a limitation of 1,550 machine-hours per week prevents golden leaf manufacturing company from meeting the sales demands for its products. the product information is as follows: r1 r2 r3 r4 unit selling price $450 $300 $175 $300 unit variable costs (300) (125) (100) (150) unit contribution margin $150 $175 $75 $150 machine-hours per unit 10 10 10 15 assuming demand for each product is as follows: r1 50 units; r2 80 units; r3 25 units; and r4 10 units, what is the best short-run profit maximizing strategy?
Answers
The best short-run profit maximizing strategy is $23,450.
A monopolistically competitive company optimizes profits or minimizes losses in the short run by producing the amount where marginal revenue equals marginal cost. The company will make an economic profit if the average total cost is lower than the market price.
How is short-run profit determined?
Profits from the sale of an asset that a company has owned for less than a year are referred to as short-term profits. By deducting the price, you paid for an asset at the beginning of the year from the sale price you got for the item, you may figure out your short-term gains. Four important elements can contribute to profitability. Costs are coming down, turnover is going up, production is going up, and efficiency is going up.
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Related Questions
an arrangement that allows two or more individuals to split a traditional 40-hour-a-week job is called . job sharing telecommuting job rotation gainsharing flextime
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When two (or more) employees share a full-time job's responsibilities, they each work a part-time schedule. Alternatively, two (or more) employees who have unrelated part-time jobs share the same budget line.
What advantages does job sharing offer?Advantages of job sharing for the worker : Take advantage of the flexibility of part-time work. Skills and knowledge exchange between job sharers. While changing the structure of their hours, they maintain their degree of seniority with their company. Maintaining an enhanced work/life balance while meeting the demands of a demanding role.
In order for a job to be considered shared, both employees must be responsible for the majority of its duties and work together to complete them. As an illustration, two workers might share a single Community Health Nurse role. The majority of these benefits and drawbacks are applicable to part-time work in general.
Greater sharing of knowledge and skills : When you work together with other employees, you can discuss many elements of the job and trade talents and expertise. Employees can learn a lot more quickly from other employees who are performing the same job as them, especially if they are new to the position or the business.
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bims corporation uses the weighted-average method in its process costing system. the assembly department started the month with 2,800 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. an additional 63,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 22,000 units in the ending work in process inventory of the assembly department that were 60% complete with respect to conversion costs. what were the equivalent units for conversion costs in the assembly department for the month? multiple choice 43,800 82,200 55,040 57,000
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The solution is 59,400.
The required details for weighted average method in given paragraph
Each data point's value is multiplied by the allotted weight in a weighted average before being added together and divided by the total number of data points. The accuracy of the data can therefore be increased by using a weighted average. To keep track of the cost basis of shares purchased at various points in time, stock investors utilize a weighted average.
Weighted average approach
Units moved to the next department equal 4,400 + 67,000 - 30,000 = 41,400 units. Units started into production equal 4,400 + 67,000 - 30,000.
Transfer of Conversion Units to the Following Department 41,400
completing ongoing work:
(30,000 units x 60%) conversion 18,000
Equivalent production units: 59,400
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in 2009, the u.s. dollar was very weak compared to the euro, the currency used by most of the countries in the european union. who would benefit most from this situation?
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In 2009, the u.s. dollar was very weak compared to the euro, the currency used by most of the countries in the European Union. German tourists visiting New York City for two weeks would benefit most from this situation.
Currency is any form of standardized money used or circulated as a medium of exchange, such as banknotes and coins. A more general definition is that a currency is a monetary system that is commonly used over time within a particular environment, especially for people in a nation-state.
Currency can be divided into three monetary systems: paper money, commodity money, and representative currency depending on what guarantees the currency's value (the economy as a whole and the government's physical metal reserves). Some currencies are legal tender in certain jurisdictions or for certain purposes. B. Payments to governments (taxes) or government agencies (fees, fines). Others are traded simply for their economic value.
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While the practice of forming an o with the thumb and index finger indicates ok in american culture, in japan it means __________.
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The sign that is used for OK in the United States (a thumb and an index finger form a circle, other fingers are stretched out) means “money” in Japan.
For most English-speaking countries, the Ok gesture of America denotes permission, agreement, and that everything is fine. In Japan, the one-handed ring expression is used to represent money, and the circular shape of the fingers represents a coin. The sign is sometimes used to avoid verbal awkwardness when discussing or requesting money. In other contexts, it may imply a bribe or other illegal financial transactions, or it may indicate an open invite to enter into business negotiations.
In other parts of the world, the sign can also be used to express money, banking transactions, wealth, or the cost of an item.
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Suppose an entrepreneur in New Hampshire wanted to expand her supply of maple syrup and maple sugar products to compete with similar businesses in the state. She knows she has to stay within fair market prices, especially since maple products are seasonal.
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An entrepreneur who aims at widening or expanding her industry in New Hampshire should put into consideration the following:
She should understand more about advertisment skillsThe entrepreneur should be raise enough resources needed to expand and compete in the labour market.How to expand the supply of products and compete in the labour market.For an entrepreneur to remain relevant in the labour market, there need to be a high level necessary skills to retain good patronage from consumers. This can be achieved by making sure one have the relevant information about the goods and services you want to compete with when it comes to supplying it.
Within the context of the task given above, the expansion of maple sugar and maple syrup can only be successful when there is good capital resources to venture into it and great marketing strategies.
In conclusion, we can now confirm from the explanation made above that an entrepreneur can move his / her business forward by high level of advertisment to the right consumers.
Complete question:
Suppose an entrepreneur in New Hampshire wanted to expand her supply of maple syrup and maple sugar products to compete with similar businesses in the state. She knows she has to stay within fair market prices, especially since maple products are seasonal. What should this entrepreneur consider when planning to expand her business?
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under which of the following circumstances would unethical behaviour more likely occur? select one: a. when employees are not well paid b. when others engage in unethical behaviour c. when there is lack of enforcement of the rules that do exist d. when there are too many rules
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Option c. when there is lack of enforcement of the rules that do exist would unethical behaviour more likely occur.
Unethical behaviour is an action that falls outside of what is considered morally right or right for a person, a profession, or an industry. people can behave unethically, as can corporations, experts, and politicians.
Unethical conduct may be described as movements which are towards social norms or acts which might be considered unacceptable to the general public. ethical behavior is the exact opposite of unethical conduct.
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The doctrine that allows a creditor to seek recovery from the purchaser of assets even when the purchaser did not expressly assume such liabilities as part of the purchase is called?.
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Successor Liability a rule of state law that permits a creditor to sue the buyer of assets for obligations that weren't taken on as part of a transaction. The idea of successor liability is more frequently used in the contexts of products liability, environmental cleanup, and employment law.
What is Successor Liability?
The idea of successor liability is more frequently used in the contexts of products liability, environmental cleanup, and employment law. In general, the asset acquisition process does not instantly transfer the seller's liabilities to the asset buyer. However, if a court decides that the requirements of one of the following exceptions are satisfied, the buyer may occasionally be held accountable for the seller's obligations:
The obligations are impliedly or expressly assumed by the buyer.According to state law, the deal constitutes a de facto merger.To know more about doctrine, refer:
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given: department a 8,000 sq. ft., department b 5,000 sq. ft., and department c 6,000 sq. ft. the percent of overhead expense applied to department c to the nearest whole percent will be:
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The percent of overhead expense applied to department c to the nearest whole percent is 32%.
The percent of overhead expense of department C is the proportion or the share of department C;s occupation compared to total.
Total area = department A + department B + department C
= 8,000 + 5,000 + 6,000
= 19,000 square feet
Percent of overhead expense of department C
= area of department C / total area x 100%
= 6000/19,000 x 100% = 32% ( to the nearest whole percent)
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why is price an important indicator of quality that consumers use when purchasing services? multiple choice question. consumers prefer very low prices for services. because services are intangible, evaluating quality directly is difficult. while legal restrictions on pricing practices affect goods, services are free to use almost any pricing tactic. because of stiff competition in services industries, price competition is common.
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The correct answers will be - (b), (c) and (d), as evaluating the price of services are really very difficult, that is why it is an important indicator of quality.
Your cash flow is impacted by the prices you set for your services. If done incorrectly, it could harm your professional image. For this purpose, it's important to be strategic with your pricing and establish a long-lasting formula to make sure you get paid and generate a positive profit.
Service pricing is the plan you follow to set your pricing so they are reasonable for your clients and profitable for your organization. Although it's not usually so straightforward in practice, service pricing. For service businesses, there isn't a "one size fits all" answer.
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the office supplies account had a balance at the beginning of year 3 of $4,000 (before the reversing entry). payments for purchases of office supplies during year 3 amounted to $25,000 and were recorded as expense. a physical count at the end of year 3 revealed supplies costing $4,750 were on hand. reversing entries are used by this company. the required adjusting entry at the end of year 3 will include a debit to:
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Office supply expenditure of $750. is the required adjusting entry at the end of year 3 will include a debit to
If office supplies are included as an expense, the entry will be as follows:
Cost of office supplies AC Dr.
To Cash an Acc.
The closing balance of the supplies on hand is then valued.
according to books, $4000
According to the current supply inventory, $4,750
$4,750 less $4,000 equals $750 as the difference.
This will be noted in the Office Supplies Expense category because only supplies are noted in this account.
hence, the appropriate choice is
Office supply expenditure of $750.
Full question is given below
The Office Supplies account had a balance at the beginning of year 3 of $4,000 (before the reversing entry). Payments for purchases of office supplies during year 3 amounted to $25,000 and were recorded as expense. A physical count at the end of year 3 revealed supplies costing $4,750 were on hand. Reversing entries are used by this company. The required adjusting entry at the end of year 3 will include a debit to:
a. Office Supplies Expense for $750.
b. Office Supplies for $750.
c. Office Supplies Expense for $24,250.
d. Office Supplies for $4,750.
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PLEASE HELP!!!! I’ll give you brainliest!!
What is a worksheet?
A) a feature of OneNote
B) a file in Excel
C) an application for Word
D) a spreadsheet in Excel
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In response to increased consumer demand for healthful beverages, some soft-drink companies introduced new product lines of flavored water and fruit juices in order to ________blank their product mix.
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In response to increased consumer demand for healthful beverages, some soft-drink companies introduced new product lines of flavored water and fruit juices in order to broaden their product mix
Product mix sometimes referred to as product portfolio, is the full set of products and or/or services offered by a company or business. The product mix has three dimensions:
Width or breadth, which is the number of product lines offered by a company.Length, which is the total number of products offered in a product mix.Depth, which is the variation within a product line.Expanding a product mix may help a company to its consumer's preferences or demands. If successful, it may generate profits for the company as well as give a better company brand image.
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________ is a form of distribution aimed at having a product available in every outlet where target customers might want to buy it.
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Intensive distribution aims to have a product available in every store where potential buyers might wish to purchase it.
Potential Buyer refers to a non-Buyer who receives a HIP from the Seller or his agent and relies on a Search Report in it in order to consider purchasing the Land.
Any person (other than Parent or its designees) who has obtained confidential information about the Company or any of its Subsidiaries in connection with an actual or Potential Buyer, proposal, or offer to I enter into a merger, share exchange, business combination, reorganization, consolidation, or similar transaction involving the Company or any of its Subsidiaries, (ii) acquire the beneficial ownership of any equity interest in the Company, or (iii) make any other similar transaction is referred to.
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if a deed restriction prohibits a use permitted by zoning, then: select one: a. zoning controls. b. the deed restriction controls. c. neither will prevail. d. the nature of the use will be the controlling factor.
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If a deed restriction prohibits a use permitted by zoning, then the deed restriction controls. So the correct answer choice is option (b).
What is a deed restriction?a constraint imposed on how property described in a deed in the chain of title may be used is regarded as a deed restriction. The restriction runs with the land when the property is transferred and is typically unremovable by subsequent owners.
A specific kind of deed restriction is a restrictive covenant. Limitations on the use of the property are one type of restriction.
how big the lot is.the building's height.the building's materials or design, whether or not it is built on the site.The US Supreme Court has found that some deed limitations, such as those that forbid the sale of land to specific racial or ethnic groups, are unenforceable.
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you are planning to make monthly deposits of $390 into a retirement account that pays 8 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement account be in 25 years?
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The amount in the retirement account in 25 years is $456,492.67.
Estimating the amount:
Since the $390 monthly deposit, Here, the interest rate is 8% each month. Furthermore, the duration is 25 years.
Here, we've used the formula for the annuity's future value.
[tex]FVA = C[\frac{[(1 + r)^{t-1}]}{r} ][/tex]
[tex]FVA = 390[\frac{[(1 + (\frac{0.08}{12} ))^{(25 \;*\;12)-1}]}{\frac{0.08}{12}} ][/tex]
[tex]FVA = 390[\frac{[(1 + (\frac{0.08}{12} ))^{300-1}]}{\frac{0.08}{12}} ][/tex]
FVA = $456,492.67
Thus, The amount in the retirement account in 25 years is $456,492.67.
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in many situations an employee initially receives cash and thus has custody. because this cannot be avoided, good control dictates that . multiple select question. two people should open the mail the employees opening the mail should prepare the bank deposit checks should be endorsed immediately
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It dictates that the remittance advice should be sent to the controller's office for recording and cash should be deposited daily and intact.
The treatment of individuals inside a company is key to long-term fraud prevention. Genuine concern for the professional and personal needs of their subordinates and fellow managers can be demonstrated by managers and supervisors at all levels, and subordinates can reciprocate by showing concern for one another and their bosses.
Missing cheque cancellations raise suspicion. However, banks no longer give their customers their cancelled cheque back. Instead, copies of the cheque fronts are sent with the bank statement, which is frequently received online. This information is adequate for account reconciliation, but it does not contain the details that could help a business or auditor identify or look into potential frauds.
The risk of a major misstatement for each pertinent assertion discovered for the cash balance must always be taken into account when evaluating the architecture of internal controls relating to cash.
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bernice is a supervisor who wants to motivate her employees using the job characteristics theory to guide her efforts. one step bernice should take is to:
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One step Bernice should take is to provide her employees with constructive feedback on how to do their jobs well.
What is Job Characteristics Theory ?A theory of work design is the theory of job characteristics. In organizational settings, it offers "a set of practical principles for enhancing tasks." The original version of the job characteristics theory proposed a model of five "core" job characteristics, including skill diversity, task identity, task significance, autonomy, and feedback, that influence five work-related outcomes, including motivation, satisfaction, performance, absenteeism, and turnover, through three psychological states.
In the 1960s, work redesign initially gained traction. Up until that point, the general belief was that jobs should be made simpler in order to increase production, but it was discovered that when workers were required to perform highly routine and repetitive tasks, the benefits of simplification occasionally vanished as a result of employee dissatisfaction. Instead of reducing employment to a list of monotonous chores, it was suggested that they be enhanced in ways that increased motivation. The Job Characteristics Theory was born from this perspective.
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maurice would like to own a train store and operate it by himself. he has enough money to open it and operate it on his own and elects to do so. what form of business is this?
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A sole proprietorship is a company that is owned and operated by just one person, and in which there is no legal separation between the owner of the company and the company itself. It's the most straightforward way to run the company.
Explain about the Sole proprietorship?A sole proprietorship is simple to set up and offers you total management over your company. If you conduct business operations but don't register as any other type of business, you are automatically regarded as a sole proprietorship.
A sole proprietorship has many advantages, including little paperwork and inexpensive setup. There is also how simple it is to maintain. It's actually the simplest and least expensive form of business you may start, according to the SBA.
A person who runs an unincorporated business alone is known as a sole proprietor. However, if you want to operate your domestic limited liability company (LLC) as a lone member.
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a cpa is preparing a presentation for a public accounting firm's workshop on internal control. the presentation includes discussion of the five components of internal control described in the aicpa's auditing standards. which section of the generally accepted auditing standards describes the first of the five components of internal control?
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If a cpa is a public accounting firm's internal control workshop, then AU-C 315.15 of the generally accepted auditing standards (GAAS) explains the first of the five components of internal control.
The Board is required under the Sarbanes-Oxley Act of 2002, as amended, to define by rule the auditing and related firm's professional practice standards that registered public accounting firms must adhere to when writing auditing standards reports for public companies, other issuers, and broker-dealers.
For financial statement audits for fiscal years ending on or after December 15, 2020, the following the generally accepted auditing standards (GAAS) explains the first of the five components of internal control. is a list of firm's PCAOB auditing standards. The presentation covers a study of the five internal control components listed in the auditing standards of the aicpa.
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true or false: in wto rules, the escape clause allows for the imposition of restrictions on unfairly traded imports that cause or threaten harm to domestic industry.
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Medicare and social security are mandatory spending categories funded by which type of taxes that are withheld from your paycheck?.
Answers
Medicare and social security are mandatory spending categories funded by payroll taxes which are withheld from paycheck. Payroll taxes are also known as FICA taxes. (FICA means Federal Insurance Contributions Act.)
Thus, a labor's Social Security payments are mostly based on how much they contributed to the system through payroll taxes. Take note, too, that the employee and employer share this tax.
The Social Security Act is a law that deals with the issues as well as the vulnerability of financial stability of the people who aged. And actually, it was only implemented during 1930s! It has basically evolved through time to include a wide range of initiatives for all the qualified workers and their families.
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2. elani intends to sell her jet ski for $2,500. when she learns chin is interested in buying a used jet ski, she sends him an e-mail offering to sell the jet ski to him. while typing the email, however, elani mistakenly keys in the price of $1,500. chin immediately sends elani an email reply accepting her offer. is elani bound by the contract? why or why not?
Answers
Chin accepts Elani's offer right away and replies to him via email. Elani is then legally bound by the deal, absolutely.
Most individuals are aware that in order for a transaction to be legally binding, the law often demands a written, signed agreement. Most individuals are unaware that email communication can also fulfill the criteria established by law and, taken as a whole, constitute a legally enforceable contract.
Any deal that is legally enforceable is referred to as a "binding contract." This implies that if you enter into a legally enforceable contract and fail to uphold your half of the agreement, the other party may file a lawsuit against you. being required to fulfill a duty as a result of a pledge, legislation, etc.
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an income statement for sam's bookstore for the first quarter of the year is presented below: sam's bookstore income statement for quarter ended march 31 sales $ 980,000 cost of goods sold 680,000 gross margin 300,000 selling and administrative expenses selling $ 110,000 administrative 124,000 234,000 net operating income $ 66,000 on average, a book sells for $70. variable selling expenses are $4 per book with the remaining selling expenses being fixed. the variable administrative expenses are 3% of sales with the remainder being fixed. the net operating income using the contribution approach for the first quarter is:
Answers
The net operating income using the contribution approach for the first quarter is $214,600
What is income?
The money that an individual or company receives in exchange for labor or products is referred to as income. Income can be defined differently depending on the context, such as taxation, accounting records, or economic analysis.
Most people define income as their total earnings from wages and salaries, investment returns, pension distribution patterns, and other receipts. For businesses, income includes revenue from selling services and products, as well as any dividends and interest received on cash accounts and stockpiles related to the business. Income is defined and measured differently by economists. Their concept of income will correlate to the purpose of their research, whether it involves earnings, savings, consumption, production, finance, public investment, or other related topics and subtopics.
The following formula is used to calculate the Contribution Margin:
Contribution Margin = Sales-Cost of Goods Sold-Variable Selling
Expenses - Variable Administrative Expenses
Number of Books Sold = Sales Reported/Average Selling per Book
= $980,000/$70 = 14,000$ books
Number of Books x Selling Expense pre unit = 14,000 books x $4 per book = $56,000
Reported Sales x 3% = $980,00 x 3% = $29,400
Contribution Margin = $980,000 - $680,000 - $56,000 - $29,400
= $214,600
The contribution margin rate is $214,600
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old southwest canning co. has determined that any one of four machines can be used in its chili-canning operation. the cost of the machines are estimated below, and all machines have a 5-year life. if the minimum attractive rate of return is 25% per year, determine which machine should be selected on the basis of a rate of return analysis.
Answers
Machine 4 should be selected on the basis of a rate of return analysis, because the present worth is least negative value i.e. -81,407.04
Using the formulae;
PW = CU + [(c÷r) × [tex][1-(1+r)^-^n]][/tex]
Where PW = Present worth
CU = First cost, C = AOC, r = MARR = 25% = 0.25, n = 5 years
So, for Machine 1;
PW1 = -28,000 + [(-20,000÷0.25) × [tex][1-(1+0.25)^-^5][/tex]]
PW1 = -28,000 + [(-20,000÷0.25) × 0.67232]]
PW1 = -81785.6
For Machine 2;
PW2 = -51,000 + [(-12,000÷0.25) × 0.67232]]
PW2 = -81,785.6
For Machine 3;
PW3 = -32,000 + [(-19,000÷0.25) × 0.67232]]
PW3 = -83,096.32
For Machine 4;
PW4 = -33,000 + [(-18,000÷0.25) × o.67232]]
PW4 = -81,407.04
∴ After comparing the values of all four machines we concluded that PW4 is the least negative.
Hence, Machine 4 should be selected.
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the decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds are best described as .
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These are best described as Product positioning.
What is Product Positioning?
The decisions and actions aimed to establish and maintain a certain concept of the company's product (compared to competing brands) in customers' thoughts are referred to as product positioning.
Product positioning is forming a distinct image of the nature of the product and the advantages of purchasing it in the minds of consumers within the targeted category. Segmentation's complement is positioning.
Product positioning and product repositioning are essential in today's dynamic marketing and sales environments. In product positioning, a certain product notion is implanted in the customer's head. In the end, it refers to how a product is viewed in relation to specific features when compared to rival items.
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carlos, age 19, is a full-time graduate student at city university. during 2022, he received the following payments: cash award for being the outstanding resident adviser $ 1,500 resident adviser housing 2,500 state scholarship for ten months (tuition and books) 6,000 state scholarship (meals allowance) 2,400 loan from college financial aid office 3,000 cash support from parents 2,000 $17,400 carlos served as a resident adviser in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. what is carlos's adjusted gross income for 2022?
Answers
Carlo's adjusted gross income for 2022 is $3,900
What is gross income?Gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings before any deductions or taxes for households and individuals. It contrasts with net income, which is defined as gross income less taxes and other deductions.
Adjusted gross income is an individual's total gross income less particular deductions in the United States income tax system. It is used to compute taxable income, which is AGI minus personal exemption and itemized deduction allowances. AGI is more important than gross income for most individual tax purposes.
Adjusted Gross Income (AGI) is defined as gross income less income adjustments. Wages, dividends, capital gains, company revenue, retirement distributions, and other income are all included in your gross income.
Only the following will qualify as Income for Carlo:
Cash award received + state scholarship = 1500+2400
= $3,900
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the design process has four distinct stages, what are they? group of answer choices design, bid, build, operate design, procurement, construction, and design development design, bid, contract award, notice to proceed programming and feasibility, schematic design, design development, and contract documents
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The design process has four distinct stages, that is: Programming and Feasibility, Schematic design, Design Development, and Contract Documents.
What is design process?A design process produces a conceptual answer to a problem that is expressed as a set of requirements. Examples comprise:
Responsibility-driven design (RDD)URDADA design process is included in the full software development process offered by ICONIX. Software development approaches like extreme programming and Rational Unified Process can be integrated with pure design methodologies. An implementation process, which offers a tangible solution based on the design, is typically conducted after a design process.
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true or false: multinational corporations require strategic management to discard unprofitable ventures to create capital for expansion into higher-growth product and/or geographic markets.
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i see you, llc is a newly formed limited liability company that specializes in customized color contact lenses for people with blurry vision. the company is led by mark cuban, who makes strategic decisions for the company. his involvement is purely as a friend and he does not have any investment in the company. what type of structure does this llc have?
Answers
His involvement is purely as a friend and he does not have any investment in the company. Manager-managed type of structure does this llc have.
Investment is the determination of cash to purchase of an asset to achieve an increase in price over a period of time. funding requires a sacrifice of some present asset, which include time, money, or effort. In finance, the purpose of making an investment is to generate a return from the invested asset.
An investment is an asset or object obtained with the intention of producing income or appreciation. Appreciation refers to an increase inside the value of an asset over the years. whilst an individual purchases an awesome as an funding, the motive isn't to consume the good however rather to apply it in the future to create wealth.
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your company just received its bank statement, which indicates that the balance is $4,950. the cash balance in your books is, however, $5,250. you know as well that there is an nsf check for $300, which was returned with the bank statement, and which explains the difference. to reconcile the bank statement with the cash balance in your books, you should...
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The difference. is to reconcile the bank statement with the cash balance in your books Reduce the bank statement by $300.
A bank statement is an official summary of all financial transactions made for each bank account that a person or business has with a financial institution within a specific time period. These statements, which are created by the financial institution, are numbered and reflect the time period they cover.
Other details relevant to the type of account, including the sum due by a certain date, may also be included. The commencement date of the next statement period is normally the day after the previous statement period has ended.
The consumer frequently uses bank statements to track cash flow, look for potential fraud, and execute bank reconciliations. Bank statements are significant records that must often be kept for audit and tax purposes.
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