By using the terms, Year-end, December 31 Chan Company, bad debts, 0.80%, annual credit sales, $976,000, bad debts expense, estimate, February 1, $488, P. Park, uncollectible, write-off, June 5, payment, journal entries are given below.
At years end on December 31, Chan Company estimated its bad debts at 0.80% of its annual credit sales of $976,000. To record the bad debt expense for that estimate, follow these steps:
Step 1: Calculate the bad debt expense.
Bad Debts Expense = 0.80% * $976,000
Bad Debts Expense = $7,808
Step 2: Prepare the journal entry for the estimated bad debt expense.
Debit Bad Debts Expense: $7,808
Credit Allowance for Doubtful Accounts: $7,808
On February 1, Chan decides that the $488 account of P. Park is uncollectible and writes it off as a bad debt. Prepare the journal entry for writing off the account:
Debit Allowance for Doubtful Accounts: $488
Credit Accounts Receivable - P. Park: $488
On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for the recovery of the account:
Step 1: Reversing the write-off
Debit Accounts Receivable - P. Park: $488
Credit Allowance for Doubtful Accounts: $488
Step 2: Recording the cash payment
Debit Cash: $488
Credit Accounts Receivable - P. Park: $488
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on november 7, a calendar year business placed in service $900,000 of 3-year recovery property. if this was the only property placed in service during the year, macrs depreciation is computed using the:
On November 7, a calendar year business placed in service $900,000 of 3-year recovery property. If this was the only property placed in service during the year, MACRS depreciation is computed using the half-year convention and the 200% declining balance method.
This means that in the first year, only half of the first year's depreciation (which would be calculated using the 200% declining balance method) will be allowed, resulting in a depreciation expense of
$150,000 ($900,000 x 0.3333 x 0.5).
In the second year, the full year's depreciation expense will be allowed, resulting in a depreciation expense of $300,000 ($900,000 x 0.3333 x 2).
In the third year, the remaining balance of the asset will be depreciated, resulting in a depreciation expense of $225,000 ($900,000 x 0.3333 x 1.5).
Therefore, the business would be allowed to deduct $150,000 in depreciation expense for the year the property was placed in service, using the MACRS depreciation method with the half-year convention
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The mathematical tool used to determine the optimum short-term product (or service) mix is:
Nonlinear cost-benefit analysis.
a. Pareto optimality analysis.
b. Linear programming.
c. Linear ratio analysis.
d. Linear regression (i.e., ordinary least-squares) analysis.
The mathematical tool used to determine the optimum short-term product (or service) mix is Linear programming. Therefore, option (b) is the correct answer.
Linear programming is a mathematical technique used to determine the optimal allocation of resources, subject to constraints that are linear equations or inequalities. It is a powerful tool used in many areas of business and economics to solve problems that involve maximizing or minimizing an objective function while meeting various constraints. The basic components of a linear programming problem include: Decision Variables: These are the variables that you want to determine the value of, such as the number of units to produce or the amount of resources to allocate. Objective Function: This is the equation that you want to maximize or minimize, such as profit, revenue, or cost. Constraints: These are the limitations or restrictions on the decision variables, such as production capacity, labor hours, or available resources. Non-Negativity Constraints: These are the constraints that require the decision variables to be non-negative, such as the number of units produced or resources allocated. The process of solving a linear programming problem involves using optimization algorithms to determine the values of the decision variables that optimize the objective function subject to the constraints. The optimal solution to a linear programming problem is the set of values of the decision variables that result in the maximum or minimum value of them.
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plan b is a two-tiered plan where families earning less than $35,000 pay no income tax and families earning more than $35,000 pay 10% of their income in taxes. the income tax revenue collected from those families earning over $35,000 is then redistributed equally to those families earning less than $35,000. refer to scenario 21-2. assuming that utility is directly proportional to the cash value of after-tax income, which government policy would an advocate of utilitarianism prefer? a. only plan b b. either plan a or plan b c. neither plan a nor plan b because any plan that forcibly redistributes income is against the philosophy d. only plan a
Utilitarianism is a philosophy that promotes the greatest happiness for the greatest number of people. In this case, assuming that utility is directly proportional to the cash value of after-tax income, an advocate of utilitarianism would prefer Plan B.
This is because Plan B aims to reduce income inequality and provide more economic benefits to families earning less than $35,000. By redistributing income from families earning over $35,000 to those earning less, it increases the overall happiness and well-being of a greater number of people.
On the other hand, an advocate of utilitarianism might not prefer Plan A, as it does not address income inequality and does not take into consideration the needs of low-income families.
Plan A is a flat tax rate where everyone pays the same percentage of their income in taxes. This means that families earning less than $35,000 would still have to pay a percentage of their income in taxes, which could have a more significant impact on their well-being than families earning more.
Therefore, the answer is A) only Plan B. Utilitarianism values the greater happiness of a larger group of people, and Plan B aligns with that value by reducing income inequality and providing more economic benefits to those in need.
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a portfolio manager computes a relatively low price-to-book ratio for the small cap firms in the portfolio. the manager computes an intrinsic value of european indexes that match the current market value. relative valuation by the manager indicates large cap price multiples are in line with their historical values. the manager currently has the following allocations: 20% small cap equities, 55% large cap equities, 20% european mid-cap equities, and 5% cash. a tactical decision to deviate from strategic weights would most likely include an increase in portfolio weights to: cash. small cap equities. large cap equities. european mid cap equities.
It is clear that the manager's current allocations suggest a diversified approach to investing in equities, with a particular focus on large cap and European mid-cap equities.
Based on the information given, it appears that the portfolio manager has found small cap firms in the portfolio to be undervalued based on their low price-to-book ratio. The manager has also computed an intrinsic value of European indexes that matches their current market value. The relative valuation indicates that large cap price multiples are in line with their historical values.
Currently, the manager has allocated 20% of the portfolio to small cap equities, 55% to large cap equities, 20% to European mid-cap equities, and 5% to cash. If the manager were to make a tactical decision to deviate from the strategic weights, it is most likely that an increase in portfolio weights would be made towards small cap equities, large cap equities, or European mid-cap equities, rather than cash.
Based on the information given, it is not clear which specific asset class the manager would choose to overweight, as this would depend on a number of factors such as market conditions, the manager's investment philosophy, and the specific opportunities available in each asset class. However, it is clear that the manager's current allocations suggest a diversified approach to investing in equities, with a particular focus on large cap and European mid-cap equities.
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Exercise 9-17 (Algorithmic) (LO. 5) In 2021, the CEO of Crimson, Inc., entertains 16 clients at a skybox in Memorial Stadium for a single athletic event during the year. Substantive business discussions occurred at various times during the event. The box cost $4,800 per event and seats 18 people. (The cost of a regular, nonluxury box seat at Memorial ranges from $70 to $140.) Refreshments served during the event cost $1,420 (the refreshments were obtained from a local restaurant and were separately itemized on the bill Crimson received). How much of these costs may Crimson deduct? 610 x
In 2021, Crimson, Inc. hosted a single athletic event at a skybox in Memorial Stadium. Substantive business discussions took place during the event. The skybox cost $4,800 and accommodated 18 people. Refreshments cost an additional $1,420.
To determine the deductible amount, we must consider two aspects: skybox cost and refreshment cost.
1. Skybox cost: As the skybox is a luxury item, we need to calculate the cost of regular, non-luxury seats for the same event. The non-luxury seat price ranges from $70 to $140. Assuming the highest price, we have 16 clients and 1 CEO (17 people in total) attending. Therefore, the deductible amount for seating would be 17 people x $140 = $2,380.
2. Refreshment cost: The cost of refreshments is fully deductible if the cost is directly related to the active conduct of the business. Since substantive discussions occurred during the event, we can consider the full refreshment cost of $1,420 as deductible.
In conclusion, the total deductible amount for Crimson, Inc. is $2,380 (skybox cost) + $1,420 (refreshment cost) = $3,800.
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nimbus compare the column for average total cost with the column for marginal cost. explain the relationship.
The comparison between the column for average total cost and the column for marginal cost can help us understand the relationship between these two concepts.
In detail, the average total cost represents the total cost per unit of output, while marginal cost represents the cost of producing an additional unit of output. When we compare these two columns, we can observe that the marginal cost is usually lower than the average total cost at the beginning of the production process. This is because the fixed costs (such as rent, equipment, and salaries) are spread out over a larger number of units, resulting in a lower average total cost. As more units are produced, however, the variable costs (such as raw materials and labor) increase, causing the marginal cost to rise above the average total cost.
Therefore, the relationship between the column for average total cost and the column for marginal cost is that they intersect at the point where the marginal cost equals the average total cost. This point is called the minimum efficient scale, and it represents the optimal level of output where the firm can produce at the lowest cost per unit.
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Which of the following is not a current liability on December 31, 2010?
A) An Accounts Payable due January 31, 2011.
B) Accrued salaries payable from 2010.
C) A lawsuit judgment to be decided on January 10, 2011.
D) A Note Payable due December 31, 2011.
Since the Note Payable is not due until the following year, it is considered a long-term liability rather than a current liability. Current liabilities include items such as accounts payable, accrued expenses, and short-term loans, all of which are due within one year or one operating cycle.
The option that is not a current liability on December 31, 2010, is D) A Note Payable due December 31, 2011.
A current liability is a debt or obligation that a company expects to settle within a year from the balance sheet date. In this case, the balance sheet date is December 31, 2010. Option D states that the Note Payable is due on December 31, 2011, which is one year from the balance sheet date. Since it is due exactly one year from the balance sheet date, it is not considered a current liability but a long-term liability instead. Long-term liabilities are obligations that are expected to be settled beyond a year from the balance sheet date.
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How has that role that service in U.S. Congress plays in the career of a politician changed over time?
a. Service in the U.S. Congress used to be the death of one’s career in politics.
b. Service in the U.S. Congress used to be a mid-career move to gain national experience before returning to state government.
c. It used to be that two mutually exclusive pools of politicians existed: those focused entirely on state politics, and those focused entirely on national politics.
d.It used to be that politicians would stay in the U.S. Congress until they retired, but now the most prestigious positions are in the state legislatures.
Over time, the role that service in the U.S. Congress plays in the career of a politician has evolved significantly. In the past, it used to be that service in the U.S. Congress was seen as the death of one's career in politics
(a). However, this has changed as service in the U.S. Congress is now seen as a mid-career move to gain national experience before returning to state government (b). In the past, two mutually exclusive pools of politicians existed: those focused entirely on state politics, and those focused entirely on national politics (c). But now, politicians can move back and forth between the two levels of government. Additionally, it used to be that politicians would stay in the U.S. Congress until they retired, but now the most prestigious positions are in the state legislatures (d). Overall, the role of service in the U.S. Congress in a politician's career has become more dynamic and flexible over time.
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an example of a(n) is a five-foot-high cardboard display of cap'n crunch next to cap'n crunch cereal boxes. question 51 options: promotional product incentive program point of purchase (pop) display case allowance co-op advertisement
An example of a point of purchase (POP) display is a five-foot-high cardboard display of Cap'n Crunch next to Cap'n Crunch cereal boxes.
A POP display is a marketing tool used by retailers to attract customers and increase sales. It is typically placed at or near the point of purchase, such as at the checkout counter or near the entrance of a store. The Cap'n Crunch display is an example of a POP display because it is designed to attract the attention of customers as they are shopping for cereal in the store.
POP displays can take many different forms, including cardboard displays, shelf talkers, end caps, and product demonstrators. They are often used in combination with other marketing tools, such as promotional products, incentive programs, and co-op advertisements, to create a comprehensive marketing campaign.
A promotional product is a branded item given away to promote a product or service, an incentive program is a program designed to motivate employees or customers to take a specific action, a case allowance is a discount or rebate given to a retailer for purchasing a certain quantity of a product, and a co-op advertisement is a joint advertising campaign between a manufacturer and a retailer to promote a product or service.
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The congress of industrial organizations: brought together industrial unions. modeled itself after the brotherhoods of the nineteenth century. took up the cause of craft unions. specialized in the claims of women and minorities.
The Congress of Industrial Organizations (CIO) was a labor organization that brought together industrial unions in the 1930s.
It modeled itself after the brotherhoods of the nineteenth century, which were skilled trade unions. However, the CIO specialized in representing workers in mass-production industries, such as automobile manufacturing and steel production.
Unlike the American Federation of Labor (AFL), which focused on craft unions, the CIO organized all workers in an industry, regardless of skill level. Additionally, the CIO was known for its advocacy for women and minorities, fighting for equal pay and employment opportunities.
Overall, the CIO played an important role in advancing the rights of workers and promoting social justice during a pivotal period in American history.
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Grant, a young Newfoundlander, has just graduated from high school and is deciding what to do with the rest of his life, which lasts two periods (like everyone else's). His main decision is whether to stay in Newfoundland or migrate to Toronto. If he stays in Newfoundland, he will earn Y, in period 1 and Y, in period 2. If he moves to Toronto, he will incur a moving cost of M (in the first period), and he will be unemployed (with zero earnings) for the first period. In his second period in Toronto, he will earn YT. The interest rate at which money can be borrowed or invested is T.a. On a carefully labelled diagram, illustrate Grant's migration decision; that is, show his earnings paths as a function of time, depending on whether he lives in Newfoundland or Toronto. b. Show that he will move to Toronto if (YT - Y1) > (1+r) (Y) + M) What is the economic intuition underlying this result? How does an increase in the interest rate affect the migration decision? Why? c. As a potential labour economist, Grant realizes that he needs to have estimates of Yī and Y, in order to make a wise migration decision. He reads in the newspaper that average earnings of Newfoundlanders in Toronto are YT, while Newfoundlanders earn an average of Y, if they stay in Newfoundland. (Both magnitudes refer to second-period earnings) With specific reference to the result in part (b), discuss the potential error that Grant may make by using Y, and Y, as the basis of his estimate of the return to migration.
a) To illustrate Grant's migration decision on a carefully labeled diagram, plot time (Period 1 and Period 2) on the x-axis and earnings on the y-axis. Draw two lines: one for staying in Newfoundland (with constant earnings Y1 in both periods) and the other for moving to Toronto (with 0 earnings in the first period due to unemployment and moving cost M, and earnings YT in the second period).
b) Grant will move to Toronto if the present value of the difference in earnings in Toronto and Newfoundland is greater than the moving cost and opportunity cost of staying in Newfoundland. Mathematically, this can be expressed as (YT - Y1) > (1+r)(Y) + M.
The economic intuition behind this result is that Grant will choose to migrate if the potential increase in earnings in Toronto outweighs the costs associated with moving and the interest rate (opportunity cost) of staying in Newfoundland. An increase in the interest rate makes the opportunity cost of staying in Newfoundland higher, thus making it more attractive to move to Toronto if the potential increase in earnings remains the same.
c) Potential Error:
Grant may make an error by using the average earnings of Newfoundlanders in Toronto (YT) and Newfoundland (Y1) as the basis of his estimate of the return to migration. These average earnings may not accurately represent his potential earnings in each location due to differences in individual skills, job market conditions, or other factors that influence wages.
To make a wise migration decision, Grant should carefully consider his individual potential earnings in each location, as well as the costs associated with moving and the opportunity cost of staying in Newfoundland. By doing so, he can make a more informed decision that maximizes his lifetime earnings and overall well-being.
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The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $223,000 Income tax withheld $80,960 Warehouse salaries 123,000 U.S. savings bonds 10,120 Office salaries 114,000 Group insurance 8,280 $460,000 Tax rates assumed: > Social security, 6%
Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8%
Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll.
The journal entry on December 30 to record the payroll for the last week of the year would be with Salaries Expense $460,000 and Social Security Taxes Payable-$13,800
Rest of the journal entries:
Medicare Taxes Payable $6,900
State Unemployment Taxes Payable $24,840
Federal Unemployment Taxes Payable $3,680
U.S. Savings Bonds Payable $10,120
Income Tax Payable $80,960
Group Insurance Payable $8,280
Cash $311,420
The debit to Salaries Expense represents the total amount of salaries earned by employees during the week. The credits to Social Security Taxes Payable and Medicare Taxes Payable represent the employer's share of payroll taxes for those programs, while the credits to State Unemployment Taxes Payable and Federal Unemployment Taxes Payable represent the employer's share of those taxes. The credit to U.S. Savings Bonds Payable represents the amount of savings bonds purchased by employees through payroll deduction, while the credit to Income Tax Payable represents the amount of federal income tax withheld from employees' paychecks.
The credit to Group Insurance Payable represents the amount of employee contributions to the company's group insurance plan. Finally, the credit to Cash represents the amount paid to employees in net pay after all deductions have been taken out.
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use figure: a competitive market in the presence of externalities. given the figure, if there are external costs:
In the presence of external costs in a competitive market, the market equilibrium will not coincide with the socially optimal outcome, leading to overproduction of the good or service. Government intervention, such as a Pigouvian tax, can help correct this externality and achieve the socially optimal outcome.
In the figure of a competitive market in the presence of externalities, if there are external costs, we can observe the following:
1. The social marginal cost (SMC) curve will lie above the private marginal cost (PMC) curve. This is because external costs are not borne by the producers but by society as a whole, and thus, the SMC takes both private and external costs into account.
2. The market equilibrium, determined by the intersection of the demand curve and the PMC curve, will not be the socially optimal point. This is due to the presence of external costs, which causes the market to overproduce the good or service in question, leading to a higher quantity than the socially optimal quantity.
3. The socially optimal point occurs at the intersection of the demand curve and the SMC curve. At this point, the social marginal benefit (SMB) equals the SMC, reflecting the true costs and benefits to society.
4. To correct for the externality and achieve the socially optimal outcome, the government can intervene through policies such as imposing a Pigouvian tax on the producers, which would internalize the external costs and shift the PMC curve upwards to coincide with the SMC curve. This would result in the market equilibrium aligning with the socially optimal point.
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assuming that utility is directly proportional to the cash value of after-tax income, which government policy would an advocate of utilitarianism prefer? a. only plan b b. either plan a or plan b c. neither plan a nor plan b because any plan that forcibly redistributes income is against the philosophy d. only plan a
Assuming that utility is directly proportional to the cash value of after-tax income, an advocate of utilitarianism would prefer Plan B over Plan A. The correct option is Plan B over Plan A.
Plan B involves redistributing income through progressive taxation, which means that higher earners would pay a larger percentage of their income in taxes compared to lower earners. This would result in a more equal distribution of income and potentially increase the overall utility of society.
On the other hand, Plan A involves a flat tax rate, which means that everyone pays the same percentage of their income in taxes regardless of their income level. This could potentially result in a less equal distribution of income and decrease overall utility.
Option C is not a preferred answer for an advocate of utilitarianism because it suggests that any plan that forcibly redistributes income is against the philosophy, which is not necessarily true. Utilitarianism focuses on maximizing overall utility and if redistribution of income through taxation leads to greater overall utility, it would be a preferred policy.
Therefore, the answer is option B as an advocate of utilitarianism would prefer either Plan A or Plan B, but Plan B would be the more preferred option. The correct option is Plan B over Plan A.
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* Suppose the union raises wages by 2% when the elasticity of demand for labour is -0.3. By what percent will the firm's demand for labour change? Answer: Submit Answer * If a union bargains or lobbie
If the union raises wages by 2% when the elasticity of demand for labour is -0.3, this means that for every 1% increase in wages, the demand for labour will decrease by 0.3%. Therefore, if wages increase by 2%, the demand for labour will decrease by 0.6%.
It is important to note that this is a generalization and the actual change in demand for labour may vary depending on various factors such as the industry, the size of the firm, and the availability of substitutes for labour. If a union bargains or lobbies for higher wages, it may result in a decrease in demand for labour as firms may find it more costly to hire workers at higher wages.
This could potentially lead to unemployment if the demand for labour decreases significantly. On the other hand, if the union is successful in negotiating higher wages and the demand for labour remains relatively stable, it could lead to higher wages and better working conditions for workers.
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PA7-1 Analyzing Special-Order Decision [LO 7-2, 7-3] Mohave Corp. makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries about producing a special order for a custom umbrella called the Ultimate Shade (US). The special-order umbrellas with the Lost Mine Company logo would be distributed to participants at an upcoming convention sponsored by Lost Mine Lost Mine has offered to buy 2,900 of the US umbrellas at a price of $27 each. Mohave currently has the excess capacity necessary to accept the offer. The following information is related to the production of the US umbrella Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $12.00 6.00 8.00 2.50 Total cost $28.50 Regular sales price $35.00 Required 1. Compute the incremental profit (or loss) from accepting the special order. Profit (or Loss by 2. Should Mohave accept the special order? O Yes O No 3. Suppose that the special order had been to purchase 3,400 umbrellas for $25.00 each. Recompute the incremental profit (or loss) from accepting the special order under this scenario Profit (or Loss) by
The loss per unit would increase to $3.50, which means Mohave should definitely not accept the special order.
1. To compute the incremental profit from accepting the special order, we need to calculate the total cost of producing 2,900 US umbrellas.
Total cost = Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead
Total cost = $12.00 + $6.00 + $8.00 + $2.50
Total cost = $28.50
The special order price offered by Lost Mine is $27 per umbrella, which is less than the regular sales price of $35. Therefore, the incremental profit from accepting the special order would be:
Incremental profit = Special order price - Total cost per unit
Incremental profit = $27 - $28.50
Incremental profit = -$1.50
This means that Mohave would incur a loss of $1.50 per unit if they accept the special order.
2. Based on the incremental profit calculation, Mohave should not accept the special order from Lost Mine Industries as it would result in a loss of $1.50 per unit.
3. If the special order had been for 3,400 umbrellas at a price of $25.00 each, the incremental profit calculation would be:
Total cost = $12.00 + $6.00 + $8.00 + $2.50
Total cost = $28.50
Incremental profit = Special order price - Total cost per unit
Incremental profit = $25 - $28.50
Incremental profit = -$3.50
In this scenario, the loss per unit would increase to $3.50, which means Mohave should definitely not accept the special order.
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when members of congress hold a hearing to question a cabinet member on how a law is being carried out they are engaging in:_________
When members of Congress hold a hearing to question a cabinet member on how a law is being carried out, they are engaging in "oversight."
Oversight is an essential function of Congress that allows them to monitor and supervise the actions of the executive branch, which includes cabinet members and various agencies, to ensure that laws are being implemented and enforced according to the intent of the legislation.
By conducting oversight, Congress can hold the executive branch accountable and maintain a balance of power between the branches of government.
During an oversight hearing, members of Congress may question cabinet members about the actions and policies related to the implementation of a specific law. They may seek information about the progress, effectiveness, and potential challenges of carrying out the law.
These hearings provide an opportunity for Congress to address any concerns or problems they identify and propose changes or improvements if necessary.
In summary, when members of Congress hold a hearing to question a cabinet member on how a law is being carried out, they are engaging in oversight.
This process involves monitoring the executive branch's implementation of legislation, holding them accountable, and maintaining a balance of power between branches of government. Oversight hearings allow Congress to gather information and address any concerns or issues that arise during the implementation of a law.
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a company purchased a delivery van for $31,900 with a salvage value of $3,700 on october 1, year 1. it has an estimated useful life of 6 years. using the straight-line method, how much depreciation expense should the company recognize on december 31, year 1? multiple choice $1,175. $4,700. $98. $5,317. $1,772.
The depreciation expense for year 1: $4,700 (annual depreciation expense) * (3/12) = $1,175.
To calculate the depreciation expense using the straight-line method, we need to subtract the salvage value from the cost of the asset, and then divide it by the estimated useful life in years.
Cost of the asset = $31,900
Salvage value = $3,700
Useful life = 6 years
Depreciation expense per year = (Cost of asset - Salvage value) / Useful life
Depreciation expense per year = ($31,900 - $3,700) / 6 = $4,867
To find the depreciation expense for December 31, year 1, we need to prorate the depreciation for the portion of the year the asset was in use. Since the asset was purchased on October 1, year 1, it was in use for only 3 months in year 1.
Depreciation expense for year 1 = Depreciation expense per year x (months of use / 12)
Depreciation expense for year 1 = $4,867 x (3 / 12) = $1,217
Therefore, the correct answer is $1,175 (the closest option to $1,217).
A company purchased a delivery van for $31,900 with a salvage value of $3,700 on October 1, year 1. It has an estimated useful life of 6 years. Using the straight-line method, the depreciation expense the company should recognize on December 31, year 1 is $1,175.
Step-by-step explanation:
1. Calculate the depreciable amount: $31,900 (cost) - $3,700 (salvage value) = $28,200
2. Calculate the annual depreciation expense: $28,200 (depreciable amount) / 6 years (useful life) = $4,700
3. Determine the number of months of depreciation for year 1: October, November, December = 3 months
4. Calculate the depreciation expense for year 1: $4,700 (annual depreciation expense) * (3/12) = $1,175
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What is a mutual fund? Why would you choose it over a commonstock?Display keyboard shortcutsfor Rich Content Editor
A mutual fund is a type of investment vehicle that pools money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.
The fund is managed by a professional portfolio manager, who makes investment decisions on behalf of the investors. Mutual funds offer investors the opportunity to invest in a diversified portfolio with lower minimum investment amounts, professional management, and easy accessibility.
One reason why someone might choose a mutual fund over a common stock is that a mutual fund provides instant diversification, as it invests in a wide range of securities, reducing the risk of any one stock or bond negatively impacting the overall return. Additionally, mutual funds are professionally managed, meaning that investors do not need to have the same level of expertise or time commitment as they would with individual stocks. Finally, mutual funds are generally more liquid than individual stocks, meaning that investors can buy and sell shares more easily.
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All of the following are balance sheet accounts EXCEPT : O A. Allowance for Bad Debts OB. Refunds Payable OC. Estimated Returns Inventory OD. Cost of Goods Sold
All of the following are balance sheet accounts EXCEPT: OD. Cost of Goods Sold. Cost of Goods Sold is an income statement account, not a balance sheet account.
It represents the cost of producing or purchasing goods that are sold during a specific period and is used to calculate gross profit on the income statement. On the other hand, Allowance for Bad Debts, Refunds Payable, and Estimated Returns Inventory are all examples of balance sheet accounts that reflect estimates and provisions for potential future expenses or liabilities.
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Question 3 Partially correct Mark 5.00 out of 7.00 Flag question Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. 2016 The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows: Fiscal Year ($ millions) $1,385 2017 1,348 2018 1,196 2019 1,071 932 Thereafter 2,868 Total minimum lease commitments $8,800 2020 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number. $ million Present Value Year 1 1,307 Year 2 1,200 Year 3 1,004 Year 4 848 Year 5 696 After 5 2,143 x $ 7,198 x Check You have correctly selected 5. Partially correct Marks for this submission: 5.00/7.00.
The present values of each year's payment gives us a total present value of $7,198.69 million, which is the amount that GAP would have to pay today to settle its lease obligations.
To calculate the present value of these lease payments, we need to discount each payment back to its present value using the given discount rate of 6%. We can use the formula PV = FV / (1 + r)^n to calculate the present value (PV) of each payment, where FV is the future value of the payment, r is the discount rate, and n is the number of periods until the payment is due.
Using this formula for each year's payment, we get the following present values:
Year 1: PV = 1,385 / (1 + 0.06)^1 = 1,306.60 million
Year 2: PV = 1,348 / (1 + 0.06)^2 = 1,200.00 million
Year 3: PV = 1,196 / (1 + 0.06)^3 = 1,003.99 million
Year 4: PV = 1,071 / (1 + 0.06)^4 = 847.77 million
Year 5: PV = 932 / (1 + 0.06)^5 = 695.71 million
After Year 5: PV = 2,868 / (1 + 0.06)^5 = 2,143.62 million
Summing up the present values of each year's payment gives us a total present value of $7,198.69 million, which is the amount that GAP would have to pay today to settle its lease obligations
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drake's company has just come out with a new product. when the firm launches the product, it intends to set the price relatively high for a while and then decreases the price to a more sustainable level for the long term. this is an example of which pricing objective?multiple choice question.volume maximizationsurvivalcustomer-drivenpredatoryprofit maximization
The pricing objective that Drake's company intends to use is "profit maximization." This strategy involves setting the price high initially to maximize profits in the short term and then gradually decreasing the price to a more sustainable level in the long term. The objective is to earn as much profit as possible while still maintaining market share. The other pricing objectives mentioned in the multiple-choice question, such as volume maximization, survival, customer-driven, and predatory pricing, do not align with the scenario described.
It is important to note that the pricing objective chosen by a company can greatly impact its success in the market. Profit maximization is a common pricing objective for businesses as it aims to increase profits by setting a higher price in the short term. However, this strategy can also be risky as it may alienate potential customers who are not willing to pay a higher price.
Drake's company will need to carefully monitor the market and adjust its pricing strategy accordingly to ensure that it remains competitive and relevant in the long term. The eventual goal will be to achieve a balance between pricing and demand that maximizes profits while still meeting customer needs. Ultimately, the success of any pricing strategy will depend on factors such as the target market, competition, and product demand, and a company's ability to adapt to changing market conditions.
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Drake's company has just come out with a new product. When the firm launches the product, it intends to set the price relatively high for a while and then decrease the price to a more sustainable level for the long term. This is an example of which pricing objective? Please choose from the options below:
A. Volume maximization
B. Survival
C. Customer-driven
D. Predatory
E. Profit maximization
if a certain market were a monopoly, then the monopolist would maximize its profit by producing 4,000 units of output. if, instead, that market were a duopoly, then which of the following outcomes would be most likely if the duopolists successfully collude? group of answer choices
The best alternative is option a. If the duopolists successfully collude, they would likely agree to produce and sell the same quantity of output as the monopolist, which is 4,000 units, in order to maximize their joint profits. This would allow them to behave like a single monopolist and charge a higher price than if they were competing against each other.
If a certain market were a monopoly and the monopolist would maximize its profit by producing 4,000 units of output, then if the market were a duopoly and the duopolists successfully collude, the most likely outcome would be:
The duopolists would collectively produce 4,000 units of output, and they would share the market power and profits similar to a monopolist.
In this case, successful collusion would allow the duopolists to act like a single monopolist, setting production levels and prices to maximize their combined profits. This outcome depends on the duopolists' ability to maintain their agreement and avoid competitive behaviors that could lead to lower prices and reduced profits for both firms.
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if a certain market were a monopoly, then the monopolist would maximize its profit by producing 4,000 units of output. if, instead, that market were a duopoly, then which of the following outcomes would be most likely if the duopolists successfully collude? group of answer choices
a. each Duopolist produce 4000 units
b. each Duopolist produce 1500 units
c. one Duopolist produce 2400 units of output and other 1600 of output
d. one Duopolist produce 3000 units of output and other 1500 of output
The ways in which the factors of production are organized into production are the result of ____________ and __________________ . institutions; technological knowledge incentives; technological knowledge incentives; institutions human capital; technological knowledge
The ways in which the factors of production are organized into production are the result of incentives and institutions.
Incentives refer to the motivations or rewards that influence the behavior of individuals, firms, and governments in an economy. Institutions, on the other hand, are the established systems, rules, and organizations that shape the economic environment and guide the actions of its participants.Incentives play a crucial role in determining how resources are allocated and utilized. They influence the choices that individuals and firms make, such as how much to work, save, invest, and consume.
Institutions are responsible for providing a stable and predictable framework for economic activity. They set the rules of the game and enforce contracts, property rights, and other legal and social norms. Examples of institutions include the government, the legal system, financial markets, and educational systems. These institutions help to coordinate the actions of individuals and firms, facilitate cooperation, and reduce transaction costs.Together, incentives and institutions shape the organization of factors of production, leading to the efficient allocation of resources and driving economic growth and development.
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which of the following statements is (are) the best? question 21 options: the largest element of manufacturing lead time is queue. the larger the load, the longer the queue. if queue is reduced, the lead time and work in process will be reduced. all of the above are true. none of the above is true.
The best statement among the given options is "if queue is reduced, the lead time and work in process will be reduced." This statement highlights the direct relationship between queue size and manufacturing lead time.
It suggests that reducing the queue can significantly reduce the lead time, and as a result, it can also reduce the work in process. This statement is significant because it emphasizes the importance of managing queues in the manufacturing process to achieve optimal productivity.
Although the other statements are also true to some extent, they do not provide as clear a relationship between queue size and manufacturing lead time as the selected statement.
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If a firm hires a worker by paying her a wage lower than the value of the marginal product of the worker, it implies that ________the firm should reduce its employee strength to maximize profits the firm is making an optimum decision the firm should hire more workers to increase profits the firm is earning zero economic profit
If a firm hires a worker by paying her a wage lower than the value of the marginal product of the worker, it implies that the firm is making an optimum decision. By doing so, the firm is able to maximize its profits. However, if the firm continues to hire more workers at a lower wage, it may eventually reach a point where the marginal product of each additional worker is less than their wage, in which case the firm should reduce its employee strength to continue maximizing profits. Therefore, the answer is that the firm is making an optimum decision.
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What is an account and where is it located in a manual accounting system?
CRIMINAL JUSTICECompare and contrast among social learning theory, social controltheory, and social reaction theory
In the field of criminal justice, there are several theories that explain why individuals engage in criminal behavior. Three such theories are social learning theory, social control theory, and social reaction theory.
Social learning theory proposes that individuals learn deviant behaviors through observation and interaction with others. This theory suggests that individuals are more likely to engage in criminal behavior if they have been exposed to criminal acts and have witnessed rewards for such behavior.
Social control theory, on the other hand, emphasizes the importance of social institutions in preventing criminal behavior. According to this theory, individuals are less likely to engage in criminal behavior if they have strong ties to conventional social institutions such as family, school, and work.
Social reaction theory, also known as labeling theory, suggests that criminal behavior is a result of societal reaction to certain behaviors. This theory argues that individuals who are labeled as criminals are more likely to continue engaging in criminal behavior because they have been stigmatized by society.
In comparing and contrasting these theories, it is important to note that while social learning theory focuses on individual behavior, social control theory and social reaction theory focus on the role of social institutions and society in preventing and promoting criminal behavior. Additionally, social control theory emphasizes the importance of conforming to societal norms and values, while social reaction theory highlights the negative impact of labeling on an individual's behavior.
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When the Coffee Collective purchases advertisements on the radio announcing its new patio for dog-loving coffee drinkers, this would be a form of what kind of advertisement?a. informationalb. competitivec. bandwagond. remindere. demonstration
The Coffee Collective's radio advertisement announcing its new patio for dog-loving coffee drinkers is a form of informational advertisement.
Informational advertisements provide essential details about a product or service, focusing on features and benefits. In this case, the Coffee Collective uses the radio advertisement to inform potential customers about the new patio feature specifically catering to dog-loving coffee drinkers.
By sharing this information, the Coffee Collective aims to attract new customers who are interested in enjoying coffee with their furry friends.
This advertisement does not directly compare the Coffee Collective to competitors, promote a popular trend, remind customers of an existing product, or demonstrate how to use a product. Therefore, it falls under the category of informational advertisement.
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3. sources of economic growth and high income which of the following are true of natural resources as a determinant of economic growth? check all that apply. abundant natural resources will help facilitate economic growth. countries rich in natural resources may still experience little or no economic growth. the presence of natural resources will guarantee rapid economic growth. natural resources are the most necessary factor for economic growth.
Natural resources can play a role in determining economic growth. The following statements are true regarding natural resources as a determinant of economic growth A. Countries rich in natural resources may still experience little or no economic growth. and D. It may be advantageous not to have abundant natural resources.
a) Countries rich in natural resources may still experience little or no economic growth. This can happen due to poor management, political instability, or lack of diversification in the economy, which can lead to the "resource curse."
d) It may be advantageous not to have abundant natural resources. Countries without abundant resources might invest more in human capital, education, technology, and infrastructure, leading to a more diversified and stable economy less susceptible to commodity price fluctuations.
Statements b and c are not necessarily true:
b) Natural resources are not the most necessary factor for economic growth. Other factors, such as human capital, technology, infrastructure, and political stability, are equally or more important for sustainable growth.
c) A country is not guaranteed to experience economic growth if it has abundant natural resources. The proper management of resources, a stable political environment, and economic diversification are essential for growth.
In conclusion, while natural resources can contribute to economic growth, they are not the sole determinant. Effective management, diversification, and investment in other areas such as human capital and technology are crucial for sustained growth. Therefore the correct option is A and D
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