Answer:
d) $6,000, -$6,000
Explanation:
Accounting profit = total revenue - explicit costs
=6000 x 2.5-9000 = $6000
Economic profit = accounting profit - interest on capital invested
=6000 - 400000 x 0.03
=$-6000
Cow’s Milk Creamery, Inc., needs a certain part for its pasteurizing equipment to continue its operations and orders one for $3,000 from Dairy Supplies Company. Cow’s Milk tells Dairy Supplies that it must receive the part by Tuesday or it will lose $10,000. Dairy Supplies ships the part late. Cow’s Milk can recover:_______.
a. $0.
b. $10,000.
c. $3,000.
d. $13,000.
Final answer:
Cow’s Milk Creamery, Inc. can recover $10,000 from Dairy Supplies Company for the late shipment as these were communicated and foreseeable consequential damages directly resulting from the breach.
Explanation:
Cow’s Milk Creamery, Inc., has informed Dairy Supplies Company of the urgency of receiving a part by a certain deadline, stating a loss of $10,000 if the part is not received in time. This sets a clear expectation of consequential damages, which are foreseeable and directly related to the delay in shipment. If Dairy Supplies ships the part late, and Cow’s Milk loses $10,000 as a result, the creamery can attempt to recover those specific damages from Dairy Supplies Company.
Considering the situation, Cow’s Milk Creamery, Inc. can recover:
(b) $10,000. This is because the company explicitly communicated the importance of timely delivery and the specific amount of losses that would be incurred if the part was not delivered on time, making these damages foreseeable and recoverable under contract law.
The purpose of the flexible budget is to: Multiple Choice allow management some latitude in meeting goals. eliminate cyclical fluctuations in production reports by ignoring variable costs. reduce the total time in preparing the annual budget. compare actual and budgeted results at virtually any level of production.
Answer:
Compare actual and budgeted results at virtually any level of production.
Explanation:
Budget is an estimation of financial plan and operational expenses of an organization with a period. Budget helps to prepare what will be spent by an organization and measured against actual performance at the end of the financial period.
Flexible budget is a budget designed to adjust to changes in level of current revenue. It compares the actual and budgeted results or performance at every level of production.
Management often uses flexible budget to address both areas that were successful and not succesful in past performance. It is used to prepare for the worst or best case situation.
Example of flexible budget is when management identify and analyze cost(Fixed and Variable cost) which affects revenue and expenses. Fixed cost which is fixed at every output level and variable cost which varies with the output level.
The purpose of the flexible budget is to compare actual and budgeted results at virtually any level of production. It allows management to assess performance, identify variances, and make necessary adjustments.
Explanation:The purpose of the flexible budget is to compare actual and budgeted results at virtually any level of production. A flexible budget is created by breaking down fixed and variable costs, allowing management to assess their performance based on different levels of production. With a flexible budget, managers can identify any variances between the actual and budgeted amounts and take necessary actions to achieve their goals.
For example, let's say a company sets a budget for producing 1,000 units of a product. However, the actual production reaches only 800 units due to unexpected circumstances. By comparing the actual costs with the budgeted costs at this level, management can identify if there are any discrepancies and make adjustments accordingly.
The flexibility of the budget allows management to make informed decisions based on the current production level and adjust their approach to meet their goals effectively. It provides them with the opportunity to analyze and control costs more accurately, ensuring the efficient allocation of resources.
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Liberia, a very poor nation in West Africa, is relatively abundant in resources such as mahogany and rubber tree forests, iron-ore deposits, and diamonds. If Liberia is so rich in valuable resources, why is it still so impoverished? a) Liberia lacks the institutions necessary to make productive use of those resources. b) The population of Liberia is too small to use those resources. c) Natural resources are not as important as other types of resources. d) Taxes in Liberia are too high and discourage investment. e) Liberians are content with a low standard of living.
Answer: A. Liberia lacks the institutions necessary to make productive use of those resources.
Explanation: Liberia is a nation rich with natural resources including iron ore, gold, diamonds, natural rubber, vast forest for logging and timber harvesting, and vast agriculture land for ensuring food security.
Liberia is Africa's oldest republic, but it became known in the 1990s for its long-running, ruinous civil war and its role in a rebellion in neighboring Sierra Leone. Around 250,000 people were killed in Liberia's civil war, and many thousands more fled the fighting.
A watch manufacturer incurs a variable cost of $10 per watch and fixed costs of $400,000. To earn a 25 percent markup on selling price, the manufacturer would charge _____ for each of the 50,000 watches it expects to sell.
Answer:
$22.50 per unit
Explanation:
Mark -up is the percentage of cost that is earned as profit.
Using mark-up,
Selling price = Total cost + total profit
Total cot = Fixed cost + variable cost
Total costs = $400,000 + (10× 50,000)
= $900,000
Sales revenue = 125%× 900,000
= 1,125,000
Selling price per unit = Sales revenue/units
=1,125,000/50,000
= $22.50 per unit
Answer:
$24
Explanation:
50,000 watches are sold
variable cost per watch = $10
fixed costs = $400,000
contribution margin to break even = $400,000 / 50,000 watches = $8 per watch
selling price without markup = $8 (contribution margin) + $10 (variable costs) = $18
X - 25% markup = $18
0.75X = $18
X = $18 / 0.75 = $24
Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What's Mavis's relationship to the parties?
Answer:
She's an agent to Cintra and the seller(Blaine) is her Customer
Explanation:
Mavis is an agent to Cintra. She wants to make a purchase from Blaine (a seller) on behalf of her principal (Cintra).
The principal refers to an individual who hires another person to carry out a specific task or function on their behalf. The principal should honor any contract made with the agent.
An agent on the other hand, refers to a person who has been hired by the principal to perform a task or function.
An agent is expected to act in the interest of the principal and also must be competent enough to handle the task assigned to them.
Mavis, as a buyer's agent, owes fiduciary duties to the buyer, Cintra. While she assists Blaine, the unrepresented seller, with paperwork, she does not have an agent-client relationship with him and does not owe him fiduciary duties.
Mavis's relationship to the parties in the scenario described can be a bit complex due to the nature of her duties. As a buyer's agent, Mavis has a fiduciary duty to work in the best interests of her client, Cintra, who is the buyer. This means she must act with loyalty, confidentiality, obedience, accountability, and provide reasonable skill and care in serving the buyer.
However, in this case, Mavis is also assisting Blaine, the unrepresented seller, with the paperwork. This does not mean that Mavis represents Blaine or owes him the same duties as she does to Cintra. Assistance with paperwork is often provided to facilitate the transaction, but it does not establish an agent-client relationship with Blaine. Therefore, Mavis has no legal fiduciary responsibility to Blaine. It is nevertheless important for Mavis to clarify this with both parties to prevent any misunderstandings regarding her role and responsibilities.
A $ 45 comma 000, threeminusmonth, 12% note payable was issued on December 1, 2018. What is the amount of accrued interest on December 31, 2018? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
Answer:
The correct answer is $312.5.
Explanation:
According to the scenario, the computation of the given data are as follows:
The interest amount after one month of issue considered as accrued interest.
So, Face value = $45,000
interest rate = 12%
Period = 1 month
So, we can calculate the accrued interest by using following formula:
Accrued interest amount = ( FV × rate) ÷ 12
= ($45,000 × 12% ) ÷ 12
= $312.5
Suppose you've just inherited $10,000 from a relative. You're trying to decide whether to put the $10,000 in a non-interest-bearing account so that you can use it whenever you want (that is, hold it as money) or to use it to buy a U.S. Treasury bond. The opportunity cost of holding the inheritance as money depends on the interest rate on the bond.For each of the interest rates in the following table, compute the opportunity cost of holding the $10,000 as money. Interest Rate on Government Bond Opportunity Cost (Percent) (dollars per year) 8 10 What does the previous analysis suggest about the market for money? a) The quantity of money demanded increases as the interest rate rises. b) The supply of money is independent of the interest rate. c) The quantity of money demanded decreases as the interest rate rises.
a. The Opportunity cost for holding 8% interest rate on Government Bonds is $800.
b. The Opportunity Cost for holding 10% interest rate on Government Bonds is $1,000.
c. The previous analysis suggest about the market for money is: b. The quantity of money demanded decreases as the interest rate rises.
a. 8% Opportunity cost
Opportunity cost= 8%× $10,000
Opportunity cost=$800
b. 10% Opportunity cost
Opportunity cost= 10%× $10,000
Opportunity cost=$1,000
c. The previous analysis suggest about the market for money is: b. The quantity of money demanded decreases as the interest rate rises.
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Bernard is a board member at Lopez Electronics Inc. He is also a senior executive of the firm. The board is chaired by Ernest Jones, the CEO of Stanley Motors. According to this scenario, Bernard:_______.
a. is more likely than Ernest to take care of stockholder interests.
b. can use information from board meetings to trade stocks of Lopez Electronics.
c. is an inside director of Lopez Electronics.
d. cannot serve on the board of any other organization.
Answer: C. is an inside director of Lopez Electronics.
Explanation: It was stated that Bernard is a board member at Lopez Electronics and most board members of a company are either executive directors or non executive directors. Based on that fact Bernard should be an inside director at Lopez Electronics.
It was also stated that Bernard is a senior executive in the company, this also point to the fact that he is an inside director.
Interviews in which the interviewer adapts his or her line of questioning based on the answers you give and any questions you ask are known as ______ interviews.
A. creative.
B. screening.
C. open-ended.
D. free-flowing.
Answer:
C. open-ended.
Explanation:
Open-ended interviewing is a way of gathering information from people. An interviewer will ask participants questions, and who will answer those questions. Interviews are considered open-ended because, although questions can be scripted, interviewers generally do not know the content of the response. These interviews may have some questions for participants to gather basic factual data, such as age and gender, but they usually focus on participants' thoughts, feelings, experiences, knowledge, skills, thoughts and preferences.so correct option is C. open-ended.
The correct answer is D. free-flowing interviews. These allow the interviewer to adapt questions based on the interviewee’s responses, creating a conversational and dynamic exchange.
A. Creative:
This term refers to interviews that may involve unconventional or innovative approaches to questioning, but it doesn't specifically address the interviewer adapting based on the candidate's responses.B. Screening:
Screening interviews typically involve a standardized set of questions used to filter candidates based on their qualifications for a position. While screening interviews serve a purpose in the hiring process, they do not necessarily adapt based on candidate responses.C. Open-ended:
Open-ended questions allow for more expansive responses from candidates, but the term itself doesn't capture the idea of the interviewer adjusting their questioning based on candidate responses.D. Free-flowing:
This term suggests a dynamic exchange where conversation moves naturally between interviewer and candidate, potentially allowing for adaptation based on responses and questions asked.Andrea thinks that individual citizens, rather than the government, should answer the basic economic questions; however, she feels that the government should prevent large changes in the economy. Her ideas are based on which of these economists?
Keyneskeatsjames jeans
Answer:
Keynes
Explanation:
Andrea's ideas that individual citizens, rather than the government, should answer the basic economic questions; however, she feels that the government should prevent large changes in the economy are based on the economist, Keynes.
John Maynard Keynes a British economist was born on the 5th of June 1883.
Answer:
The answer is Keynes.
Explanation:
Keynesian economics refers to an economic theory of total spending in the economy and how it affects output and inflation. This theory was developed by the British economist John Maynard Keynes during the 1930s in an attempt to understand the Great Depression.
Keynes suggested that the government should increase expenditures and implement lower tax rates in order to stimulate demand and bring the world's economy out of the depression.
Tile & Grout (T&G) contracts to resurface the insides of the pools at Water World Park. T&G knows that without the resurfacing, Water World will have to delay its seasonal opening. T&G does not perform as promised. As consequential damages, Water World can recoverâ___________.A) âthe cost of new pools.B) âthe difference between T&G's price and the eventual cost of resurfacing.C) âthe loss of profit from the delayed opening.D) ânothing.
Answer: C. The loss of profit from delayed opening.
Explanation: Tile and Grout failed to execute the job they were contracted and caused water world to delay opening. In business Tile and Grout company will be held liable for failure to execute contract.
Water world can recover the loss of profit from delayed opening due to the failure in the part of Tile and Grout company.
Lots of points!!!! The table summarizes the education of four applicants for positions in the STEM career cluster.
Which best describes the jobs each applicant could obtain with their educational background?
Eli can work as an Astronomer, Blake can work as an Agricultural Engineer, Fiona can work as a Mathematician, and Zoey can work as a Conservation Scientist.
Eli can work as a Civil Engineer, Blake can work as an Aerospace Engineer, Fiona can work as a Park Naturalist, and Zoey can work as a Materials Scientist.
Eli can work as an Electro-Mechanical Technician, Blake can work as a Biochemist, Fiona can work as an Industrial Ecologist, and Zoey can work as an Archivist.
Eli can work as an Electronic Engineering Technician, Blake can work as a Museum Conservator, Fiona can work as a Robotics Engineer, and Zoey can work as a Mathematician.
Answer: The answer is B
Explanation: I took the test and got it right
Answer:
Eli can work as a Civil Engineer, Blake can work as an Aerospace Engineer, Fiona can work as a Park Naturalist, and Zoey can work as a Materials Scientist
Explanation:
Your temporary placement service needs to place personal selling personnel who use different communication channels according to the products they are contracted to sell. You presently have several positions to fill that require personnel experienced in various communication channels. You want to categorize the type of experience needed before you start calling your employees.Choose the statements that inaccurately categorizes its job description to the type of personal selling communication channel it utilizes.A) A retail outlet needs someone to sell auto repair supplies and parts to business directly to customers.This outlet uses over-the-counter selling.B) A soft drint distributor needs bilingual representatives to take product orders when customers call.This involves field selling.C) An insurance companies need sales representatives to place phone calls to prospective clients to sells renters insurance over the phone.These sales representatives will use telemarketing.D) Sales representatives are needed to support technicians and purchasers on a continous basis by phone, mail and e-mail. They will utilize inside selling.
Answer:
The answer is B.) A soft drink distributor needs bilingual representatives to take product orders when customers call. This involves field selling.
Explanation:
This type of representation builds a relationship with customers that encourage them to come back and patronize them more often.
Bilingual customer service representative provide customer in English and any other foreign language, could also be in a native language. They deliver optimized value with customers and constituents by developing and implementing profitable solutions to address expectations, continuously receiving compliments from customers and awarded monthly employee of the month several times during the year.
[The following information applies to the questions displayed below.]
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $580,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.
3. If the market interest rate is 7%, the bonds will issue at $621,216. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
The following journal entries will be passed in the books of accounts
Explanation:
Date General Journal Debit Credit
Janaury 1, 2021 Cash 580000
Bonds payable 580000
(To record issuance of bonds)
June 30, 2021 Interest expense 23200
Cash 23200
(To record first semiannual interest payment)
December 31, 2021 Interest expense 23200
Cash 23200
(To record second semiannual interest payment)
2 Date General Journal Debit Credit
Janaury 1, 2021 Cash 542277
Discount on bonds payable 37723
Bonds payable 580000
(To record issuance of bonds)
June 30, 2021 Interest expense 24402
Discount on bonds payable 1202
Cash 23200
(To record first semiannual interest payment and amortization of discount)
December 31, 2021 Interest expense 24457
Discount on bonds payable 1257
Cash 23200
(To record second semiannual interest payment and amortization of discount)
3 Date General Journal Debit Credit
Janaury 1, 2020 Cash 621216
Premium on bonds payable 41216
Bonds payable 580000
(To record issuance of bonds)
June 30, 2021 Interest expense 21743
Premium on bonds payable 1457
Cash ($580000 into 8% into 0.5) 23200
(To record first semiannual interest payment and amortization of premium)
December 31, 2021 Interest expense 21692
Premium on bonds payable 1508
Cash 23200
(To record second semiannual interest payment and amortization of premium)
When interest rates rise, the value of existing bonds decreases. Therefore, you would expect to pay less than $10,000 for the bond. To calculate what you would be willing to pay for the bond, you would need to calculate the present value of the bond's future cash flows.
Explanation:a. When interest rates rise, the value of existing bonds decreases. Therefore, you would expect to pay less than $10,000 for the bond.
b. To calculate what you would be willing to pay for the bond, you would need to calculate the present value of the bond's future cash flows. This can be done using the present value formula or a financial calculator.
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Assume your company purchases a new computer with an invoice price of $40,000. You also paid sales tax of $2,000, shipping and preparation costs of $3,000, and insurance for the first year of operation is $4,000. At what amount should the computer be recorded on the balance sheet prior to recording depreciation expense?
A.. $40,000.
B. $42,000.
C. $43,000.
D. $45,000.
E. $49,000
Answer:
D) $45,000.
Explanation:
invoice price $40,000
sales tax $2,000
shipping and preparation costs $3,000
total = $45,000
The cost of any equipment includes the purchase price, related taxes (sales tax or import tariffs), shipping and handling costs, and insurance during the shipping and installation of the equipment.
Insurance that covers the equipment once it is operating is not included in the original cost of the equipment, it is considered an expense.
Suppose the current price of gasoline at the pump is $4 per gallon and that 1 million gallons are sold per day. A politician proposes to add a $1 tax to the price of a gallon of gasoline. She says the tax will generate $1 million in tax revenues per day ( 1 million gallons×$1 per gallon=$1 million ). In this situation, the politician is assuming that the demand for gasoline is:
Answer: Perfectly inelastic demand
Explanation:
Perfectly inelastic demand is a type of demand where the quantity demanded for a good or service does not respond to price.
The implication in a perfectly inelastic demand is that the price does not matter as the consumer would purchase the same quantity of a good or service at every price. A nearly perfect example of perfect inelastic demand demand is a life saving drug.
Final answer:
The politician is assuming that the demand for gasoline is perfectly inelastic, but in practice demand usually decreases when price increases due to price elasticity.
Explanation:
The politician is assuming that the demand for gasoline is perfectly inelastic. This means the quantity of gasoline demanded will not change despite the increase in the price due to the added tax. However, in reality, when a tax is imposed, it can either increase the price that consumers pay or decrease the price that sellers receive, depending on the elasticity of supply and demand. Normally, the burden of the tax is shared between producers and consumers, and the actual change in price will be less than the full amount of the tax. If we examine total revenues before and after the price change, they rise from $4,000 per day (1,000 gallons per day times $4.00 per gallon) to $4,037.50 per day (950 gallons per day times $4.25 per gallon), indicating that the demand for gasoline is price inelastic. Nevertheless, for the politician's assumption to hold true, consumers would have to continue purchasing the same amount, which is not typically the case due to the price elasticity of demand.
The store managers of Chimbake, a chain of bakeries, are allowed to come up with new dessert flavors of their choice as long as they do not fall short of the company's quality standards. They are also allowed to come up with effective marketing strategies based on their respective market requirements. In the context of organizational authority, which of the following is best illustrated in this scenario?A) Centralization of authorityB) Decentralization of authorityC) Staff authorityD) Concentrated authority
Answer:
B) Decentralization of authority
Explanation:
Based on the scenario being described it can be said that the concept that is best illustrated in this scenario would be a decentralization of authority. This is the process in which authority is moved to the lower level managers within an organization. Which is what is happening in Chimbake, since they have given the store managers full authority to control and create the dessert flavors as they see fit.
Carpino Company purchased equipment and these costs were incurred: Cash price $75,000 Sales taxes 3,500 Insurance during transit 750 Installation and testing 1,500 Total costs $80,750 What amount should be recorded as the cost of the equipment?
Answer:
$80750
Explanation:
The total cost of $80,750 would be recorded as the amount or rather the cost of equipment. This is because according to GAAP ( Generally accepted accounting principles), all cost involved in acquiring a business asset including sales tax, insurance and so on should be reported in the balance sheet with a book value that is equal to the overall acquisition cost ( which in this case includes sales tax, insurance, installation and testing).
Money A. facilitates specialization in production. B. is anything that is regularly used and generally accepted in economic transactions or exchanges. C. is anything the government declares to have value. D. is necessary to conduct economic transactions.
Answer:
The correct answer is B
Explanation:
Money is the term which is defined or described as any good which is used widely as well as accepted in the transactions comprising the transfer of goods as well as services from oner person to another.
The money could be differentiated among three kinds which are as: bank, commodity money and fiat money.
So, the money is states as anything which is used regularly as well as accepted generally in the economic exchanges or transactions.
Rachel recently started a new gift shop in town. When she is deciding how to price the new products in her shop, she measures the value of her products against those of the other shops in her area. Rachel is most likely using a _______ pricing strategy .
Answer:
The correct word for the blank space is: competitive.
Explanation:
Pricing strategies are methods companies use at the moment of setting the prices of their products. The most common pricing strategies are:
Cost-plus pricing. Involves recognizing the production costs and adding a percentage of those costs which represents the profit of the firm. Competitive pricing. Implies establishing the price of a product similar to what competitors in the market have set. Value-based pricing. It requires setting the price of goods and services based on what consumers think the price should be. Price skimming. Involves pricing a product high at first and changing the price according to market fluctuations. Penetration pricing. Implies setting the price of a product low to wipe out competitors and raising it after they completely disappeared.
Where is the net pension liability shown in a Comprehensive Annual Financial Report for employees of governmental type activities? Multiple Choice The Statement of Fiduciary Net Position. The government-wide Statement of Net Position. Both of the above. Neither of the above.
Answer:
B. The government wide statement of net position
Explanation:
The government wide statement of net position is a statement showing the financial position of governmental entity and its discretely presented component units. It shows the government balance or left over after all financial obligations and other liabilities are met. Its difference between government assets plus resource outflows and liabilities indicating how much money the government has at that point. The net pension liabilities is part of the liabilities indicated in the government wide statement of net position.
A News Wire article in the text indicates that North Korea is expanding its missile programs. Assume North Korea is currently on its production possibilities curve. If the increase in missile production results in a decrease in food production, this is an example of:
Answer:
opportunity cost
Explanation:
Based on the scenario being described within the question it can be said that this situation is an example of an opportunity cost. This term refers to the cost that you incure from choosing one opportunity over the other options available. Such as in this case, North Korea is giving up increased food production by choosing increased missile production. Therefore, increased food production is it's opportunity cost.
A perfectly competitive industry exists under which of the following conditions? I. The product sold is similar across firms. II. There are many sellers, each small relative to the total market. III. There are many sellers, each with total assets less than $2 million. IV. The threat of competition exists from potential sellers that have not yet entered the market.
Answer:
I, II, and IV only
Explanation:
A perfect competition is defined by an idealizing market and shows that the market will reach equilibrium. The prevalence of the perfect competition needs a larger number of buyers and sellers, well defined property rights and homogenous products, profits maximization, rational buyers and no barriers to entry and exit. An example of the agricultural markets as perfect competition, as there are numerous farmers that sell the same vegetables and fruits and have same prices. Another example is that of the foreign exchange markets was the trader's exchange currencies and sell identical goods.In each of the following situations, identify whether the setting is primarily financial accounting or management accounting.
a. Volkswagen has experienced a declined in U.S. sales, which dropped 18% in 2005 and 24% in 2002 and 2004. Then chief executive, Bern Pischetsrieder, believed the biggest problem at Volkswagen was the cost incurred to produce a car, which was not competitive with other automakers, The company tried to get German workers to agree to pay cuts to reduce the cost.
b. In reporting a 2.1% drop in quarterly income from the previous year's second quarter, Oracle Corp. noted that a weaker dollar affected revenue in its database segment. A weaker dollar makes Oracle's products more expensive overseas and lowers the company's revenue after currency conversation.
c. Cerner is a developer of information technology for the health care industry. As the company incurs expenses to develop a software package, it capitalizes those costs as an asset. Beginning in the year after the software is released, it then amortizes those costs over a five-year period. Normal practice in the software industry is to amortize these costs over a three-year period.
d. BNSF Railway was experiencing an increase in demand for information technology resources even though, overall, the company's business wasn't growing. In an effort to understand the technology group's operations, Chief Information Officer Jeff Campbell developed a balance scorecard for the IT group. Among the measures he tracked were monthly performance against operating budget, percentage of projects delivered on time, employee absenteeism, and internal rate of return on IT projects. Now everyone in the company understands how much it costs to provide the technology support for a particular business application.
Answer:
a. Managerial Accounting
b. Financial Accounting
c. Financial Accounting
d. Managerial Accounting
Explanation:
Managerial accounting also known as management accounting is the practice of decision making, identifying, planning, analyzing, interpreting, and providing expert financial information to managers for the sole purpose of achieving an organization's goals.
Financial accounting is the process of analyzing and preparing financial statements as a financial report for use by the public or external users such as investors, suppliers and clients.
An American Airlines ad shows the airline's new seats and emphasizes their ability to recline and other benefits, to overcome the __________ of its service. Multiple Choice inconsistency inseparability intangibility inventory costs incongruity
Answer:
Intangibility
Explanation:
Services are businesses that provides intangible products. Examples of such businesses includes accounting, education, cleaning, landscaping, treatment, insurance, transportation services and so on. The primary value of what service offers is intangible. Something is said to be intangible when it can not be touched or seen before purchase. Companies through advertising and other promotional activities tries to overcome the intangibility of their services. In this example, the transport company uses ad showing new seat and other benefits in trying to overcome the intangibility problem.
Andre manages a toy packaging factory. After failed negotiations between Andre and the labor union, the union members strike, partially shutting down the factory. In response, Andre shuts down the factory completely, restricting all his employees from coming to work.
This situation best represents a(n) _______.
Answer:
lockout
Explanation:
In business, a lock out happens when a factory's management or owner decides to shut down the factory and will not let the employees go back to work. This generally happens during a labor dispute, when management believes that agreeing to the union's terms would be too disadvantageous for the company and prefer to shut it down themselves. Both a strike and a lockout are legal.
Why does Maureen Riehl state that internet retailers have an "unfair price advantage" when they don't collect sales tax from out of state customers?
Answer:
See explanation below for answer.
Explanation:
Maureen Riehl states that internet retailers have an unfair price advantage when they don't have to collect sales tax because, by not collecting of tax, it can make their product be up to 10% lower than brick and mortar merchants, so in a market where the profit margins can be as small as 1% to 2%, the 10% profit margin can be a killer.
Therefore, Maureen Riehl suggests that retailers should be taxed just the same, regardless of whether they sell their commodities in a store, through mail, over the telephone, or on the internet. Maureen Riehl posits that the tax policy should not be allowed to determine the winners and losers in the retail industry.
At the end of the article, Maureen Riehl states that, using the same tax policy will put internet retailers and brick-and-mortar retailers on the same footing, where everyone can compete fairly and freely.
Maureen Riehl believes that internet retailers have an "unfair price advantage" because they do not collect sales tax from out-of-state customers. This allows them to offer lower prices compared to brick-and-mortar stores that must collect sales tax, thus giving them a competitive edge.
The notion of "unfair price advantage" stems from the fact that brick-and-mortar stores are required to collect sales taxes on all transactions, whereas online retailers often do not collect sales taxes on sales made to out-of-state customers. As a result, online retailers can offer products at lower prices, making them more attractive to price-sensitive consumers. This discrepancy creates an uneven playing field for physical stores. Some notable points are:
By not collecting sales tax, online retailers can effectively lower their final sale prices.Consumers may prefer shopping online to avoid paying additional sales taxes, thereby affecting the revenue of physical stores.This advantage can be seen as regulatory arbitrage where online retailers bypass traditional tax obligations.The lack of sales tax collection can also strain state revenues, which rely on these collections for public services.
The Marketplace Fairness Act of 2013 aims to address this issue by requiring online merchants to collect and remit sales taxes on out-of-state transactions, thus leveling the competitive field between online and physical retailers. Large online retailers like Amazon.com might support this measure as it standardizes tax obligations and potentially reduces administrative complexities related to sales tax collections.
Flem is an employee of Glo Goods, Inc. Flem reports to state officials that Glo is illegally shipping unsafe goods to unsuspecting customers. When Glo learns of Flemâs report, Glo fires him. He successfully sues Glo for wrongful discharge. With respect to the employment-at-will doctrine, this is__________.a.an example of the doctrine.b.an exception based on contract theory.c.an exception based on public policy.d.an exception based on tort theory.
Answer: C. An exception based on public policy.
Explanation: Flem reporting to state official about his company Glo inc illegally shipping unsafe goods was a "public good". Flem can sue his firm for firing him on the base of employment at will rule, "exception based on public policy"
Exception based on public policy is a rule to exception on employment at will rule. In this exception, an employer of labor can not fire an employee if it is in violation of the doctrine of public policy of the state.
Monetary neutrality means that a change in the money supply can cause _______
Monetary neutrality asserts that changes in the money supply only affect nominal variables like prices and wages, but not real variables like employment and real GDP.
Explanation:Monetary neutrality is a concept in economics stating that a change in the total amount of money within an economy does not affect the real output of that economy, also known as the real GDP. In simpler terms, it means a change in the money supply can cause nominal variables such as prices, wages, and exchange rates to change, but not real variables such as employment, real GDP, and real consumption. It's based on the classical dichotomy and the separation of real and nominal variables in the long-run.
For example, if the Federal Reserve (the central bank of the United States) were to increase the money supply, prices and wages would eventually increase due to inflation, which is a nominal effect. However, employment or real GDP, which are real variables would remain unaffected in the long run, which illustrates the principle of monetary neutrality.
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Monetary neutrality refers to the notion that fluctuations in the money supply can lead to changes in inflation, real GDP, or both, depending on how velocity changes over time. However, in a neoclassical perspective, only the price level, not the real GDP, is affected in the long run.
Explanation:Monetary neutrality translates to the idea that a change in the money supply can cause inflation, a raise in real GDP, or a combination of both. This concept is based on the quantity equation of money. If velocity is constant over time, a percentage rise in the money supply will lead to an equivalent percentage rise in nominal GDP due to either an increase in inflation or real GDP.
If however, velocity changes over time, the effect of changes in the money supply on nominal GDP becomes unpredictable. In a neoclassical view, an expansionary monetary policy affects only the price level, but has no impact on the level of output in the economy in the long run. Therefore, no shift in aggregate demand will affect the equilibrium quantity of output in this model.
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Machinery purchased for $63,000 by Concord Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,200 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,725 at the end of that time. Assume straight-line depreciation.
Required:
1. Prepare the entry to correct the prior years' depreciation, if necessary.
2. Prepare the entry to record depreciation for 2021.
Final answer:
A change in depreciation estimates does not require correcting previous years' depreciation, it's handled prospectively. Consequently, no entry is necessary to adjust prior depreciation. For 2021, the new depreciation expense based on the updated life and salvage value is $5,827.50.
Explanation:
Correcting Prior Years' DepreciationOriginally, the machinery was depreciated over 8 years with a salvage value of $4,200, resulting in an annual depreciation expense of $7,350 (($63,000 - $4,200) / 8). Over 5 years, the total depreciation would have been $36,750. However, now that the estimated life is 10 years with a new salvage value of $4,725, the revised annual depreciation is $5,827.50 (($63,000 - $4,725) / 10).
Entry to Correct Prior Years' Depreciation
No adjusting entry is required to correct prior years' depreciation because the change in estimate is accounted for prospectively; thus, prior years' financial statements are not retrospectively adjusted.
Recording Depreciation for 2021
For 2021, the depreciation expense to be recorded is $5,827.50, reflecting the new estimate. The journal entry would be:
Debit Depreciation Expense: $5,827.50
Credit Accumulated Depreciation—Machinery: $5,827.50