The given information is analyzed using three methods: the First-In, First-Out (FIFO), the Last-In, First-Out (LIFO), and the Weighted Average Cost (WAC) method. The inventory cost by the first-in, first-out method is $17,400.b. The inventory cost by the last-in, first-out method is $10,100.c. The inventory cost by the weighted average cost method is $14,811.
The three methods are explained below:
First-In, First-Out (FIFO) Method: This method assumes that the items sold are the oldest items in stock, and those remaining are the newest items. As a result, the cost of the newest items in inventory remains on the balance sheet. The first item received in inventory is the first to be sold. This is how it works: Jan. 1 Inventory 2,500 units at $5Feb. 17 Purchase 2,900 units at $6Jul. 21 Purchase 3,400 units at $7Nov. 23 Purchase 1,200 units at $8. The cost of the first 2,500 units was $5, therefore the cost of the next 2,900 units was $6, and the cost of the last 4,600 units was $7. The cost of goods sold is calculated as follows: 2,500 × $5 + 2,900 × $6 + 1,200 × $8 = $47,500, while the cost of inventory on hand on December 31, 2017, is calculated as follows: (1,700 × $7) + (900 × $8) = $17,400.
First-Out (LIFO) Method: This method is the reverse of the FIFO method. It assumes that the most recent inventory is sold first, and the oldest inventory is left in stock. Therefore, the cost of the oldest inventory remains on the balance sheet. This is how it works: Jan. 1 Inventory 2,500 units at $5Feb. 17 Purchase 2,900 units at $6Jul. 21 Purchase 3,400 units at $7Nov. 23 Purchase 1,200 units at $8. The cost of the first 1,200 units was $8, therefore the cost of the next 3,400 units was $7, and the cost of the last 2,500 units was $5. The cost of goods sold is calculated as follows: 1,200 × $8 + 3,400 × $7 + 1000 × $6 = $50,800, while the cost of inventory on hand on December 31, 2017, is calculated as follows: (500 × $7) + (1,200 × $8) = $10,100.
Weighed Average Cost (WAC) Method: The total cost of the available items is divided by the total number of units to arrive at the weighted average cost of each item. The Weighted Average Cost method is used when there is no clear pattern for the cost of goods sold, unlike the FIFO and LIFO methods. This is how it works:Jan. 1 Inventory 2,500 units at $5Feb. 17 Purchase 2,900 units at $6Jul. 21 Purchase 3,400 units at $7Nov. 23 Purchase 1,200 units at $8Total units = 10,000Total cost = $87,300Weighted average cost per unit = Total cost / Total units = $8.73Therefore, the cost of goods sold is calculated as follows: 10,000 – 1,700 = 8,300 units sold at $8.73 each = $72,309. While the cost of inventory on hand on December 31, 2017, is calculated as follows: 1,700 × $8.73 = $14,811.
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as soon as united parcel service (ups) moved into overnight delivery, fedex's strong point, fedex bought trucking and ground shipping assets to gain advantage over ups's strong point. these activities between ups and fedex are referred to as:
The activities between UPS and FedEx that are described in the given scenario are referred to as competitive actions.
Competitive actions are strategic moves that firms take to improve their market position or defend against competitive threats from other firms. In this case, UPS's move into overnight delivery represented a competitive threat to FedEx's traditional strength in that market segment. To respond, FedEx took a defensive competitive action by acquiring trucking and ground shipping assets, which enabled it to expand its capabilities and better compete with UPS in those areas.
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the department of investments purchased a parcel of land for $160,000 and proceeded to pay $8,000 for sewage services, $12,000 to survey the land, and $15,000 to pave a driveway. if the property was to be sold, what would be the selling price that would allow the department to earn a 12% profit?
The department of investments purchased a parcel of land for $160,000 and proceeded to pay $8,000 for sewage services, $12,000 to survey the land, and $15,000 to pave a driveway. If the property was to be sold, the selling price that would allow the department to earn a 12% profit would be $209,560.
To calculate the selling price, we need to add the total cost to the profit desired.
Selling price = Total cost + Profit
As given in the question,
The cost of purchasing the parcel of land = $160,000
The cost of sewage services = $8,000
The cost of surveying the land = $12,000
The cost of paving the driveway = $15,000
The total cost will be:
Total cost = $160,000 + $8,000 + $12,000 + $15,000
Total cost = $195,000
Now, we need to calculate the profit. As per the question, it's 12% of the total cost of the land.
Profit = 12% of $195,000
Profit = $23,460
Now we have the total cost and the profit, so we can calculate the selling price by adding them:
Selling price = $195,000 + $23,460
Selling price = $209,460
Therefore, the selling price that would allow the department to earn a 12% profit is $209,560
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The following items represent expenditures (or receipts) related to the construction of a new home office for Secrest Investment Company. Cost of land site, which included an abandoned railroad spur $205,000 Legal fees, including title search, relating to land purchase 8,300 Cost of surveying land to confirm boundaries 1,100 Cost of removing railroad tracks 6,500 Payment of delinquent property taxes assumed by the purchaser 6,000 Proceeds from sale of timber from walnut trees cut down to prepare site for construction (23,000) Proceeds from sale of salvaged railroad track (3,500) Grading to prepare land site for construction 8,000 Cost of basement excavation (contracted separately) 3,700 Architect's fees on new building 128,000 Payment to building contractor-original contract price 3,400,000 Cost of changes during construction to make building more energy efficient 95,000 Cost of replacing windows broken by vandals 2,400 Cost of paving driveway and parking lot 17,000 Out-of-court settlement for mud slide onto adjacent property 10,000 Special assessment for paving city sidewalks (paid to city) 26,000 Cost of brick and wrought iron fence installed across front of property 20,500 Required From the given data, compute the proper balances for the Land, Building, and Land Improvements accounts of Secrest Investment Company. Land $ Answer Building $ Answer Land Improvements $ Answer
In total, the Land, Building, and Land Improvements accounts would equal $3,722,400.
The proper balances for the Land, Building, and Land Improvements accounts of Secrest Investment Company would be:
Land: $205,000Building: $3,522,000Land Improvements: $94,400The Land account includes the cost of the land site and the associated fees ($205,000).
The Building account includes the original contract price and the cost of changes made during construction ($3,400,000 + $95,000).
The Land Improvements account includes all of the expenses related to preparing the land for construction, such as surveying, removing railroad tracks, grading, basement excavation, and special assessments ($8,300 + $1,100 + $6,500 + $8,000 + $3,700 + $26,000 + $20,500). Additionally, it includes the proceeds from the sale of timber and salvaged railroad track, and the out-of-court settlement for the mud slide onto adjacent property ($23,000 + $3,500 - $10,000).
In total, the Land, Building, and Land Improvements accounts would equal $3,722,400.
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3. assume the initial rate on a 1/1 arm is 11.50%. the loan has a margin of 265 basis points above libor. in one year after the loan is originated, the libor is 9.5%. what is the fully indexed rate on the loan in one year?
The fully indexed rate on the loan in one year, assuming the initial rate on a 1/1 ARM is 11.50% and the loan has a margin of 265 basis points above LIBOR and after the loan is originated, the LIBOR is 9.5% would be 12.15%.
Given information:Initial rate on a 1/1 ARM = 11.50%
Loan margin above LIBOR = 265 basis points.
LIBOR after 1 year = 9.5%
Therefore, the fully indexed rate on the loan after one year can be calculated as:
Fully Indexed Rate = (Initial Rate) + (Loan Margin) + (LIBOR)
After 1 year, LIBOR is 9.5% and the loan has a margin of 265 basis points above LIBOR.
Therefore, the fully indexed rate on the loan after one year would be:Fully Indexed Rate = 11.50% + 2.65% + 9.5% = 12.15%
Therefore, the fully indexed rate on the loan in one year would be 12.15%.
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A small business has one team that installs new swimming pools and four employees that clean and maintain pools. Which of the following is a service that is provided by this business to its customers? a. the employees who clean and maintain poolsb. the new swimming poolsc. the team that installs the new poolsd. pool cleaning
A small business that has one team that installs new swimming pools and four employees that clean and maintain pools provides two services to its customers.
The first service is the installation of new swimming pools, which is done by a team of installers. The second service is pool cleaning and maintenance, which is done by the four employees. Both services are necessary for the business to operate, and both are beneficial to the customers of the business.
The team of installers will construct the new pool to the specifications of the customer, providing a customized product that meets the needs of the customer. The four employees will then clean and maintain the pool, ensuring it is safe and enjoyable to use. This includes checking the chlorine and pH levels, as well as inspecting and repairing any equipment.
The services provided by this small business are essential to the operation and success of the business. Without the installation of new swimming pools, the business would not be able to provide any services. And without pool cleaning and maintenance, the swimming pool would quickly become unsafe to use.
In conclusion, this small business provides two services to its customers - the installation of new swimming pools and pool cleaning and maintenance. Both services are necessary for the business to operate and for the customers to get the most out of their swimming pool.
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a technological improvement causes steel production to increase. as a result steel market prices fall from $300 per ton to $150 per ton. consequently, weekly light-truck steel frame production by ccnt technologies increases from 250 to 275 units. using the arc method (or midpoint formula) what is the cross-price elasticity of supply for light-truck steel frames?
The cross-price elasticity of supply for light-truck steel frames is 0.1. The cross-price elasticity depends upon factors like quantity supplied and prices both initial and final of steel frames.
This formula is: Ep = (Change in Quantity Supplied / Average of Initial and Final Quantity Supplied) / (Change in Price / Average of Initial and Final Price). Using the given information, the cross-price elasticity of supply for light-truck steel frames is calculated as follows:
Ep = (275 - 250 / (275 + 250) / (150 - 300 / (150 + 300) = 0.1
This means that a technological improvement causing steel production to increase and market prices to fall from $300 per ton to $150 per ton, has resulted in a weekly light-truck steel frame production by CCNT Technologies increasing from 250 to 275 units.
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you want to buy a used car, but it costs more than you want to spend. you start negotiating with the seller, figuring that every dollar you get knocked off the price is a dollar in your pocket and one less dollar in his pocket. what type of bargaining strategy does this represent?
The bargaining strategy you used by figuring that every dollar you get knocked off the price is a dollar in your pocket and one less dollar in his pocket is distributive bargaining.
Distributive bargaining is a negotiation strategy in which each party tries to maximize its own gain at the expense of the other party. In distributive bargaining, the parties view the negotiation as a zero-sum game, where any gain for one party must come at the expense of the other party.
In the scenario given, the buyer is attempting to negotiate a lower price for the used car, with the goal of paying less and saving money. The seller, on the other hand, is likely trying to maximize the price they can get for the car.
By viewing the negotiation as a zero-sum game, with every dollar the buyer saves being a dollar the seller loses, the buyer is using a distributive bargaining strategy. In this strategy, the goal is to obtain the best possible deal for oneself, without regard for the other party's interests or needs.
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3. Case 3: (Valid/Invalid Contract?) John, a little boy, exchanged his bicycle with a man for a radio which belonged to the man's son. Can John get his bicycle back if his father takes the man to court?
Little John traded his bicycle with a guy in return for the man's son's radio. No, if John's father prosecutes the man in court, he will not receive his bicycle back.
What Constitutes a Legal or Invalid Contract?The agreement is deemed to be valid when all the elements necessary to form a binding legal contract are present. But, if any of the fundamental elements of a contract are missing, the agreement is null and invalid (or, more accurately, there is no contract).
What makes a legal agreement invalid?If one party must break the law in order for the contract to be established or to be carried out, the agreement is void. Samples of contracts with prohibited clauses: a contract for the sale or distribution of illegal substances like drugs. agreements established to conduct out illegal operations.
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knowledge check 01 all accounts that appear in the balance sheet, including retained earnings, are permanent accounts, and we carry forward their balances from period to period. group startstrue or falsetrue, selectedfalse, unselected
The given statement 'All accounts that appear in the balance sheet, including retained earnings, are permanent accounts, and we carry forward their balances from period to period' is true because balance in the retained earnings account is carried over from one accounting period to the next.
The Balance Sheet is a financial report that shows the assets, liabilities, and equity of a business at a specific moment in time. It is divided into two sections: assets on one side and liabilities and equity on the other side. The balance sheet is a snapshot of a company's financial position on a particular day; that is, it shows the company's financial status at a specific point in time.
Balance sheets consist of two types of accounts: permanent accounts and temporary accounts. Permanent accounts are accounts that appear on the balance sheet and whose balances are carried over from one accounting cycle to the next, while temporary accounts are accounts that appear on the income statement, statement of owner's equity, or statement of retained earnings and whose balances are reset to zero at the end of each accounting cycle.
Retained earnings are one such permanent account that appears on the balance sheet. Retained earnings are the net earnings that a company has not paid out as dividends to its shareholders. They are a measure of how much money the company has retained over time instead of distributing it to shareholders in the form of dividends.
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The default section of a switch statement performs a similar task similar to the ______ portion of an if/else if statement. a. conditional b. break c trailing else.
The default section of a switch statement performs a similar task to the conditional portion of an if/else if statement.
The question is asking about the default section of a switch statement, which performs a similar task to the conditional portion of an if/else if statement.
In other words, the switch statement is used to test a variable against a list of cases to determine which one matches. If none of the cases match, then the default statement is executed. An if/else statement is used to execute a block of code if a condition is true or false.
If the condition is true, then the code in the if block is executed. If the condition is false, then the code in the else block is executed.
In summary, the default section of a switch statement is similar to the conditional portion of an if/else if statement.
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Companies sometimes spend millions to move location:
A. for pleasant scenery
B. to be near vacation spots
C. at a supplier's request
D. for proximity to customers
Companies sometimes spend millions to move locations for better proximity to customers.
What is a company? A company is an organization or association of persons for the purpose of conducting business or commercial activities. A corporation's purpose is to make a profit by providing goods and services that people want or need. A company has a legal identity that is distinct from its owners and is, in fact, a separate person for the purposes of the law.
What is a location? The physical location or place where a business, service, or other entity is located is referred to as its location. The place or position where something is or occurs is referred to as a "location." A location is the physical setting in which something exists, such as a company, a building, or a particular site. A location is where you are in a physical sense.
Answer: Companies sometimes spend millions to move locations for proximity to customers.
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the world's best coffee beans come from costa rica. therefore, the more costa rican beans in a blend of coffee, the better the blend; and no company purchases more costa rican beans than superior coffee. which positioning strategy is the company demonstrating?
The company Superior Coffee is demonstrating the positioning strategy of attribute-based positioning.
Attribute-based positioning is a positioning strategy in which a product's distinct characteristics are highlighted to convey the product's advantage over other brands. The advertising campaign for the brand of the product may emphasize the exclusive features of the product by stating that these attributes are what make the product superior to other brands, which can prompt the consumers to choose this product over other brands.
Superior Coffee is a coffee company that claims to have the best blend of coffee. They claim that the more Costa Rican beans in a coffee blend, the better the blend. Superior Coffee, according to the company's claim, is the only brand that purchases more Costa Rican beans than any other brand.
Therefore, the company is highlighting the Costa Rican beans as their unique selling point or attribute, and they claim that no other brand can offer as many Costa Rican beans as they do. Superior Coffee is demonstrating attribute-based positioning by highlighting the distinct feature of Costa Rican beans in their coffee blend to promote their brand as unique and superior.
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Using in-house _______ testing, the company attempts to determine whether the product prototype will perform according to its design and whether it satisfies the need for which it was intended, by performing tests in the R&D department.
Using in-house usability testing, the company attempts to determine whether the product prototype will perform according to its design and whether it satisfies the need for which it was intended, by performing tests in the R&D department.
What is usability testing? Usability testing refers to a technique for evaluating a product or service by testing it with representative users. This kind of testing allows companies to test how intuitive, convenient, and user-friendly the product is for its intended audience. The company can then use the results to make changes and improvements to the product.What are the objectives of in-house usability testing?The primary objective of in-house usability testing is to identify any usability problems with a product or service that the company has developed. Some additional objectives are mentioned below:To determine whether the product design meets user needsTo identify areas of the product or service that could benefit from additional developmentTo assess how easy or difficult the product is to use for the intended audienceTo validate user interface design decisionsTo identify areas of the product or service that could benefit from additional developmentWhat is the role of the R&D department in in-house usability testing?In-house usability testing is done by performing tests in the R&D department, where the product or service is developed.
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when a project manager first recognizes that a project is in trouble, one of the options available to the manager is .group of answer choicesdelaying the project deadline
When a project manager first recognizes that a project is in trouble, one of the options available to the manager is reducing the project resources. Therefore the option is B.
What is project management?Project management is the process of planning, organizing, executing, controlling, and completing a project. It is used to handle specific objectives and goals, usually within a time frame, with defined milestones, and certain resource requirements. Project management techniques can be used for various goals, ranging from product development to software engineering, construction to sales and marketing, and so on. A project is a distinct, temporary effort undertaken to produce a unique product or service. The project may be related to any activity such as building a road, creating software, launching a marketing campaign, constructing a building, etc.
A project manager may need to reduce project resources to mitigate problems, and it is one of the options available to the project manager when he recognizes that the project is in trouble. Reducing the project resources might involve cutting back on the budget, team size, or scope of the project. Other strategies for dealing with problems in the project include adjusting the schedule, increasing the project scope, or improving communication with stakeholders.
Here is the complete question:
When a project manager first recognizes that a project is in trouble, one of the options available to the manager is:
a. delaying the project deadline
b. reducing the project resources
c. expanding the project requirements
d. eliminating controls and procedures
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which of the following components make up the formal definition of an organization? check all that apply.a shared goalshared communicationa clear hierarchya structured group
The formal definition of an organization consists of the following components:
A shared goalA clear hierarchyA structured groupWhat is structured group?A structured group: This refers to a collection of individuals who work together to achieve a common purpose. The structure may include various departments, divisions, and teams within the organization.
A shared goal: This refers to a common objective or mission that the members of the organization work towards achieving.
A clear hierarchy: This refers to a system of levels of authority and responsibility within the organization. It provides a clear understanding of who is in charge of what and helps to maintain order and coordination within the organization.
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In economics, the IS curve is a linear equation that represents all combinations of income Y and interest rates r that maintain an equilibrium in the market for goods in the economy. The LM curve is a linear equation that represents all combinations of income Y and interest rates r that maintain equilibrium in the market for money in the economy. In an economy, suppose the equilibrium level of income (in millions of dollars) and interest rates satisfy the system of equations. Find the equilibrium level of income and interest rates. {0.04Y - 5000r = 80 0.04Y + 6000r = 520 Select the correct choice below and fill in any answer boxes in your choice.
A. The equilibrium level of income Y is $ ______
The equilibrium interest rate r is. _______
(Type integers or decimals.)
B. There are infinitely many solutions. C. There is no solution.
The equilibrium level of income is $1080 million, and the equilibrium interest rate is 0.005 units.
The IS curve is a line that shows the relationship between investment and savings in the economy. It illustrates the demand and supply of money within the economy. It is a graphical representation of the equilibrium in the market for goods and services in the economy. In other words, the IS curve is a model that shows the equilibrium income and interest rates in the economy.
The system of equations that represents the equilibrium level of income and interest rates in the economy are: 0.04Y - 5000r = 800.04Y + 6000r = 520. Solving for Y and r using Cramer's rule: Equation 1: 0.04Y - 5000r = 80, and Equation 2: 0.04Y + 6000r = 520.The determinant of the system is D = 0.04 * 6000 - (-5000) * 0.04 = 440. Using Cramer's rule, the solution for the system is given by: Y = Dx/Dt = (80 * 6000 - 5000 * 520) / 440 = 1080. Interest rates r = Dy/Dt = (0.04 * 520 - 0.04 * 800) / 440 = 0.005.
Thus, the equilibrium level of income is $1080 million, and the equilibrium interest rate is 0.005 units. The equilibrium level of income Y is $1080 and the equilibrium interest rate r is 0.005.
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which type of team is most likely to be given the task of designing a new product and bringing it into production?
Type of team that is most likely to be given the task of designing a new product and bringing it into production is a cross-functional team.
Cross-functional teams are usually assembled to address a particular business problem, such as developing a new product or improving a current process.
These teams typically include individuals from various departments, including engineering, marketing, sales, manufacturing, design, and other functions. The primary objective of a cross-functional team is to bring together diverse skill sets and perspectives to work on a common goal.
Since each member of the team comes from a different area of the company, they are more likely to consider issues from a variety of perspectives. This can help the team to identify new ideas and solutions to problems that might not have been considered otherwise.
So, the most likely team that is given the task of designing a new product and bringing it into production is a cross-functional team.
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Specter Consulting purchased $9,100 of supplies and paid cash immediately. Which of the following general journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts Multiple Choice Accounts Payable Supplies 9,100 9,100 Cash Supplies 9,100 9,100 Supplies Cash 9,100 9,100 Supplies Accounts Payable 9,100 9,100
The correct general journal entry to record the transaction would be "Supplies 9,100, Cash 9,100". This records the company's purchase of $9,100 of supplies, paid in cash.
A general journal is a record-keeping book or electronic document that is used to record all the financial transactions of a business in chronological order. The general journal is a primary accounting record that is used to track all of the business's financial transactions, such as purchases, sales, payments, and receipts.
In the general journal, each transaction is recorded using a journal entry that includes the date of the transaction, a description of the transaction, and the amount of money involved. The journal entry also includes accounts that are debited and credited for each transaction, and these entries are used to post transactions to the company's general ledger.
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the clandestine collection of trade secrets or proprietary information about competitors is known as blank . multiple choice question. strategic alliance protectionism economic espionage countertrade
The clandestine collection of trade secrets or proprietary information about competitors is known as economic espionage.
Economic espionage is a form of commercial spying in which the clandestine collection of trade secrets or proprietary information is carried out for the purpose of financial benefit. This involves using secret or deceptive means to acquire sensitive commercial or financial information. To gain an advantage in competitive markets, this data can be exploited by a competitor or foreign entity.
Economic espionage is a crime that carries severe legal penalties. It has become increasingly prevalent in recent years as companies become more globalized and reliant on technological advancements. As a result, protecting sensitive information from potential economic espionage has become a major priority for many businesses.
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what standards are applicable for a compilation of the historical financial statements of a nonissuer? statements on standards for accounting and review services (ssarss). generally accepted auditing standards (gaas). statements on standards for attestation engagements (ssaes). statements on auditing standards (sass).
The standards that are applicable for a compilation of the historical financial statements of a nonissuer are Statements on Standards for Accounting and Review Services (SSARSs). Therefore, the first option is the correct answer.
The Statements on Standards for Accounting and Review Services (SSARSs) is a set of professional standards issued by the American Institute of Certified Public Accountants (AICPA) that provide guidance on the preparation and issuance of financial statement compilations and reviews for nonpublic entities.
The SSARSs have three levels: preparation, compilation, and review. A compilation is when an accountant assists in the preparation of financial statements but does not offer an opinion or assurance on their accuracy or conformity with accounting principles. Reviews provide limited assurance that no material changes are needed to the financial statements.
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All of the following are processes through which an airline transforms inputs such as employees, time, money, and equipment EXCEPT
eliminating food service.
All of the following are processes through which an airline transforms inputs such as employees, time, money, and equipment except eliminating food service.
What is meant by an airline?Airline refers to a corporation that provides passenger transportation services by air to people traveling to different locations. It’s also known as an aviation firm that serves air traffic in different parts of the world by using planes and related technologies.
Airlines operate on a daily basis and help transport goods, passengers, and cargo. The process through which an airline transforms inputs such as employees, time, money, and equipment includes operating and maintaining aircraft, hiring and training employees, scheduling flights, handling reservations and ticketing, handling security, and providing customer service.
These are the major processes that an airline uses to transform inputs such as employees, time, money, and equipment. Except for eliminating food service, the rest of the choices are the processes through which an airline transforms inputs such as employees, time, money, and equipment.
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Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow.
Income Statements (Absorption Costing) Year 1 Year 2
Sales ($53 per unit) $ 1,113,000 $ 3,339,000
Cost of goods sold ($38 per unit) 798,000 2,394,000
Gross profit 315,000 945,000
Selling and administrative expenses 282,000 366,000
Income $ 33,000 $ 579,000
Additional Information
Sales and production data for these first two years follow.
Units Year 1 Year 2
Units produced 42,000 42,000
Units sold 21,000 63,000
Variable costs per unit and fixed costs per year are unchanged during these years. The company's $38 per unit product cost using absorption costing consists of the following.
Direct materials $ 12
Direct labor 12
Variable overhead 6
Fixed overhead ($336,000/42,000 units) 8
Total product cost per unit $ 38
Selling and administrative expenses consist of the following.
Selling and Administrative Expenses Year 1 Year 2
Variable selling and administrative ($2 per unit sold) $ 42,000 $ 126,000
Fixed selling and administrative 240,000 240,000
Total $ 282,000 $ 366,000
Required:
Prepare income statements for each of these two years under variable costing. (Loss amounts should be entered with a minus sign.)
Income Statements (Variable Costing)
Year 1 Year 2
Sales ($53 per unit) $1,113,000 $3,339,000
Variable costs of goods sold ($18 per unit) $378,000 $1,134,000
Contribution Margin $735,000 $2,205,000
Fixed costs of goods sold ($336,000/42,000 units) $8,000 $8,000
Gross Profit $727,000 $2,197,000
Variable selling and administrative expenses ($2 per unit sold) $42,000 $126,000
Fixed selling and administrative expenses $240,000 $240,000
Income $445,000 $1,831,000
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Both price floors and price ceilings, when effective, lead to:
a. shortages
b. surpluses
c. an increase in the quantity traded
d. a reduction in the quantity traded
Both price floors and price ceilings, when effective, lead to B) surpluses.
Both price floors and price ceilings are government-imposed limits on the price that can be charged for a good or service. A price floor is a minimum price set by the government above the equilibrium price, whereas a price ceiling is a maximum price set by the government below the equilibrium price. In the short run, both price floors and price ceilings can have an impact on the market.
When a price floor is effective, it leads to a B) surplus. This is because the price floor is set above the equilibrium price, meaning that there is a quantity supplied that exceeds the quantity demanded. This results in a surplus of goods that cannot be sold at the higher price. For example, if the government sets a minimum wage above the equilibrium wage, it will result in an excess supply of workers, leading to an increase in unemployment.
When a price ceiling is effective, it leads to a shortage. This is because the price ceiling is set below the equilibrium price, meaning that there is a quantity demanded that exceeds the quantity supplied. This results in a shortage of goods that cannot be produced or supplied at the lower price. For example, if the government sets a maximum price on rent below the equilibrium rent, it will result in a shortage of rental housing, leading to an increase in homelessness.
Neither price floors nor price ceilings lead to an increase in the quantity traded or a reduction in the quantity traded. Instead, they affect the allocation of goods or services by changing the price. A price floor or price ceiling may be effective in the short run, but in the long run, market forces will eventually push the price toward the equilibrium price, which is the price at which the quantity demanded equals the quantity supplied. Therefore, the best policy is to let the market determine prices and quantities, as it will naturally reach an equilibrium that is efficient and fair.
In conclusion, both price floors and price ceilings have an impact on the market, but they lead to different outcomes. A price floor leads to a surplus, while a price ceiling leads to a shortage. Neither price floors nor price ceilings lead to an increase or a reduction in the quantity traded. Instead, they affect the allocation of goods or services by changing the price. Ultimately, the best policy is to let the market determine prices and quantities, as it will naturally reach an equilibrium that is efficient and fair.
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carnival cruises is drastically discounting cabins on its next caribbean cruise because all the cabins are not currently sold. this discounting is most likely due to which factor of services?
Carnival Cruises is drastically discounting cabins on its next Caribbean cruise because all the cabins are not currently sold. This discounting is most likely due to the factor of demand. When there is a low demand for services, companies will often offer discounts in order to entice more people to purchase their services.
Factor of servicesCarnival Cruises is drastically discounting cabins on its next Caribbean cruise because all the cabins are not currently sold. This discounting is most likely due to the factor of services being overcapacity. Carnival Cruises is using this strategy to keep occupancy rates high and to keep people traveling. The discounting of cruise ship cabins is not new, and it is typically utilized by cruise lines when they have a high number of unsold cabins. The factor of services is overcapacity, which is driving the discounting of cabins on the next Caribbean cruise.
Overcapacity is defined as a situation in which a company has more supplies, facilities, or personnel than it needs to meet its needs. Overcapacity is generally caused by a lack of demand or excessive growth in capacity. Carnival Cruises is lowering the cost of cabins to increase demand, maintain its occupancy rate, and keep people traveling.
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Use the following information for the year ended December 31, 2022.
Supplies
$1,300 Service revenue
$21,500
Operating expenses
10,400 Cash
15,600
Accounts payable
11,500 Dividends
6,600
Accounts receivable
3,300 Notes payable
1,900
Common stock
9,000 Equipment
11,300
Retained earnings (beginning)
4,600 Calculate the following: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Net income / (net loss)
$enter a dollar amount
Ending retained earnings
$enter a dollar amount
Total assets
$enter a dollar amount
Net income / (net loss): [tex]$4,100[/tex]
Ending retained earnings: [tex]$11,100[/tex]
Total assets: [tex]$48,100[/tex]
To calculate the net income / (net loss) for the year ended December 31, 2022, we need to calculate the revenue and the expenses. Revenue is calculated by adding the service revenue and supplies, which is [tex]$22,800.[/tex] Expenses are calculated by adding the operating expenses, cash, accounts payable, dividends, accounts receivable, notes payable, common stock, and equipment, which is [tex]$37,400[/tex]. The net income / (net loss) is calculated by subtracting the expenses from the revenue, which is[tex]$4,100.[/tex]
To calculate the ending retained earnings, we need to calculate the beginning retained earnings and the net income / (net loss). The beginning retained earnings are [tex]$4,600[/tex], and the net income / (net loss) is [tex]$4,100.[/tex] The ending retained earnings are calculated by adding the beginning retained earnings and the net income / (net loss), which is [tex]$11,100[/tex].
To calculate the total assets, we need to add the supplies, service revenue, cash, accounts payable, accounts receivable, notes payable, common stock, and equipment, which is [tex]$48,100.[/tex]
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Net income / (net loss): $5,900
Ending retained earnings: $10,500
Total assets: $42,500
For the Net Income, we need to find the difference between Total Revenue and Total Expenses.
Total Revenue = Service Revenue + Dividends = $21,500 + $6,600 = $28,100
Total Expenses = Operating Expenses + Accounts Payable = $10,400 + $11,500 = $21,900
Net Income = Total Revenue - Total Expenses = $28,100 - $21,900 = $5,900
To calculate the Ending Retained Earnings, we need to find the difference between the beginning Retained Earnings and the Net Income.
Ending Retained Earnings = Beginning Retained Earnings + Net Income = $4,600 + $5,900 = $10,500
For the Total Assets, we need to add together the current assets and non-current assets.
Current Assets = Cash + Accounts Receivable = $15,600 + $3,300 = $18,900
Non-Current Assets = Notes Payable + Common Stock + Equipment = $1,900 + $9,000 + $11,300 = $22,200
Total Assets = Current Assets + Non-Current Assets = $18,900 + $22,200 = $42,500
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Modular design, an operations process for manufacturing products, does not allow products to be repaired quickly, thus increasing the cost of labor.
True or False
The given statement "Modular design, an operations process for manufacturing products, does not allow products to be repaired quickly, thus increasing the cost of labor" is false.
What is modular design?Modular design refers to a method of designing a product in which it is composed of modules, each of which has a distinct functionality or set of functionalities, and can be assembled or disassembled easily to build, repair, or upgrade the product.
Due to the fact that modular design allows for the efficient disassembly and reassembly of products, it significantly reduces the time and expense of repairing products. As a result, the given statement that modular design does not allow for quick product repairs and increases labor costs is incorrect. So, the given statement is false.
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the heart and soul of any company's strategy are the actions and moves in the marketplace that managers are taking to
The heart and soul of any company's strategy are the actions and moves in the marketplace that managers are taking to increase their company's competitive advantage, profitability, and growth.
The strategy of a company is the heart and soul of the company as it helps the company achieve its goals and objectives. It is a well thought out plan that outlines how the company will achieve its goals and objectives. The strategy of the company includes the actions and moves in the marketplace that managers are taking to increase their company's competitive advantage, profitability, and growth.
Strategy is critical to the success of a company as it helps the company to make decisions on how to allocate its resources, how to compete with its competitors, and how to reach its target customers. The strategy also helps the company to identify the opportunities and threats that are available in the market. The strategy of a company is a well thought out plan that helps the company to achieve its goals and objectives. The strategy of a company includes the actions and moves in the marketplace that managers are taking to increase their company's competitive advantage, profitability, and growth.
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Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as te payment period. $23,000; quarterly payments for 9 years; interest rate 4.8% The payment should be what? (round to the nearest cent as needed)
The payment that should be made for the annuity to have a future value of $23,000 is $548.17.
Given future value of annuity due is $23,000, Quarterly payments for 9 years, and Interest rate 4.8% We have to calculate the payment that should be used for the annuity due. The formula for the future value of an annuity due is:
FV = P ((1 + i)^(n – 1)) / i
Here, FV = $23,000, i = 4.8% per year = 0.048 per year (compounded quarterly), i = 0.048 / 4 = 0.012 per quarter, n = 9 years (since we are making quarterly payments, we have to multiply 9 by 4 to get the total number of payments)
So, n = 9 × 4 = 36
Now, the formula becomes
$23,000 = P ((1 + 0.012)^(36 – 1)) / 0.012
$23,000 = P (1.503 – 1) / 0.012
$23,000 = P (0.503) / 0.012
$23,000 = P (41.91667)
$23,000 / 41.91667 = P
P = $548.17
Therefore, the payment that should be used for the annuity due is $548.17 (rounded to the nearest cent as needed).
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Which of the following statements about the legal forms of for-profit business organization is most correct? a. Corporations are easier to form than are proprietorships. b. Partnerships are applicable when there are more than three owners, while proprietorships are used when there are three or fewer owners. c. Corporations have the advantage of limited liability to owners. d. Hybrid forms of business cannot be used by healthcare organizations. e. Corporations' income is taxed only once, and hence they typically are more tax efficient than are proprietorships or partnerships.
The most correct statement about the legal forms of for-profit business organizations is "Corporations have the advantage of limited liability to owners." Option C is the correct answer.
Corporations, in general, have the advantage of limited liability to owners. This means that if the company goes bankrupt, the owner's assets are not at risk of being seized to pay the company's debts. This is not the case with partnerships or proprietorships. Partnerships and proprietorships are similar in that they do not provide limited liability to owners. This means that if the company goes bankrupt, the owner's assets are at risk of being seized to pay the company's debts.
Option A is wrong because corporations are more difficult to form than proprietorships or partnerships. There are many regulations and legal procedures that corporations must follow, which can be time-consuming and expensive. Proprietorships and partnerships, on the other hand, are relatively easy to form and do not require a lot of paperwork.
Option B is wrong because there is no legal requirement that proprietorships be used when there are three or fewer owners or that partnerships be used when there are more than three owners. The choice between proprietorships, partnerships, and corporations depends on the company's specific needs.
Option D is wrong because there are hybrid forms of business, such as a Limited Liability Partnership (LLP) or a Limited Liability Company (LLC), that can be used by healthcare organizations. Hybrid forms of business combine some of the advantages of partnerships and corporations.
Option E is wrong because corporations' income is taxed twice. First, the corporation pays taxes on its profits, and then the shareholders pay taxes on the dividends they receive. Proprietorships and partnerships are not taxed twice, but the owner's income is taxed at the individual tax rate.
Option C is most correct: "Corporations have the advantage of limited liability to owners." This means that owners of corporations are not personally liable for the debts and other liabilities of the business.
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Which of the following is one of the 10 strategic operations management decisions?A. process and capacity designB. advertisingC. pricingD. debt/equity ratioE. depreciation policy for tax returns
"Process and capacity design" is one of the 10 strategic operations management decisions. Option A is the correct answer.
Process and capacity design is the decision-making process in operations management that involves creating an efficient workflow and determining the resources necessary to produce goods or services. It is about designing the processes and systems that transform inputs into outputs in a way that maximizes efficiency, quality, and flexibility while minimizing costs. Capacity design is about ensuring that the organization has the appropriate level of resources, such as labor, equipment, and facilities, to meet current and future demand while balancing the costs and risks of over- or under-capacity.
Thus, option A is the correct answer.
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