A consumer faces a tradeoff between labor (L) and leisure (R). She consumes a composite good (C). When the consumer works, she earns an hourly wage of $14.00, and she spends a maximum of 24 hours on labor and leisure, but she chooses to work 10.00 hours. Whatever time she does not spend working, she spends on leisure. She starts with an initial endowment of 21.00 units of the composite good, which she can buy and sell freely at a market price of $12.00.

Required:
What is the consumer's real wage?

Answer:

$11.70

Explanation:

composite goods consumed ( C )

She earns an hourly wage of $14

spends maximum of 24 hours  on labor and leisure

works = 10 hours

leisure = 14 hours

initial endownment = 21.00 units

price of composite = $12

Determine the consumer's real wage

Real wage per hour = wage per hour / price of composite

                                = 14 / 12 = $1.17

Hence Total real earnings = Total wage earned  / price of composite

Total wage earned = 14 * 10 = $140

Total real earnings = 140 / 12 = $11.7

Riverbed Corp provides security services. Selected transactions for Riverbed Corp are presented below. Oct. 1 Issued common stock in exchange for $67,300 cash from investors. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,000. 7 Purchased equipment for $18,400, paying $4,100 cash and the balance on account. 8 Paid $500 for advertising. 10 Received bill for equipment repair cost of $400. 12 Provided security services for event for $3,300 on account. 16 Purchased supplies for $420 on account. 21 Paid balance due from October 7 purchase of equipment. 24 Received and paid utility bill for $151. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,200.
Date Account Titles and Explanation Debit Credit 1 Cash 67,300 Common Stock 67,30 2 No Entry No Entry Rent Expense 2.000 Cash 2.06 Equipment 18,400 Cash 4.10 Accounts Payable 1436 Advertising Expense 1,700 Cash 1.70 10 Maintenance and Repairs Expense 420 Accounts Payable 42 12 Accounts Receivable 3.300 Service Revenue 3,30 16 Supplies 420 Accounts Payable 21 V Accounts Payable 14300 Cash 1434 24 Utilities Expense 151 Cash 15 27 Cash 3,300 Accounts Receivable 3.30 31 > Salaries and Wages Expense 5.200 Cash 5.26 Post the transactions to accounts. (Post entries in the order of journal entries presented in the previous port. For accounts with zero balance select "Balance from the list and enter or leave it blank) Cash < < < < Accounts Receivable Supplies Equipment < Accounts Payable < Common Stock Accounts Payable < Common Stock Service Revenue Advertising Expense Salaries and Wages Expense Maintenance & Repairs Expense V Rent Expense < Utilities Expense <

Mutual funds _____. a. are investment companies that use funds provided by savers to buy various types of financial assets, including stocks and bonds, in the financial markets b. cater to savers, especially individuals who have relatively small savings or need long-term loans to purchase houses c. are groups of investment banking firms formed to spread the risk associated with the purchase and distribution of a new issue of securities d. are depository institutions that are owned by its depositors, who are often members of a common organization or association e. are organizations that distribute new issues of securities for corporations

g A physical inventory taken on December 31, 2020, resulted in an ending inventory of $1,150,000. Historically, Jensen's gross margin on sales has remained constant at 25%. Jensen suspects that an unusual amount of inventory may have been damaged and disposed of without appropriate tracking. At December 31, 2020, what is the estimated cost of missing inventory

PC Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Painting Department started the month with 800 units in a process that was 40% complete, transferred 2,500 units to Finished Goods Inventory, and had 500 units in process at the end of the period, 70% complete. The amount of direct materials cost in beginning inventory was $16,320, and the amount of direct materials cost added this period totaled $121,440.
What is the direct material cost per equivalent unit?
a. $45.92 per equivalent unit
b. $48 per equivalent unit
c. $48.34 per equivalent unit
d. $55.20 per equivalent unit

Your firm expects sales of $672,500 next year. The profit margin is 4.6 percent and the firm has a dividend payout ratio of 15 percent. What is the projected increase in retained earnings

On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $69,600. The equipment had a three-year estimated life with a $4,500 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $3,500.
Required Compute the depreciation expense for each of the four years, Year 1-Year 4
Depreciation Expense
Year 1
Year 2
Year 3
Year 4

Three friends are trying to decide what to do on Saturday night. The options are to go to a party, go see a play, or hang out at their apartment. Abdul prefers to see a play over going to the party, which he prefers to hanging out. Gina prefers to hang out over seeing a play, which she prefers to going to the party. Shaquille would most like to go to the party, his second choice is to hang out, and the play is his least preferred option. In the spirit of democracy, they decide to vote on their options. In a three-way vote, they each vote for a different choice, leading to a tie and failing to solve their problem. They thus decide to consider the options in pairs.
(1 point) Shaquille suggests that they first vote on hanging out versus going to the play and then vote on the winner of that versus going to the party. Which option will be chosen?
Choose one:
A. Go to the play.
B. Go to the party.
C. Hang out.

Planning to finance higher education helps people prepare for their financial future because it teaches them about

loans and interest.
savings accounts.
filing taxes
short-term goals.

The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable $7,400; Supplies $55,000; Long-term notes receivable $3,400; Equipment $103,000; Factory Building $194,000; Intangible assets $7,400; Accounts payable $28,600; Accrued liabilities payable $3,300; Short-term notes payable $16,800; Long-term notes payable $99,000; Common stock $194,000; Retained earnings $73,300. What is Pioneer's current ratio

Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019:

April May June
Credit sales $403,000 $352,000 $440,000
Credit purchases 180,000 168,000 201,000
Cash disbursements
Wages, taxes
and expenses 79,800 75,300 104,000
Interest 9,500 9,500 9,500
Equipment purchases 33,500 6,000 148,000

The company predicts that 5 percent of its credit sales will never be collected, 30 percent of its sales will be collected in the month of the sale, and the remaining 65 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $330,000.

Using this information, complete the following cash budget.

April May June
Beginning cash balance $110,000
Cash receipts
Cash collections from credit sales
Total cash available
Cash disbursements
Purchases $172,000
Wages, taxes, and expenses
Interest
Equipment purchases
Total cash disbursements
Ending cash balance

All of the following are positive outcomes of employee development except: Group of answer choices development enhances the organization's capacity to control environmental forces. development increases the chances that the most capable employees will be attracted to work in the organization. development enhances retention. development ensures that employees have the knowledge and skill to effectively perform in the future.

Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Panarin has provided the following analysis of price and cost for the contracts:

Contract A Contract B
Contract price $125,000 $80,000
Cost of related goods 70,000 55,000
Gross profit (loss) $55,000 $25,000

Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B.
Required:
a. Should the two contracts be combined for purposes of applying the 5-step revenue recognition model?
b. What amount of revenue should Panarin associate with each of the contracts?
c. When should revenue be recognized on each of the contracts?

Prepare an amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?

Your restaurant plans to spend $1,000 on social media ads. Your average meal sells for $10 and food cost is 30%. How
many additional meals do you need to sell to breakeven on your advertising?
Ignore all
other restaurant costs except food cost
a) 100 meals
b) 132 meals
c) 143 meals
d) 1000 meals

Lego Group in Bellund, Denmark, manufactures Lego toy construction blocks. The company is considering two methods for producing special-purpose Lego parts. Method 1 will have an initial cost of $360,000, an annual operating cost of $130,000, and a life of 3 years. Method 2 will have an initial cost of $760,000, an operating cost of $130,000 per year, and a 6-year life. Assume 13% salvage values for both methods. Lego uses an MARR of 13% per year.

Required:
a. Which method should it select on the basis of a present worth analysis?
b. If the evaluation is incorrectly performed using the respective life estimates of 3 and 6 years, will Lego make a correct or incorrect economic decision? Explain your answer.

Select all the correct answers.
Which three statements are true as they relate to supply and demand?
As supply rises, prices generally decrease.
As demand decreases, costs generally increase.
OOOOO
As supply decreases, prices increase.
The average rate of change describes how much a quantity changes as price increases.
As demand rises, the price of the product decreases.

A person who is an entrepreneur is also a businessperson. true or false?​

Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio
Consider the following case:
Crawford Construction has a quick ratio of: 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current assets of $80,500, and total current liabilities of $28,175. The company reported annual sales of $100,000 in the most recent annual report.
Over the past year, how often did Crawford Construction sell and replace its inventory?
a. 4.14 x
b. 4.55 x
c. 2.86x
d. 8.01 x
The inventory turnover ratio across companies in the construction industry is 4.55x. Based on this information, which of the following statements is true for Crawford Construction?
a. Crawford Construction is holding less inventory per dollar of sales compared to the industry average
b. Crawford Construction is holding more inventory per dollar of sales compared to the industry average

Karen and Anika, the owners of a new personal assistant firm called Assist You 2, are interested in offering their services in a community filled with other start-up firms and local shops. Now that they have completed the segmentation and targeting processes, to ensure that they are best positioning their service within this community, they must next:________

Smoky Mountain Corporation makes two types of hiking boots--Xtreme and the Pathfinder. Data concerning these two product lines appear below:

Xtreme Pathfinder
Selling price per unit $140.00 $99.00
Direct materials per unit $72.00 $53.00
Direct labor per unit $24.00 $12.00
Direct labor-hours per unit 2.0 DLHs 1.0 DLHs
Estimated annual production and sales 20,000 units 80,000 units

The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below:

Estimated total manufacturing overhead $1,980,000
Estimated total direct labor-hours 120,000 DLHs

Required:
Compute the product margins for the Xtreme and the Pathfinder products under the company's traditional costing system. (Round your intermediate calculations to 2 decimal places.)

Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is

A sharp downturn in the U.S. housing market reduced the income of many who worked in the home construction industry. A Wall Street Journal news article reported that Walmart’s wire-transfer business was likely to suffer because many construction workers are Hispanics who regularly send part of their wages back to relatives in their home countries via Walmart. With this information, use one of the principles of economy-wide interaction to trace a chain of links that explains how reduced spending for U.S. home purchases is likely to affect the performance of the Mexican economy.

Moby Enterprises reports the following information for 2019. ($ numbers are totals for 2019, not per unit) Selling price per unit $800 Beginning and ending balances of Work in Process Inventory 0 Beginning balance of Finished Goods Inventory (50 units) $28,750 Units produced 90 Units sold 100 Direct material used (variable) $12,000 Direct labor used (variable) $28,000 Manufacturing overhead (variable) $4,550 Manufacturing overhead (fixed) $10,800 Selling and admn. expenses: sales commission (variable) $4,000 fixed $10,000 Notes: Moby uses FIFO for maintaining its finished goods inventory account. The Beginning Finished Goods Inventory balance of $28,750 consists of $24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead. REQUIRED: Part 1. Compute the following for 2019 using absorption costing: a. Total Manufacturing Costs b. Cost-of-Goods-Manufactured c. Per unit cost of production d. Ending balance of Finished Goods Inventory (in units and dollars) e. Cost-of-goods sold f. Gross Margin g. Net Income Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.

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Differential Analysis for a Lease or Sell Decision Granite Construction Company is considering selling excess machinery with a book value of $281,300 (original cost of $401,500 less accumulated depreciation of $120,200) for $275,000, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $283,300 for five years, after which it is expected to have no residual value. During the period of the lease, Granite Construction Company's costs of repairs, insurance, and property tax expenses are expected to be $26,200. a. Prepare a differential analysis, dated November 7 to determine whether Granite should lease (Alternative 1) or sell (Alternative 2) the machinery. Differential Analysis Lease Machinery (Alt. 1) or Sell Machinery (Alt. 2) November 7 Lease Machinery (Alternative 1) Sell Machinery (Alternative 2) Differential Effect on Income (Alternative 2) Revenues $fill in the blank 12173b05f07a00b_1 283,300 $fill in the blank 12173b05f07a00b_2 275,000 $fill in the blank 12173b05f07a00b_3 Costs fill in the blank 12173b05f07a00b_4 26,200 fill in the blank 12173b05f07a00b_5 fill in the blank 12173b05f07a00b_6 Income (Loss) $fill in the blank 12173b05f07a00b_7 $fill in the blank 12173b05f07a00b_8 $fill in the blank 12173b05f07a00b_9

why the feedback form is so important for the trainer and the training itself?​

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $66,500 Work-in-Process Inventory, Beginning 11,100 Work-in-Process Inventory, Ending 9,300Selling and Administrative Expense 15,750 Finished Goods Inventory, Ending 15,825Finished Goods Inventory, Beginning Direct Materials Used Skipped Factory Overhead Applied 12,300Operating Income 14,165 Direct Materials Inventory, Beginning 11,135 Direct Materials Inventory, Ending 6,105Cost of Goods Manufactured 61,410 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount in the finished goods inventory at the beginning of the year?

Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

The following preliminary unadjusted trial balance of Ranger Co., sports ticket agency, Errors in trial balance
Ranger Co. Unadjusted
Trial Balance
August 31, 2014
Debit balance Credit Balances
Cash 77600
Accounts Receivable. 377500
Prepaid Insurance 12000
Equipment.. 19000
Accounts Payable 29100
Unearned Rent..... 10800
Carmen Meeks, Capital 110000
Carmen Meeks, Drawing. 13,000
Service Revenue 385000
Wages 213000
Expense
Advertising Expense.. 16350
Miscellaneous Expense 18,400
273,700 668,300
When the ledger and other records are reviewed, you discover the following:
(1) the debits and credits in the cash account total $77,600 and $62,100, respectively;
(2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account
(3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable accOunt;
(4) the balance of the unearned rent account is $5,400;
(5) the correct balance of the equipment account is $190,000; and
(6) each account has a normal balance.
Prepare a corrected unadjusted trial balance.

Hochberg Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Total Activity Fabrication 50,000 machine-hours Order processing 625 orders Other Not applicable The Other activity cost pool is used to accumulate costs of idle capacity and organization-sustaining costs. The company has provided the following data concerning its costs: Wages and salaries $ 461,000 Depreciation 123,000 Occupancy 207,000 Total $ 791,000 The distribution of resource consumption across activity cost pools is given below: Activity Cost Pools Fabricating Order Processing Other Total Wages and salaries 15% 65% 20% 100% Depreciation 15% 40% 45% 100% Occupancy 20% 75% 5% 100% The activity rate for the Fabrication activity cost pool is closest to: