Which of the following is NOT considered a step in activity-based costing?
A. Trace or allocate overhead costs to activity cost pools.
B. Identify and classify the major activities involved in the manufacture of specific products.
C. Identify a single overhead rate as the predetermined overhead rate.
. The overhead traced or allocated to the activity cost pools is assigned to products using cost drivers.

Answers

Answer 1

Answer: C. Identify a single overhead rate as the predetermined overhead rate.

Explanation:

Activity based costing works by assigning indirect and overhead costs to the activities that caused the costs to be incurred and then assigning those activities to the products those activities helped produce such that indirect and overhead costing is more accurate.

The steps involved include, tracing and allocating overhead costs to activity coat pools, identifying and classifying the major activities involved in the manufacture of specific products, and assigning overhead costs to products based on cost drivers.

It does not include identifying a single overhead rate as the predetermined overhead rate. This is a step is in Standard Costing.


Related Questions

(A) What makes Blue Ocean strategy imperative in planning your business start-up?
(B) Identify a real company that has successfully created a Blue Ocean & explain your response
(C) Are Blue Oceans only relevant for start-ups? Why or why not?

Answers

Answer and Explanation:

Nowadays start-ups ate driven by innovation which is termed blue ocean strategy. With blue ocean strategy there is low competition and low prices and a sort of monopoly as the business is able to open a new market space through product differentiation, uniqueness and innovation

Airbnb is an example of a blue ocean strategy startup that has attained Unicorn level. They have been able to do this because of their innovative business model that connects people that wish to rent a home or space with people who are renting

Blue ocean strategies are not only relevant for start-ups as they could be applied to other businesses too since any business can create market space using innovation. However they are crucial for start-ups who wish to create market and survive

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Here is some basic data for Honey Dukes Corporation:
Beginning raw materials inventory
Beginning finished goods inventory
Cost of direct materials requisitioned
Actual manufacturing overhead
Cost of goods sold
$37,000 Beginning work in process inventory
59,000 Cost of materials purchased
87,000 Direct labor incurred
195,000 Completed goods
255,000 Manufacturing overhead rate (% of
direct labor)
68,000
188,000
195,000
287,000
125%
The journal entry to record the cost of jobs sold would include a
O credit to Finished Goods Inventory account for $255,000.
debit to Finished Goods Inventory account for $255,000.
O credit to Finished Goods Inventory account for $287,000.
debit to Cost of Goods Sold account for $287,000.

Answers

For Honey Dukes Corporation, a debit of $287,000 from the Cost of Goods Sold account and a credit of the same amount to the Finished Goods Inventory account would be the appropriate journal entry to reflect the cost of jobs sold.

Record the journal entry.

For Honey Dukes Corporation, the correct journal entry to represent the cost of jobs sold would be a debit of $287,000 from the Cost of Goods Sold account and a credit of the same number to the Completed Products Inventory account. This is because the cost of products sold, which accounts for the price of all things sold during the time and includes the cost of direct material and direct, direct labour, and manufacturing overhead. The finished products inventory account reflects the cost of all produced goods available for sale but not yet purchased. The cost is thus transferred from the finished products inventories account to the cost of goods sold column when the goods are sold.

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Use the following two links to answer the following questions: Nominal Wages (W) Price index CPI (P) a) (5 points) Calculate the real wage (W/P) the first month of the recession 12/07 and compare it to the last month of the recession 6/09. What is the percent change in the real wage during this most recent recession

Answers

Answer:

3.45%

Explanation:

the real wage at the beginning of the recession (12/07) = nominal wage / price index Dec. 2007 = $17.70 / 2.1141 = $8.3721

the real wage at the end of the recession (6/09) = nominal wage / price index June 2009 = $18.53 / 2.14527= $8.6609

% change in real wage = [($8.6609 - $8.3721) / $8.3721] x 100 = 3.44955% = 3.45%

Due to the recession, the price index changed less than the nominal wages since the inflation rate was very low. It is normal that during recessions, specially severe ones, the inflation rate decreases or even turns negative (what happened in Europe in those years).

Last year there was no change in either the raw materials or the work in process beginning and ending inventories. However, finished goods, which had a beginning balance of $25,000, increased by $15,000. If the manufacturing costs incurred totaled $600,000 during the year, the cost of goods available for sale must have been:

Answers

Answer:

cost of goods available for sale= $625,000

Explanation:

Giving the following information:

Finished goods beginning balance= $25,000

Total manufacturing costs= $600,000

To calculate the cost of goods available for sale, we need to use the following formula:

cost of goods available for sale= finished goods beginning balance + total manufacturing goods

cost of goods available for sale= 25,000 + 600,000

cost of goods available for sale= $625,000

In 2021, Holyoak Inc. offers a coupon for $15 off qualifying purchases of its new line of products. Holyoak sold 10,600 of these products during the year. By year-end of 2021, 7,700 coupons had been redeemed and the $15 reduction of purchase price provided to customers. Holyoak's historical experience with such coupons indicates that 80% of customers use the coupon. Holyoak recognizes coupon expense in the period coupons are issued. What is the expense that Holyoak should report for its promotional coupons in its 2021 income statement

Answers

Answer: $127200

Explanation:

Promotional codes are simply the alphanumeric strings which are offered by online stores in order to encourage purchases. It is a marketing strategy

Based in the information provided in the question, the expense that Holyoak should report for its promotional coupons in its 2021 income statement will.be calculated as:

= $10,600 × 80% × $15

= $10,600 × 0.8 × $15

= $127200

A large corporation has accrued a lot of debt over the last two years in an
effort to expand its business. While they have gained new customers, they
still aren't making enough money to pay off their debt. Which type of
bankruptcy would this company likely want to file?
A. Chapter 13
B. Chapter 7
C. Chapter 1
D. Chapter 11
Someone help plz

Answers

Answer:

D. Chapter 11

Explanation:

Apex

A broad differentiation strategy works best in situations where Select one: A. buyers have a low degree of bargaining power and purchase the product frequently. B. buyers incur low costs in switching their purchases to rival brands. C. technological change is slow-paced and new or improved products are infrequent. D. buyer needs and uses of the product or service are diverse. E. buyer needs and uses of the product or service are very similar.

Answers

Answer:

D. buyer needs and uses of the product or service are diverse.

Explanation:

broad differentiation strategy helps company to stand out among her competitors, it involves development of business strategy to carry out activities in the company to increase productivity and low production cost in the company.

It should be noted that broad differentiation strategy works best in situations where buyer needs and uses of the product or service are diverse.

amilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead

Answers

Answer:

a) $ 13000 under applied

b) Cost of goods sold    $ 13,000 Debit

Factory Overhead  $ 13000 Credit

Explanation:

Estimated Manufacturing overhead  $252,000

Actual overhead  $265,000

Estimated Direct labor hours  20,000

Actual direct labor hours 22,200

Actual overhead-Estimated Manufacturing overhead=  $265,000 -$252,000

= $ 13000 under applied

When actual overhead is greater than estimated overhead then it under applied and if estimated overhead is greater than actual it is over applied.

Accounts affected by over and under applied overhead are cost of goods sold and work in process accounts.

The under applied overhead is debited to cost of goods sold account and Factory Overhead is credited to ensure the transfer of the remaining part of the factory overhead.

Similarly over applied overhead is credited to cost of goods sold account and Factory Overhead is debited to ensure the removal of the additional part of the factory overhead from cost of goods sold.

The entry in the above example would be

Cost of goods sold    $ 13,000 Debit

Factory Overhead  $ 13000 Credit

The following information was taken from the accounting records of Light Tool Corporation. Work in process inventory, beginning of the year $ 50,000 Cost of direct materials used 260,000 Direct labor cost applied to production 135,000 Cost of finished goods manufactured 897,750 Overhead assigned to production was $500,000. Compute the amount of the work in process inventory on hand at year-end.

Answers

Answer:

47,250  

Explanation:

The manufacturing costs in the year is the sum of work in process inventory, at the beginning of the year, the cost of direct materials, the direct cost of labor and the overhead assigned to production as computed thus:

manufacturing costs=50,000+260,000+135,000+500,000

manufacturing costs=945,000

amount of the work in process inventory on hand at year-end=manufacturing costs-cost of finished goods manufactured

amount of the work in process inventory on hand at year-end=945,000-897,750= 47,250  

You manage an equity fund with an expected risk premium of 10% and a standard deviation of 14%. The rate on Treasury bills is 6%. Your client chooses to invest $60,000 of her portfolio in your equity fund and $40,000 in a T-bill money market fund. What is the reward-to-volatility (Sharpe) ratio for the equity fund

Answers

Answer: 0.71

Explanation:

The following can be deduced from the question:

Expected risk premium = 10%

Standard deviation = 14%.

Treasury bills rate = 6%.

The expected return of equity will be:

= 10% + 6%

= 16%

The reward to voltality ratio is calculated as:

(expected return - risk free rate )/standard deviation

= (16% -6%)/14%

= 10%/14%

=0.1/0.14

= 0.71

What is the most critical element in successful strategic planning?

Answers

Answer:

top management's support and participation

Explanation:

the most critical or important element for successful strategic planning is the support and participation of top management.

Strategic planning has to do with the management situation that involves the creation and maintenance of a fit that involves a firms goals and resources and also rising market opportunities. it's goal is profitability and growth in the long term.

Here are selected data for Boston Bracing​ Company: Estimated manufacturing overhead ​ $236,800 Factory utilities ​ $30,200 Estimated labor hours ​ 35,000 Indirect labor ​ $22,400 Actual direct labor hours ​ 36,000 Sales commissions ​ $53,700 Estimated direct labor cost ​ $320,000 Factory rent ​ $47,700 Actual direct labor cost ​ $320,200 Factory property taxes ​ $28,100 Factory depreciation ​ $66,000 Indirect materials ​ $33,000 If the company allocates manufacturing overhead based on direct labor​ cost, what are the allocated manufacturing overhead​ costs?

Answers

Answer:

Allocated MOH= $236,948

Explanation:

Giving the following information:

Estimated manufacturing overhead ​ $236,800

Estimated direct labor cost ​ $320,000

Actual direct labor cost ​ $320,200

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= 236,800/320,000

Predetermined manufacturing overhead rate= $0.74 per direct labor dollar

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.74*320,200

Allocated MOH= $236,948

What are some of the reasons businesses fail?

Answers

Answer:

The most common reasons businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

Some of the reasons businesses fail are lack of knowledge, lack of planning, lack of management of resources effectively.

What is business?

An economic activity that involves the exchange of goods and services with the help of buying and selling with the objective to gain some profit is called Business.

A business can possibly fail when there is no planning of things like what to do and how to do it. For a business, to be effective, there should be a plan or roadmap which needs to be followed step by step in order to succeed.

A business will fail when it is unable to manage the capital as well as the workforce effectively and make optimum utilization of it in order to produce and achieve productivity in abundance.

When a business does not have expertise or knowledge about the field as well as current market trends and competitors it will go to fail as it is unable to cope with the trend

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One of the most important assumptions behind the calculation of quick ratio is that: The firm’s accounts receivables can be collected and converted into cash within the time period for which credit was granted The firm’s inventories are highly liquid and can be sold quickly with minimal loss of value to assist in the settlement of the firm’s financial obligations The firm’s accounts receivables will be collected late (after the expiration of the credit period) or are uncollectible

Answers

Answer:

The firm’s accounts receivables can be collected and converted into cash within the time period for which credit was granted

Explanation:

The calculation of the Quick Ratio is done with this formula:

Quick Ratio = ( Current Assets - Inventories ) / Current liabilities.

As we can see, inventories are substracted from the calculation, because, despite being classified as a current asset, they are not so easy to sell off (in other words, inventories are not that liquid).

Accounts receivable are included in the calculation. This is because the formula assumes that receivables can be collected in the same period that the liabilities are due.

The quick ratio is also known as the Acid Test.

The most recent financial statements for Reply, Inc., are shown here: Income Statement Balance Sheet Sales $ 23,600 Assets $ 54,300 Debt $ 20,300 Costs 14,600 Equity 34,000 Taxable income $ 9,000 Total $ 54,300 Total $ 54,300 Taxes (40%) 3,600 Net income $ 5,400 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,500 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $26,904. What is the external financing needed? (Do not round intermediate calculations.)

Answers

Answer:

external financing needed  $4,296

Explanation:

Sales                   26,904

Cost                      16,644

(14.600 / 23,600 x 26,904)

Taxable Income   10,206

Tax Income (40%)  4,104

Net Income            6,156

Dividends: (same payout ratio is maintaned)

 2,500 / 5,400 x 6,156 = 2,850

Assets: (proportional to sales)

54,300 / 23,600 x 26,904 =   61902

Equity:

34,000 + 6,156 net income - 2,850 dividends = 37306

Liabilities: 61,902 - 37,306 =  24,596

Previous liaiblities  20,300

Addional debt taken: 24,596 - 20,300 = 4296

                             

Resources are limited in
_________?

Answers

Answer:

A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services.

Explanation:

Cvs purchase of Aetna represents what type of fundamental strategy

Answers

Answer:

growth strategy

Explanation:

the options were missing:

defensive global growth divisional stability

By acquiring Aetna, CVS entered the health insurance industry. CVS was already one of the largest players in the health care industry since it owned one of the largest chain of pharmacies in the US and due to its size was able to negotiate discounts and other services with health care providers and drug producers.

The fact that one of the largest chain of pharmacies and retail health centers merges with one of the largest health insurers will give them competitive advantages, e.g. being capable of offering lower prices or earning higher higher profits (or both even).

Another important factor in this equation is consumer data, and that is going to be significant and the more information a company possesses and uses correctly, it can target more profitable consumer segments.

There are many other advantages including cutting costs, better customer service, etc.

Exercise 1-8A Prepare a balance sheet (LO1-3) Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 26,000 Accounts payable 3,000 Salaries expense 33,000 Common stock 11,000 Land 18,000 Notes payable 20,000 Service revenue 39,000 Cash 6,000 Retained earnings ? Required: Use only the appropriate accounts to prepare a balance sheet.

Answers

Answer:

Please see balance sheet below.

Explanation:

Wolfpack construction balance sheet.

Dec 31

Assets $

Cash 6,000

Land 18,000

Equipment 26,000

Total assets 50,000

Liabilities.

Accounts payable 3,000

Notes payable 20,000

Total liabilities 23,000

Equity

Common stock 11,000

Retained earnings 16,000

Total stockholders equity. 27,000

Total liabilities and stockholder's equity(23,000 + 27,000) 50,000

The Balance Sheet of Wolfpack Construction has shown the total assets and total liabilities of $50,000 each. A balance sheet is a financial statement that lists the assets, liabilities, and shareholder equity of a corporation at a certain point in time.

Given,

Accounts Balances Equipment $ 26,000 Accounts payable 3,000 Salaries expense 33,000 Common stock 11,000 Land 18,000 Notes payable 20,000 Service revenue 39,000 Cash 6,000 Retained earnings ? Required to prepare a balance sheet of Wolfpack Construction has the following account balances at the end of the year.

Assets:

Equipment $26,000

Land $18,000

Cash $6,000

Total Assets $50,000

Liabilities:

Accounts payable $3,000

Notes payable $20,000

Common Stock $11,000

Retained earnings (see working note) $16,000

Total Liabilities $50,000

Working Note for Retained Earnings:

Retained earnings = Total Assets - Accounts payable - Notes payable - Common Stock

Retained earnings = $50,000 - $3,000 - $20,000 - $11,000 =$16,000

Therefore, the balance sheet of Wolfpack Construction has a value total of $50,000.

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ake’s Cabins is a small motel chain with locations near the national parks of Utah, Wyoming, and Montana. The chain has a total of 500 guest rooms. The following operating data are available for June: Number of Guests Nights per Visit Guest Nights 4,400 1 4,400 1,800 2 3,600 750 3 2,250 600 4 2,400 20 5 100 a. Determine the guest nights for June.

Answers

Answer: 12750

Explanation:

From the question, we are informed that Jake’s Cabins is a small motel chain with locations near the national parks of Utah, Wyoming, and Montana and we are given the data for the guests nights in June as:

4400, 3600, 2250, 2400 and 100.

To determine the guests night for June, we add the total guests nights together. This will be:

= 4400 + 3600 + 2250 + 2400 + 100

= 12750

The guest nights for June is 12750

During the current year, Elk Company incurred the following direct labor costs: January $40,000 and February $60,000. Elk uses a predetermined overhead rate of 120% of direct labor cost. Estimated overhead for the 2 months, respectively, totaled $39,000 and $71,400. Actual overhead for the 2 months, respectively, totaled $50,000 and $67,000. Was overhead under- or overapplied during January and by how much?

Answers

Answer:

January Overheads are under-applied by $2,000.

Explanation:

When,

Actual overheads > Applied overheads we say overheads are under-applied.

Actual overheads < Applied overheads we say overheads are over-applied.

Where,

Applied overheads = Predetermined overhead rate × Actual Activity

Therefore,

Applied overheads (January) = 120% × $40,000

                                                = $48,000

Actual overheads (January) = $50,000.

Conclusion

It can be seen that from the above : Actual overheads : $50,000 > Applied overhead : $48,000, therefore overheads were under-applied.

Amount of under-applied overheads = $50,000 - $48,000

                                                             = $2,000

Pinterest is a website where you collect ideas, images, and videos and organize them by creating boards. On its website Pinterest describes itself as “A few (million) of your favorite things” and pictures its cross-platform capability of a computer screen and a cell phone. Pinterest effectively communicates the benefit of its product to a visitor through the description and the images. What has Pinterest conveyed clearly on its website?

Answers

Answer:

Its Value Proposition

Explanation:

Vulnerability assessment is a curvey of a system to identify:_____.

Answers

Answer:

Threats and the risks they pose.

Explanation:

Vulnerability assessment is the identification, evaluation, classification, quantification and also the prioritization of the risks or vulnerabilities in a system. One main importance of carrying out this assessment is to find out the potential risks in a system before attackers find them. Through this assessment future risks can also be averted.

Answer:

Specific risks

Explanation:

Vulnerability assessment is defined as a process used to identifying, quantifying, and ranking vulnerabilities or weaknesses in a given system.

It has been applied in various fields like engineering, psychology, and economics.

There are different variables that gives rise to system vulnerability, and vulnerability asses helps identify specific risks.

The formula for Vulnerability is

Vulnerability = Risk + Response

Vulnerability assessment helps reduce effects of risks and also to avoid future risks

On 3/15/20, Robertson Corp. bought land from Lear, Inc. for $248,000. Lear had carried the land on its books at $240,000. Robertson paid $50,000 in cash and signed a note payable for the balance. On 12/19/20, Davis Co. offered to buy the land from Robertson for $252,000. On its 12/31/20 balance sheet, Robertson should show the land account at:

Answers

Answer:

$248,000

Explanation:

According to the historical cost principle, the fixed assets should be recorded at the purchase price or the acquired price.

Since in the question it is mentioned that the land is purchased from Lear inc for $248,000 and the other transactions are also there

So here the land should be recorded at the purchase price i.e. $248,000

Which of the following can be filed by the defendant of a lawsuit?A) InjunctionB) ReplyC) ComplaintD) Answer

Answers

Answer:

D) Answer

Explanation:

Answer can be filed by the defendant of a lawsuit. This is basically a pleading or response that is filed by the defendant in order to respond to a complaint made by a plaintiff. So when a defendant files an answer, he pleads and presents the defenses or counter arguments by addressing the allegations or claims made by the plaintiff in the complaint. So this way the defendant defends himself/herself against the accusations that are made against the defendant.

Injunction is not valid here because it is a court order which requires an individual to take a particular action or stop doing a particular action.

Reply is also not a valid option because it is a pleading or response of a plaintiff to the defendant's demand for relief which the defendant appeals through the filed answer.

Complaint is also not a valid option because it is a pleading which is filed by the plaintiff. This pleading is filed in order to start a case or a civil action and this is presented in a form of a document.

Annuities are a series of constant cash flows that have been received over a certain period of time. However, not all annuities are created equal. Some annuities adjust the payments based on certain macroeconomic factors. Growing annuities are a series of payments that grow at aconstant rate. You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%. What should be your expected real rate of return

Answers

Answer:

Real interest rate= 0.0749= 7.49%

Explanation:

Giving the following information:

You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%.

The inflation rate provokes the opposite effect than the interest rate. It decreases the value of money through time, reducing the purchasing price of the nominal value of money.

Real interest rate= nominal interest rate - inflation rate

Real interest rate= 0.1484 - 0.0735

Real interest rate= 0.0749= 7.49%

You want to accumulate $1 million by your retirement date, which is 25 years from now. You will make 25 deposits in your bank, with the first occurring today. The bank pays 7% interest, compounded annually. You expect to receive annual raise of 3%, which will offset inflation, and you will let the amount you deposit each year also grow by 3% (i.e., your second deposit will be 3% greater than your first, the third will be 3% greater than the second, etc.). How much must your first deposit be if you are to meet your goal

Answers

Answer:

First deposit will be $11,213.87

Explanation:

To derive how much the first deposit must be, the deposit can be derived by using payment formula for growing annuity

P = FV x (r - g) / [(1 + r)^n - (1 + g)^n]

When FV = $1,000,000

r = 7%

g = 3%

n = 25

Hence, First payment will be:

P = 1,000,000 * (7% - 3%) / (1.07^25 - 1.03^25)

P = 1,000,000 * 4% / 5.427433 - 2.093778

P = 40,000 / 3.333655

P = 11998.842

P = $11,998.84

However, this formula is applicable when the payments are made at the end of the year. In this case the payments are upfront, occurring today. We need to adjust this first payment to reflect the early payment.

Hence, first payment = $11,998.84  / (1 + 7%)

First payment =  $11,998.84  / (1 + 0.07)

First payment = $11,998.84  / 1.07

First payment = 11213.8691588785

First payment = $11,213.87

Torino Company has 2,700 shares of $10 par value, 6.0% cumulative and nonparticipating preferred stock and 27,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:

Answers

Answer: $2240

Explanation:

Preferred shareholders have priority over the income of a company as they're paid dividends before the common shareholders. The common stockholders are the ones that are paid last after the preferred shareholders and creditors have all been paid.

The dividend on the preferred shares will be calculated as:

= 2700 × 10 × 6%

= 2700 × 10 × 0.06

= 1620

Tge dividend in arrears fir the first year will be calculated as:

= 1620 - 1000

= 620

Dividend for the second year will be:

= 1620

Dividend that'll be paid to preferred shareholders will be:

= $620 + $1620

= $2240

Give one advantage and one disadvantage for a Command Economy.

Answers

Answer:

Command economy advantages include low levels of inequality and unemployment, and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.

g If oil executives read in the newspaper that massive new oil supplies have been discovered under the Pacific Ocean but will likely only be useful in 10 years, what is likely to happen to the supply of oil today? What is the likely equilibrium impact on the price and quantity of oil today?

Answers

Answer:

a. What is likely to happen to the supply of oil today?

The supply of oil will increase today because the oil executives will no longer be worried about limiting supply on account of the current reserves running out because the oil reserves discovered that will be ready in 10 years will become the new supply source when the current reserves run out.

b. What is the likely equilibrium impact on the price and quantity of oil today?

As the supply oil will increase in the present, the Equilibrium quantity will increase.

With an increase in the equilibrium quantity, prices will decrease as oil will no longer be as scarce.

Oriole’s Electronic Repair Shop started the year with total assets of $300000 and total liabilities of $208000. During the year, the business recorded $523000 in electronic repair revenues, $319000 in expenses, and Oriole withdrew $49300. Oriole's Owner’s Capital balance changed by what amount from the beginning of the year to the end of the year?

Answers

Answer:

$154,700

Explanation:

The computation of the change in amount is shown below

But before that first find out the ending capital balance which is

= (Total assets - total liabilities) + (revenues - expenses) - drawings

= ($300,000 - $208,000) + ($523,000 - $319,000) - $49,300

= $92,000 + $204,000 - $49,300

= $92,000 + $154,700

= $246,700

Now the change in capital balance is

= Closing balance - opening balance

= $246,700 - $92,000

= $154,700

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