Explanation:
The computation is shown below:
a) Straight-line method:
= (Purchased cost of packaging equipment - residual value) ÷ (expected useful life)
= ($72,000 - $4,500) ÷ (3 years)
= ($67,500) ÷ (3 years)
= $22,500
In this method, the depreciation is same for all the remaining useful life
So for all years, the total depreciation is
= $22,500 × 3 years
= $67,500
(b) Double-declining balance method:
First we have to find the depreciation rate which is shown below:
= One ÷ expected useful life
= 1 ÷ 3
= 33.33%
Now the rate is double So, 66.67%
In year 1, the original cost is $72,000, so the depreciation is $48,000 after applying the 66.67% depreciation rate
And, in year 2, it would be
= ($72,000 - $48,000) × 66.67%
= $16,000
And, in year 3, it would be
= $67,500 - $48,000 - $16,000
= $3,500
So the total depreciation is
= $48,000 + $16,000 + $3,500
= $67,500
(c) Units-of-production method:
= (Purchased cost of packaging equipment - residual value) ÷ (estimated operating hours)
= ($72,000 - $4,500) ÷ (18,000 hours)
= ($67,500) ÷ (18,000 hours)
= $3.75 per hour
For first year
= 7,600 × $3.75 per hour
= $28,500
For second year
= 6,000 × $3.75 per hour
= $22,500
For third year
= 4,400 × $3.75 per hour
= $16,500
So, the total depreciation is
= $28,500 + $22,500 + $16,500
= $67,500
2. By above calculations, we concluded that the double declining method yields higher depreciation expense in year 1 i.e $48,000
3. By above calculations, we concluded that the all depreciation methods yields most depreciation over the three-year life of the equipment
Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit card company, and the credit card company agreed to cancel $6,000 of the debt.
If Ashley has total assets of $25,000 and total liabilities of $50,000 at the time the debt was cancelled, what amount of gross income does Ashley have as a result of the credit card company cancelling $6,000 of her debt?
Answer:
The amount waived off by the lender must be treated just like gross income. The total figure for the gross income will be:
Total assets = Equity + Liability
By putting values we have:
$25,000 = Earnings losses (Equity) + $50,000
Earnings Losses = $25,000 - $50,000 = -$25,000
So the Gross losses are $25,000. Now we will reduce this losses by $6000 which is debt cancellation. The Net losses are $19,000 which are trading losses and must be offset against trading income.
Andy: "This is to confirm our telephone conversation of earlier today. 200 lbs. of T-bone at $2.89 per pound." Barb: "Yes, but that's 100 pounds at $2.99." Andy: "Too late, we already reached agreement by phone." Barb: "Too bad, it wasn't in writing." Which of the following statements is true? a. Barb is incorrect. The phone conversation was a contract. b. Barb is correct. The agreement must be in writing to be enforceable. c. Andy can enforce the agreement with the parol evidence rule. d. none of the above
Barb is correct. The agreement must be in writing to be enforceable.
Explanation:
A written agreement that is legally binding is a true agreement and can therefore be enforced.
It ensures that the people that signed the agreement must perform their duties under the agreement. We can be penalized if they do not.
Although documents need not be published to be legally binding, it is a good idea to keep a record in writing of what you have agreed. It minimizes the likelihood that you and the other side will find themselves on the same page in a disagreement. The article describes the conditions for a legally binding written agreement.
Using a conservative end of period cash flow approach when applying the conventional payback method, what is the payback period when the upfront investment is 124,000 and the end of period cash flow is 25,000?
Answer:
5 years
Explanation:
According to the conservative end of period cash flow approach, cash flow is only computed at the end of the period. Therefore, the payback occurs at the year when the balance ceases to be negative. With constant cash flows of $25,000:
[tex]Initial\ \ \ \ \ \ \ \ \ \ \ \ -\$124,000\\End\ of\ year\ 1\ -\$99,000\\End\ of\ year\ 2\ -\$74,000\\End\ of\ year\ 3\ -\$49,000\\End\ of\ year\ 4\ -\$24,000\\End\ of\ year\ 5\ \ \ \ \ \$1,000[/tex]
The payback period is 5 years.
Esthelt, an automobile manufacturing company, has a shortage of engineers who are capable of operating computer-controlled machinery used for the production of various critical car parts. Although Esthelt has created job vacancies for this position, production has slowed down drastically due to the shortage of engineers. Due to the urgent requirement for production to gain pace, the company is looking for somebody with the necessary _____ so that he or she would not require training on Computer Numerical Control. Group of answer choices
a. human skills
b. planning skills
c. technical skills
d. conceptual skills
Answer:
c. technical skills
Explanation:
Technical skills -
It refers to the knowledge or the information necessary to perform a particular task , is referred to as the technical skill .
The knowledge of scientific activities , mathematics , technology , mechanical information , is important to be learn technical skills .
Hence , from the given scenario of the question,
The correct option is c. technical skills .
The income statement for Nadeen, Inc. shows income before income taxes $700,000, income tax expense $210,000 and net income $490,000. If Nadeen has 100,000 shares of common stock outstanding throughout the year, earning per share is:
A $7.00
B $4.90
C $2.10
D None
Answer:
B $4.90
Explanation:
The earnings per share ratio (EPS), is an entities net income after tax that is available the shareholders divided by the weighted average number of shares of common stock that are outstanding during the period of the earnings.
As such, given;
net income after tax = $490,000
number of shares = 100,000
EPS = net income after tax/number of shares
= $490,000/100,000
= $4.90
Crane Machine Works produces soft serve ice cream freezers. The freezers sell for $17,000, and variable costs total $12,100 per unit. Crane incurs $25,860,000 in fixed costs during the year. The company’s tax rate is 28%. How many freezers must Crane sell to generate net income of $7,668,000? (Round answer to 0 decimal places, e.g. 5,275.)
Answer:
7,451
Explanation:
The net income is the profit/loss made after the deduction of all expenses from the revenue or sales made including taxes.
The cost elements includes the fixed cost and the variable cost which is dependent on the level of activities.
Given,
Fixed cost = $25,860,000
Variable cost per unit = $12,100
Selling price per unit = $17,000
Tax rate = 28%
Net income planned = $7,668,000
Let the number of freezers to be sold be p
17000p - (12100p + 25,860,000) - 0.28((17000p - (12100p + 25,860,000))= 7,668,000
0.72((17000p - (12100p + 25,860,000)) = 7,668,000
3528p = 7,668,000 + 18619200 = 26287200
p = 26287200 /3528
p = 7451
Crane Machine Works would have to sell 7,451 freezers to make a net profit of $7,668,000.
Final answer:
Crane Machine Works must sell approximately 7,451 soft serve ice cream freezers,
Explanation:
To calculate how many soft serve ice cream freezers Crane Machine Works must sell to generate a net income of $7,668,000, we first need to determine the contribution margin per unit, which is the selling price minus the variable costs. The contribution margin is $17,000 - $12,100 = $4,900 per freezer.
Next, we must calculate the total amount needed to cover the fixed costs and desired net income before taxes. This amount is $25,860,000 (fixed costs) + $7,668,000 (desired net income) = $33,528,000. As Crane's tax rate is 28%, the pre-tax income must be $7,668,000 / (1 - 0.28) = $10,650,000. Therefore, the total amount needed before taxes would be $25,860,000 + $10,650,000 = $36,510,000.
Finally, dividing this amount by the contribution margin per unit gives us the number of freezers Crane needs to sell: $36,510,000 / $4,900 approx. 7,451 freezers.
Current Attempt in Progress Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 66,000 Less cost of goods sold ($56 per unit) 36,960 Gross margin 29,040 Less operating costs: Commissions expense ($6 per unit) $ 3,960 Salaries expense 7,900 Advertising expense 5,800 Shipping expense ($3 per unit) 1,980 19,640 Operating income $ 9,400
Answer:
Contribution Margin Income Statement for the year end MM DD, YY
$ $
Sales revenue ($100 per unit) 66,000
Less: Variable Cost
Less cost of goods sold ($56 per unit) 36,960
Commissions expense ($6 per unit) 3,960
Shipping expense ($3 per unit) 1,980
42,900
Contribution Margin 23,100
Less: Fixed Cost
Salaries expense 7,900
Advertising expense 5,800
13,700
Net Income 9,400
Ries and Bax each have a partner’s capital balance of $17,500. They split profits and losses equally. Royce is accepted as a 1/3 partner in RB&R Company after contributing $10,000 cash. The partners agree that a 10% interest allowance will be given on each partner’s beginning-year capital balance. In addition, Bax and Royce are to receive $5,250 salary allowances. The remainder of the income or loss is to be divided between Ries, Bax, and Royce in a 3:2:1 ratio.
12/31/2015 - The partnership’s income for the year is $60,000.
12/31/2016 - The partnership incurred losses of $34,000 for the year. The balance sheet shows $12,500 cash, $135,000 inventory, and $77,000 of accounts payable as of 12/31/16. After selling inventory and using all assets to pay off accounts payable at book value, there is $18,600 cash remaining. The partnership decides to liquidate. Negative capital balances will be covered by other partners.
Answer:
tbh i did b
Explanation:
i did it
The welding department supplies parts to the final assembly line. Management decides to implement a kanban system and has collected the following data. The daily demand is 2000 units The production lead time is 4 days (this includes processing time, transport time, and waiting time) Management has decio One container fits 400 units
How many kanban containers will be needed to support this system? _____ containers
Answer:
25 kanban containers
Explanation:
Given that,
Daily demand = 2,000 units
Production lead time = 4 days
Container size = 400 units
Lead time demand:
= Daily demand × Production lead time
= 2,000 units × 4 days
= 8,000 units
Safety Stock:
= Number of days × Daily demand
= 1 day × 2,000 units per day
= 2,000 units
Number of Kanban containers needed:
= (Lead time demand + Safety Stock) ÷ Container size
= (8,000 + 2,000) ÷ 400
= 10,000 ÷ 400
= 25
To support the Kanban system in the welding department, 20 Kanban containers will be needed, based on the daily demand, production lead time, and container capacity.
To calculate the number of Kanban containers needed in the welding department to support the Kanban system, we can use the following formula:
(Daily demand) * (Production lead time in days) / (Container capacity)
Using the data provided:
Daily demand = 2000 units
Production lead time = 4 days
One container fits = 400 units
Now, let's plug in the values:
(2000 units per day) * (4 days) / (400 units per container) = 20 containers
Therefore, 20 Kanban containers will be needed to support this system efficiently.
In many universities, graduate students are employed to teach introductory undergraduate courses, even though the full professors at these universities have more experience and could potentially teach these courses better. Which of the following best explains why universities choose to hire graduate students instead of full professors to teach their introductory courses?A. The opportunity cost of teaching an introductory course is higher for graduate students than for full professors.B. The opportunity cost of teaching an introductory course is higher for full professors than for graduate students.C. Graduate students are cheaper.D. Introductory classes are the best place for graduate students to build their teaching skills.
Answer:
The correct answer is letter "A": The opportunity cost of teaching an introductory course is higher for graduate students than for full professors.
Explanation:
Opportunity cost represents the return of the choice taken compared to the return of the option left behind. For a university professor, the opportunity cost of giving an undergraduate class is lower than the opportunity cost that reflects teaching the undergraduate class to graduate students. This is because graduate students are starting to obtain experience but professors have it already.
People with high collectivism:
a. accept unequal distribution of power.
b. also have low individualism.
c. value harmonious relationships in the groups to which they belong.
d. value thrift, savings, and persistence.
e. appreciate the unique qualities that distinguish themselves from others
Answer:
The correct answer is letter "C": value harmonious relationships in the groups to which they belong.
Explanation:
Collectivism is the idea of sharing before reserving certain goods to individuals. People and communities with this point of view tend to promote a cooperative environment where the main objective is the satisfaction of all the members of the societies.
Which of the four external processes in the consumer’s culture do you think have been the most important to the success of Dove’s Campaign for Real Beauty? Why?
Answer and explanation:
Dove's campaign for "Real Beauty" used the values, personality and lifestyle features to drive its advertisements to success. Dove achieved that purpose promoting the idea that there is no set definition of beauty and spreading the point of view that women are beautiful on their own.
Dove tore down the stereotype of conventional beauty by targeting its products to women of different ages, races, sizes, and social classes which helped to broaden the company's market segment since most women identified themselves with Dove's advertisements.
The success of Dove's Campaign for Real Beauty can largely be attributed to the external consumer cultural processes of socialization or learning and need recognition, as the campaign addressed a relevant social issue and effectively recognized the needs of its audience.
Explanation:The four external processes in the consumer's culture that have been key to the success of Dove's Campaign for Real Beauty are socialization or learning, need recognition, information search, and purchase decision. Of these, I believe that socialization or learning an need recognition have been most important. The campaign targeted a social issue, promoting self-esteem and rejecting unrealistic beauty standards, thus fostering socialization among its audience. Additionally, the campaign effectively created need recognition by highlighting that many women deal with low self-esteem and body dissatisfaction, positioning Dove as a brand that understands and addresses these needs.
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If a company is considering the purchase of a parcel of land that was acquired by the seller for $96,000 is offered for sale at $172,000, is assessed for tax purposes at $106,000, is recognized by the purchaser as easily being worth $162,000, and is purchased for $159,000, the land should be recorded in the purchaser's books at:a. $106,000. b. $159,000. c. $160,500. d. $162,000. e. $172,000.
Answer:
correct option is b. $159,000
Explanation:
given data
purchase land = $96,000
offer sale = $172,000
assessed for tax purposes = $106,000
recognized purchaser worth = $162,000
purchased = $159,000
solution
we know that when we purchase a parcel of land then
the price paid for by the purchaser is the amount and that amount is to be recorded in the books
so that land will record in the purchaser books is $159,000
so correct option is b. $159,000
When Starbucks introduced its Tazo Tea line to bring in new customers who had never gone to Starbucks because they don't drink coffee, Starbucks was employing a ________ strategy.a.market-penetrationb.new-market segmentc.geographical-expansiond.niche identificatione.
Answer: (B) New market segment
Explanation:
The new market segment strategy is one of the type business strategy that helps in increase the growth of an organization by developing the various types of market segments with some unique characteristics and features for the products and the services.
The main objective of the new market segment strategy is that it helps in variation in the marketing process, products and in the distribution process.
According to the given question, the Starbucks is introduced the Tazo tea in their menu and the main aim of the company is to bring the new customer. Therefore, The Starbucks is using the new market segment strategy.
Therefore, Option (B) is correct answer.
International Turtle Trap Manufacturing Corporation's side payments to government officials in exchange for favorable business contracts in foreign countries are considered, in the United States,
A. True
B. False
Answer: THEY ARE CONSIDERED IN THE UNITED STATES AS ILLEGAL AND UNETHICAL.
Explanation: The side payment for favorable business contracts in foreign countries made by International Turtle Trap Manufacturing Corporation is an ILLEGAL AND UNETHICAL ACT, which is punishable under the Constitution of the United States of America and most other developed countries of the world.
Side payments are payments made outside the recommended payments as stated or listed in the terms of agreement in order to subvert justice and Due process in the execution of tasks or contracts.
The conservatism constraint prescribes that:
a) A company use the same accounting methods period after period.
b) All items of a material nature are included in financial statements.
c) All inventory items are reported at full cost.
d) Revenues and expenses are reported in the period in which they are earned or incurred.
e) When multiple estimates of amounts to be received or paid in the future are equally likely, then the least optimistic amount should be used.
Option E
The conservatism constraint prescribes that: When multiple estimates of amounts to be received or paid in the future are equally likely, then the least optimistic amount should be used.
Explanation:Conservatism constraint designates the aid of the less optimistic amount when more extra than unity assessment of the amount to be collected or repaid endures and these assessments are thereby uniformly likely.
The conservatism constraint suggests that, all annexes equal, we require to choose the postulate that is more moderate for assets and more leading for liabilities, these hypotheses forming the company resemble worse or most traditional. Conservatism constraint restricts the opportunity of economic statements being proffered that are emphasized, an overstatement that investors could perform on.
The conservatism constraint prescribes that a company use the same accounting methods period after period to provide consistent and reliable information in financial statements.
Explanation:The conservatism constraint in accounting prescribes that a company use the same accounting methods period after period. This means that a company should be consistent in its treatment of accounting transactions and follow the same principles and rules over time.
For example, if a company chooses to use the FIFO method to value its inventory, it should continue using the same method in subsequent periods.
The aim of the conservatism constraint is to ensure that financial statements reflect a more cautious and conservative estimate of the company's financial position and performance.
By using the same accounting methods, a company provides users of financial statements with consistent and reliable information to make informed decisions.
1. Organize around outcomes, not tasks. 2. Identify all the organization’s processes and prioritize them in order of redesign urgency. 3. Integrate information processing work into the real work that produces the information.4. Treat geographically dispersed resources as though they were centralized.5. Link parallel activities in the workflow instead of just integrating their results.6. Put the decision point where the work is performed, and build control into the process.7. Capture information once and at the source.This is
Answer:
Business Process Re-engineering
Explanation:
This involves redesign business processes in such a manner that repetition is avoided and wastes as well as its costs are avoided.
By re-engineering business processes,organizations can identify those activities that are value adding and prioritize,while those that do not add value are eliminated.
Indicate whether the following items are capitalized or expensed in the current year. a. Purchase cost of a patent from a competitor. b. Research and development costs. c. Organizational costs. d. Costs incurred internally to create goodwill.
Answer:
The correct answers are:
A) Purchase cost of a patent from a competitor. (Capitalized)
B) Research and development costs. (Expensed)
C) Organizational costs. (Expensed)
D) Costs incurred internally to create goodwill. (Expensed)
Explanation:
Basically, for accounting purposes, the difference between capitalization and expenditure relies on the period the assets will be used. When assets are acquired to be used more than in a single period, they are capitalized. When those assets are purchased to be used within part of the current period, they are expensed. Thus:
A) Purchase cost of a patent from a competitor. (Capitalized)
B) Research and development costs. (Expensed)
C) Organizational costs. (Expensed)
D) Costs incurred internally to create goodwill. (Expensed)
Which of the following statements is true concerning stock splits? a.The total number of shares outstanding does not change after the stock split. b.Each shareholder will own the same total par amount of stock before and after the split. c.Stock splits require journal entries to be recorded. d.None of these choices are correct.
Answer:
d.None of these choices are correct.
Explanation:
The stock split is the way to increase the outstanding number of shares.
Take an example
The current shares are 50,000 and the stock split ratio is 2 for 1 share
So, now the new shares are
= 50,000 × 2
= 100,000 shares
The first statement is false as it changes the outstanding shares after the stock split.
The second statement is also incorrect because the par amount is also changed
And, the third statement is also incorrect because no journal entry is required for the stock split
g You take a loan for $25,000 to pay for school. You want to pay it back within 4 years by making equal monthly payments. There is a 15% interest rate on the money borrowed. Determine the monthly payment.
Answer:
$696 (approx)
Explanation:
Given:
Loan amount(P) = $25,000
Years = 4
Interest rate = 15%
Number of total month(n) = 4*12 = 48
Monthly interest rate(r) = 15 / (12*100) = 0.0125
[tex]EMI = \frac{pr(1+r)^n}{(1+r)^n-1} \\EMI = \frac{25,000\times 0.0125(1+0.0125)^{48}}{(1+0.0125)^{48}-1}\\\\ EMI = \frac{312.5(1.0125)^{48}}{(1.0125)^{48}-1}\\\\ EMI = \frac{312.5(1.81535485)}{(1.81535485)-1}\\\\EMI = \frac{567.2983}{0.81535485}\\\\EMI = 695.7685[/tex]
list the various elements of fraud within the organization. give several examples of each
Answer:
MotiveRationalizationOpportunityExplanation:
Fraud is a point of concern in the business world and creates a trust deficit. There are 3 elements of fraud and one may identify each of them in every fraud situation.
Motive: Each person has an individual needs and desires which they want to be fulfilled but some people can't make it up because of the current role they have, so they go for the second or illegal option to solve their problems. Take an example of a cashier, he wants to have a car and a house but for that, he has to work 24/7 till 20 years continuously so which is difficult to do, so he chooses to steal the owner's money.Rationalization: It gets hard when some people think that whatever they are doing is not wrong although it is. For example, a stockbroker may think that it's not illegal to deceive an investor however it is. Opportunity: The 2 elements mentioned above can't be controlled by an organization for they are personal and an individual's choices, but this is in the control of the organization and it occurs when an organization loses control. So whenever an employee finds an opportunity to fraud he will. For example, an employee in the customer services centre works hard when the boss is looking but watches tv shows when he is not around.Sean, a new graduate at a telecommunications firm, faces the following problem his first day at the firm: What is the average rate of return for a project that costs $200,000 to implement and has an average annual profit of $30,000
Answer:
The average return of the project is 15%
paybakc 6.67 years
Explanation:
Sean should divide the anual profit over the project cost ot get the average return
[tex]\frac{income}{investment} = $rate of return[/tex]
30,000 / 200,000 = 0.15
0.15 = 15%
Sean may also want to know the payback period:
so we do investment / income:
200,000 / 30,000 = 6.67
The firm will recover the cost of 200,000 after 6.67 years
The average rate of return for Sean's telecommunications firm project, which costs $200,000 and has an average annual profit of $30,000, is 15%.
Explanation:To calculate the average rate of return for a project, we divide the average annual profit by the initial investment cost and then multiply by 100 to get a percentage. For Sean's telecommunications firm project, the average rate of return is calculated as follows:
Determine the average annual profit: $30,000.Determine the initial cost of the project: $200,000.Calculate the average rate of return: ($30,000 / $200,000) × 100 = 15%.Therefore, the average rate of return for the project is 15%.
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Your venture has net income of $600,000 taxable income of $1,000,000 operating profit of $1,200,000 total financial capital including both debt and equity of $9,000,000 a tax rate of 40%, and a WACC of 10%. What is your venture’s EVA?
Answer:
EVA = -$180,000
Explanation:
given data
net income = $600,000
taxable income of $1,000,000
operating profit = $1,200,000
total financial capital = $9,000,000
tax rate = 40%
WACC = 10%
solution
we get here EVA that is express as
EVA = NOPAT - Invested Capital × WACC ..................1
and here
NOPAT = EBIT × ( 1 - Tax Rate ) .........2
put here value
NOPAT = operating profit × (1 - Tax Rate)
NOPAT =$1,200,000 × (1 - 0.40)
NOPAT =$720,000
so put in equation 1 we get
EVA = NOPAT - Invested Capital × WACC
EVA = $720,000 - $9,000,000 × 10%
EVA = -$180,000
Of all the companies on the New York Stock Exchange, profits are normally distributed with a mean of $6.54 million and a standard deviation of $10.45 million. In a random sample of 73 companies from the NYSE, what is the probability that the mean profit for the sample was between 3.0 million and 6.0 million?
Answer:
[tex]P(3.0<\bar X<6.0)= P(-2.894< Z< -0.442) = P(Z<-0.442) -P(Z<-2.894) = 0.329 -0.0019=0.327[/tex]
Explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Solution to the problem
Let X the random variable that represent the profits of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(6.54,10.45)[/tex]
Where [tex]\mu=6.54[/tex] and [tex]\sigma=10.45[/tex]
We are interested on this probability :
[tex]P(3.0<\bar X<6.0)[/tex]
And the best way to solve this problem is using the normal standard distribution and the z score given by:
[tex]z=\frac{x-\mu}{\frac{\sigma}{\sqrt{n}}}[/tex]
And we can find the z score for the two limits 3.0 and 6.0 and we got:
[tex] z_1 = \frac{3-6.54}{\frac{10.45}{\sqrt{73}}} = -2.894[/tex]
[tex] z_2 = \frac{6- 6.54}{\frac{10.45}{\sqrt{73}}} =-0.442 [/tex]
So then we can calculate the probability on this way:
[tex]P(3.0<\bar X<6.0)= P(-2.894< Z< -0.442) = P(Z<-0.442) -P(Z<-2.894)[/tex]
And we can use the normal standard distribution or excel to calculate the probabilities and we got:
[tex]P(3.0<\bar X<6.0)= P(-2.894< Z< -0.442) = P(Z<-0.442) -P(Z<-2.894) = 0.329 -0.0019=0.327[/tex]
When Andy Forsummer, the owner of Barcelona Restaurants Group, rejects management philosophies that stress employee social relations and employee happiness, he is refuting ideas championed bya.the human relations approach to management.b.the systems approach to management.c.Henri Fayol's administrative management.d.Max Weber's bureaucratic management.
Answer:
The correct answer is letter "C": Henri Fayol's administrative management.
Explanation:
Turkish economist Henri Fayol (1841-1925) is considered the father of modern management. Fayol summarized his ideas on corporate management in 14 principles in which he emphasizes organizational hierarchy, fair and kind employee treats, and corporate spirit.
Fill in the blanks with given options:
Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run.
a. If the price of heating oil rises from $1.90 to $2.10 per gallon, the quantity of heating oil demanded will _______ by in the short run and by ________ in the long run. The change is ________ in the long run because people can respond ________ easily to the change in the price of heating oil.
Options:
1. fall/rise
2. smaller/larger
3. less/more
Answer:
1. fall
2. Larger
3. more
Explanation:
The price elasticity is relative measure of change in demand. When the demand of heating oil decreases due to increase in price then the heating oil is considered as price elastic. The elasticity of heating oil is 0.2 in the short run and 0.7 in the long run which means customers respond less in change of demand in short run due to change in price. When the price of heating oil increases, the demand will fall in the short run.
In the short run customers may not find time to respond to the change in price. The change in demand in short run is smaller and change in demand in Long run will be larger.
The price elasticity of heating oil is more in long run because customer may find alternate sources at a cheaper rate and may switch to it causing a greater fall in demand of heating oil.
Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that:
A. real output has increased.
B. the price level (GDP deflator) has increased.
C. real output and the price level (GDP deflator) have both increased.
D. either real output or the price level (GDP deflator) have increased.
E. real output has increased and the price level has decreased.
Answer:
D. either real output or the price level (GDP deflator) have increased.
Explanation:
GDP is the total value (price x quantity) of goods & services produced by an economy during an a time period.
Real GDP is calculated on the basis of base year price index. Nominal GDP is calculated on the basis of current year price index.
So: Real GDP increases only due to rise in output quantity, not by price. Nominal GDP can increase due to rise in both output quantity or in price level (reflected in deflator).
This makes Real GDP a better measure of Economic growth than Nominal GDP, since it captures effect of increased production only (& not price).
Deflator is a measure of average price level change =
Nominal GDP X 100
Real GDP
Deflator > 100 shows inflation in general price level, Deflator < 100 shows deflation in general price level.
Marcos Company reported the following items on its financial statements for the year ending December 31, 2016:
Sales $ 560,000
Cost of goods sold $400,000
Salary expense 40,000
Interest expense 30,000
Dividends 20,000
Income tax expense 25,000.
Required:
1. How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2017, if this is the first year of operations?
Answer:
$35,000
Explanation:
Gross Profit:
= Sales - Cost of Goods sold
= $560,000 - $400,000
= $160,000
Income before tax:
= Gross Profit - Salary Expense - Interest expense
= $160,000 - $40,000 - $30,000
= $90,000
Income after tax:
= Income before tax - Tax
= $90,000 - $25,000.
= $65,000
Transfer to Retained Earnings:
= Income after tax - Dividend
= $65,000 - $30,000
= $35,000
Closing Retained Earnings:
= Net Income (After tax) - Dividend payment
= $65,000 - $30,000
= $35,000
To calculate the retained earnings on the balance sheet, subtract the total expenses from the sales revenue to find the net income. Then, subtract any dividends paid out from the net income to find the retained earnings.
Explanation:To calculate the retained earnings on the balance sheet, we need to consider the net income of the company for the first year of operation. Net income is calculated by subtracting the total expenses from the sales revenue. In this case, net income would be calculated as: $560,000 (sales) - $400,000 (cost of goods sold) - $40,000 (salary expense) - $30,000 (interest expense) - $25,000 (income tax expense) = $65,000.
The retained earnings can then be calculated by subtracting any dividends paid out from the net income. In this case, the dividends paid out are $20,000, so the retained earnings would be: $65,000 - $20,000 = $45,000.
Therefore, the amount reported as retained earnings on the balance sheet at December 31, 2017, if this is the first year of operations, would be $45,000.
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eptune Accounting Services expects its accountants to work for 24 comma 000 direct labor hours per year. The company's estimated total indirect costs are $ 222 comma 000. The direct labor rate is $ 75 per hour. The company uses direct labor hours as the allocation base for indirect costs. If Neptune performs a job requiring 30 hours of direct labor, what is the total job cost? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
Answer:
$2,527.5
Explanation:
Indirect labor hours:
= Estimated total indirect costs ÷ Direct labor hours per year
= $222,000 ÷ 24,000
= $9.25
Total job cost:
= Direct labor cost + Indirect labor cost
= (direct labor rate per hour × Number of direct labor hours) + (Number of direct labor hours × Indirect labor rate per hour)
= ($75 × 30) + (30 × $9.25)
= $2,250 + $277.5
= $2,527.5
Suppose the current issue of The New York Times reports an outbreak of mad cow disease in Nebraska, as well as the discovery of a new breed of chicken that gains more weight than existing breeds that consume the same amount of food. How will these developments affect the equilibrium price and quantity of chickens sold in the United States?
Answer:
Price and quantity of chickens sold will increase.
Explanation:
Due to the prevalence of the mad cow disease, demand for cow meat will go down. Since chicken is a substitute for cow meat and there is a breed that grows twice as much with the same feeds, the demand for chicken will rise.
In economics when other factors apart from price changes it results in demand shift. In this instance demand will shift to the right.
As illustrated in the attached diagram, there will be higher quantity demanded at higher prices than before.