbonate) to its product line.
This strategy can be detrimental to the company, since there may be less sales of an existing product for a similar product, which consequently generated higher production costs for the organization, therefore it would not be characterized as gains for the company, but as losses , as this strategy would not increase the company's market share, but a detriment of one product by another.
Therefore, it is necessary that there is constant monitoring of each product in the company so that cannibalization does not occur and each product contributes to the company's profitability individually.
Which of the following statements is NOT true of a department in the merchandise classification scheme? it is the second level in the merchandise classification scheme. it is at a lower level than the merchandise group in the merchandise classification scheme. it is a level higher than classification in the merchandise classification scheme. the dmm, who manages the department, is responsible for several merchandise classifications. It is managed by a general merchandise manager (GMM).
Many companies forbid smoking at work. This is an example of a:
a. health insurance policy
b. safety procedure
c. regulation
The top management of a fast-food hamburger chain is considering installing point-of-sale machines that will allow customers to pay for food with a credit card or debit card. Previously, the restaurant has accepted only cash. What information could the management accounting department supply to assist management with this decision?
Answer:
Accounting department plays an important role in implementation of any new system because that the only department which knows each and every points for implementation of new system, here is some of the example of information the accounting department can give to management.
i. Daily turnover of outlets
ii. No of customers expected to pay through ATM card
iii. Cost of installation and operation of new point of sales (POS) system
iv. Savings from new point of sales (POS) system and interest cost saving
Discriminatory impulses in the labor market can emerge at a number of levels:
A. among managers.
B. among workers.
C. among customers.
D. all of the above.
