The economic lot size for the company is 588 boxes of paper per order.
What is Economic Lot Size?The economic lot size is the ideal number of products or materials that a business should make or purchase all at once in order to reduce overall production and inventory costs. In other words, it's the batch size that balances the cost of keeping inventory with the cost of ordering or producing products in the most economical manner.
The expense of ordering, the cost of maintaining inventory, and the level of demand for the product are some of the variables that affect the economic lot size. Economic lot size calculations are crucial for businesses because they can optimise inventory levels, cut costs, and boost total productivity.
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dozen or so of its outlets before relwasing it nationwide. when the company does this, it is engaged in
When a company releases a dozen or so of its outlets before releasing it nationwide, it is engaged in the process of market testing.
The process of market testing is where a company releases a product to a small segment of the population before releasing it to the public or to a larger market. This is done to test the product and its effectiveness before spending money on mass production. Market testing is used to determine the following aspects of a product:
The quality of the product: The price range that is acceptable to consumers. If the product meets customer needs.
Marketing of the product: The success of the product in the market
Thus, a company releases a dozen or so of its outlets before releasing it nationwide when they want to conduct market testing. This is done to ensure that the product is successful in the market and meets the customers' needs before releasing it to a larger market.
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which of the following statements is true of mass customization? it does not need the additional costs of creating need-specific components. it works best if a product can be broken into modules that offer different features. it does not require standard core components to be produced in large scale. it is the best option when products need to be customized from start to end.
The following statement is true of mass customization: it works best if a product can be broken into modules that offer different features.
Mass customization is the production of goods and services that meet individual customer's demands with near-mass production efficiency. Mass customization often takes a modular approach, breaking the product into components that can be created in various versions or models.
The customer can choose which components to include in the final product, allowing them to create their own unique combination. As a result, mass customization works best if a product can be broken into modules that offer different features.
Customization can only be achieved through customization modules that are standardized to an acceptable degree to ensure that the final product meets the customer's requirements.
Mass customization is often more expensive than mass production because it requires individual orders to be tracked, inventory to be held in a modular form, and a flexible manufacturing environment to be maintained.
The modularization of products allows customers to mix and match standardized components in various configurations to suit their particular needs. Mass customization can be seen as the best of both worlds: the flexibility of a customer-driven order and the efficiencies of a large-scale, mass-production facility.
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organizational design is concerned with which activities? (choose every correct answer.) multiple select question. creating a structural design that will help an organization execute its strategies excluding responsibility from the organizational structure minimizing all forms of accountability within an organization
Organizational design is concerned with the processes involved in developing the structural layout that would enable a company to carry out its strategies .
What other names do you know for organizational design?The process of organizational design, commonly referred to as organizational structure, involves breaking down a business or organization into its several departments to identify characteristics of its processes, production, and workflow.
How does organizational design serve its purposes?Aligning an organization's structure with its goals in order to increase efficiency and effectiveness is a process called organizational design. The need to enhance certain business processes or the supply of services, as well as the issuance of a new mandate, can all be sources of work.
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When is an impairment loss reported on a significant influence investment in the stock of another company, following U.S. GAAP and IFRSU.S. GAAPBook value > higher of market value or value-in-useIFRSOther than temporary impairmentU.S. GAAPOther than temporary impairmentIFRSBook value > higher of market value or value-in-useU.S. GAAPIf a "loss event" occursIFRSNot reportedU.S. GAAPOther than temporary impairmentIFRSIf a "loss event" occurs
An impairment loss is reported on a significant influence investment in the stock of another company when the following conditions are met under U.S. GAAP and IFRS:
U.S. GAAP:
1. An "other than temporary impairment" occurs, and
2. A "loss event" occurs.
IFRS:
1. An "other than temporary impairment" occurs, and
2. The book value is greater than the higher of market value or value-in-use, and
3. A "loss event" occurs.
In both cases, the impairment loss is recognized when a "loss event" has occurred and the impairment is considered to be other than temporary. Under IFRS, an additional criterion of book value being greater than the higher of market value or value-in-use is considered.
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if an employee is a low performer with low potential, whose performance has required consistent coaching, the employee would most likely be put on an
If an employee is a low performer with low potential, whose performance has required consistent coaching, the employee would most likely be put on a performance improvement plan (PIP).
What's performance improvement plan (PIP)A performance improvement plan (PIP) is a document that outlines an employee's poor performance and what the employee can do to improve it. A performance improvement plan (PIP) is a tool used by managers to assist employees who are having difficulty fulfilling their responsibilities or meeting their job requirements.
Performance Improvement Plan (PIP) is a tool used to help an employee meet the expectations of his or her position when a performance deficiency is detected.
The aim of the plan is to promote and support an employee's continued professional development and productivity.The performance improvement plan (PIP) is a written document outlining a plan of action to help the employee improve their job performance.
It typically specifies the goals the employee should meet, the resources and assistance available to help the employee achieve the objectives, the deadline for achieving the goals, and the consequences of failing to do so.
In summary, if an employee is a low performer with low potential, whose performance has required consistent coaching, the employee would most likely be put on a performance improvement plan (PIP).
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Which of the statements about B2B e-commerce is correct?
a. Shopping websites use B2B e-commerce.
b. B2B websites offer fixed, consistent pricing for all purchases.
c. The end consumer is the decision-maker in the transactions.
d. Examples of B2B services are advertising, technical support, and training
Option (d) Examples of B2B services are advertising, technical support, and training is the correct statement about B2B e-commerce.
What is B2B e-commerce?B2B e-commerce refers to online sales between businesses. Companies use B2B e-commerce sites to purchase goods and services from other companies. Businesses collaborate with one another via the internet in B2B e-commerce, resulting in a supply chain that is often quicker, more efficient, and more cost-effective. B2B companies serve other businesses rather than selling to end-users.
In B2B e-commerce, the end-consumer is not the decision-maker. B2B websites do not use fixed or consistent pricing for all purchases, as stated in option (b). For the other options, Shopping websites do not use B2B e-commerce, as stated in option (a), and B2B e-commerce is not used by end-consumers, as stated in option (c). Therefore, option (d) Examples of B2B services are advertising, technical support, and training is the correct statement about B2B e-commerce.
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The correct statement about B2B e-commerce is that B2B websites offer fixed, consistent pricing for all purchases.
B2B eCommerce is an online marketplace where businesses sell goods or services to other businesses, rather than to individual consumers, which is B2C.
In the context of B2B, businesses are usually the consumers who use e-commerce to purchase products or services for their operations. B2B e-commerce is distinct from B2C e-commerce in a variety of ways.
It involves a range of different types of transactions and product offerings. It is important to note that businesses require a variety of solutions to meet their unique requirements when shopping.
Hence, B2B websites provide fixed and consistent pricing for all purchases, which is why the statement 'B2B websites offer fixed, consistent pricing for all purchases' is correct.
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why do people who perceive themselves as victims of interactional injustice often blame their immediate supervisor rather than the organization at large?
Individuals who believe they have experienced interactional unfairness may be more prone to hold their immediate supervisor accountable than the entire company for a variety of reasons.
A group of people who collaborate to achieve a single purpose or goal is referred to as an organisation. It can be a corporate, non-profit organisation, or government body, among other things. To efficiently and effectively complete a certain activity or group of duties is the goal of an organisation. Clear leadership, open communication, and teamwork are necessary for this. Organizations can have different structures and cultures, be hierarchical or flat, centralised or decentralised, etc. An organization's capacity to innovate, adapt to shifting conditions, and continuously enhance its operations is a key factor in determining its success. To achieve common objectives and keep society running smoothly, organisations must be effective.
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nell sells a passive activity with an adjusted basis of $45,000 for $105,000. suspended losses attributable to this property total $45,000. the total gain and the taxable gain are:
The total gain from the sale is $60,000 and the taxable gain is $15,000.
When a passive activity is sold, suspended losses are released and can be used to offset any gains from the sale. In this case, the suspended losses of $45,000 will be used to offset the gain from the sale.
To calculate the total gain from the sale, we subtract the adjusted basis from the sale price:
Total gain = Sale price - Adjusted basis
Total gain = $105,000 - $45,000
Total gain = $60,000
To calculate the taxable gain, we need to subtract the amount of suspended losses used to offset the gain from the total gain:
Taxable gain = Total gain - Suspended losses used
Taxable gain = $60,000 - $45,000
Taxable gain = $15,000
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valuable capabilities allow the firm to: exploit threats in its external environment. neutralize opportunities in its internal environment. exploit opportunities or neutralize threats in its external environment. exploit opportunities and threats in its internal environment.
Valuable capabilities enable the organization to capitalize on opportunities or mitigate dangers in its external world. Just when the value generated exceeds all expenditures invested in creating that value can the business earn above-average profits.
What exactly are non-substitutable skills?
If there isn't any economically comparable valued assets that can be either uncommon or imitable.
When are difficult-to-imitate capabilities created?
If a company acquires skills as a result of a singular historical circumstance.
If a company seems to have a distinct and significant organizational culture that evolved early in its existence.
If the causal relationship here between firm's fundamental skills and its competitive edge is unclear.
If a company's capabilities are indeed the result of complicated social processes.
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What is principle of marginal decision-making?
The principle of marginal decision-making is a decision-making principle that involves analyzing the additional benefits and costs of a specific course of action.
Marginal decision-making is a decision-making approach that involves comparing the marginal cost and the marginal benefit of an activity. Marginal cost refers to the extra cost of producing or acquiring one additional unit of a product or service, while marginal benefit refers to the extra satisfaction or utility obtained from the production or consumption of an additional unit of a product or service.
The principle of marginal decision-making is a decision-making principle that involves analyzing the additional benefits and costs of a specific course of action. It is used to determine whether the benefits of a specific course of action outweigh the costs. Marginal decision-making involves weighing the additional benefits and costs of an activity and comparing them to determine whether the benefits exceed the costs or vice versa.
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true or false: when compared to descriptive analyses, predictive analyses are typically more difficult to obtain, but also more useful for making intelligent business decisions.
When compared to descriptive analyses, predictive analyses are typically more difficult to obtain, but also more useful for making intelligent business decisions. This statement is true.
What is business?Business refers to an organization or a group of individuals engaged in commercial, industrial, or professional activities with the aim of generating income or profit. In a broader sense, it includes all the activities involved in the production, distribution, and consumption of goods and services to satisfy the needs and wants of customers.
Business can take various forms, including sole proprietorships, partnerships, corporations, and cooperatives. The types of businesses can range from small local businesses to large multinational corporations. In general, businesses are created to provide value to customers by creating and delivering products or services that meet their needs and preferences.
To be successful, businesses need to be efficient in their operations, effective in their marketing, and financially sound. They must also have a strong understanding of the competitive landscape and be able to adapt to changing market conditions. Ultimately, the success of a business depends on its ability to generate revenue and profits while delivering value to its customers.
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the time that it takes the government to realize that there is a problem int he economy is called is
The time that it takes the government to recognize a problem in the economy is called: Recognition lag.
What is the recognition lag?The recognition lag is the time it takes the government or economic authorities to recognize the occurrence of a problem in the economy. The economy is an important component of a country's growth and development. As a result, there are periods when the economy does not operate at its optimum level or when things go wrong in the economy.
Recognizing these problems and taking corrective measures is critical for maintaining economic stability. However, it takes time for the government or the authorities to acknowledge that there is an issue and begin working on it. This is known as the recognition lag.
What are the reasons for the recognition lag?There are several reasons why the recognition lag occurs.
Deficiency of data: Government and economic authorities need data to assess the current state of the economy. When data is scarce, it takes longer to comprehend what is going on in the economy. Time required to identify patterns: It is necessary to examine the data and search for patterns that might indicate that there is a problem in the economy. This is a time-consuming process and can take a long time to complete.Delayed reporting: Reporting of data is also a significant factor in the recognition lag. There might be a delay in getting the data, resulting in a delay in assessing the economy's state.To know more about Recognition lag, refer here:
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in which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates? multiple choice peak recession trough expansion
The economy is likely to experience a rising real output and decreasing unemployment rates in the expansion phase of the business cycle.
What is the business cycle?The business cycle refers to the regular fluctuations of expansion and recession in an economy. The business cycle is characterized by the upward and downward movement of economic indicators, such as real GDP, inflation, and unemployment, over time.
In the expansion phase of the business cycle, the economy is expanding, as indicated by increased production, employment, and spending, as well as rising prices. The expansion phase is typically characterized by increased consumer and business confidence, leading to increased investment and economic activity.
During this phase, economic indicators such as GDP, employment, and consumer spending all improve. Therefore, the economy would experience a rising real output and decreasing rates of unemployment in the phase of expansion of the business cycle.
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exercise 8-3 (static) lump-sum purchase of plant assets lo c1 rodriguez company pays $395,380 for real estate with land, land improvements, and a building. land is appraised at $157,040; land improvements are appraised at $58,890; and the building is appraised at $176,670. 1. allocate the total cost among the three assets. 2. prepare the journal entry to record the purchase.
The journal entry to record the buy is:
Land 157,401 Land improvements 58,912 Building 176,667 Cash 395,380
To allocate the total cost among the three assets, we need to calculate the relative fair market value of each asset and multiply it by the total cost.
The relative fair market value is the appraised value of the asset divided by the sum of the appraised values of all three assets. For example, the relative fair market value of land is $157,040 / ($157,040 + $58,890 + $176,670) = 0.398. The allocation of the total cost is as follows:
Land: 0.398 x $395,380 = $157,401 Land improvements: 0.149 x $395,380 = $58,912 Building: 0.447 x $395,380 = $176,667 Total: $395,380
The journal entry to record the buy is:
Land 157,401 Land improvements 58,912 Building 176,667 Cash 395,380
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which pair of firms has the least resource similarity? a. target; walmart b. small, family-owned italian restaurant; olive garden c. fedex; ups d. hp; dell
Option (c) Fedex; UPS is the appropriate choice. When two businesses compete in the same market, this is known as market commonality.
What is a similarity between resources?Resource similarity measures how much access rivals have to the same resources . Businesses are more prone to view one another as competitors and spend more time keeping an eye on one another's behavior when there is a high level of market commonality.
How comparable are two companies' resource pools?Market commonality refers to the markets that two businesses share if they compete by manufacturing comparable goods. When discussing resource similarities, it's important to note that both items' production processes make use of comparable resources.
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what is portfolio management? managing a collection of related projects managing a collection of related portfolios managing a collection of related programs managing a collection of it, security, and auditing departments managing a collection of related tasks
Portfolio management refers to the art of managing a collection of related projects. It involves coordinating various projects and directing resources, as well as identifying priorities and providing feedback.
Portfolio management requires a lot of planning and monitoring to ensure that the portfolio is being managed effectively. This includes:
-evaluating the performance of individual projects,
-identifying any issues,
-and taking corrective action if necessary.
Portfolio management is a key function in many organizations, particularly those in the technology and finance sectors. It allows organizations to allocate resources more effectively, reduce risks, and improve overall performance. Effective portfolio management requires a range of skills, including project management, financial analysis, and strategic planning. It also requires a deep understanding of the organization's goals, culture, and values.
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sanders company has total assets of $405 million. its total liabilities are $110.1 million, and its equity is $294.9 million. calculate its debt ratio. (round your answer to 1 decimal place.)
Sanders Company's debt ratio is 0.3. This is calculated by taking the total liabilities ($110.1 million) divided by the total assets ($405 million), and then multiplying the result by 100.
The debt ratio for Sanders Company is 0.27 (rounded to one decimal place).Explanation:Debt ratio can be calculated as follows:
Debt ratio = Total liabilities / Total assetsGiven
Total assets of Sanders Company = $405 million
Total liabilities of Sanders Company = $110.1 million
Equity of Sanders Company = $294.9 million
Therefore, Total liabilities/Total assets = 110.1/405= 0.27
Thus, the debt ratio for Sanders Company is 0.27 (rounded to one decimal place).
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november 480 16,200 december 120 7,200 using the high-low method, the variable component of its maintenance cost is:
The variable component of maintenance cost is $25 per machine hour.
To use the high-low method to determine the variable component of maintenance cost, we need to first identify the highest and lowest levels of activity and the corresponding maintenance costs. In this case, the activity level is measured in machine hours and the maintenance costs are in dollars. The highest level of activity is 480 machine hours in November with a maintenance cost of $16,200, and the lowest level of activity is 120 machine hours in December with a maintenance cost of $7,200. Using this information, we can calculate the variable component of maintenance cost as follows:
Variable component of maintenance cost = (Highest cost - Lowest cost) / (Highest activity level - Lowest activity level)
= ($16,200 - $7,200) / (480 - 120)
= $9,000 / 360
= $25 per machine hour
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which of the following is not a reason for facility layout studies? a. there is significant change in demand or throughput volume. b. a new good or service is introduced to the customer benefit package. c. accounts receivable increases significantly. d. different process, equipment and/or technology are installed.
The correct answer is C. Accounts Receivable increases significantly. This is not a reason for facility layout studies, as facility layout studies are focused on the physical layout of a facility, such as the placement and arrangement of equipment, machines, materials, and people in a facility.
Facility layout studies are conducted to optimize the workflow, making sure that equipment, machines, and people are efficiently arranged. Reasons for facility layout studies include changes in demand or throughput volume, the introduction of new goods or services to the customer benefit package, or the installation of different processes, equipment and/or technology. All of these are related to the physical layout of the facility, and optimizing the workflow.
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moan is a single taxpayer who operates a sole proprietorship. she expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. moan is contemplating incorporating her sole proprietorship. using the single individual tax brackets and the corporate tax rate in tax rates at the end of the book, find out how much current tax this strategy could save moan (ignore any social security, medicare, or self-employment tax issues). how much income should be left in the corporation
Moan, as a single taxpayer operating a sole proprietorship, may benefit from incorporating her business. Depending on her total taxable income, incorporating her sole proprietorship could reduce her current tax liability.
Under the individual tax brackets, individuals who make more than $518,400 in taxable income will be taxed at a rate of 37%. For taxable income between $207,351 and $518,400, the tax rate is 35%. Income below $207,351 is taxed at a rate of 12%.
For corporations, the current tax rate is 21%. Therefore, if Moan incorporates her sole proprietorship, her taxable income will be taxed at a lower rate than the individual tax rate.
To calculate the amount of current tax that Moan could save, we must first calculate the total tax liability for her individual tax rate. Assuming that all of Moan’s taxable income is attributed to her sole proprietorship, her total tax liability would be $77,387.50 (37% * $250,000).
We can then calculate the amount of tax Moan would be liable for if she incorporated her sole proprietorship. Since the corporate tax rate is 21%, her total tax liability would be $52,500 (21% * $250,000). By incorporating her sole proprietorship, Moan would save $24,887.50 in taxes.
In terms of how much income should be left in the corporation, it depends on Moan’s overall financial situation.
In order to reduce her tax liability further, Moan should consider what expenses she can deduct from her business income, as well as how much of her business income she can reinvest in her business. By reinvesting income, Moan can further reduce her tax liability.
Ultimately, it is up to Moan to decide how much income she should leave in the corporation.
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riverview company's budget for the coming year includes $7,800,000 for manufacturing overhead, 40,000 hours of direct labor, and 300,000 hours of machine time. if riverview applies overhead using a predetermined rate based on machine-hours, what amount of overhead will be assigned to a unit of output which requires 0.8 machine hours and 0.30 labor hours to complete?
If Riverview applies overhead using a predetermined rate based on machine-hours, the amount of overhead assigned to a unit of output which requires 0.8 machine hours and 0.30 labor hours to complete is: $20.80.
Calculation of predetermined overhead rate is as follows:
Predetermined Overhead Rate = Estimated Overhead Cost / Estimated Activity Level
The formula to determine the overhead applied to a unit of output is as follows:
Overhead Applied = Predetermined Overhead Rate * Actual Activity Applied
Here, the estimated activity level is the number of machine-hours. Therefore, the formula becomes:
Predetermined Overhead Rate = Estimated Overhead Cost / Estimated Machine Hours
Therefore, the predetermined overhead rate based on machine-hours is
Predetermined Overhead Rate = $7,800,000 / 300,000 hours= $26 per machine-hour.
Overhead Applied to one unit of output is given by,
Overhead Applied = Predetermined Overhead Rate * Actual Activity Applied
Given:
Actual Activity Applied = 0.8 machine-hours and 0.30 labor-hours per unit.
Overhead Applied = $26 * 0.8 machine-hours= $20.80.
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suppose you'd like to save enough money to pay cash for your next car. the goal is to save an extra $27,000 over the next 5 years. what amount must be deposited quarterly into an account that earns 5.2% interest, compounded quarterly, in order to reach your goal? round your answer to the nearest cent, if necessary.
We may use the annuity future value calculation to compute the amount that needs to be deposited quarterly to save $27,000 in five years. An annuity is a series of periodical payments of equal amounts.
We can use the formula to get: FV = ((1 + r/n)(n*t) - 1) / (r/n) Where FV is the future value, PMT denotes the periodic payment, r denotes the interest rate, n denotes the number of compounding periods each year, and t denotes the number of years. Using the provided values, we get: $27,000 = PMT * ((1 + 0.052/4)^(4*5) - 1) / (0.052/4) When we solve for PMT, An annuity is a series of periodical payments of equal amounts. we get: PMT = $427.08 To save $27,000 in five years with quarterly compounding at a 5.2% interest rate, a deposit of $427.08 is required quarterly into the account.
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If a bank's capital-to-asset ratio is 0.1 and it's return on equity is 6%, what is its return on assets?0.6%6.0%60%0.06%
The bank's asset return is 0.6%. Option A is correct.
The return on assets (ROA) of the bank can be calculated as the product of the bank's capital-to-asset ratio and its return on equity (ROE).
⇒ ROA = Capital-to-asset ratio * ROE
Substituting the given values, we get:
⇒ ROA = 0.1 * 0.06
⇒ ROA = 0.006 or 0.6%
Therefore, the bank's return on assets is 0.6%.
The return on assets (ROA) is a financial ratio that measures a company's profitability in relation to its total assets. It is calculated by dividing the company's net income by its total assets. ROA is an important measure of a company's efficiency in using its assets to generate profits.
A high ROA indicates that a company is using its assets effectively to generate profits, while a low ROA indicates that the company may be struggling to generate profits from its assets. It is important to note that ROA can vary widely between different industries, as some industries require more assets to generate profits than others.
The ROA formula can be expressed as:
ROA = Net Income / Total Assets
Net income is the company's total revenue minus all expenses, including taxes and interest. Total assets include all of the company's assets, such as cash, investments, property, equipment, and inventory.
It is important to note that ROA should be interpreted in the context of other factors, such as the company's industry, competitors, and economic conditions. For example, a company with a low ROA may be operating in a highly competitive industry or facing difficult economic conditions, which can impact its profitability. Option A is correct.
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for an organization to succeed, it is necessary be both efficient and effective group of answer choices true false
True. For an organization to succeed, it is necessary to be both efficient and effective. Efficiency refers to the ability to accomplish tasks with minimum waste of time, money, and resources.
Effectiveness, on the other hand, refers to the ability to achieve the desired results and meet the organization's goals and objectives.
Being efficient and effective are both important for organizational success because they work together to help the organization achieve its goals in a timely and cost-effective manner. An organization that is efficient but not effective may be able to accomplish tasks quickly, but if the results do not meet the organization's goals and objectives, the effort will have been wasted. Similarly, an organization that is effective but not efficient may be able to achieve its goals, but it may take too much time, money, or resources to do so, which can hinder the organization's growth and success in the long run.
Therefore, for an organization to be successful, it needs to strike a balance between efficiency and effectiveness, ensuring that it can accomplish its goals in a timely, cost-effective manner while also achieving the desired results.
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which of the following measures capacity levels in terms of demand for the output of the plant? group of answer choices theoretical capacity and normal capacity utilization normal capacity utilization and master-budget capacity utilization master-budget capacity utilization and practical capacity practical capacity and theoretical capacity
The master budget capacity utilization is the answer that measures capacity levels in terms of demand for the output of the plant.
The theoretical capacity is the highest output capacity achievable under perfect conditions, while practical capacity is the sustainable maximum capacity of the production process. Normal capacity utilization refers to the percentage of normal capacity that is currently being utilized.
Meanwhile, the master budget capacity utilization is the capacity that is expected to be achieved during the budget period based on the budgeted sales volume. It is computed by dividing the budgeted production by the master budget capacity.
The capacity utilization rate measures how much of the total capacity of a business is being used over a specific period of time. The measurement is significant because it provides the organization with an indication of how efficiently its resources are being utilized.
This can aid in the identification of underutilized resources that can be improved to increase capacity utilization, reduce idle time, and increase revenue. Hence, the master budget capacity utilization measures capacity levels in terms of demand for the output of the plant.
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mitchell orally agrees to pay lorena to plant and harvest a quarter of mitchell's farm acreage for four soybean seasons. after lorena prepares the land and plants the first crop, mitchell says that their deal is off. lorena can most likely recover
The term used for a promise that has no writing or documentation is an oral agreement. Mitchell and Lorena have an oral agreement to pay Mitchell to plant and harvest a quarter of Mitchell's farm acreage for four soybean seasons. After Lorena prepares the land and plants the first crop, Mitchell states that their agreement is null and void.
What recourse does Lorena have in such a scenario? Lorena is likely to be able to recover damages in court. When two or more people come to an oral agreement, it is binding on both parties, but the terms of the agreement may be more difficult to enforce because there is no written record of the agreement. If the parties involved have a legitimate disagreement or dispute over the terms of an oral agreement, the agreement's terms become he said, she said. If the person who received the better bargain agreed to the oral agreement and then breaks it, the other party has the right to sue for damages.
To obtain an order of specific performance, the person who broke the oral agreement must be sued. They're suing to compel that person to keep their end of the bargain.
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dynamic, incorporated had credit sales of $675,000 for march. accounts receivable of $6,000 were determined to be worthless and were written off during march. accounts receivable total $575,000 at march 31. management feels that based on past experience, approximately 2% of net credit sales will prove to be uncollectible. assuming dynamic, incorporated uses the income statement approach (an allowance method) to account for uncollectible accounts, uncollectible accounts expense for march is: $11,500. $17,500. $19,500. $13,500.
The uncollectible accounts expense for March for Dynamic, Incorporated, assuming they use the income statement approach (an allowance method) to account for uncollectible accounts, is $13,500.
This is determined by taking 2% of the net credit sales of $675,000 (2% x $675,000 = $13,500).
Accounts receivable of $6,000 were determined to be worthless and were written off during the month of March, meaning that the accounts receivable total was $575,000 at March 31. As such, 2% of the net credit sales of $675,000 is the uncollectible accounts expense for March.
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which of the following will enter as a credit in the u.s. financial account? group of answer choices the purchase of a japanese automobile by a u.s. consumer the sale of japanese electronics to an american the sale of an american baseball team to a japanese industrialist the purchase of a japanese electronics plant by an american industrialist
The purchase of a Japanese electronics plant by an American industrialist will enter as a credit in the U.S. financial account.
This is because the purchase of the electronics plant involves an American industrialist buying something from Japan, thereby increasing the amount of U.S. dollars circulating in the global economy.
This purchase also increases the amount of money the U.S. has in its financial account, as the U.S. consumer is giving money to the Japanese seller, thereby creating a positive balance in the U.S. financial account.
This increased circulation of money is beneficial to the economy as a whole and leads to economic growth.
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on january 1, year 1, phillips company made a basket purchase including land, a building and equipment for $380,000. the appraised values of the assets are $20,000 for the land, $340,000 for the building and $40,000 for equipment. phillips uses the double-declining-balance method of depreciation for the equipment which is estimated to have a useful life of four years and a salvage value of $5,000. the depreciation expense for year 1 for the equipment is:
The depreciation expense for Year 1 for the equipment is $19000.
On January 1, Year 1, Phillips Company made a basket purchase including land, a building and equipment for $380,000. The appraised values of the assets are $20,000 for the land, $340,000 for the building and $40,000 for equipment.
Phillips uses the double-declining-balance method of depreciation for the equipment which is estimated to have a useful life of four years and a salvage value of $5,000. The calculation of the depreciation expense for the equipment in year 1: Depreciation rate = 2 x Straight-line rate.
Straight-line rate = (Cost - Salvage value) / Useful life. Straight-line rate = ($40,000 - $5,000) / 4 years = $8,750. Depreciation rate = 2 x $8,750 = $17,500.
Depreciation expense for year 1 = Depreciation rate x Book value at the beginning of the year. Depreciation expense for year 1 = $17,500 x ($40,000 / $380,000) = $1,841 (rounded off to nearest dollar). Therefore, the depreciation expense for Year 1 for the equipment is $19000.
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clare's annual gross salary is $36,000, and her after-tax income is $28,800. what is clare's maximum recommended monthly consumer credit payment?
The maximum recommended monthly consumer credit payment for someone with a gross annual salary of $36,000 and after-tax income of $28,800 is 10% of their take-home pay. This means that Clare's maximum recommended monthly consumer credit payment should be around $288.
It is important for Clare to consider her other financial obligations and make sure that she can make all payments on time when calculating her maximum recommended payment. Additionally, she should prioritize paying off her highest interest rate debts first and make sure that she is not taking on any more debt than she can handle. It is also important to note that the 10% rule can be adjusted depending on Clare's other financial obligations and priorities.
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