a person starts his own business. he quits his $75,000 a year job. expenses include wages and salaries of $100,000 a year, utilities of $5,000 a year, and materials of $40,000 and equipment of $50,000. if revenues are $200,000, his accounting profit is and his economic profit is $80,000; $5,000 - $70,000; - $70,000 $5,000; - $70,000 $5,000; $5,000
Answers
The accounting profit of the business is $5,000 and the economic profit is -$70,000. The accounting profit is calculated as the total revenues of the business minus the explicit costs.
How to calculate accounting profit ?The accounting profit is calculated as the total revenues of the business minus the explicit costs, which in this case are $100,000 for wages and salaries, $5,000 for utilities, $40,000 for materials, and $50,000 for equipment. The accounting profit is therefore calculated as:
Accounting profit = Revenues - Explicit costs
= $200,000 - $100,000 - $5,000 - $40,000 - $50,000
= $5,000
The economic profit is calculated as the total revenues of the business minus both the explicit costs and the implicit costs. The implicit costs in this case are the opportunity cost of the owner's time and resources, which is the $75,000 salary that the owner gave up by quitting his job to start the business. The economic profit is therefore calculated as:
Economic profit = Revenues - Explicit costs - Implicit costs
= $200,000 - $100,000 - $5,000 - $40,000 - $50,000 - $75,000
= -$70,000
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Related Questions
g If the government requires a natural monopoly to price at marginal cost, (there are no typo's in this question) Select one: a. producer surplus will increase because quantity supplied is greater. b. monopoly firms will earn zero economic profits because the price of the good equals the cost of producing that good. c. more firms will be able to enter the market. d. monopoly firms will operate at a loss because P
Answers
Answer:
monopoly firms will operate at a loss because P =MC.
Explanation:
In the case when the government needed to regulate the natural monopoly to price at the marginal cost so here the firm i.e. monopoly would operate at the loss because the price is equivalent to the marginal cost
i.e.
P = MC
Therefore as per the given situation the option d is correct
During the assessment phase of networking, it’s best to be specific about your business _______.
Doing some research on the key players will help you make the most of business _______ or _______.
Chatting with other people at parties or meetings is a great way to make _______.
When out networking people in _______ naturally gravitate to others.
Based on what you've read, respond to the following.
List two of the qualities that help form a strong foundation for business relationships.
What are two important stages in making business connections?
Answers
1. During the assessment phase of networking, it is best to be specific about your business objectives.
2. Doing some research on the key players will help you make the most of business contacts or opportunities.
3. Chatting with other people at parties or meetings is a great way to make connections.
4. When out networking, people naturally gravitate to others.
Business relationships are an essential aspect of all types of business enterprises, whether large or small. Developing good relationships is vital to the success of any business. Two qualities that help form a strong foundation for business relationships are trust and reliability. These two qualities help establish a sense of honesty, transparency, and consistency in business practices.
Trust and reliability are vital components of business relationships because it creates a safe and comfortable environment for business partners to communicate freely, share ideas, and brainstorm on how to grow the business together. In addition, it provides an avenue for open discussions and sharing of constructive feedback that will help businesses identify areas of improvement.
The two most important stages in making business connections are networking and relationship building. Networking is a critical stage in business development because it enables businesses to build a vast array of contacts that they can leverage to grow their business. Relationship building, on the other hand, focuses on building trust and nurturing relationships with clients, partners, and other stakeholders.
This stage requires a long-term commitment and entails consistent communication and transparency to establish a sense of mutual trust and respect. To conclude, strong business relationships are essential to the success of any business. Building such relationships takes time and effort. Trust and reliability are crucial elements that can help establish a strong foundation for business relationships. Networking and relationship building are two vital stages in making business connections, and they require commitment, time, and effort.
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An economist will consider the sunk cost of a product line before recommending an improvement to the product. True or false
Answers
Answer:
false
Explanation:
Which of the following days are counted as personal use days for a dwelling unit? (Check all that apply.)
a. A friend of the taxpayer stays in the home and pays a below market rental rate.
b. The home is available for rent, but is NOT actually rented out.
c. A friend of the taxpayer stays in the home and pays a fair market rental rate.
d. A relative of an owner stays in the home and pays a fair market rental rate.
e. The taxpayer or other owner resides in the unit.
f. A relative of an owner stays in the home for free.
Answers
The days are counted as personal use days for a dwelling unit are,
A friend of the taxpayer stays in the home and pays a below market rental rate.A relative of an owner stays in the home and pays a fair market rental rate.The taxpayer or other owner resides in the unit.A relative of an owner stays in the home for free.What is dwelling unit?A housing unit, also known as a dwelling unit, is a building, a portion of a building, or a space that is used by one or more persons who maintain a shared household and use it as their home, place of residence, or sleeping quarters. A habitation, also known as a residence or abode, is a self-contained lodging arrangement used as a home by one or more households. Examples of dwellings include houses, apartments, mobile homes, houseboats, vehicles, and other "substantial" structures. A house is a place where someone lives. Dwellings include condos, apartments, and houses. The definition of residence is not surprising if you are aware that to dwell is to live somewhere:The days are counted as personal use days for a dwelling unit are,
A friend of the taxpayer stays in the home and pays a below market rental rate.A relative of an owner stays in the home and pays a fair market rental rate.The taxpayer or other owner resides in the unit.A relative of an owner stays in the home for free.To learn more about dwelling unit refer to:
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Match the different activities to the responsibilities of relevant banks
Answers
Answer:
Federal bank:
•provides financial services to the government
•regulates safe and lawful operations
Conducts nation’s monetary policies
Other commercial banks:
•accepts deposits from people
•lends money through to consumers and businesses
Explanation:
I just took the test and got this one right
(Plato/edmentum)
The different activities are matched as per responsibilities :
Federal bank
Gives all financial services to the governmentregulates safe and the lawful operationsMaintains nation’s monetary policiesOther banks :
Accepts the deposits from the people.They lend the money to consumers and businessesWaht is a federla bank ?A federal bank is one that acts as the central bank and is commonly found in the US.
These banks are responsible for conducting activities like giving all financial services to the govt and maintaining the nation's monetary policy. While the other banks are responsible for accepting the deposit from people and lending the money to consumers and businesses.
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Many individuals have been to a corner market in a city and noticed soggy lettuce, a moldy cucumber or other far from fresh produce being offered to that community in that specific area. Until now, many may not have known that this is what is referred to as a Food Desert. Why is it that we do not see similar grocery stores in these areas as we do in more rural communities? As a result, what does this do to the health and well-being of the thousands of people living in that community? Discuss Food Deserts in this Discussion Thread focusing on why they exist in the first place and how we can improve the situation for generations to come.
Answers
7(6)•5
Food deserts are areas where people have limited access to affordable and nutritious foods. The lack of access to healthy food in food deserts can have several negative health consequences. People who live in food deserts are more likely to be obese and have diabetes, and other chronic diseases. They are also more likely to have poor overall health.
They are a major issue affecting millions of people in the United States, particularly in low-income, inner-city, and rural areas.
There are several reasons why food deserts exist. One reason is that grocery stores are less likely to locate in low-income areas because they are seen as less profitable.
This is due to several factors, including the fact that people in these areas tend to have less disposable income, and they may also be more likely to use food stamps or other forms of government assistance to purchase food.
Another reason for food deserts is that zoning laws in some cities make it difficult for grocery stores to locate in certain areas. For example, some cities have zoning laws that restrict the size of stores that can be built in certain areas. This can make it difficult for grocery stores to build large enough stores to be profitable.
There are several things that can be done to improve the situation in food deserts. One is to provide financial incentives to grocery stores to locate in these areas.
Another is to change zoning laws to make it easier for grocery stores to build in these areas. Additionally, community gardens and farmers' markets can help to provide people in food deserts with access to fresh, healthy food.
It is important to address the issue of food deserts because they have a significant impact on the health of millions of people. By taking steps to improve access to healthy food in these areas, we can help to improve the health and well-being of generations to come.
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Total Per Unit Sales $ 624,000 $ 40 Variable expenses 436,800 28 Contribution margin 187,200 $ 12 Fixed expenses 152,400 Net operating income $ 34,800 Required: 1. What is the monthly break-even point in unit sales and in dollar sales? 2. Without resorting to computations, what is the total contribution margin at the break-even point? 3-a. How many units would have to be sold each month to attain a target profit of $56,400? 3-b. Verify your answer by preparing a contribution format income statement at the target sales level. 4. Refer to the original data. Compute the company's margin of safety in both dollar and percentage terms. 5. What is the company’s CM ratio? If the company can sell more units thereby increasing sales by $94,000 per month and there is no change in fixed expenses, by how much would you expect monthly net operating income to increase?
Answers
Answer: See explanation
Explanation:
1. What is the monthly break-even point in unit sales and in dollar sales?
Break even point in unit sales:
= Fixed expenses/Unit Contribution margin
= 152,400/12
= 12,700 units
Break even point in dollar sales will be:
= 152,400×40/12
= $508,000
2. Without resorting to computations, what is the total contribution margin at the break-even point?
Total contribution margin at the break even point will be the unit Contribution margin multiplied by the break even point in units
= 12× $12,700
= $152,400
3-a. How many units would have to be sold each month to attain a target profit of $56,400?
Sales in units:
= ($152,400+$56400)/12
= $208800/12
= 17400
b. Verify your answer by preparing a contribution format income statement at the target sales level.
Sales (17400×40) = $696,000
Less: Variable expenses (17400×28) = $487,200
Contribution margin = $208,800
Less: Fixed expenses = $152,400
Net operating income = $56,400
Since net operating income is also $56,400, the answer has been verified.
4. Refer to the original data. Compute the company's margin of safety in both dollar and percentage terms.
Margin of safety in dollars will be:
= Sales - Break even sales
= 624,000-508,000
= $116,000
Percentage of Margin of safety:
= 116,000/624,000
= 0.1859
= 18.59%
5. What is the company’s CM ratio? If the company can sell more units thereby increasing sales by $94,000 per month and there is no change in fixed expenses, by how much would you expect monthly net operating income to increase?
CM ratio will be the unit Contribution margin divided by the sales per unit. This will be:
= 12÷40
= 0.30
= 30%
Increase in sales = $94000
New sales:
= Sales + Increase in sales
= $624,000+$94,000
= $718,000
New Contribution margin:
= 718000×30%
= 718000 × 0.3
= $215400
New Net operating income:
= 215400-152,400
= $63000
Increase in net operating income
= $63000 - $34800
= $28200
Match each issue with the best solution
1 An administrator needs to gather information
on patient referrals to determine the source
of each referral and which types of agencies
refer the greatest number of patients.
2 A primary care provider notices an increase
in fracture injuries among patients in the
10-to 13-year-old age range and wonders
if there might be a connection among the
injury type, the age range, and patients'
leisure activities.
3 A nurse values patient-centered care and
wants to encourage her patients to take
an active role in developing their treatment plans.
A. Shared decision making
B. Analytical thinking
C. Abstract thinking
Answers
An administrator had a decision making attitude, a primary care provider have analytical thinking and the nurse have abstract thinking.
What is analytical and abstract thinking?In the very first question the administrator have decision making personality as the administrator is gathering information on patient referrals.Decision making is the quality of human personality which depict one's attitude towards making quick decisions.In the second question the primary care provider had analytical thinking towards the patients.Analytical thinking means the thinking of logical concepts and based on one's intelligence.In the third and the last question the nurse had abstract thinking.Abstract thinking means the caring nature towards the patient.To know more about analytical thinking visit:
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Compared to the other coaches, Doug seems to...
Compared to the other coaches, Doug seems to resemble more
characteristics.
Answers
There are different kinds of theories. Compared to the other coaches, Doug seems to resemble more characteristics of Theory Y.
What does Theory Y assumes?Theory Y is known to state or talks about a positive aspect or view of human nature and it is known to also assumes that people are generally industrious, creative, etc. and they can handle responsibility and also be self-controlled in their jobs.
Theory Y managers are known to have the following qualities such as being optimistic, having positive opinion about other people, etc.
See full question below
Compared to the other coaches, Doug seems to resemble more ________ characteristics.
Multiple Choice
extrinsic
Theory Y
Theory X
evidence-based
contingent
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22.
Jamila has noticed that her assistant, Todd, is really good at math and has a lot of business savvy. After talking with him, she discovers that Todd was a business major and wants to move up in the workplace. As a leader in her company, what can Jamila do for Todd?
Encourage Todd to continue his education.
Keep him in the assistant job so he is not competition.
Help Todd find ways to build skills and advance in the company.
Fire Todd so that he can find a job that is more in line with his goals.
Answers
Answer:
Help Todd find ways to build skills and advance in the company.
Explanation:
She could give him specific projects or tasks that utilizes the mathematical and business skills (for example preparing a budget, or any other project that would require calculations and business skills), in order for Todd to become more exposed to the senior management teams, in order for him to demonstrate his skills to the senior team by the work he is presenting.
Answer:
Mmm
Explanation:
The following pie chart summarizes the results of a survey given to airlines about the primary reason for flight delays. Which of the following statements is supported by the pie chart?
Answers
B More delays were caused by weather than by all other reasons combined is supported by the pie chart.
We will analyze all the options given here.
First option says that the reason was runaway closure which is incorrect because it accounts for only 8% which is less than 70% of weather an we have to see the maximum reason.
Second option is correct as the combined reasons form a total of 30% which is less than 70% of weather. Hence, this option is correct. All other options are also false because they account for even less than 50% of delay reasons and only the second option is the valid one.
A pie chart is a circular statistical visual divided into slices to show numerical proportion. The arc length of each slice in a pie chart is proportionate to the quantity it shows.
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Correct question:
Which of the following statements is supported by the pie chart?
A The reason given most frequently was runway closure.
B More delays were caused by weather than by all other reasons combined.
C. More delays were caused by runway closure than were caused by overbooking.
D. Overbooking and runway closure accounted for greater than one-fourth of the reasons given for flight
delays.
E. The combined percentage for other and runway closure was equal to the percentage for overbooking.
STEP 5 Use practical examples from BRICK 'n TILE to differentiate between short and long-run costs. (10) TOTAL: [50]
Answers
BRICK 'n TILE, a hypothetical company, can differentiate between short-run and long-run costs by considering examples such as immediate production costs (short-run) and investment in new production facilities (long-run).
Short-run costs refer to expenses that a company incurs in the immediate period, where some factors of production are fixed and cannot be easily adjusted. In the case of BRICK 'n TILE, short-run costs could include the costs of raw materials, labor, utilities, and maintenance for their existing production facilities. These costs are essential for the day-to-day operations and can be directly linked to the current level of production.
On the other hand, long-run costs encompass expenses that can be adjusted in the long term to adapt to changes in production levels and scale. For BRICK 'n TILE, an example of a long-run cost would be the investment in new production facilities or equipment. If the company decides to expand its operations or increase its capacity, they may need to construct a new manufacturing plant or purchase advanced machinery. These costs are incurred over an extended period and are associated with strategic decisions that affect the company's production capabilities in the long run.
Differentiating between short-run and long-run costs is crucial for effective financial planning and decision-making. Short-run costs help determine the immediate profitability of the company's operations, while long-run costs factor in the potential growth and expansion strategies. Understanding the distinction between these cost categories allows BRICK 'n TILE to make informed decisions regarding short-term production levels and long-term investment in infrastructure and technology.
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Berks Corp bonds pay interest semiannually and they will mature in 10 years. Currently a P1,000 bond sells for P800 and the bondholders require an annual return of 9%. Calculate the coupon rate of these bonds.
Answers
The coupon rate (≈ 7.88%).
How to solveTo calculate the coupon rate for Berks Corp bonds, use the bond pricing formula.
Given a bond price of P800, a face value of P1,000, a required annual return of 9%, and 10 years to maturity, first find the semiannual required rate of return (0.045) and the number of periods (20).
Plug these values into the formula and solve for the semiannual coupon payment (C ≈ 39.39).
Multiply this by 2 for the annual coupon payment (≈ 78.79).
Finally, divide the annual coupon payment by the face value and multiply by 100 for the coupon rate (≈ 7.88%).
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Samantha has the following assets and liabilities. What is her net worth?
Assets
car - $4,200
savings account - $200
cash - $20
Liabilities
car loan - $1,500
credit card - $100
Answers
$4,200 + $200 + $20 - $1,500 + $100
$4,820 - $1,600
= $3,220
Net worth = $3,220
Implanted microchips have been tested over long periods of time and are
Answers
Implanted microchips have been tested over long periods of time and are widely accepted as being safe.
A microchip is a set of digital circuits on one small flat piece of semiconductor material, normally silicon. A microchip is a unit of packaged pc circuitry that is fabricated from a fabric including silicon at a totally small scale. Microchips are made for program common sense and for pc reminiscence.
In a semiconductor microchip, each little bit of binary information is saved in a tiny circuit known as a memory mobile consisting of one to several transistors. The microchips are specified in rectangular arrays on the surface of the chip. With one in 3 pets turning into misplaced at some degree, these tiny chips are your puppy's quality threat of being returned properly home in the event that they do move missing. At the same time as collars and tags can help reunite misplaced pets with their households they can without problems fall off or be removed, and tags can fade.
This tiny device can preserve computer memory and processors, or be used to behavior energy. You nearly actually use things that incorporate microchips just about every day, inclusive of calculators, financial institution ATMs, sure identification playing cards, cellular telephones, and televisions.
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alternatives to commercial insurance
Answers
Explanation:
Labor and Economic Opportunity.
Bureaus & Agencies.
Workers' Disability Compensation Agency.
Insurance Requirements.
Group Funds - An Alternative to Commercial Insurance.
Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except:
Multiple Choice
FIFO method.
Retail method.
Specific identification method.
LIFO method.
Weighted average method.
Answers
Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except LIFO method. Thus, option D is correct.
What is inventory?Inventory or stock alludes to the merchandise and materials that a business holds for a definitive objective of resale, creation or usage. Stock administration is a discipline fundamentally about indicating the shape and position of loaded merchandise.
The LIFO technique is certainly not an adequate strategy for stock costing under IFRS. monitoring every particular thing in stock and relegating costs exclusively as opposed to gathering things together.
Therefore, option D is correct.
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Which of the following influences what you choose to wear
Your activities
All of the Above
Basic needs
Your personal preferences
Answers
Answer:
all of the above dnnxndncnvhhdbdbdbd
(214) 1. Distinguish between technical efficiency and allocative efficiency. Use the two concepts of efficiency to compare a perfect market structure with a monopoly.
Answers
Technical efficiency refers to the ability to produce the maximum output from a given set of inputs or resources. It focuses on the production process and achieving the highest output level with the least amount of resources wasted. Technical efficiency emphasizes optimizing the production process to minimize costs and maximize productivity.
Allocative efficiency, on the other hand, relates to the allocation of resources in a way that maximizes overall social welfare. It refers to the ideal allocation of resources that matches consumers' preferences and demands. Allocative efficiency ensures that resources are allocated so that goods and services align with consumer preferences. This results in the best outcome for society.
When comparing an ideal market structure with a monopoly in terms of efficiency, there are significant differences. In an ideal market structure, characterized by complete competition, both technical and allocative efficiency is typically achieved. Many buyers and sellers exist, information is freely available, and no single entity controls the market. Competition drives firms to produce at the lowest cost and offer goods and services that match consumer preferences, leading to technical and economic efficiency.
In contrast, a monopoly represents a market structure where a single firm dominates the industry and has substantial market power. In terms of technical efficiency, a monopoly may not necessarily achieve the same level as a perfectly competitive market. Due to the lack of competition, a monopoly may not have the same incentive to minimize costs or innovate as efficiently as possible. This can result in higher production costs and lower technical efficiency.
Regarding allocation efficiency, monopolies often fail. Without competition, a monopolistic firm can set prices higher than the marginal cost of production, resulting in a suboptimal allocation of resources. The monopolist may prioritize maximizing profits rather than satisfying consumer preferences. This leads to a less efficient allocation of resources than in a perfectly competitive market.
Overall, an ideal market structure exhibits higher levels of technical and allocative efficiency than a monopoly. When true competition promotes resource optimization and consumer satisfaction, resulting in more efficient resource allocation.
You, a Captain, are a section chief in Military Personnel and 2d Lt Smith’s supervisor. Lt Smith is a Force Support Officer. She has been on active duty for a year and in her present job for 10 months. She supervises 21 enlisted personnel who perform a variety of administrative tasks in support of a tactical fighter wing. She majored in business administration in college, served 3 years as an administrative specialist, and was an E-4 before being accepted for OTS. As an enlisted member, she graduated from technical school as an honor graduate and was cited on numerous occasions for outstanding performance. Her supervisors considered her a valuable asset to the unit and an expert in her area of responsibility. She’s very enthusiastic about her work and plans to make the Air Force a career.
Lieutenant Smith took over her job 2 months after the unit had received a rating of “marginal” by the numbered Air Force Inspector General’s evaluation team. At the end of her first week on the job, Lt Smith called her NCOIC and key supervisors together and told them that she wouldn’t tolerate marginal performance, that she had previous experience in this type of work, and would be looking at the quality of their work very closely. Since that time, Lt Smith has attempted to supervise every phase of work in her office and, at times, has involved herself in even the most routine decisions. Lt Smith assigns people to certain jobs within the office, plans the work schedule, leave schedule, and does most of the counseling in the office.
In the last 6 months, Lt Smith has ordered several people to work overtime to complete routine work ahead of schedule. Each time this has happened, the NCOIC has asked the lieutenant for permission to speak to her immediate supervisor. On each occasion, the lieutenant has told the senior master sergeant he must not take these internal problems to you, because she’ll take care of any problems in her section--and the NCOIC should remember who writes his EPR.
Most of the time, when Lt Smith approaches the work or break area where the workers are congregated, she notices all conversation stops and the personnel won’t talk to her unless she addresses them first. After reviewing a report yesterday, Lt Smith became very impatient. She bypassed his NCOIC and took the report directly to the Airman who had typed it. While Lt Smith was berating the Airman about the typing errors, the NCOIC walked into the office and asked the Airman what the problem was. The lieutenant became flustered, told the NCOIC she was tired of doing his job for him, and shoved the report into his hands. Lt Smith then went into her office and slammed the door.
The NCOIC relayed this situation to you and asked for your help. How will you help? BACKGROUND
*ENVIRONMENT: Airforce Base
*PEOPLE INVOLVE: The Captain, Lt Smith, Airman and NCOIC.
PROBLEM DEFINATION
*Lt Smith Unprofessional Behavior
DIAGNOSIS
*Marginal Performance
*Previous Experience
*Enthusiastic With her Job
*Academic Credibility
Answers
The lieutenant Smith has taken leave, and everything is running smoothly. People are, however, more attentive when she is present. Decisions are being delayed, and morale was low. The and other important supervisors are worried which some people may decide to due to her supervision, leave the service style.
Several issues must be addressed as a result of this case study. Lieutenant Smith's micromanagement technique is causing morale issues and may lead to retention issues, which is one of the main concerns. It's also troubling that she's requesting people to work extra hours without proper authorization or regard for the impact on their personal lives.
As her boss, you ought to tackle these concerns with Lt Smith and advise her on proper supervisory techniques. You could advise her to delegate more responsibilities to her NCOIC and other key supervisors, and to concentrate in strategic planning and decision-making instead of micromanaging every detail. We should also emphasise the significance of adhering to proper procedures for authorising overtime and taking into account the impact on personnel.
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when making decisions about which products to carry in your store or warehouse a source of good advice on market trends is?
Answers
Answer:
When doing so, trend is Important or advisable
If revenue is $2000 and operating expenses are $6000, cash flow equals _____.
-$8000
$8000
$4000
-$4000
Answers
Answer:
-4000 hope this helps :)
Which of the following will change depending on your geographical region?
•income
•cost of living
•lifestyle
•personal expectations
Answers
The lifestyle will change.
The required details about the geographical region is mentioned in below paragraph.
A location is a place of land that has not unusualplace features. A location may be described through herbal or synthetic features. Language, government, or faith can outline a location, as can forests, wildlife, weather and lifestyle . Regions, huge or small, are the fundamental gadgets of geography.Regions are territories which can be unique and recognizable in physical, geographical, ancient and socioeconomic terms, in order that residents are diagnosed with them. The location is a hyperlink among neighborhood groups and the state. The nearby stage of presidency brings collectively jobs on the neighborhood and countrywide stage.Geography affects the whole lot from our food, health, safety, weather to our social and financial systems. Geography won't appear to be a large deal while you stay in a city, however if you have to transport throughout the country, it is like choosing up your entire lifestyles and transferring it with you.
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Answer:
Cost of Living
Explanation:
Just took the quiz and was correct
A company purchased $3,300 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
Answers
The correct journal entry would be Debit Accounts Payable $2,300 ; Credit Merchandise Inventory $46 and Credit Cash $2,254.
A bookkeeping method known as the double entry or journal entry involves recording transactions in two or more accounts. The majority of transactions involve two accounts. The difference between the two accounts gets credited to the other. Moreover, both accounts could be credited or debited. More than two entries may be necessary for some transactions. The transactions that have an impact on more than two accounts are those. For instance, things that are discounted or that are partially paid for with credit and partially with cash. Compound entries are used in the journals for these transactions.
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The complete question is: A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
Trapper Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 205,000 shares of stock outstanding. Under Plan II, there would be 155,000 shares of stock outstanding and $3.1 million in debt outstanding. The interest rate on the debt is 8 percent, and there are no taxes. What is the break-even EBIT?
Answers
The debt has an interest rate of 8% and there are no taxes. Break-even EBIT is $180,000.
The capital structure is the mix of the sources of money that a corporation uses to sustain its capital. Capital sources include equity, loans, retained earnings, and so on. Firms strive to create a capital structure that has the lowest cost of capital while providing the most value to the firm.
To calculate the break-even EBIT for two distinct capital structures, we set the EPS equations equal and solve for EBIT.
EBIT at break-even is
EBIT / 150,000 = [EBIT - .05 × ($1,200,000)]/100,000
EBIT / 150,000 = [EBIT - 600,000 ] / 100,000
EBIT × 10 = 15 × [EBIT - 600,000]
10 EBIT = 15 EBIT - 9,000,000
15 EBIT - 10 EBIT = 9,000,000
5 EBIT = 9,000,000
EBIT = 9,000,000 / 5
EBIT = $180,000
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After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest). In other words, he used _____ financing.
Answers
Answer:
Debt financing
Explanation:
Debt financing is defined as borrowing that a company undertakes to finance it's operations by selling of debt instruments to investors.
The debt instrument attracts interest payment.
Examples of debt financing includes bank loans, loans from friends and family, and government backed loans.
In the given scenario Joseph Tantillo decided to borrow money from his parents to start a retail Web site that specializes in personalized Greek apparel. This is debt financing
In contrast equity financing involves sale of shares to obtain capital
How has the introduction of these markets, technologies and resources affected the lifestyle of the people of Cuba
Answers
Answer:
he economy of Cuba is a largely planned economy dominated by state-run enterprises. The government of Cuba owns and operates most industries and most of the labor force is employed by the state. Following the fall of the Soviet Union in 1991, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. However, greater private property and free market rights were granted by the 2019 Constitution.[10][11] It has also been acknowledged that foreign market investment in various Cuban economic sectors increased before 2019 as well.[12][13]
As of 2000, public-sector employment was 76% and private-sector employment (mainly composed of self-employment) was 23% - compared to the 1981 ratio of 91% to 8%.[14] Investment is restricted and requires approval by the government. The government sets most prices and rations goods to citizens. In 2016 Cuba ranked 68th out of 182 countries, with a Human Development Index of 0.775, much higher than its GDP per capita rank (95th).[15]As of 2012, the country's public debt comprised 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%.[16]
Housing and transportation costs are low. Cubans receive government-subsidized education, healthcare and food subsidies.[17]
The country achieved a more even distribution of income after the Cuban Revolution of 1953–1959,[citation needed] which was followed by an economic embargo by the United States (1960- ). During the Cold War period, the Cuban economy was heavily dependent on subsidies from the Soviet Union, valued at $65 billion in total from 1960 to 1990 (over three times as the entirety of U.S. economic aid to Latin America), an average of $2.17 billion a year.[18] This accounted for anywhere between 10% and 40% of Cuban GDP, depending on the year.[19] While the massive Soviet subsidies did enable Cuba's enormous state budget, they did not lead to a more advanced or sustainable Cuban economy; although described by economists as "a relatively highly developed Latin American export economy" in 1959 and the early 1960s, Cuba's basic economic structure changed very little between then and 1990. Tobacco products such as cigars and cigarettes were the only manufactured products among Cuba's leading exports, and even these were produced by a preindustrial process. The Cuban economy remained inefficient and over-specialized in a few highly subsidized commodities provided by the Soviet bloc countries.[20] Following the collapse of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to the loss of Soviet subsidies[21] and a crash in sugar prices in the early 1990s. It rebounded in the early 2000s due to a combination of marginal liberalization of the economy and heavy subsidies from the friendly government of Venezuela, which provided Cuba with low-cost oil and other subsidies worth up to 12% of Cuban GDP annually.[22] Cuba retains high levels of healthcare and education.[23]
Contents
1 History
1.1 Before the Revolution
1.2 Cuban Revolution
1.3 Special Period
1.4 Recovery
1.5 Post-Fidel reforms
1.5.1 International debt negotiations
2 Sectors
2.1 Energy production
2.1.1 Energy sector
2.2 Agriculture
2.3 Industry
2.4 Services
2.4.1 Tourism
2.4.2 Retail
2.5 Finance
2.6 Foreign investment and trade
2.7 Currencies
2.8 Private businesses
3 Wages, Development, and Pensions
4 Public facilities
5 Connection with Venezuela
6 Economic freedom
7 Taxes and revenues
8 See also
9 References
9.1 Citations
9.2 Sources
10 External links
History
Before the Revolution
Although Cuba belonged to the high-income countries of Latin America since the 1870s, income inequality was high, accompanied by capit
Explanation:
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Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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Never Forget Bakery purchased a lot in Oil City six years ago at a cost of $278,000. Today, that lot has a market value of $320,000. At the time of the purchase, the company spent $6,000 to level the lot and another $8,000 to install storm drains. The company now wants to build a new facility on that site. The building cost is estimated at $1.03 million. What amount should be used as the initial cash flow for this project?
Answers
Answer:
The amount that should be used as the initial cash flow for this project is $1,350,000
Explanation:
The amount to be used as the initial cash flow for the project comprises of estimated building cost of $1.03 million and the market worth of the lot now.
The cost six years ago of $278,000,the cost of leveling as well as the cost of installing the storm drains were long ago time and are not relevant now.
In a nutshell the cost of the new project is $1,350,000($1,030,000+$320,0000)
Which of these would be found on a company's balance sheet? (Select all that apply.)
a. Notes payable
b. Accounts receivable
c. Sales revenue
d. Depreciation expense
e. Equipme
Answers
Answer:
a,b and e
Explanation:
Notes payable is current liability, account receivable is current asset and equipment is non current assets all are to be shown in balance sheets, While sales revenue and depreciation expenses are to be shown in profit and loss account.
In a company's balance sheet, the items that are found are Notes payable,
Accounts receivable, and equipment. Thus, the correct option is (A, B, E).
The assets, liabilities, and owner's equity of a company are listed on a balance sheet as of any particular date. A balance sheet is often created at the end of specific time periods.
Notes payable are current liabilities, accounts receivable are current assets, and equipment are noncurrent assets. Sales revenue and depreciation expenditures are reported in the profit and loss statement.
The economic resources controlled by the firm, such as cash, accounts receivable, inventory, and equipment, are referred to as assets.
Therefore, the correct option is "A, B, E".
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