Neo-classical economic theories are consistent with the notion that the short-run aggregate supply curve may be vertical after all.
Which of the following results in a rightward shift in the aggregate supply curve over the short term?
Because firms can produce more output at all price levels with increased productivity, the SRAS curve moves to the right as productivity increases.
Since capital is one of the production factors, a decrease in the price of capital will result in a decrease in the production costs for businesses. The short-run aggregate supply therefore rises and moves to the right as the production cost decreases.
Therefore, The broad theory of neoclassical economics emphasizes supply and demand as the primary factors influencing the creation, valuation, and consumption of goods and services.
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Based on the following information, prepare a contribution margin income statement assuming the company uses variable costing. Annual production Sales price Variable production cost per unit Direct materials 50,000 units $40 per unit $10 3 Direct labor $25 per unit Manufacturing overhead Fixed production costs 12. $150,000 each year; $3 per unit at 50,000 units of production Variable selling and administrative cost $1 per unit Fixed selling and administrative cost $100,000 each year Sales: А. Var. Production В. Var Selling & Admin 50,000 1,300,000 Contribution Margin С. Fixed Expenses: Fixed Mfg Overhead 150,000 Fixed Selling & Admin 100,000 250,000 Net Income D.
The contribution margin income statement is mentioned along with the Operating profit of $450,000 in the first and second years.
What is an Income Statement?One of the three crucial financial statements used to describe a company's financial performance throughout a certain accounting period is the income statement. The balance sheet and the cash flow statement are the other two important statements.
The revenue, costs, profits, and losses incurred by a corporation over a specific time period are the main topics of the income statement. An income statement also referred to as the profit and loss (P&L) statement or the statement of revenue and expenses, offers important information about a company's operations, the effectiveness of its management, underperforming industries, and its performance in comparison to peers in the same industry. The revenue, expenses, profits, and losses are the four main components of the income statement. It does not distinguish between receipts in cash and those in other forms of payment or disbursement.
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suppose that a country's inflation rate increases sharply. What happen to the inflation tax on holders of money?
Money holders pay a higher inflation tax since their money rapidly depreciates in value. b) Because the real interest rate remains positive while the nominal interest rate is adjusted for inflation, wealth held in saves is not subject to the inflation tax.
A tax on nominal assets is exactly what the inflation tax is. the majority of the government. When debt is represented by non-indexed nominal assets, its value is diminished. A government that creates money to pay its deficit imposes an inflation tax as prices increase. The tax is paid by those who own nominal assets like money. Tax inflation exists because when governments print money to cause inflation, they typically benefit from it because they obtain a greater amount of real revenue and can lower the real value of their debt. One source of inflation is a commitment problem of a central bank wanting to use inflation to boost output.
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during the year, parvin sold 3,825 units of inventory at $41 per unit and incurred $18,900 of operating expenses. parvin currently uses the fifo method but is considering a change to lifo. all transactions are cash transactions. assume a 30 percent income tax rate. parvin started the period with cash of $175,100, inventory of $5,400, common stock of $156,000, and retained earnings of $24,500. Required a. Prepare income statements using FIFO and LIFO.
Even though Parvin currently employs the FIFO approach, he is thinking about switching to LIFO. Cash is the only payment method that is accepted. Consider a 30% income tax rate.
Why is the FIFO technique formula used?First-in, first-out (FIFO) calculations involve multiplying the cost of the eldest inventory by the number of items sold, although last, first-out (LIFO) calculations involve multiplying the price of the latest current inventory even by quantity of inventory marketed.
How does the FIFO approach work?The goal of FIFO (first in, either first or) inventory management is to value inventory to reduce the likelihood that the company would lose money when things go bad or become obsolete. In order to determine the cost of items sold, First out (last in, first out) stock control is preferable for nonperishable goods.
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To reduce market volatility, ________ require that a key computer is turned off so that program trading must be done "by hand" rather than automatically by computer.
A. ultra restraints
B. trading curbs
C. market stops
D. nutmeg halts
To reduce market volatility, B. trading curbs require that a key computer is turned off so that program trading must be done "by hand" rather than automatically by computer.
The most commonplace way to lessen volatility is to diversify a portfolio. a few traders will keep cash because it does now not song the equities market. An aggregate of ETFs and different index basket securities can help keep volatility low.
Volatility is an investment time period that describes whilst a market or security reports durations of unpredictable, and on occasion sharp, rate movements. Humans frequently think about volatility simplest while expenses fall, however, volatility also can seek advice from surprising price rises too.
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Changes in Market Indexes
The market index reached its lowest point in the year
Based on the market index, demand began to fall sharply in the year
The market index reached its lowest point in the year 2008 Based on the market index, demand began to fall sharply in the year 2008
What caused the market index to fall in the year 2008?The devaluation of mortgage-backed securities in the housing market was what precipitated the stock market meltdown of 2007–2008. The securities' value fluctuated when house values dropped due to frequent speculative trading.
On September 29, 2008, the stock market dropped 777.68 points. The largest point decrease in recorded history occurred at the time. Congress' initial failure to approve the bank bailout legislation, which would have stabilized the American financial system
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frank and diane want to buy a house. which of the following do they need before they purchase a house?
They need before they purchase a house is down payment. A down payment is a quantity of money that a buyer pays at the beginning of a pricey good or service purchase.
A down payment is a quantity of money that a buyer pays at the beginning of a pricey good or service purchase. A portion of the entire purchase price is covered by the down payment, and the buyer frequently takes out a loan to cover the balance.
In a financial transaction, such as the purchase of a property or car, a down payment is cash given up ahead.
Loans are frequently obtained by buyers to cover the remaining balance of the purchase price.
The more money the buyer puts down, the less they'll need to borrow to complete the deal, the lower their monthly payments, and the less interest they'll end up paying overall.
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FILL IN THE BLANK. in 2015, mary was paying $2000 in taxes. in 2016, she received a promotion which raised her income. her taxes in 2016 were $3000. this example illustrates the___income tax.
When a rival company doubles the volume of goods it sells, the price stays the same, doubling its overall revenue.
What factors influence a person's marginal tax rate?
Knowing the marginal tax rate
As a person's income rises in the tax bracket scale, the marginal tax rate system rises. It implies that a lower marginal tax rate will be applied on lower taxable dollar earnings. Taxes are assessed at a greater rate as taxable income moves up a tax bracket.
What is the quizlet's marginal tax rate?
The proportion of tax that is imposed to your income for each tax band for which you are eligible is known as the marginal tax rate.
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A firm with alliance management capability is able to effectively manage which of the following tasks? (Check all that apply.)Multiple select question.purchase of the alliance partneralliance design and governancepost-formation alliance managementpartner selection and alliance formation
Following tasks needed to be managed by alliance management:
Choosing of allies and establishment of alliancesAlliance design and governanceAdministration of alliances after establishment What is an alliance and how it is managed?Alliance: A cooperative economic connection between two or more parties that shares resources, knowledge, risks, rewards, and control in order to generate more value for their clients and own businesses than could be effectively done alone.
Alliance agreement: Contract between two or more organizations outlining the parameters of their alliance, such as shared duties, finances, goals, ownership and use of intellectual property, governance, etc.
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users with 'admin' permissions on the company level directory tool will have full 'admin' access to all of the tools in all of the projects in the account.
Users with 'admin' permissions on the company level directory tool will have full 'admin' access to all of the tools in all of the projects in the account. Thus, the statement is true.
What is a directory?A directory is a book that contains lists of facts, such as people's names, addresses, and phone numbers, or business names and addresses, usually in alphabetical order. For example, a telephone directory.
For a directory tool in a company, users with the admin permissions have the full access to all the tools in all the projects allocated in the company's account. Any other individual who do not have admin permission cannot access in all the tools of a project.
Therefore, the statement is true.
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Your question is incomplete, but most probably, the full question was,
True or False: Users with 'Admin' permissions on the Company level Directory tool will have full 'Admin' access to all tools across all projects in the account.
a bank has set a standard that mortgage applications be processed within eight days of filing. if, out of a sample of 1,000 applications, 35 fail to meet this requirement, what is the epmo metric, and how does it compare with a six-sigma level? use the six sigma excel template for your analysis. do not round intermediate calculations. round your answer for the epmo to the nearest whole number and the answer for the six-sigma level to two decimal places.
The EPMO metric will be 0.034 to compare with six-sigma level.
What is an EPMO?Program or portfolio management offices may sometimes be referred to as EPMOs. In addition to carrying out many of the same tasks as business project management offices, program management offices also handle all projects at once. Additionally serving as a point of contact for project managers and stakeholders, project management offices can provide pertinent information, status updates, and reports as required. In large firms, project managers are assisted with ongoing projects by an enterprise project management office, a strategic and administrative unit. They'll help make sure that all the technical parts of each task are standard and organized in addition to developing strategies to boost efficiency. The main distinction between project management offices and enterprise project management offices is perspective.
EPMO metric= No of applicants who fail to meet requirement/total number of applicants=85/2500=0.034
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if a buyer agrees to buy all the quantity she needs for a certain good but is unable to identify an exact amount, the uniform commercial code recognizes this as an enforceable contract.
If a buyer agrees to buy all the quantity she needs for a certain good but is unable to identify an exact amount, the uniform commercial code recognizes this as an enforceable contract .its true .
One of the Uniform Acts that have been enacted into law with the goal of harmonizing the legal framework governing sales and other commercial transactions in all 50 states, the District of Columbia, and the US Territories is the Uniform Business Code (UCC), which was first published in 1952. Although the majority of U.S. jurisdictions have succeeded in achieving this difficult goal, some have not implemented all of the UCC's provisions, while others have not adopted any at all. Furthermore, the implementation of the UCC varies greatly between U.S. jurisdictions. Sometimes, this difference can be explained by alternative terminology found in the official UCC.
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A Ground Fault Circuit Interrupter (GFCI) is designed to do which of the following? Select all that apply.
Detect when the current leakage is greater than 5 mA.
Protect people from severe and sometimes fatal electrocution by monitoring for electrical leakage to ground.
Interrupt the flow of electric current by tripping quickly enough to prevent electrocution from leakage
1Answer:1
Explanation:1
Which of the following statements is true of obtaining commitment from a buyer?
A. Even without a buyer's commitment, a sale can take place.
B. Obtaining commitment deals only with securing an order.
C. The process of obtaining commitment occurs only toward the end of any sales call.
D. If obtaining commitment fails for any reason, the salesperson should argue or show his disappointment to the prospect.
E. Salespeople gain commitment repeatedly, for instance, when checking to see whether the customer's entire needs have been identified.
When purchasing a dishwasher, a manager can tell if it is in compliance with the regulatory authority by:
a. looking for an NFS seal of approval or a certification from ANSI on the dishwasher
b. asking the salesperson to assure the dishwashers quality, reliability, and adherence to code
c. ensuring that the dishwasher's specifications adhere to commercial equipment requirements
d. searching for approved appliances on the OSHA website
The way that a manager can tell if a dishwasher is in compliance with the regulatory authority is by looking for an NFS seal of approval or certification from ANSI on the dishwasher. Therefore, the correct option is (A).
What is NFS Certification?NSF is a company that focuses on developing public health standards by creating certifications for goods used by the public. Therefore, every product that already has an NSF certification proves that the product has passed a series of tests and product tests that assess whether the product is safe and suitable for human use and also safe for the environment. For companies, NSF will also conduct an audit on the company to see the cleanliness of the company's production site. By looking at this certification, a manager can tell if the company's tools are in compliance with the regulatory authority.
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to supplement the auditors' assessments of the risk of material misstatements for the accounts payable assertions, auditors may need to obtain further evidence by
The auditor have to operate chance assessment processes that are adequate to furnish a practical basis for figuring out and assessing the dangers of cloth misstatement, whether or not due to error or fraud, 3 and designing similarly audit procedures.
Why do auditors pick out debts and associated assertions at danger of fabric misstatement?The objective of the auditor is to become aware of and determine the risks of cloth misstatement, whether or not due to fraud or error, at the financial report and assertion stages thereby supplying a basis for designing and enforcing responses to the assessed risks of fabric misstatement.
When an auditor finds a cloth misstatement and management does now not right it, the auditor have to consider the impact of the misstatement on the economic statements and decide whether or not it is integral to adjust his or her audit opinion.
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https://brainly.com/question/13450696#SPJ4Taylor owns and operates a store in a country experiencing a high rate of inflation. In order toprevent the value of money in her cash register from falling too quickly, Taylor sends anemployee to the bank four times per day to make deposits in an interest-bearing account thatprotects the store's revenues from the effects of inflation. This is an example oftheshoe-leather costs of inflation.
In an costs of inflation environment, prices will rise unevenly, inevitably reducing the purchasing power of some consumers. This reduction in real income is the greatest cost of inflation.
There are only two real costs of inflation in this economy. Inefficient management of transactions due to low currency balances and the need to change advertised prices more frequently (so-called menu costs).
Increased employment and higher wages will increase household incomes and lead to higher consumer spending, further increasing aggregate demand and providing room for firms to raise the prices of their goods and services. When this happens in a large number of companies and sectors, inflation will rise.
However, if other economic variables do not move exactly in sync with inflation, or if inflation adjusts with a time lag, inflation can create three kinds of problems: Unintentional redistribution of purchasing power. Difficulties in long-term planning.
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a hybrid business organization that combines the liability protection for owners of a corporation, is operated by a board of governors, and has the pass-through taxation of a partnership is:
A hybrid business organization that combines the liability protection for owners of a corporation, is operated by a board of governors, and has the pass-through taxation of a partnership is limited liability company (LLC)
A limited liability company (LLC) is a business structure in the U.S. that safeguards its proprietors from moral obligation regarding its obligations or liabilities. Limited liability company are cross breed elements that join the qualities of a company with those of an organization or sole ownership.
While the limited liability include is like that of an enterprise, the accessibility of move through tax collection to the individuals from a LLC is a component of an organization as opposed to a LLC.
A limited liability company is a business element and how much the organization's capital is recorded in the articles of affiliation. The organization's resources are isolated from the individual resources of the organization proprietor so they have their own resources. Everybody can have more than one offer which is confirmation of organization possession. Investors have restricted responsibility, in particular the quantity of offers possessed. On the off chance that the organization's obligation surpasses the organization's resources, the overabundance obligation isn't the obligation of the investors. On the off chance that the organization creates a gain, the benefit is dispersed by the specified circumstances. Investors will get a portion of benefits called profits, how much which relies upon the size of the benefits procured by the restricted responsibility organization.
Aside from coming from shares, LLC capital can likewise come from bonds. The benefit that bond proprietors get is that they sort out interest no matter what the benefit or loss of the limited liability company
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in many corporations, employees are being replaced by automated equipment in order to save money. however, many workers who lose their jobs to automation will need government assistance to survive, and the same corporations that are laying people off will eventually pay for that assistance through increased taxes and unemployment insurance payments.
The example raised by the question is a lovely one in which businesses replace workers due to automation brought on by scientific discoveries. These same corporations are now.
Which corporations do you mean?An organization called a corporation is one whose shareholders choose a directors to manage its operations. The corporation, not the shareholders, is responsible for the operations and financial health of the company.
What are corporations renowned for?Legally speaking, a company is an independent and different entity from its shareholders. Numerous the same legal responsibilities apply to corporations as they do to people. A corporation's limited liability policy protects its stockholders from being held reponsible for the company's debts.
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In the punctuated equilibrium model of temporary groups with finite deadlines, a transition occurs when the group has used up half its allotted time. After the transition a burst of changes occurs. The group drops old patterns and adopts new perspectives
According to the punctuated-equilibrium model, deadline-driven teams exhibit lengthy stretches of inertia, broken by rapid revolutionary changes that are mostly brought on by their members' awareness of time and deadlines.
Define punctuated equilibrium model of temporary groups.This particular course of action is employed by the Punctuated-Equilibrium Model of Temporary Groups with Deadlines (or inaction)
The group's direction is established at the first meeting.
2. Group activity begins with an inertia phase.
3. At the conclusion of the first phase, exactly when the group has used up half of its authorized time, a changeover takes place.
4. The transition ushers in significant changes
5. After the changeover, there is a second phase of inertia.
6. The group's most recent gathering was highlighted by noticeably increased activity.
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a time instrument is a draft that specifies a date range during which the payee may collect payment.
This statement is True. A time draft is an instrument that defines a specified future date under which the payee may collect payment. The time draft specifies the time period under which the payee can collect the payment. One does not have to pay immediately; it defines the future period for payment.
In the traditionally informed performance movement, musicians perform classical songs with the use of restored or replicated versions of the units for which it was originally written. Regular performances by such musicians are stated to be "on actual devices".
This article consists of a listing of such instruments within the EU subculture, along with both devices which can be now obsolete and early variations of units that endured for use in later classical songs. There are five predominant tool households: strings, woodwind, brass, keyboards, and percussion.
Time is one of the seven fundamental physical quantities in each worldwide machine of units (SI) and global system of portions. The SI base unit of time is the second, which is described by measuring the electronic transition frequency of cesium atoms.
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Complete Question:
a time instrument is a draft that specifies a date range during which the payee may collect payment.
A) True
B) False
compromise is a win-win conflict style because each person gets at least some of what they want. True/False
The statement is False. Compromise is a win-win conflict style because each person gets at least some of what they want.
When two humans make a compromise, they essentially agree to fulfill inside the middle. for example, Ann and David agree to go on a date. Ann wants to see a film, however, David might rather visit the seashore. ultimately, they agree to go out to dinner rather.
Compromising is an important tool, as it is used to make sure peaceful surroundings; this is seen as the delivery and take vital to create a balanced situation to stop a confrontation. it can help smooth over conflicts in a selection of conditions and settings. Compromise will promote collaboration between humans.
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Haruto Kawa, a Japanese citizen who works for Shin-Ro Corp. in Japan, has been asked to head the company's sales office in the United States. Upon taking the assignment, Haruto will be a(n) manager. Multiple Choice Ο O virtual Ο O expatriate Ο host-country Ο O repatriate Ο inpatriate
Haruto Kawa, a Japanese citizen who works for Shin-Ro Corp. in Japan, has been asked to head the company's sales office in the United States. Upon taking the assignment, Haruto will be an expatriate manager.
What is an Expatriate?
An expatriate (often abbreviated as an expat) is someone who lives outside their home country. In common usage, the term often refers to trained professionals, skilled workers, or artists who, either independently or sent abroad by their employer, serve in positions other than their home country. . However, the term expatriate is also used for retirees and those who choose to live outside their home country. Historically, it also refers to exiles.
Different uses of these terms for different groups of foreigners can be taken as indicators of nuances related to wealth, intended length of stay, motivation for migration, nationality, and even race. This has caused controversy, with some commentators claiming that the traditional use of the word "ex-pat" has racial connotations.
Haruto Kawa, a Japanese citizen who works for Shin-Ro Corp. in Japan, has been asked to head the company's sales office in the United States. Upon taking the assignment, Haruto will be an expatriate manager.
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The Will Company reported the following data for last year: $ 25,000 20,000 15,000 Decrease in the cash account Net cash provided by operating activities Net cash provided by investing activities Based solely on this information, the net cash provided (used) by financing activities on the statement of cash flows would be: a. $2,000 $b. (8,000)c. $(60,000) d. $(30,000)
Net cash provided by investing activities Based solely on this information, the net cash provided (used) by financing activities on the statement of cash flows would be $(60,000).
Hence, option C is correct
A net price is a projection of how much you and your family will actually have to pay each year to cover your education costs at a given college or career school. It is the cost of attendance at the university less any grants and scholarships you might qualify for.Start with the list price and add all applicable taxes and other governmental mandated fees to determine the net price. Then deduct any rebates, discounts, or prices that were negotiated.20,000 in cash flow from operational activitiesCapital raised by investment - 15,000Changes in the cash account (25000)Money from investment account created = (20000+15000+25000) (60000)This indicates that an overall outflow of $25,000 in the cash account results from a financing activity outflow of $60,000.To know more about net cost here
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A bank run occurs when:
too many people are trying to borrow more at one time.
many bank depositors are trying to withdraw their funds from the bank.
interest rates start to increase.
interest rates are higher than inflation rates.
The correct answer is several bank depositors are attempting to withdraw their funds from the bank. A bank withdrawal happens in an economy once several depositors attempt to withdraw their already deposited cash from the bank.
A bank withdrawal happens once giant teams of depositors withdraw their cash from banks at the same time support fears that the establishment can become insolvent. With additional individuals retreating cash, banks can spend their money reserves and ultimately find themselves defaulting.
A sudden rush of depositors seeking to withdraw funds from the banking industry. largely because of depositor's self-fulfilling expectations of bank's ability to pay back their deposits.
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the variable overhead efficiency variance measures the change in variable overhead consumption due to efficient or inefficient use of the activity driver used to assign overhead costs to products. t/f
It is true that the variable overhead efficiency variance measures the change in variable overhead consumption due to efficient or inefficient use of the activity driver used to assign overhead costs to products.
The term "variable overhead efficiency variance" refers to both the impact of the discrepancy between the actual manufacturing time and the projected manufacturing time. Variations in productive efficiency are the cause of it.
For instance, the actual number of labor hours required to produce a specific quantity of a product could be somewhat different from the expected or budgeted number of hours. One of the two parts of the total variable overhead variance is the variance in variable overhead efficiency; the other is the variance in variable overhead spending.
Variable overhead efficiency variance is expressed numerically as follows:
Where: VOEV=(ALHBLH)Hourly Rate
Variable overhead efficiency variance is VOEV.
Actual labor hours (ALH)
Budgeted labor hours = BLH
Hourly Rate = Overhead Rate for Standard Variable
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Division X: Capacity in units 200,000 200,000 Number of units being sold to outside customers 200,000 160,000 Selling price per unit to outside customers $90 $75 Variable costs per unit $70 $13 Fixed costs per unit (based on capacity) $60 58 Division Y: Number of units needed for production 40.000 $86 Purchase price per unit now being paid to an outside supplier 40,000 $74
The transfer price of selling division in first case is $87 and the transfer price of the selling division in second case is $60.
What is transfer pricing?Transfer pricing, in taxation and accounting, refers to guidelines and procedures for valuing the transactions within and between businesses that share ownership or control. Tax authorities can adjust intragroup transfer prices that are different from what unrelated businesses dealing at arm's length would have charged because cross-border controlled transactions have the potential to distort taxable income in many countries. Intragroup pricing guidelines based on the arm's-length principle are advised by the OECD and the World Bank, and 19 of the 20 G20 members have adopted equivalent measures through bilateral agreements and national laws, rules, or administrative practices. OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations are generally followed by nations that have transfer pricing legislation, though regulations can vary on some crucial details.
Case 1
Minimum Transfer Price = $70 - $3 + 40,000 / 40,000 x ($90 - $70)
= $87
Case 2
Minimum Transfer Price = $60 - $0 + $0
= $67
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shifting from an economy that relies primarily on oil and natural gas to one that focuses on sustainable sources of energy while maintaining full employment and price stability.
It empowers us to increase resilience, prosperity, and employment while reducing greenhouse gas emissions, waste, and pollution.
In the current system, we take resources from the Earth, turn them into products, and then eventually discard them as waste. Contrarily, in a circular economy, waste generation is avoided altogether. Our current take-make-waste system needs to be transformed on all levels, including resource management, product creation and consumption, and material disposal. Only then, and as long as we stay within the bounds of our planet, can we establish a healthy circular economy.
The circular economy equips us with the means to simultaneously address pressing social needs and the threat of biodiversity loss posed by climate change.
It empowers us to increase resilience, prosperity, and employment while reducing greenhouse gas emissions, waste, and pollution.
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Which of the following is a module of accounting software?
An accounting software module is called General Ledger Module. Accounts payable, trade receivables, and payroll are three modules used by accounting software to keep track of transactions.
General ledger: What is it?A general ledger (GL), a collection of numerical accounts, is used by an institution to track its financial transactions and produce financial reports. Each account is a distinct record describing a certain type of asset, liability, equity, profit, or expense.
Which five categories of the general ledger accounts are there?Money due to your company is represented by accounts receivable, an asset account. Accounts payable is an expenditure account for money that your company owes. Cash: Any liquid assets that your business possesses, such as owners' equity (an equity account). Sales or transactions affecting the inventory are considered an asset account.
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Which of the following entities can lead to double taxation, specifically that taxes are assessed against the same pool of money against both the business organization and the individual?
A. Corporation, sub (s)
B. Cooperative
C. Corporation, sub (c)
D. Limited Liability Company
Corporation entities can lead to double taxation, specifically that taxes are assessed against the same pool of money against both the business organization and the individual.
A corporation, also referred to as a C corp, is a separate legal entity from its owners. Corporations are able to generate revenue, pay taxes, and face legal consequences. The strongest protection against personal liability is provided to owners by corporations, although forming a corporation is more expensive than creating other types of entities. several business entity types. The majority of small firms in the United States incorporate under one of the following five entity types: sole proprietorship, partnership, C corporation, S corporation, or limited liability company (LLC). the various corporate and commercial structure kinds. S companies, C corporations, non-profit corporations, and LLCs are the most frequently mentioned types of corporations. However, there are many other business models.
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jim hackett experiences car troubles, so he calls aaa to transport it to ford's custom-repair shop. price is not discussed or negotiated, and jim hackett and aaa do not sign any documents. later, aaa sends jim hackett a bill. considering jim's obligation to pay the bill, this is
a, an implied contract. b.an express contract. c. no contract. d. an implied-in-law contract.
The answer is A. considering Jim's obligation to pay the bill, this is an implied contract.
An implied contract is a legitimately restricting commitment that gets from activities, lead, or conditions of at least one gatherings in an understanding. It has a similar lawful power as an express contract, which is an agreement that is willfully placed into and settled on verbally or recorded as a hard copy by at least two gatherings. The suggested agreement, then again, is accepted to exist, yet no composed or verbal affirmation is fundamental.
The principles underlying an implied contract are that no individual ought to get out of line benefits to the detriment of someone else, and a composed or verbal understanding isn't expected to get fair play.
An implied contract is in some cases hard to implement to enforce because proving the justice of the claim is a matter for argument, not a simple matter of producing a signed document
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