Answer and Explanation:
The preparation of the multiple-step income statement is shown below:
Net Sales $2,415,700
Less: Cost of goods sold $1,314,300
Gross profit $1,101,400
Less: Operating expense -$736070
Operating income $365,330
Other revenue
Add: Interest revenue $31,590
Other expense
Interest expense $74,650
Loss on disposal of plant assets $18,990 $93,640 -$62,050
Net income $303,280
How has the 'gig economy' impacted variable and fixed costs for businesses?
Answer:
Throughout the following explanatory section, the essence of this issue is explained.
Explanation:
The Gig economy would be the economy in which employees are temporarily recruited underemployment needs and needs. Throughout the labor market there have been no permanent workers, but freelance employment.
Unless the jobs are recruited on an exclusive system, the variable costs are subject to different conditions and if enough staff is recruited at a certain time, those variable costs would escalate throughout the terms of additional pay.The certain fixed cost remains very similar, as variable costs adjust as employees increase or reduce, but fixed costs change accordingly.Which of the following was NOT a lesson learned from the Great Depression?
a. Exchange rate instability and competitive devaluations had a negative impact on economic activity.
b. Fixed exchange rate systems may not provide stability if credibility and cooperation are missing.
c. A failed banking system can lead to a large economic depression.
d. Hyperinflation can help a country get out of a deep depression.
e. Uncertainty about the future can lead to a large fall in output
Answer:
d. Hyperinflation can help a country get out of a deep depression.
Explanation:
Out of all the other options, the lesson that was not learned from the Great depression was that hyperinflation can help a country get out of deep depression. Hyperinflation cannot take economies out of depression, Instead, it quickly depreciates in value. A larger sum of money is required to purchase its limited number of products. All the other options can be termed as lessons that were learned as the result of Great depression.
The cash records of Crane Company show the following. For July:
1. The June 30 bank reconciliation indicated that deposits in transit total $730. During July, the general ledger account Cash shows deposits of $18,550, but the bank statement indicates that only $15,720 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $910. During the month of July, Crane Company books show that $18,540 of checks were issued, yet the bank statement showed that $16,020 of checks cleared the bank in July. For September:
3. In September, deposits per bank statement totaled $27,280, deposits per books were $26,010, and deposits in transit at September 30 were $2,850.
4. In September, cash disbursements per books were $23,110, checks clearing the bank were $24,460, and outstanding checks at September 30 were $2,380. There were no bank debit or credit memoranda, and no errors were made by either the bank or Crane Company.
Required:
a. In situation 1, what were the deposits in transit at July 31?
b. In situation (2), what were the outstanding checks at July 31?
c. In situation (3), what were the deposits in transit at August 31?
d. In situation (4), what were the outstanding checks at August 31?
Answer:
A. $3,560
B. $3,430
C. $4,120
D. $3,730
Explanation:
A. Calculation for the deposits in transit at July 31
July 1 Deposit in transit=$18,550 - ($15,720 - $730)
July 1 Deposit in transit=$18,550-$14,990
July 1 Deposit in transit= $3,560
Therefore the deposits in transit at July 31 were $3,560
B. Calculation for the outstanding checks at July 31
July 31 Outstanding checks=$18,540 - ($16,020 - $910)
July 31 Outstanding checks=$18,540-$15,110
July 31 Outstanding checks= $3,430
Therefore the outstanding checks at July 31 were $3,430
C. Calculation for the deposits in transit at August 31
August 31 Deposits in transit=$27,280 - $26,010 + $2,850
August 31 Deposits in transit= $4,120
Therefore the deposits in transit at August 31 were $4,120
D. Calculation for the outstanding checks at August 31
August 31 Outstanding checks=$24,460 - $23,110 + $2,380
August 31 Outstanding checks= $3,730
Therefore the outstanding checks at August 31 were $3,730
The Food Max grocery store sells three brands of milk in half-gallon cartons—its own brand, a local dairy brand, and a national brand. The profit from its own brand is $0.97 per carton, the profit from the local dairy brand is $0.83 per carton, and the profit from the national brand is SO.69 per carton. The total refrigerated shelf space allotted to half-gallon cartons of milk is 36 square feet per week. A half-gallon carton takes up 16 square inches of shelf space. The store manager knows
that each week Food Max always sells more of the national brand than of the local dairy brand and its own brand combined and at least three times as much of the national brand as its own brand. In addition, the local dairy can supply only 10 dozen cartons per week. The store manager wants to know how many half-gallon cartons of each brand to stock each week in order to maximize profit.
a. Formulate a linear programming model for this problem.
b. Solve this model by using the computer.
Answer:
O = amount of own brand
L = amount of local brand
N = amount of national brand
maximize = 0.97O + 0.83L + 0.69N
constraints:
space ⇒ O + L + N = 324
N ≥ O + L
N ≥ 3O
L ≤ 120
O,L,N ≥ 0
O,L,N are integers (whole numbers)
optimal solution using Solver = 540 + 108L + 162N
maximum profit = $253.80
The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam.
Sales (6,500 Tams at $130 each) $845,000
Variable cost of sales 390,000
Variable distribution costs 65,000
Fixed advertising expense 275,000
Salary of product line manager 25,000
Fixed manufacturing overhead 145,000
Net loss ($55,000)
Clemson Company is trying to determine whether or not to discontinue the manufacture and sale of Tams. The operating results reported above for last year are expected to continue in the foreseeable future if the product is not dropped. The fixed manufacturing overhead represents the costs of production facilities and equipment that the Tam product shares with other products. Assume that discontinuing the Tam product would result in a $120,000 increase in the contribution margin of other product lines.
Required:
How many Tams would have to be sold next year for the company to be as well off as if it just dropped the line and enjoyed the increase in contribution margin from other products?
Answer:
See below
Explanation:
With regards to the above information, there would be no sales if Tam were to be dropped. Also, there would be no cost associated with it other than $145,000 fixed manufacturing overhead.
Again, since the net loss operating loss was $55,000, the $145,000 would increase that loss by $90,000.
Process by which managers run day-to-day operations is called:________
Answer:
Directing
Explanation:
Directing is the process by which managers run day-to-day operations
What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, public transportation becomes cheaper and more comfortable, and the price of steel to produce cars decrease
a. Quantity will fall, and the effect on price is ambiguous
b. Quantity will rise, and the effect on price is ambiguous
c. Price will rise, and the effect on quantity is ambiguous
d. Price will fall, and the effect on quantity is ambiguous
Answer:
D
Explanation:
If the price of gasoline increases, it would become more expensive to own a car. As a result, the demand for new cars would fall.
public transportation can be regarded as a substitute for new cars, if public transportation becomes cheaper, the demand for new cars would fall.
Taking these two occurrences together, the demand curve for cars would shift leftward. Equilibrium price and quantity would fall.
If the price of steel to produce cars decreases, it would become cheaper to make cars. Thus, the supply of cars would increase. the supply curve would shift rightward and the equilibrium price would reduce while quantity would increase.
Taking these three occurrences together, equilibrium price would fall while the effect on quantity is ambiguous
On January 1, 2016, D Corp. granted an employee an option to purchase 8,500 shares of D's $3 par common stock at $21 per share. The options became exercisable on December 31, 2017, after the employee completed two years of service. The option was exercised on January 10, 2018. The market prices of D's stock were as follows: January 1, 2016, $31; December 31, 2017, $57; and January 10, 2018, $45. An option pricing model estimated the value of the options at $8 each on the grant date. For 2016, D should recognize compensation expense of:A. $ 0.B. $131,750.C. $25,500.D. $34,000.
Answer:
D. $34,000
Explanation:
Calculation for what D should recognize as compensation expense
First step is to calculate the total compensation
Total compensation=$8*8,500
Total compensation= $68,000
Now let calculate the compensation expense
Compensation expense=$68,000 ÷ 2 years
Compensation expense=$34,000
Therefore what D should recognize as compensation expense is $34,000
how does scarcity, opportunity cost, and choices relate to each other in economics
Answer:
Economics is a social science that examines how people choose among the alternatives available to them. Scarcity implies that we must give up one alternative in selecting another. ... The opportunity cost of any choice is the value of the best alternative that had to be forgone in making that choice.
You should indicate that you are available for an interview in which part of a cover letter?
in the final paragraph
in the second paragraph
in the third paragraph
in the first paragraph
Answer: NOT the second paragraph
Explanation: ed 2021
Answer:
in the final paragraph
Explanation:
is the term used to describe the ideas that there is competition between buyers and sellers, and the articles for sale have essentially the same qualities, purposes, performance, and price.?
Pure or perfect competition is a theoretical market structure in which the following criteria are met:
All firms sell an identical product (the product is a "commodity" or "homogeneous").
All firms are price takers (they cannot influence the market price of their product).
Market share has no influence on prices.
Buyers have complete or "perfect" information—in the past, present and future—about the product being sold and the prices charged by each firm.
Resources for such a labor are perfectly mobile.
Firms can enter or exit the market without cost.
Explanation:
if it's helpful...... plzz like and follow
Consider the following simplified financial statements for the Wims Corporation (assuming no income taxes): Income Statement Balance Sheet Sales $ 38,000 Assets $ 27,300 Debt $ 6,700 Costs 32,600 Equity 20,600 Net income $ 5,400 Total $ 27,300 Total $ 27,300 The company has predicted a sales increase of 15 percent. It has predicted that every item on the balance sheet will increase by 15 percent as well. Create the pro forma statements and reconcile them. (Input all amounts as positive values. Do not round intermediate calculations.) What is the plug variable?
Answer:
Go up...Explanation:
d Discuss whether or not an increase in income will cause an increase in spending. (8)
You need to discuss the question with 2 points for and 2 points against the argument
Answer:
It depends on the individual.
Explanation:
Increase income will leads to increase in spending because more money is available to spend on luxurious items. There are two types of people on the world. First are those who spends more with the increase of income, while on the other hand, the second type of people can save money when their income increases. So we can say that it depends on the type of people, if the people belongs to first type then we can say that income will cause an increase in spending.
Calculate the unit product cost under absorption costing using the following information.
Direct materials: $50/unit
Direct labor: $75/Unit
Variable manufacturing overhead:$27/Unit
Fixed manufacturing overhead: $30,000
Units produced: 10,000
Units sold: 6,000
Answer:
See below
Explanation:
With regards to the above, the unit product cost is calculated as;
= Fixed manufacturing overhead / units produced
Given that;
Fixed manufacturing overhead = $30,000
Unit produced = 10,000
Then,
Units product cost under absorption costing ;
= $30,000 / 10,000
= $3 unit product cost under absorption costing
Q2. Describe three roles of the Government in a Planned or Command Econom
What are some of its function?
Answer:
Three roles of government in a planned economy:
*Planning economic activity: in a planned or command economy, the government actually plans the economy, in the sense that it determines the amount of goods and services to be produced an distributed over a period of time. In the Soviet Union for example, this period of time was of 5 years.
*Owning businesses: in planned or command economies, most or all firms are public, since private property usually does not exist in this type of economices. These firms tend to have a high degree of government control, where directly in the form of government ownership, or indirectly.
*Setting prices: a key characteristic of a planned economy is that prices are set beforehand. They are not left for the market to decide.
what is economics as a social science
The empirical study of the possession, use, and exchange of scarce resources is known as economics, or scarcity science. Since it employs scientific methods to develop ideas that can better explain the behavior of individuals, communities, and organizations, economics is considered a social science.
discribe the characteristic of Functional project organization ?
Explanation:
It consists of a group of individuals which may be large or small. The group of individuals work under the direction of executive leadership. It establishes definite relationship between the divided units. It is established for the attainment of common objective.
Which of the following is not barrier to entrepreneurship ; lack of technical skills, political instability, technical knowledge, time pressure and distraction
Answer:
Technical knowledge
Select all of the examples of a scenario in which the firm is demonstrating financial weakness.
a. An ROA of 0.7 when the industry average is 1.4.
b. A current ratio of 0.5.
c. An ROE of 1.4 when the industry average is 1.15.
d. A quick ratio above the industry average of 0.9.
e. A fixed asset ratio of 0.6 when the industry average is 1.1.
f. A debt capital ratio of 0.7 when the industry average is 0.15
Answer:
a. An ROA of 0.7 when the industry average is 1.4
b. A current ratio of 0.5.
f. A debt capital ratio of 0.7 when the industry average is 0.15
e. A fixed asset ratio of 0.6 when the industry average is 1.1
Explanation:
A return on the asset ration may be a profitable ratio that indicates the efficiency of the usage of the assets in any business. When the ratio is higher it is better. A lower ratio shows the financial weakness of a firm for utilizing the assets.
A 0.7 debt ratio that is higher than the industry average represents a higher leverage and the higher solvency risk.
The 0.6 fixed asset ratio shows a lower utilization of the fixed assets in the generation of the turnover. Hence, it shows a financial weakness.
Current ratio represents the coverage of the current assets for the meeting of a short term obligations. The ratio is desired to be 2.
Ratio of 0.5 shows a current asset that is not sufficient for meeting the current liabilities.
Cupola Fan Corporation issued 10%, $400,000, 10-year bonds for $385,000 on June 30, 2018. Debt issue costs were $1,500. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2019), the corporation exercised its call privilege and retired the bonds for $395,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs.Required:1. Prepare the journal entry to record the issuance of the bonds.2. Prepare the journal entries to record the payment of interest and amortization of debt issue costs on December 31, 2018.3. Prepare the journal entries to record the payment of interest and amortization of debt issue costs on June 30, 2019.4. Prepare the journal entry to record the call of the bonds.
Answer:
1. June 30,2018
Dr Cash $383,500
Cr Bonds Payable $383,500
2. December 31,2018
Dr Interest Expense $20,825
Cr Bonds Payable $825
Cr Cash $20,000
3. June 30,2019
Dr Interest Expense $20,825
Cr Bonds Payable $825
Cr Cash $20,000
4. July 1,2019
Dr Bonds Payable $385,150
Dr Loss on retirement of Bonds $9,850
Cr Cash $395,000
Explanation:
1. Preparation of the journal entry to record the issuance of the bonds
For the Year 2018 & 2019
June 30,2018
Dr Cash $383,500
Cr Bonds Payable $383,500
($385,000-$1,500)
(Being To Record the issuance of Bonds)
2. Preparation of the journal entries to record the payment of interest and amortization of debt issue costs on December 31, 2018
December 31,2018
Dr Interest Expense $20,825
Cr Bonds Payable $825
Cr Cash $20,000
($400,000×10/100×6/12)
(Being To Record the Interest Expense)
3. Preparation of the journal entries to record the payment of interest and amortization of debt issue costs on June 30, 2019
June 30,2019
Dr Interest Expense $20,825
Cr Bonds Payable $825
Cr Cash $20,000
($400,000×10/100×6/12)
(Being To Record the Interest Expense)
4. Preparation of the journal entry to record the call of the bonds.
July 1,2019
Dr Bonds Payable $385,150
($383,500+$825+$825)
Dr Loss on retirement of Bonds $9,850
[$395,000-($383,500+$825+$825)]
Cr Cash $395,000
(Being To Record the early retirement of Bonds)
Calculations for the Amortization of Debt cost
First step is to calculate the Total cost incurred on issuance of Bonds Payable
Total cost incurred on issuance of Bonds Payable=($15,000+$1,500)
Total cost incurred on issuance of Bonds Payable=$16,500
Second step is to calculate The cost amortize annually
Cost amortize annually=($16,500×10/100)
Cost amortize annually=$1,650
Third step is to calculate the Amortization cost on December 31,2018 & June 30,2019
Amortization Cost for 6 months=($1,650×6/12)
Amortization Cost for 6 months=$825
The following information relates to a product produced by Bayfield Company:Direct materials $50Direct labor 35Variable overhead 30Fixed overhead 40Unit cost $155Fixed selling costs are $1,000,000 per year. Although production capacity is 900,000 units per year, Bayfield expects to produce only 800,000 units next year. The product normally sells for $180 each. A customer has offered to buy 60,000 units for $150 each. The customer will pay the transportation charge on the units purchased.Requirements:1) Compute the effect on income if Bayfield accepts the special order.2) If Bayfield accepts the special order, how much could normal sales drop before all of the differential profits disappear?
Answer:
1. Effect on Income = Additional Order*(Purchase Price - (Direct Material + Direct Labor + Variable Overhead))
Effect on Income = 60,000*(150 - (50+35+30))
Effect on Income = 60,000*(150 - 115)
Effect on Income = 60,000 units * $35
Effect on Income = $2,100,000
Net Income would increase by $2,100,000
2. Drop in Sales = Increase in Net Income/(Normal Sales Price - Total Variable Costs)
Drop in Sales = $2,100,000/(180 - 115)
Drop in Sales = $2,100,000/65
Drop in Sales = 32307.69231
Drop in Sales = $32,307.69
Which descriptions offer examples of Management and Entrepreneurship workers? Check all that apply.
Mona teaches potential customers how to use a product.
Bess supervises workers who help to improve the public’s perception of a company.
Julius organizes and oversees a company’s purchasing activities.
Charlie plans and arranges merchandise displays.
Debbie oversees the content of a website for a company that sells its product online.
Angelo directs the work of a company’s sales workers.
Answer:
bcf
Explanation:
edge 2021
Descriptions that offer examples of Management and Entrepreneurship workers are:
Bess supervises workers who help to improve the public’s perception of a company.Julius organizes and oversees a company’s purchasing activities.Angelo directs the work of a company’s sales workers.What is Entrepreneurship?The production or extraction of economic value is referred to as entrepreneurship. According to this definition, entrepreneurship is considered a transformation that often involves greater risk than is typical when beginning a firm and may also involve values other than just financial ones. A person who starts and/or invests in one or more enterprises, taking on the majority of the risks and reaping the majority of the gains, is referred to as an entrepreneur.
Entrepreneurship is the practice of starting a business. The entrepreneur is frequently viewed as an innovator, a source of fresh concepts for products, services, businesses, and operational methods. A person or organization that has the capacity to transform inventions or technology into goods and services is referred to in the economics literature as an entrepreneur.
Learn more about Entrepreneurship here:
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critics of classical management theory
Choose the investments that would BEST foster economic growth
A)
investment in capital
B)
investment in technology
C)
investment in commodities
D)
investment in savings accounts
E)
investment in digital currency
Answer:is a & b
Explanation:
I just took the test
Information of Company X:
Sales $160,000
Net income Dividends $12,400
Dividends $8,200
Total debt $64,000
Total equity $54,000
Required:
a. Calculate Company X's sustainable growth rate
b. In question (ii), we assume that Company X's management wants to maintain a constant debt-equity ratio and in the next year, the growth rate of Company X is what we've calculated in question (i).Calculate the amount of new debt that Company X has to take.
c.If Company X's management does not want any external financing, what would be the growth rate
Answer:
a. Calculate Company X's sustainable growth rate
sustainable growth rate = retention rate x return on equity
retention rate = ($12,400 - $8,200) / $12,400 = 33.87%
ROI = $12,400 / $54,000 = 22.96%
g = 33.87% x 22.96% = 7.78%
b. In question (ii), we assume that Company X's management wants to maintain a constant debt-equity ratio and in the next year, the growth rate of Company X is what we've calculated in question (i).Calculate the amount of new debt that Company X has to take.
I will assume that the whole debt is current debt and it changes proportionally as the company's sales grow.
EFN = ($118,000/$160,000) x ($12,448) - ($64,000/$160,000) x ($12,448) - (0.0775 x $172,448 x 0.0778) = $9,180 - $4,979 - $1,040 = $3,161
c. If Company X's management does not want any external financing, what would be the growth rate
ROA = $12,400 / $118,000 = 10.51%
Internal growth rate = (10.51% × 33.87%) / [1 - (10.51% × 33.87%)] = 3.56% / 0.9644 = 3.69%
Can someone please help me on this
Answer:
The question that corresponds to this is
Explanation:
Brent called insurance companies and got insurance quotes for the three trucks. Both the 1996 Ford F150 and the 1998 Chevy 1500 were quoted for $250 and the 2000 Toyota Tundra was quoted for $245. To help Brent make his decision gather some more reliable information by using newspapers, or looking at their Web sites, and reviewing consumer magazines and Web sites. Also, look at the manufacturer Web site or www.fueleconomy.gov for information about gas mileage. List the sources you use and include the notes you take from each source.
2. When the price of good A rises, people start to drink good B. In this case, what is good B considered?
a. A luxury good
b. A complementary good
C. A substitute good
d. A normal good
describe a real or made up but realistic situation in which you would want to use noninstallment credit 2-4 sentences
Answer:
Kindly check explanation
Explanation:
The noninstallment credit as the name implies can be explained as a certain type of loan whereby the borrower agrees to pay the full amount borrowed within a certain period of time. Usually noninstallment credit usually have a lower interest percentage than installment credit. This may be because for noninstallment credit, the borrower will be the full amount at once.
A scenario where considering a noninstallment credit may be in the purchase of a small piece of land in which the money to offset such purchase has been tarbeted at a particular income which is expected at the end of the month. One can apply for a noninstallment credit for the purchase if the land bearing in mind that onve the expected income drops, the full credit will be repayed.
The American Marketing Association Statement of Ethics identifies six key aspirational
ethical values, one of which is
Select one:
a. diversity.
b. integrity.
c. perseverance.
d. charity.
e. openness.
Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all.
1. Legally restricted gains.
2. Expenses reported by functional classification.
3. Contributions of services that do not create or enhance nonfinancial assets or require special skills.
4. Costs of collection items not capitalized by the NFP.
5. Board-designated endowment.
6. Expenses reported by natural classification.
7. Conditional promise to give if the barrier has not been overcome.
8. Unconditional promises to give cash with amounts due in future periods.
9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset.
10. Investment return on a donor-restricted perpetual endowment fund with no donor restriction on the investment return, which has not been appropriated by the governing board.
11. Losses on an underwater endowment fund.
a. Net Assets without Donor Restrictions
b. Net Assets with Donor Restrictions
c. Net Assets without Donor Restrictions or Net Assets with Donor Restrictions
d. Temporarily Restricted Net Assets
e. Permanently Restricted Net Assets
f. No Effect on Net Assets
Answer:
1. Legally restricted gains
Classification: Net Assets without Donor Restrictions
2. Expenses reported by functional classification
Classification: Net Assets without Donor Restrictions
3. Contributions of services that do not create or enhance nonfinancial assets or require special skills
Classification: No Effect on Net Assets
4. Costs of collection items not capitalized by the NFP
Classification: No Effect on Net Assets
5. Board-designated endowment
Classification: Net Assets without Donor Restrictions
6. Expenses reported by natural classification
Classification: Net Assets without Donor Restrictions
7. Conditional promise to give if the barrier has not been overcome
Classification: No Effect on Net Assets
8. Unconditional promises to give cash with amounts due in future periods
Classification: Temporarily Restricted Net Assets
9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset
Classification: Net Assets with Donor Restrictions
10. Investment return on a donor-restricted perpetual endowment fund with no donor restriction on the investment return, which has not been appropriated by the governing board
Classification: Net Assets with Donor Restrictions
11. Losses on an underwater endowment fund
Classification: Net Assets with Donor Restrictions