Answer:
a range of income level that is taxed at a certain percentage.
The unit product cost under absorption costing does not include fixed manufacturing overhead cost.
True
False
Answer:
true!
Explanation:
sales dollars are about appropriate allocation base for selling, general, and administrative expenses.
Suppose that nominal GDP increases to $30,000, and the GDP deflator increases to 105. What is real GDP? Round your answer to the nearest cent.
Question 7 (3 points)
All of the following are necessary functions of a government EXCEPT?
1) providing a legal system to enforce laws and protect property rights
2) maintaining competition by regulatingg monopolies
3) promoting economic growth at the expense of employment and inflation
4) providing goods that private companies cannot provide
The function of the government does not include 4) providing goods that private companies cannot provide
Functions of government:It gives the legal system for enforcing the laws and protecting property rights. It maintained the competition via regulating the monopolies.Also, it gives the economic growth.Read more about the government here: https://brainly.com/question/24479311
entrepreneur are usually positive thinker and decision maker why? help me
Answer:
Entrepreneurs are usually positive thinkers because they have to find business opportunities in the market, and materialize them into economic profit. They need to have some degree of positive belief in order to take the steps necessary to materialize their business ideas.
They also have to be good decision makers because entrepreneurship and running a business are all about taking good decisions that help the firm adapt to the market and stay afloat.
What is the underlying premise of the resource-based view? Group of answer choices Firms generally have very similar capabilities stemming from almost identical resources Imitation of resources is the best way to achieve competitive advantages Firms differ in fundamental ways because each firm possesses a unique bundle of resources Firms' intangible resources can be very difficult to imitate
Answer:
Firms differ in fundamental ways because each firm possesses a unique bundle of resources
Explanation:
The resource-based view can be regarded as managerial framework utilized in finding strategic resources that can be exploited by a firm so that sustainable competitive advantage can be achieved. It should be noted that the underlying premise of the resource-based view is that Firms differ in fundamental ways because each firm possesses a unique bundle of resources
Weisman, Inc. uses activity-based costing as the basis for information to set prices for its six lines of seasonal coats.
Activity Cost Pools Estimated Overhead Expected Use of Cost Drivers per Activity
Designing $444,000 13,000 designer hours
Sizing and cutting 4,210,000 169,000 machine hours
Stitching and trimming 1,490,000 75,500 labor hours
Wrapping and packing 332,000 32,000 finished units
Compute the activity-based overhead rates using the following budgeted data for each of the activity cost pools.
Answer:
Results are below.
Explanation:
To calculate the activities rate, we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Designing= 444,000/13,000= $34.15 per designer hour
Sizing and cutting= 4,210,000 / 169,000= $24.91 per machine hour
Stitching and trimming= 1,490,000 / 75,500= $19.73 per labor hour
Wrapping and packing= 332,000 / 32,000= $10.38 per finished unit
Rob creates a Product_Details table that has four columns: Product _ID, Product_Name, Category, Price and Discount. A product may have a 10% discount if it is on sale. Which field should Rob assign as a primary key in the table?
Rob should assign the field as the primary key in this table. Ok
who is the latest president of America?
Describe how the 4 functions of management (planning, Organizing, Leading and Controlling relate to each other
What are some qualities that Glass Blowers need? Check all that apply. And have a Bless day and God bless you all <3
_______________________________________________________
A.) steady hands
B.) strength
C.) leadership
D.) computer literacy
E.) kindness
F.) care
Answer:
A,B,F
Explanation:
They are three are some qualities that Glass Blowers need are:
steady handsstrengthcomputer literacyWhat is Glass Blowers?The term Glass Blowers was the particular type of the art are the used the technique on the artist. It was the techniques id the prepare and shape their glass bowls and the deep of the object. It was the oldest method to used in the artist.
The techniques of the making the glass blowers is the variety of the shapes and the sizes. The another name is the gaffer, blacksmith, and the glassblower. They are the several qualities of the Glass Blowers need are steady hands, strength, computer literacy.
As a result, the significance of the Glass Blowers are the aforementioned. Therefore, option (a), (b) and (f) is correct.
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Leader Corporation Company uses a job-order costing system with a single plantwide pre-determined overhead rate based on machine-hours. The 98554-CZ company based its pre-determined overhead rate for the current year on the following data:
Total machine-hours 50,000
Total fixed manufacturing overhead cost $400,000
Variable manufacturing overhead per machine-hour $6
Recently, Job D168 was completed with the following characteristics:
Number of units in the job 40
Total machine-hours 100
Direct materials $750
Direct labor cost $2,750
If the company marks up its unit product costs by 60% then the selling price for a unit in Job D168 is closest to:____.
a. $2,505.
b. $3,025.
c. $1,185.
d. $2,360.
Answer:
Selling price per unit= $196
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (400,000 / 50,000) + 6
Predetermined manufacturing overhead rate= $14 per machine hour
Now, we can allocate overhead and calculate the total cost:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 14*100= $1,400
Total cost= 1,400 + 750 + 2,750
Total cost= $4,900
Finally, the selling price per unit:
Unitary cost= 4,900/40= $122.5
Selling price= 122.5*1.6
Selling price= $196
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:
The Gorman Group End-of-Period Spreadsheet
For the Year Ended October 31, 20Y9
Adjusted Trial Balance
Account Title Dr. Cr.
Cash $17,700
Accounts Receivable 38,530
Supplies 6,020
Prepaid Insurance 13,000
Land 137,000
Buildings 493,000
Accumulated Depreciation-Buildings 160,400
Equipment 356,000
Accumulated Depreciation-Equipment 208,900
Accounts Payable 45,570
Salaries Payable 4,520
Unearned Rent 2,050
Common Stock 205,000
Retained Earnings 380,780
Dividends 34,200
Service Fees 649,860
Rent Revenue 6,860
Salaries Expense 465,890
Depreciation Expense-Equipment 25,300
Rent Expense 21,200
Supplies Expense 14,990
Utilities Expense 13,550
Depreciation Expense-Buildings 9,030
Repairs Expense 7,460
Insurance Expense 4,090
Miscellaneous Expense 6,980
1,663,940 1,663,940
Required:
1. Prepare an income statement.
Prepare a statement of owner's equity (no additional investments were made during the year.)
Prepare a balance sheet.
2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank.
3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss?
Answer:
Income Statement
Revenue
Service Fees $649,860 Rent Revenue $6,860 $656,720
Expenses:
Salaries Expense ($465,890 )Depreciation Expense ($34,330) Rent Expense ($21,200) Supplies Expense ($14,990) Utilities Expense ($13,550 )Repairs Expense ($7,460 )Insurance Expense ($4,090 )Miscellaneous Expense ($6,980) ($568,490)Net income $88,230
Statement of owner's equity
Beginning common stock $205,000
Beginning retained earnings $380,780
Net income $88,230
Subtotal $674,010
Dividends ($34,200)
Ending balance common stock $205,000
Ending balance retained earnings $434,810
Dr Income summary 656,720
Cr Service Fees 649,860
Cr Rent Revenue 6,860
Dr Salaries Expense 465,890
Dr Depreciation Expense 34,330
Dr Rent Expense 21,200
Dr Supplies Expense 14,990
Dr Utilities Expense 13,550
Dr Repairs Expense 7,460
Dr Insurance Expense 4,090
Dr Miscellaneous Expense 6,980
Cr Income summary 568,490
Dr Retained earnings 88,230
Cr Income summary 88,230
Dr Dividends 34,200
Cr Retained earnings 34,200
Net loss = $60,970
true or false the majority of managerial communication is written in one form or another.
Explanation:
One form of verbal communication is called paralanguage.
True or False
False
The income statement for Sweet Dreams Company is divided by its two product lines, blankets and) pillows, as follows:
Blankets Pillows Total
Sales revenue $620,000 $300,000 $920,000
variable expenses 465,000 240,000 705,000
Contribution margin 155,000 60,000 215,000
Fixed expenses 76,000 76,000 152,000
Operating income(loss) 79,000 (16,000) 63,000
Sweet Dreams is considering eliminating the pillow product line. If they do so, they will be able to eliminate $76,000 of total fixed costs. In that event, how would that business decision impact operating income?
A) Increase $42,000
B) Increase $76,000
C) Decrease $60,000
D) Increase $16,000
Answer:
Effect on income= $16,000 increase
Explanation:
Giving the following information:
Pillows
Sales revenue $300,000
variable expenses 240,000
Contribution margin 60,000
Fixed expenses 76,000
Operating income(loss) (16,000)
To calculate the effect on income, we need to use the following formula:
Effect on income= avoidable fixed costs - contribution margin
Effect on income= 76,000 - 60,000
Effect on income= $16,000 increase
Josie is the CRM manager for a toy company. Under what pathway in the Marketing, Sales, and Services career cluster would Josie's job fall?
A. Merchandising
B. Marketing Management
C. Professional Sales
Answer:
B. Marketing Management
Explanation:
Marketing management is a process in which the planning and execution of pricing, promotion, distribution, goods & services in order to exchange and satisfy the individual and organization goals & objectives. It also involved the marketing, sales and services
Therefore option b is correct
Answer:
B
Explanation:
just took the test<3
The following information is available for Splish Brothers Corp. for the year ended December 31, 2022.Other revenues and gains 23,600other expenses and losses 4,000costs of good sold 291,000sales discount 4,800sales revenue 759,000operating expenses 220,000sales returns and allowances 10,600Prepare a multiple-step income statement for Splish Brothers Corp. The company has a tax rate of 25%.
Answer:
Splish Brothers Corp.
Multiple-step income statement for the year ended December 31, 2022.
Sales Revenue 759,000
Less sales returns and allowances (10,600)
Net Sales 748,400
Less Costs of Good Sold (291,000)
Gross Profit 457,400
Less Operating Expenses
Operating expenses 220,000
Sales discount 4,800 (224,800)
Operating Profit 232,600
Less Non - Operating Expenses
Other revenues and gains (23,600)
Other expenses and losses 4,000 19,600
Net Profit before tax 252,200
Income tax expense (63,050)
Net Profit after tax 189,150
Explanation:
Multiple-step income statement shows separately the income generated from Primary activities and that generated from Secondary activities as above.
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How is per capita output determined and used?
Answer:
Real GDP per capita is a measurement of the total economic output of a country divided by the number of people and adjusted for inflation.
Explanation:
I'm not sure if this is what you were looking for but this is my answer.
Presented below are income statements prepared on a LIFO and FIFO basis for Sunland Company, which started operations on January 1, 2019. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2020. The FIFO income statement is computed in accordance with the requirements of GAAP. Sunland’s profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored.
LIFO BASIS FIFO BASIS
2017 2016 2017 2016
sales 3000 3000 3000 3000
cost of good sold 1130 1000 1100 940
operation expenses 1000 1000 1000 1000
incomebefore profit sharing 870 1000 900 1060
porfit sharing expense 87 100 96 100
net income 783 900 804 960
Instructions:
A) If comparative income statements are prepared, what net income should Kenseth report in 2016 and 2017?
B) Explain why, under the FIFO basis, Kenseth reports $100 in 2016 and $96 in 2017 for its profit sharing expense.
C) Assume that Kenseth has a beginning balance of retained earnings at January 1, 2017, of $8,000 using the LIFO method. The company declared and paid dividends of $500 in 2014. Prepare the retained earnings statement for 2017, assuming that Kenseth has switched to the FIFO method.
Solution :
A. Kenseth Company
Income Statement (for the year ended)
2017 2016
Sales 3000 3000
Cost of goods sold 1100 940
Operating expenses 1000 1000
Income before profit sharing 9000 1060
Profit sharing expense 96 100
Net Income $ 804 $ 960
The company must report [tex]$\$ \ 100$[/tex] as profit sharing expense in 2016, even though, profit sharing of expense may be [tex]$\$ \ 106$[/tex] if FIFO had been used in the year 2016.
B. The profit sharing of expense reflects the indirect effect of the change in an accounting principle. Under the SFAS No. 154, the indirect effects from period before the change are recorded in the year of the change.
In this case, profit sharing expense recorded in the year 2007 is composed of :
$ 900 x 10% = $ 90 (year 2017 under the FIFO)
$ 60 x 10% = $ 6 (difference in the profit sharing for the year 2016)
Net = $ 96 (profit sharing expense for the FIFO in year 2017)
C. Retaining earnings statement of 2017
Retained earning, Jan 1 as reported $ 8000
Cumulative effect of the change to [tex]$FIFO$[/tex] ($960 - $900) $ 60
Retained earnings , Jan 1, as adjusted $ 8060
Add [tex]$:$[/tex] Net income [tex]$\$ \ 804$[/tex]
Deduct [tex]$:$[/tex] Dividends $ 500
Retained earnings, Dec 31 $ 8364
John Rawls owns and operates Philosophical Consulting, Inc. During 2019 and 2020 he made the following purchases of assets for use in the business:
Asset Date of Purchase Cost
Office Furniture 5/1/2019 $100,000
Computer System 9/15/2020 $500,000
In addition, his business income before any cost recovery deduction in 2020 is $350,000. Prior to 2020, he only used regular MACRS depreciation for all purchases. However, at the beginning of 2020 he decides to take the maximum deduction possible for all new purchases. Ignore any excess business or net operating loss limitations.
Required: What is the 2020 cost recovery deduction for Philosophical Consulting, Inc?
Answer:
The right solution is "600000".
Explanation:
The given values are:
Cost of office furniture,
= $100,000
Cost of the computer system,
= $500,000
The changed MACRS enables a company to reduce the mortgage balance of such deteriorating properties over time.Throughout the very first years, MACRS permits quicker depreciation although subsequently slows down depriving. This seems to be fantastic for corporations from a tax point of view.Now,
The cost recovery deduction will be:
= [tex]Office \ furniture+Computer \ system[/tex]
On substituting the values, we get
= [tex]100000+500000[/tex]
= [tex]600000[/tex]
Explain the relationship between the FAFSA, the SAR, and the EFC.
Explanation:
The SAR summarizes the information you provided on the FAFSA, and indicates the Expected Family Contribution (EFC). The EFC is the amount of money your family will be expected to contribute to your education. ... The lower your EFC, the more financial aid you will get.
Hope it helps
:>
EFC is an index number that is used to determine the eligibility for federal student financial aid, this number results from the financial information will be provided in FAFSA, then it will be reported on SAR.
What are the FAFSA, the SAR, and the EFC?FAFSA refers to the Free Application for Federal Student Aid, form that is filled by the college students to determine their eligibility for student financial aid in the United States.
SAR refers to the Student Aid Report is a document that gives the basic information about the student's eligibility for federal financial aid.
EFC refers to the Expected Family Contribution is an estimate of a student's eligibility for federal student financial aid.
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A small foundry agrees to pay $420,000 three years from now to a supplier for a given amount of coking coal. The foundry plans to deposit a fixed amount in a bank account every three months, starting three months from now, so that at the end of three years the account holds $420,000. If the account pays 8.5% APR compounded monthly, how much must be deposited every three months?
a. $31,069.
b. $28,473.
c. $47,943.
d. $35,389.
Answer:
The correct answer is A.
Explanation:
Giving the following information:
Future Value= $420,000
Number of periods (n)= 4*3= 12 quarters
Interest rate (i)= 0.085/4= 0.0213
To calculate the quarterly deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= quarterly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (420,000*0.0213) / [(1.0213^12) - 1]
A= $31,086.79
What are the challenges of Micro, Market and Macro environments?
Explanation:
Micro Environnement : Difficult employees
lack of visions and mission
lack of adequate management skills
Market : Competition
Shortage of supply
Macro : Change in income levels
labour restrictions
The challenges of the Micro environment are
Hardened and difficult workers.Lack of objectives and goals.Lack of appropriate management skills.The challenges of the Macro environment are:Change in the level of income of people.Restriction of labor supplyThe challenges that affect the market environmentLots of market competitionShortage of goods supplyRead more on macro environment here:https://brainly.com/question/26755809
When bonds are converted into common stock____.
a. the market price of the stock and the bonds is ignored when recording the conversion.
b. gains or losses on the conversion are recognized.
c. the market price of the stock on the date of conversion is credited to the Common Stock account.
d. the market price of the bonds on the date of conversion is credited to the Common Stock account.
Answer:
When bonds are converted into common stock____.
a. the market price of the stock and the bonds is ignored when recording the conversion.
Explanation:
This is because the conversion price, which is the price at which the convertible bond is converted into the common stock of the entity, is usually set initially when the conversion ratio is first decided on. Therefore, the market prices of the stock and the bonds are not taken into account when the conversion recording is being done.
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Be sure to use COMPLETE sentences when answering the following questions.
1. Compare the United States with the rest of the world, in land size, population and output of
goods and services.
Answer:
The united states are the third-largest country in the world is bigger than most countries so there are a lot more land resources and that also means that there is a big population, unlike other countries, where it has less workforce. There are also some goods and service output including vegetables & fruit.
Explanation:
I hope that helps?
Amber works as an insurance claims agent in charge of assisting policyholders when an accident has occurred. What task might Amber perform as part of her job?
A. buying and selling stocks for her clients
B. running an analysis of a small business's spendings
C. recording items damaged in a house fire
Answer:
the answer would be B
Explanation:
please tell me if im wrong or right
Answer:
B
Explanation:
Needs and wants are limited, you are only limited by your mind. If you can imagine it, then your business can provide it.
A: True
B: False
When you listen carefully to directions you are given, it saves time for _________.
a.
Yourself
b.
The speaker
c.
Both of you
d.
Neither of you
Do you agree that the social media channels and content creation technology consumers have at their disposal is actually a good thing as the speaker says? Why or why not?
Answer: Guy on the top is so wrong
explain the difference between a flat tax and a graduated income tax. in your own words.
Answer:
flat tax is a set percentage that dies not change
graduated tax changes according to the amount being taxed. usually, the higher the amount, the higher the tax rate is.
Rosa’s employer has instituted a flexible benefits program. Rosa will use the plan to pay for her daughter’s dental expenses and other medical expenses that are not covered by health insurance. Rosa is in the 25% marginal tax bracket and estimates that the medical and dental expenses not covered by health insurance will be within the range of $3,000 to $5,000. Her employer’s plan permits her to set aside as much as $5,000 in the flexible benefits account. Rosa does not itemize her deductions.a. Rosa puts $3,000 into her flexible benefits account, and her actual expenses are $5,000. What is her cost of underestimating the expenses?b. Rosa puts $5,000 into her flexible benefits account, and her actual expenses are only $3,000. What is her cost of overestimating her expenses?c. What is Rosa’s cost of underfunding as compared to the cost of overfunding the flexible benefits account?d. Does your answer in part (c) suggest that Rosa should fund the account closer to the low end or to the high end of her estimates?
Answer:
a. $500
b.) $1500
Explanation:
a.)
cost of underestimating the expenses:
= (5000-3000) * marginal tax bracket
= 2000 * 0.25
= $500
b.)
cost of overestimating the expenses
(1-tax rate of 25%) * (5000-3000)
= 1 - 0.25 * 2000
= 0.75 * 2000
= $1500
c.
overfunding cost is 75 percent loss multiplied by the overfunding amount. The underfunding cost is 25 percent loss multiplied by the underfunded amount. this goes to show that the underfunding is 1/3 of overfunding. 1-third of 0.75 = 0.25
d.
She should fund account closer to lower end