Answer:
is not attainable for this nation
Explanation:
The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.
The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.
Point outside the curve or to the right of the curve means that the production level is not attainable given the level of resources
Points inside the production possibilities curve means that the nations resources are not being fully utilised
Factors that cause the PPF to shift
1. changes in technology.
2. changes in available resources.
3. changes in the labour force.
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Pay $620 per month for 20 months and an additional $12,000 at the end of 20 months. The dealer is charging an annual interest rate of 24%. Make a one-time payment of $16,864, due when you purchase the car. 1-a. Determine how much cash the dealer would charge in option (a). (Round your answer to 2 decimal places.) 1-b. In present value terms, which offer is clearly a better deal
Answer:
1. In option (a), the dealer would charge $18,213.54.
b. In present value terms, the one-time payment (option (b) is a better deal for the purchaser.
Explanation:
a) Data and Calculations:
Monthly payment for a used car = $620
Payment period = 20 months
Additional payment at the end of 20 months = $12,000
Annual interest rate = 24%
One-time payment for the car purchase = $16,864
From an online financial calculator, the present value of the payments is:
N (# of periods) 20
I/Y (Interest per year) 24
PMT (Periodic Payment) 620
FV (Future Value) 12000
Results
PV = $18,213.54
Sum of all periodic payments = $12,400.00
Total Interest = $6,186.46
The following activities occur at Greenwich Corporation. a company that manufactures a variety of products.a. Various individuals manage the parts inventories.b. A clerk in the factory issues purchase orders for a job.c. The personnel department trains new production workers.d. The factory’s general manager meets with other department heads such as marketing to coordinate plans.e. Direct labor workers assemble products.f. Engineers design new products.g. The materials storekeeper issues raw materials to be used in jobs.h. The maintenance department performs periodic preventive maintenance on general-use equipment.Required:Classify each of the activities above as either a unit-level, batch-level, Product-level, or organizationsustaining activity.
Answer:
Product level activities have to do with the individual products themselves and issues concerning them.
Batch level activities are related to uses that concern a group of products including their sales and raw material acquisition.
Unit level activities are those that concern the production volumes of units and include direct materials and direct labor.
Organization sustaining or Facility level entails issues that relate to the general facility used in production and is more of an administrative measure.
Batch Level Activities
b. A clerk in the factory issues purchase orders for a job.
g. The materials storekeeper issues raw materials to be used in jobs.
Product Level Activities
a. Various individuals manage the parts inventories.
f. Engineers design new products.
Unit Level Activities
e. Direct labor workers assemble products.
Organization sustaining Level
c. The personnel department trains new production workers.
d. The factory’s general manager meets with other department heads such as marketing to coordinate plans.
h. The maintenance department performs periodic preventive maintenance on general-use equipment.
Using the money demand and money supply model, an open market purchase of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
Answer:
C. decrease
Explanation:
In the case when the money demand and the money supply model is used so the open market purchase would result the interest rate of equilibrium to decrease as if there is an open market purchase so it rise the money supply due to which the supply curve of the money move shiftward
Therefore the rate of interest should be decreased
Imagine you are reviewing a business plan. In which section of the business plan would you expect to find the answers to the following questions?
Question Financial Statements Marketing & Sales Management Service or Product Line
How much money will the owners invest in the business start-up?
How will the salespeople for this business be compensated?
What are the unique features of this business’s merchandise?
Answer:
Hence,
The money which the owners invest in the business start-up is by Financial statements.
The salespeople for this business be compensated is by Marketing & sales management.
The unique features of this business’s merchandise are by Service or product line.
Explanation:
Financial statements show how much money will the owners invest in the business start-up.
Marketing & sales management shows how will the salespeople for this business be compensated.
Service or product line shows What are the unique features of this business’s merchandise
Use the following tax rates and income brackets to answer the following question(s).
Tax Rate Individual Returns Joint Returns
10% $0 to $8,350 $0 to $16,700
15% $8,351 to $33,950 $16,701 to $67,900
25% $33,951 to $82,250 $67,901 to $137,050
28% $82,251 to $171,550 $137,051 to $208,850
33% $171,551 to $372,950 $208,851 to $372,950
35% Over $372,951 Over $372,951
Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
Answer: $18,836
Explanation:
Josh is in the $82,251 to $171,550 bracket so in calculating the taxes owed, we need to calculate the maximum taxes from the previous brackets to find Josh's taxes.
This is done as follows:
= (8,350 * 10%) + ( (33,950 - 8,350) * 15%) + ( (82,250 - 33,950) * 25%) + ( (89,700 - 82,250) * 28%)
= 835 + 3,840 + 12,075 + 2,086
= $18,836
Who's Candice?you get 61 points if you answer
Candice is a delightful young lady
Answer:
A strong ,courageous, beautiful , educated woman
Describe TWO ways in which the above law protects citizens against human
rights violations.
Answer:
1. Protection of Human Rights Act 1993: declares the rights pertaining to life, equality, liberty,and dignity of an individual that is guaranteed by the Constitution of India.
2. The Universal Declaration of Human Rights (UDHR)- declared by the United Nations General Assembly in the year 1948.
Explanation:
A company's perpetual preferred stock currently trades at $87.50 per share, and it pays an $8.00 annual dividend. If the company were to sell a new preferred issue, it would incur a flotation cost of 5.00% of the issue price. What is the firm's cost of preferred stock?
a. 8.25%
b. 9.14%
c. 8.69%
d. 9.62%
Answer:
9.62%
Explanation:
The firm cost of preferred stock can be calculated as follows
Dividend= $8
Price= $87.50
Floation cost= 5%
= 5/100
= 0.05
= 8/87.50(1-0.05)
= 8/87.50(0.95)
= 8/83.125
= 0.0962×100
= 9.62%
Hence the firm cost of preferred stock is 9.62%
KJ Pharma issues new bonds to fund an acquisition. The face value of the bond is $100 and annual coupon is 6.5%. Further, this bond matures in 20 years and is issued at a price of $105. Assuming KJ Pharma's tax rate is 30%, what is its After-Tax Cost of Debt
Answer:
4.24%
Explanation:
The computation of the after tax cost of debt is given below:
But before that we have to determine the before tax of debt by using RATE formula
Given that
Future value be $100
Present value be $105
PMT is $100 × 6.5% = $6.5
NPER is 20
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the before tax cost of debt is 6.06%
Now the after tax cost of debt is
= 6.06% × (1 - 0.30)
= 4.24%
Assume a pro rata reinsurance agreement with a 35% retention. Further assume a primary insurance contract with limits of $2,500,000, premiums of $20,000 and deductible $10,000. a)How much premium will the primary insurance company retain
Answer: $7000
Explanation:
Since there is a pro rata reinsurance agreement with a 35% retention, primary insurance contract with limits of $2,500,000, premiums of $20,000 and deductible $10,000, then the amount of premium that the primary insurance company will retain will be:
= Retention rate × Premium
= 35% × $20000
= 0.35 × $20000
= $7000
Identifying your sources will help you to establish credibility.
Question 6 options:
True
False
Answer:
True
Explanation:
Identifying your sources help your audience believe that your information is reliable.
The statement is True. Identifying your sources will help you to establish credibility.
You can increase your trustworthiness by: Being competent is being knowledgeable in your chosen subject. Giving accurate, verified facts is being honest. Responsibility for your choices and deeds.
Why is it important to establish credibility?
Credibility is a crucial quality since it has the power to change people's habits, attitudes, and behaviors. Therefore, if a business, its representatives, or its brand lack credibility, others will be less inclined to trust what is being said or taught, making communication pointless.
You must be regarded as a reliable source of information and judgment by your team members if you want to build credibility. However, when it comes to establishing credibility, deeds speak louder than words. For instance, you risk losing people's confidence if you don't keep your word or make poor decisions without a clear plan.
Thus, Three factors trustworthiness, expertise, and dynamism were taken into consideration while evaluating the people we were working with when only considering their credibility.
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A car dealer leases a small computer with software for $5,000 per year. As an alterative he could buy the computer for $7,500 and lease the software for $3,500 per year. Any time he would decide to switch to some other computer he could cancel software lease and sell the computer for $500.
If he buys the computer nad leases the software, what is the payback period?
a. 3 years
b. 4 years
c. 5 years
d. 6 years
If he kept the computer and software for 8 years, what would be the benefit-cost ratio, based on a 5% interest rate.
a. 1.5
b. 1.4
c. 1.3
d. 1.2
Answer:
1. The payback period is:
= 3 years
2. The benefit-cost ratio is:
= 1.1
Explanation:
a) Data and Calculations:
Leasing Computer Buying Computer &
with Software Leasing Software
Annual lease payment $5,000 $3,500
Cost of computer $7,500
Salvage value of computer $500
Usage period 8 years 8 years
Interest rate 5% 5%
Present value annuity factor 6.463 6.463
Present value factor for salvage 0.677
Present value of annuity $32,315 $29,782 ($22,621 + $7,500 - 339)
$22,782 = ($3,500 * 6.463 + $7,500 - ($500 * 0.677))
Benefit-cost ratio = $32,315/$29,782 = 1.1
Types of Financial Assets Match the description of the security to the type of financial asset. A security that provides a payoff that depends on the values of other assets. Multiple Choice equity security debt security derivative security None of these
Answer: Derivative security
Explanation:
Derivative security is referred to as the security that provides a payoff which depends on the values of other assets.
A derivative security is referred to as the financial instrument whereby the value depends on the value of another asset. There are different types of derivatives such as options, swaps, futures, and forwards. Example of derivative security is convertible bond.
Fraternity is protected under the ..
-Federal law
-Provincial law
-none of them
-Charter of rights and freedoms.
Fraternity is protected under the federal law.
As a social association, a Fraternity is protected with first amendment rights. The first amendment has a right to freedom of association while the fourteenth amendment offers equal protection rights.
A fraternity by definition are a group of people that have common interests. These interests could be religious or secular.
The first amendment offers protection to associations formed for speech, assembly, religion or to take care of grievances.
Therefore a fraternity is protected by Federal law.
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The demand for personal computers has been estimated to be Q = 500,000 – 700P +200I - 500S. Assume that per capita income I is $13,000 and the average price ofsoftware S is $400.When the price of personal computers is P = $3,000, the priceelasticity of demand is:________.a. –2.625b. –7.0c. –1.0d. –21.0e. –4.25
Answer:
The price elasticity of demand is: -2.625
Explanation:
Given
[tex]Q = 500000 - 700P +200I - 500S[/tex] --- the demand
[tex]I =\$13000[/tex] --- per capita income
[tex]S = \$400[/tex] --- average price of software
[tex]P = \$3000[/tex] --- price of computer
Required
The price elasticity of demand
Substitute values for I and S in: [tex]Q = 500000 - 700P +200I - 500S[/tex]
[tex]Q = 500000 - 700P +200*13000 - 500*400[/tex]
Collect like terms
[tex]Q = 500000 +200*13000 - 500*400- 700P[/tex]
[tex]Q = 2900000- 700P[/tex]
The price elasticity (n) is then calculated using:
[tex]n =\frac{P}{Q} * \frac{dQ}{dP}[/tex]
[tex]Q = 2900000- 700P[/tex]
Differentiate
[tex]\frac{dQ}{dP} = -700[/tex]
Calculate Q when [tex]P = \$3000[/tex]
[tex]Q = 2900000- 700*3000[/tex]
[tex]Q = 800000[/tex]
So, we have:
[tex]n =\frac{3000}{800000} * -700[/tex]
[tex]n =-\frac{3000* 700}{800000}[/tex]
[tex]n =-\frac{2100000}{800000}[/tex]
[tex]n =-\frac{21}{8}[/tex]
[tex]n =-2.625[/tex]
The price elasticity of demand is going to be –2.625.
The equation has
Q = 500,000 – 700P +200I - 500S.
p = $3,000
I = $13,000
S = $400
We have to put in these values in the equation that we have here:
Q = 500,000 – 700*3000 +200*13000 - 500*400
= 800000
We have to find dQ/dP= 500,000+200*13000 - 500*400 – 700P
= 2900000-700p
= -700p
The price elasticity =
-700*3000/800000
= -2.625
The price elasticity = -2.625
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Which of the following does NOT describe the front-end business practices of firms that respect the strategic roles of purchasing?
a. Product development is regarded as a front-end business practice.
b. Creativity does not require discipline.
c. Marketing in general is regarded as a front-end business practice.
d. High level of uncertainty is about the fact that people have to make important decisions and although they do not have all the relevant information they need.
e. Front-end business practices are discovery-driven in that they explore and create from what they do not know about.
Answer:
b. Creativity does not require discipline.
Explanation:
Front end business practice is the strategy to develop and progress business activities from customer perspective. It focusses on customer demand and then products are customized according to customer needs. Marketing efforts are placed to inform customers about the different features of the product.
Mark owns a driving range in New York City. He has taken notice of the three competitors who are located very close to his business. Mark decides to look at his competitors' pricing and then determine his best pricing strategy based on all of the information. In this scenario, Mark is utilizing ________.
Answer:
competitor-based pricing
Explanation:
Since in the given situation, it is mentioned that mark look to the competitor pricing and them measures it pricing startegy
So here Mark is utilizing competitor based pricing as the mark has decided the price that depend upon his competiton. It is mainly applied for those products who are almost same with the competitor products.
Therefore the above should be the answer for the given scenario.
Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.
Jun. 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock.
Jun. 2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.
Jun. 3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.
Jun. 4 The company paid $3,000 cash for the premium on an 18-month insurance policy.
Jun. 5 The company completed and delivered a set of plans for a client and collected $6,200 cash.
Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.
Jun. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.
Jun. 8 The company purchased $1,150 of additional office equipment on credit.
Jun. 9 The company completed engineering services for $22,000 on credit.
Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.
Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9.
Jun. 14 The company paid $1,200 cash for wages to a drafting assistant.
Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8.
Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment.
Jun. 23 The company paid $9,480 cash in dividends.
Jun. 28 The company paid $1,200 cash for wages to a drafting assistant.
Jun. 29 The company paid $2,500 cash for advertisements on the web during June.
Required:
Journalize the above entires.
Answer:
1 - Cash (Dr.) $100,000
Office equipment (Dr.) $5,000
Drafting equipment (Dr.) $60,000
Capital (Cr.) $165,000
2- Land (Dr.) $49,000
Cash (Cr.) $6,300
Long term notes payable (Cr.) $42,700
3- Portable building (Dr.) $55,000
Cash (Cr.) $55,000
4- Insurance premium (Dr.) $3,000
Cash (Cr.) $3,000
5- Cash (Dr.) $6,200
Service Revenue (Cr.) $6,200
Explanation:
6- Drafting equipment (Dr.) $20,000
Cash (Cr.) $9,500
Long term notes payable (Cr.) $10,500
7- Accounts Receivable (Dr.) $14,000
Service revenue (Cr.) $14,000
8- Office equipment (Dr.) $1,150
Accounts Payable (Cr.) $1,150
9- Accounts Receivable (Dr.) $22,000
Engineering Service (Cr.) $22,000
10- Cash (Dr.) $9,000
Accounts Receivable (Cr.) $9,000
11- Wages expense (Dr.) $1,200
Cash (Cr.) $1,200
12- Accounts Payable (Dr.) $1,150
Cash (Cr.) $1,150
13- Maintenance expense (Dr.) $925
Cash (Cr.) $925
14- Dividends (Dr.) $9,480
Cash (Cr.) $9,480
15- Wages expense (Dr.) $1,200
Cash (Cr.) $1,200
16- Advertising expense (Dr.) $2,500
Cash (Cr.) $2,500
Firm K is planning on merging with Firm L. Firm K currently has 5,500 shares of stock outstanding at a market price of $28 a share. Firm L has 500 shares outstanding at a price of $16 a share. The merger will create $600 of synergy. Firm K plans to offer a sufficient number of its shares to acquire Firm L at an acquisition cost of $8,200. How many total shares will be outstanding in the merged firm
Answer:
5,792 shares
Explanation:
Value of share of K = $28
Increase in value of share due to synergy = $600 / 5,500 shares
Increase in value of share due to synergy = $0.11
New share value = $28 + $0.11
New share value = $28.11
Number of shares to be issued = $8,200 / $28.11
Number of shares to be issued = 291.71
New shares of Firm K = 5,500 shares + 291.71 shares
New shares of Firm K = 5791.71 shares
New shares of Firm K = 5,792 shares
Labor power is a special commodity right or wrong?
Answer:
Right.
Explanation:
The labor market is as much a commodity as the materials are to be processed.
Labor power is a unique commodity in that it is a characteristic of living people who own it in their own bodies. They cannot permanently sell it to someone else because they own it within themselves; otherwise, they would be a slave, and a slave does not own himself.
If variances are recorded in the accounts at the time the manufacturing costs are incurred, what does a debit balance in Direct Materials Price Variance represent?
Answer:
unfavorable variance
Explanation:
In such situation, a debit balance in Direct Materials Price Variance represents
unfavorable variance. This is an accounting term that explains situations when the actual cost of the project is higher than the standard or projected cost.
It means that the actual price at which the materials are bought is higher than the standard price / budgeted price / estimated price and therefore, more amount has to be paid than expected.
Explain the 5 marketing objectives?
Answer:
creation of demand
customer satisfaction
market share
generation for profits
public image
For each of the following cases, calculate the arc price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic.
a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.
b. When the price of paperback books falls from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
c. When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1,000 to 950.
Answer:
a. Arc price elasticity of demand = - 1. The demand is unit elastic.
b. Arc price elasticity of demand = - 5.40. The demand is elastic.
b. Arc price elasticity of demand = - 0.54. The demand is inelastic.
Explanation:
The formula for calculating arc price elasticity of demand is as follows:
Arc price elasticity of demand = Percentage change in quantity demanded / Percentage change in price ................ (1)
Where, based on the arc price elasticity of demand, we have:
Percentage change in quantity demanded = {(New quantity demanded - Old quantity demanded) / [(New quantity demanded + Old quantity demanded) / 2]} * 100
Percentage change in price = {(New price - Old price) / [(New price + Old price) / 2]} * 100
Therefore, we have:
a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.
Percentage change in quantity demanded = {(90 - 100) / [(90 + 100) / 2]} * 100 = -10.5263157894737%
Percentage change in price = {(2.50 - 2.25) / [(2.50 + 2.25) / 2]} * 100 = 10.5263157894737%
Substituting the values into equation (1), we have:
Arc price elasticity of demand = -10.5263157894737% / 10.5263157894737% = - 1
Since the absolute value of the arc price elasticity of demand is equal to 1, it implies that the demand is unit elastic.
b. When the price of paperback books falls from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
Percentage change in quantity demanded = {(150 - 100) / [(150 + 100) / 2]} * 100 = 40%
Percentage change in price = {(6.50 - 7.00) / [(6.50 + 7.00) / 2]} * 100 = -7.40740740740741%
Substituting the values into equation (1), we have:
Arc price elasticity of demand = 40% / -7.40740740740741 = - 5.40
Since the absolute value of the arc price elasticity of demand is equal to 5.40 which is greater than 1, it implies that the demand is elastic.
c. When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1,000 to 950.
Percentage change in quantity demanded = {(950 - 1000) / [(950 + 1000) / 2]} * 100 = -5.12820512820513%
Percentage change in price = {(550 - 500) / [(550 + 500) / 2]} * 100 = 9.52380952380952%
Substituting the values into equation (1), we have:
Arc price elasticity of demand = -5.12820512820513% / 9.52380952380952% = - 0.54
Since the absolute value of the arc price elasticity of demand is equal to 0.54 which is less than 1, it implies that the demand is inelastic.
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 8 pounds $ 1.80 per pound $ 14.40 Direct Labor 0.25 hour $ 8.00 per hour 2.00 $ 16.40 During November, TaskMaster purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,000 direct labor hours. What is the direct labor rate variance for November
Answer:
The direct labor rate variance for November is $34,200
Explanation:
To find out the direct labor rate variance, we have to multiply the actual standard rate of direct labor into actual hours of direct labor used
Standard hourly rate of direct labor hour = $14.40
Actual direct labor hours = 5,000
Standard direct labor cost
= 5,000 × $14.40
= $72,000
Total factory wages are $42,000 in which direct labor is 90%
= $42,000 × 90%
= $37,800
Actual direct labor cost = $37,800
Therefore,
Direct labor rate variance = Standard direct labor cost - Actual direct labor cost
Direct labor rate variance
= $72,000 - $37,800
= $34,200
Why should you stay organized when doing a research paper
Answer:
cuz if u don't stay organized then the information may lost
Answer:
Staying organized is one of the most important skills when a student first learns
how to write a research paper. It will help your stress levels as well as make the writing process go much faster.
What is one of the key phases of procurement processes that employ competitive bidding mechanisms?
Weekly demand figures at Hot Pizza are as follows:
Week Demand($)
1 108
2 116
3 118
4 124
5 96
6 119
7 96
8 102
9 112
10 102
11 92
12 91
Using the Hot Pizza weekly demand figures provided, estimate demand for Week 4 to Week 12 by using a 3-week moving average as well as simple exponential smoothing with α = 0.2. Evaluate the MAD, MAPE, MSE, bias, and TS in each case. Which of the two methods do you prefer? Why? Include all calculations as well as your narrative explanation and summary.
Answer:
MAD: 10.04, 11.53
MAPSE: 10% , 12%
MSE : 146.33, 178.72
Bias : -0.56 , -0.96
3-week moving average method is better
Explanation:
i ) Evaluate MAD ( average of absolute errors )
using 3 week moving average
= 10.04
using simple exponential smoothing
= 11.53
ii) MAPSE ( average of absolute percentage error )
using 3 week moving average
= 10%
using simple exponential smoothing
= 12%
iii) MSE ( average of Squared Errors )
3 week MV = 146.33 , Simple exponential smoothing = 178.72.
iv) Bias
3 week MV = -5/9 = -0.56, Simple exponential smoothing = -8.69/9 = -0.96.
v) TS ( Total error / MAD )
3 week MV = -5 / 10.04 = -0.49 ,
simple exponential smoothing = -8.69 / 11.53 = -0.75
b) I prefer 3-week moving average based on the values of MAD , MAPE, MSE, bias and TS which shows that there is a better estimate when using the 3 -weeks moving average.
Attached below is the Tabular calculations of the required parameters for the question
What are the desirable personal characteristics, attributes, lifestyles, skills, and traits of a prospective entrepreneur? Why are these important?
Answer:
The answer is below
Explanation
1. There are various desirable personal characteristics, attributes, lifestyles, skills, and traits of a prospective entrepreneur, some of them include
Competency,
Hardworking,
Risk-taking
Innovation
Perception
2. These characteristics or attributes of an entrepreneur are important because they guide and lead the entrepreneur in making the right decision. It also helps entrepreneurs to solve issues like conflicts, hire and fire where necessary, etc.
The prepaid insurance account had a beginning balance of $7,560 and was debited for $810 for premiums paid during the year.
Required:
Journalize the adjusting entry required at the end of the year.
Answer: See explanation
Explanation:
Debit Insurance Expenses = $8370
Credit Prepaid insurance = $8370
(To record insurance expense for the current year)
Note that:
Opening prepaid Insurance = $7560
Add: Insurance premium = $810
Insurance expense = $8370
Wallaby Kite Company, a small Melbourne firm that sells kites on the Web, wants a master budget for the three months beginning January 1, 2012. It desires an ending minimum cash balance of $20,000 each month. Sales are forecast at an average wholesale selling price of $8 per kite. Merchandise costs average $4 per kite. All sales are on credit, payable within 30 days, but experience has shown that 60 percent of current sales are collected in the current month, 30 percent in the next month, and 10 percent in the month thereafter. Bad debts are negligible.
In January, Wallaby Kite is beginning just-in-time (JIT) deliveries from suppliers, which means that purchases will equal expected sales. On January 1, purchases will cease until inventory decreases to $24,000, after which time purchases will equal sales. Purchases during any given month are paid in full during the following month. Monthly operating expenses are as follows:
Wages and salaries....$60,000
Insurance expired...........500
Depreciation.................1,000
Miscellaneous.............10,000
$1,000/month + 10% of quarterly sales over
Rent...........................$40,000
Cash dividends of $6,000 are to be paid quarterly, beginning January 15, and are declared on the 15th of the previous month. All operating expenses are paid as incurred, except insurance, depreciation, and rent. Rent of $1,000 is paid at the beginning of each month, and the additional 10 percent of sales is paid quarterly on the 10th of the month following the end of the quarter. The next rent settlement date is January 10.
The company plans to buy some new fixtures for $12,000 cash in March.
Money can be borrowed and repaid in multiples of $2,000. Management wants to minimize borrowing and repay rapidly. Simple interest of 10 percent per annum is computed monthly but paid when the principal is repaid. Assume that borrowing occurs at the beginning, and repayments at the end, of the months in question. Compute interest to the nearest dollar.
Answer:
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Explanation:
