Answer:
Lonnie Holdiman Co.
A Schedule showing the determination of the corrected income before taxes for 2020 and 2021:
2020 2021
Before-tax income $101,000 $77,400
1. Excess Sales revenue (38,200) 38,200
2. December 31, 2020 Inventory understated 8,640 (8,640)
3. Amortized bonds discount not expensed (1,776) (1,901)
4. Equipment repairs not expensed (8,500) (9,400)
5. Overstated depreciation from capitalized
Equipment repairs 850 940
Corrected income before taxes $62,014 $96,599
Explanation:
a) Data and Calculations:
Before-tax income for 2020 = $101,000
Before-tax income for 2021 = $77,400
1. 2020 Sales Revenue $38,200; 2021 Sales Revenue $38,200
2. 2020 Understated inventory $8,640; 2021 Understated inventory $8,640
3. 2020 Unstated bonds interest expense $1,776
2021 Unstated bonds interest expense $1,901
4. 2020 Unstated equipment repairs $8,500 Overstated Equipment account $8,500
2021 Unstated equipment repairs $9,400 Overstated Equipment account $9,400
2020 Overstated Depreciation expense $850
2021 Overstated Depreciation expense $940.
Bonds Calculations:
Bonds outstanding value:
Bond's face value = $250,000
Discount = 15,000
Proceeds from bonds = $235,000
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,450 ($235,000 * 7%)
Amortized discount = $1,450
December 31, 2017:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,450 ($235,000 * 7%)
Amortized discount = $1,450 ($16,450 - $15,000)
Outstanding value = $236,450 ($235,000 + 1,450)
December 31, 2018:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,552 ($236,450 * 7%)
Amortized discount = $1,552 ($16,552 - $15,000)
Outstanding value = $238,002 ($236,450 + 1,552)
December 31, 2019:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,660 ($238,002 * 7%)
Amortized discount = $1,660 ($16,660 - $15,000)
Outstanding value = $239,662 ($238,002 + 1,660)
December 31, 2020:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,776 ($239,662 * 7%)
Amortized discount = $1,776 ($16,776 - $15,000)
Outstanding value = $241,438 ($239,662 + 1,776)
December 31, 2021:
Bonds coupon payment = $15,000 ($250,000 * 6%)
Bonds Interest expense = $16,901 ($241,438 * 7%)
Amortized discount = $1,901 ($16,901 - $15,000)
Outstanding value = $243,339 ($241,438 + 1,901)
Depreciation on Capitalized Equipment Repairs:
Excess depreciation expense:
2020 = $850 ($8,500 * 10%)
2021 = $940 ($9,400 * 10%)
Newell Company completed the following transactions in October:
Credit Sales Sales Returns
Date Amount Terms Date Amount Date of
Collection
Oct. 3 $600 2/10, n/30 Oct 8
Oct. 11 1,700 3/10, n/30 Oct. 14 $400 Oct. 16
Oct. 17 5,000 1/10, n/30 Oct. 20 1,000 Oct. 29
Oct. 21 1,400 2/10, n/60 Oct. 23 200 Oct. 27
Oct. 23 2,300 2/10, n/30 Oct. 27 400 Oct. 28
Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 Oct. 16 Oct. 29 Oct. 27 Oct. 28
Answer:
a. Cash receive on Oct. 8 = $588
b. Cash receive on Oct. 16 = $1,261
c. Cash receive on Oct. 29 = $4,000
d. Cash receive on Oct. 27 = $1,176
e. Cash receive on Oct. 28 = $1,862
Explanation:
a. Oct. 8
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 8 = $600 - ($600 * 2%) = $588
b. Oct. 16
Since cash was received within 10 days, it qualified for the stated 3% discount. Therefore, we have:
Cash receive on Oct. 16 = ($1,700 - $400) - (($1,700 - $400) * 3%) = $1,261
c. Oct. 29
Since cash was received outside 10 days, it was NOT qualified for the stated 1% discount. Therefore, we have:
Cash receive on Oct. 29 = $5,000 - $1,000 = $4,000
d. Oct. 27
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 27 = ($1,400 - $200) - (($1,400 - $200) * 2%) = $1,176
e. Oct. 28
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 28 = ($2,300 - $400) - (($2,300 - $400) * 2%) = $1,862
Answer:
a. Cash receive on Oct. 8 = $588
b. Cash receive on Oct. 16 = $1,261
c. Cash receive on Oct. 29 = $4,000
d. Cash receive on Oct. 27 = $1,176
e. Cash receive on Oct. 28 = $1,862
Explanation:
a. Oct. 8
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 8 = $600 - ($600 * 2%) = $588
b. Oct. 16
Since cash was received within 10 days, it qualified for the stated 3% discount. Therefore, we have:
Cash receive on Oct. 16 = ($1,700 - $400) - (($1,700 - $400) * 3%) = $1,261
c. Oct. 29
Since cash was received outside 10 days, it was NOT qualified for the stated 1% discount. Therefore, we have:
Cash receive on Oct. 29 = $5,000 - $1,000 = $4,000
d. Oct. 27
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 27 = ($1,400 - $200) - (($1,400 - $200) * 2%) = $1,176
e. Oct. 28
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 28 = ($2,300 - $400) - (($2,300 - $400) * 2%) = $1,862
Brown Corporation uses a job-order costing system with a single plant-wide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 40,000 Total fixed manufacturing overhead cost $344,000 Variable manufacturing overhead per machine-hour $3.9 Recently, Job M759 was completed. It required 60 machine-hours. The amount of overhead applied to Job M759 is closest to: (Round your intermediate calculations to 2 decimal places).
Answer:
See below
Explanation:
With regards to the above, first we need to compute the fixed manufacturing overhead.
Fixed manufacturing overhead
= Total fixed manufacturing overhead ÷ Total machine hours
= $344,000 ÷ 40,000
= $8.6 per machine hour
Calculation of overhead applied to Job M759
Variable manufacturing overhead
= 60 machine hours × $3.9
= $234
Fixed manufacturing overhead
= 60 machine hours × $8.6
= $516
Therefore, total overhead applied to job M759 is $750
Which of the following is an example of a market statement?
a. Married women.
b. Students attending college.
c. Adults living in a city.
d. Realtors selling homes under $130.000
Answer:
d
Explanation:
Answer:
d.
Explanation:
Market is where people buy and sell things. The only answer which talks about that is d.
The local supermarket buys lettuce each day to ensure really fresh produce. Each morning any lettuce that is left from the previous day is sold to a dealer that resells it to farmers who use it to feed their animals. This week the supermarket can buy fresh lettuce for $6.00 a box. The lettuce is sold for $18.00 a box and the dealer that sells old lettuce is willing to pay $3.60 a box. Past history says that tomorrow's demand for lettuce averages 254 boxes with a standard deviation of 37 boxes. How many boxes of lettuce should the supermarket purchase tomorrow? (Use Excel's NORMSINV() function to find the Z-score. Round intermediate calculations to four decimal places. Round your answer to the nearest whole number.) Number of boxes
Answer:
289 boxes
Explanation:
Calculation to determine How many boxes of lettuce should the supermarket purchase tomorrow
First step is to calculate Co using this formula
Co = buying price – discard price
Let plug in the formula
Co= 6.00 – 3.60
Co =2.40
Second step is to calculate Cu using this formula
Cu = selling price – buying price
Let plug in the formula
Cu= 18.00 − 6.00
Cu= 12.00
Third step is to calculate the Newsvendor fractile
using the formula this formula
p = Cu/(Cu + Co)
Let plug in the formula
p = (Cu/(Cu + Co))*100%
p= (12.00 / (12.00 + 2.40)) * 100%
p= (12.00 / 14.40) * 100%
p= 0.83 * 100
p= 83%
Fourth Step is to find the corresponding z value using Norm.s.inv() which gives us 0.954
Now let calculate the optimal quantity
Using this formula
Optimal quantity (Q) = Demand + std dev * z
Let plug in the formula
Q= 254 + (37* 0.954)
Q= 254+ + 35.298
Q= 289.298
Q= 289 boxes (Approximately)
Therefore How many boxes of lettuce should the supermarket purchase tomorrow is 289 boxes
The net book value of an asset represents the:
The amount at which an organization records an asset in its accounting records.
The netbook value of an asset represents the cost of the asset less depreciation.
Asset value reduces as a result of wear and tear. This is due to the usage of the asset and passage of time.
The monetary value of the part of the asset that have been used up over time, is what is regarded as accumulated depreciation, which means reduction in value.
Hence, the netbook value of an asset represents the cost of the asset less depreciation.Learn more about net book value on:
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The Joint Stock Company is:
A) An association of persons
B) An association of funds
C) A mixture of an association of funds and persons
D) None of the above
On January 2, 2020, Pronghorn Company sells production equipment to Fargo Inc. for $52,000. Pronghorn includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Pronghorn incurs costs related to warranties of $890. At December 31, 2020, Pronghorn estimates that $640 of warranty costs will be incurred in the second year of the warranty.
Required:
Prepare the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.
Answer:
January 2, 2020
Dr Cash $52,000
Cr Sales Revenue $52,000
December 31, 2020
Dr Warranty expense $890
Cr Cash $890
December 31, 2020
Dr Warranty expense$640
Cr Warranty Liabiltiy $640
Explanation:
Preparation of the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.
January 2, 2020
Dr Cash $52,000
Cr Sales Revenue $52,000
December 31, 2020
Dr Warranty expense $890
Cr Cash $890
December 31, 2020
Dr Warranty expense$640
Cr Warranty Liabiltiy $640
What is the best way to deal with a negative experience with a past employer or job if it comes up during your interview?
The best way to deal with a negative experience with a past employer or job is to answer honestly and briefly as possible without appearing to avoid the question.
What do you mean by Negative experience?A negative experience is an unpleasant, depressing, or harmful situation. Research says that negative experiences can help to boost meaning because they cause comprehension.
Try to use impartial language and end on a positive note if possible. You might include some positive experiences, something that you learned from the experience that will prove valuable for the current position you are seeking.
Provide a brief overview of your former employment, including how long you were working there, your duties, and any transferable skills you gained.
Therefore, Rather than complaining focus on your goals.
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Elijah, who is single, is employed as a full-time high school teacher. The school district where he works recently instituted a policy requiring all of its teachers to start working on a master’s degree. Pursuant to this new rule, Elijah spent most of the summer of 2015 taking graduate courses at an out-of-town university. His MAGI is $64,000 and expenses are as follows:
Tuition $6,600
Books and course materials 1,500
Lodging 1,700
Meals 2,200
Laundry and dry cleaning 200
Campus parking 300
In addition, Elijah drove his personal automobile 2,200 miles in connection with the education. He uses the automatic mileage method.
Click here to access Exhibit 9.1. Assume that the AGI limitations of § 222 are not exceeded.
a. Which of these expenses, if any, might qualify as deductions for AGI? Select "Yes" or "No" whichever is applicable.
Tuition (subject to limitation) SelectYesNoCorrect 1 of Item 1
Lodging SelectYesNoCorrect 2 of Item 1
Auto mileage SelectYesNoCorrect 3 of Item 1
Campus parking SelectYesNoCorrect 4 of Item 1
Books and course materials SelectYesNoCorrect 5 of Item 1
Laundry and dry cleaning SelectYesNoCorrect 6 of Item 1
Meals (subject to cutback adjustment) SelectYesNoCorrect 7 of Item 1
How much, if any, of these expenses might qualify as deductions for AGI?
$
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It is important to differentiate between deductible and nondeductible education expenses. In addition, deductible education expenses may be partly deducted for AGI and from AGI.
b. How much of these expenses might qualify as deductions from AGI? (Assume the amount from Part a is claimed.)??????
Answer:
A. Tuition $4,000
B. $8,665
Explanation:
A..Based on the information given the expenses that might qualify as deductions for AGI(ADJUSTED GROSS INCOME) is TUITION
The amount of the expenses that might
qualify as deductions for AGI is the tuition amount of $4,000 reason been that we were told that he spent the amount of $6,600 on tuition and secondly the AGI(ADJUSTED GROSS INCOME limitations are not higher than the unmarried return of the amount of $65,000
b. Calculation to determine How much of these expenses might qualify as deductions from AGI
Tuition$2,600
($6,600 − $4,000)
Add Books and course materials $1,500
Add Lodging $1,700
Add Meals $1,100
($2,200 × 50% cutback adjustment)
Add Laundry and dry cleaning $200
Add Campus parking $300
Add Auto mileage $1,265
(2,200 miles × $.575)
Total deduction from AGI $8,665
Therefore The Amount of the expenses that might qualify as deductions from AGI is $8,665
Interest that is calculated on principal plus interest is known as
Answer:
That would be known as compound interest.
Marketers segment markets to achieve which of the following objectives?
a. To create an offer that best fits the desires of the groups that exist in the market
b. To identify the most appropriate media for advertising,
C. To better understand their target segments.
→Marketers segment markets to achieve which of the following objectives?
Choices:a. To create an offer that best fits the desires of the groups that exist in the market.
b. To identify the most appropriate media for advertising,
C. To better understand their target segments.
Answer:a. To create an offer that best fits the desires of the groups that exist in the market.Explanation:→marketing efficiency by directing effort specifically toward the designated segment in a manner consistent with that segment's characteristics.
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Brenda, a self-employed taxpayer, travels from Chicago to Barcelona (Spain) on business. She is gone 10 days (including 2 days of travel) during which time she spends 5 days conducting business and 3 days sightseeing. Her expenses are $1,500 (airfare), $200 per day (meals), and $400 per night (lodging). Because Brenda stayed with relatives while sightseeing, she only paid for 5 nights of lodging. What is Brenda's deduction for: If required, round your answers to the nearest dollar.
Answer:
Airfare $1,050
Meals $700
Lodging $2,000
Explanation:
Calculation to determine Brenda's deduction
a. Calculation to determine Brenda's deduction for Airfare
Airfare=(70% × $1,500)
Airfare=$1,050
Therefore Brenda's deduction for Airfare is $1,050
b.Calculation to determine Brenda's deduction for Meals
Meals=[(200/2)*7]
Meals=$700
Therefore Brenda's deduction for Meals is $700
c.Calculation to determine Brenda's deduction
for Lodging
Lodging= [400*5]
Lodging=$2,000
Therefore Brenda's deduction
for Lodging is $2,000
Heavy Products, Inc. (HPI) developed standard costs for direct material and direct labor. In 2020, HPI estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted quantity Budgeted price Direct materials 0.90 pounds $60 per pound Direct labor 0.10 hours $30 per hour During June, Heavy Products produced and sold 19,000 containers using 1,200 pounds of direct materials at an average cost per pound of $63 and 17,100 direct manufacturing labor-hours at an average wage of $31.25 per hour. The direct manufacturing labor price variance during June is: $3600 unfavorable $950,400 unfavorable $21,375 unfavorable $21,375 favorable
Answer:
C. $21,375 unfavorable
Explanation:
Standard rate = $30 per hour
Actual rate = $31.25
Actual time = 17,100 direct labor hours
Direct manufacturing labor price variance= Actual time * (Standard rate - Actual rate)
= 17,100 * ($30 - $31.25)
= 17,100 * (-$1.25)
= $21,375 Unfavorable
So, the Direct manufacturing labor price variance during June is $21,375 U.
If fixed costs are $270,000, the unit selling price is $70, and the unit variable costs are $45, what are the old and new break-even sales in units (rounded to a whole number) if the unit selling price increases by $6
Answer:
Results are below.
Explanation:
Giving the following information:
Fixed costs= $270,000
Unitary selling price= $70
Unit variable costs= $45
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 270,000 / (70 - 45)
Break-even point in units= 10,800
Now, if the selling price is $76:
Break-even point in units= 270,000 / (76 - 45)
Break-even point in units= 8,710
Comparison of two alternatives for breakeven An IE works in the automation department of a surgical equipment manufacturing company that produces specially ordered equipment for hospitals. To upgrade the quality of the assembly process of the camera used in laparoscopic surgery probes, two approaches are available: make and buy. The make alternative has an initial equipment cost of $175,000, a life of 5 years, a $25,000 salvage value, a processing cost of $3,000 per camera, and an M&O cost of $80,000. The buy alternative requires contracting the assembly operation externally at a cost of $6,750 per camera. If the MARR is 12% per year, how many cameras per year must be assembled to justify the make alternative?
Answer:
35 cameras
Explanation:
Initial equipment cost = $175,000
life span = 5 years
salvage value = $25,000
processing cost per camera = $3000
M and O cost = $80,000
cost of contracting assembly operation externally = $6,750 per camera
MARR = 12% per year
Determine the number of cameras per year to be assembled
let number of camera = n
we will make use of the relation below
EUAC of make option = 175000*(A/P,12%,5) + 3000*n + 80000 - 25000*(A/F,12%,5)
= 175000 * 0.277410 + 3000*n + 80000 - 25000*0.157410
= 132482 + 3000 n
Hence the EUAC of the alternative
= 6750 * n
∴ 6750 n = 132482 + 3000 n
n = 132482 / 3750 = 35.33 ≈ 35 Alternative cameras must be assembled
The nations of Pamland and Lillytonia can produce two goods, DVD
players and wheat. In a single year, Pamland can produce 150 DVD players
or 300 bushels of wheat and Lillytonia can produce 200 DVD players or
600 bushels of wheat. Which of the following deals would Pamland and
Lillytonia be willing to accept? *
A) There are no deals for trade that Lillytonia would be willing to accept because
Lillytonia could make more of both goods.
B) Lillytonia sells 1/4 bushels of wheat to Pam and gets 1 DVD player in return.
C) Lillytonia sells 4 bushels of wheat to Pam and gets 1 DVD player in return.
D) Lillytonia sells 2.5 bushels of wheat to Pam and gets 1 DVD player in return.
D) Lillytonia sells 2/5 bushels of wheat to Pam and gets 1 DVD player in return
Answer:
The best deal would be option B) that is
Lillytonia sells 1/4 bushels of wheat to Pam land and gets 1 DVD player in return.
Explanation:
STEP 1
The output of DVD per unit of labor for Pamland = 150.
The output of Bushels of wheat per unit of labor for Pamland= 300.
The output of DVD per unit of labor for Lillytonia = 200.
The output of Bushels of wheat per unit of labor for Lillytonia= 600.
STEP 2
To calculate the comparative advantage, we use the following formula:
Comparative Advantage = DVD Output / Wheat Output
STEP 3
In Pamland, the opportunity cost, or the comparative advantage, of DVD is
300 / 150 = 2 bushels of wheat.
The opportunity cost of wheat in Pamland is 120/ 300 = 0.5 DVDs.
In Lillytonia the opportunity cost, or comparative advantage, of DVD is 600/200 = 3 bushels of wheat, while
The opportunity cost of wheat in Lillytonia is 200/600 = 1/3 or 0.33333 DVDs
STEP 4
As is clear from the calculations, Pamland should produce more wheat because it has the lower opportunity cost during production 2 against 3 for Lillytonia. Conversly, Lillytonia has the lowest opportunity cost for the production of DVD clocking 1/3 against a higher 1/2 for Pamland.
The countries should therefore trade in such a way that Pamlan is selling it's Wheat while Lillytonia is selling it's DVDs.
STEP 5
Given that Pamland's 2 bushels of wheat will cost it 0.5 DVDs, 4 bushels will thus cost it 1 DVD. It is impracticable (in any case) to have 1/2 of a DVD player.
Cheers
Suppose a firm is considering investing in a new product line which they expect to be obsolete in 5 years. They will need an initial investment in inventory of 540,000. They will also need inventory investment of 95,000 each year of the project. The firm expects to recover the full amount of the investment in NWC at the end of the project. What is their NWC in year 5
Answer:
recovered net working capital at the end of the project = $1,015,000
Explanation:
initial increase in net working capital = $540,000
annual increase in net working capital = $95,000 x 5 = $475,000
cumulative increase in net working capital = $1,015,000
recovered net working capital at the end of the project = $1,015,000, assuming the company recovers it all.
Which of the following statements about computer viruses is most accurate?
Viruses could be completely eliminated if people would quit sharing infected files.
Wild rumors and sloppy reporting have exaggerated the threat computer viruses pose to typical computer users. Almost all real-world computer viruses turn out to be harmless practical jokes.
The Internet contains built-in safeguards that prevent programs with viruses from being downloaded.
Although antivirus software can help identify and eliminate known viruses, the software must be updated frequently to remain effective.
Answer:
The Internet contains built-in safeguards that prevent programs with viruses from being downloaded
Explanation:
This is the Answer
A computer virus is commonly described as a malicious software program loaded onto a user’s computer without the knowledge of the user and acts some malicious actions. The Internet contains built-in safeguards that prevent programs with viruses from being downloaded.
A computer virus is also described as malicious computer code set up to spread from device to device.
It is also a subset of malware, that are self-copying threats and are usually designed to damage a device or steal data.
Most computer viruses are made to harm your computer by damaging programs, deleting files, or reformatting the hard drive.
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Suresh Co. expects its five departments to yield the following income for next year. Dept. MDept. NDept. ODept. PDept. TTotal Sales $82,000 $44,000 $78,000 $65,000 $43,000 $312,000 Expenses Avoidable 17,300 45,400 18,000 21,500 51,300 153,500 Unavoidable 57,800 21,600 5,700 54,300 20,300 159,700 Total expenses 75,100 67,000 23,700 75,800 71,600 313,200 Net income (loss) $6,900 $(23,000) $54,300 $(10,800) $(28,600) $(1,200) Recompute and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios
(1) Management eliminates departments with expected net losses.
DEPARTMENTS WITH EXPECTED NET LOSSES ELIMINATED
Dept. M Dept. N Dept. O Dept. P Dept. T Total
Sales
Expenses:
Avoidable
Unavoidable
Total expenses
Net income (loss) $0 $0 $0 $0 $0 $0
(2) Management eliminates departments with sales dollars that are less than avoidable expenses.
DEPARTMENTS WITH LESS SALES THAN AVOIDABLE EXPENSES ELIMINATED
Dept. M Dept. N Dept. O Dept. P Dept. T Total
Sales
Expenses:
Avoidable
Unavoidable
Total expenses
Net income (loss) $0 $0 $0 $0 $0 $0
Answer:
(1) Because of the eliminations of Dept. N, Dept. P, and Dept. T, we have:
Total net loss = $35,000
(2) Because of the eliminations of Dept. N, and Dept. T, we have:
Total net income = $8,500
Explanation:
(1) Management eliminates departments with expected net losses.
Note: See answer (1) in the attached excel file for the eliminated departments (in red color).
From the answer (1) in the attached excel, the eliminated departments base on this are Dept. N, Dept. P, and Dept. T.
It can be seen from the answer (1) in the attached excel that because of the eliminations of Dept. N, Dept. P, and Dept. T, we have:
Total net loss = $35,000.
(2) Management eliminates departments with sales dollars that are less than avoidable expenses.
Note: See answer (2) in the attached excel file for the eliminated departments (in red color).
From the answer (2) in the attached excel, the eliminated departments base on this are Dept. N, and Dept. T.
It can be seen from the answer (2) in the attached excel that because of the eliminations of Dept. N, and Dept. T, we have:
Total net income = $8,500
6. Choose a good you are familiar with, and analyze its economic utility, using the questions below. NOTE: Choose a good for this exercise, not a service.
a. What type of good did you choose? (1 sentence. 1.0 points)
b. Describe the form utility of the product you chose. What makes its form useful? Can you think of any improvements that could be made to its form utility? (1-3 sentences. 2.0 points)
c. Describe the place utility of the product. Can you think of any improvements that could be made to its place utility? (1-3 sentences. 2.0 points)
d. Describe the time utility of the product. Can it be improved at all? (1-3 sentences. 2.0 points)
e. Describe the possession utility of the product. Can it be improved at all? (1-3 sentences. 2.0 points)
f. Describe the information utility of the product. Can it be improved at all? (1-3 sentences. 2.0 points
DONT JUST PUT AN ANSWER FOR POINTS
Answer:
a. What type of good did you choose? (1 sentence. 1.0 points)
The good I chose was a tshirt.
b. Describe the form utility of the product you chose. What makes its form useful? Can you think of any improvements that could be made to its form utility? (1-3 sentences. 2.0 points)
The form utility of the t-shirt is that it is a ready-to-wear product. You don't need to look for other items to complete it.
c. Describe the place utility of the product. Can you think of any improvements that could be made to its place utility? (1-3 sentences. 2.0 points)
The place utility of a t-shirt is that it is easily accessible to the buying public. Nowadays, you have the option to go to shopping malls, boutiques, and even online stores to buy t-shirts.
d. Describe the time utility of the product. Can it be improved at all? (1-3 sentences. 2.0 points)
The time utility of a t-shirt is that it is can easily be bought when needed. There is no waiting time for a shirt to be completed. Because of its various styles, designs, colors, and sizes, it can cater to everybody's needs at anytime.
e. Describe the possession utility of the product. Can it be improved at all? (1-3 sentences. 2.0 points)
The possession utility of a t-shirt is that once it has already been paid for, customers immediately become its owner. You can immediately wear it after purchase without hassle.
f. Describe the information utility of the product. Can it be improved at all? (1-3 sentences. 2.0 points)
The information utility of a t-shirt is that because it is a staple in everybody's closet. From toddlers to adults, t-shirts are vastly available, accessible, and affordable. All economic utility of a t-shirt is good because it meets the needs and wants of the clients.
Explanation:
hope this helps :)
recession definition economics
Answer:
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
Explanation:
Which of the following best describes profit sharing? incentive pay in which payments are a percentage of the organization's profits and do not become part of the employees' base salary a gainsharing program in which employees receive a bonus if the ratio of labor costs to the sales value of production is below a set standard a group incentive program that measures improvements in productivity and effectiveness and distributes a portion of profit to employees an incentive plan where a percentage of the previous year's profits is provided to the employees as a part of their salary a combination of performance measures directed toward the company's profit and used as the basis for awarding incentive pay
Answer:
incentive pay in which payments are a percentage of the organization's profits and do not become part of the employees' base salary.
Explanation:
Profit can be defined as the total amount of money generated from a business after deducting the costs of production or cost price.
Mathematically, Profit = cost price - selling price
Hence, the statement which best describes profit sharing is that it is an incentive pay in which payments are a percentage of the organization's profits and do not become part of the employees' base salary.
In the aftermath of the BP oil spill in 2010, the Associated Press interviewed an engineering professor at the University of California, Berkeley for his take on what could have led to such a disaster. According to this professor, the BP spill falls into the category of disasters that result when an organization, because of overconfidence and incompetence, simply ignores warning signs. Was this a rational decision
Answer:
BP Oil Spill in 2010
The decision by BP to ignore the warning signs was not a rational decision.
Explanation:
A rational decision-making process employs a structured or logical process to the act of decision-making. Its pillars include logic, objectivity, and analysis. A rational decision-making process does not favor subjectivity and individual insight but relies more on the insight obtained from data analysis. The claim of the professor is a rational one because it is based on objective evidence.
The supply and demand curves reflect the availability and cost of a new gaming system. If the gaming system market is currently at Demand and Supply 1, which change to the graph would have to occur to increase equilibrium price while lowering equilibrium quantity? (5 points)
Group of answer choices
Add Demand 1 to left of Demand.
Add Demand 1 to right of Demand.
Add Supply 2 to left of Supply 1.
Add Supply 2 to right of Supply 1.
Answer:
Add Demand 1 to right of Demand.
Explanation:
The supply and demand curves reflect the availability and cost of a new gaming system. The change to the graph would have to occur is to Add demand 1 to the right of demand for increasing equilibrium price while lowering equilibrium quantity.
What do you mean by the demand curve?A demand curve refers to the graph showing the relationship between the price and quantity of that commodity.
The supply and demand curve reflects the availability and cost of a new gaming system. Add demand 1 to the right of demand as a change to the graph to increase equilibrium price while lowering equilibrium quantity.
Therefore, B is the correct option.
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Which of the following is the correct formula for the materials price variance?
a) (Actual price of input - Budgeted price of input) Ã Budgeted quantity of input
b) (Actual quantity of input used - Budgeted quantity of input allowed for actual output) Ã Budgeted price of input
c) (Actual price of input - Budgeted price of input) Ã Actual quantity of input
d) (Actual quantity of input used - Budgeted quantity of input allowed for actual output) Ã Actual price of input
Answer:
c) (Actual price of input - Budgeted price of input) × Actual quantity of input
Explanation:
Material Price Variancecan be regarded as difference that exist between standard price and actual price as regards the actual quantity of materials that is been utilized for production. Reason for material price variance are poor purchasing procedures was well as deficiencies in price negotiation. It should be noted that the formula for the materials price variance is [(Actual price of input - Budgeted price of input) × Actual quantity of input]
what is the meaning of life
Answer:
To be totally honest... I cant tell you. All I know so far is that you are born to die
Explanation:
Should I tell my parents I'm adopted?
Answer: Yes
Explanation:
It is important, when telling them about their adoption, to help them understand that they were born first—and that all children, adopted or not, are conceived and born in the same way. The birth came first, then the adoption. Waiting until adolescence to reveal a child's adoption to him or her is not recommended. “Halloween is the beginning of the holiday shopping season. That’s for women. The beginning of the holiday shopping season for men is Christmas Eve.”
—David Letterman
Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Item Quantity on Hand Unit Cost When Acquired (FIFO) Net Realizable Value (Market) at Year-End A 30 $ 20 $ 15 B 55 40 44 C 35 52 55 D 15 27 32 Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net realizable value on cost of goods sold for the year ended December 31, current year
Answer:
Sanchez Company1. The valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis is:
= $4,875.
2. The amount of the write-down is $150. It will increase the cost of goods sold for the year ended December 31 by $150.
Explanation:
a) Data and Calculations:
ENDING INVENTORY, CURRENT YEAR
Item Quantity on Hand Unit Cost When Net Realizable
Acquired (FIFO) Value (Market) LCNRV
at Year-End
A 30 $ 20 $ 15 $450 ($15*30)
B 55 40 44 2,200 ($40*55)
C 35 52 55 1,820 ($52*35)
D 15 27 32 405 ($27*15)
Total 135 $5,025 $5,275 $4,875
Inventory value based on acquisition cost = $5,025 (30*$20 + 55*$40 + 35*$52 + 15*$27)
Inventory value based on NRV = $5,275 (30*$15 + 55*$44 + 35*$55 + 15*$32)
Inventory write-down = Acquisition costs minus Net realizable values
= $150 ($5,025 - $4,875)
The valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis is $4,875.
Lower of cost or NRV1. Valuation
Item Total cost Total Net Realizable Lower of cost or NRV
A 600 450 450
( 30×20 =600) ( 30×15=450)
B 2,200 2,420 2,200
(55×40 =2,200) (55×44=2,420)
C 1,820 1,925 1,820
(35×52 =1,820) ( 35×55=1,925)
D 405 480 405
(15×27 =405) (15×32=480)
Total 5,025 5,275 $4,875
2. Cost of goods sold
Cost of goods sold increase by =5,025-$4,875
Cost of goods sold increase by =$150
Inconclusion the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis is $4,875.
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Fierce is a product of the Ferris Company. Ferris's sales forecast for Fierce is 1,150 units, and they currently have 186 units on hand. Chester wants to have an extra 10% on hand above their forecasted units in case sales are better than expected, to avoid stocking out. Taking current inventory into account, what will Fierce's Fulfillment After Adjustment have to be in order to have a 10% reserve of units available for sale
Answer:
1,079 units
Explanation:
Fierce company forecast sales = 1150 units
Let this 1150 units be = 100%
Chester wanting to make a surplus of 10% means the total production will be = 110%
So, lets consider 1150 units as 100%
Then, 110% will be = (1150 units/100)*110 = 1265. So, Fierce fulfillment before Adjustment is 1,265 units
Fierce fulfillment after adjustment = 1,265 units - 186 units = 1,079 units
So, Fierce's Fulfillment after adjustment have to be 1,079 units in order to have a 10% reserve of units available for sale.
After a devastating hurricane, households try to secure loans to repair and rebuild. Other things equal, this would lead toan increase in interest rates of home repair loans as the demand for those loans increased.an increase in interest rates of home repair loans as the demand for those loans increased.an increase in interest rates of home repair loans as the supply for those loans decreased.an increase in interest rates of home repair loans as the supply for those loans decreased.a decrease in interest rates of home repair loans as the supply for those loans increased.
Answer:
Other things equal, this would lead to:
an increase in interest rates of home repair loans as the demand for those loans increased.
Explanation:
With an increase in the demand for house repair loans, as a result of the devastation wrought by the hurricane, the rate of interest on loans normally increases with demand. The concept of scarcity of loanable funds (or limited resources) is the root cause of this increase in house loan rate. The reverse becomes the case when there is a decrease in demand.