Answer:
D or C
Explanation:
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales will be uncollectible. On January 1, theAllowance for Doubtful Accounts had a credit balance of $2,400. During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000.There were no sales returns or sales discounts during the year. After the adjusting entry, the December 31, balance in the Bad Debt Expense will be:________.
a. $1,200
b. $3,000
c. $3,600
d. $7,200
Answer:
b. $3,000
Explanation:
According to the above information, the following data are given
Credit sales = $100,000
Uncollectible percentage = 3%
So, after the adjustment by using allowance method, Bad debt expense can be calculated as;
Bad debt expense = Credit sales × Uncollectible percentage
= $100,000 × 3%
= $3,000
Functions of money and barterConsider an economy in which money does not exist, so that agents rely on barter to carry out transactions. When the economy was small, barter seemed sufficient. However, the economy has now begun to grow.If people in this economy trade three goods, the price tag of each good must list ______________?prices, and the economy requires____________?prices for people to carry out transactions.Suppose that the number of goods people trade increases to 15. Then the price tag of each good must list _________?prices, and the number of prices that the economy requires increases to____________?Now suppose that our economy has a money. The government now issues a national currency and there is no longer any barter.In this economy, money and currency are not the same because:1. The fact that the government issues currency means that the currency will be accepted as money by all agents.2. The fact that the currency is backed by the government means that it will never lose value and will remain a perfect unit of account.3. Just because the government issues currency does not mean that the currency will be accepted as money, since it must be used as a medium of exchange, store of value and standard of value.4. Just because the government issues currency does not mean that the currency will be accepted as money, and buyers and sellers still need barter to ensure that money does not lose its value.Suppose now that our economy is suffering from rapid, ongoing increases in the cost of living. Which characteristic of money is directly negatively impacted in that economy?1. Medium of exchange2. Double coincidence of wants3. Store of value4. Unit of account
Answer:
Money and Barter System
a. 9 prices
b. 9 prices
c. 225 prices
d. 225
e. 2. The fact that the government issues currency means that the currency will be accepted as money by all agents.
f. The characteristic or quality of money that is directly negatively impacted in that economy by the rapid, ongoing increases in the cost of living is the:
3. Store of value.
Explanation:
Before the governments started to mint money or currency, the barter system was the system of exchanging goods and services between two people. The barter system relied on the exchange of goods and services that were required by one person if she could find another person who possessed the goods or services and was willing to accept or actually needed the goods or services that the first person had. The exchange system was complicated, involving the location of the other party in the barter transaction.
As the video showed, there are many people who are so concerned about the viability of banks, and indeed the entire financial system, that they are buying gold and silver coins instead of trusting their money to banks. However, the government provides protection from having bank accounts wiped out as they were during the Great Depression. The _____________ is an independent agency of the U.S. government that insures bank deposits (up to $250,000).
Following are the transactions of a new company called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $8,000 cash and $34,400 of photography equipment in the company in exchange for common stock.2 The company paid $3,000 cash for an insurance policy covering the next 24 months.5 The company purchased office supplies for $1,520 cash.20 The company received $4,000 cash in photography fees earned.31 The company paid $884 cash for August utilities.Prepare general journal entries for the above transactions.
Answer:
Aug 1
Dr cash $8,000
Dr photography equipment $34,400
Cr Common Stock $42,400
Aug 2
Dr Prepaid Insurance $3,000
Cr Cash$3,000
Aug 5
Dr Office supplies $1,520
Cr Cash$1,520
Aug 29
Dr Cash $4,000
Dr photography fees earned $4,000
Aug31
Dr Utilities expense $884
Cr Cash $884
Explanation:
Preparation of the general journal entries for the above transactions.
Aug 1
Dr cash $8,000
Dr photography equipment $34,400
Cr Common Stock $42,400
(8,000+34,400)
Aug 2
Dr Prepaid Insurance $3,000
Cr Cash$3,000
Aug 5
Dr Office supplies $1,520
Cr Cash$1,520
Aug 29
Dr Cash $4,000
Dr photography fees earned $4,000
Aug31
Dr Utilities expense $884
Cr Cash $884
On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $21,060 in cash and merchandise inventory valued at $56,290. Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $59,950. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:
Wallace’s Ledger Agreed-Upon
Balance Valuation
Accounts Receivable $18,650 $17,770
Allowance for Doubtful Accounts 1,580 1,950
Equipment 83,230 54,190
Accumulated Depreciation 30,260 –
Accounts Payable 14,910 14,910
Notes Payable (current) 35,970 35,970
The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at 10%, salary allowances of $22,660 (Keene) and $30,270 (Wallace), and the remainder equally.
Required:
a. Journalize the entries on March 1 to record the investments of Keene and Wallacein the partnership accounts.
b. Prepare a balance sheet as of March 1, 20Y8, the date of formation of the partnership of Keene and Wallace.
Answer:
Explanation:
a. The journal entries are shown below:
Cash $21,060
Merchandise inventory $56,290
To Eric Keene's Capital $77,350
(To record investment made)
Accounts receivable $17,770
Equipment $54,190
Cash (Liabilities - Assets) $40,820
To Allowance for doubtful accounts $1,950
To Accounts payable $14,910
To Notes payable (current) $35,970
To Reene Wallace's capital $59,950
(Being capital contribution by Reene wallace is recorded)
2.
KEENE AND WALLACE
Balance Sheet
March 1, 20Y8
Assets
Current Assets
Cash (21,060 + 40,820) $61,880
Accounts Receivable Less Allowance $15,820
Merchandise inventory $56,290
Total current assets $133,990
Property, plant and Equipment
Equipment $54,190 54,190
Total Assets $188,180
Liabilities
Current Liabilities
Accounts Payable $14,910
Notes Payable $35,970
Total liabilities $50,880
Partner's Equity
Eric Keene's capital $77,350
Renee Wallace's capital $59,950
Total partner's equity $137,300
Total liabilities and partner's equity $188,180
One disadvantage of a sole proprietorship as a form of business organization is that: a. owners of sole proprietorships generally find it difficult to negotiate separation agreements with the other partners in the firm. b. sole proprietorships are less efficient than corporations, because they are less specialized in production. c. owners of sole proprietorships generally have very little control over how they operate their businesses. d. sole proprietorships cannot lower the transaction costs associated with contracting with resource owners. e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.
Answer:
e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.
Explanation:
Remember, in a sole proprietorship form of business ownership, the owner's personal assets are not usually separated from the business since the business isn't viewed as a separate legal entity.
Hence, in a case where the business incurs liability or sued/fails, the owner's personal assets can be targeted in the lawsuit and may lead to loss of all their personal assets.
Prompt What is liability?
Answer:
The state of being responsible for something, especially by law
Quality Ceramic, Inc. (QCI) defined five submarkets within its broad product-market. To obtain some economies of scale, QCI decided not to offer each of the submarkets a different marketing mix. Instead, it selected two submarkets whose needs are fairly similar, and is counting on promotion and minor product differences to make its one basic marketing mix appeal to both submarkets. QCI is using the
Answer:
combined target market approach
Explanation:
When a company engages in a combined target market approach, it segregates potential markets into pairs or small groups which share similarities and then offers their products or services to them. The marketing mix will be similar for all the small segments that are within the larger group.
These are the agents of the
organization.
A. Board of Directors
B. Bondholders
C. Managers
D. Managers
Answer:
bondholder I think it is the correct one
Answer:
It is correct but remove the D. Managers
Firms must compete for top talent. In attracting and selecting employees, firms must strive to select the best fit for both the employee and the firm. In an attempt to reduce wasted time and effort in interviewing too many candidates while assuring a good candidate pool, a firm should run employment ads in the newspaper. only let lower-level employees interview job candidates. use a pre-interview quiz. refrain from hiring by referrals from present employees.
Answer:
use a pre-interview quiz
Explanation:
In order to save the time and effort of both the candidates and the organization the company should conduct the quiz before eligible for the interview so that the company could get to know the knowledge and skills of the candidates whether they are fit for the organization or not
Therefore the above represent the answer
3. During a typical performance appraisal, the employee's supervisor evaluates the employee's work in terms of
• A. diverse management strategy.
O B. industry norms.
O C. his or her contribution to the organization.
O D. economic forecasts.
Answer:
O C. his or her contribution to the organization.
Explanation:
A performance appraisal reviews an employee's job performance and overall contribution to a company. It is also called an annual review, performance review or evaluation, or employee appraisal. Performance appraisal provides feedback on each employee's performance, serves as a basis for modifying or changing work behavior, and provide data to managers with which they may judge future job assignments and performance.
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers:
Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30.
Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920.
All customers paid their accounts within the discount period.
Selling and administrative expenses amounted to $4,200.
Interest expense paid amounted to $360.
Land that had cost $8,000 was sold for $9,250 cash.
Required
a. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.)
c. Where would the interest expense be shown on the statement of cash flows?
i. Operating activities
ii. Investing activities
iii. Financing activities
d. How would the sale of the land be shown on the statement of cash flows?
i. The full sales price of the land, $9,250, would be shown as a cash inflow from financing activities on the statement of cash flows.
ii. The full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of cash flows.
iii. The full sales price of the land, $9,250, would be shown as a cash inflow from operating activities on the statement of cash flows
Answer:
Answer is explained in the explanation section below.
Explanation:
Part a: Determination of net sales:
Gross Sales = $39,900
Less: Sales Return = $1520
Less: Sales Discount = ($39,900 -$1520) x 2% = 767.6
Net Sales = $37,612.3
Part b: Income Statement:
Net Sales = $37,612.3
Cost of Goods Sold ($21,200 - $920) = $20,280
Gross Margin ($37,612.3 - $20,280) = $17,332.3
Operating Expenses:
Selling and administrative expenses = $4200
Operating Income ($17,332.3 - $4200) = $ 13,132.3
Non-Operating Items:
Interest Expense = $360
Gain on Sale of Land ( $9250 - $8000) = $1250
Net Income ($13,132.3 + $1250 - $360) = $14022.3
part c:
The interest expense reported in the operating activities of the statement of cash flows when paid.
part d)
ii. The sale of the land be shown on the statement of the cash flow as the full sales price of the land, $9250, would be shown as a cash inflow investing activities on the statement of the cash flows.
Firms use economic analyses to better understand the overall outlook for the economy and how economic changes will impact the firm.
a. True
b. False
Answer:
True.
Explanation:
It is a true statement.
The firm economic result that is, financial performance depends upon various factors that includes external forces also.
Further, to remain in industry ( or for stable growth ), the firm have to synchronize their activities with the environment.
The question specifies economic environment that relatively impact the firm. So , this statement is true.
Larsen Company adds materials at the beginning of the process in Department 2. Data concerning the materials used in May production are as follows: Units Work-in-process at May 1 12,000 Started during May 32,000 Completed and transferred out during May 33,000 Normal spoilage incurred 3,000 Work-in-process at May 31 8,000 Using the weighted-average method, the equivalent units for materials are:
Answer:
$44,000
Explanation:
Calculation for the equivalent units for materials
Using this formula
Equivalent unit of material = Completed and transferred out+Normal spoilage+Ending work in process
Let plug in the formula
Equivalent unit of material = $33,000+$3,000+$8,000
Equivalent unit of material = $44,000
Therefore Using the weighted-average method, the equivalent units for materials are $44,000
Logan, a 50-percent shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $107,000 tax loss for the year, Logan's tax basis in his MG stock was $153,500 at the beginning of the year, and he received $78,500 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation
Answer:
$11,170
Explanation:
Calculation for how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation
First step is to calculate the payment If Military Gear Inc is a C corporation,
Payment= $78,500 × 24%
Payment= $18,850
Second step First step is to calculate the payment , if Military Gear Inc is a S corporation,
Payment = ($78,500 −$46,500) × 24%
Payment= $7,680
The net effect would be
net effect= $159,000 - $107,000
net effect= $46,500
Now let calculate how much more tax will Logan pay currently if MG
Tax = 18,850 - $7,680
Tax= $11,170
The following statements contains some analysis of policies that address the death penalty. Categorize each statement as positive or normative.
a. Killing people is bad.
b. By executing convicted murderers, the government may deter potential murderers and, therefore, decrease the murder rate.
c. It is immoral for the government to kill people.
d. The government should not execute anyone, even murderers.
Answer:
Positive
normative
normative
normative
Explanation:
Positive Economics is objective and statements are usually based on facts and economic theory. They can be tested.
For example, it is a fact that killing is bad. It causes pain to family and friends of the deceased.
Normative economics is based value judgements, opinions and perspectives. For example, the statement - It is immoral for the government to kill people is subjective as what is considered moral is subjective
Company A shares are currently trading at $20 per share. A survey of Wall Street analysts reveals that EPS expectations for Company A for the full year 2014 are $1.50 per share. Company A has 200 million diluted shares outstanding. Company A’s major competitors are trading at an average share price / 2014 Expected EPS of 15.0x.
Using the comparable company analysis valuation method, Company A shares are:_______.
a. $2.50 per share overvalued
b. $2.50 per share undervalued
c. Need more information
d. Appropriately priced
Answer:
b. $2.50 per share undervalued
Explanation:
If the Company A major competitor has Share Price / EPS of 15X. Then, it means that the share price of company A should be = EPS * Competitor Share Price / EPS = $1.50 * 15 = $22.50
But, the share price of company A is $20.
So, we concluded Company A shares are Undervalued by $2,50 ($22.50 - $20).
A corporation had the following assets and liabilities at the beginning and end of this year.
Beginning of the year End of the year
Assets $95,500 141,000
Liabilities $40941 57,105
a. Owner made no investments in the business, and no dividends were paid during the year.
b. Owner made no investments in the business, but dividends were $600 cash per month
c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock
d. Dividends were $600 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases (Decreases in equity should be indicated with a minus sign.)
Beginning of the year Equity
Owner investments
Dividends
Net Income (loss)
End of the year-Equity
Answer:
a. Net Income =$29,336
b. Net Income = $29,936
c. Net Loss = - $15,664
d. Net Income = $5,064
Explanation:
Assets = Liabilities + Equity
Equity = Asset - Liability
Beginning Equity :
Beg Equity = $95,500 - $40941
Beg Equity = $54,559
Ending Equity:
Ending Equity = $141,000 - $57,105
Ending equity = $83,895
Net Income = Ending equity - Beg equity + Dividends paid - investments made
a. When no investments made and no dividends paid:
Net Income = $83,895 - $54,559 + 0 - 0
Net Income =$29,336
b. When no investments made and $600 dividend paid:
Net Income = $83,895 - $54,559 + $600 - 0
Net Income = $29,936
c. When no dividend paid and $45,000 invested in common stock:
Net Income = $83,895 - $54,559 + 0 - $45,000
Net Income = - $15,664
d. When $35,000 investments made and $600 dividend paid:
Net Income = $83,895 - $54,559 + $600 - $35,000
Net Income = $5,064
The firm was organized and the initial stockholders invested cash of $780. The company borrowed $1,170 from a relative of one of the initial stockholders; a short-term note was signed. Two zero-turn lawn mowers costing $624 each and a professional trimmer costing $169 were purchased for cash. The original list price of each mower was $793, but a discount was received because the seller was having a sale. Gasoline, oil, and several packages of trash bags were purchased for cash of $117. Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items, $221, will be paid in 30 days. During the first two weeks of operations, 47 lawns were mowed. The total revenue for this work was $917; $605 was collected in cash, and the balance will be received within 30 days. Employees were paid $546 for their work during the first two weeks. Additional gasoline, oil, and trash bags costing $143 were purchased for cash. In the last two weeks of the first month, revenues totaled $1,196, of which $488 was collected. Employee wages for the last two weeks totaled $663; these will be paid during the first week of the next month. It was determined that at the end of the month the cost of the gasoline, oil, and trash bags still on hand was $39. Customers paid a total of $195 due from mowing services provided during the first two weeks. The revenue for these services was recognized in transaction f.
Answer:
Follows are the solution to this question:
Explanation:
Cardinal Moving Services Inc. in its Books
Payment Common Journal Dr. Cr.
1 Currency Cash. $780
Joint Vesicles $780
(To Common Stock Record Problem)
2 Currency Cash. $1,170
Paying notes $1,170
(Quantity borrowed from the relative to the record)
3 Material $1,417
Currency Cash. $1,417
(to record buying of 2 mover lawns $624 each and 1 trimmer career $169)
4 Supplies $117
Currency Cash. $117
(The buying of fuel, oil, and waste bags to Record)
5 Costs of ads $221
Cashable Account $221
(Advertising flyer for business training on behalf of To Record)
6 Currency Cash. $605
Receivable Account $312
Income Service $917
(For the very first two weeks of operation, to report service revenue)
7 Spending on wages $546
Currency Cash. $546
(For first two weeks, to report wage expenditure)
8 Supplies $143
Currency Cash. $143
(The acquisition of gasoline, oil, and garbage bags for documentation purpose)
9 Currency Cash. $488
Receivable Account $708
Income Service $1,196
(For the last 2 weeks of the first month, to report service revenue)
10 Wages Cost $663
Payable salaries $663
(For two weeks to report accrual wage expenses)
11 Budget for supplies $221
Supplies $221
(To record the cost of supplies)
12 Currency Cash. $195
Receivable Account $195
(The customer's payment to Record)
working Delivery Costs
Purchases for supplies [$117 + $143] $260
Less: Hand supplies ($39)
Expense of production $221
GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in advance. GreenLawn's general journal entry to record this transaction on May 1 will include a: a. Debit to Unearned Revenue for $60,000. b. Credit to Cash for $60,000. c. Credit to Unearned Revenue for $60,000. d. Debit to Accounts Receivable for $60,000. e. Credit to Accounts Receivable for $60,000.
Answer:
c. Credit to Unearned Revenue for $60,000
Explanation:
Based on the information given in a situation where the company provides landscaping services to clients in which On May 1 we were told a customer paid the company the amount of $60,000 in advance which means that the general journal entry to record this transaction on May 1 will include :Credit to Unearned Revenue for $60,000
Dr Cash $60,000
Cr Unearned revenue $60,000
Simon lost $9,050 gambling this year on a trip to Las Vegas. In addition, he paid $2,550 to his broker for managing his $255,000 portfolio and $1,285 to his accountant for preparing his tax return. In addition, Simon incurred $3,420 in transportation costs commuting back and forth from his home to his employer's office, which were not reimbursed. Calculate the amount of these expenses that Simon is able to deduct (assuming he itemizes his deductions).
Answer:
$0
Explanation:
Based on the information we were told that he lost the amount of $9,050 for the gambling he did this year which means that the DEDUCTIBLE amount will be $0 reason been that Gambling losses amount will only be DEDUCTIBLE in a situation where he won the gambling which therefore means that since he lost he CANNOT deduct the gambling loss amount of $9,050 including all the expenses amount.
Therefore the amount of these expenses that Simon is able to deduct will be $0.
Provide an example of an organization that continuously maintains and improves customer satisfaction through a TQM approach. Include specific examples of how customer satisfaction is improved by company initiatives. In your responses to peers, compare and contrast the organization chosen by a peer with the one you chose. How might each organization benefit from the other's experiences with improving customer satisfaction
Answer:
Customers require value for money.
Explanation:
Total Quality Management TQM is an approach to make the product best for its customers and work towards customer satisfaction. Customers demands may be different, some customers require value for money while others just go for brand image. Some customers like online shopping while other prefer buying the product after watching its specs. The motive of a business is to satisfy the needs of all of its customers. Coca Cola beverages company has also focused on satisfying its customers. It responds to the various flavor requirements by its customers and has introduced more than 5 flavored drinks. The quality of any drink is not compromised and it aims to provide value for money to its customers.
1. XYZ Co. incurred the following costs related to the office building used in operating its sports supply company: a. Replaced a broken window. b. Replaced the roof that had been on the building 23 years. c. Serviced all the air conditioners before summer started. d. Replaced the air conditioners with refrigerated air conditioners in the customer service areas. e. Added a warehouse to the back of the building. f. Repaint the interior walls. g. Installed window shutters on all windows. Classify each of the costs as a capital expenditure or a revenue expenditure. For those costs identified as capital expenditures, classify each as an additional or replacement component.
Answer:
2,4,5,7
Explanation:
Brief summary of New York Yankees Revenue Plan
For Sports Management class.
Answer:
The Yankees were the lead investors in a group that included Amazon and Sinclair Broadcast Group that bought 80% of the YES Network from Walt Disney in August 2019. The enterprise value of the deal was $3.47 billion. Prior to the deal, the Yankees owned 20% of the regional sports network. Last summer, Disney agreed to sell off 21st Century Fox’s 22 regional sports networks to secure Justice Department approval of its acquisition of major 21st Century Fox assets. The Yankees launched YES, the most-watched regional sports network in the country, in 2002, and the original investors were the team, Goldman Sachs, Quadrangle Group, the owners of the New Jersey (now Brooklyn) Nets, and others. A minority stake in YES was sold to Fox in 2012, and Fox increased its stake to 80% in 2014. The valuation of the sale to Fox was over $4 billion (including $1.7 billion of debt), with the Yankees share valued at $4.2 billion and the remaining portion valued at $3.9 billion.
Explanation:
Suppose that Econistan produces two goods, marshmallows and toothpicks, under conditions of constant opportunity costs. Given its resources, the maximum number of marshmallows that it can make is 1000 pounds, and the opportunity cost of making one additional box of toothpicks is 4 pounds of marshmallows. a) (5 points) What is the maximum amount of toothpicks that Econistan can produce
Answer:
maximum number of toothpicks to be produced = 250
Explanation:
given data
maximum number of marshmallows = 1000 pounds
opportunity cost = 4 pounds
solution
we get here max no of toothpick that is express as
max no of toothpick = maximum number of marshmallows ÷ opportunity cost one toothpicks .......................1
put here value
max no of toothpick = [tex]\frac{1000}{4}[/tex]
max no of toothpick = 250
maximum number of toothpicks to be produced = 250
Explain why the concept of an organization as an iceberg is important.
Answer:An organizational iceberg can sink a business if the leaders don't take the time to find out what's beneath the surface of their culture. But once you recognize the issues at the different levels of the organizational iceberg, you can appropriately address them and keep your business in safe waters.
Explanation:IM SMART
GIVING BRAINLIEST
hi!.... so i have a question for all of you... how do i make money? ( cuz ya know i'm too young T - T
backstory
i'm going to sound WEIRD ik but here it goes, last christmas i got the microphone i needed for my project, but that's before i realised that the 93$ i had been saving for mo months wasn't going to cut the costs of the drawing tablet i needed... to finally pursue my dream, my yt channel so i looked into getting a job but guess what! the area im living in means that i'm exactly 9 months to young to get one, i would wait but that microphone was expensive and i don't want to so can you help me?
can you please answer or comment some money ideas?
Answer:
yes, start selling stuff
ex) start a closet on IG, sell on ETSY, Mercardi
2. invest money in stocks its a risk but your money can increase or decrease just make a smart buy
Explanation:
plz mark brainliest
Jerry Jay is the CEO of Jerry's Jackets (JJ). In June, Jerry expects to produce and sell 3200 jackets, and he expects his June utilities cost to be $8,000 plus $0.70 per jacket. After the month ended, it was reported that 2930 jackets were sold in June and $10,190 was spent on utilities. What is the planning budget for utilities in June
Answer: $10240
Explanation:
Based on the information that have been provided in the question, the planning budget for the utilities in June will be calculated as:
= Fixed expenses + (Budgeted activity × Variable cost per unit)
where
Fixed expenses = $8000
Budgeted activity = 3200 jackets
Variable cost per unit = $0.70
Therefore, planning budget will be:
= $8,000 + (3,200 × $0.70)
= $8,000 + $2240
= $10240
Use the midpoint method when applicable to calculate the price elasticity of demand.
a. Contain Yourself!, a plastic container company, raises the price of its signature Lunchbox container from $3.00 to $4.00 . As a result, the quantity sold drops from 20,000 to 15,000.
b. Economists working for the United States have determined that the elasticity of demand for gasoline is 0.5.
c. Capital Metro decides to increase bus fare rates from $2.00 to $2.21. Consequently, the number of passengers who decide to take the bus in Austin drops from an average of 70,000 riders a day to an average of 61,000 riders a day.
1. Elastic
2. Perfectly elastic
3. Perfectly inelastic
4. Unit elastic
5. Inelastic
Answer:
Follows are the solution to the given points:
Explanation:
In point a:
This business of plastic containers is increasing its Lunchbox Product Signature price around $3.00 and $4.00. The volumes produced consequently declined around 20,000 to 15,000.
[tex]\text{Price elasticity} = \frac{\frac{15000-20000}{(\frac{15000+20000}{2})}}{\frac{4-3}{(4+\frac{3}{2})}}[/tex]
[tex]=\frac{\frac{-5000}{(\frac{35000}{2})}}{\frac{1}{(\frac{7}{2})}}\\\\=\frac{\frac{-5000}{17500}}{\frac{1}{3.6}}\\\\=\frac{\frac{-50}{175}}{\frac{1}{3.6}}\\\\= \frac{-0.2857}{0.2857} \\\\ =-1[/tex]
The price elasticity also becomes unitary
In point b:
U.S. economic theory states that the elasticity of fuel demand is 0.5 because prices would be less than 1 and so are non-elastic.
In point c:
The capital Metro agrees and add $2.00 to $2.21 also for bus fares. Consequently, with an average of 70,000 drivers a days to both a daily average 61,000 drivers, its passenger numbers who take the bus in Austin falls.
[tex]\text{Price elasticity} = \frac{\frac{61000-70000}{(61000+ \frac{70000}{2})}}{ \frac{2.21-2}{(2.21+\frac{2}{2})}}[/tex]
[tex]= \frac{\frac{-9000}{(61000+ 35000)}}{ \frac{0.21}{(2.21+1)}} \\\\= \frac{\frac{-9000}{(96000)}}{ \frac{0.21}{(3.21)}} \\\\= \frac{\frac{-9}{(96)}}{ \frac{0.21}{(3.21)}} \\\\= \frac{-0.1374}{0.099} \\\\ = -1.38[/tex]
The value being higher than 1 is elastic.
EZ Wheels Corporation manufactures kick scooters. The company offers a one-year warranty on all scooters. During 2017, the company recorded net sales of $5,300 million. Historically, about 3% of all sales are returned under warranty and the cost of repairing and or replacing goods under warranty is about 20% of retail value. Assume that at the start of the year EZ Wheels' balance sheet included an accrued warranty liability of $16.3 million and at the end of the year, the accrued warranty liability balance was $12.4 million. What was EZ Wheels Corporation's warranty expense for 2017
Answer:
EZ Wheels Corporation's warranty expense for 2017 is $31.80 million.
Explanation:
EZ Wheels Corporation's warranty expense for 2017 can be calculated using the following formula:
Warranty expense for 2017 = Net sale for 2017 * Percentage sales returned under warranty * Percentage of retail value for cost of repairing and or replacing goods under warranty ................. (1)
Where:
Net sale for 2017 = $5,300 million
Percentage sales returned under warranty = 3%
Percentage of retail value for cost of repairing and or replacing goods under warranty = 20%
Substituting the values into equation (1), we have:
Warranty expense for 2017 = $5,300 million * 3% * 20% = $31.80 million
Therefore, EZ Wheels Corporation's warranty expense for 2017 is $31.80 million.
Answer:
$51.6 Million
Explanation:
Warranty expenses =5,300*3%*30% = 47.7 Million
Beginning Waranty Liability $16.3 Million
Add: Warranty expenses $47.7 Million
$64 Million
Less: Ending Warranty liability $12.4 Million
Amount paid on Warranty expenses $51.6 Million