Therefore option C is the correct option.
Consumer surplus is the difference between the price a consumer is willing to pay and the price they actually pay.
Consumer surplus refers to the circumstance when a customer would be willing to pay more for a product but actually pays less, or at a lower price than he would be prepared to pay.
For instance, a customer could be prepared to spend $5 for a magazine but discover that it costs $4 in the mall. The price he is willing to pay less the cost of what he already purchased will be the consumer surplus.
Customer excess = $5 – $4
=$1
Consumer surplus is the discrepancy between a consumer's willing price and the actual price they pay (lesser than the willing price). The consumer benefits since they spend less than what is anticipated for the same level of satisfaction.
The region between the equilibrium price and the demand curve on a supply and demand curve represents consumer surplus.
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The correct option is C. Consumer surplus is The value consumers get from a good but do not pay for.
A customer is someone or a set who intends to order or uses purchased items, products, or services commonly for personal, social, family, family, and comparable needs, who isn't always immediately associated with entrepreneurial or business activities. The time period maximum usually refers to someone who purchases goods and services for non-public use.
The law generally uses a perception of the client in terms of patron safety legal guidelines, and the definition of consumer is often restricted to living folks (now not companies or businesses) and excludes industrial customers. an ordinary criminal motive for protecting the consumer is based totally on the perception of policing marketplace disasters and inefficiencies, together with inequalities of bargaining strength between a customer and a business. As all capacity citizens are also consumers, patron safety has a clean political importance.
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Sandhill Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 11 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $19 in 2020 and $20.25 in 2021. The average vacation days used by each employee in 2021 was 10. Sandhill Co. accrues the cost of compensated absences at rates of pay in effect when earned.
Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021.
Answer:
2020
Dr Wages expense $21,836
Cr To vacation wages payable $18,720
On 2021
Dr Wages expense $1,300
Dr Vacation wages payable $19,760
Cr Cash $21,060
2021
Dr Wages expense $23,166
Cr To vacation wages payable $23,166
Explanation:
Preparation of the journal entries to record the transactions related to paid vacation days during 2020 and 2021.
2020
Dr Wages expense $21,836
(13 × 8 hrs × 11 days × $19)
Cr To vacation wages payable $18,720
(Being to record wages expense )
2021
Dr Wages expense $1,300
($21,060-$19,760)
Dr Vacation wages payable $19,760
(13 × 8 hrs × 10 days × $19)
Cr Cash $21,060
(13 × 8 hrs × 10 days × $20.25)
(Being to record cash paid )
2021
Dr Wages expense $23,166
(13 × 8 hrs × 11 days × $20.25)
Cr To vacation wages payable $23,166
(Being to record wages expense )
Thoughts about how eren is acting in attack on titan? Is he the villain or the hero? Also if he touches hangi again I am gonna scream !!!!
Answer:
I would say he is the hero with a possible dark side i can't really say cause i haven't watched a lot but he definitely has a lot going on
Explanation:
Answer:
I have mixed feelings
ATTACK ON TITAN SPOILER WARNING
I dont really agree with what he is doing, he used to protect his friends at all costs and dint want Armin and Mikasa to join the scouts because he did not want them to get hurt or die. He tried his best to make sure his friends were safe in seasons 1-3, but now he puts them in harm's way just to succeed with his plan. Sasha has to pay the price of Eren's recklessness, and all of the scouts are starting to doubt Eren. I feel like Eren has lost himself in the process of trying to gain freedom. I still love Eren, but I don't compeletly agree with him. That man just needs a hug. He's tired of this war.
According to economists, all humans have their own "rational self-interest." What does this mean?
A.) They want to help others rather than help themselves.
B.) They will only make rational and logical decisions about purchases.
C.) They want to benefit themselves as much as possible.
D.) They will only make a purchase if it is involving their top three interests.
They want to benefit themselves as much as possible.
The following transactions apply to Pecan Co. for 2018, its first year of operations:1. Received $100,000 cash in exchange for issuance of common stock.2. Secured a $300,000 five-year installment loan from State Bank. The interest rate is 5 percent and annual payments are $69,292.3. Purchased land for $100,0004. Provided services for $260,000.5. Paid other operating expenses of $150,000.6. Paid the annual payment on the loan. Round answers to nearest whole dollar.Required:a. Organize the transaction data in accounts under an accounting equation.b. Prepare an income statement and balance sheet for 2018.c. What is the interest expense for 2019? 2020?
Answer:
Pecan Co.
a. Accounting equation: Assets = Liabilities + Equity
Assets: Cash ($100,000 + 300,000 - 100,000 - 150,000 - 69,292) + Land ($100,000) + Accounts Receivable ($260,000) = Liabilities: Bank Loan ($245,708) + Equity: Common stock ($100,000) + Retained Earnings ($260,000 - 150,000 - 15,000)
b1: Income Statement
Service Revenue $260,000
Operating expenses 150,000
Interest expense 15,000
Net income $95,000
Balance Sheet
Cash $80,708
Accounts Receivable 260,000
Land 100,000
Total assets $440,708
Bank Loan $245,708
Common stock 100,000
Net income 95,000
Total liabilities+equity $440,708
b2. The interest expense for 2019 is $15,000 ($300,000 * 5%)
The interest expense for 2020 is $12,285.40 ($300,000 +15,000 - 69,292) * 5%.
Explanation:
a) Data and Calculations:
Cash $100,000 + 300,000 - 100,000 - 150,000 - 69,292 = $80,708
Accounts Receivable $260,000
Land $100,000
Common stock $100,000
Bank Loan $300,000 + 15,000 - 69,292 = $245,708
Service Revenue $260,000
Operating expenses $150,000
Amortization Schedule, using an online financial calculator:
Beginning Interest Principal Ending
Balance Balance
1 $300,000.00 $15,000.00 $54,292.44 $245,707.56
2 $245,707.56 $12,285.38 $57,007.06 $188,700.50
3 $188,700.50 $9,435.02 $59,857.41 $128,843.08
4 $128,843.08 $6,442.15 $62,850.29 $65,992.80
5 $65,992.80 $3,299.64 $65,992.80 $0.0
The gross domestic product (GDP) of the United States is defined as the all in a given year. Based on this definition, which of the following will be included in (that is, directly increase) the GDP of the United States in 2017?
a. Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2017. It sells the table to a college student on December 19, 2017. An accountant starts a client's 2017 tax return on April 14, 2018, finishing it just before midnight on April 15, 2018.
b. Treetopplers, an American lumber company, produces wood at a plant in Oregon on September 5, 2017. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be made in the United States In December.
c. Athleticus, an American shoe company, produces a pair of sneakers at a plant in Vietnam on March 5, 2017. Athleticus imports the pair of sneakers into the United States on May 14, 2017.
d. Zippy car, an American automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 6, 2017. It sells the car at a dealership in Philadelphia on February 18, 2017.
Explanation:
GDP is defined as the value of all final goods and services that were produced In the US within a given year.
With this in mind,
A. Sofaland would be included in the GDP of the US, since the table was made and sold in the US in 2017.
B. The finished tax return by the accountant would not be included in the GDP as production for 2018 as it is not yet finished.
C. The lumber company treetopplers would not be included as part of the GDP since the production of lumber cannot be regarded as final good.
D. Athleticism"s importation from Vietnam to the US is not part of gdp since it is not domestic production.
E. Zippycar made the car in the us and sold in the US same year. This would be included in gdp of US.
The organizational structure is sometimes used in conjunction with the traditional line-and-staff structure.
A. functional
B. product
C. process
D. matrix
A Herfindahl-Hirschman Index is calculated by
A. summing the advertising expenditures of the firms that want to merge by total industry advertising expenditures.
B. summing the amount of sales by the four largest firms and dividing by total industry sales.
C. dividing the number of firms wanting to merge by the total number in the industry.
D. summing the squares of the market shares of each firm in the industry.
Answer:
Option D: Summing the squares of the market shares of each firm in the industry.
Explanation:
The Herfindahl-Hirschman index (HHI) is a use worldwide as measure of market concentration. It's calculation is based on squaring the market share of each firm competing in a market, and thereafter the resulting numbers are summed up. It commonly range known is simply from zero to 10,000. It is used by U.S. Department of Justice uses for potential mergers issues evaluation. It is a measure of industry concentration by the sum of the squares of the market shares held by each of the firms in the industry.
The Herfindahl index shows a decrease in competition and an increase of market power, when there is an increase and decreases is the opposite.
Suppose that Portugal and Austria both produce beer and cheese. Portugal's opportunity cost of producing a pound of cheese is 3 barrels of beer while Austria's opportunity cost of producing a pound of cheese is 11 barrels of beer.
By comparing the opportunity cost of producing cheese in the two countries, you can tell that_______has a comparative advantage in the production of cheese and _______ has a comparative advantage in the production of beer.
Suppose that Portugal and Austria consider trading cheese and beer with each other. Portugal can gain from specialization and trade as long as it receives more than_______of beer for each pound of cheese it exports to Austria. Similarly, Austria can gain from trade as long as it receives more than _______ of cheese for each barrel of beer it exports to Portugal.
Based on your answer to the last question, which of the following prices of trade (that is, price of cheese in terms of beer) would allow both Austria and Portugal to gain from trade?
A. 4 barrels of beer per pound of cheese
B. 6 barrels of beer per pound of cheese
C. 13 barrels of beer per pound of cheese
D. 2 barrels of beer per pound of cheese
Answer:
Portugal and Austria
Comparative Advantage in the Production of Beer and Cheese:
1a. Portugal
b. Austria
2. a. 3 barrels and
b. 0.09 or 1/11 pounds
3. A. 4 barrels of beer per pound of cheese
Explanation:
a) Data and Calculations:
Portugal's opportunity cost of producing a pound of cheese = 3 barrels of beer
Austria's opportunity cost of producing a pound of cheese = 11 barrels of beer
Price of trade (cheese in terms of beer) = 11/3 = 3.667 = 4
b) Portugal's comparative advantage over the production of cheese is her economy's ability to produce cheese at a lower opportunity cost than Austria. This comparative advantage gives Portugal the ability to sell cheese at a lower price than Austria and realize a more favorable balance of trade.
How do you make people interested in your business?
Identify Your Ideal Client. It's easier to look for customers if you know the type of consumers you seek.
Discover Where Your Customer Lives.
Know Your Business Inside and Out.
Position Yourself as the Answer.
Try Direct Response Marketing.
Build Partnerships.
Follow Up.
Attract New Customers Using Social Media. Optimizing your social media accounts takes very little time to do and can significantly increase your reach.
Improve Website SEO.
Engage with Loyal Customers.
Collaborate with Local Business Partners.
Social Media Giveaways.
Explanation:
Ask for referralsNetworkoffer discounts and incentive for new customers onlyRe- contact old customersImprove your websitepartners with complementary businesspromote your expertiseuse online reviews to your advantageYour company is evaluating four locations in South America for its new manufacturing center. The ratings for each location are provided below using a rating system of 1 (least desirable) to 100 (most desirable) to evaluate each factor. Factor Weight Rating Scale (1-100) Brazil Chile Paraguay Bolivia Market Size 0.25 95 60 50 35 Future demand 0.25 90 70 50 35 Incentives 0.20 80 80 70 60 Per capita income 0.15 70 80 40 40 Political risk 0.05 70 90 70 70 Exchange rate 0.05 80 80 40 40 Labor climate 0.05 90 70 70 75 Using only the results of a multi-criteria analysis, which location should you recommend
Jeremiah expressed his disdain for the economic reports he heard on the news. "All economists care about is increasing GDP," he said. "I wish economists cared about living conditions and well-being instead of just some economic indicator." How could you acknowledge the shortcomings of GDP to Jeremiah, while also showing him how GDP functions as both an economic indicator and a measure of well-being? While it is true that GDP calculations omit such things as and , it is still a useful way to measure .
Answer: the value as opposed to the price of an item; environmental degradation; total output and income.
Explanation:
While it is true that GDP calculations omit such things as the value as opposed to the price of an item and environmental degradation, it is still a useful way to measure total output and income.
Gross Domestic Product is a means of measuring economic performance over a given period(usually a year). It works by adding up the final value of the goods and services produced in a country in that given period and thus can show the total output and income in a country.
Sadly however, it has some shortcomings. One of those is that it uses the prices of goods not their actual value. Another is that it does not take into account important factors such as environmental degradation which if added, would reduce GDP because the environment on average suffers negatively from production.
​"A permanent increase in government purchases has a larger effect than a temporary increase of the same​ amount." Use the​ saving-investment diagram to evaluate this​ statement, focusing on effects on​ consumption, investment, and the real interest rate for a fixed level of output. ​(​Hint: The permanent increase in government purchases implies larger increases in current and future taxes​.)
Answer:
here
Explanation:
After reviewing the rhetorical fallacies, can you think of a specific time when you heard a speaker employ one of these fallacies? Which fallacy did they use? Why should you avoid fallacies in your own speeches?
Answer:
they can be bad because they can / will confuse people especially the public
The original purpose of counties was to?
Answer:
The original purpose of the counties was to establish an intermediate governmental structure between that of the cities and that of the states, bringing together several cities in a single entity, the County, which would centralize basic services such as courts, hospitals, universities, etc. and it would represent these cities before the State in a more forceful way than if each city did so on its own initiative.
Jefferson Company, a commercial painting contractor, uses a normal-costing system to cost each job. Its job-costing system has two direct-cost categories (direct materials and direct labor) and one indirect-cost pool called overhead costs. To each job, Jefferson allocates overhead at a budgeted rate of 80% of direct labor costs.
Jefferson provides the additional information for February:
1. As of February 1, Job A21, the only job in process, had incurred direct material costs of $30,000 and direct labor costs of $50,000.
2. Jobs A22, A23, and A24 were started in February.
3. Direct materials used during February were $150,000.
4. Direct labor costs for February were $120,000.
5. Actual overhead costs for February were $102,000.
6. On February 28, Job A24 was the only job still in process, and it had incurred direct materials costs of $20,000 and direct labor costs of $40,000.
As each job is completed, its cost is transferred to the Cost of Jobs Billed account. Each month, Jefferson closes any under-or over-allocated overhead to Cost of Jobs Billed.
1. Give one example of a direct cost and one example of an overhead cost for a job undertaken by Jefferson Company.
2. Calculate the overhead allocated to Job A21 as of February 1.
3. Calculate the overhead allocated to Job A24 as of February 28.
4. Calculate the under- or overallocated overhead for February.
5. Calculate ending balance of jobs still in process as of February 28.
6. Compute the Cost of Jobs Billed for February.
Answer:
Jefferson Company1. An example of a direct cost is the cost of direct raw materials. An example of an overhead cost is cost of factory repairs and maintenance.
2. The overhead allocated to Job A21 as of February 1 is $40,000.
3. The overhead allocated to Job A24 as of February 28 is $32.000.
4. The under-allocated overhead for February is $6,000
5. The ending balance of jobs still in process as of February 28 is $92,000.
6. The Cost of Jobs Billed for February is $394,000.
Explanation:
a) Data and Calculations:
Budgeted overhead allocation rate = 80% of direct labor costs
Beginning WIP:
Materials $30,000
Direct labor 50,000
Overhead 40,000 ($50,000 * 80%)
Overhead allocated to Job A21 as of February 1 = $40,000 ($50,000 * 80%)
Overhead allocated to Job A24 as of February 28 = $32,000 ($40,000 * 80%)
Total overhead allocated for February = $96,000 ($120,000 * 80%)
Actual overhead costs incurred = $102,000
Therefore, the under-allocated overhead for February = $6,000
The ending balance of jobs still in process as of February 28 (Job A24) =
Materials costs = $20,000
Labor costs = $40,000
Overhead applied = $32,000
Total costs = $92,000
Cost of Jobs Billed:
Beginning WIP: Cost of Job A21 = $120,000 ($30,000 + 50,000 + 40,000)
Costs incurred during the period:
Cost of Direct Materials 150,000
Cost of Direct Labor 120,000
Allocated overhead costs 96,000
Total costs of production = $486,000
Less Ending WIP (Job A24) = 92,000
Cost of Jobs Billed for February $394,000
A company owns a 5-year old turret lathe that has a book value of $25,000. The present market value for the lathe is $16,000. The expected decline in market value is $2,000/year to a minimum market value of $4000. maintenance plus operating costs for the lathe equal $4,200/year. A new turret lathe can be purchased for $45,000 and will have an expected life of 8 years. The market value for the turret lathe is expected to equal $45,000(0.70)k at the end of year k. Annual maintenance and operating cost is expected to equal $1,600.
Based on a 12% before-tax MARR, should the old lathe be replaced now? Use an equivalent uniform annual cost comparison, a planning horizon of 7 years, and the cash flow approach.
Answer:
old lathe should not be replaced now
Explanation:
Using MARR of 12%
Price decline of 2000 per year ; salvage value = (present market value - does cline per year)
Present market value of old lathe = $16000
Opening market value at year end = (16000 * 1.12) = 17920
Add: Maintainace plus operating cost = $4200 / year
Salvage value = 16000 - 2000 = 14000
Annual cost : (Opening market value + operating cost - salvage value)
Annual cost :
Year 1 = (17920 + 4200 - 14000) = 8120
Year 2:
Opening market value at year end = (14000 * 1.12) = 15680
Salvage value = (14000 - 2000) = 12000
Annual cost :
Year 1 = (15680 + 4200 - 12000) = 7880
Year 3:
Opening market value at year end = (12000 * 1.12) = 13440
Salvage value = (12000 - 2000) = 10000
Annual cost :
Year 1 = (13440 + 4200 - 10000) = 7640
Year 4:
Opening market value at year end = (10000 * 1.12) = 11200
Salvage value = (10000 - 2000) = 8000
Annual cost :
Year 1 = (11200 + 4200 - 8000) = 7400
New machine :
Opening market value of year end = (45000 * 1.12) = 50,400
Add : Maintenance plus Operating expense = $1600
Salvage value = 45000 * 0.7 = 31500
Annual cost :
50400 + 1600 - 31500
= 20500
New machine has a far greater annual cost thb the old, hence the old machine should still be used for now.
Membership in the Cape Fear Health Club has been recorded for the past nine years. Management wants to determine the trend of membership in order to project future space needs. This estimate would help the club determine whether a future expansion will be needed. Given the following time series data, develop a regression equation relating memberships to years. Based on your regression equation, what is your forecast for 2020 memberships? Memberships are in hundreds.
Year > 2011 2012 2013 2014 2015 2016 2017 2018 2019
#'s > 11 13 15 17 16 18 20 19 23
a. 22.b. 24.6.c. 23.3.d. 11.e. 25.9.
Answer:
c). 23.3
Explanation:
Period Demand X Y XY [tex]$X^2$[/tex]
1 11 1 11 11 1
2 13 2 13 26 4
3 15 3 15 45 9
4 17 4 17 68 16
5 16 5 16 80 25
6 18 6 18 108 36
7 20 7 20 140 49
8 19 8 19 152 64
9 23 9 23 207 81
∑ 45 152 837 285
Intercept[tex]$(B_0) = \Sigma Y \times \Sigma X^2 - \Sigma X \times \frac{\Sigma XY}{(N\times \Sigma X^2 - \Sigma X^2)} $[/tex]
Intercept [tex]$= (152\times 285)-\frac{45 \times 837}{(9 \times 285)-45^2}$[/tex]
= 10.47
Slope [tex]$(B_1)= ((N\times \Sigma XY) - (\Sigma X \times \Sigma Y)-(N \times \SIgma X^2 - \Sigma X^2)$[/tex]
Slope [tex]$=((9\times837)-\frac{(45 \times 152)}{(9 \times 285)-45^2} $[/tex]
= 1.28
Therefore, the equation is
Y = intercept + slope(X)
[tex]$Y=10.47 + (1.25 \times X)$[/tex]
For [tex]$X=10$[/tex] forecast [tex]$= 10.47 + (1.28 \times 10)$[/tex]
= 23.27 or 23.3
A partial listing of costs incurred at Archut Corporation during September appears below: Direct materials $ 113,000 Utilities, factory $ 5,000 Administrative salaries $ 81,000 Indirect labor $ 25,000 Sales commissions $ 48,000 Depreciation of production equipment $ 20,000 Depreciation of administrative equipment $ 30,000 Direct labor $ 129,000 Advertising $ 135,000 The total of the manufacturing overhead costs listed above for September is: Multiple Choice $292,000 $50,000 $586,000 $30,000 PrevQuestion 7 of 10 Total7 of 10Visit question mapNext
Answer: $50,000
Explanation:
Manufacturing overhead are the costs that are indirectly related to production.
In this scenario those costs are:
Utilities, Factory, Indirect labor and Depreciation of production equipment.
= 5,000 + 25,000 + 20,000
= $50,000
Last year Kruse Corp had $440,000 of assets (which is equal to its total invested capital), $403,000 of sales, $28,250 of net income, and a debt-to-total-capital ratio of 39%. The new CFO believes the firm has excessive fixed assets and inventory that could be sold, enabling it to reduce its total assets and total invested capital to $252,500. The firm finances using only debt and common equity. Sales, costs, and net income would not be affected, and the firm would maintain the same capital structure (but with less total debt). By how much would the reduction in assets improve the ROE
Answer:
The reduction in assets would improve the ROE by 7.81%.
Explanation:
This can be calculated as follows:
Previous equity = (100% - Debt-to-total-capital ratio) * Previous total invested capital = (100% - 39%) * $440,000 = 61% * $440,000 = $268,400
Previous return on equity (ROE) = (Net income / Previous equity) * 100 = ($28,250 / $268,400) * 100 = 10.53%
New equity = (100% - Debt-to-total-capital ratio) * New total invested capital = (100% - 39%) * $252,500 = 61% * $252,500 = $154,025
New ROE = (Net income / New equity) * 100 = ($28,250 / $154,025) * 100 = 18.34%
Change in ROE = New ROE - Previous ROE = 18.34% - 10.53% = 7.81%
Since change in ROE is 7.81% and positive, this implies that the reduction in assets would improve the ROE by 7.81%.
what is financial ratio?
Answer:
financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Explanation:
financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
The distance between defects in an automated weaving process at Craft Mills, Inc. is exponentially distributed. On average there are 0.025 defects per foot. Use the random number 0.749 to simulate the distance between two defects.
Answer:
28.57 ft
Explanation:
On an average there are about : 0.025 defects per foot
using a random number of 0.749 to simulate the distance between two defects is = 28.57 ft
attached below is a detailed solution of the above problem
How can lean operations be applied in the service industry?
Answer:
GG kid
Explanation:
i dont know
Assuming that the balance sheet of BG Land Development is as follows:
Assets Liabilities and Capital
Cash $20,000 Accounts payable $80,000
Non-cash assets 200,000 Mitchell, Loan 10,000
Matthews, capital 50,000
Mitchell, capital 66,000
Michaels, capital 14,000
Total assets $220,000 Total Liab. and capital $220,000
Required:
If partners are to receive the final payment in a lump-sum, when BG Land Development is liquidated, Matthews receives $___, Mitchell receives $____, Michaels receives $____.
Answer:
BG Land Development
If partners are to receive the final payment in a lump-sum, when BG Land Development is liquidated, Matthews receives $_50,000__, Mitchell receives $_66,000___, Michaels receives $__14,000__.
Explanation:
a) Data and Calculations:
Assets Liabilities and Capital
Cash $20,000 Accounts payable $80,000
Non-cash assets 200,000 Mitchell, Loan 10,000
Matthews, capital 50,000
Mitchell, capital 66,000
Michaels, capital 14,000
Total assets $220,000 Total Liab. and capital $220,000
Totals assets = $220,000
Total liabilities (90,000)
Net assets = $130,000
Partners' capital:
Matthews, capital 50,000
Mitchell, capital 66,000
Michaels, capital 14,000
Total capital = 130,000
b) Each partner is entitled to the ratio of his capital balance or the profit and loss sharing ratio, if any. The net asset is computed by deducting all the liabilities, including one of the partners' loans, from the total value of realizable assets. Ordinarily, partners' loans enjoy priority over capital refund during partnership liquidation.
n the following list are a number of well-known companies and the products that they sell. Which of the four types of markets (pure monopoly, oligopoly, monopolistic competition, perfect competition) best characterizes the markets in which they compete? Explain why. a) McDonald's- hamburgers b) ExxonMobil- gas c) Dell- personal computers d) Heinz- ketchup e) Proctor & Gamble- disposable diapers f) Starbucks- gourmet coffee g) Domino’s- pizza h) Intel- computer chip for the PC (p. 381 #9)
Answer:
Monopolistic Competition is the type of market that characterizes the markets in which the following compete:
a) McDonald's- hamburgers
b) ExxonMobil- gas
c) Dell- personal computers
d) Heinz- ketchup
e) Procter & Gamble- disposable diapers
f) Starbucks- gourmet coffee
g) Domino’s- pizza
h) Intel- computer chip for the PC
2. The reason for this choice is that there is no perfect competition in any market. It remains an ideal. The products of these firms are not perfect substitutes. The firms do not have equal market share and control in their respective markets or industry. Lastly, there is no single producer in any of the markets.
Explanation:
Types of markets:
Pure monopoly = a single producer with no substitute product or service.
Oligopoly = two or more firms in an industry with equal market share and control.
Monopolistic competition = Many firms offering similar products that are not perfect substitutes
Perfect competition = Many firms offering similar products that are perfect substitute.
criminal charges are prosecuted by the party that was wronged true or falsebusiness
Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the following questions. Assume that the base year is 2012. Good2012 Price2012 Quantity2013 Price2013 Quantity A$2.00 500$2.50600 B$4.001,000$5.00900 C$2.00 200$1.00300 What was the real gross domestic product (GDP) in 2013
Answer:
$5400
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
($2 x 600) + ($4 x 900) + ($2 x 300) = $5400
Martin Inc. began construction on a building in 2020 and paying a construction company $600,000 in 2020. Martin also had avoidable interest of $30,000 and actual interest of $100,000 in 2020. Martin financed the construction with a $1,000,000, 10% loan specific to the project. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows:
Feb. 28 $90,000
Apr. 30 180,000
Jul. 1 36,000
Sept. 30 64,000
Required:
Once completed, how much is capitalized in Martin’s Building account? Show all your work.
Answer:
$1,000,00
Explanation:
Amount paid to Construction company = $600,000
Additional expenditures in 2021 are Feb 28 = 90,000, Apr. 30 180,000, Jul. 1 = 36,000, Sept. 30 = 64,000. Avoidable interest Cost = 30,000
So, amount to be capitalized in Martin's Building account = $600,000 + $90,000 + $180,000 + $36,000 + $64,000 + $30,000 = $1,000,000
It is generally recognized that the spending habits of individuals changes over their lives. In general, young adults tend to spend__________ than they earn, while older adults tend to spend_________. To accommodate their spending habits, young adults tend to rely on funds raised from__________. Retired adults, in contrast, tend to rely on_________ to cover the frequent shortage between their current expenditures and their current incomes.
Answer:
1. more
2. less
3. borrowing
4. past savings
Explanation:
It is generally recognized that the spending habits of individuals changes over their lives. In general, young adults tend to spend more than they earn, while older adults tend to spend less. To accommodate their spending habits, young adults tend to rely on funds raised from borrowing . Retired adults, in contrast, tend to rely on past savings to cover the frequent shortage between their current expenditures and their current incomes.
Ryan Corporation manufactures auto steering systems. Cost estimates for one unit of the product for the year follow:
Direct materials $200
Direct labor ($12/hour) $300
Machine hours 20
This product requires 15 hours of direct labor in Department A and 10 hours in Department B. Also, it requires 5 machine hours in Department A and 15 machine hours in Department B.
The factory overhead costs estimated in these two departments follow:
Variable cost Fixed cost
A $ 150,000 94,000
B $ 80,000 163,000
Management expects the firm to produce 1,000 units during the year.
Required
1. Assume that factory overhead was applied on the basis of direct labor hours. Compute the predetermined plantwide factory overhead rate.
2. If factory overhead were applied on the basis of machine hours, what would be the plantwide overhead rate?
3. If the company produced 1,000 units during the year, what was the total amount of applied factory over-head in each department in requirements 1 and 2?
4. If you were asked to evaluate the performance of each department manager, which allocation basis (cost driver) would you use? Why?
5. Compute the departmental overhead rate and amount of applied overhead for Department A using direct labor hours as the allocation base and for Department B using machine hours as the allocation base.
1) The predetermined plantwide factory overhead rate based on direct labor hours is $10.28.
2) The predetermined plantwide factory overhead rate based on machine hours = $12.85 ($257,000/20,000)
3) The total applied factory overhead:Department A Department B Total
Requirement 1 $154,200 $102,800 $257,000
Requirement 2 64,250 192,750 257,000
4. The allocation basis for Department A should be direct labor hours. The department is more labor-intensive. The allocation basis for Department B should be machine hours as it is more machine-intensive.
5) The computation of the departmental overhead rate and amount of applied overhead for Department A using direct labor hours as the allocation base and for Department B using machine hours as the allocation base is as follows:
Department A Department B
Direct labor hours 15,000
Machine hours 15,000
Fixed factory overheads $94,000 $163,000
Departmental overhead rate $6.27 $10.87 ($163,000/15,000)
Applied Overhead $154,200 $192,750
($10.28 x 15,000) ($12.85 x 15,000)
Data and Calculations:Cost of One Unit:
Direct materials $200
Direct labor ($12/hour) $300
Direct labor hour per unit = 25 hours ($300/$12)
Total direct labor hours = 25,000 (25 x 1,000)
Total machine hours = 20,000 (20 x 1,000)
Department A Department B Total
Direct labor hours 15 10 25
Machine hours 5 15 20
Variable factory overheads $150,000 $80,000 $230,000
Fixed factory overheads 94,000 163,000 257,000
Total annual production units = 1,000 units
1) Predetermined plantwide factory overhead rate based on direct labor hours = $10.28 ($257,000/25,000)
2) Predetermined plantwide factory overhead rate based on machine hours = $12.85 ($257,000/20,000)
3) Total applied factory overhead:Department A Department B Total
Direct labor hours $154,200 $102,800 $257,000
Machine hours 64,250 192,750 257,000
5) Departmental Overhead Rate and Applied Overhead:
Department A Department B
Direct labor hours 15,000
Machine hours 15,000
Fixed factory overheads $94,000 $163,000
Departmental overhead rate $6.27 $10.87 ($163,000/15,000)
Applied Overhead $154,200 $192,750
($10.28 x 15,000) ($12.85 x 15,000)
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Direct Materials Variances Bellingham Company produces a product that requires 16 standard pounds per unit. The standard price is $9 per pound. If 2,400 units required 39,600 pounds, which were purchased at $8.64 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Answer:
Results are below.
Explanation:
To calculate the direct material price and quantity variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (9 - 8.64)*39,600
Direct material price variance= $14,256 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (2,400*16 - 39,600)*9
Direct material quantity variance= -$10,800 unfavorable
Total variance= 14,256 - 10,800
Total variance= $3,456 favorable