Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) The Dividends account is closed to Retained Earnings Sales Returns and Allowances is closed with the expense accounts. Sales Discounts is closed with the revenue accounts. Merchandise Inventory is closed with the expense accounts. Sales Discounts is closed with the expense accounts. The Dividends account is closed to Income Summary. Cost of goods sold is closed with the revenue accounts. Sales is closed as a revenue account. Cost of goods sold is closed with the expense accounts.
Answers
Answer:
The dividends account is closed to retained earnings
Sales Discount is closed with the revenue accounts.
Cost of goods sold is closed with the expense accounts.
Sales is closed as a revenue account.
Sales returns and allowances is closed with the expense accounts.
Explanation:
The dividends account is closed to retained earnings. Dividends are returns paid to shareholders either annually, semi-annually as a result of their investment in a company. They are revenue accounts hence closed to retained earnings.
Cost of goods sold refers to the opening stock plus purchases , less closing stock. It is an expense hence closed with the expense account.
Sales refers to total inventories sold hence recognised as revenue and closed as a revenue account.
Sales return and allowance are also charged as expenses . Sales return is when goods are returned by the buyers either due to defects hence reduces charged with the expense account.
Answer:
Sales is closed as a revenue account
Cost of goods in closed with the expense accounts
Sales discounts is closed with the expense accounts
Sales Returns and allowances is closed with the expense account
The dividends account is closed to retained earnings
Explanation:
Answer key
Related Questions
I need a an idea of followership introduction help me!
Answers
Followership refers to the role, behavior, and actions of individuals who are not in a leadership position, but rather, they support and collaborate with their leaders to achieve shared goals. Followership is an essential aspect of organizational success, as it complements leadership and fosters a harmonious work environment.
Effective followers exhibit characteristics such as being proactive, taking responsibility, and engaging in open communication with their leaders. They also possess the ability to think critically and provide valuable feedback for the betterment of the team. By embracing the principles of followership, individuals contribute positively to the overall performance and morale of the organization.
It is important to note that followership does not imply blind obedience or passivity. Instead, it involves active engagement and collaboration with leaders to achieve common objectives. In this dynamic relationship, leaders and followers must work together, learn from each other, and adapt to changing circumstances.
In conclusion, followership is a vital component of successful organizations and plays a significant role in accomplishing shared goals. By cultivating strong followership skills, individuals can effectively support their leaders, enhance team performance, and contribute to the growth and success of the organization.
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A 20% increase in sales causes EPS to rise from $4.00 to$6.50. Assuming the firm has no debt, what is its degree of operating leverage (DOL)?
A. 3.13 B. 2.25 C. 1.50 D. 1.57 E. 1.00
Answers
Answer:
A
Explanation:
DOL = Percentage change in EBIT / percentage change in sales
EPS = {(EBIT - Interest) × (1 - T) } / Shares
The firm has no debt, so interest would be zero
EPS = EBIT × (1 - T) / Shares.
Tax rate and number of outstanding shares remain unchanged.
Percentage Change in EPS = EBIT.
Percentage Change in EPS = (6.5 / 4) - 1 = 0.625 = 62.5%
EBIT = 62.5%
Percentage change in sales= 20%
DOL = 62.5% / 20% = 3.13
Assume the following budgeted information for a merchandising company:
Budgeted sales (all on credit) for November, December, and January are $258,000, $228,000, and $219,000, respectively.
Cash collections of credit sales are expected to be 70% in the month of sale and 30% in the month following the sale.
The cost of goods sold is always 70% of sales.
Each month’s ending inventory equals 20% of the next month’s cost of goods sold.
40% of each month’s merchandise purchases are paid in the current month and the remainder is paid in the following month.
Monthly selling and administrative expenses that are paid in cash in the month incurred a total of $30,000.
The monthly depreciation expense is $29,500.
(The expected cash collections from customers in December are:)
A. $266,900.
B. $237,000.
C. $243,780.
D. $225,300.
Answers
To calculate the expected cash collections from customers in December, we need to first calculate the total credit sales for each month, the cash collections for each month, and the accounts receivable balance for November and December.
Total credit sales for November = $258,000
Total credit sales for December = $228,000
Total credit sales for January = $219,000
Cash collections for November sales:
70% * $258,000 = $180,600
Cash collections for December sales:
70% * $228,000 = $159,600
30% * $258,000 = $77,400
Total cash collections for December = $159,600 + $77,400 = $237,000
Cash collections for January sales:
70% * $219,000 = $153,300
30% * $228,000 = $68,400
Total cash collections for January = $153,300 + $68,400 = $221,700
Next, we need to calculate the accounts receivable balance for November and December:
Accounts receivable balance for November:
$258,000 * 30% = $77,400 (not collected in November)
Accounts receivable balance for December:
$228,000 * 30% = $68,400 (not collected in December) + $77,400 (from November) - $159,600 (collected in December) = $-13,800 (this is a credit balance, which means that there is an excess of cash collections from November sales)
Since the question is asking for the expected cash collections from customers in December, the answer is
B. $237,000.
The expected cash collections from customers in December are $243,780. Final expected cash collections from customers in December = $340,200 - $77,400 = $262,800. The answer is OPTION C,
To calculate the expected cash collections from customers in December, we need to consider the cash collections of credit sales for November and December.
For November's credit sales:
Cash collections = November sales * Cash collection rate for the month of sale
Cash collections = $258,000 * 70% = $180,600
For December's credit sales:
Cash collections = December sales * Cash collection rate for the month of sale
Cash collections = $228,000 * 70% = $159,600
Total expected cash collections in December = Cash collections from November + Cash collections from December
Total expected cash collections in December = $180,600 + $159,600 = $340,200
However, we also need to account for the fact that 30% of November's sales will be collected in December:
Additional cash collections = November sales * Cash collection rate for the month following the sale
Additional cash collections = $258,000 * 30% = $77,400
Final expected cash collections from customers in December = Total expected cash collections - Additional cash collections
Final expected cash collections from customers in December = $340,200 - $77,400 = $262,800
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63 On January 1, a company had the following equity account balances: Retained earnings $200 Paid-in capital $150 The following information was true about the company during the year: • Shareholders invested an additional $70 cash in the business. • The company's net loss for the year was $100. • Dividends for the year were $20. It is unusual, but not impossible, for a company to pay dividends even in a year in which it reports a net loss instead of net income. What is the company's retained earnings at the end of the year?
Answers
At the end of the year, the company's retained earnings would be $80.
What is Retained Earning?The term "retained earnings" refers to the portion of a company's profits that is retained rather than distributed to shareholders as dividends. It represents a company's accumulated profits that have not been distributed as dividends. Retained earnings can be put to use for a variety of things, such as reinvesting in the company, paying off debt, buying back shares, or providing the business with a cushion during difficult economic times.
The computation for the organization's held income toward the year's end would be:
Dividends = $20 Retained Earnings = $200 - $100 - $20 = $80 Beginning Retained Earnings = $200 Net Income/Loss = -$100 (since the company had a net loss of $100) Dividends = $20
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In what circumstances would a property insurance claim be rejected?
Answers
The circumstances that could make a property insurance claim to be rejected are policy exclusions, failure to disclose information, non-payment of premiums, lack of coverage, policy conditions not met, misrepresentation or fraud, and wear and tear or maintenance issues.
What are these circumstances?Property insurance claims can be rejected for various reasons. While the specific circumstances may vary depending on the policy and insurance provider, here are some common situations in which a property insurance claim may be denied:
1. Policy exclusions: Insurance policies typically have specific exclusions listed in the terms and conditions. If the cause of damage or loss falls within these exclusions, the claim may be rejected. Common exclusions include acts of war, intentional acts, neglect or lack of maintenance, and certain natural disasters not covered by the policy.
2. Failure to disclose information: When applying for property insurance, it's crucial to provide accurate and complete information. If the insured fails to disclose relevant details about the property or provides false information, the claim could be denied. For example, if a homeowner fails to disclose a previous claim or provides inaccurate details about the property's security features, the claim may be rejected.
3. Non-payment of premiums: Insurance policies require regular premium payments to remain in force. If the insured fails to pay premiums within the grace period, the coverage may lapse, and any subsequent claims may be denied.
4. Lack of coverage: Insurance policies have specific coverage limits and deductibles. If the claimed loss exceeds the policy's coverage limit or falls below the deductible amount, the claim may be rejected or only partially paid.
5. Policy conditions not met: Insurance policies often have conditions that must be met to validate a claim. For example, the insured may be required to notify the insurance company promptly after the loss occurs, provide documentation and evidence of the damage, and cooperate fully during the claim investigation process. Failure to meet these conditions could result in claim denial.
6. Misrepresentation or fraud: If the insurance company determines that the insured intentionally misrepresented information or engaged in fraudulent activities to obtain coverage or make a claim, the claim will likely be rejected. This includes submitting falsified documents, inflating the value of the claimed items, or staging the loss.
7. Wear and tear or maintenance issues: Property insurance typically covers sudden and accidental damage rather than damage resulting from wear and tear, lack of maintenance, or pre-existing conditions. If the insurer determines that the damage is a result of normal wear and tear or inadequate maintenance, the claim may be denied.
It's important to carefully review the terms and conditions of your insurance policy and promptly report any losses to your insurance company to maximize the chances of a successful claim.
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Your friend Stan owns a coffee shop in a monopolistically competitive industry. One day, Stan tells you (an economist) that he is earning an economic profit and is setting his price equal to his marginal cost. Is Stan producing the profit-maximizing amount of coffee? What should he do?
Answers
In a monopolistically competitive industry, each firm has some control over the price it sets due to product differentiation.
Stan mentioned that he is earning an economic profit and setting his price equal to his marginal cost. To determine whether he is producing the profit-maximizing amount of coffee, we need to consider a few factors.
1. First, let's understand the relationship between price, marginal cost, and profit maximization. In a competitive market, profit maximization occurs where marginal cost equals marginal revenue. However, in monopolistic competition, firms have some market power, so the profit-maximizing quantity occurs where marginal cost equals marginal revenue, not price.
2. Setting the price equal to marginal cost does not necessarily guarantee profit maximization. If Stan's price is equal to marginal cost, it means that he is covering his variable costs, but it does not take into account his fixed costs. To maximize profit, Stan should set his price above marginal cost, considering both variable and fixed costs.
3. If Stan is currently earning an economic profit, it suggests that he may not be producing the profit-maximizing amount of coffee. In monopolistic competition, firms tend to have excess capacity, meaning they produce less than the quantity that would minimize average total cost. By increasing his output, Stan may be able to reduce his costs and increase his profit.
Considering these factors, here are a few suggestions for Stan:
- Conduct a cost analysis: Stan should evaluate his fixed and variable costs to understand the full picture of his expenses. By knowing his costs, he can set a more informed price and determine the profit-maximizing quantity.
- Consider demand elasticity: Stan should also assess the price elasticity of demand for his coffee. If demand is relatively elastic, a small price increase may result in a significant decrease in quantity demanded, potentially reducing his profits. On the other hand, if demand is inelastic, Stan may be able to increase his price without a significant drop in sales.
- Experiment with pricing: Stan could consider experimenting with different prices to find the optimal point that maximizes his profit. By monitoring customer response to different prices, he can identify the price that generates the most revenue while covering his costs.
By taking these steps and considering the unique characteristics of monopolistic competition, Stan can better position his coffee shop for long-term success and profitability.
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Vince plans to open a self-serve grooming center in a storefront. The grooming equipment will cost $365,000, to be paid immediately. Vince expects aftertax cash inflows of $79,000 annually for 7 years, after which he plans to scrap the equipment and retire to the beaches of Nevis. The first cash inflow occurs at the end of the first year. Assume the required return is 13 percent. What is the project's Pl?
Answers
The answer is "PI is less than 1" so, the project should not be accepted.
The computation of the Pi is shown below:
As we know that,
Profitability index = Present value of cash inflows ÷ Initial investment
The Present value of cash inflows:
PVA = Periodic amount × (1 - (1 + interest rate) - time period ÷ interest rate)
= $67,000 × (1 - (1 + 13%) - 7 ÷ 13%)
= $67,000 × (1 - ( 1+ 0.13) - 7 ÷ 0.13)
= $67,000 × (1 - ( 1.13) -7 ÷ 0.13)
= $67,000 × (1 - 0.42506064374) ÷ 0.13)
= $67,000 × (0.57493935626 ÷ 0.13)
= $67000 × 4.422610432
= $296,314.90
Now the Profitability index is
= $296,314.90 ÷ $325,000
= 0.9117
As, the PI < 1 so the project should not be accepted.
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Critically discuss SIX causes of differences in accounting practices used in different countries.
You must discuss, with relevant examples, how a particular factor contributes to or leads to a particular difference in accounting practices.
Answers
Answer:
Six causes of differences in accounting practices used in different countries is explained below with detail explanation.
Explanation:
The following are six problems of the variation in Accounting practice practiced in different nations.
Environmental FactorsLegal SystemsCultural DifferenceTaxationFinance providersInflationLegal System :
The legal system of a nation performs an essential role in the development of Accounting policies.
Taxation :
In some countries, Accounting and Taxation are dependent on each other. Whereas in other countries they are independent.
Inflation :
Inflation doesn't remain the same for every country. Uniform accounting practice cannot be followed because of this reason.
Cultural Differences/Diversity :
Cultural diversity plays a pivotal role in the Accounting practice of each country. Cultural practices lead to different practices being followed across the globe.
Environmental Factors :
Many countries have started to incorporate environmental Accounting in their financial statements.
The brothers who created The GFB early on began shopping the product to independent coffee shops and then expanded into grocery and natural food stores. These choices represent which core aspect of marketing?
Answers
Answer:
Marketing channels.
Explanation:
Marketing Channels is one of the core aspects of marketing which enables a company to marketize its products, services, and brand identity to it's customers.
The Gluten Free Bars (GFB) are the vegan bars created by Marshall and Elliot Rader (brothers). The brothers created the GFB in 2010, and heralded the gluten-free industry.
To marketize their products, they used the element of marketing channels. They first reached to their possible customers by shopping their products to independent coffee shops, then to grocery and natural food stores. They used the channels of independent coffee shops, grocery and natural food stores to marketize their products and services to their possible customers.
Thus the correct answer is that they used marketing channels aspect of marketing.
The concept of operant conditioning is a part of the broader concept of ________, which argues that behavior follows stimuli in a relatively unthinking manner.
a. equity theory
b. expectancy theory
c. cognitive behavioral therapy
d. behaviorism
e. humanism
Answers
Option C. cognitive behavioral therapy
What does cognitive behavioral therapy mean?Cognitive-behavioral therapy (CBT) is a therapeutic approach that helps identify negative or useless patterns of thought and behavior. CBT is designed to help you recognize and investigate how emotions and thoughts can affect your behavior.
In most cases, CBT is a step-by-step process that helps a person take step-by-step steps towards behavioral change. For example, a person with social anxiety may start by simply imagining a social situation that induces anxiety. Then they can start practicing conversations with friends, family and acquaintances.
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Department 1 of a two department production process shows: Units Beginning Work in Process 10,000 Ending Work in Process 50,000 Total units to be accounted for 160,000 How many units were transferred out to Department 2?
Answers
Answer:
20000 for ending work 100000 total & 320000 are accounted for
The new owner of a beauty shop is trying to decide whether to hire one, two, or three beauticians. She estimates that profits next year (in thousands of dollars) will vary with demand for her services, and she has estimated demand in three categories, low, medium, and high. NUMBER OF BEAUTICIANS DEMAND LOW MEDIUM HIGH One 50 75 100 Two 0 100 100 Three (100 ) 70 300 If she feels the chances of low, medium, and high demand are 50 percent, 20 percent, and 30 percent respectively, what are the expected annual profits for the number of beauticians she will decide to hire?
Answers
Answer:
the expected annual profit for the number of beauticians is $70,000
Explanation:
The computation of the expected annual profit for the number of beauticians is shown below:
= 50 × 0.50 + 75 × 0.20 + 100 × 30
= 25 + 15 + 30
= 70
= $70,000
hence the expected annual profit for the number of beauticians is $70,000. The same is to be considered
All other information that are mentioned should be ignored
Identity 2 reasons why it is important for a young adult to establish credit.
Answers
Explanation:
Establishing credit is essential for young adults, as it involves supporting their financial needs in the long run.
Reason 1: Establishing credit reflects a borrower's creditworthiness.
When you apply for a credit card, acquire a vehicle through financing, and even renting an apartment or buying a home all involves the creditors looking at the timeliness of your payments. Credit cards or any type of loans are forms of debt (liabilities). Creditors are also in the business of making money. Thus, they want to make sure that they are loaning their funds to a trustworthy borrower.
The creditors try to determine whether you are only making minimum payments on your credit card, or if you're paying your debt in full by the due date. All of these factors reflect on your responsible use of finances and creditworthiness, which are the basis of your credit score as a borrower or debtor. If your're making your payments on time and are reasonably paying for your debt, then you're able to build up your credit history. Hence, the creditors will see you in a positive light the next time you apply for a loan. The higher your credit score, the lower your interest rates will be.
Reason 2: Employers run credit reports on job applicants.
Creditworthiness as a reflection of an individual's financial responsibility also has a positive bearing on how an employer views you as a prospective employee. Employers want to hire trustworthy and reliable individuals. Thus, financial responsibility is highly relevant, especially when you're applying for positions that involve handling money or finances as a part of your job.
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, the designation often results in a promising career with a lucrative salary. A student of finance is curious about the average salary of a CFA charterholder. He takes a random sample of 36 recent charterholders and computes a mean salary of $162,000 with a standard deviation of $36,000. Use this sample information to determine the 90% confidence interval for the average salary of a CFA charterholder.
Answers
The confidence interval for the average salary of a CFA charter holder : ( 1,49,820, 1,74,180)
We assume that the salary of CFA charterholders is typically distributed.
Let the salary of CFA charter holders be = x
ATQ
n = 36 and x = 1,62,000
Degree of freedom :
df = 35 [ df= n-1]
s= $36,000
Significance level :
a = 1 - 0.95
= 0.05
Using the t-distribution table,
Ta/2, df = t(0.025), 35
= 2.030
95% confidence interval for the average salary of a CFA charterholders
1,62,000 + (2.030). 36000/√36
= 1,62,000 +- 12180
= ( 1,62,000 - 12180, 1,62,000 + 12180)
= ( 1,49,820, 1,74,180)
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Which of the following is true if you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels?
Answers
If you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels, the Marriott’s Best Rate Guarantee policy comes into effect.
Marriott’s Best Rate Guarantee policy is a commitment to providing the lowest rate possible. If you find a lower rate within 24 hours of booking through one of Marriott’s direct channels, Marriott will match that rate and offer an additional discount of 25%.
This policy applies to any Marriott brand including Ritz-Carlton, St. Regis, Westin, Sheraton, Aloft, and othersYou need to first book your reservation through Marriott’s direct channels like Marriott.com, the Marriott Mobile app, Marriott Bonvoy app, the Marriott Reservation Center, or directly with the hotel.
After that, you should look for lower rates on other third-party websites. If you find a lower rate within 24 hours, contact Marriott’s Customer Care team, and they will match that rate plus an additional discount of 25%.The policy does come with some terms and conditions.
The lower rate you find on the third-party website must be for the same hotel, same room type, same dates, same number of guests, same currency, and with the same booking conditions. It also excludes rates that are only available to members of certain groups or organizations, package rates that include flights, car rentals, and other amenities, and rates that are not available to the general public
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Which of the following usually carries the highest interest rates?
Answers
Answer:
What is the following?
When two or more people get together for the purpose of circumventing prescribed controls, it is called:______
a. Collusion
b. Assignment of Responsibilities
c. A Division of Duties
d. Fraud Prevention
Answers
Answer:
a. Collusion
Explanation:
Collusion can be defined as an illegal, secret and uncompetitive agreement between rivalry parties in attempt to destroy the market equilibrium through actions such as illegal-pricing.
Hence, when two or more people get together for the purpose of circumventing prescribed controls, it is called collusion.
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The main purpose of internal controls is to guarantee that loss is eliminated as there's an accurate and reliable accounting system.
An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.
Hence, internal controls if properly executed helps to increase operational efficiency, protect and safeguard assets, provides accurate financial information, prevents fraudulent or unlawful behaviors, timeliness of financial records and reporting
Class Work (2 individuals)
1. Rama company issues 120000 10% debentures of $ 10 each at a premium of 10%.
The costs of floatation are 4%. The rate of tax applicable to the company is 55%.
Complete the cost of debt capital.
Answers
The cost of debt capital for Rama company is 5.2%.
To calculate the cost of debt capital for Rama company, we need to consider the interest paid on the debentures, the premium received on the debentures, and the costs of floatation.
Firstly, we can calculate the total amount of funds raised by issuing the debentures:
120,000 debentures * $10 face value = $1,200,000
Since the debentures are issued at a premium of 10%, the company receives an additional amount of:
$1,200,000 * 10% = $120,000
However, the cost of floatation is 4%, which means that the company has to pay:
$1,200,000 * 4% = $48,000
Therefore, the net amount of funds raised by the company is:
$1,200,000 + $120,000 - $48,000 = $1,272,000
Next, we need to calculate the interest paid on the debentures. The debentures carry an interest rate of 10%, which means that the annual interest payable by the company is:
$1,200,000 * 10% = $120,000
However, since the debentures are issued at a premium, the interest paid is tax-deductible. Therefore, the after-tax cost of debt can be calculated as follows:
Interest paid on debentures * (1 - tax rate)
= $120,000 * (1 - 55%)
= $120,000 * 0.45
= $54,000
Finally, we can calculate the cost of debt capital using the following formula:
Cost of debt capital = (interest paid - tax shield) / net amount raised
= ($120,000 - $54,000) / $1,272,000
= $66,000 / $1,272,000
= 0.052 or 5.2%
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LENGAGE |
1
MINDTAP
y It-Ch. 14 Assignment
2.
3.
O
Cindy Jo's Hair Salon is concerned about its rising costs of supplies, energy, and labor, so it is considering investing in better equipment, which
hopefully will reduce the time required to perform most hairstyles as well as result in better perceived quality by its customers. It predicts that
the added investment will increase output levels as well as reduce energy costs, since some of the new equipment (hair dryers) use less
electricity.
Inputs and Outputs
Hairstyles per week
Labor costs per week
Energy costs per week
Material costs week
Capital investment
Productivity
Current (this year)
Current (this year)
290
$950
$390
$360
50
Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate
calculations. Round your answers to three decimal places.
haircuts/dollar
haircuts/dollar
haircuts/dollar
haircuts/dollar
Q Search this course
>
Expected (next year)
360
$990
$335
$395
$13,000
Expected (next year)
haircuts/dollar
haircuts/dollar
haircuts/dollar
haircuts/dollar
Labor
Energy
Material
Total
What is the percentage change in total productivity? Do not round intermediate calculations. Round your answer to two decimal places.
Check My Work
Answers
The percentage change in total productivity 1. %increase = 13.3%
2. a. Increase = 11.5%
b. Increase = 37%
c. Increase = 10.8%
How to calculate Current and Expected year?
Productivity = total output/ total input
Productivity = weekly hairstyle/ (weekly labor cost + weekly energy cost + weekly material cost)
1. Current productivity:
Productivity = $0.15 per hairstyle
Expected productivity:
Productivity = 300/(1010+350+325)
Productivity = $0.17 per hairstyle
% increase = ($0.17/0.15) -1
%increase = 13.3%
2. a. labor productivity
productivity =total output/total input
current productivity = 250/960
current productivity = $0.26 per hair style
Expected productivity = 300/1010
Expected productivity = $0.29 per hair style
Increase = (0.29/0.26) -1
Increase = 11.5%
b. energy productivity
current productivity = 250/400
current productivity = $ 0.62 per hairstyle
expected productivity = 300/$350
Expected productivity = $0.85 per hairstyle
Increase =(0.85/0.62)-1
Increase = 37%
c. material productivity
current productivity = 250/300
current productivity = $0.83 per hair style
expected productivity = 300/$325
Expected productivity = $0.92 per hairstyle
Increase = (0.92/0.83)-1
Increase = 10.8%
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How does the ipencil film explain the economics concepts of rational behavior and economic self intrest
Answers
The iPencil film explains rational behavior and economic self-interest by illustrating how the market works. The film shows how different participants in the market make decisions based on their individual interests.
What do you know about iPencil film?
iPencil is a documentary film that follows the journey of the Apple Pencil from concept to production. The film reveals the incredible engineering, design, and manufacturing process that goes into making the Apple Pencil. The film focuses on the development of the Pencil's unique features, such as its pressure sensitive tip, palm rejection, and tilt sensitivity. It also highlights the use of advanced manufacturing technologies such as CNC machining, injection molding, and laser engraving. The film dives into the story of the amazing people involved in the development of the Pencil and the passion they put into making the product. It offers an inside look at Apple's culture and the innovation that is behind the development of the Pencil. iPencil is a must-see film for anyone interested in the history and development of the Apple Pencil.
So, The iPencil film explains rational behavior and economic self-interest by illustrating how the market works.
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Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms).
A. Report the long life of a company in shorter periods
Answers
The term with their definition which are as follows:
CustomersIncreases in assets or decreases in labiltiesRecord revenuesWhat are the interpretation of these terms?Customers, and collect cash from customers D Record revenues when earned and expenses when incurred.
E Increases in assets or decreases in labilties from peripheral transactions F An asset account used to record cash paid before penses have been incurred
G Record revenues when earned and measurable (when the company transtes promised goods or services to customers, and in the amount the company expects to receive) H. Decreases in assets or increases in liabilities from peripheral transactions.
Therefore, the correct answer is as given above
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What sections make up a balance sheet?
Assets
Capital
Liabilities
Owner's Equity
Answers
assets, liabilities, and equity.
you will choose one federal agency to discuss in an informative essay. You should do outside research and write an essay on the structure of the agency and it’s function
Answers
The Department of Homeland Security (DHS) oversees the movement of individuals and merchandise across the United States as well as the protection of the national frontiers.
What is the role of department of Homeland Security?To protect the United States from potential terrorist acts and some other natural calamities, the Department of Homeland Security (DHS) is in charge.
All DHS Units immediately report to the Office of the Secretary under DHS organizational structure. The Secretary and Deputy Secretary, this same Chief of Staff, the Counselors, alongside their separate staffs make up the Office of the Secretary. There is no Component to which this staff is attached.
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Which of the following statements regarding public speaking is the most accurate?
1. Language theories (general semantics) tell us that meanings are in words themselves, not in the interpretation of those words.
2. The language spoken by the greatest number of people on the planet is English.
3. Spoken language includes more personal pronouns and more expressive, emotional, colloquial, slang, and nonstandard words.
4. Language is simply something we use; it is not part of who we are or how we think.
Answers
Answer:
it's 1 because the language theories tell us how we are supposed to use the proper form of words in speaking
Which of the following matters should never be discussed in a text message?
1 Resources available
2 Number of clients
3 Tasks or duties
4 Absences
Answers
Resources available, number of clients, tasks or duties, and absences should never be discussed in a text message.
All of the mentioned matters, including resources available, number of clients, tasks or duties, and absences, are sensitive and important for the smooth functioning of a business or organization. However, some of these matters are better suited for discussion in person, over the phone, or through email rather than in a text message. Text messages may not provide enough context, clarity, or security for discussing sensitive or confidential matters. Moreover, text messages may not be easily searchable or retrievable, making it difficult to refer back to important information. Therefore, it is advisable to avoid discussing matters such as resources available, number of clients, tasks or duties, and absences in a text message. These matters are better discussed in person, over the phone, or through email where there is more room for explanation, context, and security.
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You have a credit card bill from ABC Credit for a total of $3,754. Please group the transactions within the appropriate T-Accounts based on the chart of accounts in your resources section. Within that balance the following transactions are listed:
$420 Office Supplies
$334 Auto (company van payment)
$1500 123 Computers to Go
$250 Electric Company
$100 Water
$150 Good Steak House (company luncheon)
$250 ABC Office Supplies
$100 Fuel Stop
$650 Furniture
Answers
Credit card bill from ABC credit have listed a number of expenses made, these needs to be posted according to the relevant accounting heads.
What is Accounting?Accounting is the calculation of cash, in other terms it is the study of debit and credit. The accounting teaches the treatment of different transactions, the transactions are divided in different heads, asset, expense, income, liability and capital.
T Accounts should be made as follows.
Assets
DR $1500 Computers
DR $650 Furniture
DR $334 Van Payment
Expenses
DR $420 Office Supplies
DR $250 Electric Company
DR $100 Water
DR $250 Office Supplies
Petty Expenses
DR $150 Steak House
DR $100 Fuel Stop
The expenses are distributed among the heads that they are relevant to, petty expenses only contains the payment for expenses that are immaterial in nature and amount, Asset account have the payments made for assets.
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As a producer and seller of athletic shoes, apparel, and equipment, Nike sells
gross domestic products
goods
services
supplies
Answers
As a producer and seller of athletic shoes, apparel, and equipment, Nike sells goods.
Goods are tangible products that people buy to satisfy their wants and needs. Goods can be classified into two categories: consumer goods and producer goods.Consumer goods are items purchased by consumers for their own use and enjoyment, while producer goods are used by businesses to produce other goods and services.Therefore, Nike sells goods, which are tangible products such as athletic shoes, apparel, and equipment.Nike is a leading producer and seller of athletic shoes, apparel, and equipment. The company is one of the largest players in the sportswear industry and is recognized globally for its high-quality products and innovative designs. As a producer and seller of these goods, Nike contributes significantly to the gross domestic product of many countries. The gross domestic product is the total value of goods and services produced in a country within a particular period.For more questions on Nike
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Parker Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $50,000 and 20,000 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year, it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. Required: a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet. b. Determine the underapplied or overapplied overhead for the year.
Answers
Answer:
Instructions are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (50,000/20,000)
Predetermined manufacturing overhead rate= $2.5 per direct labor hour
Now, we can determine the total cost and unitary cost of Job 461:
Direct labor hours= 1,500/5= 300
Total cost= 4,000 + 1,500 + 2.5*300= $6,250
Unitary cost= 6,250/100= $62.5
To calculate the under/over allocation, first, we allocate overhead for the whole company:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 2.5*24,000= $60,000
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 54,000 - 60,000
Under/over applied overhead= $6,000 overallocated
Explain the types of utility and the role marketing plays in their creation.
Answers
Based on the marketing concept, various utilities seek to enhance the product's usefulness to customers in a way that persuades them to make a purchase. E.g. Form, time, place, etc.
What is Marketing Utility?Marketing Utility is a term that is used to describe the idea that the promising way to sell a product to a consumer is to show them how the product could provide value to their life.
Generally, Marketing Utility includes the integration of a product into a customer's lifestyle by underlining how it can figure out a problem related to the consumer's needs.
Types of Marketing Utility are:FormTimePlaceInformationAlso, the role of marketing in utility helps develop a value proposition of products that explains the unique benefits a commodity can provide to consumers.
Hence, in this case, it is concluded that Marketing Utility is vital in the product's sales.
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If you were a manager in a company that operates in many countries, what criteria would you use to determine whether an application should be developed as a global application or as a local application?
Answers
As a manager in a company that operates in many countries, I would consider the following criteria to determine whether an application should be developed as a global application or a local application:
Market demand: The first criterion would be to determine if there is a global market demand for the application. If the application addresses a need that is common across multiple countries, it makes sense to develop a global application. However, if the application is specific to a particular country or region, it may be better to develop a local application.
Cultural considerations: Cultural differences between countries can be a significant factor when deciding whether to develop a global or local application. Certain features that are accepted or preferred in one country may not be well-received in another. Therefore, it is essential to understand the cultural preferences of the target audience and design the application accordingly.
Language: If the application requires support for multiple languages, it may make more sense to develop a global application. In contrast, a local application would only need to support the primary language spoken in the country or region.
Legal requirements: Legal and regulatory requirements can differ significantly from country to country. Therefore, it is essential to ensure that the application complies with local regulations, including privacy laws, data protection laws, and other relevant regulations.
Cost considerations: Developing a global application can be more expensive due to the need to consider cultural, legal, and language differences. Therefore, cost considerations should be taken into account when deciding between a global or local application.
By considering these criteria, a manager can determine whether an application should be developed as a global application or a local application.