Answer:
since the price elasticity of demand for students is -4, the the price charged to them should be:
price = [-4 / (-4 + 1)] x $6 = (-4 / -3) x $6 = $8
since the price elasticity of demand for faculty is -2, the the price charged to them should be:
price = [-2 / (-2 + 1)] x $6 = (-2 / -1) x $6 = $12
ou are planning to save for retirement over the next 30 years. To do this, you will invest $890 per month in a stock account and $490 per month in a bond account. The return of the stock account is expected to be 10.9 percent, and the bond account will pay 6.9 percent. When you retire, you will combine your money into an account with a return of 7.9 percent. How much can you withdraw each month from your account assuming a 25-year withdrawal period
Answer:
Monthly withdraw= $23,294.99
Explanation:
Giving the following information:
Stock:
Monthly deposit= $890
Number of periods= 30*12= 360
Interest rate= 0.109 / 12= 0.0091
Bond:
Monthly deposit= $490
Number of periods= 30*12= 360
Interest rate= 0.069 / 12= 0.00575
First, we need to calculate the amount of money collected at the moment of retirement. We need to use the following formula on each investment:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Stock:
FV= {890*[(1.0091^360) - 1]} / 0.0091
FV= $2,452,918.1
Bond:
FV= {490*[(1.00575^360) - 1]} / 0.00575
FV= $586,123.47
Total FV= 2,452,918.1 + 586,123.47
Total FV= $3,039,041.57
Now, the monthly withdrawal for 25 years:
Number of periods= 25*12= 300
Interest rate= 0.079 / 12= 0.0066
Monthly withdraw= (FV*i) / [1 - (1+i)^(-n)]
Monthly withdraw= (3,039,041.57*0.0066) / [1 - (1.0066^-300)]
Monthly withdraw= $23,294.99
ohnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 95,000 and estimated factory overhead is $617,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished. September 1, inventories Materials inventory $ 8,600 Work-in-process inventory (All Job A) 33,400 Finished goods inventory 72,500 Material purchases 120,500 Direct materials requisitioned Job A 76,000 Job B 39,000 Direct labor hours Job A 5,300 Job B 3,100 Labor costs incurred Direct labor ($8.50/hour) 71,400 Indirect labor 14,600 Supervisory salaries 7,100 Rental costs Factory 8,100 Administrative offices 2,900 Total equipment depreciation costs Factory 9,150 Administrative offices 3,250 Indirect materials used 13,100 Required: 1. What is the total cost of Job A
Answer:
$188,900
Explanation:
The computation of the total cost of JOb A is shown below:
= Work in process + material requistioned + direct labor + applied overhead
= $33,400 + $76,000 + 5,300 × $8.50 + 5,300 × $617,500 ÷ 95,000
= $33,400 + $76,000 + $45,050 + $34,450
= $188,900
Many employment contracts have mandatory arbitration clauses.
False
True
Bakery A sells bread for $2 per loaf that costs $0.50 per loaf to make. Bakery A gives an 80% discount for its bread at the end of the day. Demand for the bread is normally distributed with a mean of 300 and a standard deviation of 30. What order quantity maximizes expected profit for Bakery A
Answer:
324
Explanation:
Calculation to determine What order quantity maximizes expected profit for Bakery A
First step is for the Salvage value
Salvage value = $2 × (1 - 80%)
Salvage value= $0.40
Second step is to calculate the Overage cost
Overage cost = $0.50 - $0.40
Overage cost = $0.10
Second step is to calculate the Underage cost
Underage cost = $2 - $0.50
Underage cost = $1.50
Third step is to calculate the The critical ratio
The critical ratio = 1.5/(1.5 + 0.4) = 0.79. z = 0.8
Now let calculate the Order quantity
Order quantity = 300 + (0.8× 30)
Order quantity= 324
Therefore the order quantity maximizes expected profit for Bakery A is 324
Information for Hobson Corp. for the current year ($ in millions): Income from continuing operations before tax $ 380 Loss on discontinued operation (pretax) 92 Temporary differences (all related to operating income): Accrued warranty expense in excess of expense included in operating income 85 Depreciation deducted on tax return in excess of depreciation expense 175 Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 20 The applicable enacted tax rate for all periods is 25%. How should Hobson report tax on the discontinued operation
Answer:
$188
Explanation:
Income from continuing operations before tax $380
Less: Income Tax Expenses $100 [($380+$20)/25%]
Income from continuing operations $280
Less: Loss on discontinued operation (pretax) $92
Income from discontinued operations $188
XYZ Corporation is contemplating the replacement of an existing asset used in the operation of its business. The original cost of this asset was $28,000; since date of acquisition, the company has taken a total of $20,000 of depreciation expense on this asset. The current disposal (market) value of this asset is estimated as $18,000. XYZ is subject to a combined income tax rate, t, of 34%. What is the projected after-tax cash flow associated with the sale of the existing asset, rounded to nearest hundred dollars
Answer:
The projected after-tax cash flow associated with the sale of the existing asset is $14,600.
Explanation:
The projected after-tax cash flow can be calculated as follows:
Net book value of the asset = Original cost - Accumulated depreciation expense = $28,000 - $20,000 = $8,000
Capital gains = Estimated current disposal (market) value of the asset - Net book value of the asset = $18,000 - $8,000 = $10,000
Capital gains tax = Capital gains * Tax rate = $10,000 * 34% = $3,400
Projected after-tax cash flow = Estimated current disposal (market) value of the asset - Capital gains tax = $18,000 - $3,400 = $14,600
Therefore, the projected after-tax cash flow associated with the sale of the existing asset is $14,600.
On January 1, 2016, Rapid Airlines issued $200 million of its 8% bonds for $184 million. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Rapid Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2016, the fair value of the bonds was $188 million as determined by their market value in the over-the-counter market. Rapid determined that $1,000,000 of the increase in fair value was due to a decline in general interest rates.
Required:
1. Prepare the journal entry to record interest on June 30, 2016 (the first interest payment).
2. Prepare the journal entry to record interest on December 31, 2016 (the second interest payment).
3. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016, balance sheet.
Answer:
1. June 30, 2016
Dr Interest expense $9.2 million
Cr Discount on bonds payable $1.2million
Cr Cash $8 million
2. December 31, 2016
Dr Interest payment $9.26 million
Cr Discount on bonds payable $1.26million
Cr Cash $8 million
3. December 31, 2016
Dr Unrealized holding loss NI $1,000,000
Dr Unrealized holding loss OCI $5.46
Cr Fair value adjustment $6.46 million
Explanation:
1. Preparation of the journal entry to record interest on June 30, 2016
June 30, 2016
Dr Interest expense $9.2 million
( $184 million*10%2)
Cr Discount on bonds payable $1.2million
($9.2 million-$8 million)
Cr Cash $8 million
($200 million *8% /2)
(Being to record first interest payment)
2. Preparation of the journal entry to record interest on December 31, 2016
December 31, 2016
Dr Interest payment $9.26 million
( $184 million+$1.2million*10%2)
Cr Discount on bonds payable $1.26million
($9.26 million-$8 million)
Cr Cash $8 million
($200 million *8% /2)
(Being to record second interest payment)
3. Preparation of the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016, balance sheet.
Dr Unrealized holding loss NI $1,000,000
Dr Unrealized holding loss OCI $5.46
($6.46 million-$1,000,000)
Cr Fair value adjustment $6.46 million
($188 million-$184 million+$1.2million+$1.26million)
(Being tl adjust the bonds to fair value)
Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $133 Units in beginning inventory 950 Units produced 8,850 Units sold 8,950 Units in ending inventory 850 Variable costs per unit: Direct materials $ 29 Direct labor $ 46 Variable manufacturing overhead $ 10 Variable selling and administrative expense $ 20 Fixed costs: Fixed manufacturing overhead $ 70,800 Fixed selling and administrative expense $164,200 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. What is the net operating income for the month under absorption costing
Answer:
$93
Explanation:
Product cost under absorption costing = all manufacturing overheads
= $93
This is the Cost per unit manufactured
The following transactions were completed by the company. The company completed consulting work for a client and immediately collected $6,700 cash earned. The company completed commission work for a client and sent a bill for $5,200 to be received within 30 days. The company paid an assistant $2,000 cash as wages for the period. The company collected $2,600 cash as a partial payment for the amount owed by the client in transaction b. The company paid $940 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
Answer:
The impact of each transaction on individual items of the accounting equation is as follows:
1. Cash $6,700 Consulting Revenue $6,700:
Assets (Cash +$6,700) = Liabilities + Equity (Retained Earnings $6,700)
2. Accounts Receivable $5,200 Commission Revenue $5,200:
Assets (Accounts Receivable +$5,200) = Liabilities + Equity (Retained Earnings $5,200)
3. Wages Expense $2,000 Cash $2,000:
Assets (Cash -$2,000) = Liabilities + Equity (Retained Earnings -$2,000)
4. Cash $2,600 Accounts Receivable $2,600:
Assets (Cash +$2,600 Accounts Receivable -$2,600) = Liabilities + Equity
5. Cleaning Expense $940 Cash $940:
Assets (Cash -$940) = Liabilities + Equity (Retained Earnings -$940)
Explanation:
a) Data and Calculations:
Accounts affected by each transaction:
1. Cash $6,700 Consulting Revenue $6,700
2. Accounts Receivable $5,200 Commission Revenue $5,200
3. Wages Expense $2,000 Cash $2,000
4. Cash $2,600 Accounts Receivable $2,600
5. Cleaning Expense $940 Cash $940
b) The accounting equation is Assets = Liabilities + Equity. It is the basis of accounting, debit and credit sides of accounts or the double-entry system of accounting. It is always in balance with each business transaction when they are properly recorded in the journals and correctly posted to the general ledger.
In the business world, people are often measured by their:
Answer:
Technical Skills
Explanation:
two examples of events that occasions which people come together
Answer:
•wedding
•birthday party
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When should a transfer of receivables be recorded as a sale? The buyer surrenders control of the receivables to the seller. The transferor does not maintain effective control over the transferred assets through an agreement to repurchase or redeem them prior to their maturity. The transferor maintains effective control over the transferred assets through an agreement to repurchase or redeem them prior to their maturity. The transferred assets are isolated from the transferor.
Answer:
The transferor does not maintain effective control over the transferred financial asset or third party beneficial interest in the asset.
Explanation:
The code for transfer of receivable provisions, allows creditor of a debt to have the right to transfer his/ her receivable right to another person, provided that the transaction is permitted by the law/ contract nature of business. Transfer of receivables permit the third person/ party to be included in the relationship that exist between debtor and creditor, and this allows him/ her to near the title of creditor.The receivable must be an existing one before the receivable transfer can be possible. It should be noted that for transfer of receivables be recorded as a sale, The transferor does not maintain effective control over the transferred financial asset or third party beneficial interest in the asset.
Receivables, also defined as accounts receivable, are debts outstanding to a company by customers for goods or services that have been used or produced but have not yet been paid for.
Receivables are produced when a corporation extends a line of credit to a client, and they are recorded as current assets on the balance sheet.
The transferor has no effective control over the transferred financial asset or even the asset class third-party advantageous interest.
The reason for the correct answer is:
The code for transfer of receivable provisions permits a borrower's creditor to transfer his or her receivables right to another person if the transaction is permitted by law/contract nature of business. Transfer of receivables permits a third party to be included in the debtor-creditor relationship, allowing him or her to come close to holding the title of creditor. Before a payable transfer may actually occur, the receivable should already exist. It is important to focus on in order for a transfer of receivables to be recorded as a sale, the grantor must not have effective control over the transmitted capital product or a third-party advantageous interest in the asset.
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26223-CZ company a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The 26223-CZ company based its predetermined 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 D284 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 D284 is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
$4,900
Explanation:
Total variable overhead estimated
= $6 × 50,000
= $300,000
Therefore,
Total overhead estimated = Total variable overhead estimated + Total fixed overhead estimated
= $300,000 + $400,000
= $700,000
Predetermined overhead rate
= $700,000/50,000
= $14 per machine hour
Total overhead applied
= $14 × 100
= $1,400
Therefore,
Total job cost = Direct material + direct labor + total overhead
= $750 + $2,750 + $1,400
= $4,900
Fusion has already been demonstrated as an energy source, albeit on a limited scale. Engineers hope to transform the scale to provide energy at commercial levels. A loan for development of a niche application has been taken out by an engineering research firm, borrowing $900,000. The loan will be paid back over 5 years with uniform quarterly payments and an interest rate of 10 percent compounded quarterly.
What is the equal quarterly amount to be paid?
Answer:
$37,332.77
Explanation:
The computation of the equal quarterly amount that need to be paid is shown below:
= $900,000 × 2.5% ÷ (1 - 2.5%)^20
= $900,000 × 0.041480855
= $37,332.77
The rate of interest is
= 10% ÷ 4
= 2.5%
And, the time period is
= 5 × 4
= 20 years
Suppose that the U.S. government decides to charge wine consumers a tax. Before the tax, 35 billion bottles of wine were sold every year at a price of $7 per bottle. After the tax, 29 billion bottles of wine are sold every year; consumers pay $8 per bottle (including the tax), and producers receive $4 per bottle. The amount of the tax on a bottle of wine is $1 per bottle. Of this amount, the burden that falls on consumers is $ per bottle, and the burden that falls on producers is $ per bottle. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on producers.
Answer:
1. The amount of tax on a bottle of wine is $4.
2. The tax burden on consumers is $1.
3. The tax burden on producers is $3.
4. The effect on the tax on the quantity sold would have been smaller if the tax had been levied on producers.
False.
Explanation:
a) Data and Calculations:
Before the tax, the number of bottles of wine sold every year at $7 per bottle = 35 billion bottles
After the tax, the number of bottles of wine sold every year at $8 per bottle = 29 billion bottles
Therefore, there is a reduction of 6 billion bottles as a result of the increased price of $1 per bottle (from $7 to $8).
The price received by producers = $4 per bottle
Therefore, there is a total tax of $4 ($8 - $4)
Consumers bear $1 ($8 - $7)
Producers bear $3 ($7 - $4)
The effect of the tax would have still increased the price to $8 or more. Thus, if the tax had been levied on producers, the quantity of bottles sold would have reduced drastically.
Suppose the current price of a good is $167. At this price, the quantity supplied is 170 units, and the quantity demanded is 120 units. For every $1 decrease in price, the quantity supplied decreases by 10 units and the quantity demanded increases by 15 units. At the current price, the quantity demanded is than the quantity supplied. This means that the market is currently experiencing a . In order to adjust, the market price will until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of and an equilibrium price of $ .
Answer:
is less than
surplus
fall
$165
150
Explanation:
Wjen demand exceeds supply, there is surplus
This is because price is greater than equilibrium price. Price would fall until equilibrium is restored
Underwater, Inc. had a flood in its plant that destroyed most of its inventory. After the flood, Underwater's accounting records showed the following: Beginning inventory $20,000 Purchases, year to date 250,000 Sales, year to date 300,000 Salvage value of some of the damaged inventory 7,500 Gross profit percentage on sales 35% The insurance company will reimburse Underwater for 75% of its loss. What amount should Underwater report as the net loss from the flood
Answer:
$16,875
Explanation:
Calculation for What amount should Underwater report as the net loss from the flood
Net loss from the flood=[( $250,000+$20,000)-(($300,000-($300,000* 35%))-$7,500]-($75,000-$7,500*75%)
Net loss from the flood=[$270,000-($300,000-$105,000)-$7,500]-($75,000-$7,500*75%)
Net loss from the flood=[($270,000- $195,000)-$7,500]-($75,000-$7,500*75%)
Net loss from the flood=($75,000-$7,500)-($75,000-$7,500*75%)
Net loss from the flood=$67,500-$50,625
Net loss from the flood= $16,875
Therefore the amount that Underwater should report as the net loss from the flood is $16,875
There are only two consumers in a market, Harry and Hermione. Harry is willing to buy 12 magic wands when the price is $20 per wand and 8 magic wands when the price is $30 per wand. Hermione is willing to buy 15 magic wands when the price is $20 per wand and 10 magic wands when the price is $30 per wand. Given that these are the only two individuals in the market, what is the market demand for wands when the price of wands is $30
Answer:
The answer is 14
Explanation:
Market demand is the certain product need that is required by the consumers at a specific price. The market demand, when the price of the wand is $30, is 18.
What is market demand?Market demand is a specific number of services or products that customers or the consumer purchase at a fixed specific value in the market.
As in the above case in the market, only two consumers are present and the formula for the market demand is given by adding the demands all together sold at the specific price.
At the price, $30, Harry is willing to buy 8 magic wands and Hermione is willing to buy 10 magic wands. Form this the two demands can be added as there are only two consumers, resulting in the market demand being 18.
Therefore, the market demand at $30 is 18.
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A corporation can earn 7.5% if it invests in municipal bonds. The corporation can also earn 8.5% (before-tax) by investing in preferred stock. Assume that the two investments have equal risk. What is the break-even corporate tax rate that makes the corporation indifferent between the two investments
Answer:
39.22%
Explanation:
Calculation for the break-even corporate tax rate
Using this formula
Municipal yield = After-tax preferred yield
7.50% = BT preference return ´ [1 - (1 - Dividend exclusion %)(T)]
Let plug in the formula
7.50% = 8.50% ´ [1 - 30.00% ´ (T)]
88.24% = [1 - 30.00% ´ (T)]
Tax rate (T) = 39.22%
Therefore the break-even corporate tax rate that makes the corporation indifferent between the two investments is 39.22%
Winston Company estimates that the factory overhead for the following year will be $478,800. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 26,600 hours. The total machine hours for the year were 54,000 hours. The actual factory overhead for the year was $986,000. Enter the amount as a positive number.
Answer:
Results are below.
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= 478,800 / 26,600
Predetermined manufacturing overhead rate= $18 per machine hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 18*54,000
Allocated MOH= $972,000
Finally, the over/under allocation:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 986,000 - 972,000
Underallocated overhead= $14,000
Question 5 of 10
When should a writer establish common ground before the bottom-line
statement?
A. When the report does not have an executive summary
O B. When the document is minutes of a meeting
Ο Ο Ο Ο
C. When the reader may disagree with the bottom-line statement
O D. When the details are arranged in order of importance
SUBMIT
Answer:
C. When the reader may disagree with the bottom-line statement
Explanation:
A common ground can be regarded as an area of shared interests which is been held number of people or groups. It is a point at which opinions and interest is been agreed upon by parties. A bottom-line statement can be regarded as a likely closing statement made after an agreement has been reached, it's just like a conclusion after the whole statement. Hence, it is necessary for the writer to establish a common ground first before he/she will establish bottom line statement "when the reader may disagree with the bottom-line statement''
Chamberlain Co. wants to issue new 17-year bonds for some much-needed expansion projects. The company currently has 12.2 percent coupon bonds on the market that sell for $1,434.96, make semiannual payments, and mature in 17 years. What coupon rate should the company set on its new bonds if it wants them to sell at par
Answer:
The company should set the coupon rate on its new bonds at current yield to maturity of 4.81% if it wants them to sell at par.
Explanation:
There is a need to first calculate the yield to maturity (YTM) using the following RATE function in Excel:
YTM = RATE(nper,pmt,-pv,fv) * Number of semiannuals in a year = RATE(nper,pmt,-pv,fv)*2 .............(1)
Where;
YTM = yield to maturity = ?
nper = number of periods = number of years to maturity * number of semiannuals in a year = 17 * 2 = 14
pmt = semiannual coupon payment = face value * (annual coupon rate / number of semiannuals in a year) = 1000 * (12.2% / 2) = 61
pv = present value = current bond price = 1434.96
fv = face value of the bond = 1000
Substituting the values into equation (1), we have:
YTM = RATE(14,61,-1434.96,1000)*2
Inputting =RATE(14,61,-1434.96,1000)*2 into excel (Note: as done in the attached excel file), the YTM is obtained as 4.81%.
Therefore, the company should set the coupon rate on its new bonds at current yield to maturity of 4.81% if it wants them to sell at par.
A non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information. Cost $20 000 Working life 4 years Residual value $4000 It was then found that the reducing balance method at 30% per annum should have been used. What was the effect on the profit for the year of correcting this error?
A Decrease by $2000
B Increase by $2000
C Decrease by $6000
D Increase by $6000
Answer:
Correcting the error, the residual value of the product would increase by $802.
Explanation:
Since a non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information: Cost $ 20,000 Working life 4 years Residual value $ 4000; and it was then found that the reducing balance method at 30% per annum should have been used, to determine what was the effect on the profit for the year of correcting this error the following calculation should be performed:
100 - 30 = 70
Year 0: 20,000
Year 1: 20,000 x 0.7 = 14,000
Year 2: 14,000 x 0.7 = 9,800
Year 3: 9,800 x 0.7 = 6,860
Year 4: 6,860 x 0.7 = 4,802
Thus, correcting this error, the residual value of the product would increase by $ 802.
Institute Technologies is choosing new cost drivers for its accounting system. One driver is labor hours, the other is a combination of machine hours for unit variable costs and number of setups for a pool of batch-level costs. Data for the past year follow.
Budget
Labor hours 200,000
Machine hours 360,000
Number of setups 3,000
Unit variable cost pool $1,600,000
Batch-level cost pool $ 900,000
Actual
200,000
450,000
3,300
$2,000,000
$ 990,000
Assume that the two separate pools are used for Institute. The flexible budget dollar amounts for the actual level of machine hours and actual number of setups are: __________.
Unit Variable Cost Pool Batch-Level Cost Pool
a) $1,600,000 $900,000
b) $1,600,000 $990,000
c) $2,000,000 $900,000
d) $2,000,000 $990,000
e) $2,500,000 $ 0
Answer:
d) $2,000,000 $990,000
Explanation:
The computation is shown below:
Unit variable cost pool is
= Budgeted cost ÷ Budgeted machine hours
= $1,600,000 ÷ 360,000
=$ 4.444 per machine hour
And,
Batch-level cost pool = Budgeted cost ÷ Budgeted number of setups
= $900,000 ÷ 3000
= $ 300 per setup
Now
Unit variable cost pool is
= Actual machine hours × Activity rate
= 450000 × 4.44
= $2,000,000
And, Batch-level cost pool is
= Actual number of setups × Activity rate
= 3300 × 300
=$990,000
a) Why is ethical relativism considered to be self-contradictory?
b) Explain conceptual muddles with an example.
Answer:
El relativismo no puede ser contradictorio porque no afirma ni niega nada. La expresión de una actitud moral consiste en valorar la diversidad.
Explanation:
El relativismo no puede ser contradictorio porque no afirma ni niega nada. La expresión de una actitud moral consiste en valorar la diversidad.
How are wages for a particular job determined?
by the federal Wage and Hour Department
by the amount of inflation in the economy
by the equilibrium between supply and demand for workers
by advertisements in the newspaper or online
Answer:
by the equilibrium between supply and demand for workers
Explanation:
Wages are the amount to pay workers for a particular job when employed. Therefore, determining the wages for a particular job is mostly dependent "on the equilibrium between supply and demand for workers, " and sometimes location.
This is because the higher the number of workers available, the lesser the employers would be willing to increase the wage level of employees given the fact that they can easily find another employee. However, where there is a lesser number of employees for a particular job, the employers would be willing to increase the employees' wages to entice them.
According to the labor market equilibrium, The wages for a particular job are determined by the equilibrium between supply and demand for workers. Thus, the correct answer is option (c).
The term "labor market," sometimes referred to as the "job market," describes the supply and demand for labor, with employers meeting the demand and employees meeting the supply.
The supply and demand of labor, which are met by employees and employers respectively, are referred to as the labor market.Both macroeconomic and microeconomic perspectives on the labor market are important because they provide useful information on employment and the state of the economy as a whole.Two crucial macroeconomic indicators are labor productivity rates and unemployment rates.Therefore, The wages for a particular job are determined by the equilibrium between supply and demand for workers. Thus, the correct answer is option (c).
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Bedrock Company reported a December 31 ending inventory balance of $414,500. The following additional information is also available: The ending inventory balance of $414,500 included $73,700 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $414,500 included $25,400 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is:
Answer:
$389,100
Explanation:
Calculation to determine what the correct balance for ending inventory on December 31 is:
Using this formula
Ending inventory on December 31=Ending inventory balance-Office supplies
Let plug in the formula
Ending inventory on December 31=$414,500- $25,400
Ending inventory on December 31=$389,100
Therefore the correct balance for ending inventory on December 31 is:$389,100
A company deposits all cash receipts on the day they are received and makes all cash payments by check. The company's June bank statement shows $24,861 on deposit in the bank. The comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,750 Outstanding checks 1,188 Additionally, a $35 check written and recorded by the company was incorrectly recorded by the bank as a $53 deduction. The adjusted cash balance per the bank records should be:
Answer: $26441
Explanation:
Balance As per bank statement = $24861
Add: deposit in transit = $2750
Less: Outstanding checks = $1188
Add: Recording error = ($53 - $35) = $18
Adjusted cash balance = $26441
Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $62,000 and at the end of the month was $31,000. The cost of goods manufactured for the month was $217,000. The actual manufacturing overhead cost incurred was $58,000 and the manufacturing overhead cost applied to Work in Process was $62,000. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is:____.
a. $255,700.
b. $182,400.
c. $260,600.
d. $221,500.
What conditions make a market perfectly competitive? A market is perfectly competitive if A. it has many buyers and one firm, which produces a product with no close substitutes, with barriers to new firms entering the market. B. it has many buyers and a few sellers, all of whom are selling differentiated products, with no barriers to new firms entering the market. C. it has many buyers and a few sellers, all of whom are selling identical products, with barriers to new firms entering the market. D. it has many buyers and many sellers, all of whom are selling identical products, with no barriers to new firms entering the market. E. it has many buyers and many sellers, all of whom are selling differentiated products, with no barriers to new firms entering the market.
Answer:
E. It has many buyers and many sellers , all of whom are selling differentiated products , with no barriers to new firms entering the market.
Explanation:
A perfect market is a market where there are large number of buyers such that all participants are price takers hence cannot influence the price of commodities sold in such market.
In a perfect market, there are no barriers to entry and exit. This also means that new firms can enter the market. Here, the buyers are free to buy from any person and the sellers are free to sell to anyone. Differentiated products are also sold there.