The unit product cost under absorption costing is $35 per unit, while the unit product cost under variable costing is $25 per unit. The July contribution-format income statements with variable costs.
What is the variable cost formula?The variable cost formula. To calculate variable costs, divide the cost of manufacturing one unit of your product by the total number of units produced. This formula looks like this: Total variable costs are calculated as cost per unit times the overall number of units.
Under absorption costing:
Direct labor per unit, direct materials per unit, variable and fixed production overhead, and the number of units produced
$7 + $10 + $5 + ($315,000 + $245,000)/(17,500 + 17,500) = $25
Under variable costing:
Direct labor per unit, Direct materials per unit, Variable manufacturing overhead, Variable marketing and administrative overhead, and Variable manufacturing overhead per unit
$7 + $10 + $5 + $3 = $25
Income statements for July and August using the contribution structure and variable costs:
July:
Sales (15,000 units x $60 per unit) $900,000
Variable expenses:
Variable cost of goods sold (15,000 units x $25 per unit) $375,000
Variable selling and administrative expenses (15,000 units x $3 per unit) $45,000
Total variable expenses $420,000
Contribution margin $480,000
Fixed expenses:
$157,500 in fixed manufacturing overhead ($315,000 divided by 17,500 units)
Fixed selling and administrative expenses $132,000 ($290,000 ÷ 15,000 units)
Total fixed expenses $289,500
Net operating income $190,500
Absorption costing net operating income $413,750
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TRUE OR FALSE if your employer gives you a raise that is equal to the inflation rate, then your real salary will have increased.
Answer:
false
Explanation:
negotiators do not have to be aware of the effect of intangible factors on their own aspirations and behavior.
Negotiators do not have to be aware of the effect of intangible factors on their own aspirations and behavior is False because intangible factors can significantly influence the negotiation process and outcome.
Negotiators are individuals who engage in negotiations to reach a mutually beneficial agreement with another party. The success of a negotiation depends on various factors, both tangible and intangible. Tangible factors are objective and can be measured or quantified, such as price, quantity, or delivery date. On the other hand, intangible factors are subjective and may not be easy to quantify, such as trust, emotions, and perceptions.
Negotiators need to be aware of the effect of intangible factors on their own aspirations and behavior. This is because intangible factors can significantly influence the negotiation process and outcome. For instance, a negotiator who is overconfident and optimistic may overlook important details, which may lead to unfavorable outcomes. Conversely, a negotiator who is overly cautious and skeptical may miss out on opportunities that could have led to better outcomes.
Moreover, negotiators who are not aware of the effect of intangible factors may misinterpret or misunderstand the other party's behavior or intentions, leading to a breakdown in communication and trust. Intangible factors can also impact the negotiation process in terms of power dynamics, emotional reactions, and cultural differences.
In conclusion, negotiators must be aware of the effect of intangible factors on their own aspirations and behavior to be successful in negotiations. They should develop skills in managing emotions, understanding cultural differences, building trust, and effective communication to navigate the complexities of negotiations. By doing so, they can reach mutually beneficial agreements that meet the needs and interests of all parties involved.
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Complete Question
Negotiators do not have to be aware of the effect of intangible factors on their own aspirations and behavior. True or False.
For the following, identify whether the tax or payments are consistent with the benefits principle or the ability-to-pay principle of tax fairness.
1. National park entrance fees
a. Benefits (received) Principle
b. Ability-to-Pay Principle
2. Income taxes
a. Benefits (received) Principle
b. Ability-to-Pay Principle
3. A lump sum or poll tax
a. Benefits (received) Principle
b. Ability-to-Pay Principle
4. Cigarette taxes
a. Benefits (received) Principle
b. Ability-to-Pay Principle
5. Carbon tax
a. Benefits (received) Principle
b. Ability-to-Pay Principle
6. Gasoline taxes
a. Benefits (received) Principle
b. Ability-to-Pay Principle
7. Luxury tax
a. Benefits (received) Principle
b. Ability-to-Pay Principle
8. Progressive property tax
a. Benefits (received) Principle
b. Ability-to-Pay Principle
For the following, the items have been identified as whether the tax or payments are consistent with the benefits principle or the ability-to-pay principle of tax fairness.
National park entrance fees - Benefits (received) PrincipleIncome taxes - Ability-to-Pay PrincipleA lump sum or poll tax - Ability-to-Pay PrincipleCigarette taxes - Ability-to-Pay PrincipleCarbon tax - Ability-to-Pay PrincipleGasoline taxes - Benefits (received) PrincipleLuxury tax - Ability-to-Pay PrincipleProgressive property tax - Ability-to-Pay PrincipleWhat is the explanation for the above response?The benefits principle states that those who receive more benefits from public goods and services should pay more for them, while the ability-to-pay principle states that those who have more ability to pay taxes should pay more.
Taxes such as national park entrance fees, gasoline taxes, and luxury taxes are consistent with the benefits principle, while taxes such as income taxes, poll taxes, and progressive property taxes are consistent with the ability-to-pay principle.
Taxes on goods that are harmful or contribute to negative externalities, such as cigarette taxes and carbon taxes, are also typically based on the ability-to-pay principle.
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which of the following should typically be ignored because spending has already been made and cannot be changed?
The following which should be ignored because spending has already been made and cannot be changed is Sunk costs.
Money that has already been spent and cannot be recouped is known as a sunk cost. The sunk cost phenomenon in business is an example of the notion that one must "spend money to make money." A sunk cost is distinct from potential future expenses a company can incur, such choices on the price of products or the cost of purchasing inventories. Sunk expenses are disregarded while making future business decisions since they won't change regardless of the choice made.
Money that has already been spent and cannot be recouped is referred to as a sunk cost. A manufacturing company, for instance, may have a variety of sunk expenses, including the cost of machinery, equipment, and facility leasing payments. A sell-or-process-further choice, which refers to things that may be sold as-is or can be processed further, excludes sunk costs.
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Complete question:
Which of the following should typically be ignored because spending has already been made and cannot be changed?
a. variable costs
b. sunk costs
c. marginal costs
d. average marginal costs
Suppose your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year.
a. By what percentage would your real income (approximately) increase?
b. If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation?
a. To calculate the approximate increase in real income, we can use the formula: Real income = Nominal income / Price level
Given that nominal income rose by 5.3 percent and the price level rose by 3.8 percent, we can calculate the increase in real income as:
Real income = 5.3 / (1 + 0.038) = 1.023 or approximately 2.3 percent
Therefore, your real income would have increased by approximately 2.3 percent in this year.
b. To calculate the approximate rate of inflation, we can use the formula:
Inflation rate = (Nominal income growth - Real income growth) / Real income growth
Given that the nominal income rose by 2.8 percent and the real income rose by 1.1 percent, we can calculate the approximate rate of inflation as:
Inflation rate = (2.8 - 1.1) / 1.1 = 1.54 or approximately 1.5 percent
Therefore, the approximate rate of inflation in this year would have been approximately 1.5 percent.
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Portfolio management frameworks, such as the BCG matrix, share which of the following characteristics?a. Businesses are plotted on a 3-dimensional grid.b. Grid dimensions are based on external environments and internal capabilities/market positions.c. Position in the matrix suggests a need for sharing synergies.d. They are most helpful in helping businesses develop types of competitive advantage.
Grid dimensions are based on both internal capabilities and market positions and external environments, as is the case with portfolio management frameworks like the BCG matrix. Option b is correct .
What is the BCG matrix in terms of management principles?The BCG matrix's logic holds that as an industry expands, all investments become cows or dogs. The purpose of the matrix is to assist businesses in making sound decisions regarding portfolio management by directing investment into areas that are likely to yield returns and finance future expansion. The Boston Consulting Group developed the BCG matrix to assess the potential and strategic position of the business brand portfolio. The product portfolio matrix (BCG matrix) developed by the Boston Consulting Group is intended to assist with long-term strategic planning. It examines a company's portfolio of products to determine where to invest, discontinue, or develop products.
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The Standard industrial Classification (SIC. code is a classification system basred upan which of the following? A. The way in which a business standardizes its operations according to iSO 90001 8. The insurance industry classification of a company's risk adjusted status for rating its premiums C A federal government classification according to the major business activity or lence within whch the firm operate D. The standard insurance classification for grouping the riskiness of insuring a companys employee popuiation Click Sove ond Suhmit to sove and submit Click Sove All Answers to shve all answers
A federal government categorization based on the primary commercial activity or industry that a firm operates in. (Choice c)
What is the SIC coding system, or Standard Industrial Classification?Four-digit numerical numbers called Standard Industrial Category (SIC) designations are used to group industries into which businesses fall according to the nature of their commercial activity. This 6 North American Industry Classification System has largely taken the place of Standard Industrial Classification codes (NAICS). Businesses are categorised as according industry type using a numerical system called the Standard Classification Standard, or SIC. Businesses were given the same code or SIC code if they were in the same industry.
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illicit drug use is highest among mining and construction workers compared to other professions such as hospitality and the food industry.
Contrary to occupations like hospitality and the food sector, mining and construction employees use illicit drugs more frequently than other occupations.
Which illegal substance had the highest rate of abuse or dependency during the previous year, and which was followed by in 2011 in terms of drug dependence?However, the amount (20.6 million) was less in 2011 than it was in 2010. (22.2 million). In 2011, marijuana (4.2 million users), painkillers (1.8 million users), and cocaine were the particular illegal substances with the highest levels of past-year dependency or abuse. (0.8 million).
What kind of medicine is most popular?Because of benefits including ease of oral drug administration, patient choice, cost effectiveness, and simplicity of producing oral dosage forms on a wide scale, oral medicine is the most popular method of drug administration.
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given the corproate and product level reporting timelines, which eu taxonomony objectie does the product level reproting help companies achieve
The purpose of harmonising financial statements under the EU Taxonomy is achieved with the use of product level reporting. It offers comprehensive and consistent information, enhancing comparability.
What is the timetable for the EU taxonomy goals?An outline of deadlines for the EU taxonomy timeline 2022 was created by a team of technical experts from the European Commission. The objective is to attract more money to finance green operations and to give business and investment organisations clarity about green initiatives.
What goals does the EU taxonomy seek to achieve?Companies, investors, and regulators would have access to proper definitions of whether economic activities qualify as ecologically sustainable thanks to the EU taxonomy.
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Question:
Given the corporate and product level reporting timelines in the EU Taxonomy, which objective does the product level reporting help companies achieve?
If the current mix of output is at point A and the optimal mix of output is at point E, does a market failure exist?
Yes
No
A. Yes, a market failure exists when the current mix of output is not at the optimal mix of output, as is the case with points A and E.
Market failure occurs when the market is not allocating resources efficiently and prices are not accurately reflecting their true costs or benefits. This can be due to externalities, information asymmetries, or other factors. When this happens, the market is unable to correct itself and the optimal mix of outputs is not achieved.
For example, if a factory is producing goods but is unable to take into account the negative externalities of its production, such as pollution, then the price of its goods will not accurately reflect its true cost to society. As a result, the factory will be producing at a point (A) that is not the optimal mix of output (E). This creates a market failure. Therefore the correct option is A
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1. Describe the main sources of law (10 Marks).
2. Explain five essentials of a valid contract (10 Marks).
3. Describe the main purpose of employment law (10 Marks).
The sources of law in the United States are the United States Constitution, state constitutions, federal and state statutes, common law, case law, and administrative law.
The five essentials of a valid contract are : Offer, acceptance, awareness, consideration, and capacity.
Employment law aims to ensure fair and safe working conditions for employees and to protect their rights.
What is law?Law refers to a system of rules, principles, and guidelines that are established and enforced by a governing authority. The primary purpose of law is to regulate human behavior and ensure order and justice in society.
Laws can be classified into different categories such as civil law, criminal law, administrative law, and constitutional law. Civil law governs relationships between individuals or organizations, while criminal law deals with offenses against society as a whole. Administrative law regulates the operation of government agencies, and constitutional law governs the relationship between the government and its citizens.
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Suppose a hypothetical economy is currently operating at point A on the per worker production function (PWPF) labeled PF1 in the accompanying graph. PF2 Which event could move the economy from point A to point B? increase in real GDP PF1 Real GDP per hour worked ($) 4,590 3,870 3,160 A technological advancement decrease in the amount of capital increase in the amount of capital 0 40 60 Capital per hour worked Which event could shift the PWPF from PF1 to PF2, or from point A to point C? decrease in the amount of capital technological advancement increase in real GDP increase in the amount of capital
A hypothetical economy is currently operating at point A on the per-worker production function (PWPF) labelled PF1. The graph provided shows the relationship between real GDP per hour worked and capital per hour worked. the correct option is Technological advancement.
The events that could move the economy from point A to point B are increase in the amount of capital. Hence, the correct option is to Increase the amount of capital. Increasing the amount of capital is shown by the rightward shift of the PWPF. The capital increase allows the economy to produce more with the existing technology.
This is because capital enhances worker productivity by providing the tools that they need to work more efficiently. Also, with a capital increase, real wages increase, leading to an increase in consumer demand which leads to an increase in the overall level of output in the economy. The events that could shift the PWPF from PF1 to PF2, or from point A to point C are technological advancements.
Technological advancement in the production process shifts the PWPF upward. This means that it will take fewer hours of work for a worker to produce a given quantity of output. Hence, the correct option is Technological advancement.
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the federal farm board, created by the agricultural marketing act, lent money to farmers primarily to help them to
the federal farm board, created by the agricultural marketing act, lent money to farmers primarily to help them to organize producers' cooperatives
the agricultural marketing Act of 1929, underneath the management of Herbert Hoover, set up the Federal Farm Board from the Federal Farm mortgage Board hooked up by means of the Federal Farm loan Act of 1916 with a revolving fund of half of one thousand million dollars.[1] The authentic act turned into sponsored by way of Hoover in an try to forestall the downward spiral of crop expenses by using looking for to buy, sell and save agricultural surpluses or via generously lending money to farm corporations. cash changed into lent out to the farmers in order to buy seed and food for the cattle, which become mainly vital considering that there had formerly been a drought in the Democratic South.
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FILL IN THE BLANK companies use the tactic of ________ to give shareholders certain rights in the event of a takeover by another firm.
Companies use the tactic of "poison pills" to give shareholders certain rights in the event of a takeover by another firm.
What are the poison pills?
In corporate finance, a "poison pill" is a defensive tactic that companies can use to make their stock less attractive to a potential acquirer in the event of a hostile takeover attempt.
A poison pill typically involves the issuance of new shares of stock, which dilutes the value of existing shares and makes the company more expensive to acquire. It can also give shareholders certain rights, such as the ability to purchase additional shares at a discounted price, which makes a takeover more difficult and expensive for the acquiring company.
The use of poison pills is controversial, as some argue that it can be used to entrench management and prevent companies from being sold at a fair price.
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Complete question is: Companies use the tactic of "poison pills" to give shareholders certain rights in the event of a takeover by another firm.
Describe the objectives of the professional accountant in business in relation to non-compliance with Laws and regulations (NOCLAR) (section 260.
Section 260 of International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants sets out objective of professional accountant in business to non-compliance with laws and regulations.
What is an accountant?An accountant is a financial professional who is responsible for analyzing, interpreting, and managing financial information for individuals, organizations, and businesses. They play a critical role in the financial health of their clients by ensuring accurate and timely recording of financial transactions, preparing financial statements, and providing financial advice. Accountants can specialize in different areas, such as tax accounting, auditing, managerial accounting, or forensic accounting. They use a variety of tools and techniques to perform their work, including software applications, spreadsheets, and financial analysis models. The role of an accountant requires strong analytical skills, attention to detail, and the ability to communicate complex financial information to different audiences. Ethical behavior and adherence to accounting standards and regulations are also essential in this profession.
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When an institution systematically buys and sells stocks, options and futures on selected stocks or an index, it is known as
When an institution systematically buys and sells stocks, options and futures on selected stocks or an index, it is known an institutional trading strategy.
Institutional trading strategies are buying and selling financial assets such as stocks, commodities, currencies, futures and options through institutions such as banks, credit unions, pension funds, hedge funds, mutual funds and REITs.
Institutional trading is the purchase and sale of financial assets such as stocks, commodities, currencies, futures and options by institutions such as banks, credit unions, pension funds, hedge funds, mutual funds and REITs. These institutions are legal entities that raise funds from and act on behalf of several different investors.
Trading houses are well organized and wealthy enough to use the services of analysts and traders. The former concentrates on conducting technical and fundamental analysis, while the latter studies information and uses the strategies and results it uses to make trades, keeping commerce at its most convenient. .
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find the total amount and total interest after two years if the interest is compounded annually. principal
The total amount after two years, if the interest is compounded annually is $11,664 while the total interest is $1,664.
Find the total amount and total interest after two years if the interest is compounded annually.
Principal: The total amount after two years,
if the interest is compounded annually is given by;
Total amount = principal + interest
The formula for compound interest can be given as;
A = P(1 + r/n)^(nt)
Where; A = Total amount after time,
tP = Principal amount (initial investment)
r = Annual interest rate (decimal)
n = Number of times that interest is compounded per year
(t) = Number of years
Let's now work with an example.
Find the total amount and total interest after two years if the interest is compounded annually.
If the principal is $10,000, the interest rate is 8%.
Solution Using the formula above, Total amount after two years,
A = P(1 + r/n)^(nt)= 10,000 (1 + 0.08/1)^(1*2)= 10,000(1.08)^2= 10,000(1.1664)= $11,664
Total interest = $11,664 - $10,000= $1,664
Thus, the total amount after two years, if the interest is compounded annually is $11,664 while the total interest is $1,664.
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The American system of government produces more divided government than does the parliamentary system of government because O A in America, most officials in the executive branches of the government are elected separately B. in America, a president and legislature are each elected separately C. In the parliamentary system, the law requires that a majority of the legislators must join the party to which the Prime Minister belongs in the parliamentary system, the law requires that elections must be repeated until one party controls the majority of the seats in the legislature
The American system of government produces more divided government than does the parliamentary system of government because in America, a president and legislature are each elected separately.
The American system of government produces more divided government than does the parliamentary system of government because in America, a president and legislature are each elected separately. As a result, the President and Congress frequently represent opposing parties, which can result in conflict and deadlock. Parliamentary democracies are less susceptible to divided government. In parliamentary democracies, parties must cooperate and compromise to form coalitions capable of passing legislation. This means that in the event of a government shutdown or deadlock, the Prime Minister and the ruling party are more likely to hold both executive and legislative power.
The parliamentary system, by contrast, is more likely to generate unified government, since a majority of seats in the legislature must be held by a single party or coalition for the government to be established. This makes it more likely that the executive branch and the legislature will work together to enact laws and pursue policies.
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Journalize the two entries required to close the accounts.
If an amount box does not require an entry, leave it blank.
This is the basic order of closing entries: Clear the amounts in the revenue accounts by debiting each revenue account and crediting the income summary account.
What primary data and secondary data are necessary for an account to be closed?You must debit the revenue summary account and credit every line item expense stated inside the trial balance in the hopes of closing out your expense claims by bringing their balances down to zero. You should mention each expense at closure exactly as it appears inside the trial balance. Closing entries are recorded in the journal and published once a year, after the financial accounting have been generated.
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Political risk insurance and local debt financing are both forms of __________.
a. Input Control
b. Hedging
c. Equity Sharing
d. Adaption
Political risk insurance and local debt financing are both forms of Hedging Investment. option b is correct.
The two significant risks in international trade that political risk insurance covers are political risks and commercial risks. Political risk refers to the risks that may arise due to the actions of governments or any government policies.
Commercial risk refers to the non-payment risks of debts from the debtor's financial, business, or economic condition. In the event of a loss, political risk insurance policyholders receive indemnification up to the sum insured. Insurers providing this type of coverage are known as political risk insurers.
debt financing is a form of financing in which the borrower raises capital in the country where they operate. The borrowing cost of local debt financing is often lower than that of foreign debt financing. A foreign company may use local debt financing as a method of financing to reduce the risk of currency fluctuations.
Borrowers who choose local debt financing may obtain loans that are denominated in local currencies or that are indexed to local currencies. This type of financing is provided by local banks, financial institutions, and other lenders.
Risk management is a critical component of international trade. In the event of any unforeseen events or difficulties, risk management measures such as political risk insurance and local debt financing may assist companies in protecting themselves from any potential losses.
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Perez Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks.
Required
October sales are estimated to be $220,000, of which 45 percent will be cash and 55 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget.
The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts.
The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month’s cost of goods sold. However, ending inventory of December is expected to be $13,000. Assume that all purchases are made on account. Prepare an inventory purchases budget.
The company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the following month. Prepare a cash payments budget for inventory purchases.
Budgeted selling and administrative expenses per month follow:
Salary expense (fixed) $ 19,000
Sales commissions 5 % of Sales
Supplies expense 2 % of Sales
Utilities (fixed) $ 2,400
Depreciation on store fixtures (fixed)* $ 5,000
Rent (fixed) $ 5,800
Miscellaneous (fixed) $ 2,200
*The capital expenditures budget indicates that Perez will spend $210,000 on October 1 for store fixtures, which are expected to have a $30,000 salvage value and a three-year (36-month) useful life.
Use this information to prepare a selling and administrative expenses budget.
Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses.
Perez borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $22,000 cash balance. Prepare a cash budget.
Sales budget:
October: $220,000
November: $264,000
December: $317,600
Schedule of Cash Receipts, Inventory Purchases Budget, Cash Payments Budget for Inventory Purchases, Selling and Administrative Expenses Budget, Cash Payments Budget for Selling and Administrative Expenses and Cash Budget are listed below:
What is Sales?Sales is the process of exchanging goods and services for money. Sales is a key component of the exchange of goods and services between buyers and sellers.
Schedule of Cash Receipts:
October: $99,000 (45% of October sales)
November: $220,000 (100% of October sales)
December: $264,000 (100% of November sales)
Inventory Purchases Budget:
October: $132,000 (60% of October sales)
November: $158,400 (60% of November sales)
December: $198,320 (10% of December sales + $13,000 ending inventory)
Cash Payments Budget for Inventory Purchases:
October: $105,600 (80% of October purchases)
November: $126,720 (80% of November purchases)
December: $158,656 (80% of December purchases)
Selling and Administrative Expenses Budget:
October: $19,000 (salary expense) + $11,000 (sales commissions) + $4,400 (supplies expense) + $2,400 (utilities) + $5,000 (depreciation) + $5,800 (rent) + $2,200 (miscellaneous) = $49,800
November: $19,000 (salary expense) + $13,200 (sales commissions) + $5,280 (supplies expense) + $2,400 (utilities) + $5,000 (depreciation) + $5,800 (rent) + $2,200 (miscellaneous) = $53,080
December: $19,000 (salary expense) + $15,552 (sales commissions) + $6,352 (supplies expense) + $2,400 (utilities) + $5,000 (depreciation) + $5,800 (rent) + $2,200 (miscellaneous) = $55,104
Cash Payments Budget for Selling and Administrative Expenses:
October: $48,000 (salary expense + sales commissions + supplies expense + utilities + depreciation + rent + miscellaneous)
November: $48,000 (salary expense + sales commissions + supplies expense + utilities + depreciation + rent + miscellaneous) + $2,400 (utilities) + $11,000 (sales commissions) = $61,400
December: $48,000 (salary expense + sales commissions + supplies expense + utilities + depreciation + rent + miscellaneous) + $2,400 (utilities) + $15,552 (sales commissions) = $66,952
Cash Budget:
October: $210,000 (capital expenditures) + $99,000 (cash receipts) - $105,600 (cash payments for inventory purchases) - $48,000 (cash payments for selling and administrative expenses) + $22,000 (cash balance) = $87,400
November: $220,000 (cash receipts) - $126,720 (cash payments for inventory purchases) - $61,400 (cash payments for selling and administrative expenses) + $22,000 (cash balance) = $110,880
December: $264,000 (cash receipts) - $158,656 (cash payments for inventory purchases) - $66,952 (cash payments for selling and administrative expenses) + $22,000 (cash balance) = $148,392
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The third closing journal entry, after closing revenues and expenses, would include which of the following?
a) Debit Income Summary $9,400; and credit Retained Earnings $9,400
b) Debit Income Summary $10,000; and credit Retained Earnings $10,000.
c) Credit Income Summary $9,400; and debit Retained Earnings $9,400
d) Debit Income Summary $600; and credit Expenses $600.
The third closing journal entry, after closing revenues and expenses, would include Credit Income Summary $9,400; and debit Retained Earnings $9,400 Thus Correct option (c).
This journal entry reflects the closing of the Income Summary account, which was used to summarize the revenue and expense accounts for the period. The credit to Income Summary represents the total revenue for the period, while the debit to Retained Earnings represents the net income for the period that is being retained by the company.
This entry transfers the net income from the Income Summary account to the Retained Earnings account, which is a permanent account on the balance sheet. Option (a) and (b) both debit Income Summary account, which is incorrect as the Income Summary account is credited during the closing process. Option (d) is also incorrect as it represents the closing entry for only a single expense account, not the entire period's expenses.
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Using what you know about equity theory, expectancy theory, and organizational justice, explain why Stephen and Bianca have different perceptions of what fairness means when it comes to implementing summer hours.
Stephen and Bianca's different perceptions of fairness can be explained by the interplay of equity theory, expectancy theory, and organizational justice. By understanding these concepts, organizations can strive to create fair and equitable policies that motivate employees and foster a positive work environment.
What are the perceptions of fairness of these two peopleStephen and Bianca's different perceptions of fairness when it comes to implementing summer hours can be explained by the concepts of equity theory, expectancy theory, and organizational justice.
Equity theory suggests that individuals compare their inputs (e.g. effort, time, skills) and outcomes (e.g. rewards, recognition) to those of others to determine if they are being treated fairly. If the ratio of inputs to outcomes is perceived as unfair, individuals may experience feelings of anger or resentment.
Expectancy theory suggests that individuals are motivated to work harder when they believe that their effort will lead to higher performance and greater rewards. If individuals do not believe that their effort will be rewarded fairly, they may be less motivated to work hard.
Organizational justice refers to the perceived fairness of workplace policies and procedures. If Stephen and Bianca perceive the implementation of summer hours to be unfair, they may be less likely to view the organization as a fair and just place to work.
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In order to compute equivalent units of production, which of the following must be reasonably estimated?
A) Units completed
B) The percentage of completion
C) Direct material cost
D) Units started and completed
E) None of the above
To compute equivalent units of production, it is necessary to estimate the option b) percentage of completion of the units in the production process.
What is production?Production refers to the process of transforming inputs into outputs. It involves using various resources such as labor, capital, and raw materials to create goods or services that are of value to consumers. Production can take place in various forms, including manufacturing, agriculture, construction, and services. It involves a series of activities such as planning, sourcing, processing, assembling, and packaging, among others. Production is a critical component of the economy as it creates employment opportunities, generates income, and contributes to economic growth. The efficiency and effectiveness of the production process can significantly impact the quality, quantity, and cost of goods and services produced, thus affecting the competitiveness and profitability of businesses.
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Under which of the following circumstances is it UNNECESSARY for a municipal securities dealer to follow special procedures when opening a municipal securities account?[A]When the client is married to an individual engaged in trading municipal securities with another municipal securities dealer.[B]When the account is for a minor who is the child of an individual who oversees municipal securities trading at another municipal securities dealer.[C]When the client holds stock issued by another municipal securities dealer.[D]When the client files paperwork and performs other clerical services while being employed by another municipal securities dealer.
C) When the client holds stock issued by another municipal securities dealer is the circumstance in which it is unnecessary for a municipal securities dealer to follow special procedures when opening a municipal securities account.
Municipal securities dealers are required to follow special procedures when opening a municipal securities account. This is to ensure that the dealer is aware of the identity of its clients, the client's business, the purpose of their account, and the risk of illicit conduct. The rules governing the opening of accounts are contained in Municipal Securities Rulemaking Board (MSRB) Rule G-8. The dealer must obtain identifying information from the client to ensure that the client's identity is established.
The following steps must be taken by the dealer:
Obtain from each client, the client's name, address, social security or tax identification number, date of birth, and principal business or occupation;Verify the client's identity using non-documentary verification methods or documentary verification methods; andEnsure that the client understands the risk of illegal activity and the dealer's obligation to report any suspicious activity to the government.Know more about Municipal securities account here:
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Research shows that ___________ does not improve reading comprehension because it does not encourage elaborative processing of the material.a. highlightingb. organizationc. making up questions about the materiald. feedback
Research shows that Feedback does not improve reading comprehension because it does not encourage elaborative processing of the material.
What is feedback?Feedback is an event that occurs when the output of a system is used as an input to the system as part of a cause and effect chain. This changes the variables in the system, giving different results and therefore different feedback. This can be good or bad. Feedback is essential and good in any system that requires knowledge of results in order to improve or provide certain results. But for systems that don't need feedback, such as audio systems, feedback is often bad. Taking a microphone and speaker system as an example, when sound from a speaker (output) is picked up by a microphone (input), there is negative feedback that produces a very high pitched sound.
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In the context of business product categories, the marketing of business services_
O focuses on quality and relationships
O emphasizes productivity
O focuses on providing emergency products
O emphasizes standardization
Mills Coffee has been a successful brand since the early 2000s. Mills has stores throughout the New England area. It also has a substantial internet presence and sells coffee nationwide. In late 2019, Ernie Mill started his own coffee company in Georgia and called it Mill's Coffee. Ernie had not heard of Mills Coffee before. In the first year of business, Mill's Coffee made a $1 million profit. Which of the following damages is Mills Coffee entitled to?
Mills Coffee may have a claim against Ernie Mill's new company, Mill's Coffee, for trademark infringement. The fact that Ernie had not heard of Mills Coffee before does not necessarily absolve him of liability for infringement.
Trademark law protects not only well-known brands but also lesser-known brands that have established rights to their name and image in the marketplace.
What damage is represented?If Mills Coffee can demonstrate that Ernie's use of the name Mill's Coffee is likely to cause confusion among consumers, it may be able to seek damages for lost profits, harm to its reputation, and other losses resulting from the infringement. This could include lost sales due to consumers mistakenly purchasing coffee from Mill's Coffee instead of Mills Coffee, as well as damage to Mills Coffee's brand image and goodwill.
The amount of damages Mills Coffee would be entitled to would depend on the specific facts of the case, including the degree of similarity between the two brands, the extent of Mills Coffee's established rights to its name and image, the geographic scope of the infringement, and the actual harm suffered by Mills Coffee as a result of the infringement. However, given that Mill's Coffee made a $1 million profit in its first year of business, it is likely that Mills Coffee could seek substantial damages.
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Louis and Rodney Monarch obtained a 30-year, $191.500 mortgage loan. The interest rate is 6%. Their monthly payment is $1.148.14 For the first payment, what is the interest? What is the payment to principal? What is the new principal?
ANSWER:
To calculate the interest and principal payments for the first month of the mortgage loan, we can use the following formula:
Interest Payment = Interest Rate x Remaining Principal
Principal Payment = Monthly Payment - Interest Payment
New Principal = Remaining Principal - Principal Payment
First, we need to calculate the remaining principal for the first month, which is simply the total amount of the loan:
Remaining Principal = $191,500
Next, we can calculate the interest payment:
Interest Payment = 0.06 x $191,500 = $11,490
To find the principal payment, we can subtract the interest payment from the monthly payment:
Principal Payment = $1,148.14 - $11,490 = $662.24
Finally, we can calculate the new principal by subtracting the principal payment from the remaining principal:
New Principal = $191,500 - $662.24 = $190,837.76
Therefore, for the first payment, the interest payment is $11,490, the principal payment is $662.24, and the new principal is $190,837.76
The Standard Form to Confirm Account Balances with Financial Institutions includes information on all of the following except:
the standard form to confirm Account Balances with financial institutions includes information on all of the following except The principal amount paid on a direct liability.
the standard form is used to confirm deposit account balances and loan account balances with financial institutions. The form isn't always designed to find out records that doesn't seem at the confirmation request; therefore, financial institutions should not be expected to disclose statistics approximately different transactions or preparations on this general form. fabric accounts, agreements, or transactions which can be believed to exist, but have no longer been disclosed by means of management, need to be explicitly asked from the economic group cut loose this shape.
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