Suppose the government wants to levy a new excise tax. For each of the following goods, determine whether you would expect an excise tax to result in large or small deadweight loss.
a. Alcohol Deadweight loss is relatively (Click to select)
b. Milk Deadweight loss is relatively (Click to select)
c. Diamonds Deadweight loss is relatively (Click to select)
d. Tropical vacations Deadweight loss is relatively (Click to select)
e. Socks Deadweight loss is relatively (lick to select)
Answers
Suppose the government wants to levy a new excise tax. For each of the following goods, determine whether you would expect an excise tax to result in large or small deadweight loss is a. Alcohol Deadweight loss is relative.
Whilst items are oversupplied, there is a dead weight loss. as an instance, a baker can also make one hundred loaves of bread but most effectively sell 80. The 20 final loaves will cross dry and moldy and will be thrown away – resulting in a deadweight loss.
The deadweight loss is the vicinity of the triangle bounded by means of the right edge of the grey tax income box, the unique supply curve, and the call for the curve. it's miles known as Harberger's triangle.
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Related Questions
David Allen, owner of Slope and Slide, produces merchandise (t-shirts and related souvenirs) for tourism operators on Vancouver Island. As Allen's business grows, the manufacturing equipment starts to show a lot of wear and tear. Two of the three sewing machines broke down within days of each other. Allen took the machines to Dupreet's repair shop, explaining that he needed the work done as quickly as possible. If Allen could not fill the orders in time for the Christmas buying season, the tourism operators would not buy from him. Dupreet and their staff worked overtime to fix the sewing machines. When Allen arrived to pick up the fixed machines, he told Dupreet he would pay the repair bill after he sold some more merchandise. Dupreet refused to hand over the machines without payment. Allen argued that Dupreet had no right to 'hold the machines hostage'. After all, Allen owns the machines. Allen is thinking of taking his action to court.
Identify the main legal issue, including the remedy being sought.
- Describe a possible defence(s)?
- Discuss the likely outcome of this case.
- Identify ONE risk reduction strategy? (from the perspective of either party?
business law!!!
Answers
The remedy being sought by Allen is to obtain possession of the machines without making immediate payment.
The main legal issue in this case is whether Dupreet, the repair shop, has the right to withhold the repaired sewing machines until Allen, the owner, pays the repair bill.
Allen argues that Dupreet has no right to "hold the machines hostage" since he is the rightful owner. The remedy being sought by Allen is to obtain possession of the machines without making immediate payment.
A possible defense for Dupreet could be that they have a legal right to retain possession of the machines until the repair bill is paid.
Dupreet may argue that they provided a service by repairing the machines, and until they are compensated for their work, they have a lien on the machines as security for the payment.
The likely outcome of this case would depend on various factors, such as the specific laws and contractual agreements between Allen and Dupreet.
The court would need to examine the nature of the repair services provided, any prior agreements or understandings between the parties, and relevant legal principles to determine the rights and obligations of both parties.
To reduce the risks in such situations, both parties can consider implementing a risk reduction strategy. For example, Allen could negotiate clear and explicit terms in the repair agreement, specifying the payment terms and the conditions for release of the repaired machines.
This would help avoid misunderstandings and conflicts in the future. Dupreet, on the other hand, could also establish a standard practice of obtaining upfront payment or a deposit before commencing repair work, to mitigate the risk of non-payment.
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dividends paid to corporate stockholders have already been taxed once as corporate income. TRUE OR FALSE
Answers
TRUE. Dividends given to shareholders of businesses have previously been subject to one corporate income tax.
What function do shareholders serve?As part of their ownership of a business, stockholders are entitled to a number of privileges, including voting rights over who sits on the board of directors, dividend payments, and even a claim to a piece of any remaining assets in the event of a corporate liquidation.
Can everyone own shares of stock?A shareholder or shareholder of a company is somebody who has shares of that company. A shareholder may be an individual, a group, or another business. Shareholders are an industry's real owners.. The shareholders gain from an increase in the value of their shares if the company does well.
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which items are examples of components likely found in tables? Check all that apply. Header row, banded row, header colums, total row, header row drop-down arrow, total row drop-down arrow.
Answers
header row, banded rows, total row, drop-down arrow for header row, and drop-down arrow for total row.
What does the Insert table dialog box do?Use the Table Assistant or this dialog box to create a straightforward table. Select Insert > Standard > Table or drag the standard Table object from the Standard category of the Object Library palette into the Layout Editor to display this dialog box.
How do you locate the formatting rule dialog box?In a report with a range, table, or PivotTable, choose one or more cells. Click Manage Rules after clicking the arrow next to Conditional Formatting in the Styles group of the Home tab. The dialog box for the Conditional Formatting Rules Manager appears.
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On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,000. The following additional information is also available:Plunkett sold and shipped goods costing $38,000 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000.Plunkett purchased goods costing $44,000 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000.Plunkett's ending inventory balance of $215,000 included $15,000 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.)Plunkett's ending inventory balance of $215,000 did not include goods costing $95,000 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:_____________A. $194,000B. $209,000C. $200,000D. $171,000E. $156,000
Answers
The amount that Plunkett should report in ending inventory on December 31 is: E. $156,000.
Ending inventoryUsing this formula
Ending inventory= Ending inventory balance - FOB destination goods purchased - Goods being held on consignment
Let plug in the formula
Ending inventory= $215,000 - $44,000 - $15,000
Ending inventory= $156,000
Therefore the correct option is E.
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when solving for pv of an annuity, the formula is based on given information which includes the interest rate, compounding periods, and what?
Answers
The formula is based on the information that is provided, such as the interest rate, compounding intervals, and Payment anticipated from the annuity, when calculating the PV of an annuity.
The purpose of an annuity, a long-term investment provided by an insurance company, is to lessen your chance of outliving your income. Your purchase payments (what you give) are transformed into recurring payments that may last a lifetime through annuitization.
Given a specific rate of return, or discount rate, the present value of an annuity is the current value of the future payments from an annuity. The present value of the annuity decreases as the discount rate increases.
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I'm watching RUBBE LANA videos
Answers
Answer:
Thats cool
Explanation:
On December 31, Hawkin's records show the following accounts.
Cash $ 8,300
Accounts Receivable 1,100
Supplies 2,800
Equipment 15,100
Accounts Payable 7,600
Hawkin, Capital, December 1 17,600
Hawkin, Withdrawals 2,100
Services Revenue 17,600
Wages Expense 8,000
Rent Expense 3,100
Utilities Expense 2,300
Use the above information to prepare a statement of owner's equity for Hawkin for the month ended December 31.
Answers
Preparation of statement of owner's equity for Hawkin for the month ended December 31.
What is owner's equity?Owner's equity is the amount of money that would be returned to a company's shareholders if all of the assets were liquidated and all of the company's debt was paid off in the case of liquidation.
Owner's Equity = Assets – Liabilities
Assets
Cash $ 8,300
Accounts Receivable 1,100
Supplies $2,800
Equipment 15,100
Total Assets $27,300
Liabilities
Accounts Payable 7,600
Withdrawals 2,100
Total liabilities ($9,700)
Owner's equity $17,600
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Even though the Constitution said nothing about presidents purchasing land,
President Thomas Jefferson purchased the Louisiana territory from France in 1803.
Jefferson felt the power came with the office, and Congress agreed. How did
President Jefferson justify doing this without authority being expressly granted to him
in the Constitution?
O necessary and proper clause
O the commerce clause
O inherent powers clause
O the three-fifths clause
Answers
Answer: its A and C and YOUR MUM LOL
Explanation:
On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $372,000. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $220,000. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $248,000. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $70,000 and an unrecorded customer list (15-year remaining life) assessed at a $45,000 fair value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, McIlroy has applied the equity method to its Investment in Stinson account and no goodwill impairment has occurred. At year-end, there are no intra-entity payables or receivables. Intra-entity inventory sales between the two companies have been made as follows:
Year Cost to McIlroy Transfer Price Ending Balance
to Stinson (at transfer price)
2020 $137,700 $172,125 $57,375
2021 113,400 151,200 37,800
The individual financial statements for these two companies as of December 31, 2021, and the year then ended follow:
McIlroy, Inc. Stinson, Inc.
Sales $ (757,000 ) $ (398,000 )
Cost of goods sold 497,500 242,800
Operating expenses 201,705 82,600
Equity in earnings in Stinson (37,917 ) 0
Net income $ (95,712 ) $ (72,600 )
Retained earnings, 1/1/21 $ (838,200 ) $ (285,800 )
Net income (95,712 ) (72,600 )
Dividends declared 50,900 21,100
Retained earnings, 12/31/21 $ (883,012 ) $ (337,300 )
Cash and receivables $ 300,500 $ 153,600
Inventory 282,300 133,800
Investment in Stinson 393,654 0
Buildings (net) 366,000 208,300
Equipment (net) 261,100 91,800
Patents (net) 0 26,600
Total assets $ 1,603,554 $ 614,100
Liabilities $ (420,542 ) $ (176,800 )
Common stock (300,000 ) (100,000 )
Retained earnings, 12/31/21 (883,012 ) (337,300 )
Total liabilities and equities $ (1,603,554 ) $ (614,100 )
1. Show how McIlroy determined the $393,654 Investment in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity profits against its share of Stinson’s income.2. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2021.
Answers
1. The Investment in Stinson account balance is $393,654, calculated as the initial cost of acquisition plus McIlroy's share of Stinson's net income and dividends.
2. Consolidated worksheet: Sales: $-1,155,000; Net income: $-26,035; Total assets: $1,823,000; Total liabilities and equities: $-1,823,000.
1. To determine the $393,654 Investment in Stinson account balance, McIlroy follows the equity method of accounting. Under this method, the investment is initially recorded at cost and adjusted periodically to reflect the investor's share of the investee's net income or loss.
In this case, McIlroy acquired a 60 percent interest in Stinson, Inc. for $372,000. The acquisition-date fair value of the noncontrolling interest was $248,000, implying a total fair value of $620,000 for the subsidiary. The excess of the acquisition-date fair value over the book value of Stinson's identifiable net assets ($320,000) is assigned to goodwill.
The Investment in Stinson account balance is calculated as follows:
Cost of investment: $372,000
Share of Stinson's net income/(loss) since acquisition: (60% x Net income of Stinson) - (60% x Dividends declared by Stinson)
Therefore, the Investment in Stinson account balance is $372,000 + [(60% x Net income of Stinson) - (60% x Dividends declared by Stinson)].
2. To prepare a consolidated worksheet as of December 31, 2021, the financial statements of McIlroy and Stinson need to be combined. The consolidation process involves eliminating intra-entity transactions and adjusting for the noncontrolling interest.
Here is a simplified consolidated worksheet:
Consolidated Income Statement:
Sales: $-(757,000 + 398,000) = $-1,155,000
Cost of goods sold: $-(497,500 + 242,800) = $-740,300
Operating expenses: $-(201,705 + 82,600) = $-284,305
Equity in earnings in Stinson: $-(37,917) = $37,917
Net income: ($-95,712 - $-72,600 - $37,917) = $-26,035
Consolidated Balance Sheet:
Cash and receivables: $300,500 + $153,600 = $454,100
Inventory: $282,300 + $133,800 = $416,100
Investment in Stinson: $393,654
Buildings (net): $366,000 + $208,300 = $574,300
Equipment (net): $261,100 + $91,800 = $352,900
Patents (net): $26,600
Total assets: $1,603,554 + $614,100 - $393,654 = $1,823,000
Liabilities: $-(420,542 + 176,800) = $-597,342
Common stock: $-(300,000 + 100,000) = $-400,000
Retained earnings: $-(883,012 + 337,300 - 26,035) = $-1,193,277
Total liabilities and equities: $-(1,603,554 + 614,100 - 393,654) = $-1,823,000
Please note that the values in the consolidated worksheet are calculated based on the given information and assumptions made for the consolidation process.
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To determine the balance in the Investment in Stinson account, McIlroy follows the equity method of accounting. McIlroy's share of Stinson's net loss for 2021 is subtracted from the account balance. The balance in the Investment in Stinson account is $415,560.
Explanation:To determine the $393,654 balance in the Investment in Stinson account, McIlroy follows the equity method of accounting. The equity method requires the carrying value of the investment to be adjusted based on the investor's share of the investee's earnings. McIlroy defers 100 percent of downstream intra-entity profits, meaning it recognizes profits only when earned by Stinson and realized through a transaction with an external party.
Using the given financial information for Stinson, we can calculate McIlroy's share of Stinson's net income. In 2021, Stinson had a net loss of $72,600. Since McIlroy owns 60 percent of Stinson, its share of the loss is $43,560 (60% x $72,600). This amount is subtracted from the Investment in Stinson account balance as it represents a decrease in the investment value.
Therefore, the balance in the Investment in Stinson account can be calculated as the initial acquisition cost of $372,000 plus the share of loss of $43,560, resulting in a balance of $415,560.
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Cake-a-licious, a large bakery business, purchased a wheat farm in order to reduce the risk associated with its dependency on flour. This is an example of _____. a. right horizontal integration b. left horizontal integration c. backward vertical integration d. forward vertical integration e. an abatement violation
Answers
For cake-a-licious, a large bakery business, that purchased a wheat farm in order to reduce the risk associated with its dependency on flour, this is an example of forward vertical integration. Option D is correct.
When the supply chain of a company is integrated with another company where the supply chain produces a different product from that of the first company, it is term vertical integration.
This is in contrast with horizontal integration that has to do with the integration of a company with another company producing similar products.
Both horizontal and vertical integration can both be vertical or horizontal in nature.
For cake-a-licious, a large bakery business, that purchased a wheat farm in order to reduce the risk associated with its dependency on flour, this is an example of forward vertical integration since the supply chain of the cake business is different from that of the farm businesss.
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Peter thinks that Sam is his best salesperson. When Sam's sales start to fall, Peter thinks, "It must just be a run of bad luck" and continues to give Sam high performance ratings.
Answers
Peter has been highly impressed with Sam's sales performance and considers him to be his best salesperson. Therefore, when Sam's sales start to decline, Peter is hesitant to believe that Sam is not performing at the same level as before.
He is willing to give Sam the benefit of the doubt and assumes that it is just a run of bad luck and continues to give Sam high performance ratings. However, Peter should take a closer look at Sam's sales performance and investigate further to determine what could be causing the decline in sales.
It is possible that Sam is not delivering the same level of performance as before and that Peter needs to provide additional coaching and support to get Sam back on track.
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Which of the following is an advantage of starting your own business?
Answers
Answer:
The most common reason people launch their own business is to be their own boss. Other benefits include flexibility, financial rewards, the opportunity to innovate, and a chance to impact your community. Still, there are serious risks to launching your own business, and you should carefully consider and plan before you take the leap.
Explanation:
Dakota earns $8.70 an hour for 37
Per month
hour week. How much is earned per week?
Answers
Answer:
$321.90
Explanation:
Lewis is a project team member taking part in team building exercises with the project manager and other team members. Lewis is shy and typically keeps to himself unless prompted for his input. Lewis is struggling with the current communication activity. Lewis wishes that he could be more like Becky. Becky is very well liked and highly regarded by everyone else. While she is not part of the project management team, she is seen by others as a role model since she is able to get others to see her way on many issues. Which type of power does Becky possess
Answers
Answer:
Her power is charismatism
How does procrastination affect your time management?.
Answers
Answer:
cost of procrastination is the life you could have had
Explanation:
my head hurts:((
Reusable exception management:
a) Use pseudocode to show a reusable module which would assess the "appropriateness" of a value read from a sensor (e.g., within a range of acceptability)
b) Use pseudocode to show a reusable module which would make an inappropriate value appropriate
c) Discuss the limitations of these modules with respect to ensuring perfect exception management and what this tells us about reusability
Answers
Reusable modules are helpful in minimizing code duplication, but they should be adapted or extended when needed to ensure robust exception management in different scenarios.
Here's an answer that explains reusable exception management using the mentioned terms:
a) To assess the appropriateness of a sensor value within an acceptable range, you can create a reusable module using pseudocode as follows:
```
FUNCTION isValueAppropriate(sensorValue, minValue, maxValue):
IF minValue <= sensorValue <= maxValue THEN
RETURN True
ELSE
RETURN False
ENDIF
END FUNCTION
```
b) To make an inappropriate value appropriate, you can create another reusable module using pseudocode:
```
FUNCTION makeValueAppropriate(sensorValue, minValue, maxValue):
IF sensorValue < minValue THEN
RETURN minValue
ELSEIF sensorValue > maxValue THEN
RETURN maxValue
ELSE
RETURN sensorValue
ENDIF
END FUNCTION
```
c) Limitations of these modules include the assumption that inappropriate values only occur outside the specified range. They cannot handle other types of exceptions such as sensor malfunction or unexpected data types. These limitations highlight that reusability may not guarantee perfect exception management, as modules need to be tailored to specific application requirements and potential exceptions.
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(I will MARK AS BRAINLIEST)
what is journal? Mention it's objectives with specimen.
And if u can plz make me clear about specimen meaning
please help.
it's urgent please please
Answers
Answer:
See the explanation below.
Explanation:
a. What is journal?
A journal refers to a book of original entries that contains a chronological record of commercial transactions in line with the double entry principle.
As a result, a journal can be described as a book that keeps track of business transactions on a daily basis.
b. Mention objectives of a journal
The objectives of a journal are as follows:
To present necessary information in a logical and orderly manner.To keep a systematic record of all financial transactions.Assist in the preparation of ledgers.To keep track of transactions in a data-driven (chronological) manner.To offer legal proof of commercial transactions.c. Journal Specimen
Note: See the attached photo for a journal specimen
A journal specimen simply refers to an example of how a journal look like. The attached photo provides a set of transactions (question) at the top and journal specimen (answers or entries for recording the transactions below the question.
From the attached photo, it can be observed that a journal must contain the following columns:
Date: This indicates the date that a transaction occurred.Particulars: This gives records of the accounts to be debited and the account be credited Ledger folio (LF): This records the ledger account's page number where the posting has been made.Debit: This shows amount that is debited. Credit: This shows amount that credited.
The housing market has collapsed. banks are becoming very restrictive in their lending practices. which action would the federal reserve take to encourage banks to increase lending to home buyers? increase federal funds rate. lower reserve requirements. sell government securities. raise the discount rate.
Answers
The real estate sector is in disarray. The Federal Reserve may take action to encourage banks by easing reserve requirements as they become considerably more strict in their lending rules.
What is meant by federal funds?Any money received directly from the federal government is considered a federal fund and is listed as such in the "Detail of Appropriations" section of the governor's budget. Any organization or department may use these monies however they see fit. The interest paid on a federal funds overnight loan between financial institutions is known as "federal funds," and it is used to refer to money that commercial banks and other financial institutions have on deposit with a regional Federal Reserve System.
How Does the Federal Funds Rate Work?The federal funds rate is the interest rate that banks charge one another when lending or borrowing excess reserves overnight. 8 According to the legislation, banks must maintain a minimum amount of reserves in relation to their deposits. This reserve requirement is stored at a Federal Reserve Bank.
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Answer:Lower Reserve Requirments
Explanation:i took the test
A furniture manufacturer must pay $16.91 to make a certain kind of chair, which it can sell for $55.75. If the manufacturer has starting overhead costs of $18,340, not including production costs, how many chairs must it sell to realize a profit of $24,850, to the nearest chair?
a. 1, 112
b. 918
C. 775
d. 640
Answers
Answer:
It is 1,112
Explanation:
I just took the test as well like the person above me
To earn a profit of $24,850, it must sell 1, 112 chairs. Thus, choice (A) is the appropriate one.
What do you meant by production costs?A company incurs production expenses, sometimes referred to as product costs, when it produces a good or offers a service. These fees cover a range of costs. Manufacturers, for instance, incur manufacturing expenses for the labor and raw materials required to generate the product.
Industries that provide services have production costs associated with the labor needed to provide the service and any materials costs associated with providing the service. The government's taxes and the royalties that resource extraction businesses are required to pay are also considered production expenses.
When a product is finished, the business records its worth in its financial accounts as an asset until the product is sold. The company's objective is achieved by listing a finished good as an asset.
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why is freshness of ingredients important in salad preparation
Answers
The fresher the ingredients of the salad the better and more authentic the taste of the ingredients. This is because fresh ingredients provide the most flavour compared to ingredients contained with preservatives.
Fresh ingredients are also better for your health. Because there aren’t any preservatives and extra chemicals and oils, it fulfills the purpose of the salad.
Although fresh ingredients may not be cheap to buy, in the long run it will be better for you body because it won’t be filled with processed foods. Instead it will be filled with fresh ingredients that are beneficial to your health.
Fearing loss of a potential sale, an agent omits facts that a prudent investor requires to make informed decisions. under the uniform securities act, this action is
Answers
Fearing the loss of a potential sale, an agent omits facts that a prudent investor requires to make informed decisions. under the uniform securities act, this action is considered an act of fraud.
The Uniform Securities Act prohibits this type of action by agents and broker-dealers. Section 10(b) of the act states that it is unlawful for any person to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made not misleading in light of the circumstances under which they are made.
By omitting facts that a prudent investor requires to make an informed decision, the agent is committing securities fraud and is in violation of the Uniform Securities Act.
The consequences for violating this act can be severe. Depending on the jurisdiction, it may result in a civil penalty, criminal sanctions, or both. Additionally, the agent may be subject to disciplinary action by the governing regulatory authority, such as the Financial Industry Regulatory Authority (FINRA).
This could include suspension or revocation of their license. The agent may also be required to pay restitution to any investors who are financially impacted by their actions.
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Which of the following is considered a fall prevention system because it stops a person from falling in the first place?
Select the best option.
Anchor
Guardrails
Personal fall arrest systems
Safety nets
Answers
Answer:
see the answer
Explanation:
I think it's safety nets
Leila has a table in a spreadsheet she wants to format. Which options will allow her to format the table without changing its content?
Answers
Answer:
All of them, except "Find and replace, Text."
Explanation:
the three major factors associated with corporate social responsibility are
Answers
Based on the socio-economic analysis, the three primary factors associated with corporate social responsibility include "society."
The other two significant factors associated with corporate social responsibility include the following:
EthicsEnvironment.Corporate social responsibility is a term used to describe the practices and policies of business firms or companies to operate in a way that benefits their environment at large, instead of degrading or affecting the environment.
Corporate Social Responsibility involves economic and philanthropic responsibilities, all of which form the social-environmental and ethical responsibilities.
Hence, in this case, it is concluded that the correct answer is society, ethics, and the environment.
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pacioli says that________ should begin their bookkeeping with ________:
Answers
Pacioli says that all merchants and business people should begin their bookkeeping with a journal or "daybook" to record their daily transactions.
In day books, what kinds of transactions are recorded?It is manually maintained and acts as a central repository for the company's credit sales. This indicates that the sales day book has a record of every sale made by the company on credit. Cash sales are entered in the cash book and won't be noted here.
What is keeping track of daily business transactions important?You need precise records if you want to monitor the growth of your business. Records can show whether your business is expanding, which products are selling, or what modifications are necessary. Maintaining complete records could increase the likelihood that a business will succeed.
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A video game system is on sale for 25% off its original price. If the original price is $200, how much money will be saved?
Answers
Answer:
$50
Explanation:
25% = 1/4
200 / 4 = 50
50*3=150, which is 25% off.
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
If the breakeven point is 20,000 and the contribution margin is $1.30, how much are fixed costs?
A) 20,000
B) $26,000
C) $15,384
Answers
Fixed costs can be calculated by subtracting the contribution margin per unit from the selling price per unit and then dividing the result by the contribution margin per unit.
Using the given information, we can calculate the fixed costs as follows:Contribution margin per unit = Selling price per unit - Variable cost per unit$1.30 = Selling price per unit - Variable cost per unit Breakeven point = Fixed costs / Contribution margin per unit$20,000 = Fixed costs / $1.30 per unit
Solving for fixed costs, we get:
Fixed costs = $20,000 x $1.30 per unit
Fixed costs = $26,000
Therefore, the fixed costs are $26,000.
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Entries for Direct Labor and Factory Overhead
Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows:
Job 11-101 $4,640
Job 11-102 5,510
Job 11-103 6,612
Job 11-104 12,760
Job 11-105 18,270
Factory supervision 12,500
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $23 per direct labor hour. The direct labor rate is $29 per hour.
a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
Work in Process
Factory Overhead
Wages Payable
Feedback
a.Increase the work in process for the direct labor and factory overhead for the indirect labor.
b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank.
Work in Process
Factory Overhead
Answers
Answer and Explanation:
The journal entries are shown below:
a.
Work in process inventory ($4,640 + $5,510 + $6,612 + $12,760 + $18,270) $47,792
Factory Overhead $12,500
Factory Wages $60,292
(being the factory labor cost is recorded)
b.
Work in process inventory ($47,792 ÷ 29 × 23) $37,904
To Factory Overhead $37,904
(being the factory overhead applied to production is recorded)
A market condition featuring one producer controlling the entire supply of a
good is called
O A. an oligopoly
B. a monopoly
O c. monopolistic competition
D. pure competition
Answers
Answer:
B. A monopoly.
Explanation:
A market condition featuring one producer controlling the entire supply of a good is called a monopoly. Therefore, option B is correct.
What is a monopoly?A monopoly market is a market condition where there is only one supplier or producer of a particular good or service. In other words, a monopoly exists when a single company or entity has exclusive control over the production and distribution of a certain product or service.
In a monopoly market, the single seller has significant market power and can exert control over the price and quantity of the product. Since there are no close substitutes available in the market, consumers have no choice but to pay the price set by the monopolist. This can lead to higher prices and reduced consumer surplus.
Monopolies can arise due to various reasons, including legal barriers, such as patents or licenses, economies of scale, and control over essential resources. Governments sometimes regulate or break up monopolies to prevent them from abusing their market power and to promote competition in the market.
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