Answer: A. imperfect; not all important determinants of standard of living are incorporated.
Explanation:
The gross domestic product refers to the monetary value of the goods and the services which are produced in a nation.
Gross Domestic Product is an imperfect measurement as it excludes non-market transactions such as the activities of mothers etc. Also, it doesn't account for income inequality in the society. Therefore, not all the important determinants of standard of living are incorporated.
Desks by Daisy sells a student desk for $100 per unit. The variable cost per desk is $40 and Daisy's fixed costs of producing the desks equals $15,000 per month. Daisy needs to sell _______ desks per month in order to break-even.
Answer:
250
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
$15,000 / (100 - 40)
$15,000 / 60
250
Ship Co. produces storage crates that require 29.0 meters of material at $0.50 per meter and 0.35 direct labor hours at $13.00 per hour. Overhead is applied at the rate of $14 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card
Answer:
Total standard cost per unit= $23.95
Explanation:
First, we need to allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 14*0.35= $4.9
Now, the total direct material and total direct labor:
Direct material= 29*0.5= $14.5
Direct labor= 0.35*13= $4.55
Finally, the total cost per unit:
Total standard cost per unit= 4.9 + 14.5 + 4.55
Total standard cost per unit= $23.95
On April 1, a company established a $150 petty cash fund. On April 15, the petty cash fund contains $5 in cash and the following paid petty cash receipts: Petty Cash Receipts Amount Advertising Expense $29.00 Gasoline Expense38.00 Miscellaneous Expense 50.00 Office Supplies 25.00 Prepare the general journal entries to (1) establish the petty cash fund, to (2) reimburse the fund, and to (3) increase its amount to $200 on April 15.
1. General journal entries to establish the petty cash fund
Date Account titles Debit Credit
April 1 Petty cash $150
Cash $150
2. General journal entries to reimburse the fund
Date Account titles Debit Credit
April 15 Advertising Expense $29.00
Gasoline Expense $38.00
Miscellaneous Expense $50.00
Office Supplies $25.00
Cash over and short $3
Cash ($150-$5) $145
3. General journal entries to increase its amount to $200 on April 15.
Date Account title s Debit Credit
April 15 Petty cash ($200-$150) $50
Cash $50
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A single commercial bank must meet a 25 percent reserve requirement. If the bank has no excess reserves initially and $5,000 of cash is deposited in the bank, it can increase its loans by a maximum of Group of answer choices $5,000. $1,250. $120,000. $3,750.
Answer:
$3,750
Explanation:
Calculation to determine what it can increase its loans by
Using this formula
Loan increase=Excess reserves-(Reserve requirement percentage* Excess reserves)
Let plug in the formula
Loan increase=$5000-($25%*$5000)
Loan increase=$5,000-$1,250
Loan increase=3,750
Therefore it can increase its loans by a maximum of $3,750
You feel that you will need $2.2 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.2 percent compounded monthly and plan to save $305 per month until you reach your goal. How many years will it be until you reach your goal and retire
Answer: 40.7 years
Explanation:
You can use Excel to sold for this using the NPER function.
Rate = 10.2% / 12 months = 0.85%
Payment is $305 per month
Present value is $0
Future value is $2,200,000
Number of periods = 488.1979353
In years this is:
= 488.1979353 / 12
= 40.7 years
Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2020 profit of $300,000, assuming a single sole proprietor with no other earned income.
Answer: $25,802.70
Explanation:
Social security
Social security rates in 2020 for a single sole proprietor is 12.40% on the first $137,700:
= 12.40% * 300,000
= $17,074.80
Medicare Tax
First you need to remove a deduction of 7.65% from the income:
= 300,000 * (1 - 7.65%)
= $277,050
Medicare tax is 2.90% of this adjusted amount in addition to 0.9% for any amount above $200,000:
= (2.90% * 277,050) + (0.9% * (277,050 - 200,000))
= 8,034.45 + 693.45
= $8,727.90
Total Social security and Medicare:
= 17,074.80 + 8,727.9
= $25,802.70
Mordica Company’s standard labor cost per unit of output is $22.00 (2.00 hours x $11.00 per hour). During August, the company incurs 2,340 hours of direct labor at an hourly cost of $9.90 per hour in making 1,300 units of finished product.
Required:
Compute the total, price, and quantity labor variances.
Solution :
Total labor variance = [(standard rate x standard hours) - (actual rate x actual hours)]
= [$11 x (1300 x 2)] - ($9.90 x 2340)
= $28600 - $23166
= $ 5434 unfavorable
Labor price variance = ( standard rate - actual rate) x actual hours
= ($11.00 - $9.90) x 2340
= $ 1.1 x 2340
= $2574 favorable
Labor quantity variance = standard x (standard hours - actual hours)
= $11.00 x [(1300 x 2) - 2340]
= $11.00 x (2600 - 2340)
= $11.00 x 260
= $2860 unfavorable
An owner lists her home at a 7% commission rate and wants to net $45,000 after paying the mortgage balance of $68,000 and the broker's commission. To the nearest dollar, what should the selling price be to net her $45,000
Answer: $121505
Explanation:
Let the selling price be represented by x.
Then the broker's commission will be:
= 7% of x = 0.07 × x = 0.07x
Based on the information given,
Selling price - (Mortgage balance + Broker's commission) = $45000
Therefore, x - ($68000 + 0.07x) = $45000
x - $68000 - 0.07x = $45000
x - 0.07x = $45000 + $68000
0.93x = $113000
x = $113000/0.93
x = $121505
Therefore, the selling price is $121505
What is the answer to this question? B or C?
Answer:B
Explanation: everything had a code of ethics.
Vortex Company operates a retail store with two departments. Information about those departments follows:
Department A Department B
Sales $832,000 $448,000
Cost of goods sold 410,000 291,200
Direct expenses:
Salaries 117,000 86,000
Insurance 13,500 10,900
Utilities 21,000 25,500
Depreciation 18,000 13,500
Maintenance 6,400 5,200
The company also incurred the following indirect costs.
Salaries $29,000
Insurance 6,600
Depreciation 14,800
Office expenses 40,000
Indirect costs are allocated as follows: salaries on the basis of sales; insurance and depreciation on the basis of square footage; and office expenses on the basis of number of employees. Additional information about the departments follows.
Department Square footage Number of employees
A 29,400 66
B 12,600 44
Required:
a. Determine the departmental contribution to overhead and the departmental net income for department A and Department B.
b. Should Department B be eliminated?
Answer:
Vortex Company
Department A Department B
a. Contribution margin $246,100 $15,700
Net income $188,270 ($16,870)
b. Department B should not be eliminated unless the indirect costs allocated to it can be eliminated as well.
Explanation:
a) Data and Calculations:
Department A Department B
Sales $832,000 $448,000
Cost of goods sold 410,000 291,200
Gross profit $422,000 $156,800
Direct expenses:
Salaries 117,000 86,000
Insurance 13,500 10,900
Utilities 21,000 25,500
Depreciation 18,000 13,500
Maintenance 6,400 5,200
Total direct expenses $175,900 $141,100
Contribution margin $246,100 $15,700
Total indirect expenses 57,830 32,570
Net income $188,270 ($16,870)
Department Square footage Number of employees
A 29,400 66
B 12,600 44
Total 42,000 110
Indirect Costs: Costs Rates Department A Department B
Salaries $29,000 $0.02266 $18,850 $10,150 ($448/$1,280)
Insurance 6,600 $0.15714 4,620 1,980
Depreciation 14,800 $0.35238 10,360 4,440
Office expenses 40,000 $363.64 24,000 16,000
Total costs $90,400 $57,830 $32,570
Bangladesh has been the 7 th largest mango exporter in the world and exported 1-billion-dollar worth of vegetables across the world. Within 1000 words, discuss i) How can we internationalize our productions? ii) How can we localize our productions? Discuss some research oriented examples.
Answer:
Private companies added 330,000 jobs in July, according to ADP, far short of the 653,000 estimate
Explanation:
Private companies added 330,000 jobs in July, according to ADP, far short of the 653,000 estimate:The 330,000 new positions is a sharp deceleration from the 680,000 added in June and the lowest total since February. Leisure and hospitality led the gains with 139,000 during a month in which goods-producing industries contributed just 12,000 jobs. #accelerationism
Your team is working hard to develop a strategy to serve a new client. Which of the following actions is most important to ensuring an effective strategy is chosen?
a. Suggest that each proposed strategy be evaluated against a set of key objectives.
b. Invite the client into a meeting to shape the strategy.
c. Conduct a benchmarking survey of similar clients to determine best strategy.
d. Ask the team member with the most industry-related experience to lead the process.
Answer:
b. Invite the client into a meeting to shape the strategy.
Explanation:
It is very important when we invited the client for meeting so that we are able to share the strategy as the open and loose could be discussed in a proper way and in easy way also the suggestions are also welcome. In addition to this, the strategy should be taken place as per the preferences, requirements and choices of the clients
Therefore the option b is correct
Consider the last purchase of two goods by a consumer. A bag of chips costs $1.75 and the marginal utility is 20. A cup of chili costs $2.50. What must the marginal utility of chili be for the consumer to maximize total utility
Answer:
The marginal utility of chili must be 28.57 for the consumer to maximize total utility.
Explanation:
The marginal utility of chili at which the consumer maximizes total utility can be calculated as follows:
Let:
CCHIP = Cost of a bag of chips = $1.75
MUCHIP = Marginal utility of a bag of chips = 20
CCHILI = Cost of a cup of chili = $2.50
MUCHILI = Marginal utility of a cup of Chili = ?
The condition for the utility maximization of the consumer is as follows:
MUCHIP / CCHIP = MUCHILI / CCHILI ……………………………. (1)
Substituting all the relevant values into equation (1) and solve for MUCHILI, we have:
20 / 1.75 = MUCHILI / 2.50
(20 / 1.75) * 2.50 = MUCHILI
MUCHILI = 28.57
Therefore, the marginal utility of chili must be 28.57 for the consumer to maximize total utility.
Sometimes it is necessary to invest a certain amount of money at a fixed interest rate for a fixed number of year so that a financial goal is met. The inital amount invested in called the present value.
a. True
b. False
Answer: True
Explanation: financial goals is an important step toward becoming financially secure.
Nut and Bolt guy Inc, sells nuts, bolts, fasteners and other related equipment. The CFO projects that net FCF for the next three years will be $11,000, $12,500 and $16,000, respectively. After that, the cash flows are expected to increase by 4.5 percent annually. What is the value of the firm if the WACC is 12.2%?
Answer:
$184791
Explanation:
The calculation of the value of the firm is given below:
Year Future Cash Flow PVF at 12.2% PV of Cash Flow
1 11000 0.891 9801
2 12500 0.794 9925
3 16000 0.708 11328
Total 31054
Present Value of Terminal Value
= [16000 × (1 + 0.045) ÷ 0.122 - 0.045] × 0.708
= [16720 ÷ 0.077] × 0.708
= 153737
Now
value of Firm = 31054 + 153737
= $184791
Mitch and Jennifer have adjusted gross income of $125,000 and they have not planned for their children's education. Their children are ages 17 and 18 and the parents anticipate paying $20,000 per year, per children for education expenses. Which of the following is the most appropriate recommendation to pay for the children's education?
A) 529 Savings Plan
B) PLUS Loan
C) Pell Grant
D) Coverdell ESA
Answer: B) PLUS Loan
Explanation:
Seeing as they did not plan ahead and the children are about to start school, the best option they have is a loan. In light of that, they should go for a Parent Loan for Undergraduate Students (PLUS) loan.
A PLUS loan is provided by the Federal government to parents to help them pay for the tuition fees of their children at undergraduate level. It has a lower interest rate but is only given to people whose credit history are not to bad.
On January 1, 2019, Stronger Industries issued $480,000 of 9%, five-year bonds that pay interest semiannually on June 30 and December 31. They are issued at $499,483 and their market rate is 8% at the issue date. After recording the entry for the issuance of the bonds, Bonds Payable had a balance of $480,000 and Premium on Bonds Payable had a balance of $19,483. Stroger uses the effective interest bond amortization method. The first semiannual interest payment was made on June 30, 2019. Complete the necessary journal entry for the interest payment date of June 30, 2019 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Answer:
Journal Entry to record the first interest payment
June 30, 2019
Dr. Interst Expense $19,979.32
Dr. Premium on Bond $1,620.68
Cr. Cash $21,600
Explanation:
First, we need to calculate the premium on bond amortization as follow
Premium on bond amortization = Coupon Payment - Interest Expense
Premium on bond amortization = ( $480,000 x 8% x 6/12 ) - ( $499,483 x 8% x 6/12 )
Premium on bond amortization = $21,600 - $19,979.32
Premium on bond amortization = $1,620.68
Zachary Electronics currently produces the shipping containers it uses to deliver the electronics products it sells. The monthly cost of producing 9,100 containers follows. Unit-level materials $ 6,400 Unit-level labor 6,400 Unit-level overhead 3,800 Product-level costs* 8,400 Allocated facility-level costs 28,000 *One-third of these costs can be avoided by purchasing the containers. Russo Container Company has offered to sell comparable containers to Zachary for $2.70 each. Required Calculate the total relevant cost. Should Zachary continue to make the containers
Answer:
Zachary Electronics
Zachary should continue to make the containers. It is cheaper to make than to buy from Russo Container Company.
Explanation:
a) Data and Calculations:
Production units = 9,100 containers
Unit-level materials $ 6,400
Unit-level labor 6,400
Unit-level overhead 3,800
Total unit-level costs $16,600
Product-level costs* 8,400
Allocated facility-level costs 28,000
Relevant or avoidable costs:
Unit-level materials $ 6,400
Unit-level labor 6,400
Unit-level overhead 3,800
Total unit-level costs $16,600
Product-level costs* 2,800 ($8,400 * 1/3)
Total relevant costs = $19,400 (to make)
Relevant cost to buy:
Offer from Russo Container company = $2.70 per container
Total cost from outside supplier = $24,500 ($2.70 * 9,100)
Under absorption costing, which of the following costs would not be included in finished goods inventory? a.overtime wages paid to factory workers b.the salaries for salespeople c.hourly wages of assembly worker d.straight-line depreciation on factory equipment
Answer:
b.the salaries for salespeople
Explanation:
Absorption costing is the method of costing that tries to itemise all factors that are used in manufacturing a product. These include direct materials, direct labour, and overhead.
However there is no provision for items under contributing margin (that is costs that are derived from sales revenue). Such costs can include salaries of sales people that are taken out of sales revenue.
Other items such as overtime wages paid to factory workers, hourly wages of assembly worker, and straight-line depreciation on factory equipment are all included in absorption costing
[ Shareholders - Employees - Managers - Officers - Board of Directors ]
(a) Who manages the big picture and strategies for corporations, and who manages the day to day affairs of a corporation?
(b) How are each put in their position?
According to Bradly, Pratt, Byrd, and Simmons, enterprise architecture strategically positions an organization to leverage its current IT capabilities and also provides a dynamic roadmap to the future.
a. true
b. false
Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,200 bars) are as follows:
Ingredient Quantity Price
Cocoa 400lbs. $1.25per lb.
Sugar 80lbs. $0.40per lb.
Milk 120gal. $2.50per gal.
Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.
Answer:
$0.16
Explanation:
Particulars Quantity Price Amount
Cocoa 400 $1.25 $500
Sugar 80 $0.40 $32
Milk 120 $2.50 $300
Total $832
Standard direct materials cost per bar = Total amount / Number of bar
Standard direct materials cost per bar = $832 / 5,200 bars
Standard direct materials cost per bar = $0.16
Purple Cab Company had 70,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, the company issued 40,000 shares of common stock. The company had outstanding fully vested incentive stock options for 7,000 shares exercisable at $12 that had not been exercised by its executives. The average market price of common stock was $14. The company reported net income in the amount of $289,915 for 2021. What is the basic earnings per share (rounded)
Answer:
Purple Cab Company
The basic earnings per share is:
= $2.64 per share.
Explanation:
a) Data and Calculations:
January 1, 2021, Outstanding common stock shares = 70,000
April 1, 2021, Issue of new common stock shares = 40,000
December, 31, 2021, Outstanding common stock shares = 110,000
Outstanding fully vested incentive stock options = 7,000
Exercise price of options = $12
Common stock market price = $14
Reported net income = $289,915
The basic earnings per share = $ (Net income/Outstanding common stock)
= $289,915/110,000
= $2.64 per share
b) The basic earnings per share does not include the fully vested incentive stock options. It is only when calculating the diluted earnings per share that the stock options will be included.
PandemicsPlus just paid a dividend of $1.00 per share and they consistently grown dividends at 4% annually. Investors require a return of 12% on the firm's equity. What is the current value of the stock?
Answer:
$13
Explanation:
The current value of the stock can be determined using the constant growth dividend model
according to the constant dividend growth model
price = d1 / (r - g)
d1 = next dividend to be paid
r = cost of equity
g = growth rate
(1 x 1.04) / (0.12 - 0.04) = 13
what are the basic requirement of ppe
Answer:
Personal safety equipment, commonly known as PPE, is the equipment used to minimize the risks causing severe injuries and diseases in the workplace.
Explanation:
Items like gloves, safety glasses, and shoes, earplugs or muffles, hard hats, breathing or coverings, jackets, and whole-body suits may be included in personal protective equipment.
All personal protective equipment should be designed and constructed in a safe and reliable manner. It should fit conveniently and promote the use of workers.
These wounds and diseases can be attributable to chemical, radiological, physical, electrical, mechanical, or other hazards in the workplace.
When engineering, employment practices, and administrative controls are not feasible or not sufficient, employers must provide their employees with personal protective equipment and ensure their proper utilization.
Baden Company manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480000 when 10000 units were produced and sold. The company has a one-time opportunity to sell an additional 1000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
a. Income would decrease by $8,000.
b. Income would increase by $8,000.
c. Income would increase by $140,000.
d. Income would increase by $40,000.
Answer:
d. Income would increase by $40,000
Explanation:
Calculation to determine what the acceptance of the special order would affect net the income
Net income=(Additional unit price*Additional units)-(Variable cost *Additional units
Let plug in the formula
Net income = ($140× 1,000)-($100×1,000)
Net income= $140,000-$100,000
Net income=$40,000 Increase
Therefore If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows Income would increase by $40,000
Estimated inventory (units), March 1 17,000 Desired inventory (units), March 31 19,700 Expected sales volume (units): Area M 6,500 Area L 8,900 Area O 7,800 Unit sales price $15 The number of units expected to be manufactured in March is a.23,200 b.59,900 c.25,900 d.42,900
Answer:
c.25,900
Explanation:
The computation of the no of units expected to be manufactured is given below:
No of units manufactured is
= No. of units sold + Closing units - Opening units
= (6,500 + 8,900 + 7,800) + 19,700 - 17,000
= 25,900
Hence, the no of units expected to be manufactured is 25,900
Therefore the option c is correct
XYZ expects to sell 28,000 pools in 2019. It budgets the beginning inventory of Direct Materials, Work-in-process, and Finished goods to be 26,000; 0; 1,300 units; AND ending inventory to be 26,000; 0; 2,800 units. How many pools need to be produced
Answer:
the no of pools need to be produced is 29,500 units
Explanation:
The computation of the no of pools need to be produced is given below:
= Ending finished goods inventory units + number of units sold - beginning finished goods inventory units
= 2800 + 28000 - 1300
= 29500 units.
Hence, the no of pools need to be produced is 29,500 units
Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)
APR %
Answer: 10.81%
Explanation:
The annual percentage rate is the percentage cost of credit on yearly basis.
APR will be calculated
= [(2 x n x I) /( P x ( N + 1)]
where,
n = number of months = 12
I = Finance cost = Interest + service charge = $70 + $12 = $82
P = Borrowed amount = $1,400
N= Loan period = 12
We'll then slot the values into the annual percentage rate (APR) formula and this will be:
= ( 2 x n x I) /( P x ( N + 1))
= ( 2 x 12 x 82) /( 1400 x ( 12 + 1))
= 0.1081
=10.81 %
KNK bank receives a deposit of GHS 1,000 and observes a cash ratio of 10%. Assuming there is no cash drain(cashless economy) and all rxcess reserves are pushed into loans. a. what is the maximum amount of money that can be pushed into loans. b. what is the total increase in money supply with the bank?
The maximum amount of money which can be created from the deposit will be GHS 1,000 and the total increase in the money supply with the bank will be GHS 1,000 too.
Money supply has to do with the total amount of money that's in circulation in a particular period of time in an economy.
A) Based on the information given, the maximum amount of money which can be created from the deposit will be GHS 1,000.
B. The total increase in the money supply with the bank will be GHS 1,000. The reason for this is because there were no additional information that was given.
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