If the resulting elasticity value is greater than 1, the product is elastic. If the value is less than 1, the product is inelastic.
Elasticity refers to how sensitive the quantity of a product demanded is to changes in its price. A product is considered elastic if a small change in price leads to a significant change in the quantity demanded, while a product is considered inelastic if a change in price has little effect on the quantity demanded.
Now, let's apply this concept to Post Raisin Bran cereal and all types of breakfast cereals. According to MIT economist Jerry Housman, the price elasticity of demand for Post Raisin Bran cereal is -2.5. This means that a 1% increase in the price of Post Raisin Bran cereal would lead to a 2.5% decrease in the quantity of cereal demanded. Therefore, the demand for Post Raisin Bran cereal is elastic.
On the other hand, the price elasticity of demand for all types of breakfast cereals is -0.9. This means that a 1% increase in the price of all types of breakfast cereals would lead to a 0.9% decrease in the quantity of cereal demanded. Therefore, the demand for all types of breakfast cereals is inelastic.
In mathematical terms, elasticity can be calculated using the following formula:
Elasticity = (Percent change in quantity demanded) / (Percent change in price)
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a company purchases supplies for $500 cash. this transaction would be journalized with a debit to the account and a credit to the account.
A supply purchase made on credit results in a credit to accounts payable and a debit to supplies expense. For instance, a transaction might be recorded as a debit to the supplies account and a credit to the accounts receivable account when a business purchases supplies on credit.
You must create a journal entry with one debit and one credit whenever you buy materials on account. The debit is applied to the supply expenditure account, a temporary account intended to record costs that will appear on the income statement. Debit transaction the work-in-progress inventory account for direct materials and credit the raw materials inventory account.
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A brand like Home-Depot that is famous for offering home improvement products at a lower cost compared to its competitors is an example of which of the following competitive advantage strategies?
Group of answer choices
Cost Leadership
Cost Focus
Differentiation
Differentiation Focus
Answer:
Cost Focus
Explanation:
The difference between the two brands is the price of the product. And the lower cost one is more attractive to the customer. Therefore the competitive advantage strategy used is cost focus. Hope this helped!
Suppose a factory added $5,000 worth of output this year. Incidentally, the waste from this factory caused $1,000 worth of loss to the neighboring waterways. As a result, GDP will
Let's say a factory increased production by $5,000 this year. The garbage from this plant incidentally cost the nearby waterways $1,000 in damage. Thus, the GDP will rise by $5,000.
Describe GDP.The GDP estimates the monetary value of the final goods and services—those consumed by consumers—produced in a country over a given time frame (say a quarter or a year). It accounts for all the output created within a country's borders.
Products and services produced for market consumption as well as some nonmarket production, such as defense or educational services provided by the government, are both included in GDP.
Another term for entire national output is the gross national product or GNP. As a result, if a German-owned company runs a facility in the US, the output would be added to German GNP rather than US GDP.
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Correct question:
Suppose a factory added $5,000 worth of output this year. Incidentally, the waste from this factory caused $1,000 worth of loss to the neighboring waterways. As a result, GDP will
increase by $5,000.
decrease by $4,000.
increase by $1,000.
increase by $4,000.
when negative externalities occur as a result of a product market's activity, the market will ____ than is desirable.
When negative externalities occur as a result of a product market's activity, the market will produce more than is desirable.
Negative externalities are costs imposed on society that are not reflected in the market price of a good or service. These costs can include things like pollution, traffic congestion, or other environmental impacts.
When the market price does not reflect these costs, the result is a "market failure," where the market produces more than is socially desirable. In other words, the market does not take into account the full cost of production, so firms will produce more goods and services than they would if they had to pay for the full cost of their actions.
This leads to an overallocation of resources to the production of the good or service in question, and a corresponding underallocation of resources to other, more socially beneficial activities.
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Which of the following items is not a reconciling item in the income tax footnote?
a) State income taxes
b) Foreign income taxes
c) Depreciation and Amortization
d) Dividends received deduction
e) Tax-exempt municipal bond interest
C) Depreciation and Amortization is not reconciling item in the income tax footnote.
The reconciling items in the income tax footnote are those items that result in a difference between the amount of income taxes reported in the financial statements and the amount of income taxes calculated using the applicable tax rates. These items can include items that are not deductible for tax purposes, such as state income taxes and foreign income taxes, and items that are subject to special tax treatment, such as the dividends received deduction and tax-exempt municipal bond interest.
Depreciation and amortization, however, are not typically included as reconciling items in the income tax footnote because they are generally deductible for tax purposes and therefore do not result in a difference between financial statement income and taxable income.
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research online and find two software tools for bank account reconciliation. try out both tools and write a 500-word report comparing their features and benefits.
For this comparison, I chose to research and evaluate two software tools for bank account reconciliation: Bank Reconciliation Services from Sage and Bank Reconciliation from QuickBooks.
For businesses, bank account reconciliation is a critical component of financial management. Reconciling a bank account involves comparing the transactions recorded in the business’s financial records with the transactions recorded by the bank in the account statement. Reconciliation helps ensure accuracy and completeness of the financial records, and serves as an important internal control measure.
For this comparison, I chose to research and evaluate two software tools for bank account reconciliation: Bank Reconciliation Services from Sage and Bank Reconciliation from QuickBooks.
Sage Bank Reconciliation Services is a cloud-based solution that allows users to quickly reconcile their bank accounts. It is designed to help streamline the bank reconciliation process, saving businesses time and money. The software allows users to easily import bank statements, and provides an intuitive user interface for quickly reconciling transactions.
QuickBooks Bank Reconciliation is another cloud-based solution for reconciling bank accounts. It provides users with an easy-to-use interface for quickly reconciling transactions, and also allows users to easily import bank statements. Additionally, QuickBooks Bank Reconciliation provides users with reporting capabilities, allowing them to generate reports to analyze their financial data.
Sage Bank Reconciliation Services provides an audit trail feature, allowing users to easily review and approve reconciliations. Additionally, Sage Bank Reconciliation Services provides users with a range of reporting capabilities, allowing them to easily analyze their financial data. QuickBooks Bank Reconciliation does not provide an audit trail feature, and does not provide users with the same range of reporting capabilities as Sage Bank Reconciliation Services.
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(T/F) Credit unions are nonprofit depository institutions that serve members who have a common affiliation (such as the same employer or same community).
The given statement "credit unions are nonprofit depository organizations that serve members who have a common affiliation, such as the same employer or same community" is true because credit unions are nonprofit depository institutions that serve members who have a common affiliation, such as the same employer, same community, or other qualifying criteria.
Credit unions are owned by their members and exist to serve their financial needs, rather than to generate profits for shareholders. Because credit unions are nonprofit organizations, they typically offer lower fees and interest rates on loans, as well as higher interest rates on deposits, than traditional for-profit banks. Credit unions are regulated by the National Credit Union Administration (NCUA), and deposits in credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), up to certain limits.
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suppose low-income people have preferences for nonfood consumption (nf) and for food consumption (f). in the absence of any income transfer programs, a person's budget constraint is given by
The initial utility-maximizing situation for this low-income person is graphed in attachment.
What is budget constraint?Budget restrictions alter in tandem with shifting income when a consumer's income varies. With each change in the price of one of the commodities, the budget restriction moves further away from one of the end points. Budget Restraint: Prices, income, and governmental policies all have an effect on how much a consumer may spend by affecting the exchange rate at which one good can be swapped for another.
A low-income person’s budget constraint in the absence of an income transfer program is
[tex]\mathrm{NF + P_fF = I}[/tex]
where PF is the price of food relative to non-food items and NF and I are measured in terms of non-food prices (that is, dollars).
(Check the graph in attachment)
The consumer spends NF₁ amount on non-food consumption and consumes F₁ units of food items.
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the demand curve for a monopolistically competitive firm isdownward sloping because responses A. there are a large number of firms there are a large number of firms B. the product is produced by using scarce resources C. the products produced by different firms are not identical
D. it is easy for firms to enter or exit the market E. the marginal cost rises as output produced increases
The correct option D. it is easy for firms to enter or exit the market , in the monopolistically competitive firm.
Explain about the demand curve in monopolistically competitive firm?In-between is monopolistic competition. It features numerous businesses vying for customers while offering products that are unique in some way.
Examples include clothing stores that sell several apparel trends, eateries or grocery shops that offer various food varieties, and even goods that could be at least superficially comparable but have diverse public perceptions due to branding and advertising. The fact that a perfectly competitive firm may sell any amount it wants at the going market price serves as a reminder that demand curve faced by such a firm is completely elastic or flat. In contrast, a monopolist faces the demand curve, which is downward sloping because a monopolist is the one company in the market.Thus, due to the ease of entry into and exiting the market, a monopolistically competitive firm's demand curve slopes downward.
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top executives at bbt corporation set the strategic direction for the firm at corporate headquarters. bbt's local managers are then informed of these strategies and given complete freedom to implement them. which of the following management functions best describes the freedom provided local managers?
The management function that best describes the freedom provided to local managers at BBT Corporation is "organizing". So, the correct option is B.
Organizing is the management function that involves arranging resources, people, and tasks to achieve the desired goals. In this case, the top executives at BBT Corporation set the strategic direction for the firm at corporate headquarters, and local managers are informed of these strategies and given complete freedom to implement them.
This means that the local managers are responsible for organizing the resources, people, and tasks within their respective areas of responsibility to achieve the company's goals.
By providing local managers with complete freedom to implement the strategies, the top executives are delegating the responsibility of organizing the resources, people, and tasks to the local managers.
This allows the local managers to use their knowledge and expertise to make decisions about how best to organize their areas of responsibility to achieve the company's goals.
In summary, the freedom provided to local managers at BBT Corporation is related to the management function of organizing, as they are responsible for arranging resources, people, and tasks within their respective areas of responsibility to achieve the company's goals.
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Complete question is:
Top executives at bbt corporation set the strategic direction for the firm at corporate headquarters. bbt's local managers are then informed of these strategies and given complete freedom to implement them. which of the following management functions best describes the freedom provided local managers?
a) planning
b) organizing
c) decision-making
d) Leading
Suppose a study finds that drinking a daily glass of orange juice reduces the risk of heart disease. Instruction: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. What will happen to the equilibrium price and quantity of oranges? O Equilibrium price will decrease and equilibrium quantity will increaseO Equilibrium price and equilibrium quantity will decrease O Equilibrium price and equilibrium quantity will increase O Equilibrium price will increase and equilibrium quantity will decrease.
The equilibrium price and quantity of oranges will increase. The correct option is C.
What happens to equilibrium when the price is increased?Changes in supply and/or demand determinants result in a new equilibrium price and quantity. When supply or demand changes, the old price no longer serves as an equilibrium. Instead, there will be a scarcity or surplus, and prices will adjust until a new equilibrium is reached.
If demand rises while all other factors remain constant, the equilibrium price rises and the quantity supplied rises. When demand falls, the equilibrium price falls, and the quantity supplied falls.
Thus, the ideal selection is option C.
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BUSN 101 quiz3
Ivy tech community college
Ivy Tech Community College is a public institution of higher education that serves communities throughout Indiana.
What is Ivy Tech Community College?Generally, 'Established in 1963, the college offers more than 200 associate degree and certificate programs in fields such as business, health sciences, engineering, and public service.
Ivy Tech also offers online and hybrid courses and programs to provide students with the flexibility they need to pursue their educational goals.
In addition to its academic offerings, the college provides career services, financial aid services, and resources to help students succeed in their studies.
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wilson owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. the equipment had a book value of $50,000 at january 1, 2020. on january 1, 2020, wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. on april 1, 2020 simon company, a 90% owned subsidiary of wilson company, bought the equipment from wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. the following data are available pertaining to simon's income and dividends declared: 2020 2021 2022 net income $ 100,000 $ 120,000 $ 130,000 dividends declared 40,000 50,000 60,000 compute the amortization of gain through a depreciation adjustment for 2022 for consolidation purposes.
The amortization of gain through a depreciation adjustment for 2022 is $510.32.
How to Calculate Amortization of Gain through a Depreciation Adjustment?To calculate the amortization of gain through a depreciation adjustment for 2022, we first need to calculate the original cost and book value of the equipment on April 1, 2020, when Simon Company bought it from Wilson.
The equipment had an estimated useful life of 10 years when it was acquired, and as of January 1, 2020, it had been in service for (10-2) = 8 years. Therefore, the accumulated depreciation as of January 1, 2020, was $80,000 - $50,000 = $30,000.
Since Simon Company purchased the equipment from Wilson on April 1, 2020, they acquired it with an original cost of $68,250, which is the price at which it was sold by Wilson.
To calculate the book value of the equipment on April 1, 2020, we need to calculate the accumulated depreciation from January 1, 2020, to April 1, 2020. The remaining useful life of the equipment as of January 1, 2020, was 10 years, and as of April 1, 2020, it had a remaining useful life of 8.75 years. Therefore, the accumulated depreciation for the period from January 1, 2020, to April 1, 2020, is ($80,000 / 10) * (0.25) = $2,000.
Thus, the book value of the equipment on April 1, 2020, was $68,250 - $2,000 = $66,250.
To calculate the gain on sale of the equipment, we need to compare the selling price of $68,250 to the book value of $66,250. The gain on sale is $2,000.
Since Simon Company purchased the equipment with a remaining useful life of 8.75 years, they should depreciate it over this period. The annual depreciation expense is ($68,250 - $66,250) / 8.75 = $2,286.
For consolidation purposes, the gain on sale of the equipment should be amortized over its remaining useful life of 8.75 years. Therefore, the amortization of gain through a depreciation adjustment for 2022 is (8.75 - 2) / 8.75 * $2,000 - $2,286 = $510.32.
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question content area angela is frustrated that you keep asking her more questions about the photographer, but when you meet chris reminds her that he expects the photographs in both print and digital format. this is not included in the packages that you suggested, but another photographer can provide them for a higher fee. you were right to keep probing for more detailed acceptance criteria on her requirements. the photography goes well, and the couple gets the photos they want in both formats. it is now four months before the wedding. you move through your planning worksheet and meet with chris and angela to plan the catering. you break the original wbs item into more detailed tasks. you arrange meetings to interview caterers and to sample their food. angela selects one that you have not used before, but who has good reviews. the food is excellent, and the price fits the budget. the caterer sends angela an email outlining a tentative menu and pricing. she asks angela to reply to confirm their contract, with an agreement to meet again three weeks prior to the wedding to finalize headcount and any last-minute menu changes. what do you suggest that angela do before confirming the contract? A. you and angela get another reference who had a good experience with this caterer. B. angela copies the activity list from your plan into her email and commits to the order contingent on the caterer confirming her agreement to those tasks. C. you want another meeting with the caterer to discuss exactly what they will and will not do on the wedding day. D. you have already agreed on the menu, pricing, and the task list. E. you assume they will complete their work as customary in your area. F. the couple questions why you insist on yet another meeting, but ultimately agree.
The cost of commodities serves as a prominent example of a stagnating economy. In this case, we suppose that the price is determined by the same-era dynamics of supply and demand. Price, demand, and supply all apply to the same time frame.
What is meant by Statics?If two variables are functionally related and their values reflect the same time period or point in time, the analysis is said to be static.
To put it another way, static analysis or static theory is the study of static relationships between pertinent variables. The main objectives of statistics for economics are the gathering, processing, and assessment of particular economic data.
Therefore, It shows relationships among several factors, including as output, pricing, demand, and supply, among others, which helps us understand and analyse economic theories.
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which of the following reflects a way of expressing information about the amount of coffee cups producers are willing and able to produce?
a) Supply curve and supply schedule reflects a way of express-ing inform-ation about the amount of coffee cups producers that are will-ing and able to produce.
A supply schedule is a table that sho-ws the quan-tity supplied at each price. A supply curve is a graph that sho-ws the quantity supplied at each price. Some-times the supply curve is called a supply schedule beca-use it is a graphical represent-ation of the supply schedule.
A supply schedule is a tabular depict-ion of the relation-ship between price and quantity supplied, represented graph-ically as a supply curve. A firm's supply sche-dule helps to make the supply curve.
Complete question- which of the following reflects a way of expressing information about the amount of coffee cups producers are willing and able to produce?
a) Supply curve and supply schedule
b) Demand curve and demand schedule
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depreciation expense question 36 options: is listed on the income statement as a variable expense. is subtracted from the statement of cash flows. is added to the statement of cash flows because it is not an expenditure. appears only on the income statement.
Depreciation expense is added to the statement of cash flows because it is not an expenditure. Thus, option 3 is correct.
Depreciation expense on the income statement is what?The income statement lists depreciation expenditure as an expense tο reflect how much of an asset's wοrth has been depleted for the year. As a result, it is neither an asset nor a liability.
Due tο the fact that it raises a company's operational costs, depreciation is viewed as an expense fοr accounting purposes. Over the course of their useful life, machines and οther assets experience wear and tear and lose value. Depreciation expense is displayed οn the income statement.
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Complete question:
Depreciation expense:
is listed on the income statement as a variable expense.is subtracted from the statement of cash flows.is added to the statement of cash flows because it is not an expenditure.appears only on the income statement.Abdul schedules a meeting with his manager to discuss a trivial matter that could have been handled with a text message. Which of the following unethical practices does this example show?
- undermining his manager
- playing political games with his manager
- taking advantage of his manager
- wasting his manager's time
- discriminating against his manager
Abdul schedules a meeting with his manager to discuss a trivial matter that could have been handled with a text message. An unethical practices which this example show is: taking advantage of his manager. The Option C is correct.
What does an unethical practices means?Unethical practices refer to actions or behaviors that violate ethical or moral standards and principles. These practices can include actions that are harmful, dishonest, fraudulent, or unfair to others.
Examples of unethical practices in various fields include:
In business: fraud, bribery, insider trading, false advertising, discrimination, exploitation of workers, environmental violations, and other illegal or unethical business practices.In healthcare: medical malpractice, overbilling, insurance fraud, patient mistreatment, and other violations of ethical standards in patient care.In research: falsification of data, plagiarism, inappropriate use of research funds, and other unethical practices that violate research ethics.In education: cheating, plagiarism, discrimination, and other unethical practices that violate academic integrity etc.Read more about unethical practices
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T/F codes of ethical conduct adopted by corporations and professional associations have the same legal status as ordinances.
This statement is True, codes of ethical conduct adopted by corporations and professional associations have the same legal status as ordinances.
Associations refer to groups of individuals or organizations that share a common interest or purpose and work together to achieve their goals. These groups may be formed for a variety of reasons, such as to advocate for a specific cause, promote a particular industry or profession, or provide support and resources to their members.
Associations typically have a formal structure, with bylaws and a governing board, and may offer various services to their members, such as networking opportunities, training and education, and access to specialized resources. They may also engage in lobbying or other advocacy efforts on behalf of their members. Associations can be found in many different fields, including business, healthcare, education, and the arts.
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barrina bu 2000 led grow light, full spectrum with ir, 4x4ft coverage, dimmable, adjustable light panel, 816 leds, high ppfd, plant grow light for indoor plants seedling growing flowering fruiting visit the barrina store
The Barrina BU 2000 LED grow light is a full-spectrum light panel designed for indoor plant growing. It features 816 LEDs with high PPFD (Photosynthetic Photon Flux Density) output, providing a wide range of wavelengths that can support various stages of plant growth from seedling to flowering and fruiting.
This grow light is suitable for a 4x4ft coverage area and is dimmable with adjustable light panels, allowing you to customize the light intensity according to your plants' needs. It also includes IR (infrared) wavelengths, which can enhance plant growth and promote photosynthesis.
Overall, the Barrina BU 2000 LED grow light is a great choice for indoor gardening enthusiasts who want to provide their plants with optimal lighting conditions for healthy and vigorous growth.
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Which of the following would NOT create potential liability for the employer if asked during an interview?
A.Have you ever filed a workers’ compensation claim for a work-related injury or illness?
B.Your accent is beautiful, where are you from?
C.How often do you go out on dates?
D.Why do you want to work for this company?
The answer is option d. Why do you want to work for this company?, this would not create potential liability for the employer if asked during an interview.
A company's simple definition is what?A corporate structure that has a separate legal identity from its owners is a company. Due to additional reporting requirements and more serious legal obligations, it is a complex corporate structure with greater setup and administrative costs.
What does a company's introduction entail?An organization is a voluntarily created group of people who conduct business for profit or non-profit goals. These people invest in the capital by purchasing the shares into which it is divided.
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multiple versus single overhead rates, activity drivers deoro company has identified the following overhead activities, costs, and activity drivers for the coming year: activity expected cost activity driver activity capacity setting up equipment $480,000 number of setups 600 ordering costs 360,000 number of orders 18,000 machine costs 840,000 machine hours 42,000 receiving 400,000 receiving hours 10,000 deoro produces two models of dishwashers with the following expected prime costs and activity demands: model a model b direct materials $600,000 $800,000 direct labor 480,000 480,000 units completed 16,000 8,000 direct labor hours 6,000 2,000 number of setups 400 200 number of orders 6,000 12,000 machine hours 24,000 18,000 receiving hours 3,000 7,000 the company's normal activity is 8,000 direct labor hours.
The unit cost for each model using direct labor hours to apply overheads are $165 and $225
Determining the total amount for the given questions -
1) Determining the unit cost
Overhead rate = Direct labor + Ordering cost + Machine cost +Receiving/ Direct labor hour for A + Direct labor hour for B
= 480,000 + 360,000 + 840,000 +400,000 / 6,000+2,000
= 2,08,0000/ 8000
= 260
Model A cost per unit
= Direct material +Setting up /Units +(Direct labor hour × Overhead rate/Units
=(600,000+480,000)/16,000 +( 6,000 × 260/16,000)
= 165
Model B cost per unit
= 800,000 + 480,000 / 8,000 + (2,000 × 260/8,000 )
= 225
2) Determining the unit cost for each model using the four activity drivers
Model A cost
=((Direct material + direct labor)+(direct labor×no. of setups / number of setup) + (ordering cost x orders / machine hours) + (machine costs x orders/ machine hours) + (receiving×receiving hours/ receiving hours)) / Units
= (( 600,000+ 480,000) + ( 480,000 × 400/600) + ( 360,000× 12,000/ 18,000) +( 840,000 × 18,000/42,000) + ( 400,000 × 3,000/10,000)) / 16,000
= 32.50
Model B cost
= (( 800,000+ 480,000) + ( 480,000×200/600) + ( 360,000 × 12,000/18,000) +( 840,000 × 18,000/42,000) + ( 400,000 × 7,000/ 10,000))/8,000
= 290
3) The more accurate cost assignment is produced by Activity Driver Method.
Complete Question:
Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity Setting up equipment $480,000 Number of setups 600 Ordering costs 360,000 Number of orders 18,000 Machine costs 840,000 Machine hours 42,000 Receiving 400,000 Receiving hours 10,000 Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Model A Model B Direct materials $600,000 $800,000 Direct labor $480,000 $480,000 Units completed 16,000 8,000 Direct labor hours 6,000 2,000 Number of setups 400 200 Number of orders 6,000 12,000 Machine hours 24,000 18,000 Receiving hours 3,000 7,000 The company's normal activity is 8,000 direct labor hours. Required: 1. Determine the unit cost for each model using direct labor hours to apply overhead. Unit Cost Model A $ Model B $ 2. Determine the unit cost for each model using the four activity drivers. Round your answers to nearest cent. Unit Cost Model A $ Model B $ 3. Which method produces the more accurate cost assignment?
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suppose the market price of pizzas in a university town recently decreased. economics students studying at the university are discussing potential causes of the price decrease. one group of students theorize that the price decreased because a new type of pizza oven allows pizza shops to make a pizza in half the time. others claim the decrease in the price of pizzas is because of a recent decrease in college student enrollment.
The answer is, The supply curve will shift rightward, According to the first group, the price of pizza decreased due to the price of dough which means that the supply of pizza will increase and the supply curve will shift rightward.
What does supply mean in plain terms?Supply is a fundamental economic concept that describes the overall quantity of a specific good or service that is made available to buyers. Demand and it are extremely tightly tied to one another. Prices of a given good or service decline as supply outpaces demand.
What's a good illustration of supply?For instance, if the cost of video gaming consoles rises, a company will produce more of them. If video game console prices fall, the opposite is true. If the price is $200 per system, the corporation might sell 1 million, but if it goes up to $300 per system, they might sell 1.5 million.
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The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008, and 2018. The U.S. price level rose consistently over the period 1968–2018.
a. Why is real GDP greater than nominal GDP for all years until 2008 and lower for 2018?
The value of GDP fell dramatically after 2008.
There was inflation until 2008 and deflation after 2008.
The base year is 2012, and prices rose from 1968 to 2018.
Because 2012 is the base year, real and nominal GDP in years prior to 2012 are equal, but price changes post‑2012 drove them apart.
Calculate the percentage change in real GDP for the following periods (round answers to the nearest tenth):
1968–1978:
%
1978–1988:
%
1988–1998:
%
1998–2008:
%
2008–2018:
%
Which period had the highest growth rate?
1968–1978
1978–1988
1988–1998
1998–2008
2008–2018
It takes inflation into account, real GDP is frequently favored over nominal GDP. Thus, in real (constant-dollar) terms, if nominal GDP increased by 4% in a given year but inflation was 5%, it actually decreased by 1%.
For what reason is real GDP lower than nominal GDP each year after 2012?The total value of all goods produced in a nation over the course of a single year is measured by both the nominal GDP (GDP) and the real GDP (Real GDP). However, while nominal GDP is not adjusted for inflation, real GDP is. As a result, nominal GDP is almost always slightly higher than real GDP.
In the United States, why has nominal GDP grown faster than real GDP over time?Because of the ever-increasing prices of goods and services, which indicate a higher rate of inflation, nominal GDP in the United States has grown faster than real GDP over time.
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clay and marian are married and will file a joint return.marian is a u.s. citizen with a valid social security number. clay is a resident alien with an individual taxpayer identification number (itin).marian worked in 2022 and earned wages of $32,000. clay worked part-time and earned wages of $18,000.the washingtons have two children: erin, age 12 and jenny, age 18.the washingtons provided the total support for their two children, who lived with them in the u.s. all year. erin and jenny are u.s. citizens and have valid social security numbers.7. the washingtons qualify for the credit for other dependents. true or false
It is true that Clay and Marian Washington who provided the total support for their two children, who lived with them in the U.S. all year will qualify for the child tax credit for other dependents.
What is child tax credit?This tax credit, worth up to $2,000 for each qualifying child, helps to offset the costs of raising children. A person must earn more than $2,500 to be eligible for a Child Tax Credit refund.
For 2022, the Credit for Other Dependents is worth up to $500 and the Child Tax Credit is worth up to $2,000.
According to the IRS, a dependent is defined as a qualifying kid (a child who is under the age of 19, under 24 if they are full-time students, or any age if they are permanently and totally incapacitated), or a qualified relative.
The Washington's would be qualified for the credit for other dependents as Washington's as both come under age 19 which is a condition for qualifying.
Therefore, the statement is true.
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which of the following accounts are listed in a post-closing trial balance? (select all that apply.) check all that apply salaries expense salaries expense supplies supplies retained earnings retained earnings dividends dividends service revenue service revenue
Salaries expense, suppliers and dividends are listed in post-closing trial balance.
What is Salaries expense?Salaries expense is the cost incurred by a company for the compensation paid to its employees. This includes all forms of payment to employees, including salaries, wages, bonuses, commissions, and benefits. The salaries expense is a significant expense item for most businesses, and it is critical to accurately track and record all employee-related costs to ensure accurate financial statements. In addition, the salaries expense also includes employer contributions to employee benefits such as health insurance, retirement plans, and payroll taxes. It is important for companies to budget for salaries expense, as it is a significant factor in determining profitability and cash flow. Effective management of salaries expense requires a combination of proper staffing levels, competitive compensation, and efficient payroll processes.
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Chi Homework 6 Ramort Company reports the following for its Single product. Ramort produced and sold 21,200 units this year. Part 2013 I Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price $ 16 per unit $ 18 per unit 5.9 per unit $42.400 per year 5.2 per unit $ 66,400 per year 5.78 per unit 153 DO Ramont doubles its production from 21.200 to 42,400 units while sales remain at the current 21.200 unit level () Computer gross profit when production is 42,400 units under absorption costing (b) What is the change in gross profit by increasing production from 21.200 units to 42.400 units under absorption costing cBook Complete this question by entering your answers in the tabs below. o Deferences Required A Required Compute gross profit when production is 42,400 units under absorption costing. RAMORT COMPANY Gross Profit (Absorption Costing! Sales Cost of goods sold Gross prot 1,653 600 Required
The Computer gross profit when production is 42,400 units under absorption costing would be equal to 200.
A managerial accounting technique known as "absorption costing," also known as "full costing," is used to record all expenses related to producing a specific product. This strategy accounts with all expenditures, both direct and indirect, including rent, insurance, direct labor cost, and direct labor. Absorption costing is authorized for auditing under generally accepted accounting standards (GAAP), while variable costing is not. With just this technique of costing, increased charge is added to the final inventory, which is passed over as a liability towards the following decade's balance sheet. When employing absorption costing, costs on the net income are lower since more costs are paid for that in ending inventories.
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A follower with low-level motivation and mid-to-high level ability to complete the job benefits from a. A leader who provides a high level of support b. A leader who directs tasks carefully c. A leader who stays out of the day-to-day tasks d. A leader who is both a cheerleader and authoritarian
A follower with low-level motivation and mid-to-high level ability to complete the job benefits from leader who is both a cheerleader and authoritarian. Option D is correct.
Leadership: What Is It?In business, leadership is the ability of a company's management to set and achieve difficult goals, act quickly and decisively when necessary, outperform the competition, and motivate others to perform at their best.
Why is leadership important in management?Leaders provide direction and vision, inspire others to achieve the organization's goals, and contribute to the creation of a successful environment by encouraging team members to communicate and work together.
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Assume you are a hotel manager who is very concerned about providing quality guess services. List three critical topics you would discuss in a guest service training session presented to all new employees at the time of their orientation.
Introduce staff, highlight a role of fulfilling guests, & cover how to focus. Train kids to talk with users in a safer way. Be open to them. Be cheery at all days if deal to guest, so not call us run or feel uneasy.
Staff: Who are they?All of the workers at a company or, more specifically, all of the teachers at a school are collectively referred to as "the staff" when using the term "staff." A long metal stick or rod with a specified use, such as a stick or a weapon, is another entirely different definition of the word "staff."
Why is staff needed?The term "staff" refers to an organization's workforce as a whole. It may refer to a specific group of employees or to all employees. In the military, the phrase has a distinct human relations meaning. It can be used as a verb to supply labor, such as by staffing a department.
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william and nigel decide to start a partnership business. they ask their friend sophia to become a limited partner in order to help them with additional funds to get the business started. which of the following statements about sophia would be correct if she becomes and remains a limited partner in this scenario?A. She may be involved in management of the business but to a rather limited degree. B. She cannot be entitled to any share in the profits of the business. C. She may lose her investment if the business fails, but she will have no personal liability for partnership debts. D. She may be considered an employee and therefore will be entitled to wages for the services she rend to the partnership.
In the given situation the correct option is (C) if the company fails, Sophia might lose her investment, but she won't be held personally liable for partnership debts.
What do we mean by partnership debts?Initially, creditors will demand that the company pay its own debts.
The creditors may ask the individual partners to make payments if the company is unable to.
For the firm's obligations, partners are "jointly and severally accountable."
This implies that any partner is subject to legal action by the company's creditors.
In a general partnership, each partner is entirely responsible for the partnership's debts and liabilities, including those resulting from capital or finance commitments as well as judgment-related damages.
So, if the company fails, Sophia might lose her investment, but she won't be held personally liable for partnership debts.
Shareholders in a corporation and limited partners who do not engage in management risk losing their investment if the company fails.
However, they are no longer liable to the company's creditors or the people who were harmed by the company's negligence.
Therefore, in the given situation the correct option is (C) if the company fails, Sophia might lose her investment, but she won't be held personally liable for partnership debts.
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the sales projections for travel-space trailers appear to be valid and reasonable. the company has researched the market and has determined the potential demand for their products. the demand for travel-space trailers company products is high. the company has a good reputation and their products are well-made. the market for their products is good, and they have a lot of repeat customers. according to fessler
According to marketing strategy, "the market plan for the product is inadequate" is one of the four typical reasons why new products may fail.
Business markets are the markets where transactions between businesses take place, to put it simply. In such markets, one company sells its goods to clients who do not ultimately make use of the goods' benefits but rather utilize them to produce new benefits. In the example provided, a corporation is buying a product from another company to incorporate into a different product. As a result, the example case shows the business market. A "product failure" occurs when a company is unable to meet the strategic Objectives & Key Results (OKRs) targets set for the product. So, in this case, it can be claimed that there are many possible causes for new products to fail.
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