Consider a very simple representation of the before-trade Canadian and U.S. economies. Both countries produce only automobiles and food, according to the technology represented in the following production possibility frontiers: Assuming the working populations of Canada and the US is 25 and 250 respectively. a. Use well-labelled diagrams, show that Canada can gain from trade with the US. Carefully describe what will happen to Canadian production, employment, and wages after free trade with the US. Be careful to state your assumptions. b. Recognizing that the above model is a simplification of the real world, analyse the likely short- and long-run employment consequences of free trade with the US on Canadian employment and wages. c. Within four years of implementation of the Canada-US Free Trade Agreement (FTA) in 1989, employment in Canadian manufacturing dropped by 400,000. This shows that the FTA killed jobs." True or false? Explain.
Answers
a. The gains from trade can be illustrated using diagrams. In Figure 1, the pre-trade situation for Canada is depicted, and in Figure 2, the pre-trade situation for the United States is shown. The slope of the production possibility frontier represents the opportunity cost of producing the other commodity.
When both countries engage in trade, and Canada specializes in importing food and exporting cars, its production possibility frontier shifts from AB to CD. This movement indicates that Canada gains from trade as it can now consume outside of its own production possibility frontier. Trade allows Canadian consumers access to a greater variety of goods at lower prices. Assumptions for these gains from trade include identical production technology, constant costs of production, no transportation costs, and no trade barriers or international labor mobility.
b. In the short run, trade can lead to unemployment in specific sectors of the economy. Canadian workers who were previously employed in the production of cars or food may face unemployment if imports from the United States replace domestically made products. However, it is important to note that trade can also generate new jobs in the same or different sectors of the economy. While certain workers may experience job losses in the short term, others may find employment in the long term. Empirical evidence does not strongly support the notion that trade has a net negative impact on employment in the long run. Similarly, the effect of trade on wages is mixed, with some workers experiencing wage increases and others facing wage decreases.
c. The statement "Within four years of the FTA's implementation in 1989, employment in Canadian manufacturing fell by 400,000" is factually correct. However, it is misleading to attribute the job losses solely to the Free Trade Agreement (FTA). During the 1980s, several macroeconomic factors, such as the oil shock, recession, and high interest rates, adversely affected various Canadian industries, including manufacturing. These factors had already begun to harm Canadian manufacturing before the FTA was implemented. Thus, it is inaccurate to solely attribute the loss of manufacturing jobs in Canada to the FTA.
Trade brings gains through expanded consumption choices and lower prices. While trade may lead to short-term unemployment in specific sectors, it can also generate new jobs in the long term. Wage effects vary, with some workers experiencing increases and others facing decreases. When evaluating the impact of trade on employment and wages, it is crucial to consider various factors and not attribute all job losses solely to trade agreements. The 1989 FTA did coincide with a decline in Canadian manufacturing employment, but the broader economic context suggests that other factors were primarily responsible for these job losses.
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Related Questions
In one sentence, explain how the Neoclassical school of economics differs from Classical school.
Answers
Answer:
The Neoclassical school of economics differs from the Classical school in that it places greater emphasis on individual choice and market efficiency, while the Classical school focuses more on macroeconomic factors such as output and employment.
paragraph of changing place
Answers
Answer:
put the hold question in the text box
One reason a student may seek a federal student loan instead of a private student loan is that
O private loans carry a higher interest rate than federal loans.
O federal loans are obtained by banks, while private loans are backed by the government.
O federal loans must be paid back more quickly than private loans.
O private loans are only available to parents, while federal loans may be issued to the student.
Answers
Answer:
They are available to any student who meets lending standards, regardless of financial need
Explanation:
Federal student loan is funded by tax payer's money. it's usually available to all students who were born in United States as long as they can provide proof for their citizenships.
Compared to private student loan, Federal student loan does not impose a strict deadline for the students who want to take it. This means that they can pay it back when they obtain job and salary after they graduate.
Answer:
A
Explanation:
edge 2021
for both negatively skewed and positively skewed distribution, the mean is always pulled to the side with the long tail. T/F
Answers
True. For both negatively skewed and positively skewed distributions, the mean is indeed pulled towards the side with the long tail.
In a negatively skewed distribution, the tail on the left side is longer, meaning there are more extreme values on the left. This results in a mean that is lower than the median and often pulled towards the left side.
In a positively skewed distribution, the tail on the right side is longer, indicating more extreme values on the right. This leads to a mean that is higher than the median and typically pulled towards the right side.
Thus, regardless of whether a distribution is negatively skewed or positively skewed, the mean is influenced by the presence of extreme values and tends to be pulled towards the side with the long tail.
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What is Seth gordins overall message to marketers?
Answers
Answer:
“making things better, by making better things”
Explanation:
hope it helps
mark me brainliest pls
In the u.s., the highest 20% of the nation’s income earners get about __________ of the income in the nation.
Answers
In the U.S., the highest 20% of the nation's income earners the top quintile, of the nation's income.
The exact percentage can vary over time and is influenced by factors such as economic conditions and government policies, it is generally understood that the top 20% of income earners hold a substantial share of the national income.
The nation's income highlights the income disparity and concentration of wealth within the highest earners in the U.S.
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Why are banks susceptible to potential bank runs? a. Banks have short business hours and customers have difficulty accessing their funds after hours.b. Banks keep only fractional funds available much higher customer demand to withdraw funds in a short period of time may generate customer panic. c. Banks make many conservative loans at high interest rates, but pay low interest rates to depositors. d. Banks that are not competitive compared to others.
Answers
Banks susceptible to potential bank runs B.Banks keep only fractional funds available, a much higher customer demand to withdraw funds in a short period may generate customer panic.
All banks are powerless against bank runs since banks just hold a little level of stores, so on the off chance that there is a monetary emergency, there is generally the chance of banks running out of capital when individuals are pulling out their stores.
A bank run set off by dread that drives a bank into genuine indebtedness addresses an exemplary illustration of an unavoidable outcome. The bank takes a chance with default, as people continue to pull out reserves. So what starts as a frenzy can ultimately transform into a genuine default circumstance.
Hence option (B) is correct.
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If you 2,000,000,000 dollars what would you do with all that money
Answers
Answer:
put about 500,000,000 in stocks ,and 200,000,000 in bitcoin. Than start my own business save 1,100,000,000 in a bank or store it somewhere no one else can find it and than buy a beach side home and classic mustang cuz why not im rich
Explanation:
cuz I can
A form used to request the responsible person or department to purchase merchandise or other property is known as aa.receiving report.b.purchase invoice.c.purchase requisition.d.purchase order.
Answers
A purchase requisition is a form used to request the responsible person or department to purchase merchandise or other property. A purchase requisition is a formal request made by an employee or department of a company to the purchasing department or procurement department for the purchase of goods or services.
The purchase requisition process aids companies in identifying potential cost savings opportunities, enforcing purchasing policies, and managing inventory levels by tracking inventory and supply usage. A purchase requisition form is used to generate a request, which may be approved or denied by the procurement team. Once approved, the requisition becomes a purchase order. When an order is placed, the procurement team will initiate a purchase order, which is then sent to the supplier or vendor.A purchase order is a legally binding document that outlines the details of an order, such as the items to be purchased, the price, the delivery date, and the terms of payment. It is important that purchase orders are accurate and complete, as they serve as a contract between the buyer and the supplier. The purchase order process is important because it helps to prevent errors, reduce costs, and ensure that goods and services are delivered on time. In conclusion, a purchase requisition is a form used to request the responsible person or department to purchase merchandise or other property.
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how can calculating a company's earnings per share (eps) help investors?
Answers
Calculating a company's earnings per share (EPS) can help investors in the following ways:It shows how much profit is being generated per share of stock and how much of that profit is being distributed to shareholders. It can be used to compare a company's performance to that of its peers and industry standards.
EPS (Earnings Per Share) is one of the most frequently used financial metrics by investors to evaluate a company's performance. EPS is calculated by dividing a company's net income by its outstanding shares of common stock. Investors can use EPS to determine a company's profitability on a per-share basis and compare it to other companies in the same industry.
Investors can also use EPS to determine the amount of money they would receive if the company decided to distribute its profits as dividends. It is important to note, however, that EPS should not be the only metric investors use to evaluate a company's performance, as it does not provide a complete picture of a company's financial health.
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How does collaboration demonstrate professionalism
Answers
Answer: Collaboration allows people with different backgrounds to bring their expertise to the workplace, creating a larger talent pool and increasing the possibility that problems will be solved by drawing from these diverse backgrounds.
are good places to look to find your current expenses when building your budget.
A) Online research websites
B )Banks and credit unions
C)Bank and credit statements
D)Grocery stores and concerts
Answers
Answer:
C)Bank and credit statements
Explanation:
The good places to look to find your current expenses when building your budget is "Bank and Credit Statements"
This is because the credit statement is a document showing a list of transactions or money spent on goods or expenses made. This credit statement can be gotten from a bank of the person whose credit statement is under analysis or credit union.
Hence, in this case, the correct answer is Bank and credit statement.
if net income is $97 million, depreciation is $33 million, and deferred taxes are $22 million, what is the cash flow from operating activities?
Answers
If net income is $97 million, depreciation is $33 million, and deferred taxes are $22 million, then the cash flow from operating activities would be $152 million.
Cash flow from operating activities = Net income + Depreciation + Deferred taxes
Cash flow from operating activities = $97+$33+$22
Cash flow from operating activities = $152million
A cash flow is defined as a physical or virtual movement of money. It is in its narrowest definition a payment, particularly from one central bank account to another; the word 'cash flow' is most commonly used to indicate.
The amount of money a firm earns through continuing, regular business operations such as manufacturing and selling things or providing a service to clients is referred to as cash flow from operational activities (CFO).
Cash waft refers back to the internet stability of coins stepping into and out of a commercial enterprise at a selected factor in time. coins are constantly moving into and out of an enterprise. as an instance, when a retailer purchases stock, cash flows out of the commercial enterprise toward its suppliers.
The purpose of a cash glide declaration is to offer an in-depth photo of what occurred to a business's cash all through a targeted period, known as the accounting duration. It demonstrates an enterprise's capacity to function within the short and long time, based on how lots of cash is flowing into and out of the commercial enterprise.
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The cash flow from operating operations would be $152 million if net income were $97 million, depreciation were $33 million, and deferred taxes were $22 million.
A cash flow is characterized as a real-world or digital transfer of funds. In its most basic sense, it is just a transfer of funds, especially from one central bank account to another; the term "cash flow" is most frequently used to denote this.
Cash flow from operational activities refers to the money a company makes through ongoing, routine business activities like producing and selling goods or offering clients a service (CFO).
Net income plus depreciation and deferred taxes equals cash flow from operational operations.
Operating cash flow is equal to or more than $97.
$33+$22
$152 million is the cash flow from operational operations.
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This barrier of trade is when trading partners do NO trade with another country:
A. Tariff
B. Quota
C. Embargo
Answers
Answer:
C. Embargo
Explanation:
Trade Barriers are the conditions or restrictions that are imposed on the business transactions that controls the business to be sold out to the hands of foreign markets. These barriers add obstacles so that the businesses are restricted through various means. When a complete ban is imposed on the import or export of any goods to the foreign markets, the situation is termed as embargo. This type of ban is imposed for the defense purposes.
Which of the following functions would be implied authority for an apartment manager?
selling the apartment complex
selling the apartments' appliances
collecting rent from the tenants
All of the above would be included in implied authority.
Answers
The functions would be Implied authority for an apartment manager is collecting rent from the tenants.
According to the Implied authority, it is an authority that is not express or written into a contract, but it is authority an agent is assumed to have in order to transact the business for a principal.
Each partner in a business has the Implied authority to act in the name of the company. The implied authority of a partner to bind the firm conferred by this section.
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What depreciation rate (percentage) would be used for a 6-year asset when the double-declining balance method is used?
a. 33.33%
b. 16.67%
c. 8.33%
d. 25.00%
2. Which of the following terms reflects the amount of the asset’s value that is excluded from depreciation?
a. Salvage Value
b. Historical Cost
c. Accumulated Depreciation
d. Depreciable Cost
3. Which of the following methods may require an adjustment to ensure that the total depreciation doesn’t exceed the total cost, even when the asset is used for as long as expected?
a. Double Declining Balance
b. Straight Line Depreciation
c. Units of Production Depreciation
d. None of the Above
4. Calculate the depreciation expense for year 2 of a 10-year asset’s life. The asset cost $100,000 and the salvage value was $15,000.
a. $8,500
b. $10,000
c. $17,000
d. $4,250
Answers
1. The correct answer is option A. 33.33% would be the depreciation rate (percentage) used for a 6-year asset when the double-declining balance method is used. This is because when the double-declining balance method is used, the annual depreciation rate is 2 divided by the estimated useful life of the asset. Therefore, the annual depreciation rate in this case is 2/6 = 0.33 or 33.33%.
2. The correct answer is option A. Salvage value reflects the amount of the asset’s value that is excluded from depreciation. It is the estimated value of an asset at the end of its useful life.
3. The correct answer is option C. Units of Production Depreciation may require an adjustment to ensure that the total depreciation doesn’t exceed the total cost, even when the asset is used for as long as expected. This is because this method calculates depreciation based on the actual usage of the asset during the accounting period, and the expected usage over the asset’s useful life. Therefore, if the actual usage is less than the expected usage, the total depreciation may exceed the total cost.
4. The correct answer is option A. To calculate the depreciation expense for year 2 of a 10-year asset’s life, we need to use the straight-line method. The annual depreciation expense under this method is calculated as the difference between the cost and the salvage value, divided by the useful life.
Therefore, the annual depreciation expense is ($100,000 - $15,000) / 10 = $8,500. The depreciation expense for year 2 is therefore $8,500, since it is the same amount for each year.
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Consider the following price indexes: 95 in 2011, 100 in 2012, 129 in 2913, 131 in 2014, and 160 in 2015. If the cost of the market basket in 2012 is $3,500, what is the cost of the same basket of goods and services in 2015?
Answers
If the cost of a market basket of goods and services is $3,500 in 2012, the cost of the same market basket in 2015 is $5,600.
What is the market basket?According to common definitions, a market basket is a selected mix of goods and services.
The market basket is commonly used to track the price performance of a specific market or segment, especially with regard to inflation.
An example of a market basket is the Consumer Price Index (CPI). The CPI is an estimate of the average change of price paid for a specific basket of goods and services over time.
Data and Calculations:Date Price Index
2011 95
2012 100
2013 129
2014 131
2015 160
Cost of market basket in 2012 = $3,500
Cost of market basket of goods and services in 2015 = $5,600 ($3,500/100 x 160)
Thus, if the cost of a market basket of goods and services is $3,500 in 2012, the cost of the same market basket in 2015 is $5,600.
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In 1983, a hardcover dictionary cost $145. 75. If the CPI is currently 209, what would a hardcover dictionary cost today? Round to the nearest cent. A. $354. 75 b. $304. 62 c. $254. 75 d. $209. 00 Please select the best answer from the choices provided A B C D.
Answers
Therefore, the best answer is B. $304.62, which is the rounded value of $306.06 to the nearest cent.
The Consumer Price Index (CPI) helps to calculate the inflation rate that is used to adjust the value of currency.
We can use the following formula to calculate the current cost of a hardcover dictionary:
New cost = (Cost at the old time * Current CPI) / CPI at the old time
Let's solve for the new cost of the hardcover dictionary:
New cost = (145.75 * 209) / 99.6
New cost = 306.06
So, the hardcover dictionary would cost approximately $306.06 today.
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Calculate twice David works in a clothing factory. Currently, his firm pays him $40 per hour and he works 35 hours per week. Each hour he works he experiences disutility of effort from working valued at $7 per hour. In addition, should David lose his job the government will pay him an unemployment benefit of $23 per hour, for each hour he would otherwise work each week, for a maximum of 20 weeks. Prior to the coronavirus pandemic if David lost his job the expected duration of unemployment before he would find another job is 15 weeks. a. Calculate David’s (i) employment rent per hour and his (ii) total employment rent. (3 marks)
b. With the advent of the coronavirus pandemic the economy has gone into recession causing David’s expected duration of unemployment to increase to 35 weeks. Furthermore, the dramatic increase in the expected duration of unemployment has resulted in psychological stress from unemployment valued at $3 per hour. In the light of these developments re-calculate David’s (i) employment rent per hour (2 marks) and (ii) total employment rent (4 marks).
c. Describe the relationship between the size of the employment rent and (i) the expected duration of unemployment (ii) the size of the unemployment benefit per hour and (iii) the size of the psychological cost of unemployment per hour. (6 marks) please focus on question c!!!
Answers
a) (i) David's employment rent per hour is $10.
(ii) David's total employment rent is $350 per week.
b) (i) With the increased expected duration of unemployment, David's employment rent per hour is $6.
(ii) David's total employment rent is -$490 per week.
c) The size of the employment rent is inversely related to (i) the expected duration of unemployment, (ii) the size of the unemployment benefit per hour, and (iii) the size of the psychological cost of unemployment per hour.
a)
(i) David's employment rent per hour is $10 ($40 per hour wage - $7 per hour disutility of effort).
(ii) David's total employment rent is $350 per week ($10 per hour employment rent x 35 hours per week).
b)
(i) With the increased expected duration of unemployment, David's employment rent per hour is $6 ($40 per hour wage - $7 per hour disutility of effort - $23 per hour unemployment benefit).
(ii) David's total employment rent is -$490 per week ($6 per hour employment rent x 35 hours per week - $23 per hour unemployment benefit x 20 weeks).
c)
(i) The size of the employment rent is inversely related to the expected duration of unemployment. As the expected duration of unemployment increases, the employment rent decreases.
(ii) The size of the employment rent is affected by the size of the unemployment benefit per hour. A higher unemployment benefit reduces the employment rent.
(iii) The size of the employment rent is also influenced by the size of the psychological cost of unemployment per hour. If the psychological cost of unemployment increases, it would further decrease the employment rent. Overall, these factors interact to determine the magnitude of the employment rent, highlighting the complex relationship between these variables.
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a) (i) David's employment rent per hour is $10.
(ii) David's total employment rent is $350 per week.
b) (i) With the increased expected duration of unemployment, David's employment rent per hour is $6.
(ii) David's total employment rent is -$490 per week.
c) The size of the employment rent is inversely related to (i) the expected duration of unemployment, (ii) the size of the unemployment benefit per hour, and (iii) the size of the psychological cost of unemployment per hour.
a)
(i) David's employment rent per hour is $10 ($40 per hour wage - $7 per hour disutility of effort).
(ii) David's total employment rent is $350 per week ($10 per hour employment rent x 35 hours per week).
b)
(i) With the increased expected duration of unemployment, David's employment rent per hour is $6 ($40 per hour wage - $7 per hour disutility of effort - $23 per hour unemployment benefit).
(ii) David's total employment rent is -$490 per week ($6 per hour employment rent x 35 hours per week - $23 per hour unemployment benefit x 20 weeks).
c)
(i) The size of the employment rent is inversely related to the expected duration of unemployment. As the expected duration of unemployment increases, the employment rent decreases.
(ii) The size of the employment rent is affected by the size of the unemployment benefit per hour. A higher unemployment benefit reduces the employment rent.
(iii) The size of the employment rent is also influenced by the size of the psychological cost of unemployment per hour. If the psychological cost of unemployment increases, it would further decrease the employment rent. Overall, these factors interact to determine the magnitude of the employment rent, highlighting the complex relationship between these variables.
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Jackson is working late at night on a project that is due the next day. he is not sure how to print his word document, and it is too late to call or text his teacher. what what is the best option for Jackson?
Decided not to print the document
Provide negative feedback to office online
Type a question in the "tell me what to do" box
View accessibility options
Answers
Answer:
Type a question in the “Tell me what you want to do” box.
Explanation:
Did the test myself and got it right.
Answer:
click the tell me what to do box
Explanation:
Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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Suppose that a worker in Cornland can grow either 40 bushels of corn or 10 bushels of oats per year, and a worker in Oatland can grow either 5 bushels of corn or 50 bushels of oats per year. There are 20 workers in Cornland and 20 workers in Oatland. If the two countries do not trade, Cornland will produce and consume 400 bushels of corn and 100 bushels of oats, while Oatland will produce and consume 60 bushels of corn and 400 bushels of oats. If each country made the decision to specialize in producing the good in which it has a comparative advantage, then the combined yearly output of the two countries would increase by
Answers
Answer:
see. I hope it's helpful for you lolExplanation:
i need friend lol can you my friend
Davidson Corp. produces a single product: fireproof safety deposit boxes for home use.
The budget going into the current year anticipated a selling price of $71 per unit.
Because of competitive pressures, the company had to cut selling prices by 10% during
the year. Budgeted variable costs per unit are $48, and budgeted total fixed costs are
$164,000 for the year. Anticipated sales volume for the year was 18,000 units. Actual
sales volume was 5% less than budget. (1) What was the sales price variance for the
year?
Answers
Answer:
Sales price variance= $121,410 unfavorable
Explanation:
Giving the following information:
Standard selling price= $71
Actual selling price= 71*0.9= $63.9
Actual number of units sold= 18,000*0.95= 17,100
To calculate the selling price variance, we need to use the following formula:
Sales price variance= (standard price - actual price)*actual quantity
Sales price variance= (71 - 63.9)*17,100
Sales price variance= $121,410 unfavorable
Is competition good for business?
Is it good for consumers?
Answers
Answer:
yes and yes
Explanation:
which investment opportunity represents an ownership interest in a company
Answers
A business ownership stake represented by an investment opportunity is: shares or stocks.
Investors become owners of a firm by purchasing its stocks or shares. They become into shareholders and stand to gain from the business's success and expansion. Additionally, shareholders could be granted particular privileges including the right to vote on business issues and the capacity to collect dividends.
By investing in stocks, people can take part in a company's ownership and potential financial success. However, it's crucial to keep in mind that stock investments also come with dangers because stock values might change depending on the state of the market and corporate performance.
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Complete question is:
Which investment opportunity represents an ownership interest in a company?
a. shares or stocks
b. lending
c. cash
Joaquín, a human resources manager, has to lay off either of two department heads, Coral or Mike, because the downsizing process that is going on in the organization calls for the merging of their two departments. However, Joaquín cannot decide whom to lay off, since they are both excellent managers and he does not want to dismiss either of them. In this case, Joaquín is having a difficult time making a decision due to experiencing ________ conflict
Answers
Joaquin is having a difficult time making a decision due to experiencing psychological conflict.
Psychological or personal conflict refers to a situation in which a person is motivated to engage in at least two fundamentally unconnected or incompatible activities. It occurs when the vocal, linguistic, symbolic, or passionate responses required to fulfill one intention are contradictory with those needed to satisfy another.
A person who is driven to engage in two or more activities that are incompatible or mutually exclusive is said to be in personal or psychological conflict.
In this case, since Coral and mike are both good managers and Joaquindoesn't want to fire any of them, he is unable to determine who to lay off because of the mental conflict he is having.
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4 Select the correct answer. Which of these components is a part of the Central Processing Unit (CPU) of a computer?
Answers
Answer:
Control unit
Explanation:
Is a part of the "Central Ptocessing Unit (CPU)" of a computar. It is considerado a a "heart of the CPU.
Jimmy Langenberger is the president of TemPro, Inc. , a company that provides temporary employees for not-for-profit companies. TemPro has been operating for five years; its revenues are increasing with each passing year. You have been hired to help Jimmy analyze the following transactions for the first two weeks of April: a. Billed the local United Way office $ 23,500 for temporary services provided. B. Paid $ 3,005 for supplies purchased and recorded on account last period. C. Purchased supplies for the office for $ 2,600 on account. D. Purchased a new computer for the office costing $ 3,800 cash. E. Placed an advertisement in the local paper for $ 1,400 cash. F. Paid employee wages of $ 11,900. Of this amount, $ 3,800 had been earned by employees and recorded in the Wages Payable account in the prior period. G. Issued 3,000 additional shares of common stock for cash at $ 45 per share in anticipation of building a new office. The common stock had a par value of $ 0. 50 per share. H. Received $ 12,500 on account from the local United Way office for the services provided in (a). I. Billed Family & Children's Service $ 14,500 for services rendered. J. Purchased land as the site of a future office for $ 10,000. Paid $ 3,000 cash as a down payment and signed a note payable for the balance. K. Received the April telephone bill for $ 1,950 to be paid next month.
Required:
For each of the transactions, prepare journal entries. Be sure to categorize each account as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E)
Answers
Billed the local United Way office $ 23,500 for temporary services provided. Thus, option A is correct.
What is credit union?Credit union is defined as a non profit money making cooperative in which the members of that particular group can ask to borrow money from the funds available at that time with very low rate of interest. The credit union is a non profit institution but bank is a for the profit institution.
The main difference between a bank and a credit union will be that the credit union is a non profit institution but bank is a for the profit institution.
Therefore, Billed the local United Way office $ 23,500 for temporary services provided. Thus, option A is correct.
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no
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Review these recent data points related to the demand for money, and answer the following brief computational problems. 4. From Q2 2021 data, the average home value in the United States was $374,900. The average income in the United States at the same time was roughly $51,500. (i) Considering average income and average home values in the United States, how much greater is the average home value relative to income? (ii) In 1895, the Breakers estate finished construction at a cost of just over $9 million. This represented one of the three properties (the others being Oakland Farm and 1 West 57 th St in Manhattan) belonging to Cornelius Vanderbilt II. Combined, all three properties were valued at roughly $18 million. The net wealth though was estimated at $95 million. How much greater is the real estate value relate to wealth? (iii) Which of the following reasons for holding money could be reflected in the difference between the fractions in part (i) and part (ii)?
Answers
(i) The average home value in the United States is roughly 7.28 times greater than the average income.
(ii) The real estate value of the three properties is roughly 0.19 times the estimated net wealth of Cornelius Vanderbilt II.
(i) To calculate the ratio of the average home value to average income, we divide the average home value ($374,900) by the average income ($51,500). The result is approximately 7.28, indicating that the average home value is around 7.28 times greater than the average income in the United States. This suggests a significant disparity between home values and income levels.
(ii) To determine the ratio of real estate value to net wealth, we divide the combined value of the three properties ($18 million) by the estimated net wealth ($95 million) of Cornelius Vanderbilt II. The result is approximately 0.19, indicating that the real estate value is about 0.19 times the estimated net wealth. This suggests that real estate represents a relatively smaller portion of Vanderbilt's total wealth compared to other assets or investments.
(iii) The reasons for holding money that could be reflected in the difference between the fractions in part (i) and part (ii) include investment diversification and store of value. The average home value relative to income may indicate that individuals invest a significant portion of their wealth in real estate to diversify their investment portfolios or view real estate as a valuable asset for long-term value preservation. Similarly, the difference between real estate value and net wealth in Vanderbilt's case may suggest that he held a more diverse range of assets, including stocks, bonds, or other investments, in addition to real estate, to maintain and grow his wealth.
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Upper-level management uses responsibility accounting ______ to evaluate the effectiveness of lower-level managers in controlling costs and expenses and keeping within budgeted amounts.Multiple choice question.
Answers
Upper-level management uses responsibility accounting measures like cost variance analysis and expense ratio analysis to evaluate the effectiveness of lower-level managers in controlling costs and expenses. These measures provide insights into whether managers are staying within budgeted amounts and help identify areas for improvement in cost control.
Responsibility accounting is a system that assigns responsibility to individual managers or departments for certain costs or expenses. This allows upper-level management to assess the performance of these managers or departments in meeting their budgeted targets.
One common responsibility accounting measure used in evaluating cost control is the cost variance analysis. This analysis compares the actual costs incurred by a manager or department with the budgeted costs for the same period. If the actual costs are higher than the budgeted costs, it indicates that the manager or department has not effectively controlled costs. Conversely, if the actual costs are lower than the budgeted costs, it suggests effective cost control.
Another responsibility accounting measure is the expense ratio analysis. This measure compares the actual expenses incurred by a manager or department with the budgeted expenses. The expense ratio is calculated by dividing the actual expenses by the budgeted expenses. If the ratio is higher than 1, it indicates that the manager or department has exceeded the budgeted expenses, while a ratio less than 1 suggests effective expense control.
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