Answer:
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When Matt has an income of $2,000, he consumes 30 units of good A and 50 units of good B. After Matt's income increases to $3,000, he consumes 25 units of good A and 95 units of good B. Good A is a normal good, and good B is an inferior good is the correct statement. Option C is the correct answer.
A normal good is a type of good for which demand increases as income increases. In this scenario, as Matt's income increases from $2,000 to $3,000, his consumption of good A decreases from 30 units to 25 units. This indicates an inverse relationship between his income and the quantity of good A consumed, suggesting that good A is a normal good. Option C is the correct answer.
On the other hand, an inferior good is a type of good for which demand decreases as income increases. In this case, as Matt's income increases, his consumption of good B increases from 50 units to 95 units. This suggests a positive relationship between his income and the quantity of good B consumed, indicating that good B is an inferior good.
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Below are departmental income statements for a guitar manufacturer. The manufacturer is considering dropping its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect.
WHOLESALE GUITARS
Departmental Income Statements
For Year Ended December 31, 2013
Acoustic Electric
Sales $ 111,500 $ 105,500
Cost of goods sold 55,675 66,750
Gross profit 55,825 38,750
Operating expenses
Advertising expense 8,075 6,250
Depreciation expense-equipment 10,150 9,000
Salaries expense 17,300 13,500
Supplies expense 2,030 1,700
Rent expense 6,105 5,950
Utilities expense 3,045 2,550
Total operating expenses 46,705 38,950
Net income (loss) $ 9,120 $ (200 )
Prepare a departmental contribution report that shows each department’s contribution to overhead.
Answer:
Wholesale Guitars
WHOLESALE GUITARS
Departmental Contribution Income Statements
For Year Ended December 31, 2013
Acoustic Electric
Sales $ 111,500 $ 105,500
Cost of goods sold 55,675 66,750
Variable operating expenses 29,480 24,200
Total variable costs $85,155 $90,950
Contribution margin $26,345 $14,550
Total fixed (indirect) costs $17,225 $14,750
Net operating income (loss) $9,120 $(200)
Explanation:
a) Data and Calculations:
WHOLESALE GUITARS
Departmental Income Statements
For Year Ended December 31, 2013
Acoustic Electric
Sales $ 111,500 $ 105,500
Cost of goods sold 55,675 66,750
Gross profit 55,825 38,750
Operating expenses
Advertising expense 8,075 6,250
Depreciation expense-equipment 10,150 9,000
Salaries expense 17,300 13,500
Supplies expense 2,030 1,700
Rent expense 6,105 5,950
Utilities expense 3,045 2,550
Total operating expenses 46,705 38,950
Net income (loss) $ 9,120 $ (200 )
Total operating expenses 46,705 38,950
Less fixed costs:
Advertising expense 8,075 6,250
Rent expense 6,105 5,950
Utilities expense 3,045 2,550
Total fixed (indirect) costs $17,225 $14,750
Variable operating expenses $29,480 $24,200
g If closing costs of $1,200 are associated with the refinance of a mortgage that would reduce the monthly payment from $1,020 to $949 refinance, it would take approximately ____ months to cover these costs. (Round your answer to the nearest full month.)
Answer: 17 months
Explanation:
The number of months it would take to cover these costs is found by:
= Total closing costs/ Saving per month
Savings per month:
= Old monthly payment - New monthly payment
= 1,020 - 949
= $71
Number of months it would take = 1,200 / 71
= 16.90
= 17 months
Company manufactures luggage sets. sells its luggage sets to department stores. expects to sell luggage sets for each in and luggage sets for each in . All sales are cash only. Prepare the sales budget for January and February.
Complete Question:
Yem Company manufactures luggage sets. Yem sells its luggage sets to department stores. Yem expects to sell 1,600 luggage sets for $260 each in January and 1,700 luggage sets for $260 each in February. All sales are cash only. Prepare the sales budget for January and February
Answer:
Yem Company
Yem Company
Sales Budget
Two Months Ended January 31 and February 28
January February
Budgeted luggage sets to be sold 1,600 1,700
Sales price per set $260 $260
Total sales $416,000 $442,000
Explanation:
a) Data and Calculations:
Expected sales units in January = 1,600 luggage sets
Selling price for January sales = $260 each
Expected sale units in February = 1,700 luggage sets
Selling price for February sales = $260 each
chiến lược phân phối của thương hiệu Omo
Answer:No
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Explanation:
For each city across the U.S., economists construct a price index for a similar basket of goods. In Los Angeles the index is 127.3 and the index for Dallas is 94.8. If you have been offered $137,000 for a job in Los Angeles and $117,000 for a similar job in Dallas, which job affords you the highest purchasing power of the bundle of goods in the price index
Answer:
the job at Dallas
Explanation:
Price index measures the changes in price level over time. It is measure of inflation.
Inflation is a persistent rise in the general price levels
Types of price indexes
1. Producer price index measures the goods and services produced. this would not increase because it is used cars that is being examined
2. The consumer price index measures the changes in price of a basket of good. It is used to measure inflation. Because the price of price of used cars and trucks in US has increased , the CPI would increase
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
Real value of the income of the Dallas job = 127.3 x ($117,000)/94.8 = $157,111
this value is higher than the 137,000 offered by the hob at Los Angeles
Assume you have 1000 shares of Microsoft, and they want to buy back their shares, would you sell your shares to them? OR you would wait for the divided? Furthermore, WHY Microsoft is repurchasing their shares? Likewise, if you have PKR 1 million, to diversify risk, how you would make different portfolios for this amount?
Answer:
no, i wouldn't
Explanation:
most likely the stock market is doing well and they want to keep the money, so thats why they'd buy them back. they want to keep the money for themselves.
A put option on 100 shares of Generous Dynamics stock has an exercise price $115.0 per share. GD declares 4.0-for-1 stock split. What happens to the exercise price and the number of shares underlying the option
Answer: number of shares increases to 400 and the exercise price is reduced to $28.75
Explanation:
4 for 1 stock split means 1 stock will be splitted into 4 equal stock. In this case, the 100 shares will become:
= 100 × 4
= 400 shares.
Then, the exercise price will be calculated as:
Exercise price:
$115 x 100 shares = new exercise price x 400 shares
$11500 = new exercise price x 400 shares
Exercise price = $11500/400
Exercise price = $28.75
Therefore, the number of shares increases to 400 and the exercise price is reduced to $28.75
Adams Company recorded the following journal entry on March 2, 2018. Cash Unearned Revenue From the journal entry above, identify the transaction on March 2, 2018. A. Adams paid for services to be received at a later date. B. Adams received for services to be performed in a later period. C. Adams sold goods for cash. D. Adams purchased goods worth and signed a oneyear note for the same amount.
Answer: B. Adams received for services to be performed in a later period.
Explanation:
Unearned revenue represents cash paid by a customer for services that have not yet been done or goods that have not yet been delivered.
It is credited because it represents a liability as the company owes the customer the services or goods they paid for.
Adams here received cash for services that have not yet been performed which is why it was sent to the unearned revenue account and debited to cash to show that cash was received.
3. Which of the following is NOT a factor of production?
a. land
d. entrepreneurship
b. output
e. capital
c. inputs
Answer:
Output.
Explanation:
because it is an effect of production but not a factor.
Wilturner Company incurs $90,000 of labor related directly to the product in the Assembly Department, and $39,000 of labor related to the Assembly Department as a whole, and $26,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are:
Answer:
Direct labor = $90,000
Factory overhead = $65,000
Explanation:
i. Cost of direct labor of $90,000 will be assigned to Work-in process for the period as direct costs.
ii. Cost of indirect labor of $39,000 and cost of labor services of $26,000 are assigned to manufacturing or factory overheads as indirect costs that total of $65,000 ($39,000 + $26,000).
Jim buys a 5 percent bond in the amount of $100. If the market interest rate increases to 10 percent Jim can sell his bond for up to:
Answer:
$50
Explanation:
Jim buys a 5% bond
The amount is $100
The market interest rate increases to 10%
Therefore the price at which the bond cann be sold is calculated as follows
= 5×100
= 500×0.01
= 50
Hence it can be sold for $50
2. If management adopts Bo's suggestion of reducing U-Scream Ice Cream's charitable donations until profits stabilize, the company will essentially reduce its ___________.
Answer:
Corporate philanthropy
Explanation:
Corporation
This is simply known as an organization that is owned by individuals, called shareholders, so it had an large amount of money available.
Corporate Philanthropy
This is simply known as corporation involvement in giving or making a direct contribution to a charity or cause The contributions may be in different forms such as:
a. Cash,
b. Grants
c. Donations
d. In-kind services etc.
Usually, corporations often chooses a cause that fits with the corporation
There are various options for giving to philanthropy. Reduction in U-Scream Ice Cream's charitable donations can lead to a corresponding decline in charitable philanthropies by organizations.
Please answer the following questions.
Porter Co. is analyzing two projects for the future. Assume that only one project can be selected.
Project X Project Y
Cost of machine $68,000 $60,000
Net cash flow:
Year 1 24,000 4,000
Year 2 24,000 26,000
Year 3 24,000 26,000
Year 4 0 20,000
The payback period in years for Project X is:_______
a. 2.00.
b. 3.83.
c. 3.50.
d. 2.83.
e. 4.00.
Answer: d. 2.83 years
Explanation:
The Payback period of an investment is the time it would take for the positive cash inflows to pay off the investment amount put into the project.
When the cashflow is constant, the payback period is calculated as:
= Investment in project X / Annual Cash inflow for project X
= 68,000/24,000
= 2.83 years
JG Asset Services is recommending that you invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures
Answer: $1781.54
Explanation:
Since the person invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually, then the amount that the person will have when the CD matures will be:
= PV(1 + r)^n
= 1500 × (1+3.5%)^5
= 1500 × (1.035)^5
= 1500 × 1.18769
= 1781.54
Therefore, the person will have $1781.54 when the CD matures.
Single Plantwide Factory Overhead Rate Kennedy Appliance Inc.’s Machining Department incurred $159,500 of factory overhead cost in producing hoses and valves. The two products consumed a total of 5,500 direct machine hours. Of that amount, hoses consumed 2,800 direct machine hours. Determine the total amount of factory overhead that should be allocated to hoses using machine hours as the allocation base. $fill in the blank 1
Answer:
the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200
Explanation:
The calculation of the total amount of factory overhead that should be allocated to hoses using machine hours is given below:
= $159,500 × 2,800 ÷ 5,500
= $81,200
Hence, the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200
the same is relevant
Fred is working on a new storage system for his organization. He needs it to provide storage for the entire private cloud in the data center. Which of the following is he most likely to deploy?
a. SAN
b. NAS
c. NSA
d. DAS
Answer:
a. SAN
Explanation:
Cloud computing can be defined as a type of computing that requires shared computing resources such as cloud storage (data storage), servers, computer power, and software over the internet rather than local servers and hard drives.
Generally, cloud computing offers individuals and businesses a fast, effective and efficient way of providing services.
iSCSI is simply an acronym for Internet Small Computer Systems Interface and it is typically an internet protocol (IP) with respect to a storage area network (SAN) standard used essentially for connecting data storage facilities over a transmission control protocol and internet protocol (TCP/IP).
A storage area network (SAN) can be defined as a high-speed computer network that is specially designed to avail end users the ability to access consolidated, block-level data storage. Thus, storage area network (SAN) typically connects network servers to data storage.
Hence, Fred is most likely to deploy a storage area network (SAN) in this scenario, to provide storage for the entire private cloud in the data center.
A chart of accounts for a merchandising business a.usually is standardized by the FASB for all merchandising businesses b.usually is the same as the chart of accounts for a service business c.always uses a three-digit numbering system d.usually requires more accounts than does the chart of accounts for a service business
Answer:
A chart of accounts for a merchandising business
d. usually requires more accounts than does the chart of accounts for a service business.
Explanation:
A merchandising business will require many accounts to account for inventory movements, costs, and revenue from the sale of inventory. These accounts are not applicable to a service business. Therefore, the chart of accounts for a service business will not require many accounts.
MC Qu. 141 Comet Company accumulated... Comet Company accumulated the following account information for the year: Beginning raw materials inventory$6,700 Indirect materials cost 2,700 Indirect labor cost 5,700 Maintenance of factory equipment 3,500 Direct labor cost 7,700 Using the above information, total factory overhead costs would be:
Answer:
the total factory overhead cost is $11,900
Explanation:
The computation of the total factory overhead cost is shown below:
= Indirect materials cost + Indirect labor cost + Maintenance of factory equipment
= $2,700 + $5,700 + $3,500
= $11,900
Hence the total factory overhead cost is $11,900
The same should be considered and relevant
Inductive reasoning starts with a general truth and uses facts to draw specific conclusions.
True or false
[The following information applies to the questions displayed below.]
Following are the transactions of a new company called Pose-for-Pics.
August 1 M. Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
August 2 The company paid $2,300 cash for an insurance policy covering the next 24 months.
August 5 The company purchased supplies for $1,710 cash.
August 20 The company received $2,650 cash from taking photos for customers.
August 31 The company paid $870 cash for August utilities.
Analyze each transaction above by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense.
Answer:
Pose-for-Pics
Effects on the accounting equation:
Assets = Liabilities + Equity
Aug 1 Cash +$9,000 Equipment +$38,700 = M. Harris, Capital +$47,700
Aug 2 Cash -$2,300 Prepaid Insurance +$2,300
Aug 5 Cash -$1,710 Supplies +$1,710
Aug 20 Cash +$2,650 = Revenue +$2,650
Aug 31 Cash -$870 = Utilities Expense -870
Total assets $49,480 = Total equity $49,480
Explanation:
a) Data and Analysis based on the accounting equation:
August 1 Cash $9,000 Equipment $38,700 M. Harris, Capital $47,700
August 2 Prepaid Insurance $2,300 Cash ($2,300)
August 5 Supplies $1,710 Cash ($1,710)
August 20 Cash $2,650 Service Revenue $2,650
August 31 Utilities ($870) Cash ($870)
Financial statement audits performed under PCAOB requirements are designed to provide which type(s) of assurance with respect to the detection of material misstatements due to errors or fraud?
Answer:
Reasonable - Yes Absolute - No
Explanation:
When conducting an audit, the auditor is responsible to perform the review and provide reasonable assurance that the financial statements are free of material misstatement.
Due to the type of audit evidence obtained and the attribute of the fraud, the auditor cannot provide absolute assurance that the financial statements are free from any material misstatement, whether due to fraud or error. The assurance provided by the auditor is reasonable and not absolute.
My husband and I have been married for four years. When we graduated from college we were able to find entry level positions in California, but things were difficult because it is very expensive to live in California. After two years of marriage we decided to move to Omaha, Nebraska, believing that we could earn California wages without paying California housing prices. We bought a 900 square-foot condo for $317,000. We love the place and it's in a great neighborhood, but we have to be honest with ourselves that we may have made a mistake. Buying the condo took our savings, and that meant we had to take out a student loan for my husband's graduate school. He works in education, and with a $42,000 salary, it infuriates us that his graduate schooling nearly costs us what he makes in a year. Although we carry no credit card debt and continue to drive our very old cars, it worries me that when it comes time to pay back student loans, we are going to still be very tight and only be paying near the minimum credit card payment. My husband's career goal is to work in school administration, which pays more that what a classroom teacher makes. But it could take several years for that to happen, and we will need to sit tight until then. I am grateful that we have, for the most part, lived within our means and have made an effort to save a small amount of money. But if either of us loses our job, we could be in the same boat a lot of people are in. I hope this economy turns around so I can stop losing sleep about it! Based on the above scenario, describe one problem the couple above is facing and one possible solution to the problem
Answer:
I think there is no answer as pre my opinion and watch for other answer
Stephanie wanted to save for her daughter's education. Tuition costs $10,000 per year in today's dollars. Her daughter was born today and will go to school starting at age 18. She will go to school for 4 years. Stephanie can earn 12% on her investments and tuition inflation is 6%. How much must Stephanie save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college
Answer:
The amount that Stephanie must save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college is:
= $6,428.46.
Explanation:
a) Data and Calculations:
Tuition costs per year in today's dollars = $10,000
Total tuition costs for 4 years in today's dollars = $40,000
Number of periods to save = 18 years
Interest rate on investments = 12%
Tuition inflation rate = 6%
Stephanie needs to save $6,428.46 at the beginning of each year, calculated as follows from an online financial calculator:
N (# of periods) 18
I/Y (Interest per year) 18
PV (Present Value) 40000
FV (Future Value) 0
Results
PMT = $6,428.46
Sum of all periodic payments = $115,712.21
Total Interest = $75,712.21
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity Cost Market Value A 120 $ 60 $ 55 F 170 80 75 K 110 30 40 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items.
Answer:
$22,650
Explanation:
The computation of the ending inventory is given below:
item quantity unit cost unit lower unit lower value
A 120 $60 $55 $55 $6600
B 170 80 75 75 12,750
C 110 30 40 30 3,300
Total $22,650
What's the meaning of the symbol S3?
A. One three-way switch
B. A single switch mounted at 3'0"
C. Three single-pole switches
D. a triple-pole switch
The answer is A
One three-way switch
After learning about inflation and some of its history, what would be the inflation target that is most advisable for an economy?
Answer:
1-2%
Explanation:
In simple words, every nation in the world have some kind of central authority that works to control and keep the inflation as low as possible. However, too low inflation can also lead to recession which brings problems way worse than inflation.
Thus, keeping in mind about all the information we have studied, it is advisable to keep inflation at 1% or 2% band, so that economy can grow moderately along with no price pressure on consumers.
What is Interpersonal skill in business
management ?
are the behaviors and tactics a person uses to interact with others effectively in the business world the team refers to an employees ability to work well with others Explanation:
what does it mean to be "in the red"
Answer:
The expression "in the red" is used to describe a business that has negative earnings. This is in contrast to the phrase "in the black" which refers to businesses that are profitable and financially solvent. ... Before the use of computers, accountants recorded income in black ink and expenses in red ink.Explanation:
I hope it helped❤hey buddy can u do a favor to mehey buddy can u do a favor to meif u don't mind ......plz subscribe to my UTube channel - gtron9528Heidi Ganahl's personal example of triumph over tragedy most likely has a strong influence on Camp Bow Wow's: a.organizational culture. b.organizational diversity. c.organizational structure. d.organizational control.
Answer:
organizational control.
Explanation:
Heidi Ganahl's is an American businesswoman and entrepreneur She is the founder and CEO of Camp Bow Wow's pet franchise. She has won various awards such as the most powerful women in the chamber of commerce and the most amazing female entrepreneurs.Liquidity is _________. Question 10 options: equal to the market value of a firm's total assets minus its total liabilities generally most associated with intangible assets a measure of the use of debt in a firm's capital structure valuable to a firm even though liquid assets tend to be less profitable to own equal to current assets minus current liabilities
Answer:
valuable to a firm even though liquid assets tend to be less profitable to own
Explanation:
