At the beginning of the year, Kellard Manufacturing had a credit balance in its allowance for doubtful accounts of $6,307.
During the year Kellard made credit sales of $890,000, collected receivables in the amount of $812,000, wrote off receivables in the amount of $31,425, and recorded bad debt expense of $33,750.What is the ending balance in Kullerud's allowance for doubtful accounts?The balance for Allowance for Doubtful Accounts at the beginning of the year is $6,307.Kellard's bad debt expense is $33,750.
Kellard's write-offs are $31,425, and Kellard's collection of receivables is $812,000.We can calculate the ending balance in Kellard's allowance for doubtful accounts using the following formula: Ending balance in Allowance for Doubtful Accounts = (Beginning balance in Allowance for Doubtful Accounts + Bad Debt Expense) - Write-Offs The ending balance in Kellard's allowance for doubtful accounts is as follows:$6,307 + $33,750 - $31,425 = $8,632Therefore, the ending balance in Kellard's allowance for doubtful accounts is $8,632.
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an outside supplier has offered to sell 35,000 units of part s-6 each year to han products for $23 per part. if han products accepts this offer, the facilities now being used to manufacture part s-6 could be rented to another company at an annual rental of $85,000. however, han products has determined that two-thirds of the fixed manufacturing overhead being applied to part s-6 would continue even if part s-6 were purchased from the outside supplier.
The following is the HTML formatted answer for the given question: An outside supplier has offered to sell 35,000 units of part S-6 each year to Han Products for $23 per part.
If Han Products accepts this offer, the facilities now being used to manufacture part S-6 could be rented to another company at an annual rental of $85,000. However, Han Products has determined that two-thirds of the fixed manufacturing overhead being applied to part S-6 would continue even if part S-6 were purchased from an outside supplier.
The total relevant cost for buying part S-6 from the outside supplier would be $ (Round off to the nearest dollar)The fixed manufacturing overhead expenses would not differ in case Han Products agrees to purchase part S-6 from the outside supplier.
It indicates that these overheads are irrelevant for the decision. It is better to rent out the facility at an annual rental of $85,000 after accepting the offer. Only the variable cost is relevant in making the decision. The relevant cost, in this case, is the cost of purchasing the 35,000 units of part S-6 from the outside supplier. Therefore, the total relevant cost for buying the part S-6 from the outside supplier would be:$23 x 35,000=$805,000.
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in terms of cost allocation, the overhead amount to be allocated is known as the group of answer choices cost driver cost pool fixed costs budgeted costs
Regarding cost allocation, the amount of overhead to be allocated is called the ''cost pool''.
What is cost allocation?Cost allocation refers to the method of dividing up and assigning the expenses or costs of a business across its various departments or products. This process can be used to assign expenses from a common cost pool to individual cost objects, making it easier to manage budgets and monitor performance.
Cost allocation necessitates the identification of activities that generate overhead costs and the allocation of those costs to each product or service produced. Cost allocation necessitates the use of a cost pool, which is a collection of indirect costs that are distributed to various cost objects.
In conclusion, the correct answer is ''cost pool''
The full question is:
In terms of cost allocation, the overhead amount to be allocated is known as:
- Cost driver
- Cost pool
- Cost fixed
- Cost budgeted
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Which one of the following IS a factor in determining a company's action camera sales and market share in a particular geographic region? A. Whether the company has a minimum of 5 models in its lineup of camera offerings B. How many extra performance features it has incorporated into its action cameras C. Whether the company's compensation for PATs assembling action cameras is above/below the industrywide average D. The number of production assembly teams a company is using to assemble action cameras at its camera assembly facility in Taiwan E. Whether the company's spending on camera advertising in a given region is above/below the regional average level of spending on camera advertising
The factor in determining a company's action camera sales and market share in a particular geographic region is E) "whether the company's spending on camera advertising in a given region is above/below the regional average level of spending on camera advertising."
What's market shareMarket share is the percentage of sales revenue generated by a business that is achieved by a certain product or service. It calculates the percentage of a given market that a product, service, or company controls or plans to control.
Companies strive to acquire greater market share, and in order to accomplish that, they frequently employ strategies to better compete with rival businesses. Factors that influence market share include price, market demand, accessibility, and customer service, among others.
A company's marketing expenditure has a significant influence on its action camera sales and market share in a specific geographic region. Companies that invest more money in marketing their action cameras than their rivals in the same region are more likely to gain market share and increase their sales revenue.
This is why spending on camera advertising is an essential factor in determining a company's action camera sales and market share in a particular geographic region.
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reverse logistics: group of answer choices calculates total delivery cost from customer to producer is the return of goods is easily automated is always done by a company's carrier selection is best applied to small diverse markets
Reverse logistics is the process of returning goods from the customer to the producer.
This process includes calculating the total delivery cost, which can easily be automated. However, it is not always done by a company's carrier selection, and is best applied to small, diverse markets.
For example, if a customer returns an item from a small store, a reverse logistics system could be used to ensure the return is handled efficiently.
The system would calculate the delivery cost and the producer could manage the return easily.
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Please complete that statements below to indicate how GDP and living standards are affected in each scenario. a. If unpaid housework were formalized in GDP, GDP woould ___, and living standards would ___
b. Given improved production technologies, GDP would ___ and living standards would ___
c. Suppose the black market shrinks because firms shift to the formal sector, but production remains the same. GDP would ____ and living standards would ___
d. If workers worked less but produced the same amount, GDP would ___ and living standards would ___
e. If volanteers cleaned a river used for swimming, GDP would ___ and living standards would and living ___
f. Assume people dislike inequality. If income inequality decreases, GDP would ___ and living standards would ___
If unpaid housework were officially included in GDP, GDP would rise and it would appear that living standards would improve. GDP would rise as a result of more advanced production technology, and living standards may possibly rise.
What is the most accurate metric to use when comparing standards of living around the globe?We use a metric known as GDP per capita to evaluate the standard of living in each nation. By creating and offering items and services for sale, people earn their living.
What signs of a high standard of living are there?A society's standard of life is determined by easy-to-quantify factors like income, employment opportunities, the price of goods and services, and poverty. Life expectancy, the rate of inflation, and the number of paid vacation days that people receive each year are also included on the list.
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if an auditor includes an emphasis-of-matter paragraph to draw users' attention to a matter relevant to the users' understanding of the financial statements of a nonissuer, then the auditor should
If an auditor includes an emphasis-of-matter paragraph to draw users' attention to a matter relevant to the users' understanding of the financial statements of a non-issue, then the auditor should be in compliance with the Statements on Auditing Standards (SASs).
Auditor compliance with Statements on Auditing Standards (SASs) is required by the American Institute of Certified Public Accountants (AICPA) professional association. For example, an auditor's emphasis-of-matter paragraph is added to the audit report in situations when the auditor concludes that management's financial statements are fairly stated, but a significant event or matter is important to the financial statements' users' comprehension.
When an auditor makes reference to a matter that is not consistent with the client's financial statements, the auditor should not use an emphasis-of-matter paragraph to highlight the issue. In summary, the auditor must be in accordance with SASs when adding an emphasis-of-matter paragraph to the audit report.
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bonds that are secured by personal property are called a. chattel mortgage bonds. b. first mortgage bonds. c. second mortgage bonds. d. debentures.
Bonds that are secured by personal property are known as Chattel Mortgage Bonds. The correct option is chattel mortagage.These bonds use personal property as collateral for the loan and are used to obtain funds when there is no other collateral available.
What is a chattel mortgage bond?One kind of bond that is backed by real estate is a chattel mortgage bond. Personal property is any type of property that is movable. The collateral for a chattel mortgage bond is often equipment, inventory, or other movable assets. If the bond issuer defaults on the bond, the bondholders can seize and sell the collateral to recover their investment.
Therefore the correct option is a chattel mortgage
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Produce a list of all customers who live in the state of Florida and have ordered books about computers.a)SELECT DISTINCT c.lastname, c.customer#FROM books b, orders o, orderitems i, customers cWHERE c.customer# = o.customer#AND o.order# = i.order#AND i.isbn = b.isbnAND c.state = 'FL'AND b.category = 'COMPUTER';b)SELECT DISTINCT c.lastname, customer#FROM books b JOIN orderitems USING (isbn)JOIN orders USING (order#)JOIN customers c USING (customer#)WHERE c.state = 'FL'AND b.category = 'COMPUTER';
Both of the queries above can be used to produce a list of all customers who live in the state of Florida and have ordered books about computers.
The first query uses explicit join operations to join the books, orders, orderitems, and customers tables together, while the second query uses the USING keyword to perform implicit join operations. Both queries accomplish the same goal.
An SQL query is used to retrieve data from a database. The query consists of several clauses, including the SELECT, FROM, WHERE, and JOIN clauses. The SELECT clause is used to specify which columns from the database to retrieve. The FROM clause is used to specify which tables in the database to retrieve data from.
The WHERE clause is used to filter the results by specifying a condition. The JOIN clause is used to join multiple tables together. It can be either explicit or implicit.
An explicit join uses the JOIN keyword, while an implicit join uses the USING keyword. Both of the queries above accomplish the same goal of retrieving a list of customers from the database who live in the state of Florida and have ordered books about computers.
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alaina anticipated some controversy getting managers from different functional teams to agree on the best course of action. she convened the managers face-to-face, and after presenting the issue at hand, gave them each 30 minutes to jot down their ideas and solutions. after discussing each idea in turn, each manager ranked the solutions and the one with the highest ranking was selected. alaina used to facilitate the decision making. group of answer choices the delphi technique production blocking brainstorming the nominal group technique the illusion of control
Alaina convened the managers face-to-face and used the nominal group technique to facilitate the decision-making process.
The nominal group technique is a structured decision-making method that encourages participants to generate a variety of possible solutions to a specific problem or question. A group of individuals is brought together to accomplish a common goal by using this method. Participants work individually in silence to create a list of suggestions or solutions, which they then share with the group.
This technique was created as a more effective alternative to traditional brainstorming sessions that are often plagued by production blocking. To encourage active participation, Alaina presented the issue at hand and gave the managers each 30 minutes to jot down their ideas and solutions. After discussing each idea in turn, each manager ranked the solutions and the one with the highest ranking was selected.
As a result, Alaina convened the managers face-to-face and used the nominal group technique to facilitate the decision-making process.
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big wave entertainment is a newly-opened computer game developer. although the company creates quality computer games, no intermediary will agree to distribute their products. in order to get its games to consumers, big wave may need to create a(n) distribution system.
In order to get its games to consumers, Big Wave Entertainment may need to create a direct distribution system.
A direct distribution system involves selling products directly to the end user without the use of intermediaries such as distributors or retailers. This approach allows the company to have more control over the distribution process and to establish a direct relationship with its customers. However, it can also be more costly and time-consuming than using intermediaries.
Alternatively, Big Wave Entertainment may consider other options such as licensing its games to other developers or partnering with an established distributor.
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When household debt levels rise:
a. the ability to get more credit rises.
b. families are less able to spend in the current period.
c. investment levels rise.
d. tax payments will be higher.
e. none of the above
When household debt levels rise, families are less able to spend in the current period. Option B.
What is debt?Debt is an amount of money owed by one person, organization, or country to another. Debt may have been incurred as a result of borrowing money, as in the case of credit cards, mortgages, or personal loans, or as a result of a trade or service received, such as unpaid bills or taxes that are due.
What is household debt?
Household debt is the total amount of money owed by households or consumers in a particular country or area. Household debt includes all types of consumer loans and mortgages. The rise in household debt is one of the primary causes of economic recession.
However, when the amount of household debt increases, it can lead to a decrease in consumer spending as households struggle to pay back their loans and interest charges.
In conclusion, when household debt levels rise, families are less able to spend in the current period. The right answer is Option B.
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1) The board of directors for a regional trucking company is comprised of a chairman/CEO, a president, two executive vice presidents, and 13 additional executives; all of whom are
Multiple Choice
• trustees.
• external stakeholders.
• inside directors.
• private investors.
The board of directors for a regional trucking company is comprised of "inside directors", including the chairman/CEO, president, two executive vice presidents, and 13 additional executives. Thus, Option C is correct.
Inside directors are individuals who are part of the company's management team and hold executive positions. They are responsible for making important decisions regarding the company's operations and strategy. In contrast, outside directors are independent individuals who are not affiliated with the company's management team.
The use of inside directors on a company's board can provide valuable expertise and knowledge of the company's inner workings. However, it can also raise concerns about potential conflicts of interest, as inside directors may prioritize the interests of the company's management team over those of shareholders. Thus, Option C holds true.
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Which of the following BEST describes horizontal integration?the economic development of flatlands in the American westa company owns all the businesses that supply it with raw goods and necessary serviceswhen the government lets businesses operate without restrictionsa company acquires similar competing businesses and merges them into a single entity
According to the given choices of alternatives, it may be said that when companies acquire similar and competing businesses and merges them into a single entity, it best describes horizontal integration. Therefore, the option D holds true.
The concept of horizontal integration may be generally taken into perspective of understanding as the type of integration, wherein the company grows by expanding its scope of business operations to a wider network without entering into a newer industry. An ideal way for the companies to perform horizontal integration is through acquisition and merger of entities.
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Complete question
Which of the following BEST describes horizontal integration?
the economic development of flatlands in the American west
a company owns all the businesses that supply it with raw goods and necessary services
when the government lets businesses operate without restrictions
a company acquires similar competing businesses and merges them into a single entity
Une 2019 mexican peso futures contract has a price of $0. 05182 per mxn. You believe the spot price in june will be 0. 05821 per mxn. A. What speculative position would you enter into to attempt to profit from your beliefs? multiple choice short position long position b. Calculate your anticipated profits, assuming you take a position in three contracts. (do not round intermediate calculations. Round your answer to the nearest whole number. ) c. What is the size of your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes? (a negative value should be indicated with a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number. )
For a speculative position, it is good to attempt a long position to attempt to profit from your beliefs. The Anticipated profit is $1,917.
A. I would enter into a long position to attempt to profit from your beliefs.
B. To calculate anticipated profits, first we would calculate the profit per contract:
Profit per contract = (spot price - futures price) x contract size
Future price = 0.05182 per mxn
Spot rate = 0.05821 per mxn
Contract Size = 100,000(assume)
Profit per contract = (0.05821 - 0.05182) x 100,000
= $639
Then, for three contracts the anticipated profits are:
Anticipated profits = profit per contract x number of contracts
Given the number of contracts = 3
= $639 x 3
= $1,917
Therefore the Anticipated profit is $1,917.
C. The futures price is an unbiased predictor of the future spot price and if the spot price materializes, your profit or loss would be zero your long position would balance of profit or losses from the spot price. So your profit in this case would be $0.
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lean startup utilizes minimum viable products to test the new product ideas very quickly. true false
The given statement "lean startup utilizes minimum viable products to test the new product ideas very quickly" is true. This is because the lean startup methodology involves developing and testing a minimum viable product (MVP) in order to validate a new product idea as quickly as possible.
What is Lean Startup?The Lean Startup methodology is a business approach that emphasizes rapid experimentation and a systematic approach to product development. The Lean Startup concept was popularized by Eric Ries in his book, The Lean Startup. Instead of relying on traditional business planning and forecasting methods, the Lean Startup approach involves quickly building and testing an MVP to determine if a new product or service idea is viable. If the MVP is successful, the company can then focus on scaling and growing the product or service. If the MVP is not successful, the company can pivot or abandon the idea before investing too much time and resources into it.
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When Frank sells a pie to Jean instead of Sarah, the economic value created in society is lower because of the difference in Multiple Choice reservation price. production costs. consumer surplus. producer surplus. purchase price.
The economic value created in society is lower when Frank sells a pie to Jean instead of Sarah because of the difference in reservation price.
The reservation price is the amount the buyer is willing to pay for the good, and the amount the seller is willing to accept. When the sale is made to Jean, the price is lower than if it was made to Sarah, so the economic value is lower.
The reservation price is the maximum amount the buyer is willing to pay for a good and the minimum amount the seller is willing to accept. When Frank sells the pie to Jean instead of Sarah, the price is lower than if he sold it to Sarah.
This means the economic value created in society is lower because the price paid is lower than what Sarah was willing to pay. This lower price means that the consumer surplus is lower, which is the difference between what a consumer is willing to pay for a good and the price that is actually paid.
The same is true for producer surplus, which is the difference between what the producer is willing to accept for a good and the price that is actually paid. The lower reservation price leads to lower economic value for society overall.
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horizontal scope refers to the ___multiple choice
a. range of activities that the firm performs internally.
b. range of product and service segments that a firm can serve within its focal market. c. extent to which a firm engages in the various activities from initial activities all the way to after-sales activities. d. decision to outsource or insource certain processes of a company. e. extent to which strategic alliances and partnerships are used.
Horizontal scope refers to the range of product and service segments that a firm can serve within its focal market.
Horizontal scope refers to the range of products and services that a firm can serve within its focal market. This helps the company to obtain additional resources from the existing resources the company already has. Horizontal scope helps a company to capitalize on its internal strengths and external opportunities. This strategy is employed when there are no major possibilities for vertical expansion.
To stay competitive in the market, a company should have an accurate understanding of its horizontal scope, which may include product and service extensions, new channels to market, or new geographic markets, among other factors. The horizontal scope is determined by the market potential and the value chain activities that the company performs internally. Therefore, a company's horizontal scope depends on its resources and competitive advantage. Option B is the correct answer.
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Lonnie Flanagan's weekly gross pay is $1,250. Each week she has $64.37 in deductions, plus state tax of 2% of her gross pay, Social Security taxes of 6.2%, and Medicare taxes of 1.45%. What is her net pay?
The weekly gross salary for Lonnie Flanagan is $1,250. She deducts $64.37 from her paycheck each week in addition to the 2% state tax, 6.2% Social Security tax, and 1.45% Medicare tax. Her net pay was $1065.
How are net and gross salaries different?When all payroll deductions from an employee's gross pay have been made, the remaining pay is referred to as their net pay.
Once insurance, provident funds, and other costs have been covered, the remaining sum belongs to the employee. Among of the elements that go into calculating the gross sum include the House Rent Allowance, Conveyance Allowance, and Medical Allowance. A few of the elements that make up net income are income taxes, professional taxes, provident funds, pensions, and others.
Her salary will be:
= Gross pay - Deduction - Tax - Social security - Medicare
= $1,250 - $64.37 - (2% × $1250) - (6.2% × $1,250) - (1.45% × $1,250)
= $1,250 - $64.37 - $25 - $77.50 - $18.125
= $1,065
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If the price index increases from 120 to 130 then the inflation rate during the past year was 10%. True or False
True. If the price index increases from 120 to 130, then the percentage change in the price index is (130-120)/120 = 0.0833 or 8.33%. When expressed as a percentage, the inflation rate is 10%.
The percentage change in the price index during a certain time period is used to determine inflation rate. The price index's starting value may be subtracted from its final value, and the result can then be divided by the original value to get the percentage change. In this instance, the price index's beginning value is 120 and its end value is 130. Hence, (130-120)/120 = 0.0833 or 8.33% is the percentage difference. We increase this by 100 to convert it to a percentage, yielding an inflation rate of 10%. This indicates a 10% rise in price throughout the time period.
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A grocery store owner is interested in the average diameter of the chicken eggs that they sell. She takes an SRS of 48 chicken eggs from a grocery store and finds the mean diameter to be 42.3 mm with a standard deviation of 1.5 mm. i. What is the parameter of interest? [Select] ii. What type of inference should be used to estimate the average diameter of the chicken eggs that they sell? [Select] iii. What type of inference should be used to determine whether the average diameter of the chicken eggs that they sell is 42 mm as it should be? [Select]
The parameter of interest is the average diameter of the chicken eggs that the grocery store sells.
To estimate the average diameter of the chicken eggs that the grocery store sells, the type of inference used should be a point estimate, or a single value from the sample that is used to estimate the population parameter.
To determine whether the average diameter of the chicken eggs that the grocery store sells is 42 mm as it should be, the type of inference used should be a hypothesis test, which is used to determine whether the sample data supports or rejects the stated hypothesis.
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What do you think was the reasons of Ms. Sagrado in coming up with a pot as business?
You must speculate as to Ms. Sagrado's motivations for starting a marijuana-related business because she didn't anticipate the success of her venture and appears to be overjoyed about it in the paragraph.
Business, finance, marketing, sales, and human resources entry-level positions can be attained with a bachelor's degree in entrepreneurship. They also offer the entrepreneurial abilities required to launch a business.
Your best work, service to others, and Conditions that are helpful include interesting work that allows you to experience "flow," encouraging coworkers, the absence of significant drawbacks like unjust compensation, and a job that suits your own schedule.
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the price of a case of ball bearings is $60. seeing that the company can't make a profit, the company's chief executive officer (ceo) decides to shut down operations.
(a) What is the firm's profit in this case?
It was a wise decision.
A. True.
B. False.
(b) Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings because marginal revenue equals marginal cost at that quantity.
At this level of production, what is the firm's profit?
It is the best decision the firm can make.
A. True.
B. False.
a) The firm's profit in this case is $0 since it can't make a profit. Therefore, the answer is B) False. b) When marginal cost equals marginal revenue, a firm is said to be producing the optimal quantity of output, where it earns a profit.
Therefore, it is True that at this level of production, it is the best decision the firm can make. What are ball bearings? Ball bearings are small metallic spheres used in machines and engines to reduce friction between moving components, allowing them to rotate more smoothly.
They are widely utilized in mechanical equipment, including conveyors, fans, automobiles, and bicycles.The firm's profit in this case is $0 since it can't make a profit.
Therefore, the answer is B) False. When marginal cost equals marginal revenue, a firm is said to be producing the optimal quantity of output, where it earns a profit. Therefore, it is True that at this level of production, it is the best decision the firm can make.
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which country experienced the largest economic contraction? what was the annual percentage change in real gdp for the largest economic contraction? make sure to enter a negative sign if growth was negative. round answers to two places after the decimal.
The country that experienced the largest economic contraction in the past was Greece. The annual percentage change in real GDP for the largest economic contraction was -8.3 percent.
What is real GDP?The value of goods and services produced by an economy over a given period is referred to as gross domestic product (GDP). Inflation-adjusted GDP is also known as real GDP. This method of measuring GDP enables the comparison of economic output between years since it adjusts for inflation.
The largest economic contraction occurred in Greece in 2011 when real GDP decreased by 8.3 percent, the highest percentage change of any country during that period.
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during forbearance interest will still accrue on your loans. T/F
during forbearance interest will still accrue on your loans. The statement is true.
During forbearance interest will continue to accrue on most types of loans, including federal student loans, personal loans, and credit card debt. This means that even though you may not be required to make payments during the forbearance period, the total amount you owe will increase because of the added interest. Forbearance is a temporary pause or reduction in loan payments granted by lenders to borrowers who are facing financial difficulties. While forbearance can provide much-needed relief for borrowers, it's important to understand that interest will continue to accrue on most types of loans during the forbearance period. This means that even though borrowers may not be required to make payments during forbearance, the total amount they owe will continue to increase due to the added interest.
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suppose the initial inflation rate and inflation target are both 2%, that the real federal funds rate is 2%, and that the economy is at the full employment level of output. according the taylor rule, the federal funds target should be
According to the Taylor Rule, the Federal Funds Target rate should be 2% + (2% x 2%) = 4%.
This is because the Taylor Rule states that the Federal Funds Target rate should be equal to the sum of the real Federal Funds rate plus some combination of the initial inflation rate and the inflation target. In this case, the initial inflation rate and the inflation target are both 2%, so 2% is added to the real Federal Funds rate of 2%, resulting in the total of 4%.
The Federal Funds Target rate is the rate of interest at which the Federal Reserve banks lend money to other banks, and this rate is set by the Federal Open Market Committee. The Taylor Rule is a tool used to determine the Federal Funds Target rate and involves a calculation of the real Federal Funds rate plus some combination of the initial inflation rate and the inflation target.
In the example given, the initial inflation rate and inflation target are both 2%, and the real Federal Funds rate is 2%. So, when added together, the Federal Funds Target rate is 4%. This rate is set in order to influence the amount of spending and investment in the economy and, in turn, the level of economic activity.
The Taylor Rule is based on the idea that the Federal Funds Target rate should move with changes in inflation and the output gap, which is the difference between actual and potential output. This helps to ensure that the economy remains at full employment and that inflation remains close to its target.
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John Company produces hats and sells them for $100 each. His cost to produce the hats are:DM 20 per unitDL 30 per unitVMOH 10 per unitFMOH 40,000Selling expenses are $5 per unit and are all variable. Administrative expenses of 25,000 are all fixed. John produced 5,000 hats; sold 4,000; and had no beginning inventory.Complete the income statement and calculation of net income under absorption costing.Absorption Costing Income StatementSalesCost of Goods Sold:80,000Direct laborFixed manufacturing overheadTotal Cost of Goods SoldGross profit128,000Selling expenses25,00045,000Net income
The income statement and calculation of net income under absorption costing is given below:
The Income StatementAbsorption Costing Income Statement
Sales (4000*$100)
$400,000
Cost of good sold
Direct Material (20*4000)
$80,000
Direct Labor (30*4000)
$120,000
Variables Manufacturing Overhead ($10*4000)
$40,000
Fixed Manufacturing Overhead
$32,000
Total Cost of good Sold
$272,000
Gross profit
$128,000
Selling Expenses ($5*4000)
$20,000
Administrative expenses
$25,000
$45,000
Net Income
$83,000
An income statement is a financial statement that shows a company's revenues, expenses, and net income (or loss) for a specific period of time, typically one fiscal quarter or one fiscal year. It is also known as a profit and loss statement.
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The accompanying graphs depict the market for bags of potato chips, which is currently at an equilibrium price of $1.67 per bag and an equilibrium quantity of 3.33 million bags. Suppose that, in an attempt to lower blood pressure and reduce healthcare costs, the government imposes a $1.00 excise (or commodity) tax on potato chips. Scroll down to answer all 6 parts of the question
a. Suppose the government levies this tax on manufacturers for each bag of potato chips they produce. Please shift the curve(s) to illustrate this.
b. What is the price paid per bag by consumers (Pc) after the production tax?
c. What is the price received net of tax (Pp) per bag by producers after the production tax?
d. Suppose the government, instead of levying the tax on producers, levies this tax on consumers for each bag of potato chips they purchase. Please shift the curve(s) to illustrate this.
e. What is the effective price paid per bag by consumers (Pc) after the consumption tax?
f. What is the price received net of tax (Pp) by producers after the consumption tax?
A market-clearing price, often referred to as an equilibrium price, seems to be the consumer cost associated with a good or service when the demand and supply are equal or nearly equal.
By equilibrium pricing, what do you mean?Economic equilibrium in economics refers to a scenario where demand as well as supply are balanced and the values underlying economic variables do not change in the absence of outside factors.
1. As the tax levied is $1, the supply curve rises by $1 from of the equilibrium price.
2.2(3.33/$1.67)
3. 1(3.33/($1.67+$1)
4. From the equilibrium price, the demand curve declines by $1. (due to tax imposed)
5. 2(3.33/$1.67)
6. 1(3.33/($1.67+$1)
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Suppose a lumber-yard (Nice Lumber) agrees to serve as a distributor for a builder. This means Nice Lumber will stock the FSC-certified lumber for one green builder. Nice Lumber will pay $4.00 per board foot for FSC-certified wood and sell it to the builder for $4.25 per board foot. If demand exceeds the inventory, the green builder will buy traditional wood from a different lumber yard to meet the demand at a price of $3.40 per board-foot. In addition to the lost sale, Nice assigns a cost of $2.00 per board foot of shortage of FSC lumber. If the inventory of FSC-certified lumber exceeds demand, Nice will immediately substitute the excess FSC certified lumber to meet demand from other customers and reduce its purchases of traditional lumber accordingly. Nice pays $3.40 per board foot for traditional lumber. How many board-feet of FSC certified lumber should Nice Lumber purchase?
The optimal quantity Nice Lumber should purchase board-feet of FSC-certified lumber is 2.
To determine the optimal amount of FSC-certified lumber that Nice Lumber should purchase, we need to compare the costs and revenues associated with each option.
Let x be the quantity of FSC-certified lumber that Nice Lumber purchases. The revenue earned by Nice Lumber for selling x board-feet of FSC-certified lumber is:
Revenue = 4.25x
The cost incurred by Nice Lumber for purchasing x board-feet of FSC-certified lumber is:
Cost = 4.00x + max(0, 2.00(x - D))
where D is the demand for FSC-certified lumber from the green builder.
If the demand for FSC-certified lumber exceeds the inventory, Nice Lumber will lose sales and incur a cost of $2.00 per board-foot of shortage. This cost is included in the cost formula using the max function.
If the inventory of FSC-certified lumber exceeds demand, Nice Lumber will substitute the excess FSC-certified lumber for traditional lumber and reduce its purchases of traditional lumber accordingly. The cost of traditional lumber is $3.40 per board-foot.
If x is the quantity of FSC-certified lumber purchased, then the total quantity of lumber available is x + (max(0, D - x)), and the total cost of lumber is:
Total Cost = Cost + 3.40(max(0, D - x))
We want to find the value of x that minimizes the total cost. To do this, we can take the derivative of the total cost with respect to x and set it equal to zero:
d(Total Cost)/dx = 4.00 - 2.00I(x) - 3.40I'(x) = 0
where I(x) is an indicator function that equals 1 if x < D and 0 otherwise, and I'(x) is the derivative of I(x), which equals 0 except at x = D, where it is undefined.
Solving for x, we get:
x = (4.00 - 3.40I'(x)) / (2.00I(x))
If x < D, then I(x) = 1 and I'(x) = 0, so:
x = (4.00 - 3.40(0)) / (2.00(1)) = 2.00
If x >= D, then I(x) = 0 and I'(x) is undefined, so:
x = (4.00 - 3.40I'(x)) / (2.00(0)) = infinity
Since infinity is not a practical solution, we choose x = 2.00 as the optimal quantity of FSC-certified lumber to purchase.
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the double-declining balance method is applied by (1) computing the asset's straight-line depreciation rate, (2) doubling it, (3) subtracting salvage value from cost, and (4) multiplying the rate times the net value.
In the following question, among the given options, The double-declining balance method is applied by "computing the asset's straight-line depreciation rate."
What is depreciation? Depreciation is a process of allocating the cost of tangible assets, such as buildings, furniture, or vehicles, over their useful life. Depreciation aids in the allocation of costs to the correct accounting periods and the recording of expenditures as expenses in the period in which they are incurred. The depreciation of an asset is a recurring cost that lowers the asset's value over time. It is the difference between the value of an asset and its salvage value.The Double-declining Balance Method The double-declining balance method is a technique for determining depreciation. It is referred to as the accelerated depreciation approach since it allocates more depreciation to the asset's earlier years of usage.
This method uses a declining balance formula that depreciates an asset more in the first few years than in later years. To calculate an asset's depreciation using this technique, we must first calculate its straight-line depreciation rate. Here is a step-by-step procedure to calculate an asset's depreciation using the double-declining balance method: Compute the asset's straight-line depreciation rateDouble the straight-line depreciation rateSubtract the salvage value from the cost Multiply the previous year's net value by the doubling of the straight-line depreciation rateThis formula is the double-declining balance method for depreciation. The formula would be as follows:Double-declining balance rate= (2/n) × Straight-line depreciation rate Where, n= Useful life in years
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which element in the work environment was found to be dissatisfying when not present, but when present did not serve as a motivator for workers? multiple choice question. recognition sense of achievement responsibility job securit
The element in the work environment that was found to be dissatisfying when not present but when present did not serve as a motivator for workers is pay and job security.
Job security is the assurance that one's job is secure and that there is little or no risk of being fired or laid off. This is often one of the most significant incentives that workers seek, and a lack of job security can be a significant source of stress for employees.
Job security is a key factor in employee satisfaction, as it helps to create a sense of stability and consistency in the workplace. Workers who feel secure in their jobs are more likely to be motivated and committed to their work, which can lead to improved productivity and job performance. However, it is important to note that while job security is critical for employee satisfaction, it is not always a primary motivator.
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