The correct answer to this open question is the following.
There was a time when I had to make a difficult decision and my social background and personality impacted my choice.
I use to hang out with what I considered to be very good or close friends. We were part of the football team.
Everything was good. We used to be very close on the football field, in school, and in social life.
However, one day, something ugly happened when one of these guys had a problem with a group of students. Indeed, they were immigrants and they were what we call "geeks." They were shy boys and girls, from another country, did not like sports, and behave differently from what is common for an American student.
This guy treats those students very badly. He was rude, disrespectful, and aggressive. I knew those immigrant students and had a decent relationship with them, and honestly, I didn't like the way they were treated.
So that day I had to confirm "my friend" to stop his behavior. Of course, he did not like my position and fired back at me. My social background and personality made me defend what I considered was right. Every single person deserves respect, no matter the color of skin, race, or social class. That is what my family taught me and that is what I believe in.
The consequence was that those teammates started to be cold in their relationship with me. I understood. They had their beliefs.
On the other hand, I gain new friends that accept me the way I am, and by the way, they help me a lot by explaining what I do not understand in class.
So, my personality and conviction made me lose some "friends" but at the same time, I made new ones.
A bookstore expects to sell 120 calculus textbooks during the next year. It costs $1.50 to store one calculus textbook for one year. To reorder, there is a fixed cost of $10, plus $2.20 for each calculus textbook ordered. In what lot size and how many times per year should an order be placed to minimize inventory costs
Answer:
Bookstore A
The lot size that minimizes costs = 19
The number of times per year to place an order = 6 times.
Explanation:
a) Data and Calculations:
Expected sales units during the next year = 120 calculus textbooks
Cost of storing one calculus textbook for one year = $180 ($1.50 * 120)
Reorder cost = $274 ($10 + $2.20 * 120)
Lot size of order = square root of (2 * 120 * $274)/$180
= square root of 65,760/$180
= square root of 365
= 19 units
Number of times per year to place order = 6 (120/19)
After long hair for men became popular, barbers found that their incomes fell. In an attempt to boost their incomes, many barbers raised the price of a haircut and yet their total revenue fell even more. What can explain this result
Answer:
the demand for hair cut is elastic
If demand is elastic and price is increased, the fall in demand would exceed the price increase. As a result, income would reduce
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
Kirkland sells season tickets for six events at a price of $48. For the 2013 season, 2,700 season tickets were sold.
Required:
a. Use the horizontal model to show the effect of the sale of the season tickets. (Enter decreases to account balances with a minus sign.)
b. Use the horizontal model (or write the journal entry) to show the effect of presenting an event.
c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?
Answer:
a. Assets = Liabilities + Stockholders' Equity = $129,600
b. Debit Unearned ticket revenue for $129,600, and Credit Total revenue for $129,600.
c. It would be classified as an Unearned ticket revenue under the Current Liabilities on the balance sheet.
Explanation:
a. Use the horizontal model to show the effect of the sale of the season tickets. (Enter decreases to account balances with a minus sign.)
Note: See the attached excel file for the horizontal model showing the effect of the sale of the season tickets.
In the attached excel file, the following calculation is done:
Cash = Unearned ticket revenue = Price per season ticket * Number of season tickets sold = $48 * 2,700 = $129,600
Since Stockholders' Equity is equal to zero in the attached excel file, we have:
Assets = Liabilities + Stockholders' Equity = $129,600
b. Use the horizontal model (or write the journal entry) to show the effect of presenting an event.
The journal entry will look as follows:
General Journal Debit ($) Credit ($)
Unearned ticket revenue 129,600
Total revenue 129,600
(To record the effect of presenting an event.)
c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?
It would be classified as an Unearned ticket revenue under the Current Liabilities on the balance sheet.
In the marketplace, there are different types of fundamental drivers of social media engagement. The Wheel of Social Media Engagement represents a unifying framework that identifies these fundamental drivers of social media engagement as five related effects.
a. True
b. False
Answer: True
Explanation:
Social media engagement refers to the measurement of likes, comments, and shares. It should be noted that the greatest measure of social media success is simply the engagement of the audience.
It is vital for marketers to recognise how important engaging customers is. It should be noted that social media engagement and s a important and profitable way to engage ones customers as their current behavior can be taken into account and this is then used for making future references and behavior.
In the Restin Company, maintenance costs are a mixed cost. At the low level of activity (80 direct labor hours), maintenance costs are $600. At the high level of activity (200 direct labor hours), maintenance costs are $1,100. Using the high-low method, what is the variable maintenance cost per unit and the total fixed maintenance cost
Answer:
the variable maintenance cost per unit and the total fixed maintenance cost is $4.17 per unit and $267 respectively
Explanation:
The computation of the variable maintenance cost per unit and the total fixed maintenance cost is shown below:
The variable maintenance cost is
= ($1100 - $600) ÷ (200 - 80)
= $4.17 per unit
And, the fixed maintenance cost is
= $1,100 - $4.17 × $200
= $267
Hence, the variable maintenance cost per unit and the total fixed maintenance cost is $4.17 per unit and $267 respectively
This past year inflation in Snowdonia has increased to 150%. As an economic analyst, you are charged with identifying those sectors of the population worst affected by this inflation event. Which group of people is likely to be worst affected by inflation
Answer:
disabled veterans living on fixed (non-adjustable) government transfer payments
Explanation:
Here the group income should remains the fixed or same for the time period so at the time when the price of the goods rised up or the value of the money reduced so it would become hard for the inflation event
Therefore the group of people who deals in veterans i.e. disabled and lived on fixed government transfer payment should be worst impacted by the inflation
QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Answer and Explanation:
The journal entries are as follows:
1. Petty cash A/c Dr $150
To Cash A/c $150
(Being the establishment of petty cash is recorded)
2.
Entertainment expenses A/c Dr $70
Postage expense A/c Dr $30
Printing A/c Dr $22
To Petty cash A/c $122
(Being the reimbursement of petty cash fund is recorded)
A flexible budget may be prepared: Select one: a. Before the operating period only. b. After the operating period only. c. During the operating period only. d. At any time in the planning period. e. Only when the company encounters excessive costs.
Answer:
The correct answer is the option D: At any time in the planning period.
Explanation:
To begin with, in the field of accounting and bussines management the concept known as "flexible budget" refers specifically to the type of budget that a company uses whose primary characteristic is that it is adjustable to the situation and therefore that it goes changing all the time according with the changes that happen in the levels of volumen and or activities, including expenses and revenues as well. So that is why that a flexible budget may be prepared at any time in the planning period for the company because it adjusts to the context.
Debbie is age 67 and unmarried. Her only sources of income are $200,000 in taxable interest and $20,000 of Social Security benefits. Debbie's adjusted gross income for the year is: a.$203,000. b.$200,000. c.$220,000. d.$217,000.
Answer: d.$217,000.
Explanation:
Current tax laws require that 85% of Social Security Benefits be included as AGI for the year.
Debbie's Adjusted Gross Income (AGI) for the year is therefore:
= Taxable interest income + 85% of Social Security
= 200,000 + 20,000 * 85%
= 200,000 + 17,000
= $217,000
Front Company had net income of $82,500 based on variable costing. Beginning and ending inventories were 1,800 units and 3,200 units, respectively. Assume the fixed overhead per unit was $8.40 for both the beginning and ending inventory. What is net income under absorption costing
Answer:
$94,260.00
Explanation:
There is no doubt that the difference between net income under absorption costing and variable costing method lies in the treatment of fixed cost, under the former, each product is charged with fixed cost while total fixed cost is charged as a period cost under the latter.
In essence, the fixed cost on ending inventory would have been expensed and deducted in arriving at net income under variable cost, in other words, we simply add to net income under variable costing the fixed cost attributable to an increase in ending inventory
income=$82,500+(3200-1800)*$8.40
net income=$94,260.00
Scenario : The average total cost to produce 100 cookies is $0.25 per cookie. The marginal cost is constant at $0.10 for all cookies produced. Refer to Scenario 1. The total cost to produce 50 cookies is:______.
A. $25.
B. $50.
C. $60.
D. $20.
E. indeterminate.
Answer: D. $20
Explanation:
Total cost to produce 50 cookies = Total cost to produce 100 cookies - Marginal cost to produce 50 cookies
Total cost to produce 100 cookies is:
= Average total cost * number of cookies
= 0.25 * 100
= $25
Marginal cost to produce 50 cookies is:
= Constant marginal cost * number of cookies
= 0.10 * 5
= $5.00
Total cost to produce 50 cookies = 25 - 5
= $20.00
If an economy has aggregate price levels that are increasing, but the wage rate stays the same because of downward wage stickiness, what would be the economic consequences
Answer:
Business would fire some employees as labor becomes too expensive and the quantity of real GDP supplied would decrease.
Explanation:
According to the sticky wage [tex]\text{theory}[/tex], when the stickiness enters a market, there is a change in [tex]\text{one direction}[/tex] which will be favored over a change in the other direction.
The [tex]\text{aggregate price level}[/tex] is the measure of overall level of the prices in an economy.
When the [tex]\text{aggregate price level}[/tex] increases, it results in inflation. In an economy, when the aggregate price level increases, and the wage rate remains the same due to the downward wage stickiness, it results in an economy which would fire some of the employees as the labor becomes very expensive and the quantity of the real GDP supplied would also decrease.
Quantitative easing is the Question 8 options: gradual release of money into the money supply through open market operations. targeted use of open market operations in which a central bank targets certain markets. strategy of increasing the money supply by buying U.S. Treasury securities on the open market. slow injection of money into the economy by the Federal Reserve.
Answer: targeted use of open market operations in which a central bank targets certain markets
Explanation:
Quantitative easing is referred to as the targeted use of the open market operations whereby a central bank targets certain markets.
Quantitative easing (QE) is a form of monetary policy whereby the central bank buys securities from the open market so as to enable a scenario where there'll be a rise in the money supply and also encourage investment and lending in the economy.
A company purchased $4,000 worth of merchandise. Transportation costs for the buyer were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is:
Answer:
Total cost of purchase= $3,995
Explanation:
To calculate the total cost of merchandise purchased, we need to use the following structure:
Invoice cost of merchandise purchase
Less:
Purchase discount
Returns and allowances
Add:
Transportation costs
In this case:
Invoice cost of merchandise purchase= 4,000
Purchase discount= (4,000*0.02)= (80)
Returns and allowances= (275)
Transportation costs= 350
Total cost of purchase= $3,995
A building is acquired on January 1, at a cost of $830,000 with an estimated useful life of eight years and salvage value of $75,000. Compute depreciation expense for the first three years using the double-declining-balance method.
Answer:
ill try but just know im dum
The four steps necessary to complete a cost of production report in a process cost system are: 1. Allocate costs to transferred and partially completed units. 2. Determine the units to be assigned costs. 3. Determine the cost per equivalent unit. 4. Calculate equivalent units of production. The correct ordering of the steps is a.2, 4, 3, 1 b.2, 3, 4, 1 c.4, 2, 3, 1 d.2, 3, 1, 4
Answer:
a.2, 4, 3, 1
Explanation:
Based on the information given The CORRECT ORDERING of the steps is:
Step 1 is to DETERMINE THE UNITS TO BE ASSIGNED COSTS (2)
Step 2 is to CALCULATE EQUIVALENT UNITS OF PRODUCTION (4)
Step 3 is to DETERMINE THE COST PER EQUIVALENT UNIT (3)
Step 4 is to ALLOCATE COSTS TO TRANSFERRED AND PARTIALLY COMPLETED UNITS (1)
Therefore The CORRECT ORDERING of the steps is:2, 4, 3, 1
Suppose the lead time is 3 operating days, and that the superstore wishes to maintain instock probability of 90%. The demand in each day is normal distributed with standard deviation 10, and the demands cross 3 days are independent. What is the re-order point? The z-score for 0.9 is 1.28. (
Answer:
the re-order point is 97.17
Explanation:
The computation of the re-order point is given below:
Re-order point is
= (Daily demand × Lead time) + (Z × Standard deviation × Sqrt(Lead time)
= (25 × 3) + (1.28 × 10 × Sqrt(3))
= 97.17
hence, the re-order point is 97.17
The same is to be considered and relevant too
Calculate depreciation for year 2 based on the following information: Historical cost $40,000 Useful life 5 years Salvage value $3,000 Year 1 depreciation $7,400
Answer:
Depreciation for year 2 is also $7,400.
Explanation:
Assuming a straight line method of depreciation in which the depreciation is the same for each year, the annual depreciation can be calculated as follows:
Annual depreciation = (Historical cost - Salvage value) / Useful years = ($40,000 - $3,000) / 5 = $7.400
Since annual depreciation is $7,400, that implies that depreciation for year 2 is also $7,400.
The master budget process usually begins with the (CMA adapted) Group of answer choices production budget. operating budget. financial budget. sales budget.
Answer: sales budget
Explanation:
The sales budget is regarded as the master budget process starting point. The sales budget is essential as it depicts the planned sales units as well as the expected dollars that would be gotten from the sales.
The main reason why the sales budget is regarded as the beginning point in the budgeting process is due to the fact that the plans in a organization are usually linked to sales.
What is a disadvantage of the payback method?
a.
It is difficult to calculate
b. It ignores cash inflows earned after the payback period and time-value of money
c.
It ignores cash inflows earned before the payback period.
d. It can be used to cheaply separate desirable projects from less desirable ones.
Clear my choice
The statement " It eliminates the inflows of cash earned following the payback period and time value of money" is the disadvantage of the payback method
The payback period is the period thats tells the time period in which the initial investment that was made should be recovered.
It is to be measured in years normally.
For finding the disadvantage, we need to find out the following information related payback period
It is easy to calculateThe cash flows earned after the payback period should not be used There is no requirement to determine the present value factor for measuring the payback period. Also, it does not use for distinct cheap projects from lower onesSo this is the reason this method ignored the times value of money
Therefore, we can conclude that, the correct option is b.
Learn more about the payback method here: https://brainly.com/question/16255939
On January 1, Cullumber Corporation purchased a 25% equity investment in Shane Corporation for $160,100. At December 31, Shane declared and paid a $80,200 cash dividend and reported net income of $358,400.
Required:
Journalize the transactions.
Answer:
Date Account Title Debit Credit
January, 1 Stock Investment $160,100
Cash $160,100
Date Account Title Debit Credit
December, 1 Stock Investment $89,600
Revenue from Stock Investment $89,600
Working:
= Shane net income * Cullumber ownership
= 358,400 * 25%
= $89,600
Date Account Title Debit Credit
December, 1 Cash $20,050
Stock Investment dividend receivable $20,050
Working:
= Dividend * Cullumber ownership
= 80,200 * 25%
= $20,050
The Chandler Group wants to set up a private cemetery business. According to the CFO, Barry M. Deep, business is "looking up". As a result, the cemetery project will provide a net cash inflow of $57,000 for the firm during the first year, and the cash flows are projected to grow at a rate of 7 percent per year forever. The project requires an initial investment of $759,000. The firm requires a 14 percent return on such undertakings. The company is somewhat unsure about the assumption of a 7 percent growth rate in its cash flows. At what constant rate of growth would the company just break even?
Answer: 6.49%
Explanation:
The constant rate of growth where the company would break even will be calculated thus:
Initial investment = Net cash inflow / (14% - g)
759000 = 57,000/(0.14 - g)
where g = growth rate
759000 = 57,000/(0.14 - g)
Cross multiply
759000(0.14 - g) = 57000
106260 - 759000g = 57000
759000g = 106260 - 57000
759000g = 49260
g = 49260/759000.
g = 0.0649
g = 6.49%
The growth rate that would lead the business to breakeven is 6.49%.
At breakeven, the growth rate would lead to the cash inflows from the project being just enough to pay back the initial investment put into the catering business.
This growth rate is calculated by the formula:
Growth rate = ( (Investment * return rate) * - First cash inflow) / Investment
= ( (759,000 * 14%) - 57,000) / 759,000
= 6.49%
The growth rate that would lead the business to breakeven is therefore 6.49%.
Find out more at https://brainly.com/question/13186160.
Theo sells a stock short with a current price of 25,000 and buys it back forXat the end of 1 year. Governmental regulations require the short seller todeposit margin of 40% at the time of the short sale. No dividends incurred.The prevailing in
Answer:
$23,300
Explanation:
Missing word "The prevailing interest rate is an 8% annual rate, and Theo earns a 25% yield on the transaction. Calculate X."
Stock short sell amount = $25,000
Margin required = 40%
Margin = $25,000 * 40%
Margin = $10,000
Interest = 8%
Interest earned (on margin) = $10,000 * 8%
Interest earned (on margin) = $800
Yield on transaction = 25%
Yield = [(Stock short sell amount - Buyback amount + Interest on margin) / Margin required.] While assuming buyback amount to be X)
0.25 = ($25,000 - X + $800) / $10,000
$2,500 = $25000 - X + $800
X = $25,000 + $800 - $2,500
X = $23,300
Frozen, Inc. spends $750,000 on equipment for a one-year expansion project. For this project, it increases its inventory by $150,000 and accounts payable by $25,000--both are expected to reverse at project completion. The project will be housed in a building Frozen, Inc. purchased seven years ago for $1,500,000. Frozen, Inc.'s tax rate is 50% and cost of capital is 12%. What is the initial outlay (i.e., initial investment, which is a cash outflow) in year 0
Answer:
$875,000
Explanation:
The investment in year 0 is the acquisition cost of the equipment plus the increase in net working capital investment which are both needed to get the project underway:
the acquisition cost of equipment=$750,000
net working capital investment=increase in inventory-increase in payable
net working capital investment=$150,000-$25,000
net working capital investment=$125,000
the initial outlay=$750,000+$125,000
the initial outlay=$875,000
The cost of acquiring the land seven years is not relevant as it is a committed/sunk cost, not a cash outflow required now
You are the account manager for an Internet service provider. A customer contacts you and complains that her recent billing statement was incorrect. After looking over the statement, you determine that the customer is in error. What should you do before writing your message? Check all that apply.
a. Anticipate the effect your message will have on the receiver.
b. Analyze the bad-news situation.
c. Evaluate your tone.
d. Conduct any necessary research.
Answer: a. Anticipate the effect your message will have on the receiver.
b. Analyze the bad-news situation
Explanation:
In the Phase 1 of the writing process, it is required that one should analyze the bad-news situation, and then anticipate the effect that such news will on have on the receiver. After this has been one, the message will then be adapted accordingly.
In a scenario whereby it's anticipated that the reader will be upset about the news, then the message might be reshaped so that the reader won't be angry.
Cute Camel Woodcraft Company is considering a one-year project that requires an initial investment of $500,000; however, in raising this capital, Cute Camel will incur an additional flotation cost of 6%. At the end of the year, the project is expected to produce a cash inflow of $700,000. The rate of return that Cute Camel expects to earn on the project after its flotation costs are taken into account is
Answer:
The correct answer is "32.076%".
Explanation:
Given:
Initial investment,
= $500,000
Cash inflows,
= $500,000
The floatation cost will be:
= [tex]500,000\times 6 \ percent[/tex]
= [tex]30,000[/tex] ($)
The total cost will be:
= [tex]Initial \ investment+Floatation \ cost[/tex]
= [tex]500000+30000[/tex]
= [tex]530000[/tex]
hence,
The rate of return will be:
= [tex]\frac{Inflows}{Cost} -1[/tex]
= [tex]\frac{700000}{530000} -1[/tex]
= [tex]\frac{700000-530000}{530000}[/tex]
= [tex]0.32076[/tex]
= [tex]32.076[/tex] (%)
In preparing a bank reconciliation, the amount of checks outstanding would be:__________
A. added to the cash balance according to the bank statement.
B. deducted from the cash balance according to the bank statement.
C. added to the cash balance according to the company’s records.
D. deducted from the cash balance according to the company’s records.
Place a checkmark next to each power that belongs to the federal government.
1)creating post offices
2)approving amendments to the U.S. Constitution
3)regulating marriage
4)printing money
5)creating a U.S. army
6)making treaties with foreign countries
7)issuing licenses
Answer:
The powers that belong to the federal government are:
1) creating post offices
4) printing money
5) creating a U.S. army
6) making treaties with foreign countries
Explanation:
The federal government and states in the United States have some concurrent powers (including regulating elections, taxation, borrowing money, establishing courts, and regulating commercial activities). There are exclusive powers, which the U.S. Constitution empowered the federal government through Congress to manage. Generally, state governments have the power to regulate all matters within their state boundaries. However, the limitation comes when the states make laws that conflict with the laws of the federal government.
48. What does management say they are doing to assure the public that the financial information is reliable
Answer:
Management of a company is responsible for integrity and objectivity of financial statements. It is management's responsibility to comply with all applicable accounting standards while preparing financial statements.
Explanation:
There should be strict internal controls in a company. A company management is responsible to comply with all laws, and prepare financial standards free from errors. There should be no window dressing and information presented should be reliable. A company management is also responsible to maintain effective internal control system.
What information must be disclosed to buyers in a real estate transaction?
