Answer and Explanation:
The following are the items that considered as a source documents
a. sales ticket
b. Telephone bill
c. Invoice from supplier
d. The bank statement
These four items would be classified as source documents
Basically the source document is the information that used as a source for recording the accounting entries either in electronic form or in paper form
Loggers are much __________ likely to supply wood to the market if property rights are not enforced.
Classify the source of market failure in each case listed.
a. A house party plays music at a very high volume, disturbing other residents in the neighborhood.
b. A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity.
Answer:
Loggers are much more likely to supply wood to the market if property rights are not enforced.
When property rights are not well enforced, ownership of the resource is not well defined either. This will lead to more people taking advantage of the resource like the loggers above. They will supply more wood because the ownership of their resource source is not well defined.
Options for the 2 questions below are Market Failure or Externality.
a. A house party plays music at a very high volume, disturbing other residents in the neighborhood. EXTERNALITY.
This is a negative externality. Negative externalities are when third parties suffer negative consequences as a result of transactions that they are not a party to. The neighbors are not playing music but it is disturbing them.
b. A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity. MARKET POWER.
The Utility company is not facing competition in this state and so can set the price it wants. This can lead to market failure simply because the company would have too much market power.
The following information is available for Robstown Corporation for 20Y8:
Inventories January 1 December 31
Materials $44,250 $31,700
Work in process 63,900 80,000
Finished goods 101,200 99,800
December 31
Advertising expense $ 400,000
Depreciation expense-office equipment 30,000
Depreciation expense-factory equipment 80,000
Direct labor 1,100,000
Heat, light, and power-factory 53,300
Indirect labor 115,000
Materials purchased 556,600
Office salaries expense 318,000
Property taxes-factory 40,000
Property taxes-office building 25,000
Rent expense-factory 27,000
Sales 3,850,000
Sales salaries expense 200,000
Supplies-factory 9,500
Miscellaneous costs-factory 11,400
Required:
A. Prepare the 20Y8 statement of cost of goods manufactured.*
B. Prepare the 20Y8 income statement.*
* Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Plus" will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.
Answer:
A. Statement of cost of goods manufactured for the year ended 20Y8
Beginning Work In Process $63,900
Add Manufacturing Costs :
Materials ($44,250 + $556,600 - $31,700) $569,150
Depreciation expense-factory equipment $80,000
Direct labor $1,100,000
Heat, light, and power-factory $53,300
Indirect labor $115,000
Property taxes-factory $40,000
Rent expense-factory $27,000
Supplies-factory $9,500
Miscellaneous costs-factory $11,400
$2,005,300
Less Ending Work In Process ($80,000)
Cost of Goods Manufactured $1,989,250
B. Income statement for the year ended 20Y8
Sales $3,850,000
Less Cost of Goods Sold
Opening Finished Goods $101,200
Add Cost of Goods Manufactured $1,989,250
Less Ending Finished Goods ($99,800) ($1,990,650)
Gross Profit $1,859,350
Less Operating Expenses
Advertising expense $400,000
Depreciation expense-office equipment $30,000
Office salaries expense $318,000
Property taxes-office building $25,000
Sales salaries expense $200,000 ($973,000)
Net Income $886,350
Explanation:
Part A
Statement of cost of goods manufactured is a summary of the cost incurred in the manufacturing process.
Cost of Goods Manufactured = Opening Work In Process + Total Manufacturing Costs - Closing Work In Process
Part B
Income Statement shows the profit earned during the reporting period
Profit = Gross Profit (Sales - Cost of Goods Sold) - Operating Expenses
Which out of the following is phenomenon that leads to
Demand-Pull Inflation?
Select one:
a.
It is a situation of persistent rise in inflation along with dip in growth and increase in unemployment
b.
It is a situation when aggregate demand in an economy
outpaces aggregate supply
c.
It is a situation caused by an increase in prices of inputs
like labour, raw material etc
d.
It is a situation when a nation experiences very high and
accelerating inflation.
= It is a situation when aggregate demand in an economy
outpaces aggregate supply
Answer: It is a situation when aggregate demand in an economy
outpaces aggregate supply.
Explanation:
Demand pull inflation occurs when the total demand of goods and services for a particular economy is more than the total supply.
This will lead to a rise in the prices of the goods as the sellers will increase prices due to the higher demand. When this occurs, a demand pull inflation has happened.
It is indeed a condition wherein the aggregate demand through an economy exceeds market equilibrium.
Whenever the overall prices for consumer spending together in a given or specific economy exceed the existing inventory, thus the demands pull inflation arises.As a consequence of the increased demands, vendors would raise their pricing, resulting in some kind of a spike in the cost of the items. Whenever this happens, such demand-pull inflation must have occurred.
Thus the above response i.e., "option b" is correct.
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How soon does a landlord have to return a security deposit in Florida?
Answer:
15days
Explanation:
Which of the following is not correct?
A. Natural monopolies are often subject to regulation.
B. Public ownership is the most common and effective public policy toward monopolies in the United States.
C. Sometimes the best public policy toward a monopoly is to do nothing.
D. Antitrust laws may prevent mergers that would actually raise social welfare.
Answer:
d
Explanation:
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
A natural monopoly occurs due to the high start-up costs or a large economies of scale.
Natural monopolies are usually the only company providing a service in a particular region
Antitrust laws prevents mergers that would make the market less competitive. Thus, their aim is to increase social welfare
Which are the four functions motor freight terminals usually serve?
Answer:
The main function of a terminal is to handle and transship freight or passengers since modes are physically separated. They have a nominal capacity which is related to the amount of land they occupy and their level of technological, labor and managerial intensity.
Explanation:
Modes are physically separated, a terminal's primary purpose is to handle and transship freight or passengers. They have a nominal capacity that depends on how much land they occupy and how intensely they employ technology, labor, and management.
What is terminals?Having facilities for handling passengers and freight at either end of a carrier line. A freight or passenger station that is strategically located or acts as a junction with other lines at any point.
Since modes are physically separated, the main purpose of a terminal is to handle and transship freight or passengers.
Thus, Modes are physically separated, a terminal's primary purpose is to handle
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What is the mental and physical effort made by humans for the production of goods and services?
Labor
Capital
Land
Entrepreneurship
If an audience doesn't trust you, they won't listen to you. To establish credibility, speakers must earn the audience's trust. What do you think a speaker can do to establish themselves as credibile and trustworthy? What are some things speakers may do that take away from their credibility?
Answer:
Lies.
Explanation:
If i say i'm a rich and talented speaker I better have the proof to back it up otherwise they'll know "I'm" just a phony and all talk. To make urself trustworthy u have to borrow and the day after return somebody's money, or just always do what u say ur going to.
The difference between indirect tax and subsidy is known as:
Select one:
a. Net Indirect Tax
b. Depreciation
c. Capital consumption allowances
d. Net Factor Income from Abroad
= Net Indirect Tax
Answer:
A. Net Indirect Tax
Explanation:
Net Indirect Tax is the difference between the Indirect tax and subsidy. To find out Market Prices (MP), indirect taxes are added and subsidies are subtracted from Factor Cost (FC) as explained above. In short, MP includes net indirect tax whereas FC does not.
Answer:
Net indirect tax is the difference
An economist will consider the sunk cost of a product line before recommending an improvement to the product. True or false
Answer:
false
Explanation:
Overheating of the economy means
output is occurring at an unsustainably high level, at which the unemployment rate is lower than the natural rate of unemployment.
Select one:
a. The business cycle curve is below the growth trend, the economy is experiencing a negative output gap.
b. The business cycle will reach a peak and enter a recession.
c. None of the above
d. The business cycle will reach a troughand enter a recovery
= The business cycle will reach a peak and enter a recession.
Answer:
A is correct.
Explanation:
thank you.
Ben invest $10,000 at a rate of interest of 5 percent for 40 years. Which of the following statements about the return on the investment is true?
Answer:
a. Ben will receive a significant amount at the end of the investment period, due to the feature of compounding.
Multiple choice options
a. Ben will receive a significant amount at the end of the investment period, due to the feature of compounding.
b. Ben will receive no interest on his investment at the end of the investment period.
c. Ben will receive an interest of $5,000 at the end of ten years.
d. Ben will receive more money at 3 percent rate of interest instead of the existing rate.
e. Ben will receive more money at the end of 30 years compared to the money received at the end of 40 years.
Explanation:
Ben will be earning 5% of his investment of $10,000 every year for 40 years.
At the end of every year, the 5% earned will be added to $10,000. It means the principal and interest will increase at the end of every year. After 40 years, Ben will receive a huge amount, as indicated below.
The formula is A= p x ( 1 x r)^n
A = $10,000 x ( 1+0.05)^40
A = $10,000 x (1.05)^40
A= $10,000 x 7.039988
A= 70,399.88
A=$70,400
Ben invest $10,000 but will receive $70,400 after 40 years
How a society's culture affects the values found in the workplace is considerably important to an international business with operations in different countries.
The correct answer to this open question is the following.
How a society's culture affects the values found in the workplace is considerably important to an international business with operations in different countries.
Answer:
Society has a series of elements that identify it due to its culture, beliefs, and traditions. These elements are part of the workplace in that employees and employers have a way to relate to each other in different moments, according to the culture and philosophy of the company.
So when a multinational company starts operations in another country, it has to be very aware of the culture, belief systems, and traditions of the people in that new country.
This is of the utmost importance to avoid misunderstandings. There has to be a kind of fusion of cultures to create a new one that serves the goals of the company, understanding ad respecting the local culture.
Without this understanding, the company is prone to have a bad mood, opposition, and negative attitudes from employees.
Which of the following statements is correct with respect to economic incentives to release financial information?
a. Owners and managers do not have an economic incentive to supply the amount and type of financial information because it has no effect on the company's ability to raise capital at the lowest cost.
b. Companies have an economic incentive to supply the formation investors want in order to raise capital at the lowest possible cost.
c. Because financial disclosures are regulated, owners and managers have little economic incentive to supply the amount and type of financial information that will enable them to raise capital most cheaply.
d. Because companies have an economic incentive to supply information investors want, regulatory groups have intendence over the amount and type of financial information that Comores descone.
Answer:
B
Explanation:
If investors do not have adequate information about the company they are investing, they would demand an higher rate of return. This would increase the cost of raising capital. So, financial managers who want to raise capital at a cheap rate would have the incentive to disclose information
Gross Profit Method: Estimation of Flood Loss
On November 21, 2016, a flood at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $9,200. The following information was available from Hodge's accounting records for Product Tex:
Inventory at November 1, 2016 $96,000
Purchases from November 1, 2016, to date of flood 131,000
Net sales from November 1, 2016, to date of flood 250,000
Based on recent history, Hodge had a gross margin (profit) on Product Tex of 30% of net sales.
Required:
1. Prepare a schedule to calculate the estimated loss on the inventory in the flood, using the gross profit method.
HODGE COMPANY
Calculation of Estimated Loss on Inventory
in the Flood Using Gross Margin (Profit) Method
November 21, 2016
$
$
Estimated cost of goods sold
$
$
$
2. The gross profit method may not provide an accurate estimate of ending inventory when:
Answer:
Hodge Company
Calculation of Estimated Loss on Inventory in the
Flood Using Gross Margin (Profit) Method
November 21, 2016
Inventory at November 1, 2016 $96,000
Purchases from November 1, 2016 $131,000
to date of flood
Cost of goods available for sale $227,000
Estimated cost of goods sold:
Net sales from November 1, 2016 $250,000
to date of flood
Less: Estimated gross margin $75,000 $175,000
(250,000 * 30%)
Estimated cost of inventory at date of flood $52,000
Less: Salvage goods $9,200
Estimated loss on inventory in the flood $42,800
Complete the steps you will use to create a document using a word processor.
Pick an existing template
Format the fonts of the text as required
Use Save As to save the document with
an appropriate name.
Open your word processing application.
Replace the placeholders with text and
images.
Answer:
open word app
pick template
format font
replace placeholders
save as
Explanation:
both font and changing placeholders can be interchangable. I prefer to have the font right at the start.
6
Marginal Cost of producing Pies
$1.60
$1.40
$1.20
$1.00
Marginal Cost
SO 80
$0.60
$0.40
$0.20
$0.00
O Pies
1 Pies
5 Pies
6 Pies
2 Pies 3 Pies 4 Pies
Quantity Supplied
According to the graph, the marginal cost begins to increase when the producer makes
0
two pies.
three pies
O four pies.
O five pies
Save and Exit
Next
Mark this and return
Submit
Answer: Four pies.
Explanation:
Marginal cost is the additional cost of producing one extra unit of a good or service.
From this graph we see the marginal cost rise when the first pie is produced and then it subsequently decreases as the second and third pie is produced which is where it reaches its lowest point.
From the fourth pie, the marginal cost begins to rise again which means the marginal cost begins to increase when the producer makes four pies.
A company issues $15700000, 5.8%, 20-year bonds to yield 6% on January 1, 2019. Interest is paid on June 30 and December 31. The proceeds from the bonds are $15337098. Using straight-line amortization, what is the carrying value of the bonds on December 31, 2021
Answer:
$15,391,533
Explanation:
Par value of the bond = $15700000
Coupon rate = 5.8%
Time period = 20 Years
YTM = 6%
Discount amortised = ( $15,700,000 - $15,337,098) ÷ 20
= $362,902 ÷ 20 = $18,145.1
Discount amortised for year 1 = $18,145.1
So, discount amortised for 3 years = $18,145.1 × 3 = $54,435.3
Hence, carrying value of the bonds on Dec. 31, 2021 = $15,337,098 + $54,435.3
= $15,391,533.3 or $15,391,533
Consider a 10-year bond with a face value of $1,000 that has a coupon rate of 5.5%, with semiannual payments.
a. What is the coupon payment for this bond?
Explanation:
It all depends on the market conventions and the bond documentation.
1 In most countries, traditionally fixed coupon bonds don’t have their coupons day counted. So if the frequency is twice a year, and the annual coupon rate is 5.5%, then each semi-annual coupon is exactly 5.5/2=2.75%. However a lot of other instruments, e.g. fixed swap legs, loans, and bonds that are really “loan participation notes”, etc. usually have their fixed coupons day counted. So each coupon amount will vary a little depending on the number of days in the accrual period, weekends and holidays.
What is my GPA if you have 5 A's and 1 F
Answer:
Honesly I don't really now but I could probobly find out
Overall what statement is most true of Judith
Assume that neverland discovers new technology that will increase their daily production of milk only. Whih country has a comparative advantage in cookie production?
Answer:
Brazil
Explanation:
The country that would have the comparitive advantage would be the country that could best produce the largest amount of milk to make the cookies. Therefore, since cows are the main source of milk then the country with the most cows would have this advantage. As of 2020, Brazil is the leading owner of cows in the world. Following Brazil is India and China.
Comment with your agreement or disagreement (and why) on the following quote; include in your answer a discussion of what the CEO’s role should be in setting ethical standards and in enforcing ethical behavior: ""Value statements serve as a cornerstone for culture building; a code of ethics serves as a cornerstone for developing a corporate conscience.""
Answer:
agreed
Explanation:
In simple words, the modern business environment is such that an unethical firm will not survive for long in the market. Thus, it is mandatory for firms to be ethical in every way. A CEO of a company represents the company and can considerations the face of the entity, thus, his or her authority obliges him or her to act and make others act in an ethical manner.
The value statements and code of ethics should be considered as must for the operative activities as it serves as a code of conduct for followers.
Paragraphs in a business email should be 20 to 40 words long. True False
The CFO of the company believes that an appropriate annual interest rate on this investment is 4%. What is the present value of this uneven cash flow stream, rounded to the nearest whole dollar?
$1, 625,000
$1, 685, 335
$1, 975,000
$600,000
Identify whether the situations described in the following table are examples of uneven cash flows or annuity payments:
Description Uneven Cash Flows Annuity You recently moved to a new apartment and signed a contract to pay monthly rent to your landlord for a year.
SOE Corp. hires an average of 10 people every year and matches the contribution of each employee toward his or her retirement fund.
Franklinia Venture Capital (FVC) invested in a budding entrepreneur's restaurant. The restaurant owner promises to pay FVC 10% of the profit each month for the next 10 years.
You have committed to deposit $600 in a fixed interest-bearing account every quarter for four years.
Answer:
Present value of the cash flows = $1,625,000 /1.04 + $1,685,335/1.04 + $1,975,000/1.04 + $600,000/1.04 = $5,389,337.27
You recently moved to a new apartment and signed a contract to pay monthly rent to your landlord for a year. ⇒ ANNUITY
SOE Corp. hires an average of 10 people every year and matches the contribution of each employee toward his or her retirement fund. ⇒ UNEVEN CASH FLOW (EACH EMPLOYEE'S SALARY VARIES, SO THE TOTAL EXPENSE ALSO VARIES)
Franklinia Venture Capital (FVC) invested in a budding entrepreneur's restaurant. The restaurant owner promises to pay FVC 10% of the profit each month for the next 10 years. ⇒ UNEVEN CASH FLOW (PROFITS ARE NOT IDENTICAL FORM ONE PERIOD TO ANOTHER)
You have committed to deposit $600 in a fixed interest-bearing account every quarter for four years. ⇒ ANNUITY
$400 invested with compound interest at a rate of 3% per year for 2 years. Formula: M = P(1+ i)n
Answer:
$424.36
Explanation:
The applicable formula =M= P ( 1+ r)^2
Where M is the amount after two years
P = principal amount: $400
r = interest rate: 3% or 0.03
n =number of period :2
M= $400 x ( 1+ 0.03) ^ 2
M=$400 x 1.0609
M= $424.36
A firm decides to increase output by opening another plant. In doing so their average total cost changed from $50 with one plant to an average total cost of $40 with two plants. This implies the firm is experiencing:_______
Answer:
Economies of scale
Explanation:
The firm is experiencing economies of scale. Economies of scale result in a decreased average cost of production. Production increases and therefore the fixed cost is distributed more and average fixed cost becomes lesser and lesser as output increases. This leads to a decline in average total cost( As average total cost is the sum of average variable cost and average fixed cost, therefore a decline in average fixed cost leads to a decline in average total cost). This can be seen by an assymptotic average fixed cost for the firm which experiences economies of scale.
There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services, and they view the quality of the tutoring at the different companies to be largely the same.
Number of Firms (few, one, or many)
Types of product(differentiated, unique, anything, or standardized)
Entry (challenging, impossible, or easy)
Market model (perfect competition, monopoly, monopolistic competition, or oligopoly)
Answer:
Number of firms: many. There are dozens of companies offering tutoring services, so we can safely say that the number of firms in this market is many.
Types of product: standardized. Consumers of this market, who are the students, view the quality of all algebra tutoring companies as being essentially the same.
Entry: easy. The only requirement to enter this market is to be able to teach algebra, so as long as a person knows algebra, this person would in theory be able to enter the market.
Market model: perfect competition. The market of algebra tutoring services in this case is closest to perfect competition. Both buyers and sellers are plenty, so neither can excercise market power. The product offered is standardized, which means that each firm's tutoring service is a perfect substitute for the tutoring services of the other firms. Finally, barriers of entry and exit are almost non-existant.
Caroline's paycheck each week is $12 per hour times the number of hours she works. Caroline thus currently earns a ___ wage of $12 per hour. Suppose the price of sparkling water is $3 per gallon. The amount of sparkling water she can buy with her paycheck is ___ of sparkling water, which represents her ___ wage.
When workers and firms negotiate compensation packages, they have expectations about the price level (and changes in the price level) and agree on a ___ weage with those expectations in mind. If the price level turns out to be higher than expected, a worker's ___ wage is ___ than both the worker and employer expected when they agreed to the wage.
Suppose that Caroline and her employer both expected inflation to be 3% between 2011 and 2012. They signed a two-year contract stipulating that Caroline would earn $12 per hour in 2011 and $12.36 per hour in 2012. However, actual inflation between 2011 and 2012 turned out to be 5% rather than the expected 3%. For example, suppose the price of sparkling water rose from $3 per gallon to $3.15 per gallon. This means that between 2011 and 2012, Caroline's nominal wage ___ by ___ and her real wage ___ by approximately ___.
Answer:
Caroline's paycheck each week is $12 per hour times the number of hours she works. Caroline thus currently earns a NOMINAL wage of $12 per hour. Suppose the price of sparkling water is $3 per gallon. The amount of sparkling water she can buy with her paycheck is 4 GALLONS of sparkling water, which represents her REAL wage.
When workers and firms negotiate compensation packages, they have expectations about the price level (and changes in the price level) and agree on a NOMINAL wage with those expectations in mind. If the price level turns out to be higher than expected, a worker's REAL wage is LOWER than both the worker and employer expected when they agreed to the wage.
Suppose that Caroline and her employer both expected inflation to be 3% between 2011 and 2012. They signed a two-year contract stipulating that Caroline would earn $12 per hour in 2011 and $12.36 per hour in 2012. However, actual inflation between 2011 and 2012 turned out to be 5% rather than the expected 3%. For example, suppose the price of sparkling water rose from $3 per gallon to $3.15 per gallon. This means that between 2011 and 2012, Caroline's nominal wage INCREASED by 3% and her real wage DECREASED by approximately 2%.
Explanation:
Nominal wages are measured in current dollars, while real wages measure the employee's purchasing power. If the inflation rate is higher than expected, the total amount of goods that an employee will be able to purchase will decrease, lowering their real wage.
A company's relevant range of production is 10,000 to 15,000 units. When it produces and sells 12,000 units, its unit costs are as follows: Amount per Unit Direct materials $ 10.00 Direct labor $ 6.00 Variable manufacturing overhead $ 1.50 Fixed manufacturing overhead $ 5.00 Fixed selling expense $ 3.50 Fixed administrative expense $ 2.00 Sales commissions $ 1.00 Variable administrative expense $ 0.50 What is the incremental cost incurred if the company increases production from 12,000 to 12,001 units
Answer:
14.002
Explanation: