According to the given condition the manager was incorrect. In order to maximize profits a the marginal cost(MC) should be equal to a firm's marginal revenue(MR).
What do you mean by maximize profits?Profit maximisation refers to a procedure that businesses go through to make sure the best output and price levels are achieved in order to maximise their returns.
The inability of the enterprises to assess expenses at all production stages makes it difficult for them to measure overall cost and total income.
By studying how minor adjustments to production affect profits and expenses, they adopt a more pragmatic approach.
Hence, according to the given condition the manager was incorrect. In order to maximize profits a the marginal cost(MC) should be equal to a firm's marginal revenue(MR).
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Given the high quantity of patents, it is difficult for innovators to know when or if they have inadvertently infringed on a ompetitors patent.a. trueb. false
This statement is true. With the increasing number of patents, it becomes more challenging for innovators to avoid patent infringement.
Inadvertent infringement can occur when a product or process developed by one entity is similar to an existing patented product or process. The patent holder may sue the infringing party, and the litigation process can be lengthy and costly. To avoid infringement, innovators can conduct a patent search to determine if any existing patents cover their innovation. However, even with a comprehensive search, it can be challenging to determine if their innovation infringes on a competitor's patent, especially if the competitor's patent is broad or vague.
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Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period’s estimated level of production. Sweeten also estimated $27,400 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.30 per machine-hour.
Because Sweeten has two manufacturing departments—Molding and Fabrication—it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates:
Molding Fabrication Total
Estimated total machine-hours used 2,500 1,500 4,000
Estimated total fixed manufacturing overhead $ 11,500 $ 15,900 $ 27,400
Estimated variable manufacturing overhead per machine-hour $ 2.00 $ 2.80
The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows:
Job P Job Q
Direct materials $ 19,000 $ 11,000
Direct labor cost $ 25,800 $ 9,900
Actual machine-hours used:
Molding 2,300 1,400
Fabrication 1,200 1,500
Total 3,500 2,900
Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year.
Required:
For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments.
10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)
Using the plantwide predetermined overhead rate:
The total manufacturing overhead for the year is the sum of the fixed and variable manufacturing overhead, which is:
$27,400 + ($2.30 × 4,000 machine-hours) = $36,200
The predetermined overhead rate is:
$36,200 ÷ 4,000 machine-hours = $9.05 per machine-hour
To calculate the manufacturing overhead applied from the Molding Department to Job P:
Manufacturing overhead applied = Predetermined overhead rate × Actual machine-hours used in the Molding Department for Job P
Manufacturing overhead applied = $9.05 per machine-hour × 2,300 machine-hours = $20,765
To calculate the manufacturing overhead applied from the Molding Department to Job Q:
Manufacturing overhead applied = Predetermined overhead rate × Actual machine-hours used in the Molding Department for Job Q
Manufacturing overhead applied = $9.05 per machine-hour × 1,400 machine-hours = $12,670
What is the total amount of estimated variable manufacturing overhead for the year?The total amount of estimated variable manufacturing overhead for the year is $2.30 per machine-hour, according to the information provided in the first paragraph. The total dollar amount of variable overhead would depend on the actual number of machine-hours used during the year.
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Is the not for profit form of business organization appropriate for the Green Bay packers
Is the not-for-profit form of business organization appropriate for the Green Bay Packers, Because there is a special purpose the ownership can't be transferred.
What is Business?The term business refers as They could be industrial, commercial, or something else. Businesses that are for-profit operate to make a profit, whereas those that are nonprofit do so to further a philanthropic cause.
Since this ownership is for nonprofit organizations and cannot be transferred to another party, it cannot be copied in other cities. These are the people who run the business.
Therefore, As a result, The ownership cannot be replicated in other cities.
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When expenses are recognized in the same period as the related cash is paid, the expense amount will be ______ accrual versus cash basis accounting.
Option B is correct. When expenses are recognized in the same period as the related cash is paid, the expense amount will be the same under both accrual and cash-based accounting.
Accrual accounting recognizes revenue when it is earned and expenses when they are incurred, regardless of when cash is received or paid out. This method focuses on the economic activity of a business and provides a more accurate picture of a company's financial position over time. For example, if a company performs a service in December but doesn't receive payment until January, under accrual accounting the revenue would be recognized in December when the service was performed.
On the other hand, cash-based accounting recognizes revenue and expenses only when cash is received or paid out. This method is simpler and easier to understand, but it may not accurately reflect a company's financial position over time. For example, if a company receives payment in December for a service it will perform in January, under cash-based accounting the revenue would be recognized in December when the cash was received.
In summary, accrual accounting is generally considered to be the more accurate and comprehensive method, while cash-based accounting is more uncomplicated and more straightforward.
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Complete Question -
When expenses are recognized in the same period as the related cash is paid, the expense amount will be ______ accrual versus cash basis accounting.
A. lower under
B. the same under both
C. higher under
A plaintiff, a resident of State A, filed a complaint against two defendants in a state court in State B, where a car accident between the parties took place. The claims were based solely on state law. One defendant resides in State B, where the accident occurred, and another resides in State C, a neighboring state. The complaint alleged $100,000 in damages. The defendant who resides in State B was personally served with a complaint and summons while he was walking to work. The defendant who resides in State C was served by a process server in the forum state after attending a business meeting in that state. Shortly thereafter, both defendants filed a motion to remove the case to the federal district court in the district where the case was filed. The federal district court denied the motion.
What is the most likely reason that the motion was denied?
For a court to make a binding judgment on a case,it must have subject matter jurisdiction,the power to know the type of case,as well as personal jurisdiction the power over the parties to the case.
While subject matter jurisdiction refers to the authority of the court to hear a certain type of case,personal jurisdiction refers to the authority of a court to exercise jurisdiction over an individual.That is,the court must have the legal authority to adjudicate the matter involving the specific person.These two types of jurisdiction are known as personal jurisdiction and material jurisdiction.A court must have personal jurisdiction and subject matter jurisdiction over all parties to a claim,or the court will not have the authority to hear that claim.The Constitution provides that the Supreme Court has both original and appellate jurisdiction. Subject matter jurisdiction means that the court has the authority to hear the type of cause or controversy initiated in its court Issues Jurisdiction Federal courts have original subject matter jurisdiction of cases involving an issue or issue of federal law.
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Which of the following is included in a business case for a
project?
Risks
O Benefits
O Expectations
O Requirements
Benefits is included in a business case for a project. Hence, option B is correct.
What is a business case?An executive summary, financial data, an analysis, and dangers are all included. Any industry might utilize it for a business case. Before meeting to discuss the project in more detail, sending this concise overview to important stakeholders is a wonderful idea.
For writing a business case, the majority of firms use a standard template. Business cases describe the problem, the idea, its financial impact, and implementation concerns such as risks, opportunities, resource requirements, and measurement methods.
Thus, option B is correct.
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Multiple Choice Question:
Slope of production possibility curve is ______________.a. a straight lineb. convex to the point of originc. concave to the point of origind. none of these
A production slope The probability curve is concave at the origin. (Choice c)
What do we mean by production slope?The marginal tax rate of transformation is the slope of the production-possibility frontier (PPF) anywhere at given location (MRT). The slope describes the rate during which manufacturing of one thing can be switched to production of another (by reallocating productive resources). The gradient of the production function, assuming labor is the sole variable input, calculates a worker's marginal product. The amount of production that changes when one more unit economic labor is added is measured by the marginal labor product (MPL).
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Problem 20-39 (Algo) CU, Incorporated (CUI), produces copper contacts that it uses in switches and relays, CUI needs to determine the order quantity, Q, to meet the annual demand at the lowest cost. The price of copper depends on the quantity ordered. Here are price-break and other data for the problem: Price of copper $ 0.84 per pound up to 2,999 pounds 0.83 per pound for orders between 3,000 and 5,999 pounds 0.81 per pound for orders 6,000 pounds or greater 47,000 pounds per year 30 percent per unit per year of the price of the copper $ 30 Annual demand Holding cost Ordering cost Which quantity should be ordered? Quantity pounds
The optimal order quantity of CUI is 3,345.21 pounds, and the total cost to meet the annual demand at the lowest cost is $1,410,832.95.
The economic order quantity (EOQ) formula may be used to find the order quantity that will satisfy the yearly demand at the cheapest price. It goes like this: EOQ = √((2 × Annual demand × Ordering cost) ÷ Holding cost)
When the annual demand is 47,000 pounds, the ordering cost is $30, and the holding cost is 30% of the copper price per unit each year
At each price break, we may use the following ranges to get the copper price:
as much as 2,999 pounds: 0.84 cents per pound
3,001 to 5,999 pounds 0.83 cents per pound
more than 6,000 pounds: At $0.81 per pound
By using the EOQ formula to get the total cost for each price break, we can determine the ideal order quantity. The best amount to order is the one that has the lowest overall cost.
EOQ = √((2 × 47,000 × 30) ÷ (0.3 × 0.84))
∴ EOQ = 3,345.21 pounds
We will utilize the pricing of $0.83 per pound because the ideal order amount is between 3,000 and 5,999 pounds. As a result, the final price for the ideal order quantity is:
Total cost = (Annual demand × Ordering cost) + (Holding cost × EOQ × Price of copper)
Total cost = (47,000 × 30) + (0.3 × 3,345.21 × 0.83)
Total cost = $1,410,000 + $832.95
∴, Total cost = $1,410,832.95
∴ , The ideal order size is 3,345.21 pounds, and it would cost $1,410,832.95 to fulfill the annual demand at this size.
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Edinaman Company (Edinaman) currently processes seafood with a unit purchased several years go. The unit which originally cost $500,000, currently has a book value of $250,000. Edinaman is considering replacing the existing unit with a newer, more efficient one. The new unit will cost $700,000 and will require additional $50,000 for delivery and installation and require Edinaman to increase initial net working capital (NWC) by $40,000. The new unit will be depreciated on a straight line basis over 5 years to zero balance. Edinaman expects to sell the existing unit for $275,000. Edinaman’s marginal tax rate is 40%.If Edinaman purchases the new unit, its annual revenues are expected to increase by $100,000 (due to increased processing capacity) and its annual operating costs are expected to decrease by $20,000. Annual revenues and operating costs are expected to remain constant at this new level over the 5-year life of the project. After 5 years, the new unit will be completely depreciated and expected to be sold for $70,000.
Calculate Edinaman’s Payback period and Profitability Index of the project.
What is Edinaman’s NPV? Should the project be accepted or reject?
Assuming Edinaman own’s 80 percent of the company; how does the net present value (NPV) decision rule relate to the primary goal of financial management, which is creating wealth for Edinaman?
According to the net present value rule, business executives and investors should only finance initiatives or enter into contracts that have a net present value that is in their favor (NPV).
What is net present value?The net present value hypothesis states that a company's earnings should logically increase as a result of investing in anything with a net present value greater than zero.
When an investor makes an investment, the shareholder's wealth should rise as a result. Companies may also take part in initiatives with neutral NPV if they are linked to future immeasurable intangible benefits or if they allow for continuous investments.
The net present value rule is generally followed by businesses, although there are several situations where it is not relevant.
For instance, a business with serious debt problems can decide not to start or delay a project with a favorable NPV. While rerouting cash to address a very urgent debt crisis, the corporation may choose to go in the opposite way.
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Which of the following can directly be determined from a production possibilities curve? Select all that apply: (Select all that apply.) a. how much less of one output must be produced if more of another output is produced b. what combination of outputs is best c. what combinations of outputs can be produced with the available resources d. how much output can be produced if some of the resources are left unused.
(C) what combinations of products can be produced with the available resources can be determined directly from a production possibilities curve.
A production possibilities curve in economics measures the maximum production of two goods using a fixed amount of input.The input is any combination of the four factors of production, natural resources, including labor on the land, capital goods,and entrepreneurship.A production possibilities curve (PPC) shows the maximum amount of one good that can be produced given a level of production of another good, and given the total amount of inputs available for the production of both goods, and given the production technology PPP is concave in shape because more and more units of one commodity are sacrificed to obtain one additional unit of another commodity.Factors of production are resources that are the building blocks of the economy,they are what people use to produce goods and services.
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katz gives $500 to a family who is in need of assistance after their home was destroyed by a fire. katz can deduct the $500 as a charitable contribution.
The statement is False. Katz gives $500 to a family who is in need of assistance after their home was destroyed by a fire. Katz can deduct the $500 as a charitable contribution.
A charitable contribution is an endowment of money or property made to a philanthropic association to assist it with achieving its objectives, for which the giver doesn't get anything of significant worth consequently. In the U.S., gifts can be deducted from the government expense forms of people and organizations making them.
U.S. citizens can deduct gifts equivalent to up to 60% of their changed gross pay (AGI) yearly. They must use Form 1040 or Form 1040-SR and itemize their deductible contributions on a Schedule A form. The IRS permits citizens to deduct gifts of money and property to qualified altruistic associations. Altruistic gifts should be organized to be deducted.
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Complete Question -
Katz gives $500 to a family who is in need of assistance after their home was destroyed by a fire. Katz can deduct the $500 as a charitable contribution. True or False?
PLEASE HELP WILL GIVE BRAINLIEST!!!!!
Decisions made about quantities are:
a/ best made using the marginal principle.
b/ optimal when costs equal benefits.
c/ the same as making either/or decisions.
d/ best made when comparing prices and costs.
Decisions made about quantities are: best made using the marginal principle. The correct option is a.
What is a marginal principle?The marginal principle refers to the examination of the additional benefits of an activity (MB) compared to the additional costs incurred by that same activity (MC). An application of this principle is when consumers employ this technique to make their purchase decisions they compare the marginal benefits and marginal costs of consuming an additional unit. Marginal cost is calculated as the total expenses required to manufacture one additional good. Therefore, it can be measured by changes to what expenses are incurred for any given additional unit.
Marginal Cost = Change in Total Expenses / Change in Quantity of Units Produced.
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Marilyn is reviewing the inspection report w/ her buyer clients. What issue in the report should Marilyn flag as most significant?
Document Requests and Review On June 8,1995,Subcommittee Chairs McCollum and Zeliff submitted document production requests to federal agencies.
Throughout the inspection,Cliff did a great job and paid great attention to detail.He took the time to review the entire report with us.The Department works in three main interrelated areas it collects,generates and analyzes a wide range of economic,social and environmental data. I recently hired Glenn for an inspection of my home. The entire experience was excellent and I received a detailed report to share with buyers dealing with conflict of interest issues in government.Marilyn Pizarro enables the media to play its important role in fighting corruption on its relevance to these three pillars.We have prepared this compliance report. We are grateful to Marilyn Rash,the project manager,and members of her team, the repositories and thus are an important data form in the study of data mining.
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See Hint The situations below include an event, in plain text, and a market, in bold. For each situation, determine whether the demand or supply curves shift to the right or to the left for the market, and sort the situation into the appropriate category. Items (6 items) (Drag and drop into the appropriate area below) the population ages: home health care the profits of pizzerias in your home town increase: pizza restaurants the government pays a subsidy to ethanol producers the price of sweet potatoes falls: turkey consumer incomes decrease: housin the price of jet fuel rises: airplane flights g Categories Demand increases Demand decreases Supply increases Supply decreases Drag and drop here Drag and drop here Drag and drop here Drag and drop here
The population ages: This means that a large portion of the population now utilizes home health care. This will increase demand. Categorized as an increase in demand. The demand curve shifts to the right.
What does demand curve mean?The law of demand describes the functional relationship between the price of a commodity and the quantity demanded over a period of time. The most important tool to describe this relationship is the demand curve. This curve is always sloping because there is an inverse relationship between price and demand. Demand usually decreases when prices rise. As a result, the curve falls from left to right
What are main characteristics of demand curve?The basic properties of demand curve are position, tilt, and translation. Position indicates the curve location on the chart. i.e., if curve is kept on far right of this graph, it implies that demand for the product is high at particular price.
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The real exchange rate (RER) between two currencies is the product of the nominal exchange rate (the dollar cost of a euro, for example) and the ratio of prices between the two countries. The core equation is RER = eP*/P, where, in our example, e is the nominal dollar/euro exchange rate, P* is the average price of a good in the euro area, and P is the average price of the good in the United States.
Yes, that is correct. The real exchange rate (RER) is a measure of the relative price of goods and services between two countries.
It is calculated by dividing the nominal exchange rate (the price of one currency in terms of another) by the ratio of the price levels in the two countries. The RER is an important concept in international trade and finance because it affects the competitiveness of a country's exports and the cost of its imports. A high RER means that a country's goods and services are relatively expensive compared to those of other countries, which can make it harder to sell exports and can lead to a large trade deficit. A low RER, on the other hand, means that a country's goods and services are relatively cheap, which can make its exports more competitive and boost economic growth.
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Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer’s needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
78,250 will be the total of the journal entry that will be made of the Allied Merchandisers.
What is a journal entry?All budget management is documented in journal entries. Any trading performance that has an effect on the firm is a purchase, in the broadest sense.
3 May
Merchandise inventory $20,000
Cash $20,000
5 May
Accounts receivable – Macy Co. 21,000
Sales revenue 21,000
Cost of goods sold 15,000
Merchandise inventory 15,000
7 May
Sales return and allowance 1,750
Accounts receivable1,750
Merchandise inventory 1,250
Cost of goods sold 1,250
8 May
Sales return and allowance 300
Accounts receivable 300
15 May
Cash 18,571
Discount allowed 379
Accounts receivable 18,950
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The question is incomplete, Complete question is:
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.)
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2∕10, n∕60. The goods cost Allied $15,000.
7 Macy returns 125 units because they did not fit the customer’s needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory.
8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage.
15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.
the measure of market value of all final goods and services produced in a state during a particular period, usually a year iscalled the
The measure of the market value of all final goods and services produced in the world/global during a particular period, usually a year, is called the gross world product.
Gross World Product (GWP) is the combined gross/total national income of all countries in the world. This is also equivalent to the sum of the world's Gross Domestic Product (GDP), as exports and imports are exactly balanced for the world as a whole.
Gross domestic product is the monetary value of all finished goods and services produced within a country over a specified period of time.
GDP provides a snapshot of a country's economy used to estimate the size of the economy and its growth rate.
GDP can be calculated in three ways using expenditure, production, or income, and adjusted for inflation and population for greater insight.
Real GDP takes into account the effects of inflation, but nominal GDP does not.
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Individualism may result in a high degree of managerial mobility which might help a person increase his or her salary but can also result in ______.
Individualism can lead to a lot of managerial mobility, which can help a person get paid more, but it can also mean they don't have enough experience.
What is a business benefit of individualism?A high rate of entrepreneurial activity is one advantage of individualism in business. One illustration of this is the shifting of members of a particular society's social status from one group to another. social advancement In recent years, individualism has increased worldwide, and individualistic culture is gaining ground in many nations due to urbanization and wealth. Western nations, such as Australia, Canada, Germany, The Netherlands, and the United States, are frequently highly individualistic.
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A chemical company is considering buying a magic fan for its plant. The magic fan is expected to
work forever and help cool the machines in the plant and, hence, reduce their maintenance costs
by $6,000 per year. The cost of the fan is $50,000. The appropriate discount rate is 10 percent,
and the marginal tax rate is 35 percent. Should the company buy the magic fan? (2.5 Marks)
No, the company should not buy the magic fan because the NPV (-$24,243.92) of the investment is negative which means expected costs of the fan exceed the present value of the expected benefits.
How do we determine if the company should buy the magic fan?To determine whether the company should buy the magic fan, we can perform a net present value (NPV) calculation which is a method of evaluating the value of an investment by calculating the difference between the present value of the expected cash flows and the cost of the investment.
The formula for NPV is: (CF1 / (1 + r)^1) + (CF2 / (1 + r)^2) + ... - Cost where: CF1, CF2, etc. are the expected cash flows (in this case, the savings from reduced maintenance costs), r is the discount rate (10%), Cost is the cost of the magic fan ($50,000)
Data
Company expects to save $6,000 per year from reduced maintenance costs for the next 10 years.
Our calculation of the present value of these cash flows:
CF1 = $6,000 * (1 - 0.35) = $3,900 (after taxes)
CF1 / (1 + 0.1)^1 = $3,518.18
CF2 = $6,000 * (1 - 0.35) = $3,900 (after taxes)
CF2 / (1 + 0.1)^2 = $3,173.85
CF10 = $6,000 * (1 - 0.35) = $3,900 (after taxes)
CF10 / (1 + 0.1)^10 = $1,462.07
The sum of the present value of the expected cash flows is $25,756.08. So, the net present value equals:
= $25,756.08 - $50,000
= -$24,243.92
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1. Which of the following is not classified as a current liability account?
a. Accounts payable
b. Note payable, due in 2 years
c. Salaries and wages payable
d. Income taxes payable
The following is not classified as a current liability account: Note payable, due in 2 years. Thus option (b) is correct.
What is a current liability account?A current liability account is a type of account in accounting that records the obligations of a business that are expected to be settled within a short period, typically within one year.
These liabilities are debts or financial obligations that a business owes to another party and are expected to be paid off in the near future. they represent a company's short-term obligations and can impact its liquidity and financial stability.
Some examples of current liabilities include accounts payable, salaries payable, taxes payable, short-term loans, and accrued expenses.
The Note payable, due in 2 years is not classified as a current liability account. Therefore, option (b) is correct.
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. All of the following will change demand for a product except: A) A change in consumer income.
B) A change in the price of the product.
C) A change in consumer preferences.
D) A change in the price of a substitute product.
Answer:
The answer is D) A change in the price of a substitute product. A change in the price of a substitute product will affect the demand for a product, as consumers may switch from the original product to a cheaper substitute.
Olney Cleaning Company had the following items that require adjustment at year-end: For one cleaning contract, $10,550 cash was received in advance. The cash was credited to Unearned Service Revenue upon receipt. At year-end, $2,760 of the service revenue was still unearned. For another cleaning contract, $11,160 cash was received in advance and credited to Unearned Service Revenue upon receipt. At year-end, $3,240 of the services had been provided.
1. Prepare the adjusting entries needed at December 31.
2. What is the effect on the financial statements if these adjusting entries are not made?
If these adjusting entries were not made, revenue would be understated and liabilities would be overstated. This would result in an understatement of net income and an
understatement of shareholders’ equity.
3. What is the balance in Unearned Service Revenue at December 31 related to the two cleaning contracts?
The adjusting entries at December 31 are as follows:
Debit Service Revenue $2,760
Credit Unearned Service Revenue $2,760
Debit Unearned Service Revenue $3,240
Credit Service Revenue $3,240
How to explain the informationAdditionally, the financial statements would not accurately reflect the company's financial position or performance. The balance sheet would show an overstated amount of assets in the form of unearned revenue, and the income statement would understate the actual revenue earned during the year.
This could lead to incorrect decision-making and a misperception of the company's financial health by stakeholders, such as investors, lenders, and customers. It's important for companies to make accurate adjusting entries to ensure that their financial statements accurately reflect their financial position and performance.
The balance in Unearned Service Revenue at December 31 related to the two cleaning contracts is $10,550 - $2,760 + $3,240
= $11,040.
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waterway corporation had net sales of 2429800 and interest revenue of 40500 during 2020. expense for 2020 were cost of goods sold 1452600, administrative expenses 221700selling expense 289000. and interest
Revenue is the money generated from normal business operations, calculated as the average sales price times the number of units sold.
What is the meaning of Revenue?Revenue, which is determined by multiplying the average sales price by the number of units sold, is the money made from regular business operations. The top line (or gross income) figure is what is used to calculate net income by deducting costs. Sales are another name for revenue in the income statement.
Revenue is the sum of all sales of products and services that a business records over a given period. Revenue, often known as sales or income, is the first line of a firm's income statement and thus is frequently referred to as the "Top Line" of a company.
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(T/F)An advertising response function is a mathematical relationship that associates dollars spent on advertising and sales generated.
The following statement "An advertising response function is a mathematical relationship that associates dollars spent on advertising and sales generated" is True. because a mathematical relationship between advertising expenditure and sales produced.
Advertising refers to methods used to attract attention to goods or services. To grab the consumer's attention, advertising seeks to highlight goods or services. It is typically used to market a specific product or service, although there are many other uses, commercial advertising being the most common.
Through “branding,” associating product names or images with specific characteristics in the minds of consumers, commercial advertising often aims to stimulate consumption of their goods or services. On the other hand, direct response advertising is the term used to describe advertisements that aim to promote quick sales.
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The term "Starving Artist" was coined from
people trying to sell their work through which
of the following venues?
A. charity
B. silent auction
C. public display
Answer:
Explanation:
What is defined as a “take-home pay”?
A. Paystub
B. Net income
C. Salary
D. Wages
Answer:
B. Net income
Explanation:
"Take-home pay" refers to the amount of money that an individual receives after all deductions, such as taxes and contributions to social security or health insurance, have been taken out of their gross income. It is the amount of money that the individual actually takes home and has available to use for expenses and savings. "Take-home pay" is also sometimes referred to as "net pay" or "take-home salary." It is important to note that take-home pay is different from an individual's gross income, which is the total amount of money earned before any deductions are made.
Take-home pay can be defined as Net income. It is the amount of money left over after taxes, benefits, and voluntary contributions have been deducted from a paycheck. The correct option is a.
Take-home pay represents the net amount of income received after taxes, benefits, or voluntary contributions are deducted from a paycheck. It is the difference after subtracting all deductions from gross revenue. Federal, state, and municipal income taxes, Medicare and Social Security contributions, retirement plan contributions, and medical, dental, and other insurance premiums are all deductible. The employee receives the net amount, sometimes known as take-home pay.
The take-home pay is the net pay amount shown on a paycheck. Paychecks and pay statements detail the income earned within a specific pay period. Earnings and deductions are both listed on pay statements. Income tax, FICA, and Medicare tax withholdings are all examples of common deductions.
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You are employed as the Personal Assistant to the Customer Service Manager at Sukram Industries Ltd., a regional Logistics company. The company has its headquarters in Miami, Florida and offices in Jamaica, St. Lucia, and Panama. The local office was forced to close operations during the height of the pandemic due to months of inactivity in the logistics sector. Many customer service agents done virtually. were laid off and what little work was done, was The local office started operation in October 2018. Many of the administrative functions were just being developed before the pandemic hit causing the company to close for months. The business reopened in June 2021. Since then, the company has been embarking on job enrichment and enlargement programmes as a means of motivating staff, succession planning and dealing with high labour turnover. Your manager will be promoted to Regional Customer Service Manager which will require him/her to travel to all the locations occasionally. A new position of Senior Customer Service Officer was created with the responsibility to lead the local customer service team and develop strategies to expand the product and service offerings in Jamaica. The position reports to the Regional Customer Service Manager. The management team identified that there were several challenges with formal documentation within the customer service and administrative and office services departments. The team also realizes that they will need to engage in continuous training of the customer service agents if they wish to gain a competitive advantage in the local industry. TASK 1 1. You applied for the position of Senior Customer Service Officer and was short listed. One aspect of the interview will require you to make a presentation to the panel. In preparation for your interview: compile an electronic portfolio of evidence that you will need to present at the a. interview b. create a PowerPoint presentation on the most effective leadership style you believe should be used to lead the customer service team and why
The electronic portfolio that you woyuld have to compile are:
ResumeYour cover letterYour philosophythe success storiesWhat are the portfolios needed?For the electronic portfolio, you can include the following items:
Resume: An updated and professional resume highlighting your relevant work experience, education and skills.
Cover letter: A well-written cover letter explaining your motivation for applying for the Senior Customer Service Officer position and how you can contribute to the company's goals.
Customer Service Philosophy: A clear and concise statement that outlines your approach to customer service, including your core values, beliefs, and principles.
Success Stories: Examples of customer service situations that demonstrate your ability to provide excellent customer service, handle difficult situations and achieve positive outcomes.
Training and Development Plan: A detailed plan that outlines your approach to training and development of customer service agents, including strategies to improve customer satisfaction, build staff morale and increase customer loyalty.
Organizational Chart: A visual representation of the proposed structure of the customer service team, showing the reporting lines, responsibilities, and accountability of each team member.
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3. Explain the control procedures over sales and receivables.
Answer:
Explanation:
Control procedures over sales and receivables are measures taken to ensure that sales are accurately recorded, billed, and collected in a timely manner. These procedures are important for maintaining the integrity of financial records and preventing fraud or errors in the sales and accounts receivable process.
Some common control procedures over sales and receivables include:
Segregation of duties: Assigning different employees to perform different tasks in the sales and accounts receivable process, such as recording sales, billing customers, and collecting payments, helps prevent fraud and errors.
Sales authorization: Implementing a process for approving sales before they are recorded helps ensure that only legitimate sales are recorded in the financial records.
Billing accuracy: Verifying the accuracy of invoices and bills before they are sent to customers helps prevent errors and ensures that customers are charged the correct amount.
Credit checks: Conducting credit checks on new customers before extending credit helps minimize the risk of uncollectible accounts.
Collection procedures: Implementing systematic collection procedures and following up on overdue accounts helps ensure that payments are received in a timely manner.
Reconciliation: Regularly reconciling accounts receivable with the general ledger helps ensure that the financial records accurately reflect the amounts owed by customers.
Internal audits: Regular internal audits of the sales and accounts receivable process can help identify and prevent fraud or errors.
By implementing these and other control procedures, companies can ensure the accuracy and integrity of their sales and accounts receivable records and minimize the risk of fraud or errors.
Calculate the amount a person would have to deposit today to be able to take out $500 a year for 10 years from an account earning 8 percent.
To calculate the amount that would need to be deposited today, we can use the present value formula:
Present Value = Payment / (1 + interest rate)^n
where Payment is the annual payment amount, interest rate is the interest rate per period, and n is the number of periods.
In this case, Payment is $500, interest rate is 8% per year, and n is 10 years. Plugging in these values, we get:
Present Value = $500 / (1 + 0.08)^10
Present Value = $500 / 2.158925
Using a calculator, we get:
Present Value = $231.38 (rounded to the nearest cent)
Therefore, a person would need to deposit $231.38 today in an account earning 8% per year to be able to withdraw $500 a year for 10 years.
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What type of purchase can require a consumer to have insurance for the product?
Automobile
O Kitchen tool
O Power drill
Television
Answer:
A consumer would typically be required to have insurance for an automobile purchase. Insurance for automobiles is usually mandatory and required by law in most countries. It provides financial protection in the event of an accident, theft, or other covered loss. This type of insurance is typically called car insurance or auto insurance.
Explanation:
For other products such as a kitchen tool, power drill, or television, insurance is generally not required. However, in some cases, such as for expensive electronics, consumers may choose to purchase extended warranty or protection plans to cover repair or replacement costs in the event of a covered loss.
