Answer:
Perfect competition is a market situation by means of which no supplier can influence or determine the price of a good or service, as long as there is a multiplicity of suppliers who offer a homogeneous good, equivalent to that of the other suppliers. These goods, therefore, would not have differences between them (an example could be the fruit market), and therefore buyers could decide to buy from those sellers who offer the best prices. In this way, perfect competition would be generated between the bidders, who through their price would seek to attract buyers. For this type of competition (in theory, since in practice it is almost impossible) to occur, it requires a market without any type of barriers, with a product with the same characteristics, a high number of market players and abundant information about each of the products.
Assuming Donavon uses the straight-line method and the company sold the machine on July 1, 20x3 for $47,000, determine the gain/loss on disposal.
Answer:
Hi, your question is incomplete, I tried to search for it online but I could not find it.
However, below are the explanations I can give to help you solve the problem.
Before we calculate the gain/loss on disposal of the asset (machine) we must first determine the following amounts ;
1. Cost of the Asset
Have the original cost of the asset handy. This is the cost when the entity purchased machine.
2. Accumulated Depreciation
This is the sum of all the depreciation charges on the asset from the date it was first available for use up to the date the the asset is sold. In this case the accumulated depreciation is up to July 1, 20x3. Calculate the depreciation charge using the policy stated - straight line that is (Cost - Salvage Value) ÷ Estimated useful life.
3. Proceeds from Sale
This is the amount of Cash that the company received as a result of the Sale. In our case the Company received proceeds of $47,000.
Now, that we have the three (3) amounts above, we can calculate the gain/loss on disposal of the asset (machine) as :
Gain/loss on disposal = Proceeds - Carrying Amount (Cost - Accumulated depreciation)
Job 101 was completed and sold for $60,000. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold.
Answer:
Required 1
Debit : Finished Goods $53,600
Credit : Work In Process $53,600
Required 2
Debit : Cash $60,000
Debit : Cost of Goods Sold $55,000
Credit : Sales $60,000
Credit : Finished Goods $55,000
Required 3
Debit : Overheads $4,000
Credit : Cost of Sales $4,000
Explanation :
Hi, I have attached the full question as a pdf below
Manufacturing Costs Calculations :
Job 101 = $19,200 + $28,800 + ($420,000/60,000 x1,000) = $55,000
Job 102 = $14,400 + $11,200 + ($420,000/60,000 x4,000) = $53,600
Closing Overheads :
Actual Overheads = $45,000
Applied Overheads = $420,000/60,000 x 7,000 hours = $49,000
Therefore,
Overheads are over-applied ( by $4,000) and must be deducted from cost of sales
This year, Johnson Mills has annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. The firm paid $700 in dividends, $280 in interest, and has a total tax rate of 21 percent. The firm will add $2,810 to retained earnings. What is the depreciation expense?
Answer:
$3,857
Explanation:
From the above, we do know that;
Revenue - Expenses = Net income
But
Expenses = Revenue - Cost of goods sold - Admin expenses - Depreciation expenses
Also,
Net income tax = Income before taxes × ( 1 - tax rate)
Since we do not know Net income taxes,
Net income - Dividends = Change in retain earnings
Net income = $2,810 + $700
= $3,510
Income before taxes = $3,510 / 0.79
= $4,443
$37,800 - $23,200 - $6,300 - Depreciation expenses = $4,443
Therefore,
Depreciation expenses = $3,857
hey i need help with sum
International macroeconomics focuses on: isolated nations. market-specific variables such as the price of orange juice. city-level economic problems.
Answer:
Isolated nations
Explanation:
Macroeconomics is a branch of economics that studies the economy as a whole. Macroeconomics studies economic aggregates such as inflation, unemployment, GDP and growth rate.
International macroeconomics focuses on economic activities of various countries and how its consequences
Historically, the longer you own a stock, the more you will profit from the investment. True False
If the quantity demanded of a good falls by 2% when income rises by 10%, then: Group of answer choices demand is income-elastic. the good is normal. the good is inferior. Both A and C.
Answer:
The good is inferior
Explanation:
For instance, if the income of a consumer increases, his demand for cheap shoes and shirt decreases and the demand for expensive shoes and shirt increases. So, therefore, the cheap shirt and shoes are inferior goods in the instance. So, whenever quantity demanded of a good fall when the income rises, the goods is considered inferior goods.
What is the effect on a firm's net working capital if a new project requires a $30,000 increase in inventory, a $10,000 increase in accounts receivable, a $35,000 expenditure on machinery, and a $20,000 increase in accounts payable
Answer:
$20,000 Increase
Explanation:
Calculation for What is the effect on a firm's net working capital
Using this formula
Change in Net working capital=Increase in inventory+Increase in accounts receivable-Increase in accounts payable
Let plug in the formula
Change in Net working capital=$30,000 + $10,000 - $20,000
Change in Net working capital=$20,000 Increase
Therefore the effect on a firm's net working capital will be $20,000 Increase
Quintina decided to increase the deduction percentage of her federal income tax rate from 14% to 16%. Quintina’s gross pay per month is $2,100. Her deductions before the change are listed in the table.
Deduction
Dollar Amount
Federal Income Tax
$294
State Income Tax
$89
Social Security
$85
Medicare
$35
What is her new monthly net pay? Round your answer to the nearest dollar.
$1555
$1591
$1595
$1639
Answer:
The answer would be A. $1555
A. $1555
Have a good day
Insurance is an example of a(n) _____.
Answer:
a life help and an saver
Explanation:
because if you have insurance you will not need to pay a lot of money if you crash
There is no benefit to being socially responsible. That is why most Fortune 500 companies ignore CSR programs or have only informal ones in place.
a. True
b. False
Answer:
False.
Explanation:
Corporate social responsibility (CSR) can be defined as a strategic management concept which typically involves socially contributing to the growth and development of the people, community and the world at large. Some examples of CSR programs are building of roads, provision of electricity, water supply, establishing health care centers, awarding scholarships etc.
There is a benefit to being socially responsible. As a matter of fact, most Fortune 500 companies adopt CSR programs because it makes them to be socially conscious of their environment and builds their brand extensively.
The price of milk at the local grocery store is cut by 15%. In response to the price cut, the quantity of milk demanded falls by 5%. The absolute value of the price elasticity of demand for milk is _____, and the price elasticity of demand is
Answer:
the absolute value is -0.33 and it is inelastic
Explanation:
The computation is shown below:
The Absolute value of Price Elasticity of Demand (PED) is
= Percentage Change in Quantity Demanded ÷ Percentage Change in Price
= 0.05 ÷ (-0.15)
= -0.33
Since the price elasticity of demand is less than one so here there is an inelastic demand
Therefore the absolute value is -0.33 and it is inelastic
The absolute value is -0.33 and the price elasticity of demand is inelastic .
"Price Elasticity of Demand"
Price elasticity of demand is the proportion of the rate alter in amount requested of a item to the rate alter in cost. Financial analysts utilize it to get it how supply and request alter when a product's cost changes.Formula :
Absolute value of Price Elasticity of Demand (PED) = Percentage Change in Quantity Demanded ÷ Percentage Change in Price Absolute value of Price Elasticity of Demand (PED)= 0.05 ÷ (-0.15) Absolute value of Price Elasticity of Demand (PED)= -0.33Therefore , the price elasticity of demand is less than one so here there is an inelastic demand.
So, the absolute value is -0.33 and it is inelastic demand.
Learn more about "Demand":
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Irfan runs a small business. His business's total liabilities amount to $200.000. His net profit for the latest accounting period is $50.000. The total
value of all the business assets comes to $600.000. What is the debt to asset ratio in the case of Irfan's business?
The debt to assets ratio of Irfan's business to two decimal places, is ???
percent
Answer:
33.33%
Explanation:
The debt to assets ratio indicates the proposition of a company's assets that have been financed through debt.
the formula for determining this ratio is as follows
Debt to asset ratio = Total debts/total assets x 100
For Cy Ifran, total debts or liabilities =$200,000
total assets = $600,000
Debt to asset ratio =$200,000/ $600,000
=0.33 x 100
=33.33%
a father is planning a savings program to put his daughter through college. his daughter is now 13 years old. she plans to enroll the university in five years from now, and it should take her four years to complete her education. currently, cost per year (for everything - food, clothing - tuition , books, transportation and so forth) is $12,500, but a five percent inflation rate in these costs is forecasted. the daughter recently received $7,500 from her fat her as donation for education, and will be deposited into an account paying 8% compounded annually. the rest of the costs will be met by the money father will deposit in the same account, also earning 8%. father will deposit first saving today and until sh e starts to university, 6 equal deposits. his savings should help cover all university costs and will be totally exhausted after the last year. what is the amount of six equal deposits that will be made by the father?
Answer:
$6,106.39
Explanation:
first we must find out the daughter's total university expenses:
college expenses in 5 years = $12,500 x (1 + 5%)⁵ = $15,953.92
we must find the present value of the college costs:
PV = $15,953.92 + [$15,953.92 x 2.7232 (PV annuity factor, 5%, 3 periods)] = $59,399.63
since the daughter already has $7,500, she will deposit that money and will have $7,500 x (1 + 8%)⁵ = $11,019.96 in 5 years, that means that she is $48,379.67
we now have our future value, the interest rate and the number of periods, we are missing the annuity due contributions:
FV = annual contribution x FV annuity due factor
$48,379.67 = annual contribution x 7.9228 (FV annuity due factor, 8%, 6 periods)
annual contribution = $48,379.67 / 7.9228 = $6,106.39
A sophisticated investor, B. Graham, sold 100 shares short of Amwell, Inc. at $54 a share. The price of the stock subsequently fell to $39 before rising to $56 at which time Graham covered the position (that is, closed the short position). What was the percentage gain or loss on this investment
Answer:
-3.57%
Explanation:
Calculation for What was the percentage gain or loss on this investment
Using this formula
Percentage of Gain/loss = [(Selling Price - Purchase Price) * Number of shares] / [Purchase Price * Number of shares]
Let plug in the formula
Percentage of Gain/loss = [($54 - $56) * 100] / [$56 * 100]
Percentage of Gain/loss = -$200 / $5,600
Percentage of Gain/loss = -3.57%
Therefore the percentage loss on this investment is -3.57%
Jill and Kane, with their attorneys, meet to try and resolve a dispute. A neutral third party works with both sides and proposes a solution, but does not make a decision regarding the matter. This is:_________
a. Arbitration
b. Negotiation
c. Mediation
d. None of the above
Answer:
c. Mediation
Explanation:
Mediation can be defined as an alternative dispute resolution (ADR) approach which involves an impartial and neutral third party who is saddled with the responsibility of proposing a solution to conflict between two or more parties.
Basically, a mediator is a professional trained in conflict or dispute resolution through the use of effective negotiation techniques and communication strategies.
In this scenario, Jill and Kane, with their attorneys, meet to try and resolve a dispute. A neutral third party works with both sides and proposes a solution, but does not make a decision regarding the matter. Therefore, this is a mediation.
Whispering Winds Corporation owns equipment that cost $64,800 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $10,800 per year, resulting in a balance in accumulated depreciation of $51,300 at December 31, 2017. The equipment is sold on July 1, 2018, for $12,960. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale
Answer:
(a) update depreciation for 2018
Debit ; Depreciation $10,800
Credit Accumulated Depreciation $10,800
(b) record the sale
Debit : Cash $12,960
Debit : Accumulated Depreciation $62,100
Credit : Profit and Loss $10,260
Credit : Equipment at Cost $64,800
Explanation:
(a) update depreciation for 2018
Recognize deprecation
(b) record the sale
Recognize proceeds from sale and profit or loss from sale
When purchases of merchandise are made for cash, the transaction may be recorded with the following entry *
Answer:
Dr Merchandise Inventory Cr Cash
Explanation:
Based on the information given in a situation where purchases of merchandise are made for cash the transaction will be recorded in the journal entry by debiting Merchandise Inventory and Crediting Cash reason been that MERCHANDISE are current asset and Secondly merchandise are anticipated to be either sold out, used or turn them into cash within a period of one year, although it sometimes depends on the method of payment in which the merchandise was been paid for , which is why we have to Debit Merchandise Inventory Account and Credit Cash Account.
Hence:
Journal entry
Dr Merchandise Inventory
Cr Cash
the _____ adds up the market prices of final goods and services.
Answer:
Expenditure Approach
Explanation:
Philanthropists, who hold that social responsibility is justified in terms of amoral duty toward helping less-advantaged members of society throughorganized, tax-deductible charity and stewardship.
a. True
b. False
Answer: True
Explanation:
Philanthropists such as Bill Gates try to help the less-advantaged members of society by giving their time and / or raising and donating money to them to make their lives easier.
These philanthropists believe that doing so amounts to social responsibility and that such efforts should be carried out through organized, tax-deductible charity and stewardship which has led many to accuse some philanthropists of only doing good to avoid taxes.
In the water and rocks analogy for JIT:
a. water represents problems.
b. water represents inventory.
c. rocks represent waste.
d. water wears away rocks gradually just like continuous improvement programs improve quality.
Answer:
B) water represents inventory.
Explanation:
The Water and Rocks analogy can be regarded as an analogy that display a ship. The ship here symbolize a company/firm which is floating on water. The water is regarded as inventory. In a case whereby by the water level get down, the ship will hit the rock on the ground. So this analogy can allow to let defective material known. It should be noted that In the water and rocks analogy for JIT, water represents inventory.
The COSO framework encompasses three major areas of internal controls, but Section 404 of Sarbanes-Oxley only requires corporate compliance relating to the reliability of a company's financial reporting.
a. True
b. False
When the economy is in full employment, * 10 points A. unemployment is zero. B. only cyclical unemployment is zero. C. only frictional unemployment is zero. D. the natural rate of unemployment is zero. E. actual unemployment rates exceed the natural rate of unemployment.
Answer:
c
Explanation:
Full employment is when available labour in an economy are efficiently used. When there is full employment, cyclical unemployment is zero. There would still be frictional unemployment.
Frictional unemployment is unemployment that exists between the time a person leaves their current unemployment and get another job.
Explain how, if at all, each of the following transactions generates two entries (a credit and a debit) in the American balance of payments accounts, and describe how each entry would be classified in any of current, financial or capital account:
a. An American buys a share of German stock, paying by writing a check on an account with a Swiss bank.
b. An American buys a share of German stock, paying the seller with a check on an American bank.
c. The Korean government carries out an official foreign exchange intervention in which it uses dollars held in an American bank to buy Korean currency from its citizens.
d. A tourist from Detroit buys a meal at an expensive restaurant in Lyons, France, paying with a traveler's check.
e. A California winemaker contributes a case of cabernet sauvignon for a London wine tasting.
f. A U.S.-owned factory in Britain uses local earnings to buy additional machinery.
Answer:
a. An American buys a share of German stock, paying by writing a check on an account with a Swiss bank.
One foreign asset is traded for another, so US financial account is not affectedb. An American buys a share of German stock, paying the seller with a check on an American bank.
US financial account is debited when the stock is purchased and credited when the German bank lends money to a German importer that imports American goods.c. The Korean government carries out an official foreign exchange intervention in which it uses dollars held in an American bank to buy Korean currency from its citizens.
The US financial account is debited when the Korean government uses US dollars to buy Korean currency. It is credited when Korean citizens use the dollars to import American goods.d. A tourist from Detroit buys a meal at an expensive restaurant in Lyons, France, paying with a traveler's check.
The US financial account is debited when the meal is paid. Depending on which bank, French or American, issued the traveler's check, the US financial account will be credited differently. If an American bank issued the traveler's check, the case is similar to (a), but if a French bank issued the traveler's check, the US financial account will be credited when the French bank sells assets to replace the traveler's check.e. A California winemaker contributes a case of cabernet sauvignon for a London wine tasting.
No transaction occurred.f. A U.S.-owned factory in Britain uses local earnings to buy additional machinery.
One foreign asset is traded for another, so US financial account is not affected
While trying to minimize project costs, project manager Ben realized that adjusting the schedule is not completely serving the purpose. What else can Ben do to minimize project costs?
In addition to adjusting the schedule, Ben can adjust _______. For example, Ben can hire people on contract to reduce costs.
(PLATO) (No Options)
Answer:
In addition to adjusting the schedule, Ben can adjust the __project team_____. For example, Ben can hire people on contract to reduce costs.
Explanation:
To reduce project costs, Ben can find cheaper resources to manage the project. Cheaper resources have their costs, though. Profit expectation from the project can also be reduced to accommodate more costs. Employing contract team for the project is another way of reducing the costs. Lack of commitment by the temporary workers needs to be taken into consideration when hiring people on a contract basis. The project's scope contributes to its costs. Therefore, Ben can reduce the scope as part of the efforts to minimize the project's costs.
CCC Company’s most recent income statement shows (in thousands of dollars) sales $2,000, interest payments $100, and net income $140. Its most recent balance sheet shows (also in thousands of dollars) total debt financing $800. If the total asset turnover ratio computed from the company’s most recent financial statements was 1.5, what would we compute return on assets (ROA) to be? (Hint: you should use the DuPont method of analysis.) A. 4.7% B. 10.5% C. 26.7% D. 18.7% E. 3.0%
Answer:
B. 10.5%
Explanation:
The computation of the return on assets is shown below:
As we know that
Return on assets = Net income ÷ total assets
where,
Total assets is
Total asset turnover = Sales ÷ Total assets
1.5 = $2,000 ÷ Total assets
So, the total assets is $1,333.33
Now the return on assets is
= $140 ÷ $1,333.33
= 10.5%
The economy continues to descend into chaos. The stock market still moves down after it makes progress forward, and unemployment still hovers around 10%. It is going to be a while before things get better in the United States. Which of the following is the conclusion of this argument?
(1) The economy continues to descend into chaos.
(2) The stock market still moves down after it makes progress forward.
(3) Unemployment still hovers around 10%.
(4) It is going to be a while before things get better in the United states.
Answer:
(4) It is going to be a while before things get better in the United states.
Explanation:
Since in the question it is mentioned that the unemployment would be approx 10% also it remains to be continued into chaos.
So in the case when there is a fall in the economy there are various measures required to be taken such as the introduction of the price control takes by the government it helps to improve the fall that experience in the economy this would take time to return the economy in its normal states
So, the last option is correct
Anyone know the answer to this question
Answer:
b
Explanation:
fixed and variable cost
On january 1, guillen corporation had 95,0000 shares of no par common stock issued and outstanding. The stock has a state value of $5 per share. During the year, the following occurred.
Answer:
Follows are the solution to the given question:
Explanation:
Please find the complete question in the attachment file.
Market capitalization at 30 June: [tex]120000 = 95000+25000[/tex]
Dividends payable on 10 July: [tex]120000[/tex]
Actions omitted by 31 December: [tex]122000 = 95000+25000+2000[/tex]
X Stock Dividends 1.2
Dividend payments payable on 31 December: [tex]146400[/tex]
Total value is given: [tex]266400 =120000+146400[/tex]
Listed below are current asset items for Lester Company at December 31, 2019. Finished goods inventory $35,000 Cash 22,000 Prepaid expenses 2,000 Accounts receivable 4,000 Short-term investments 25,000 Raw materials inventory 17,000 Work in process inventory 23,000 Supplies 500 Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
Answer:
Current Assets :
Work in process inventory 23,000
Raw materials inventory 17,000
Finished goods inventory 35,000
Supplies 500
Accounts receivable 4,000
Prepaid expenses 2,000
Short-term investments 25,000
Cash 22,000
Total 128,500
Explanation:
Current Assets are always shows in the order of their liquidity in the Balance Sheet. That is the order in which they are quickly be converted into cash within a period of less than 12 months. Start with the Inventories to cash and cash equivalents as shown above.
