Answer:
False.
Explanation:
A contract entered into by a minor is generally voidable at the option of the minor, but not at the option of the competent party. The competent party is bound by the terms of the contract unless it can be shown that the minor lacked capacity to enter into the contract, such as in cases where the minor was mentally incompetent or under the influence of drugs or alcohol at the time of entering into the contract.
What is human resource management?
Answer:
Investment in workers, protecting their safety, and effective staffing management are the main priorities of HRM.
Explanation:
The recruitment, hiring, training, compensating, rewarding, motivating, and retaining of personnel are within the purview of human resource management.
types of business organizations chapter 8 assessment what are the advatages of a sole proprietorship
Some advantages of a sole proprietorship as a business organization include: simplicity in setting up and dissolving, complete control by the owner, flexibility in decision-making, and potential tax benefits.
The advantages of a sole proprietorship are as follows:Easy to create and terminateA sole proprietorship is the simplest and easiest form of a business to establish, and it does not require much legal paperwork. It can be set up and closed down quickly without much hassle. The proprietor has full control of the business, and he or she has the flexibility to make decisions at will.Tax benefitsA sole proprietorship provides tax benefits. The proprietor is the only one responsible for paying taxes, and he or she is not subject to double taxation as in the case of corporations.
The profits and losses of the business are added to the proprietor's personal tax returns, and the taxes paid are based on the proprietor's tax bracket.Limited LiabilitySole proprietorship is not a separate legal entity from the proprietor. As a result, the proprietor is solely responsible for the company's debts and liabilities. This means that if the company is sued, the proprietor's personal assets are at risk. However, the risks are significantly reduced because the business is small and limited to a single proprietor. Therefore, a sole proprietorship may be preferable to individuals who do not require a lot of capital to start their business.
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Given a purchases invoice showing five items of ¢800 each, less trade discount of 25% and cash discount of 5%, if paid within the credit period, your cheque would be made our for?
Given a purchase invoice with 5 items totaling £80, less a 25% trade discount and a 5% cash discount if paid within the credit period,
How do you apply given?
When indicating a possible situation in which someone has the opportunity or ability to do something, the word given is used. Given the chance, for example, means "if I had the chance." Make a list of things you'd like to do if you had the chance. This species can be successfully bred if patience is used.
What is the given vocabulary?
given Add to the list Share. A given is a fact or detail that is known to be true. "I'll always love you, no matter how annoying you are," your mother might say. Something is a given if it is a well-established situation that you are certain of.
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consider a two country world consisting of the united kingdom (uk) and the us. if the us goes into a recession, then the uk would rather have the us conduct expansionary monetary policy rather than fiscal policy since with expansionary us monetary policy us citizens will expenditure switch from us goods and services towards uk goods and services.
The UK would prefer the US to conduct expansionary monetary policy rather than fiscal policy if the US goes into a recession.
Expansionary monetary policy involves lowering interest rates and increasing the money supply in an economy to stimulate economic growth. By doing so, it makes borrowing cheaper and encourages spending and investment. Therefore, expansionary monetary policy in the US would likely lead to increased demand for goods and services, including those produced in the UK. This would lead to a positive spillover effect on the UK economy, boosting exports and increasing economic growth.
On the other hand, fiscal policy involves government spending and taxation. If the US implemented expansionary fiscal policy, it would increase government spending and reduce taxes to stimulate the economy. While this may also increase demand for goods and services, it may also lead to an increase in domestic production, thereby reducing demand for foreign goods and services, including those produced in the UK. Therefore, the UK would prefer the US to conduct expansionary monetary policy rather than fiscal policy if the US goes into a recession.
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Rank order the vendors, keeping the Seasonal Product Team's needs in mind.
1
M
Rank
2 D
4
P
K
Flexibility
Vendor
O Low Amount
↑ Increasing 10%
Castomer Issues
Quantity Shipped
O
O
Shipped On Time
Moderate Amount
Decreasing 10%
●T
High Amount
D
Since the primary goal of the seasonal team is to guarantee that products are available as and when needed and in the appropriate quantities, the vendor must have some qualities.
These include-
Flexibility to make changes in product demand, Fewer customer issues, Above average ratings in product shipping, And the ability to ship the products on schedule.Analysis of Vendors-
1. The advantages of vendor P-
-P include great flexibility and little customer complaints. The amount transported is small, despite the fact that delivery times are long and rising by 10%. P cannot thus be suggested.
2. Vendor D-
D is very adaptable, customer problems are growing by 10%. Furthermore, despite the great quantity, only a small percentage of the items are delivered on time. D thus cannot be suggested.
3. Vendor K -
K has a modest level of flexibility and some growing customer difficulties (the latter by 10%). While they are delivered on time, the amount sent is fair. K is therefore advised.
Hence keeping the Seasonal Product Team's needs in mind, the vendors K, P, D can be ranked in orders as 1,2,3 respectively.
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Multiple Choice Question
If sales = $100,000, turnover = 2.0, and ROI = 10 percent, then
O net income = $5,000 and margin = 5%
O net income = $20,000 and margin = 5%
O net income = $5,000 and margin = 10%
O net income = $10,000 and margin is indeterminable
Answer:
The formula for ROI (Return on Investment) is:
ROI = Net Income / Investment
We know that ROI is 10%, so we can write:
0.10 = Net Income / Investment
We also know that turnover is 2.0, which means that the investment is equal to:
Investment = Sales / Turnover
Substituting the given values, we get:
Investment = $100,000 / 2.0 = $50,000
Now we can solve for net income:
0.10 = Net Income / $50,000
Net Income = 0.10 x $50,000 = $5,000
The formula for margin is:
Margin = Net Income / Sales
Substituting the given values, we get:
Margin = $5,000 / $100,000 = 0.05 = 5%
Therefore, the answer is:
Net income = $5,000 and margin = 5%.
Like FedEx, UPS is a major player in global logistics. After reading the information presented in this chapter and other sources, write a one-page paper that describes three IT tools that UPS uses in its global logistics. What are two differences between global logistics and domestic logistics?
UPS utilizes different IT tools in its global logistics, three of them are -
Trackers: assist the organizations with following genuine developments. This is the most useful apparatus for the organization's executives.Telephone: help in making contacts. Thus, this is another IT apparatus that aids in coordinating factors.Information handling programming: helps in handling the data sources and breaking them down based on pre-characterized guidelines to get the ideal result.Differences between global logistics and domestic logistics –
Domestic logistics incorporate the conveyance of shipment inside neighborhood limits. Global Logistics incorporates conveyance shipment to every one of the areas, past the country. 2. Domestic logistics operations include less expense and Global Logistics include greater expenses.Learn more about logistics:
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A All the costs chargeable to the bu Depreciation on the building for 2014 Explanations are not required. 2 Report Garrett's Book Store's plant assets on the company's balance sheet at December 31, 2014 3. What will Garrett's income statement for the year ended December 31, 2014, report for this situation? E-33 (Learning Objective 3: Determine depreciation amounts by three methods) Royce's Pizza bughaused Honda delivery van on January 2, 2014, for $43,000. The van was expected to emain in service for four years (208,000 miles). At the end of its useful life, Royce's officials esti- mated that the van's residual value would be $3,500. The van traveled 65,000 miles the first year, 64,000 miles the second year, 42,000 miles the third year, and 37,000 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation ⁷roduction and double-declining-balance, mund to the nearest two decimal places after each step of the calculation.) 2. Which method best tracks the wear and tear on the van? 1. Which method would Royce's prefer to use for income tax purposes? Explain in detail why Royce's prefers this method. 27-448 (
Answer:answer choices
Explanation:
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($15 each) C. Purchase, May 1 d. Sale, August 31 ($15 each) a Weighted average cost b First-in first-out c. Specific identification Units 1,600 Goods available for sale 2,200 (1,000) 1,200 (1,900) Unit Cost $ 7.00 Required: A 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Ending inventory 10.00 12.00 Cost of goods sold
A. Last-in, first-out (LIFO): Cost of goods sold = $574,350, b. Weighted average cost: Ending inventory = $272,880.50, c. First-in, first-out (FIFO): Cost of goods sold = $551,550, and d. Specific identification: the cost of goods sold and ending inventory depend on the specific units that were sold and in ending inventory.
How did we get the values?a. Last-in, first-out (LIFO):
Units Unit Cost Total Cost
Beginning Inventory 3,200 $55 $176,000
Purchase on Jan. 30 4,100 $69 $282,900
Purchase on May 1 2,800 $85 $238,000
Total 10,100 - $696,900
We assume that the units sold came from the most recent purchases first, and the ending inventory is composed of the oldest units.
The units sold during the year are 2,850 + 3,300 = 6,150. We attribute this cost to the most recent purchases, i.e., 6,150 units sold come from the purchase of January 30 and May 1.
Ending inventory = 3,200 + 4,100 + 2,800 - 6,150 = 3,950 units
Cost of goods sold = 6,150 × $85 + (3,200 × $55 + 900 × $69) = $574,350
b. Weighted average cost:
Units Total Cost Average Cost
Beginning Inventory 3,200 $176,000 $55
Purchase on Jan. 30 4,100 $282,900 $69
Purchase on May 1 2,800 $238,000 $85
Total 10,100 $696,900 $68.87
We calculate the weighted average cost per unit by dividing the total cost of goods available for sale by the total number of units.
Cost of goods sold = 6,150 × $68.87 = $422,019.50
Ending inventory = 3,950 × $68.87 = $272,880.50
c. First-in, first-out (FIFO):
Units Unit Cost Total Cost
Beginning Inventory 3,200 $55 $176,000
Purchase on Jan. 30 4,100 $69 $282,900
Purchase on May 1 2,800 $85 $238,000
Total 10,100 - $696,900
We assume that the units sold came from the oldest purchases first, and the ending inventory is composed of the most recent units.
The units sold during the year are 2,850 + 3,300 = 6,150. We attribute this cost to the oldest purchases, i.e., 2,850 units sold come from the beginning inventory and 3,300 units sold come from the purchase of January 30.
Ending inventory = 3,200 + 800 + 2,800 = 6,800 units
Cost of goods sold = 2,850 × $55 + 3,300 × $69 + 900 × $85 = $551,550
d. Specific identification:
Units Unit Cost Total Cost
Beginning Inventory 1,280 $55 $70,400
Purchase on Jan. 30 2,460 $69 $169,740
Purchase on May 1 2,800 $85 $238,000
Total 6,540 - $478,140
We assume that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, and that the August 31 sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May.
Units Total Cost
Sold on March 14 1,140 $78,600 [(2,850 × 2/5) × $55 + (2,850 × 3/5) × $69]
Sold on August 31 1,710 $98,850 [(3,300 - 1,140 from March 14) × $55 + (3,300 - 1,140 from March 14) × $69]
Ending inventory 3,690 $300,690 [(1,280 - 1,140 from March 14) × $55 + (2,460 - 1,710 from August 31) × $69 + 2,800 × $85]
Cost of goods sold $177,450 [(1,140 from March 14) × $55 + (2,460 - 1,140 from March 14) × $69 + (1,710 from August 31) × $69 + (2,800 - 1,710 from August 31) × $85]
Note that the specific identification method uses the actual cost of each unit sold and in ending inventory, rather than averaging or assuming a cost flow assumption. As a result, the cost of goods sold and ending inventory depend on the specific units that were sold and in ending inventory.
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The complete question goes thus:
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Unit Cost Transactions 3,200 $55 Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 4,100 69 b. Sale, March 14 ($100 each) (2,850) c. Purchase, May 1 2,800 85 d. Sale, August 31 ($100 each) (3,300) Assuming that for Specific identification method (item ld) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May Required 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) of Goods Available for Sale Ending Inventory Cost of Goods Sold S 696,900 a. Last-in, first-out b. Weighted average cost 696,900 c. First-in, first-out 696,900 696,900 d. Specific identification
Hi, please see attached screenshot thank you very much.
The income statement at 71,000 units is in the image below and the net income (loss) is $358,764
What is an Income Statement?One of a company's financial accounts, an income statement or profit and loss account, lists the company's revenues and costs for a specific time period.
It describes the process through which revenues are converted into net income or net profit.
The income statement presents revenue, expenses, and net income.
The variable cost total is $829,990
An income statement's objective is to display a company's financial success over a specific time frame. It narrates the financial history of a company's operations. You may discover all of the revenue and expense accounts for a specific time period in an income statement.
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What does it mean for a company to manage diversity effectively?
Answer: Managing diversity means acknowledging people's differences and recognizing these differences as valuable; it enhances good management practices by preventing discrimination and promoting inclusiveness. Good management alone will not necessarily help you work effectively with a diverse workforce.
Explanation:
Answer:
acknowledging people's differences and recognizing these differences as valuable
Explanation:
the short run is the time period multiple choice a.over which an investment decision can be made. b.necessary so that profits can be earned from production.
c. in which some costs are fixed.
d. in which only the amount of capital may be altered.
The short run is the time period in which some costs are fixed. The right answer is c.
According to the concept of the short run, some inputs will be constant while others will be variable within a specific time frame in the future. It expresses the notion that an economy responds to particular stimuli differently based on the duration of time it has to do so.
The term "short run" does not refer to a precise amount of time but rather to the business, sector, or economic component under investigation. In the short term, enterprises encounter both variable and fixed costs, which implies that output, wages, and prices do not have complete freedom to find a new equilibrium.
The correct answer is option c.
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choose the correct
1) The Financial System main function is to
a) Channeling funds from surplus units to deficit units
b) Transfer money from those who haven’t productive use of fund to other who have c) Derive the economy to efficiency
d) All of the above
2) The financial market consider to be
a) The indirect route to transfer funds from surplus to deficit units
b) The direct route to transfer funds from surplus to deficit units
c) Where the surplus units makes deposit
d) Where the deficit units takes loan
3) The balance sheet describe
a) The financial position of the company
b) The operation of the company
c) The sources of finance of the company
d) All of the above
4) In order to calculate the weighted average cost of capital, we obtain
a) Cost of debt
b) Cost of equity
c) Cost of both (debt and equity)
d) None of above
5) The income statement describe
a) The financial position of the company
b) The operation of the company
c) The sources of finance of the company
d) All of the above
6) If the ROA of a company is 17.5% , profit margin is 12.5% and ROE is 30% and the interest on deposits is 18%. It would be better for the investors to invest in: a) the company
b) the bank
c) divided the money into both
d) need more information
7) If the present value of cash flows greater than initial investment, so we shall
a) Accept the project
b) Reject the project
c) Need more information
d) None of the above
8) In the cash flow, it is better for the company to have from operating activity:
a) Positive cash flow
b) Negative Cash flow
c) It doesn’t differ
d) None of the above
9) The financial ratio that measure the management efficiency
a) Return on equity
b) The current ratio
c) The debt to equity
d) Return on Assets
10) The country risk premium will increase if
a) The economic position of the country stable
b) The economic position of the country unstable
c) From one year to another
d) If the political status become stable
11) The first step to obtain make budgeted financial statement
a) Determine expected distributed dividends
b) Determine expected purchase of raw material
c) Determine expected sales revenue
d) Determine expected organization structure
12) The breakeven point for a company reached when :
a) Revenue equal variable cost
b) Revenue equal fixed cost
c) Revenue equal total cost
d) Fixed cost equal variable cost
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year.
Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412-34.5670 (date of birth 3/15/1982)
Her W-2 contained the following information:
Wages (box 1) $ 48,965.25
Federal W/H (box 2) $ 4,876.24
Social security wages (box 3) $ 48,965.25
Social security W/H (box 4)$3,035.85
Medicare wages (box 5) 48,965.25
Medicare W/H (box 6)$710.00
She has gambling winnings of $1,050 and the following expenses:
State income taxes $ 3,200
Real estate property taxes 1,150
Medical expenses 6,400
Charitable cash contributions
(no single contribution was more than $250) 450
Mortgage interest expense 5,605
Personal property taxes 720
Gambling losses 1,235
Required:
Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets. Use the appropriate Tax Tables 2022.
Note: Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within the forms
Elise Dubois, the taxpayer, has a salary, gaming earnings, and different expenses. A Form 1040 with Schedules 1 and A is created using the supplied information, and the correct tax tables are used to determine the overall tax liability.
Where should I record my gambling losses?Only if you itemise your deductions on Schedule A (Form 1040) and keep track of your winnings and losses are gambling losses eligible for deduction. The total of your losses cannot exceed the total of your stated gambling income on your tax return.
Are losses from gambling tax deductible in Canada?The taxpayer's gaming activities will be regarded as business activity, and any winnings, if they were commercial in character and conducted in a businesslike manner.
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3. Following are the particulars available for Z and X, LLP
retained earnings
accounts receivable
supplies
salaries payable
equipment
unearned revenue
accounts payable
cash
prepaid insurance
common stock
a. Calculate the amount of -
• total assets
●
● total liabilities excluding stockholder equity
total stockholders' equity
668
240
500
- 167
1000
475
200
1170
100
1500
(5 Marks)
The total assets are $3,010, total liabilities excluding stockholder equity are $508, and total stockholders' equity is $2,168.
What is Assets?
Assets are economic resources that are owned or controlled by an individual, a company, or an organization. Assets can take many forms, including cash, investments, property, equipment, inventory, and accounts receivable, among others.
Using the given information, we can calculate the total assets, total liabilities excluding stockholder equity, and total stockholders' equity as follows:
Total assets = accounts receivable + supplies + equipment + cash + prepaid insurance
= 240 + 500 + 1000 + 1170 + 100
= 3,010
Total liabilities excluding stockholder equity = accounts payable + salaries payable + unearned revenue
= 200 + (-167) + 475
= 508
Total stockholders' equity = retained earnings + common stock
= 668 + 1500
= 2,168
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explain the role of economic in business
Answer:
Economics plays a crucial role in the world of business. Businesses exist to create and distribute goods and services that satisfy the needs and wants of consumers, and the principles of economics help them to do so in a more efficient and effective manner. Here are some of the ways economics influences business:
Understanding markets: Businesses must be able to understand the markets in which they operate, including the supply and demand for their products, the behavior of consumers, and the actions of competitors. By studying economic principles such as market structures, elasticity, and pricing strategies, businesses can make more informed decisions about how to allocate resources, set prices, and promote their products.
Allocating resources: One of the most important decisions businesses make is how to allocate their resources, such as labor, capital, and raw materials. Economic principles such as opportunity cost, marginal analysis, and production efficiency can help businesses to make more effective decisions about where to invest their resources.
Managing risk: Every business faces risks, such as changes in market conditions, new competitors, and economic downturns. Economic principles such as diversification, risk management, and cost-benefit analysis can help businesses to manage these risks and make better decisions about how to allocate their resources.
Understanding the role of government: Businesses must also be aware of the role that government plays in the economy, including regulations, taxes, and subsidies. Economic principles such as externalities, public goods, and market failures can help businesses to understand the impact of government policies on their operations and plan accordingly.
Overall, economics provides businesses with a framework for understanding the broader economic environment in which they operate and making more informed decisions about how to allocate their resources, manage risks, and create value for their stakeholders.
Explanation:
Economics plays a crucial role in business as it helps organizations make informed decisions about the production, pricing, marketing, and distribution of goods and services. Businesses need to understand economics to make decisions that maximize their profits and minimize their costs.
Why is economics important?People can better grasp their surroundings by studying economics. In order to effectively adapt to the challenges and possibilities that arise when things change, it enables people to comprehend individuals, organizations, markets, and governments.
Economics helps businesses understand the concept of supply and demand. This understanding is critical for determining the right price point for a product or service.
Economics is used to analyze market trends and gather insights into consumer behavior. By understanding the needs and wants of their target market, businesses can create products and services that are in high demand.
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What should the business have in place to protect them from being responsible/sued? What is the business liable for? What aren’t they responsible for? If it was your business what would you do? THIS IS DUE SOON PLEASE HELP
Businesses should have several measures in place to protect themselves from being held responsible or sued.
What is the business liable for?Some business measures can include:
Legal compliance: Businesses should ensure that they comply with all relevant laws and regulations in their industry. This includes employment laws, health and safety regulations, and consumer protection laws.
Insurance: Businesses should consider purchasing liability insurance to protect themselves from potential lawsuits. This can include general liability insurance, professional liability insurance, and product liability insurance.
Clear contracts and agreements: Businesses should ensure that all contracts and agreements they enter into with clients, suppliers, and other parties are clear and unambiguous. This can help prevent misunderstandings and disputes down the line.
Strong data protection measures: If the business collects and stores customer data, they should have strong data protection measures in place to prevent data breaches and protect customer privacy.
Employee training: Businesses should provide their employees with appropriate training to ensure they understand their responsibilities and obligations, as well as how to handle potential legal issues.
In terms of liability, businesses can be held responsible for a range of issues, including:
Negligence: If the business fails to take reasonable care, they can be held responsible for any harm caused as a result of that negligence.
Breach of contract: If the business breaches a contract or agreement with another party, they can be held responsible for any resulting damages.
Product liability: If a product sold by the business causes harm to a customer, the business can be held liable.
Employment issues: If the business violates employment laws or discriminates against employees, they can be held responsible.
There are also certain things that businesses are not responsible for, such as:
Acts of nature: Businesses are not responsible for damage caused by natural disasters or other events beyond their control.
Criminal acts: If a third party commits a criminal act against the business or their customers, the business is not typically held responsible.
If it were my business, I would ensure that we have all the necessary legal and insurance measures in place to protect ourselves from potential legal issues. I would also prioritize employee training and data protection to minimize the risk of any potential liability.
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Item1
2
points
Return to question Item 1
Rizio Company purchases a machine for $12,600, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $126 discount. Transportation costs of $285 were paid by Rizio. The machine required mounting and power connections costing $871. Another $411 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $180 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machi
Rizio Business spent a total of $14,261 on the installation of new equipment.
Investment Outlay: What Is It?The cost of buying a fixed asset is referred to as a capital expenditure, and it is reported on the balance sheet rather than the income statement. The cost of the asset is increased by any costs necessary to put it to its intended use.
What is covered by the initial purchase of the equipment?The initial cost of an object includes all measurable components. For instance, a company could decide to invest $20,000 on a piece of equipment. There are extra costs above and above the purchase price, including $3,000 for installation and warranty, $1,000 in fees, and $700 for freight and delivery.
Amount
Machine cost $12,600
Discount ($12,500 * 2%) -$126
Net purchase price $12,474
Mounting and power connections cost $871
Transportation costs $285
Assembling cost $411
Materials used $40
Repairs $180
Total cost $14,261
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Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June.
Units Percent Completed
Materials Conversion
Work in process, beginning 58,000 70% 40%
Started into production 299,000
Completed and transferred out 289,000
Work in process, ending 68,000 75% 25%
Materials Conversion
Work in process, beginning $ 20,000 $ 6,200
Cost added during June $ 214,600 $ 131,500
Required:
1. Calculate the Blending Department's equivalent units of production for materials and conversion in June.
2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June.
3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June.
4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June.
5. Prepare a cost reconciliation report for the Blending Department for June.
Equivalent units of production:
Materials:
Units completed and transferred out = 289,000
Ending work in process inventory (68,000 x 75%) = 51,000
Total equivalent units of production for materials = 340,000
Conversion:
Units completed and transferred out = 289,000
Ending work in process inventory (68,000 x 25%) = 17,000
Total equivalent units of production for conversion = 306,000
Cost per equivalent unit:
Materials:
Cost added during June = $214,600
Equivalent units of production for materials = 340,000
Cost per equivalent unit of materials = $214,600 ÷ 340,000 = $0.63 per equivalent unit
Conversion:
Cost added during June = $131,500
Equivalent units of production for conversion = 306,000
Cost per equivalent unit of conversion = $131,500 ÷ 306,000 = $0.43 per equivalent unit
Cost of ending work in process inventory:
Materials:
Ending work in process inventory (68,000 x 75%) = 51,000
Cost per equivalent unit of materials = $0.63
Cost of ending work in process inventory for materials = $0.63 x 51,000 = $32,130
Conversion:
Ending work in process inventory (68,000 x 25%) = 17,000
Cost per equivalent unit of conversion = $0.43
Cost of ending work in process inventory for conversion = $0.43 x 17,000 = $7,310
Total cost of ending work in process inventory = $32,130 + $7,310 = $39,440
Cost of units transferred out:
Materials:
Cost per equivalent unit of materials = $0.63
Units completed and transferred out = 289,000
Cost of units transferred out for materials = $0.63 x 289,000 = $182,070
Conversion:
Cost per equivalent unit of conversion = $0.43
Units completed and transferred out = 289,000
Cost of units transferred out for conversion = $0.43 x 289,000 = $124,270
Total cost of units transferred out = $182,070 + $124,270 = $306,340
Cost reconciliation report:
Sunspot Beverages, Limited
Blending Department Cost Reconciliation Report
For the Month Ended June 30
Costs accounted for:
Cost of beginning work in process inventory $ 26,600
Cost added during June $ 346,100
Total cost to be accounted for $ 372,700
Equivalent units of production:
Materials 340,000
Conversion 306,000
Cost per equivalent unit:
Materials $ 0.63
Conversion $ 0.43
Costs assigned to:
Units completed and transferred out:
Materials (289,000 x $0.63) $ 182,070
Conversion (289,000 x $0.43) $ 124,270
Total cost assigned to units completed and transferred out $ 306,340
Ending work in process inventory:
Materials (68,000 x 75% x $0.63) $ 32,130
Conversion (68,000 x 25% x $0.43) $ 7,310
Total cost assigned to ending work in process inventory $ 39,440
Costs accounted for:
Cost of beginning work in process inventory $ 26,600
Cost added during June $ 346,100
Total cost accounted for $ 372,700
The cost reconciliation report shows that the total cost accounted for is equal to the total cost to be accounted for
which of the following occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract?
a.Anticipatory repudiation
b.special damages
c.Constructive condition
d.quasi-contract.
The correct answer is a. Anticipatory repudiation. Anticipatory repudiation occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract.
This means that the promisor has essentially breached the contract before the actual performance is due. The non-breaching party can either wait until the time for performance has passed and then sue for breach of contract or treat the anticipatory repudiation as an immediate breach and sue for damages immediately. The non-breaching party can also request assurance from the breaching party that they will perform as agreed, and if the breaching party fails to provide adequate assurance, this can also be considered anticipatory repudiation. Anticipatory repudiation gives the non-breaching party the right to seek damages or to cancel the contract and pursue other remedies.
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You are hiring a new project manager to take over a project with several teams that often disagree on what they are supposed to do. Which competency would you feel is most important in a candidate for this situation?
A project manager with strong people management skills would be the most important candidate.
What are people management skills?
People management skill is the ability of an individual to effectively lead and supervise a team of individuals in order to achieve specific goals and objectives.
Someone who is good at communicating effectively, motivating team members, providing constructive feedback, delegating tasks appropriately, and managing conflicts that may arise within the team can be said to have strong people management skills.
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Before considering any public project, the government should (i) compare the total cost and total benefits of the (ii) conduct a cost-benefit (iii) infer that citizens who vote for a project are willing to pay equally for a. (i) only
b. (ii) only
c. (i) and (ii) only d. (i), (ii), and (iii)
The answer to this question is (d) (i), (ii), and (iii).
Before considering any public project, the government should (i) compare the total cost and total benefits of the (ii) conduct a cost-benefit (iii) infer that citizens who vote for a project are willing to pay equally for it
What is a public project? A public project is a form of investment undertaken by the government to provide public goods and services to the public. A public project is financed by the government or government institutions with the aim of benefiting the public. Infrastructure development, education, and healthcare are examples of public projects. What is a cost-benefit analysis? A cost-benefit analysis (CBA) is a technique that compares the total costs of a project to the total benefits it provides. A cost-benefit analysis assesses the desirability of a public project by weighing the expected costs of the project against its expected benefits. Cost-benefit analysis is important because it helps to ensure that resources are allocated effectively and efficiently.
What can be inferred when citizens vote for a project? When citizens vote for a public project, it can be inferred that they are willing to pay equally for it. It means that the citizens have assessed the benefits of the project and believe that the benefits are worth the cost. Therefore, it is important for the government to compare the total cost and total benefits of a public project, conduct a cost-benefit analysis and infer that citizens who vote for a project are willing to pay equally for it before considering any public project.
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Bob's Textile Company sells shirts for men and boys. The average
selling price and variable cost for each product are as follows:
Men's
Selling Price $28.80
Variable Cost $20.40
Boys'
Selling Price $24.00
Variable Cost $16.80
Fixed costs are $38,400.
Required:
a. What is the breakeven point in units for each type of shirt, assuming the sales mix is 2:1 in favor of men's shirts?
b. What is the operating income, assuming the sales mix is 2:1 in favor of men's shirts, and sales total 9,000 shirts?
a. Total Breakeven Point is 11,200 units and b. Operating Income is $217,200.
a. To find the breakeven point in units, we can use the following formula:
Breakeven Point = Fixed Costs / (Selling Price - Variable Cost)
For men's shirts:
Breakeven Point = $38,400 / ($28.80 - $20.40) = 3,200 units
For boys' shirts:
Breakeven Point = $38,400 / ($24.00 - $16.80) = 4,800 units
Since the sales mix is 2:1 in favor of men's shirts, the total breakeven point would be:
Total Breakeven Point = 2(Men's Breakeven Point) + Boys' Breakeven Point
Total Breakeven Point = 2(3,200) + 4,800 = 11,200 units
b. First, let's calculate the total contribution margin per unit for each type of shirt:
Men's: Selling Price - Variable Cost = $28.80 - $20.40 = $8.40
Boys': Selling Price - Variable Cost = $24.00 - $16.80 = $7.20
Since the sales mix is 2:1 in favor of men's shirts, we can calculate the weighted average contribution margin per unit:
Weighted Average Contribution Margin = (2/3)(Men's CM) + (1/3)(Boys' CM)
Weighted Average Contribution Margin = (2/3)($8.40) + (1/3)($7.20) = $8.20
Total operating income can be calculated as follows:
Total Sales = 9,000 shirts x 2/3 (men's shirts) x $28.80 + 9,000 shirts x 1/3 (boys' shirts) x $24.00 = $489,600
Total Variable Costs = 9,000 shirts x 2/3 (men's shirts) x $20.40 + 9,000 shirts x 1/3 (boys' shirts) x $16.80 = $234,000
Total Contribution Margin = $489,600 - $234,000 = $255,600
Operating Income = Total Contribution Margin - Fixed Costs = $255,600 - $38,400 = $217,200
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Tamara is a new hire at Target. In learning the organizational norms and culture, she observes employees coming to work 15 minutes early and working overtime. This is an example of __________, one of the three levels of organizational culture.
Tamara is a new hire at Target. In learning the organizational norms and culture, she observes employees coming to work 15 minutes early and working overtime. This is an example of observable culture, one of the three levels of organizational culture.
What are organizational norms? Organizational norms are an important part of organizational culture that govern the behavior of employees, organizational values, and the general way things are done in a company. Organizational culture is made up of three levels, as follows:
a) Observable culture (Surface-level): Observable culture is the surface level of organizational culture that can be easily observed through the daily activities, behavior, and patterns of employees. For instance, dress codes, values, behavior patterns, office arrangements, symbols, rituals, and ceremonies are all part of the observable culture.
b) Shared values (Middle-level): Shared values are the intermediate level of organizational culture that defines what is important to the company and how employees should behave in different situations. Shared values are at the heart of organizational culture, and they reflect the organization's goals, missions, and strategies.
c) Basic assumptions (Deep-level): Basic assumptions are the deepest level of organizational culture that guides employees' thoughts, actions, and behavior, whether they realize it or not. Basic assumptions are unconscious, taken-for-granted beliefs and values that employees hold, and they influence how they make decisions, act, and interact.
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a business has a debt that is due in may, year 2. at december 31, year 1 the company does not plan to use any of its current assets to repay this debt. this debt should be classified as on the december 31, year 1 balance sheet.
A business has a debt that is due in May, Year 2. At December 31, Year 1 the company does not plan to use any of its current assets to repay this debt. This debt should be classified as long-term liabilities on the December 31, Year 1 balance sheet.
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.
Now, let's look at your question. The debt in question is due in May of Year 2. However, on December 31, Year 1, the company does not plan to use any of its current assets to repay this debt.
In this case, the debt should be classified as a long-term liability on the December 31, Year 1 balance sheet. Long-term liabilities are debts that are not due within the next 12 months. Examples include bank loans, bonds, and mortgages.
It's important to note that the classification of a liability as current or long-term can change over time.
In conclusion, when a business has a debt that is due in the future but does not plan to use its current assets to repay it, the debt should be classified as a long-term liability on the balance sheet.
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Complete Question:
A business has a debt that is due in May, Year 2. At December 31, Year 1 the company does not plan to use any of its current assets to repay this debt. This debt should be classified as ______ on the December 31, Year 1 balance sheet.
Explain how credit unions differ from banks
Explanation:
Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among its members.
hopefully this helps :)
Munoz Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated.
MUNOZ COMPANY
Income Statements for Year 2
Segment A B C
Sales $ 163,000 $252,000 $249,000
Cost of goods sold (129,000) (90,000) (84,000)
Sales commissions (22,000) (25,000) (28,000)
Contribution margin 12,000 137,000 137,000
General fixed operating expenses (allocation of president’s salary) (37,000) (49,000) (38,000)
Advertising expense (specific to individual divisions. (3,000) (17,000) 0
Net income (loss) $(28,000) $71,000 $99,000
Required
A. Prepare a schedule of relevant sales and costs for Segment A.
B. Prepare comparative income statements for the company as a whole under two alternatives: (1) the retention of Segment A and (2) the elimination of Segment A.
Answer:??
Explanation:
The December 31, 2021 balance sheet accounts of the Apple Company are shown here in alphabetical order:
Accounts payable $ 22,400 Current taxes payable $10,400
Accounts receivable 21,500 Discount on bonds payable 6,900
Accumulated depreciation: buildings 53,000 Equipment 72,400
Accumulated depreciation: equipment 35,100 Inventory 37,200
Additional paid-in capital on Land 30,000
common stock 24,000 Marketable securities (short-term) 6,100
Additional paid-in capital on Patents (net) 9,800
preferred stock 11,500 Preferred stock, $100 par 21,000
A]lowance for doubtful accounts 800 Retained earnings 46,200
Bonds payable (due 2021) 77,000 Salaries payable 2,000
Buildings 144,000 Trademarks 2,600
Cash 2,900
Common stock, $10 par 30,000
REQUIRED:
Prepare the December 31, 2021 Classified Balance Sheet of the Apple Company in proper form
APPLE COMPANY
Classified Balance Sheet
December 31, 2021
ASSETS
Current assets:
Cash $ 2,900
Accounts receivable 21,500
Inventory 37,200
Marketable securities (short-term) 6,100
Total current assets $ 67,700
Property, plant, and equipment:
Buildings $144,000
Less: Accumulated depreciation (53,000)
Equipment 72,400
Less: Accumulated depreciation (35,100)
Net property, plant, and equipment $128,200
Other assets:
Land (net) $ 30,000
Patents (net) 9,800
Trademarks 2,600
Total other assets $ 42,400
Total assets $238,300
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 22,400
Current taxes payable 10,400
Salaries payable 2,000
Total current liabilities $ 34,800
Long-term liabilities:
Bonds payable (due 2021) $ 77,000
Discount on bonds payable (6,900)
Total long-term liabilities $ 70,100
Total liabilities $104,900
Stockholders' equity:
Common stock, $10 par $ 30,000
Preferred stock, $100 par 21,000
Additional paid-in capital on
Common stock and Preferred stock 61,500
Retained earnings 46,200
Total stockholders' equity $158,700
Total liabilities and stockholders' equity $238,300
if the economy is initially at full employment, which of the diagrams best portrays a recession resulting from a decrease in government purchases?
If the economy is initially at full employment, a decrease in government purchases would lead to a recession.
This would cause a shift in the aggregate demand curve to the left. This shift in aggregate demand would cause a decrease in both the price level and output in the short run. The long-run adjustment would involve a decrease in the price level and a return to potential output.
The diagram that best portrays this scenario is Diagram A. In this diagram, the short-run aggregate supply curve intersects the aggregate demand curve at potential output, which is also the full employment level of output. A leftward shift in the aggregate demand curve will cause a recession with lower output and lower prices in the short run. The long-run adjustment will cause a decrease in the price level but a return to the full employment level of output.
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if the two countries do not trade, how many total pairs of shoes and computers will be produced?
Without trade, each country will produce based on their comparative advantage and opportunity cost. In Country A, one unit of shoes requires two units of labor, while one unit of computers requires four units of labor.
Thus, the opportunity cost of producing one unit of shoes in Country A is two units of computers, while the opportunity cost of producing one unit of computers is 0.5 units of shoes.
In Country B, one unit of shoes requires three units of labor, while one unit of computers requires six units of labor. Thus, the opportunity cost of producing one unit of shoes in Country B is two units of computers, while the opportunity cost of producing one unit of computers is 0.5 units of shoes.
Assuming each country has 60 units of labor available, Country A will produce 30 units of shoes and 15 units of computers, while Country B will produce 20 units of shoes and 10 units of computers. Therefore, without trade, a total of 50 pairs of shoes and 25 computers will be produced.
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