Answer:
Canadian Dollar/US dollar= 1.21
British Pound to US dollar = 0.68
Canadian Dollar to British pound =?
In order to find Canadian dollar to British pound we will have to multiply Canadian Dollar/US dollar with US Dollar to British pound this way US dollar will cancel each other out as one will be in the numerator and one in the denominator and then Canadian dollar will be in numerator and British pound will be in the denominator and we will get Canadian dollar/ British Pound. We know the Canadian Dollar/ US dollar rate but we need to find the US dollar to British Pound rate and in order to do that we will divide 1 by the British Pound to US dollar rate. So
US Dollar to British Pound rate = 1/0.68 = 1.47
Canadian Dollar/British Pound = Canadian Dollar/US Dollar * US Dollar/ British Pound
Canadian Dollar to British Pound = 1.21*1.47= 1.78
Explanation:
The Canadian dollar to British pound exchange rate is 0.8232, obtained by multiplying the given exchange rates. This represents how much one unit of a currency can be exchanged for another.
Explanation:The question asked was: "If the Canadian dollar to U.S. dollar exchange rate is 1.21 and the British pound to U.S. dollar exchange rate is 0.68, what must be the Canadian dollar to British pound exchange rate?"
This question involves the principle of currency exchange rates. To find the exchange rate from the Canadian dollar to the British pound, we use these exchange rates to relate the Canadian dollar to the U.S. dollar and then the U.S. dollar to the British pound.
Step 1: 1 Canadian dollar = 1.21 U.S. dollars (from given)
Step 2: 1 U.S. dollar = 0.68 British pounds (from given)
Step 3: Multiply these exchange rates (as one would do in unit conversions) and cancel the U.S. dollar units.
So, 1 Canadian dollar = 1.21 * 0.68 British pounds = 0.8232 British pounds.
Hence, the Canadian dollar to British pound exchange rate is 0.8232, meaning 1 Canadian dollar can buy 0.8232 British pounds.
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Scottie Adams Bird Supplies issued 10% bonds, dated January 1, with a face amount of $240,000 on January 1, 2018. The bonds mature in 2028 (10 years). For bonds of similar risk and maturity the market yield is 12%. Interest is paid semiannually on June 30 and December 31. What is the price of the bonds at January 1, 2018? Some relevant and irrelevant present value factors: * PV of annuity due of $1: n = 20; i = 6% is 12.15812 * PV of ordinary annuity of $1: n = 20; i = 6% is 11.46992 **PV of $1: n = 20; i = 6% is 0.31180
The production function for Country A exhibits constant returns to scale. Suppose that physical capital per worker, human capital per worker, and natural resources per worker all triple. At the same time, Country A's technological knowledge doubles. Productivity A. does not change. B. is now two times larger. C. is now three times larger. D. is now six ties larger
Answer:
D. is now six ties larger
Explanation:
The total change = change in inputs * change in technology
= 3*2
= 6 times
Therefore, The change is 6 times larger in production.
Final answer:
For Country A, exhibiting constant returns to scale, tripling all per worker inputs and doubling technological knowledge results in productivity being six times larger.
Explanation:
The student's question revolves around the concept of a production function and its returns to scale when inputs such as physical capital, human capital, natural resources, and technological knowledge are varied. Since Country A exhibits constant returns to scale, tripling the per worker inputs would naturally result in tripling the output. However, because the question also mentions that technological knowledge has doubled, this factor needs to be considered separately. Doubling of technology would double the productivity on its own.
Therefore, the combined effect of tripling inputs (given constant returns to scale) and doubling technological knowledge would be a six-fold increase in productivity. This aligns with the principle that in a production function with constant returns to scale, an increase in all inputs leads to a proportional increase in output. The answer is D. Productivity is now six times larger.
Tuan bought a new leather jacket after saving for many months for the luxury purchase. On the first day he went out wearing the new garment, he found a $50 bill on the sidewalk outside of his office. He now refers to the jacket as his "lucky jacket" and believes that it has some magical power to give him good fortune. Tuan’s belief in the jacket’s cosmic ability is an example of________
Answer: an illusory correlation
Explanation: In simple words, illusory correlation refers to establishing a relation between two variables even when no such relationship exists in real.
In the given case, Tuan bought a jacket and due to some events, started believing that it has magical power in it. Tuan do not have any kind of quantitative or relative proof that the commodity have such magical powers or are somehow related to the good fortune but still he believes that.
Hence we can conclude that Tuan is trying to make an illusory correlation.
Orchid and Peony enter into a contract for the sale of Orchid's textbook at the end of the fall semester for which Peony agrees to pay Orchid $75. Peony wants to transfer her right to payment for the book to Queenie. A transfer of this right is________.
Answer:
an assignment
Explanation:
An assignment task happens when a party appoints their legally binding rights to a third party. It means that the advantage giving party would have gotten from the agreement is currently given to the outsider. The party giving their privileges is referred to as the assignor, while the party getting the rights is the chosen one. Basically, the assignor lean towards that the chosen one turns around jobs and accept the authoritative rights and commitments as expressed in the agreement.
The process where vendors ship the merchandise prepackaged to the distribution center in the quantities required for each store and then that merchandise is shipped to stores as soon as it is received is called cross-docking. ticketing. reverse logistics. push supply. pull supply
Answer:
Cross-docking
Explanation:
Based on the information provided within the question it can be said that this process is called Cross-docking. In the context of logistics, this is offloading packages or shipments directly into other forms of transportation that are taking those packages to their destination. This is mostly done in order to speed up the shipping process and make sure the packages get to their destination as fast as possible.
The table describes Sergei's costs for his perfectly competitive all-natural ice cream firm.
Output Total Cost($)
0 10
1 60
2 80
3 110
4 170
5 245
1. If the market price of a tub of ice cream is $67.50, how many tubs of ice cream will Sergei's firm produce?
A) 1 B) 2 C) 3
2. If the market price of a tub of ice cream is $67,50, how much is Sergei's total revenue at the profit-maximizing output?
A) S270 B) $170 C) $135 D) $67.50
Answer:
It will produce 4 units which enerates a total revenue of 270 dollars
Explanation:
we have to check the marginal cost (cost of the addtional unit) and produce until this cost matches the marginal revenue (in this case selling price)
1st unit marginal cost: 60 - 10 = 50
2nd unit marginal cost: 80 - 60 = 20
3rd unit marginal cost: 110 - 80 = 30
4th unit marginal cost: 170 - 110 = 60
5th unit marginal cost: 245 - 170 = 75
It get's closer that the 4th units thus , the company will produce that many units.
Total revenue at profit-maximizing output:
4 units x $67.50 each = $270
Final answer:
Sergei's firm will not produce any tubs of ice cream at a market price of $67.50, and the total revenue at the profit-maximizing output is $0.
Explanation:
To find the answer to question 1, we need to determine the quantity of ice cream tubs that Sergei's firm will produce. We can do this by comparing the total cost with the market price.
From the table, we can see that the market price is $67.50. The total cost for each output level is: 10, 60, 80, 110, 170, 245 respectively.
As the total cost exceeds the market price for all output levels, Sergei's firm will NOT produce any tubs of ice cream.
To answer question 2, we need to calculate Sergei's total revenue at the profit-maximizing output. Given the market price of $67.50, we can multiply it by the profit-maximizing output to find the total revenue.
Since Sergei's firm does not produce any tubs of ice cream, the total revenue would be $0. Therefore, the correct answer is A) $270.
Haley is a corporate certified public accountant (CPA) working on a new budget. When she lists the company’s liabilities, which of the following will she include? Entry field with incorrect answer Computer software Owners’ equity Marketable securities Employees’ wages and salaries
Answer:
None of the listed items would fall under the category of a liability
Explanation:
A liability is a present obligation that entails an outflow of economic resources (e.g cash) to settle. For an item to be classified as a liability it must relate to an event that had happened (i.e in the past) and not the future.
Computer software is likely an asset of a company. The payment for same, if not made already, can then be a liability.
Owners' equity is a contribution by the owner to further the business objectives.
Marketable securities are assets of the company, precisely current assets since it is assumed that they can be convertible to cash in a short while.
Employees' wages and salaries are expenses. It is only when they have not been paid as at when due i.e when the performance obligation has been satisfied (e.g workers have worked for a full month to which the salary relates) that it becomes a liability.
Which of the following statements is CORRECT?
a. If Congress lowered corporate tax rates while other things were held constant, and if the Modigliani-Miller tax-adjusted theory of capital structure were correct, this would tend to cause corporations to decrease their use of debt.
b. A change in the personal tax rate should not affect firms' capital structure decisions.
c. "Business risk" is differentiated from "financial risk" by the fact that financial risk reflects only the use of debt, while business risk reflects both the use of debt and such factors as sales variability, cost variability, and operating leverage.
d.The optimal capital structure is the one that simultaneously (i) maximizes the price of the firm's stock, (ii) minimizes its WACC, and (iii) maximizes its EPS.
e. If changes in the bankruptcy code make bankruptcy less costly to corporations, then this would likely reduce the debt ratio of the average corporation.
Final answer:
The correct statement is that if Congress lowered corporate tax rates while other factors remain constant, corporations would likely decrease their use of debt according to the Modigliani-Miller tax-adjusted theory of capital structure.
Explanation:
The correct statement among the options provided is:
a. If Congress lowered corporate tax rates while other things were held constant, and if the Modigliani-Miller tax-adjusted theory of capital structure were correct, this would tend to cause corporations to decrease their use of debt.
The Modigliani-Miller theorem on capital structure suggests that under certain conditions, the value of a firm is not affected by whether it is financed by debt or equity. However, when taxes are introduced, the theorem is adjusted to reflect a tax benefit from interest payments.
Lower corporate taxes would reduce the tax shield benefit of debt financing, making debt less advantageous. This could lead firms to reduce their debt levels. On the other hand, personal taxes, business risks, and the effects of bankruptcy cost changes do not directly impact this specific aspect of capital structure decisions according to the Modigliani-Miller theorem.
In 2011 modern electronics produce 60,000 calculators, employing 80 workers, each of whom worked 8 hours per day. In 2012, the same firm produce 76,500 calculators, employing 85 workers, each of whom worked 10 hours per day. Productivity at Modern Electronic.
a. decresed by 4%
b. remained constant
c. increased by 8.33%
d. increase by 27.50%
Answer:
The answer is A. Decreased by 4%.
Explanation:
Calculations are as shown below:
In the year of 2011:
Modern Electronics working hour's per day = Number of workers x working time per day = 80 x 8 = 640 hours
Number of calculators Modern Electronics made per one working hour ( that is, productivity) = 60,000 / 640 = 93.75 calculators.
In the year of 2012:
Modern Electronics working hour per day = Number of workers x working time per day = 85 x 10 = 850 hours
Number of calculators made per one working hour ( that is, productivity) = 76,500 / 850 = 90.00 calculators.
Comparision of productivity in the year 2012 over the year 2011 = 90/93.75 -1 = -4%
Thus, productivity decrease 4% in the year 2012 in comparison to the year 2011.
Every time a search is made using keywords related to construction, search engines display text-based advertisements and links to Regan Builders, a construction firm. The marketing tool used by Regan Builders is best referred to as a ________.
Answer: Contextual advertisement
Explanation:
The contextual advertisement is basically refers to the targeted advertisement that usually appear on the websites and other type of media like the advertisement content are displaying on the browser of the mobile.
Based on the different types of context, the advisement are automatically selected by the system and the context are basically depend upon the choice of the user.
When the relevant digital content are matched with the promotional message then this process is known as the contextual advertisement.
The production function is f (L, M) = 5L1/2M1/2, where L is the number of units of labor and M is the number of machines. If the amounts of both factors can be varied and if the cost of labor is $9 per unit and the cost of using machines is $64 per machine, then the total cost of producing 12 units of output is________.
a. $438.
b. $108.
c. $576.
d. $115.20.
e. $57.60.
Answer:
The correct answer is option d.
Explanation:
The production function is given as:
f (L, M) =[tex]5L^{1/2} M^{1/2}[/tex]
The total cost will be
= wL + rM
Here, w is the cost of labor or wages and r is the cost of capital or rent.
The cost of labor is given as $9 per unit and the cost of using machine is $64 per machine.
MPl
= [tex]\frac{dQ}{dL}[/tex]
= [tex]\frac{5}{2}\frac{M}{L}^{1/2}[/tex]
MPm
= [tex]\frac{dQ}{dM}[/tex]
= [tex]\frac{5}{2}\frac{L}{M}^{1/2}[/tex]
[tex]\frac{MPl}{MPm} = \frac{9}{64}[/tex]
[tex]\frac{M}{L} = \frac{9}{64}[/tex]
M = [tex]\frac{9}{64}L[/tex]
f (L, M) = [tex]5L^{1/2} M^{1/2}[/tex]
12 = [tex]5L^{1/2} \frac{9}{64}L^{1/2}[/tex]
12 = [tex]\frac{15L}{8}[/tex]
L = [tex]\frac{96}{15}[/tex]
L = 6.4
M = [tex]\frac{9}{64}\times 6.4[/tex]
M = 0.9
Total cost
= wL + rM
= 6.4 [tex]\times[/tex] 9 + 0.9 [tex]\times[/tex] 64
= 57.6 + 57.6
= $115.2
The question requires using a production function to calculate total costs for output production, but more information is needed to specify the amounts of labor and machines to find a unique solution.
Explanation:The question involves the application of a production function to calculate the total cost of producing a certain amount of output given the costs of labor and machines. To find the total cost of producing 12 units of output, we must first determine the combination of labor (L) and machines (M) that can produce this output using the given production function, f(L, M) = 5L1/2M1/2. Once we have the values of L and M, we need to calculate the total cost by multiplying the number of units of each factor by its respective cost and summing these products. Unfortunately, in this case, there isn't enough information to solve the problem because we need either the specific amounts of L and M or additional constraints to find a unique solution. Given the context, however, if we had the values, the formula to be used would be: Total Cost = Cost of Labor × L + Cost of Machines × M.
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Average fixed costs______________.
A. will remain unchanged as output expands.
B. are defined as the change in total costs divided by the change in output.
C. will always increase as output increases.
D. will always decrease as output expands.
Answer:
D) Will always decrease as output expands
Explanation:
Average fixed costs are equal to fixed costs divided by output:
AFC = Fixed Costs / Output
If output increases, then average fixed costs will decrease, because the denominator of the formula will become larger. In other words, the same fixed costs will be enough to produce a higher amount of ouput.
Adhira buys chocolates and almonds. She has 3 bars of chocolates and 4 bags of almonds. The marginal utility of the third chocolate bar is 18 of marginal utility and the marginal utility from the fourth bag of almonds is also 18. Is Adhira maximizing her utility? A. Yes, the marginal utility from the last unit of each good is equal. B. No, she must cut back to 3 bags of almonds to equate her quantities of the two goods. C. No, she must buy 1 more chocolate bar to equate her quantities of the two goods. D. No, without information on her income and the prices of the two goods, we cannot answer the question.
Answer:
The correct answer is option D.
Explanation:
Adhira is purchasing two goods, chocolates and almonds.
She buys 3 bars of chocolates and 4 bags of almonds.
The marginal utility from the last bar of chocolate is 18.
The marginal utility from the last bag of almonds is also 18.
In order to maximize utility, the ratio of marginal utility and price for both the goods should be equal.
As we do not know the price of the two goods or Adhira's income we cannot find if the utility is being maximized or not.
Amir, who files single, has AGI of $58,000 and incurred the following itemized deductions this year: Union dues and work uniforms: $350 Home office expenses: $1,200 Unreimbursed employee expenses: $415 Gambling losses to the extent of gambling winnings: $890. What is Amir's total itemized deduction related to these items?
Answer:
$890
Explanation:
With respective to tax perspective, the following items are not available for deductions which are shown below:
1. Union dues and work uniforms
2. Home office expenses
3. Unreimbursed employee expenses
The gambling losses are extent to the gambling winnings i.e $890 is available for the itemized deductions. The 2% rate is not applicable.
The total itemized deduction related to union dues, home office expenses, unreimbursed employee expenses, and gambling losses is $2,855.
Explanation:To calculate the total itemized deduction related to the mentioned items, we need to sum up the individual deductions. Adding up the amounts:
Union dues and work uniforms: $350Home office expenses: $1,200Unreimbursed employee expenses: $415Gambling losses: $890The total itemized deduction related to these items is $350 + $1,200 + $415 + $890 = $2,855.
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Mix Recording Studios purchased $7,800 in electronic components from TechCom. Mix Recording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?
a. $130
b. $7,800
c. $7,930
d. $8,050
e. $8,130
Answer:
C) $7,930
Explanation:
The amount due on the note should equal the principal and the accrued interest of the note.
The principal (the amount borrowed) of the note is $7,800.
The accrued interest is: $7,800 x (2/12) x 10% = $130.
The total amount of the note = $7,800 + $130 = $7,930
Jon is deciding between a job with Company A that pays $500 a week and a job with Company B that pays $550 a week. He decides to take the job with Company A, whose lower compensation is offset by its _____.
Answer:
Benefits such as health insurance and the stock options.
Explanation:
The company A is paying $500 a week whereas the Company B paying $550 a week. The company A which is paying lower compensation, it is due to that the company might be giving or proving the other benefits to the employee which can be health insurance and the stock options.
Therefore, Jon chooses to take the company A as the lower compensation is offset by the benefits like stock options , health insurance.
One way that criminal law differs from civil law is that it: provides remedies for violations of private rights. must yield a unanimous verdict. can have a jury of fewer than 12 persons. allows for various claims in one action.
Answer:
Criminal law "must must yield a unanimous verdict."
Explanation:
Civil law refers to a body of law protecting individual rights. It handles disagreement between people, or organizations.
Criminal law deals with crimes commited against the state or federal government by an individual who breaks a criminal law.
Most civil cases don't make it to trial and are settled outside the courts.
A criminal case on the other hand, requires a unanimous verdict from the jury and sentencing by the judge. Anyone who commits a crime is at the mercy of the court.
The ____ rule explains variation in employee conduct through generalizing on the percentage of employees in any given organization who will seek to do right versus how many will be indifferent.
Answer: 10/40/40/10
Explanation:
Under the 10/40/40/10 rule, 10% of the employees tend to follow ones own attitudes and values, i.e. they believe that their beliefs are more remarkable than those around them. 40% of the employees try to go along with the organization policies. The other 40% might follow their assigned work group whereas the last 10% tend to take advantage of such circumstances just in case if degree of penalization is lower to that of the benefit and also risk of getting caught is less.
What interest led gauguin to give up his affluent lifestyle in search of simpler pleasures?
Answer:
"the Primitive"
Explanation:
Gauguin's interest in "the Primitive" led give up his affluent lifestyle in search of simpler pleasures of life.
Paul Gauguin a french impressionist artist was a greatly influenced by primivitism. So, he gave up his rich lifestyle to search for simple pleasures of life.
Dobry Die & Mold, Inc., enters into a contract with Chet's Refitting Service to fix Dobry's precisely engineered molding equipment. If Chet's delays the repair for five days, knowing that Dobry will lose a certain percentage of profit for the delay, Dobry might be awarded consequential damages toa. establish, as a matter of principle, that Chet's acted wrongfully.b. provide Dobry with funds for a foreseeable loss beyond the contract.c. provide Dobry with funds for its loss of the bargain.d. punish Chet's and set an example to deter others from similar acts.
Answer:
I suppose that when Dobry and Chet's entered a contract there was a time set for the reparations to begin, maybe not to end the repairs since that may vary, but at least to start working on them and try to do it fast.
If Chet's delayed their work and did not start repairing Dobry's equipment on time (5 days), then Dobry should be able to sue for consequential damages in order to recover money due to a foreseeable loss beyond the contract. If Dobry cannot operate its equipment then it cannot produce, so it is Chet's fault that their production is halted.
"The correct answer is b. provide Dobry with funds for a foreseeable loss beyond the contract.
In contract law, consequential damages are designed to compensate a party for losses that are a foreseeable consequence of the breach, but not directly caused by the breach itself. In this scenario, Dobry Die Mold, Inc. has suffered a loss due to Chet's Refitting Service's delay in repairing the equipment. This delay has resulted in a loss of profit, which is a foreseeable consequence of the breach of contract by Chet's.
a. Consequential damages are not primarily awarded to establish that a party acted wrongfully; that is more in line with nominal damages or punitive damages. The focus of consequential damages is on compensating the non-breaching party for actual losses.
b. This is the correct rationale for consequential damages. They are meant to compensate the non-breaching party (Dobry) for losses that were foreseeable at the time the contract was made, which in this case includes the loss of profit due to the delay.
C. Providing funds for the loss of the bargain would be compensating Debry for the difference between the value of the promised performance and the value of the performance actually received. This is more in line with expectation damages, not consequential damages.
d. While punitive damages can be awarded to punish a wrongdoer and deter others, consequential damages are not punitive in nature. They are compensatory, aiming to make the non-breaching party whole for losses that were a foreseeable result of the breach.
Therefore, the most appropriate choice is option b, which correctly identifies the purpose of consequential damages as providing funds to Dobry for a foreseeable loss beyond the contract itself, such as the loss of profits due to the delay in repairing the equipment."
WILL GIVE BRAINLIEST ANSWER!!!! plus 100 points
Because of the tender meat required, which of these cooking methods are the most expensive?
A. Braising and frying
B. Grilling and sautéing
C. Steaming and broiling
D. Baking and roasting
Incorrect answer: C
Reference: Section 1.2
I'd assume grilling and sautéing.
Answer:
B. Grilling and Sautéing
Ford Motor Corporation is considering purchasing new technology that will increase productivity by twenty percent. If Ford Motor Corporation decides to make this investment at the going real interest rate, then A. the supply of loanable funds increases. B. saving increases. C. Ford's profits will decline. D. the quantity of loanable funds demanded increases. E. the demand for loanable funds increases.
Answer:
E. The demand for loanable funds increases.
The forecast for your company’s headquarters predicts the area hit head on by a hurricane,. The company sends you to their cold site to minimize downtime should such a disaster hit. Which of the following statements is false?
Answer:
The correct answer is The site will have all of the company’s applications.
Explanation:
It is the only way to ensure a minimum or zero level of inactivity, because otherwise people will not have the necessary tools to execute their work.
It is hardly obvious that due to the nature of the tasks it is impossible to try to adapt a space that is not adequate to execute them, since the conditions must be the necessary ones to guarantee it.
The short-run aggregate supply curve is relatively flat to the left of the full-employment
output because resources are difficult to bring into production.
there are shortages of capital.
there are large amounts of unused capacity and idle human resources.
there are shortages of labor.
Answer:
There are large amounts of unused capacity and idle human resources.
Explanation:
The curve is flat because there are large amounts of unused capacity and idle human resources. When the economy is operating to the left of full employment it means that is not utilizing all it's resources and not fulfilling its potential, because of this the economy has lots of idol capacity and resources and they are available for cheap, the reason for this is that the resources are abundant and thus very cheap so this makes the left of the full employment short run aggregate supply curve relatively flat.
Sandhill Co. sells office equipment on July 31, 2017, for $22,430 cash. The office equipment originally cost $77,870 and as of January 1, 2017, had accumulated depreciation of $36,830. Depreciation for the first 7 months of 2017 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2017.
Answer:
Debit Depreciation expense account $4,580
Credit Accumulated depreciation $4,580
Being entries to recognize depreciation for the first 7 months of 2017
Explanation:
Given that depreciation for the first 7 months of 2017 is $4,580, the journals to update depreciation to July 31, 2017 is
Debit Depreciation expense account $4,580
Credit Accumulated depreciation $4,580
Being entries to recognize depreciation for the first 7 months of 2017 before disposal of the office equipment.
Metro City Mall requires its tenants to sign a lease that includes a clause releasing Metro from liability in the event of monetary or physical injury no matter who is at fault. Coco’s Chocolate Creations signs a lease with the mall that contains the clause.
The clause is most likely:
a. enforceable as a matter of public policy
b. enforceable if either party is considered to be a business for essential services
c. enforceable if the lease also involves residential property
d. unenforceable
Answer:
D) unenforceable
Explanation:
This type of clause is an exculpatory clause since it tries to relieve Metro City Mall from any possible damages that occur during the lease time.
In order for an exculpatory clause to be enforceable, it must be reasonable. The fact that Metro City Mall wants to be released from liability no matter who is at fault, makes the clause unreasonable.
The clause in question is most likely unenforceable because it attempts to absolve Metro City Mall from liability for negligence, which is generally against public policy.
The clause releasing Metro City Mall from liability in the event of monetary or physical injury no matter who is at fault is most likely unenforceable. Generally, such clauses are seen as attempts to avoid responsibility for negligence, which can be against public policy, especially if they are overly broad or unconscionable. In most jurisdictions, a party cannot be relieved of liability for their own negligence, particularly in cases where there is a public interest involved, such as safety. These types of clauses are often scrutinized by courts and can be struck down if found to be excessive in diminishing the rights or protections of a contracting party.
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each.
An Accountant would calculate the total profit for one birdhouse to be
A) $7
B) $12
C) $11
D) $15
Answer:
$15
Explanation:
Accounting profit is calculated as revenue less total cost.
Accounting profit = Revenue - Cost
$20 - $5 = $15
An accountant calculates accounting profit.
Tax returns filed manually have a 20% chance of containing errors. True or False
Answer:
True
Explanation:
According to the Internal Revenue Agency (IRS) up to 20% of all tax filings done manually contain errors, while only 0.05% of online tax filings contain errors. That is a huge difference. Some of the most common errors are due to erroneous mathematical calculations. That is why online filing helps a lot since the web services do all the math calculations for you. Another advantage of online filing is that they are review much faster than manual filings.
The Lin household’s annual income is $188000. Based on the U.S. federal tax rates below, what is the average tax rate for the Lin household? (Assume zero tax deductions for solving this problem.)
A. 45%
B. 24.41%
C. 22.22%
D. 33%
Answer:
24%
Explanation:
For the taxes due on April 2020 (current year taxes):
The Lin household falls under the fourth tax bracket for married individuals filing jointly:
tax rate 24%Income between $171,051 to $326,600If no deductions were available, they would owe $188,000 x 24% = $45,120 in taxes.
On December 31, 2015, Mark Inc. estimates future bad debts to be $6,500. The Allowance for Uncollectible Accounts has a credit balance of $2,500 before any year-end adjustment. What adjustment should Mark Inc. record for the estimated bad debts on December 31, 2015?
Answer:
Dr Bad Debt expense 4,000Cr Allowance for Uncollectible Accounts account 4,000Explanation:
The ending balance of the Allowance for Uncollectible Accounts account should equal $6,500. Currently the account's balance is just $2,500, so you need to credit $4,000 more to that account in order for its ending balance to equal the bad debts expense.
So you should record the following:
Dr Bad Debt expense 4,000Cr Allowance for Uncollectible Accounts account 4,000Since bad debts is an expense, when it increases it should be debited.
Since allowance for uncollectible accounts is a contra asset account, when it increases it should be credited.