Answer:
Labor productivity= 2.35 tires per hour of work
Explanation:
Giving the following information:
Fok makes 1,000 tires per day with the following resources:
Labor: 425 hours per day at $12.50 per hour.
The labor productivity is calculated based on the number of units made divided by the amounts of hours required:
Labor productivity= 1,000/425= 2.35 tires per hour of work
The Harris Company is decentralized, and divisions are considered investment centers. Harris has one division that manufactures oak dining room chairs with upholstered seat cushions. The Chair Division cuts, assembles, and finishes the oak chairs and then purchases and attaches the seat cushions. The Chair Division currently purchases the cushions for $22 from an outside vendor. The Cushion Division manufactures upholstered seat cushions that are sold to customers outside the company. The Chair Division currently sells 800 chairs per quarter, and the Cushion Division is operating at capacity, which is 800 cushions per quarter. The two divisions report the following information: Chair Division Cushion Division Sales Price per Chair $85 Sales Price per Cushion $32 Variable Cost (other than cushion) 42 Variable Cost per Cushion 13 Variable Cost (cushion) 22 Contribution Margin per Chair $21 Contribution Margin per Cushion $19 Requirements 1. Determine the total contribution margin for Harris Company for the quarter. 2. Assume the Chair Division purchases the 800 cushions needed from the Cushion Division at its current sales price. What is the total contribution margin for each division and the company?
Answer:
Explanation:
Sales Revenue:
Proceeds from sales of Chair Division = 800*85=68000
Proceeds from sales of Cusion Division = 800*32=25600
Transfer to chair division from cusion division = 800*32 = 25600
Total Sales Revenue = 119200
Variable Cost - VC
VC Chair Division (800*42) = (33600)
VC Cusion Division (1600*13)=(20800)
Transfer cost = (800*13)=(10400)
Total Contribution = 119200-33600-20800-10400=54400
Assets are usually reported at their A. appraised value. B. historical cost. C. current market value. D. none of the above.
Answer:
B. historical cost.
Explanation:
In financial statements assets are reported at their cost of purchase or historical cost. This approach does not account for price fluctuations under present market conditions.
Historical cost is used to avoid inflating financial position of an organisation, as price changes in the market are largely temporary.
Valuation on the other hand considers an asset's fair market value.
In accounting, assets are generally reported at their original or historical cost. The historical cost principle is based on the belief that the value of money remains constant. This provides consistency and comparability in financial reporting.
Explanation:In accounting, assets are generally reported at their historical cost. This is the original cost that was paid to acquire the asset. The historical cost principle is based on the assumption that the purchasing power of money remains stable over time, which allows for consistency and comparability in financial reporting. It's important to note that although this is the standard practice, it disregards any fluctuations in the market value of an asset after it has been acquired.
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The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid.
Accounts payable $ 68,500
Accounts receivable 274,000
Cash 187,500
Common stock 70,000
Fees earned 869,200
Land 544,000
Miscellaneous expense 6,500
Rent expense 40,000
Supplies 5,300
Supplies expense 4,400
Utilities expense 27,000
Wages expense 503,000
Required:
1. Prepare an income statement for the year ended December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries.
Answer:
Journey Travel Agency
Income Statement
For the year ended December 31, 2018
Fees earned $869,200
wages expense 503,000
Gross profit $366,200
Operating expenses:
Rent expense 40,000
Utilities expense 27,000
Supplies expense 4,400
Operating income $294,800
Explanation:
In preparation of Income statement, we will present all nominal accounts which started from revenue (Fees earned) and deduct all expenses to arrive the operating income. It is important that we never forget the headings consists of Name of the company, What schedule to prepare and what period it is applicable in order for the reader of the statement understands the report well.
The CEO of a large company asks the sales manager to report the sales figures of the previous quarter. The manager immediately sends her the details of each invoice drawn up in the previous quarter. This information is not good because it is_______
Answer:
more than what is required
Explanation:
Being more information than requested by the CEO should process all that information to get to what he really asked for. For this reason the information is not good, since it is not what the CEO really asked for. That is, in this way the manager saved work by giving the raw information.
A business promises to pay the investor of $6000 today for a payment of $1500 in one year's time, $3000 in two years' time, and $3000 in three years' time. What is the present value of this business opportunity if the interest rate is 6% per year
Answer:
The business sounds good as the net present value is positive.
NPV $603.94
Explanation:
we have to solve for the present value of the discount values of the cash flow:
[tex]PV = \frac{1500}{1+0.06} + \frac{3000}{(1+0.06)^2} +\frac{3000}{(1+0.06)^3}[/tex]
PV = 6603.941509
Net present value
6,603.94 - 6,000 investment (amount borrowed to the business)
603.94
To calculate the present value of the business opportunity, we need to discount each future payment back to the present using the given interest rate of 6% per year.
Explanation:To calculate the present value of this business opportunity, we need to discount each future payment back to the present using the given interest rate of 6% per year. We can use the present value formula:
Present Value = Future Value / (1 + Interest Rate)n
Where 'Future Value' is the amount to be received in the future, 'Interest Rate' is the annual interest rate, and 'n' is the number of years.
Applying the formula to each future payment:
Present Value of $1500 in one year: 1500 / (1 + 0.06)1 = $1415.09Present Value of $3000 in two years: 3000 / (1 + 0.06)2 = $2675.93Present Value of $3000 in three years: 3000 / (1 + 0.06)3 = $2380.56Finally, we add up the present values of all the future payments:
Total Present Value = 1415.09 + 2675.93 + 2380.56 = $6471.58
Therefore, the present value of this business opportunity is $6471.58.
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An off-duty, out-of-uniform police officer and his son purchased some food from a 7-eleven store and were in the parking lot when a carload of teenagers became rowdy. The officer went to speak to them and the teenagers assaulted him. The officer shouted for his son to get the 7-eleven clerk to call for help. The son entered the store, told the clerk that a police officer needed help, and instructed the clerk to call police. He returned 30 seconds later and repeated the request urging the clerk to say it was a code 13. The son claimed that the clerk laughed at him and refused to do it. The policeman sued the store.
1. The above case deals with the ____________.
Answer:
The correct answer is: Bystander Rule.
Explanation:
The Bystander Rule is a U.S. common law by which individuals are not punished after not aiding or calling for help when someone else might require assistance even when helping represents no risk to the individual. The law gives people morality let decide what to do under those scenarios knowing in advantage there is no legal penalty if no action is taken.
Final answer:
The case involves a legal issue about whether a 7-eleven store's clerk's inaction in response to a police officer's son's request for assistance can lead to liability and grounds for the police officer to sue.
Explanation:
The case described deals with the legal issue of whether a store, through the actions of its clerk, has a duty to assist an off-duty, out-of-uniform police officer in danger and whether the police officer has grounds to sue the store for failing to provide assistance when requested.
The discussion centers on concepts such as duty of care, potential negligence, and whether the store's employees had any legal obligation to act upon the request for help. Furthermore, it explores the implications of the Good Samaritan laws where applicable, the store's policy, and potential liability.
The scenario implicates the responsibilities of businesses and their employees toward individuals in distress in their vicinity and assesses the legal consequences of inaction by the clerk.
If the rate of interest is 2% today, then you should be indifferent about receiving $500 today or ______. A. $500 in one year B. $502 in one year C. $510 in one year D. None of the above
Answer:
C. $510 in one year
Explanation:
Present Value of of a sum receivable after n years compounded at r% rate of interest is given by
PV = [tex]\frac{FV}{(1\ +\ R)^{n} }[/tex]
where PV= Present Value as on today
FV = Future Value of amount receivable
R= Rate of interest per annum
n= Time period
Hence, PV of $510 receivable one year hence would be
= [tex]\frac{510}{(1\ +\ .02)^{1} }[/tex]
= $500 today
The concept of time value of money shows you should be indifferent about receiving $500 today or $510 in one year when the rate of interest is 2%.
Explanation:The subject of your question revolves around the concept of time value of money in finance, which states that money available today is worth more than the same amount in the future due to its potential earning capacity. When the rate of interest is 2%, and you have the option of receiving $500 now or in the future, the amount in one year that would make you indifferent would likely have to be more than $500. To find the equivalent future sum, we calculate it using the formula FV = PV * (1 + r)^n, where FV is the future value, PV is the present value, r is the rate of interest and n is the number of periods, in this case, one year.
Inputting the given values, FV = $500 * (1 + 0.02)^1, we get $510. Therefore, the correct answer would be C. $510 in one year. You should be indifferent about receiving $500 today or $510 in one year if the interest rate is 2%.
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On the day Harry Potter was born, his parents deposited 78,000 galleons in the Gringotts Wizarding Bank. Assume that the bank promises a fixed interest rate of 3%. How much will Harry have in his account when he enters Hogwarts at age 12?
a. 78,000 galleons
b. 54,708 galleons
c. 106,080 galleons
d. 111,209 galleon
Answer:
d. 111,209 galleon
Explanation:
We calculate for the future value of a lump sum:
[tex]Principal \: (1+ r)^{time} = Amount[/tex]
Principal 78,000.00
time 12.00
rate 0.03000 (3% = 3/100 = 0.03)
[tex]78000 \: (1+ 0.03)^{12} = Amount[/tex]
Amount 111,209.35
This is the amount Harry will get when visit the bank with Hagrid in his 12th birthday assumming the interest rate keep constant over the 12 years period.
An industry is defined as: a. firms producing items that sell through the same distribution channels. b. firms that sell the same products or services to the same customer base. c. a group of firms producing the same products or services. d. a group of firms producing products that are close substitutes.
Answer:
d. a group of firms producing products that are close substitutes.
Explanation:
An industry -
It refers to the sector of the society , which is responsible for the production of various goods and services within the boundaries of the society , is referred to as an industry.
The profit and success of the country's economy reflects the prosperity of the country .
Hence , from the given information of the question,
The correct option is d.
A hot dog vendor sells an average of 50 hot dogs during a Little League baseball game. If the sales are Normally distributed with a standard deviation of 7 hot dogs, what is the probability the vendor will sell between 45 and 65 hot dogs? Show your work.
Answer:
74.64%
Explanation:
Average sales (μ) = 50 hot dogs
Standard deviation (σ) = 7 hot dogs
In a normal distribution, the z-score for any given number of hot dogs sold, X, is determined by:
[tex]z=\frac{X-\mu}{\sigma}[/tex]
For X = 45 hot dogs:
[tex]z=\frac{45-50}{7}\\ z= -0.7143[/tex]
For X = 65 hot dogs:
[tex]z=\frac{65-50}{7}\\ z= 2.1429[/tex]
A z-score of -0.7143 falls in the 23.75th percentile of a normal distribution while a z-score of 2.1429 falls in the 98.39th percentile.
Therefore, the probability that he vendor will sell between 45 and 65 hot dogs is:
[tex]P(45 \leq X \leq 65) = 98.39-23.75\\P(45 \leq X \leq 65) = 74.64\%[/tex]
To find the probability of the vendor selling between 45 and 65 hot dogs, we need to calculate the z-scores for those values and use the standard normal distribution table. The z-score formula is (x - μ) / σ. Substituting the given values, we calculate the z-scores for 45 and 65 and find the corresponding probabilities using the standard normal distribution table.
Explanation:To find the probability that the vendor will sell between 45 and 65 hot dogs, we need to calculate the z-scores for both values and then use those z-scores to find the corresponding probabilities using the standard normal distribution table. The formula for calculating the z-score is:
z = (x - μ) / σ
Where:
z is the z-scorex is the valueμ is the meanσ is the standard deviationSubstituting the given values, we get:
For 45 hot dogs:
z = (45 - 50) / 7 = -0.7143
For 65 hot dogs:
z = (65 - 50) / 7 = 2.1429
Now, we can use the standard normal distribution table to find the probabilities associated with these z-scores. The probability that the vendor will sell between 45 and 65 hot dogs is the difference between the two probabilities.
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Unfortunately, Yasmin doesn't have enough money in her account right now. She needs to make additional contributions at the end of each of the next four years to be able to pay for the repairs. Her account currently has $4,000, which, along with her additional contributions, is expected to continue earning 7% annual interest. If she makes equal contributions each year, how large must each contribution be for Yasmin to have $9,000 after four years? A. $1,085 B. $487 C. $1,203 D. $846 E. $417
Answer:
Explanation:
Future value of 4000 at 7% after 4 years = 5243
rest amount = 9000 - 5243
= 3757
This amount is to be accrued through annuity .
future value of annuity 846 at 7% after 4 years
= 3756.19 = 3757
so required annuity = 846
Capital Radio PLC, the United Kingdom's biggest commercial radio firm announced in 2002 that it would cooperate with Walt Disney Co. to create a radio network for children under the age of 16. The company will broadcast to a potential audience of 25 million under the name Capital Disney. This new radio network will be created as the result of:
O joint venture
O international partnership
O oligopoly
O joint cooperative
O international cartel
This new radio network will be created as the result of: joint venture. As The company will broadcast to a potential audience of 25 million under the name Capital Disney. Hence, option A is correct.
What is joint venture?A joint venture is a business collaboration involving two or more participants who agree to cooperate in order to achieve a specific objective. Joint ventures are a general term for a variety of cooperative business agreements that involve varied degrees of integration and may or may not have a set duration.
SAB Miller and the Molson Coors Brewing Company. This joint venture example involves reaching out to new geographic markets: To distribute all of their beer brands in the US and Puerto Rico, Molson and SABMiller established a joint venture.
Joint ventures are collaborations between two or more people or entities working on a single project, as opposed to partnerships, which consist of just one person.
Thus, option A is correct.
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In September, Lauren Ashley Company purchased materials costing $220,000 and incurred direct labor cost of $150,000.Overhead totaled $310,000 for the month.Information on inventories was as follows:September 1 September 30Materials $140,000 $130,000Work in process $90,000 $70,000Finished goods $60,000 $80,000
1) What was the cost of direct materials used in September ?2) What was the total manufacturing cost in September ?3) What was the cost of goods manufactured for September ?
Answer:
a. $230,000
b. $690,000
c. $710,000
Explanation:
The computation is shown below:
a. Cost of direct material used = Beginning balance of raw material + purchase made - ending balance of raw material
= $140,000 + $220,000 - $130,000
= $230,000
b. Total manufacturing cost
Total manufacturing cost = cost of direct materials used + direct labor cost + overhead cost
= $230,000 + $150,000 + $310,000
= $690,000
c. Cost of goods manufactured
Cost of goods manufactured = Beginning balance of Work in process + Manufacturing cost - Ending balance of Work in process
= $90,000 + $690,000 - $70,000
= $710,000
You are thinking of investing in Wave Runnerz, Inc. You have only the following information on the firm at year-end 2013: net income = $10 million, total debt = $65 million, and debt ratio = 35 percent. What is Wave Runnerz's ROE for 2018?
Answer:
8.28%
Explanation:
Given that,
Net income = $10 million
Total debt = $65 million
Debt ratio = 35 percent
Debt ratio = Total debt ÷ Total assets
35 percent = $65 million ÷ Total assets
Total assets = $65 million ÷ 35 percent
= $185,714,286
Wave Runnerz's ROE for 2018:
= Net income ÷ Equity
= $10,000,000 ÷ (Total assets - Debt)
= $10,000,000 ÷ ($185,714,286 - $65,000,000)
= $10,000,000 ÷ $120,714,286
= 0.0828 or 8.28%
The Equal Credit Opportunity Act prohibits which of the following? a. Basing the credit decision on unemployment. b. Basing the credit decision on the fact that the applicant was in prison for a felony three years ago. c. Basing the credit decision on the receipt of public assistance income. d. Basing the credit decision on a bankruptcy of five years ago.
Answer:
(C). Basing the credit decision on the receipt of public assistance income.
Explanation:
According to the Equal Credit Opportunity Act, applicants who have the capacity to contract are eligible to apply for credit and should not be discriminated against by any creditor.
The act prohibits the creditor from refusing to grant credit on the basis of age, religion, race, sex, marital status, or whether the applicant receives public assistance income.
A corporation has 12 comma 000 shares of 10%, $ 102.00 par noncumulative preferred stock outstanding and 28 comma 000 shares of nominuspar common stock outstanding. At the end of the current year, the corporation declares a dividend of $ 220 comma 000. What is the dividend per share for preferred stock and for common stock? (Round your answer to the nearest cent.)
Answer:
preferred 10.2 per share
common 3.49 per share
Explanation:
the preferred stock will receive their dividends firsht:
12,000shares x $102 each x 12% return = 122.400
$122,400/12,000 shares = $10.2 per share
available for common stock:
220,000 declared dividends - 122,400 preferred= 97,600
$97,600 / 28,000 common stock = 3,4857 = $ 3.49
Suppose that disposable income, consumption, and saving in some country are $800 billion, $700 billion, and $100 billion, respectively. Next, assume that disposable income increases by $80 billion, consumption rises by $56 billion, and saving goes up by $24 billion. What is the economys MPC? Its MPS?
Instructions: Round your answers to one decimal place.
MPC =
MPS =
What was the APC before the increase in disposable income? After the increase?
Instructions: Round your answer to two decimal places.
APC before the increase in disposable income =
Instructions: Round your answer to three decimal places.
APC after the increase in disposable income =
Answer:
MPC = 0.7
MPS = 0.3
APC before the increase in disposable income = 0.875
APC after the increase in disposable income = 0.859
Explanation:
Given that,
Disposable income = $800 billion
Consumption = $700 billion
Savings = $100 billion
Further,
Disposable income increases by $80 billion
Consumption rises by $56 billion
Saving goes up by $24 billion
Therefore,
Marginal propensity to consume(MPC):
= Change in consumption level ÷ Change in disposable income
= $56 billion ÷ $80 billion
= 0.7
So, Marginal propensity to save = 1 - MPC
= 1 - 0.7
= 0.3
Average propensity to consume(Before increase in disposable income):
= Consumption ÷ Disposable income
= $700 billion ÷ $800 billion
= 0.875
Average propensity to consume(After increase in disposable income):
= Consumption ÷ Disposable income
= ($700 + $56) billion ÷ ($800 + $80) billion
= $756 billion ÷ $880
= 0.859
A toothpaste manufacturer believes its most likely customers are parents of young children who value a brand with a kid-friendly taste and texture. The company's segmentation is probably based on: Select one:
a. psychographics.
b. behavioral characteristics.
c. a combination of demographics and benefits sought.
d. a combination of behavioral characteristics and benefits sought.
e. a combination of demographics and psychographics.
Answer:
c. a combination of demographics and benefits sought.
Explanation:
The type of customer that a company aims to reach with its products is the company's demographics. In this situation, the public aimed is parents of young children, which is the demographics. A "kid-friendly taste and texture" are the benefits offered by the manufacturer that they believe is valued by their demographics. Therefore, the company's segmentation is probably based on a combination of demographics and benefits sought.
in your situaton, should purchaing health insurance be an individual decision or a collabrative decision with your family? explain your response
Explanation:
It is always recommend to take insurance for both individual and family but the decision making purely depends on the knowledge and awareness towards the insurance of your family members.
Pointers to check:
How much premium is to be paid?What is the total income of the family?What about the number of dependents and their health condition?What is the benefit from the type of insurance?Why should I go for this policy?What are all the terms and conditions?If these conditions are clearly answered by self-analysis then you / you along with your family members can decide.
The organizers of a local music and arts festival approach the management of Ocelot Juice Bar, a popular business near the festival site, about becoming a sponsor. While Ocelot thinks sponsoring the festival would be great exposure for their business, they have recently had to deal with some unexpected large expenses, including updating all the plumbing in their building and replacing a cracked window. They have to keep these expenditures in mind when considering becoming a sponsor.
A) Which of the following types of decisions is illustrated in this scenario?
O programmed decision
O goal displacement decision
O quantitative decision
O nonprogrammed decision
O garbage can model decision
Answer:
nonprogrammed decision
Explanation:
Nonprogrammed decision refers to a form of decision that is made based on new circumstances that never really happened in the past. Typically This type of decision happen when there is an external factor that mess up without initial plan.
In the example above, Ocelot need to consider their decision due to unexpected large expenses. This unexpected situation will force ocelot to explore a new solution that they never encountered before.
The decision Ocelot Juice Bar is facing is a non programmed decision due to its non-routine nature and the various complex factors that the management needs to consider before making this decision.
Explanation:The type of decision that best represents the scenario is a non programmed decision. Non programmed decisions are made in response to unusual or novel opportunities and threats, rather than routine matters. They are typically not structured and require more of a manager's judgement and intuition. In this case, Ocelot Juice Bar management is faced with a unique decision about whether to sponsor a local music and arts festival, something which is not a regular or routine part of their business. They must weigh the potential benefits of the increased exposure against their recent unexpected large expenses. There aren't firmly established procedures for making this decision as it involves several complex factors, including recent financial hardships and the potential financial and promotional benefits of sponsorship. Therefore, this situation calls for a non-programmed decision.
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To make sure they stock clothes that their customers will purchase, a department store implements a new application that analyzes spending levels at their stores and cross-references this data to popular clothing styles. Which of the following business objectives is this information intended to support?
A) Customer intimacy
B) Survival
C) Operational excellence
D) Improved decision making
E) New products and services
Answer: (C) Operational excellence
Explanation:
The operational excellence is one of the concept of management philosophy that helps in execute the the various types of business strategy.
The operational excellence is include the problem solving ability, leadership quality and the teamwork that helps in improving the main functions of an organization and it basically focuses on the actual requirement of the customers.
According to the given question, the operational excellence is one of the business objective that is used for supporting the implementation of the various types of applications and also analyzing the given data.
Therefore, Option (C) is correct answer.
On January 3, 20X9, Redding Company acquired 80 percent of Frazer Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Frazer's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Frazer. The stockholders' equity accounts of the two companies at the acquisition date are:
REDDING: Common Stock ($5 par) $500,000; Additional Paid-in capital $300,000; Retained Earnings $350,000.
FRAZER: Common Stock ($5 par) $200,000; Additional Paid-in capital $80,000; Retained Earnings $150,000.
Noncontrolling interest was assigned income of $11,000 in Redding's consolidated income statement for 20X9. Based on the preceding information, what amount will be assigned to the noncontrolling interest on January 3, 20X9, in the consolidated balance sheet?
(A) 86,000
(B) $44,000
(C) $68,800
(D) $50,000
Answer:
(A) 86,000
Explanation:
common stock + additional paid in + retained earnings = equity
200,000 + 80,000 + 150,000 = 430,000
344,000 is 80%
then: 86,000 will represent the 20%
We are asked for the amount of non-controlling interest then that will be 20% of the equity of Frazer which is in possesion of other stockholders.
The amount assigned to the noncontrolling interest on January 3, 20X9, in the consolidated balance sheet is $86,000.
Explanation:The noncontrolling interest in the consolidated balance sheet is calculated by multiplying the total book value of Frazer by the noncontrolling interest percentage.
In this case, the total book value of Frazer is $430,000 ($200,000 Common Stock + $80,000 Additional Paid-in capital + $150,000 Retained Earnings).
The noncontrolling interest percentage is 20%.
Therefore, the amount assigned to the noncontrolling interest on January 3, 20X9, in the consolidated balance sheet is $86,000 (20% of $430,000).
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Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?
An 18% wage cost increase will likely cause a decrease in steel supply, resulting in an increased price and decreased quantity of steel sold, according to the law of supply and demand.
Explanation:The likely economic effect on the market for steel when steel mill wage costs increase by 18 percent over a year will probably involve a shift in the supply curve. This happens because of the assumption that wage costs are a significant component of the total production cost to produce steel. When wage costs rise, it becomes more expensive for steel mills to produce the same amount of steel, causing a decrease in the supply.
This decrease in supply while demand remains constant will lead to an increase in the price of steel and a decrease in the quantity of steel sold (following the law of supply and demand).
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An 18 percent increase in steel mill wage costs is likely to result in higher steel prices, potentially impacting demand and global competitiveness in the steel market.
When steel mill wage costs increase by 18 percent over a year, the likely economic effect on the market for steel can include the following:
Increased Production Costs: Steel producers will face higher labor costs, which can lead to an increase in the cost of producing steel products.
Price Increase: To offset the higher production costs, steel producers may raise the prices of their steel products. This could lead to an increase in the market price of steel.
Reduced Demand: Higher steel prices can potentially reduce the demand for steel, particularly among industries that are sensitive to price changes, like construction and manufacturing.
Impact on Competitiveness: Steel producers may face challenges in international markets if their prices become less competitive compared to steel from other regions.
Supply and Demand Dynamics: The specific impact on the steel market will depend on factors such as the overall supply and demand for steel, the global economic conditions, and the elasticity of steel demand.
In summary, an 18 percent increase in steel mill wage costs is likely to result in higher steel prices, potentially impacting demand and global competitiveness in the steel market.
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On January 1, Frederic Manufacturing had a beginning balance in WorkminusinminusProcess Inventory of $ 164 comma 000 and a beginning balance in Finished Goods Inventory of $ 25 comma 000. During the year, Frederic incurred manufacturing costs of $ 202 comma 000. During the year, the following transactions occurred: Job Cminus62 was completed for a total cost of $ 141 comma 000 and was sold for $ 157 comma 000. Job Cminus63 was completed for a total cost of $ 182 comma 000 and was sold for $ 213 comma 000. Job Cminus64 was completed for a total cost $ 81 comma 000 but was not sold as of yearminusend. The Manufacturing Overhead account had an unadjusted credit balance of $ 24 comma 000 and was adjusted to zero at yearminusend. What was the final balance in the Cost of Goods Sold account? A. $ 299 comma 000 debit balance B. $ 347 comma 000 debit balance C. $ 299 comma 000 credit balance D. $ 347 comma 000 credit balance
Answer:
A) $299,000
Explanation:
The question is to determine the balance in Cost of Goods sold for Frederic Manufacturing
Cost of Goods sold (COGS):
Job C-62 $141,000
Job C - 63 $182,000
Subtract: Over-allocated Overhead ($24,000)
The Balance of COGS 299,000
The Cost of Goods sold represents a direct cost associated with the manufacture of products sold by a company. COGS will usually include the cost of raw materials as well as direct labour that is associated with the production.
Answer:The answer is A
Explanation:
Cost of good sold Account
$
Job C minus 62 (Total cost )141,000
Add: Job C minus 63 (Total Cost )182,000
------------------
323,000
Less: Manufacturing overhead. 24,000
----------------
Balance. 299,000
-------------------
The cost of good sold is a direct cost, which are easily traced to the product or service
On December 28, I. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below. Click the answer you think is right. a. Debit Accounts receivable for $600. b. Credit Accounts receivable for $600. c. Debit Catering revenue for $600. d. Debit Unearned revenue for $600.
Answer:
a. Debit Accounts receivable for $600
Explanation:
As Greasy catering company provided services but had not got the bill from the customer, it increases an asset. According to the revenue recognition principle, revenue has recognized whenever it is provided not when the cash is received. In that case, the journal entry to record the transaction is -
Accounts receivable (Debit) $600
Revenue (Catering) (Credit) $600
Accounts receivable is debit because the company owes the amount from the customers.
Cortina Company accumulates the following adjustment data at December 31. Indicate 1) The type of adjustment (prepaid expense, accrued revenue, and so on.2) The status of the accounts before adjustment (overstated or understated).
Answer:Incomplete question.
Problems are:
A. Supplies of $400 are on hand. Supplies account shows $1,600 balance.
B. Services performed but unbilled total $700
C. Interest of $300 has accumulated on a note payable.
D. Rent collected in advance totaling $1,100 has been earned.
Explanation:
A. Prepaid expenses. Asset Overstated
B. Accrued Revenue. Expenses understated, Asset Understated
C. Accrued Expenses. Revenue understated, liability understated, Expenses Understated
D. Unearned revenue. Liabilities overstated, Revenue understated
Assuming Cortina Company accumulates the following adjustment data at December 31. The type of adjustment is: Prepaid expenses.
Type of adjustment and account statusA. Supplies of $400 are on hand. Supplies account shows $1,600 balance.
Type of adjustment: Prepaid expenses
Status of account:
Asset OverstatedExpenses understatedB. Services performed but unbilled total $700.
Type of adjustment:Accrued Revenue
Status of account:
Assets UnderstatedRevenues UnderstatedC. Interest of $300 has accumulated on a note payable.
Type of adjustment: Accrued Expense
Status of account:
Liability understatedExpenses UnderstatedD. Rent collected in advance totaling $1,100 has been earned.
Type of adjustment: Unearned Revenue
Status of account:
Liabilities OverstatedRevenue understatedInconclusion the type of adjustment is: Prepaid expenses
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A rumor of "right sizing" at Ojai's engineering firm has him and his wife, Kaya, concerned about their preparation for meeting financial emergencies. Help them calculate their net worth or complete Worksheet 4, and calculate and interpret the current ratio, given the following assets and liabilities:Checking account ………………… $2,000
Savings account ………………….. $4,000
Stocks ……………………………. $8,000
Utility bills ………………………. $500
Credit card bills …………………. $1,000
Auto loan ……………………….. $2,600
Answer:
Explanation:
Net assets = Total assets - Total debt
We know:
Checking account ………………… $2,000
Savings account ………………….. $4,000
Stocks ……………………………. $8,000
Utility bills ………………………. $500
Credit card bills …………………. $1,000
Auto loan ……………………….. $2,600
Let's classify them as asset or liability:
Assets: Checking account, Stocks, Savings account = 2000+4000+8000=14000
Liability: Utility bills, Credit card bills, Auto loan = 500+1000+2600=4100
So, net worth is 14000-4100=9900
Current ratio = Monetary assets/ Current liabilities;
Monetary assets = 2000+4000 = 6000
Current liabilities = 1000 + 500 = 1500
Current ratio = 6000/1500 = 4
After identifying the purpose of your message, you should select the most appropriate communication channel. When determining the most effective channel for your message, which of the following should you consider? Check all that apply. Receiver's preference and level of technical expertise Confidentiality and sensitivity of the message Sender's composing preference Amount of effort involved Cost of the channel Degree of satisfaction Amount and speed of feedback and interactivity required
To determine the most effective communication channel, consider the receiver's preference and technical expertise, the confidentiality of the message, the sender's preference, the cost and effort involved in the channel, and the speed and amount of feedback required.
Explanation:When determining the most effective communication channel for your message, several factors should be considered. First, the receiver's preference and level of technical expertise is important. If the person you are communicating with prefers email over phone calls and has the necessary skills to use this platform, then that is your best bet. Secondly, the sensitivity and confidentiality of the message should be considered. Certain channels provide more privacy than others. Thirdly, the sender's composing preference matters; it is easier to convey a well-written message if you are using a channel you are comfortable with.
The next consideration is the cost of the channel; some methods of communication are more expensive than others. Also, consider the amount of effort involved; some channels require more time and energy than others. Lastly, consider the degree of satisfaction and the amount and speed of feedback and interactivity required. Some channels allow for faster responses and more interaction, which can lead to greater satisfaction in the interaction.
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a)Please select the term that matches each definition.
Term:
a. Quantity Demanded
b. Demand Curve
c. Demand Schedule
d. Law of Demand
Definition:
1. A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices.
2. The amount of a good that buyers are willing and able to purchase at a given price
3. The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.
4. A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices
The definitions for the following terms are explained below.
Explanation:
A. Quantity Demanded is the amount of a good that buyers are willing and able to purchase at a given price.
B. Demand Cure is a graphical representation of the relationship between the price of a good that buyers are willing and able to purchase at various prices.
C. Demanded Schedule is a table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices.
D. Law Of Demand is to claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.
Quantity demanded is the amount of a good purchased at a given price; a demand curve is a graph showing the relationship between price and quantity demanded; a demand schedule is a table of prices and corresponding quantities demanded; the law of demand states that quantity demanded falls as price rises, ceteris paribus.
To match the terms with their corresponding definitions:
Quantity Demanded matches definition 2: The amount of a good that buyers are willing and able to purchase at a given price.
Demand Curve corresponds to definition 1: A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices.
Demand Schedule is associated with definition 4: A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices.
Law of Demand aligns with definition 3: The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.
You are considering a savings bond that will pay $ 100 in 9 years. If the interest rate is 1.9 %, what should you pay today for the bond?
To find out the price you should pay for the bond today, you can use the present value formula. Given that the bond will pay $100 in 9 years with an interest rate of 1.9%, you should pay about $81.40 for the bond today.
Explanation:The initial price that you should pay for the bond can be calculated using the formula for the present value of a single future amount in finance. This formula is PV = FV / (1 + r)^n, where PV is the present value (the price you should pay today), FV is the future value (the amount the bond will pay in the future), r is the annual interest rate in decimal form, and n is the number of years until the bond matures.
For this problem, FV = $100, r = 1.9% = 0.019, and n = 9. Plugging these values into the formula, we get PV = $100 / (1 + 0.019)^9. After doing the calculation, we find PV = $81.40. Therefore, you should be willing to pay $81.40 for the bond today if you would like a 1.9% return on your investment.
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