Answer:
Cost of truck = 27,220
Explanation:
The Cost of the Truck is Calculated as Follows
$
Cost Price 23,030
Accident Insurance(
its a revenue expenditure
as it will reoccur after 1 year) -
Sales Tax
( One time Cost Capital expenditure) 1,380
Motor Vehicle License
( One time Cost Capital Expenditure) 670
Painting and Lettering
( Capital Expenditure ) 2,140
Cost of truck 27,220
In a crosstabulation
a. either or both variables can be categorical or quantitative.
b. both variables must be quantitative.
c. one variable must be categorical and the other must be quantitative.
d. both variables must be categorical.
Answer: D - both variables must be categorical
Explanation: Crosstabulation is a technique used in the examination of 2 categorical variables. It is also known as contingency table analysis.
Crosstabulation is an analytic and useful tool in marketing research.
It creates a good relationship between the variables with its unique naming. its variables have a low chance of standing alone.
In a crosstabulation, d. both variables must be categorical.
Crosstabulation, also known as a contingency table or cross-tab, is a statistical tool used primarily to analyze the relationship between two or more categorical variables.
Categorical Variables are variables that take on a limited number of distinct values, separating data into different categories. Examples include gender (male/female), type of car (sedan/SUV), or color (red/blue/green).Quantitative Variables are numerical and can be discrete (countable) or continuous (measurable). Examples include age, height, and number of students in a class.When using crosstabulation, each cell in the table represents the frequency count of occurrences for a combination of values from the two categorical variables.
Suppose the cost curves for a firm in a perfectly competitive market have the typical shapes. At what point does the firm achieve productive efficiency? Productive efficiency occurs at the quantity and average cost
Answer:
In a perfectly competitive market, a firm will achieve productive efficiency when the price of its products is equal to the minimum average cost.
Since firms in a perfectly competitive market are price takers, their total output will always be equal to the efficient amount. If their output is larger, they will be losing money and if they produce at a lower level they should try to reach the efficient amount to earn the highest possible profit.
Advertising revenue, the lifeblood of newspaper operations, ______.
a. grew rapidly once the Internet boom took off in the late 1990s
b. is holding steady even as the number of newspaper subscriptions increases
c. has fallen dramatically in the last few years, with Internet ad sales unable to fill the gap
d. cycles through periods of increase and decrease every few years
e. None of the options are correct.
Answer:
c. has fallen dramatically in the last few years, with Internet ad sales unable to fill the gap
Explanation:
Newspaper is the most old source of information and country wide updates to human beings.
But with evolution of time, and introduction of internet, people have started using it more, and that the feed of newspaper deliver things late.
Thus, people have switched to internet for information, and also the advertising companies, as the audience is more on internet.
Thus, this clearly depicts that the revenue of newspapers have fallen down because of the rising spread of internet and its increasing users.
Advertising revenue, the lifeblood of newspaper operations, has fallen dramatically in the last few years, with Internet ad sales unable to fill the gap. Therefore, option c is correct.
Internet ad sales refers to the revenue generated from advertising efforts conducted on the Internet. With the rise of digital platforms and online advertising, newspapers have faced challenges in generating advertising revenue as advertisers shift their focus towards online channels.
The decline in newspaper advertising revenue can be attributed to the increasing popularity of Internet ad sales, which offer advertisers more targeted and cost-effective advertising options.
However, despite the growth of Internet ad sales, it has not been able to fully compensate for the decline in traditional newspaper advertising revenue, leading to a significant gap in revenue for newspaper operations.
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A company employs three accounts payable clerks and one treasurer. Their responsibilities are as follows:
Employee Responsibility
Clerk 1 Reviews vendor invoices for proper signature approval
Clerk 2 Enters vendor invoices into the accounting system and verifies payment terms
Clerk 3 Posts entered vendor invoices to the accounts payable ledger for payment and mails checks
Treasurer Reviews the vendor invoices and signs each check
Which of the following would indicate a weakness in the company's internal control?
a. Clerk 1 opens all of the incoming mail
b. Clerk 3 mails the checks and remittances after they have been signed
c. Clerk 2 reconciles the accounts payable ledger with the general ledger monthly
d. The treasurer uses a stamp for signing checks
Answer:
The correct answer is B
Explanation:
Internal control is the control, procedures and rules which are executed by the company that ensures the integrity of the accounting as well as the financial information so that could promote accountability and help in preventing the fraud.
So, the one which weakness the internal control of the company is the Clerk 3, checks the mails and then remittances are signed. The Clerk 3 has the responsibility of record keeping. Therefore, giving a signed check to Clerk 3 states that the clerk have the access to an asset which violates the separation of duties.
What is one difference between a firm in a perfectly competitive industry and a firm in a monopolistically competitive industry?
A) A monopolistically competitive firm does not face a downward-sloping demand curve.
B) A monopolistically competitive firm faces competition from firms producing close substitutes.
C) A monopolistically competitive firm is guaranteed to make more than normal profits in the long run.
D) A monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue.
Final answer:
A monopolistically competitive firm faces competition from firms producing close substitutes, while a firm in a perfectly competitive industry faces a flat or horizontal demand curve.
Explanation:
A monopolistically competitive firm differs from a firm in a perfectly competitive industry in that a monopolistically competitive firm faces competition from firms producing close substitutes. This means that there are multiple firms offering similar products, giving consumers more options to choose from.
In contrast, a firm in a perfectly competitive industry faces a flat or horizontal demand curve because it has many competitors selling identical products.
After a couple of months of searching for a job, Sofia is hired. Which of the following increases?
a. the labor force participation rate but not the labor force
b. the labor force and the labor force participation rate
c. the labor force participation rate but not the labor force
d. neither the labor force nor the labor force participation rate
Answer:
After a couple of months of searching for a job, Sofia is hired. Neither the labor force nor the labor force participation rate increase.
Explanation:
The labor force is defined as the sum of all people employed people plus unemployed people who are looking for a job. Sofia was unemployed, but she was searching for a job, so according to the definition, she was and still is a part of the labor force.
Then, the labor force participation rate is defined as the rate of the labor force (defined above) divided by the working-age civilian population. Since Sofia never stopped being a part of the labor force since she had been looking for a job, the change of her employment status doesn't reflect any changes in the labor force participation rate.
The correct answer is c. The labor force participation rate but not the labor force increases when Sofia is hired after a couple of months of searching for a job.
The labor force participation rate is the percentage of the total population who are either employed or actively seeking employment.
When Sofia is hired, she becomes a part of the employed population, which increases the numerator of the labor force participation rate formula.
However, the labor force itself does not increase because Sofia's employment does not affect the total number of people who are either employed or actively seeking employment. Therefore, option c is the correct answer.
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Corporation's stock has a required rate of return of 10.25%, and it sells for $57.50 per share. The dividend is expected to grow at a constant rate of 6.00% per year. What is the expected year-end dividend, D1?
Answer:
$6.25 (rounded off)
Explanation:
In this case we first have to find the most recent dividend and then multiply is by (1+Growth rate) in order to find year end dividend. The price of the stock currently is $57.50 and the required rate of return is 10.25% so we can assume that the most recent dividend of the stock was 10.25% of 57.5
Recent dividend = 57.50 *0.1025= 5.89
Year end dividend = Recent dividend *(1 +growth rate)
=5.89*(1+0.06)
= 6.247
As the human resources manager, Marcus knows it is important for the company to develop a program for expatriates who return to work at the home office. What type of program is Marcus referring to
Marcus is referring to mentoring program .
Explanation:
A person residing in a foreign country other than his or her country is an expatriate. In general use the term refers often to skilled, qualified workers or musicians, whether individually or overseas or sent outside their country by their own employers, who can be businesses, schools, governments or NGOs.
A mentor with cultural experience will deal with and ease the challenges that are so often encountered internationally by international workers from a "real" viewpoint.
Create a mentoring program so that returning expatriates can provide existing and future ex-pat workers with information and support.
Darrel works for ABC Company. He thinks ABC Company has discriminated against him and files to the EEOC. The EEOC approves his request with a "Right-To-Sue" letter. Darrel now has _____ days to file his lawsuit.
Answer:
90 Days.
Explanation:
According to U.S. Equal Employment Opportunity Commission, Darrel has 90 days to file his lawsuit.
Macrophages are cells that play a role in the response of the immune system of mice and other mammals to invasive organisms such as bacteria. Unlike other mice, mice that are genetically incapable of making these particular cells do not show elevated levels of nitrates when infected with bacteria.
The statements above, if true, provide the most support for which of the following conclusions?
(A) Mice that are unable either to make macrophages or to make them in sufficient numbers will protect themselves from bacterial infections in some other way.
(B) Mice that show elevated levels of nitrates can easily fight off most types of bacterial infections.
(C) In mice, macrophages play a role in the production of nitrates or inhibit a process by which nitrates are broken down or otherwise eliminated.
(D) When a healthy mouse becomes infected with an invasive organism, the number of macrophages in the mouse’s body decreases.
(E) Injections of nitrates into mice that lack macrophages will not enhance the ability of these animals’ immune systems to fight off infection.
Answer:
(C) In mice, macrophages play a role in the production of nitrates or inhibit a process by which nitrates are broken down or otherwise eliminated.
Cisco Corporation is considering opening a financial institution that accepts savings deposits from only its employees and makes loans to only its employees. The best description of this financial institution is that it is a:__________
Answer: Credit Union
Explanation: A credit union is a type of cooperative society formed by a group of people with the intention of helping one another in form of loans.
Regular contributions are made by members on a regular basis where interest are calculated and shared yearly.
Every depositor is a member by right and he/she is also entitled to get a loan whenever he/she needs it.
John, Lesa, and Tabir form a limited liability company. John contributes 60 percent of the capital, and Lesa and Tabir each contribute 20 percent. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60 percent of the profits, in accordance with his contribution. Lesa and Tabir, however, assume that the profits will be divided equally. A dispute over the profits arises, and ultimately a court has to decide the issue. What law will the court apply? In most states, what will result? How could this dispute have been avoided in the first place? Discuss fully.
Answer:
Most states don't require limited liability companies (LLCs) to have operating agreements that regulate how profits will be distributed.
Since their LLC doesn't have an operating agreement, then the valid state law will rule how the profits will be divided. Generally speaking, but not always, state laws regarding LLCs divide profits equally among its members.
This could all have been avoided if the would have made an operating agreement before starting to work. Now probably the LLC will be dissolved.
The court will apply state LLC statutes, which usually result in equal division of profits unless the LLC's operating agreement states otherwise. Disputes over profit division could be avoided by drafting a clear operating agreement at the business's formation.
Explanation:When John, Lesa, and Tabir formed a limited liability company (LLC) and disagreed on the distribution of profits, the court will likely apply state LLC statutes to solve the profit allocation dispute. In most states, unless the LLC's operating agreement specifies otherwise, profits are typically divided equally among members regardless of capital contribution. This standard can vary, though. An operating agreement should have been created during the formation of the LLC that explicitly stated how profits would be divided. Moreover, in a traditional partnership, each partner might be responsible for the business's debts and could lose personal assets in a bankruptcy or lawsuit. However, an LLC provides the benefit of limiting the partner's liability to their investment in the company, thus helping to protect personal assets.
To avoid such disputes, it is essential to have a detailed operating agreement that covers profit distribution, among other governance issues, which is agreed upon by all members at the inception of the business.
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The owners for a small toy store had a limited advertising budget. Because of this, the owners of the store were very concerned about spending their advertising dollars wisely. One of the primary advertising goals was to expose customers in a limited market area to their advertising messages as often as possible. The owners of they toy store were concerned with__________.a. reachb. frequencyc. gross rating pointsd. cost per thousande. ratings
Answer: Frequency
Explanation: In simple words, frequency refers to the number of times a unit repeat itself in a specified time period or as in the given sample base.
In the given case, the company wants to advertise their product in a limited area as often as possible. Hence they wants their promotional ads to repeat often so that they can reach to wider customer base or maximum people who go through that area witness those ads.
Hence they were concerned about the frequency as they wanted to the add to repeat as much as possible.
The owners of the toy store were concerned with frequency in their advertising strategy to ensure repeated exposure to their messages. Frequency helps increase the chances that potential customers will remember and act on the advertisement.
The owners of the small toy store were very concerned about spending their advertising dollars wisely.
One of their primary advertising goals was to expose customers to their advertising messages as often as possible.
Frequency in advertising refers to the number of times potential customers are exposed to an advertisement within a certain period.
High frequency helps ensure that the message sticks with the target audience, making it more likely they will remember and act on it.
Therefore, the owners of the toy store were concerned with frequency.
If a loss of $108,000 is realized when selling (for cash) a building having a book value of $800,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is
Answer:
$692,000
Explanation:
Given that the company recognized a loss of $108,000 from selling a building whose book value is $800,000 for cash,
Amount received from the sale of the building is
= $800,000 - $108,000
= $692,000
The company sold the assets for $692,000 in cash.
The total amount reported in the cash flows from investing activities section of the statement of cash flows is equivalent to the cash received from the disposal of the asset $692,000.
After Herman was appointed the chief financial officer of an e-commerce company, the company recorded the highest ever profits. The company's board of directors decides to offer Herman a luxury car so that he would continue his good work and remain with the organization. Which of the following theories of motivation does this scenario best illustrate?
A) Reinforcement theory
B) Equity theory
C) Alderfer's ERG Theory
D) McClelland's Learned Needs Theory
Answer:
A) Reinforcement theory
Explanation:
Reinforcement theory -
This theory was given by BF Skinner along with his associates .
According to this theory of reinforcement , the behavior of the individual is the function of its own consequences .
The theory is based on the law of effect .
According to the law of effect , the person with positive behavior tends to be repeated , but those with the native behavior does not repeat .
Hence , from the question ,
The correct term for the given information , is A) Reinforcement theory .
With plans to build a $50 million theme park, Extreme Entertainment, Inc. intends to finance this project through the sale of additional shares of ownership in their firm. Selling new shares of stock represents ___________ financing.
Answer:
Equity
Explanation:
If the firm wishes to raise money by selling its shares of stock to the general public through the capital market, i. e. stock exchange market, it is called equity financing. It is often referred to as a primary stock market. As Extreme Entertainment, Inc. does not have much money to expand its business; it sells its share in the stock market to raise its capital.
Joseph is instructed by his employer, Helen, to go to the local donut shop during his lunch break and purchase six-dozen donuts for the department's tea party. If Joseph has a traffic accident on the way to the donut shop, he is not entitled to workers' compensation.
a.True
b.False
Answer:
B. False.
Explanation:
Helen instructed Joseph during his active working hour does not matter if he is on his lunch break or not, so Joseph is entitled to workers compensation.
Which of the following is a criterion for the classification of a liability as current? I. It is a debt that can be paid from existing current assets. II. It is a debt that can be paid through the creation of other current liabilities. III. It must be paid within one year or the operating cycle, whichever is shorter.
Answer:
It must be paid within one year or the operating cycle, whichever is shorter.
Explanation:
Current liabilities are short term obligations that a company needs to pay within the current financial year. Companies use current assets to offset their current liabilities. Examples of current liabilities include accounts payable, interest payable on outstanding loans, dividends payables, and long term debts maturing within the current financial year.
A business needs to monitor its levels of current liabilities to ensure it has sufficient current assets to pay them. There are situations where a company finds it necessary to obtain a loan to finance its current liabilities. The inability to pay current debts consistently may be indicative of more profound financial challenges within the organization.
A current liability can be classified as such if it can be paid using current assets, through the creation of other current liabilities, or if it has to be paid within a year or the operating cycle. These liabilities are often illustrated on a balance sheet, and subtracting the liabilities from the assets provides the net worth.
Explanation:
The classification of a liability as current has to meet several criteria. These criteria are: I. It is a debt that can be paid from existing current assets. This refers to any liability or debt that the entity, in this case a firm or an individual, can pay off using assets they currently have. II. It is a debt that can be paid through the creation of other current liabilities. This involves scenarios where a new obligation or debt is obtained to settle an existing one. III. It must be paid within one year or the operating cycle, whichever is shorter. Here, the current liability is expected to be settled within the short-term financial period of the business, typically within one year or an operating cycle.
In broader terms, a liability is any amount or debt that a firm or an individual owes. This is often listed in a balance sheet, an accounting tool that lists both assets and liabilities. The difference between the assets and liabilities provides the net worth or bank capital of the entity.
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Which of the following is not one of the main issues regarding data collection which can significantly affect precision and reliability when using regression or any other cost estimation method?
A) Data accuracy.
B) Time period choice.
C) Nonlinearity.
D) Relevant range.
Answer:C)
Explanation:it is not one of the main issues regarding data collection because it is not affected irrespective of the input.
Final answer:
The choice not affecting data collection precision and reliability is B) Time period choice. Data accuracy, nonlinearity, and relevant range are indeed significant factors for data analysis precision and reliability.
Explanation:
While data accuracy (A), nonlinearity (C), and relevant range (D) all are significant factors that can affect the outcome of data analysis and regression models, B) Time period choice is not typically a main concern in the context of precision and reliability of data collection itself.
Time period choice might affect the interpretation or relevance of the analysis, but it doesn't impact the precision or reliability of data collection. Concerns regarding data include the accuracy of the data, the nonlinearity in relationships between variables, and ensuring that the data fall within the relevant range for the analysis to be meaningful.
As a general rule, a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of the marginal product of the ________ unit of the factor employed is ________ that factor's price.A. last; equal toB. first; greater thanC. first; equal toD. last; less than
Answer:
A. last; equal to
Explanation:
Marginal product of labour is the change in total output as a result of a change in quantity of labour employed.
A profit maximising firm would produce up to a point where the marginal product of last factor enjoyed in equal to the factor's price.
The marginal cost of Labour should equal to the marginal product of labour
People tend to use rational tactics when_________.A. both parties are unlikely to be benefitted.B. parties anticipate resistance.C. parties are relatively equal in power.D. an influencer has the upper hand.
Answer:
C) parties are relatively equal in power
Explanation:
Rational persuasion tactics refers to a situation where an individual will present a logical and well reasoned explanation to why his idea should be considered the best possible option. Usually this type of tactic is used when no party has a clear power advantage over the other parties. Since the power is balanced, people will not accept authoritarian figures or impositions.
The compressor division at Norco Corporation can buy the coils it requires either from the company's coil division or from the market. Assuming the coil division has enough idle capacity to satisfy the compressor division’s requirements, which of the following will be the lower limit for setting the transfer price between the two divisions?
a. Selling price per unit of the coil division.
b. Cost of buying from outside suppliers for compressor division.
c. Variable cost of production for coil division.
d. Average opportunity cost of lost sales for coil division.
Final answer:
The lower limit for setting the transfer price between two divisions of a corporation, assuming there is idle capacity, should be the variable cost of production for the supplying division to prevent sub-optimal decision-making and promote overall enterprise profitability.
Explanation:
The lower limit for setting the transfer price between two divisions should ideally be based on the marginal cost or the variable cost of production for the supplying division, assuming there is enough idle capacity to meet the demand of the receiving division. This establishes a price that doesn't distort the economic decisions within each division and aligns with overall enterprise profitability. If the transfer price is set above the marginal cost, the receiving division faces a higher cost which may lead to sub-optimal production levels when considering the entire enterprise. Option C is correct .
Moreover, if the transfer price is higher than what the receiving division can obtain from outside suppliers, it incentives the division to buy externally, thus not taking advantage of internal synergies.
Adam strongly believes that his employees have a positive attitude toward their work. He sees in them a potential to take risks and a greater capacity for imagination and creativity if motivated by rewards. In this scenario, Adam's views about his employees are consistent with the assumptions of ______.
A. equity theory
B. Theory Y
C. Theory X
D. hierarchy of needs theory
Answer:
B. Theory Y
Explanation:
According to theory Y assumptions, employees are self-motivated and ambitious. They can exercise greater control and are willing to accept new responsibilities. Theory Y supposes that employees love to work, and that they find motivation in the completed jobs.
Managers who subscribe to theory Y believe that employees are intelligent, innovate and creative people whose input can help solve organizational problems. Theory Y suggests that if employees are given more freedom in the workplace, they are likely to perform their best, which increases productivity in the workplace.
Theory Y managers hold optimistic and positive views on their employees. They encourage a collaborative approach to management, where there is a greater relationship between managers and their subordinates.
Because advertising is often designed to add ________ value to a product or brand, it plays a more important communications role in marketing consumer products than it does for marketing industrial products
Answer:
Psychological value
Explanation:
Psychological value :
In psychology Value alludes to the relative significance that an individual places on a thing, thought, individual.
The term value has two related at this point particular implications. In its social-mental significance, conversely, a worth is a dynamic, attractive end express that individuals take a stab at or plan to maintain, for example, opportunity, dedication, or convention.
Disney starts off its stars with Disney Channel shows, records them on the Disney-owned Hollywood Record label, plays the songs in heavy rotation on Radio Disney and Disney movie soundtracks, organizes concert tours with Disney-owned Buena Vista Concerts, and sells tie-in merchandise throughout Disney stores. The goal of each of these elements isa. interest.
b. aided recall.
c. lagged effect.
d. brand awareness.
d. top-of-mind awareness
Answer: Option (D)
Explanation:
Here, in this particular case we can state that the goal of these elements introduced by Disney is to evaluate the top-of-mind awareness. This concept is referred to as one of the most important element of consumer behavior and marketing research. Disney uses this concept as a measure in order to known how is the brand ranked in the minds of their customers.
Answer:
D. top-of-mind awareness
Explanation:
An electronics manufacturer in Japan has developed a training program to train the support staff in their foreign markets on repair and maintenance of their products. The firm also ensures that there is enough stock of spare parts in all their distribution centers. The company is making improvements in the _____ component of the product.
A) core
B) support services
C) packaging
D) design
E) global
Answer:
B) support services
Explanation:
Support services refers to services offered to customers after they buy a good from the company to provide assistance or fix a problem they have with the product. These support services are important when customers buy a product because they are interested in the availability of post-sale services that will help them if issues arise after the purchase. So, the company is making improvements in the support services component of the product because they are training their support staff on repair and maintenance of products and they are ensuring that there are enough spare parts available.
Becker Bikes manufactures tricycles. The company expects to sell 520 units in May and 650 units in June. Beginning and ending finished goods for May is expected to be 180 and 145 units, respectively. June’s ending finished goods is expected to be 155 units. The company’s variable overhead is $11.00 per unit produced and its fixed overhead is $11,500 per month.
Compute Becker's manufacturing overhead budget for May and June. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) May June Budgeted manufacturing overhead
Answer:
The budgeted variable overhead for May is $5,335
The budgeted variable overhead for June is $7,260
The budgeted fixed overhead for both May and June is $11,500 per month
Explanation:
First we have to determine how many tricycles does Becker Bikes expects to manufacture during May and June:
May:
beginning inventory May 180
expected sales May 520
ending inventory May 145
Becker is planning to manufacture 485 tricycles (= 520 + 145 -180)
June:
beginning inventory May 145
expected sales May 650
ending inventory May 155
Becker is planning to manufacture 660 tricycles (= 650 + 155 -145)
The budgeted variable overhead for May = 485 tricycles x $11 per tricycle = $5,335
The budgeted variable overhead for June = 660 tricycles x $11 per tricycle = $7,260
The fixed overhead for both May and June is $11,500 per month
Becker's manufacturing overhead budget for May is $6,620.00 and for June is $7,150.00.
Explanation:To compute Becker's manufacturing overhead budget for May, we need to calculate the total variable overhead cost and add it to the fixed overhead cost. The variable overhead cost is $11.00 per unit produced, so for May, it will be 520 units multiplied by $11.00. The fixed overhead cost for May is $11,500. Adding the variable and fixed overhead costs together, the manufacturing overhead budget for May is $6,620.00.
Similarly, to compute the manufacturing overhead budget for June, we use the same formula. The variable overhead cost is $11.00 per unit produced, so for June, it will be 650 units multiplied by $11.00. The fixed overhead cost for June remains the same at $11,500. Adding the variable and fixed overhead costs together, the manufacturing overhead budget for June is $7,150.00.
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According to the U.S. Department of Commerce, which of the following, occurs whenever a U.S. citizen, organization, or affiliated group takes an interest of 10 percent or more in a foreign business entity? A. TrueB. False.
Answer:
this question is not true/false
the answer is: foreign direct investment
Explanation:
Foreign direct investment (FDI) takes place when a domestic company or individual invests directly in new facilities to produce goods or services in a foreign country. Or as the US Department of Commerce clearly states, when a US citizen or organization acquires at least 10% of a foreign business.
FDI is a game played on both sides. For example, the US received $296.4 billions during 2018 as FDI from foreign investors.
On August 3, Marley's Sporting Goods accepted a six-month promissory note from J.J. Brown, who owed $490 on account. (J. J. had needed more time to pay his balance.) The promissory note had a 10 percent interest rate. The journal entry on August 3 to record the transaction would be:
Answer:
Dr Notes Receivables account 490
Cr Accounts Receivables account 490
Explanation:
Notes receivables is debited since it increases, and when assets increase they are debited.
Accounts receivables is credited sin it decreases, and when assets decrease they are credited.
The journal entry cannot record the $49 in interest revenue since revenue cannot be recognized until it is earned or its earning process is substantially completed. Considering that Brown is not a very good client, the company is not even sure that it will be able to collect the original $490.
If Brown really pays the note, then the journal entries would be:
Dr Cash account 539
Cr Notes Receivables account 490
Cr Interest revenue 49
Amy just applied for a position with Rory’s firm. Rory knows that Amy will earn $20 an hour and can produce a value of the marginal product of labor (VMPL) of $40. Rory will __________ Amy because her VMPL is __________.a. not hire; negativeb. hire; negativec. maybe hire; positived. not hire; positivee. hire; positive
Answer: The correct answer is "e. hire; positive".
Explanation: Amy just applied for a position with Rory’s firm. Rory knows that Amy will earn $20 an hour and can produce a value of the marginal product of labor (VMPL) of $40. Rory will hire Amy because her VMPL is positive.