One difficulty of computing the value of GDP is that there are no market prices for resource values.
What is Gross domestic product ?Gross domestic product (GDP) can be described a the standard that is been used by the economist so that they can have the measure of the value added created in the country as a result of the production of goods as well as the services withing some given period.
It should be noted that this term help in the measurement of the income that is been earned from that production, as well as the amount that is been spent on those services with less consideration about the imports that is been done i the country at this given period of time.
In conclusion, the Gross domestic product (GDP)help the country to know about the current economic growth that is been rec orded over the period of time in the country.
Therefore, the second option is correct.
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the manager of a large apartment complex knows from experience that 90 units will be occupied if the rent is 300 dollars per month. a market survey suggests that, on the average, one additional unit will remain vacant for each 10 dollar increase in rent. similarly, one additional unit will be occupied for each 10 dollar decrease in rent. what rent should the manager charge to maximize revenue?
The rent that should be charged by manager to maximize revenue is 540 dollars per unit.
The question can be solved by expressing it in the form of Quadratic polynomial. A quadratic polynomial is the one that can be expressed in the form ax² + bx + c = 0 where a, b, c are coefficients and x is the independent variable. Let us assume the rent as x. The rent will be given by
R(x) = (90 - x)(300 + 6x)
R(x) = 27000 + 540x - 300x - 6x²
R(x) = 27000 + 240x - 6x²
R(x) will be maximum at
-240/(2)(-6) = 20
The manager should charge the rent which is equal to
R = 300 + 12(20) dollars per unit
R = 540 dollars per unit.
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if a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $30 million, its economic profit is: group of answer choices -$10 million. $200 million. $70 million. $10 million. -$20 million.
The economic profit is -$20 million.
What is economic profit?Economic profit is defined as a profit or a loss that can be determined by deducting the explicit costs and the opportunity costs from the money or the revenue generated by a company. It is important to mention that economic profit helps in the measurement of efficiency, and success, and also ranks the different opportunities. Furthermore, the calculation also has certain disadvantages and including issues in making estimations, and does not have certain financial aspects.
Given that,
Total revenue = $200 million
Explicit costs = $190 million
Implicit costs =$30 million
Hence,
Economic profit = 200 - (190 + 30) = 200 - 220 = -20 million
It can be concluded that the economic profit is -$20 million.
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project management is best defined as: a. a sequence of tasks with a beginning and an end. b. the most important task in the performance of the managerial functions of planning, organizing, leading, and controlling. c. project conceptualization, project planning, project execution, and project termination. d. a carefully planned and organized activity, designed to accomplish a specific objective that is usually a one-time effort with a beginning and an end, involving conceptualization, planning, execution, and termination phases.
Project management is best defined as a carefully planned and organized activity, designed to accomplish a specific objective that is usually a one-time effort with a beginning and an end, involving conceptualization, planning, execution, and termination phases. Thus, option 4 is the answer.
Project management is a process of guiding and accomplishing a project from beginning to end. First, one needs to conceptualize and plan the project. One needs to think of an idea and make a plan on how to execute the plan step by step.
Then comes the execution of the plan, where the task is given to an individual or a team, and instructions are given to them on how to carry out the project.
Then comes the termination phase, which is marked by the completion of the project and the submission of the project to the client. It is a one-time activity. A project needs to be started and then finished. One can then start working on other new projects.
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joanie wants to educate the board about the value in understanding consumer opinions, thus should consider educating the board and ceo on the power of which of the following marketing tools? multiple choice blogs wikis spectators crowdsourcing qr scans
Joanie wants to educate the board about the value in understanding consumer opinions, thus should consider educating the board and CEO on the power of blogs as marketing tools
The blog is used on a website to promote a product, service, organization, or individual using text, audio, and video material is known as blog marketing. Although some blogs have evolved into businesses unto themselves, blogs are frequently used to advertise a business or enterprise. Your website will receive more visitors if you add blog-style content to it. Your SEO, or search engine optimization, will significantly improve if your blog is updated frequently. You can position yourself as an authority on a subject by starting a blog. You can offer advice and knowledge specific to your business and sector.
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Wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. This is an example of ________.
Wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. This is an example of Social entrepreneur.
What is Social entrepreneur?
An entrepreneur that creates social initiatives, such as charities, for-profit companies with social missions, and other non-governmental organizations, strives to build up social capital is known as a social entrepreneur.
The process by which individuals, businesses, and entrepreneurs create and finance solutions that directly address social challenges is known as social entrepreneurship. Therefore, a social entrepreneur is someone who looks into business prospects that benefit their neighborhood, society, or the entire planet.
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define what a voucher is by completing the following sentence. a voucher is an (internal/external) document (or file) used to accumulate information to (reduce/control) cash payments and to ensure that a transaction is properly recorded.
A voucher is an internal document used to accumulate information to reduce cash payments and to ensure that a transaction is properly recorded.
A voucher is any written record that attests to the correctness of the accounting for the transaction and the entries made in the account books. For instance, a bill, an invoice, a receipt, a pay slip counterfoil, a check book counterfoil, or a trust deed. An internal document called a voucher describes and authorizes the payment of a supplier's liability. The manual payment system, where it is a component of the control system, is where it is most frequently employed.
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Answer: internal and control
Explanation:
An organization attempting to measure the difference between its customers’ expectations and experiences encourages customers to call a 24-hour toll-free hotline. What is this type of activity called?.
Gap Analysis is a type of activity in which an organization attempting to measure the difference between its customers’ expectations and experiences encourages customers to call a 24-hour toll-free hotline.
What is Gap Analysis?A gap analysis is a process of asserting the performance of a particular business unit to check or determine whether the business requirements or objectives are met, if not what steps should be taken to meet them. A gap analysis is used by the companies to compare their current performance with their expected performance. Steps involved in Gap Analysis are Identify the current state, Identify the future state, identify the gaps, evaluate solutions, implement change.
A gap analysis is useful when the companies are not using their resources, capital, or technology to their full potential. Gap analysis is used in finding the difference between rare sensitive assets and liabilities. A gap analysis is also called need analysis for any organizational type.
The types of Gap analysis are Market Gap analysis, Finance /Profit Gap Analysis, Skill Gap Analysis
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what type of mutual fund has the stated objective to invest in securities of u.s.-domiciled entities, as well as those domiciled in foreign countries?
Equity funds are the most popular .
What are different type of mutual funds ?
Target date funds, money market funds, bond funds, and stock funds are the four primary categories into which most mutual funds fit. Features, dangers, and benefits vary depending on the kind.
Risks associated with money market funds are minimal. According to the legislation, they are only permitted to invest in a limited number of high-quality, short-term securities issued by American businesses and national, state, and municipal governments.
Due to the fact that they often seek to generate bigger returns, bond funds carry more risks than money market funds. The risks and benefits of bond funds can vary greatly because there are several different kinds of bonds.
Stock funds purchase shares of public companies. There are variations among stock funds.
Growth funds concentrate on equities with the potential for greater financial gains than average but may not pay a monthly dividend.
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What is the term for the removal or relaxation of the rules affecting businesses within certain industries?.
Deregulation is the term for the removal or relaxation of the rules affecting businesses within certain industries.
Deregulation, typically in the economic arena, is the process of abolishing or lowering state restrictions. It is the abolition of economic regulation by the government.
In an advanced industrial economy, deregulation refers to the act of eliminating current industry-specific restrictions. By getting rid of ineffective legislation, the government has less influence over certain industries, which gives companies greater freedom to operate on the global market.
An illustration of deregulation in the banking sector:
It made it possible for banks to invest their money in securities and compete with rivals on a global scale without being constrained by restrictions. The removal of the Glass-Steagall Act in 1999 led to the deregulation of banks in the United States.
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inflation is an increase in group of answer choices the overall price level. real gross national product. the price of one item. the average income level.
Inflation is an increase in the overall price level. In the study of economics, inflation is the broadening of price increases across the board for goods and services in a community.
The price of the products and services that families purchase rises, which is referred to as inflation. The rate of change of such prices is used to measure it. Generally, prices increase with time, but they can sometimes decrease (a situation called deflation). The Consumer Price Index (CPI), which calculates the percent change in the cost of a selection of products and services that families typically use, is the most well-known measure of inflation.
Depending on the sorts of commodities and services, there are several techniques to measure inflation. Deflation, which denotes a general reduction in prices when the inflation rate goes below 0%, is the reverse of this phenomenon. Each unit of currency may acquire fewer products and services as the average price level rises, hence inflation is associated with a decline in the spending power of money.
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are ucsf and other companies justified in outsourcing technology jobs to india? do they have any obligation to find other jobs or provide training for displaced workers? should organizations ask employees who are being laid off to train their replacements? how can you ensure that your chosen career will not be outsourced, either by technology or overseas labor?
Large companies like UCFS outsource their technology jobs to India, because they got tech savvy people in India at a very cheap rate.
Personally, in my opinion these companies are not obligated to provide any training or help the displaced workers to find other jobs. I can in many ways ensure that my chosen career is not outsourced, by developing hard-core skills so that I will be able to choose career of my choice rather than doing outsourced worked.
The practice of employing a third party from a different companies to accomplish tasks or produce commodities that have been previously done in-house by the business's own personnel and employees is known as outsourcing. Companies typically engage in outsourcing as a cost-cutting strategy. As a result, it may have an impact on a variety of professions, including dealing with customers, manufacturing, and back-office work.
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how does the market system answer the following fundamental question: how will the goods and services be produced? multiple choice in combinations that take advantage of related markets. in ways that minimize the cost per unit of output. by using labor and capital accumulation. by using traditional methods of production.
The market system answers the fundamental question of how goods and services will be produced in ways that minimize the cost per unit of output.
What is market system?
This article requires more citations for verification. Please help this article by including citations to credible sources. Material that is unsourced might well be challenged and removed. A market system (or industry ecosystem) is any methodical process that allows many market participants to give and demand: facilitating buyer-seller interactions and transactions. It is not just the price mechanism that operates in a social context, but the entire system of regulation, qualifier, credentials, reputations, and clearing that surrounds it. Some authors use the phrase "market system" to refer to the free market system specifically. This article focuses on a more general meaning of the term, in which there are various market systems. Market systems are not the same as voting systems.
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venus sportswear corporation has preferred stock outstanding that pays a quarterly dividend of $2. it has a price of $100. what is the required rate of return on the preferred stock?
8% is the required rate of return on the preferred stock. Divide next year's fixed dividend payment by the current stock value, and then add the result to the dividend's measured growth.
What is rate of return ?The required rate of return, in general, refers to how much profit a company must have in order to pursue and complete a project or investment. This figure can include anything from machinery costs to the cost of a merger. In addition to risk and the overall health of the market, the required rate of return is calculated.
The required rate of return (RRR) is the minimum return an investor will accept for owning a company's stock in exchange for a certain level of risk. In corporate finance, the RRR is used to assess the profitability of potential investment projects.
The dividend-discount model computes the RRR for equity of a dividend-paying stock using the current stock price, dividend payment per share, and dividend growth rate forecast.
RRR = (Expected dividend payment / Share Price) + Forecasted dividend growth rate
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7.5 what would happen financially to a health services organization over time if its prices were set at a. full costs? b. marginal costs? 7.6 a. what is cross-subsidization (price shifting)? b. is it as prevalent today as it has been in the past?
If a health service organization set its prices to full costs, that organization would be financially healthy. If a health service organization set its prices to marginal costs that organization would only make enough money to cover its variable costs.
Cross subsidization is a process in which the entity charges higher prices to one group of consumers in order for them to be able to subsidize lower prices to another group
In economics, the marginal fee is the alternate in overall manufacturing value that comes from making or producing one extra unit. To calculate marginal cost, divide the exchange in manufacturing costs via the alternate in amount.
The marginal price refers to the boom in manufacturing fees generated by using the production of extra product devices. it is also known as the marginal fee of manufacturing. Calculating the marginal value lets in groups to look how quantity output impacts price and therefore, ultimately, income.
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Which financial statement shows how much cash was paid for newly acquired property, plant and equipment when cash is used for part or all of the purchase?.
When cash is used for all or a portion of the transaction, the statement of cash flows shows how much was paid in cash for newly acquired property, plant, and equipment.The cash inflows and outflows for the time period covered by the statement are displayed in the cash flow statement (i.e., cash paid for newly acquired fixed assets).
What exactly is a cash flow statement?By monitoring an organization's cash flow, a cash flow statement is a crucial tool for managing finances.This report is one of the three crucial ones that determine a company's performance, together with the income statement and the balance sheet. Cash on delivery refers to a buyer making payment after receiving the goods or services.On the other hand, cash in advance refers to payment paid before the delivery of the products or services, as in an online credit transaction. The net amount of cash and cash equivalents coming into and going out of a business is referred to as cash flow.Money spent and money received reflect inflows and outflows, respectively. In contrast to the income statement, the cash flow statement records cash purchases more directly.In actuality, precise cash outflow events are completely absent from the revenue statement. A company's strength, profitability, and long-term outlook can all be determined using a cash flow statement.The CFS can assist in figuring out whether a business has enough liquidity or cash to cover its costs.A CFS can be used by a business to forecast future cash flow, which is beneficial for budgeting purposes. Cash receipts or increases can be thought of as sources of cash, and cash expenditures or declines can be thought of as uses of cash.To learn more about cash flow statement refer
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A highly efficient business: select one: a. constantly targets reductions in dollar and time costs b. sells to customers for both cash and on credit c. gets all its documentation done quickly to start operating d. pays creditors on time to keep its suppliers happy
D. Pays creditors on time to keep its suppliers happy.
Depending on the context, the term "creditor" can refer to a variety of entities, but often refers to a financial institution or a person who is owed money.
What types of people are creditors?Depending on the context, the term "creditor" can refer to a variety of entities, but often refers to a financial institution or a person who is owed money. You might be referred to as a debtor or borrower if you are the one who owes the money to the creditor.A creditor is defined as "any individual who offers or extends credit establishing a debt or to whom a debt is owed" by the Consumer Financial Protection Bureau (CFPB). As long as they give money to another party, a financial institution, an individual, or a nonprofit organization could all be examples of creditors.While loans are made to creditors, payments or the money owing are obtained from debtors. In the balance sheet's assets column, debtors are displayed.To learn more about Creditors refer to:
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sonal and preeti started working on a project and they can complete the project in 30 days. sonal worked for 16 days and preeti completed the remaining work in 44 days. how many days would preeti have taken to complete the entire project all by herself?
The number of days it would take Preeti to complete the entire project all by herself is equal to 60.
The number of days Preeti would take to complete the entire project all by herself can be calculated by using an algebraic expression.
If we consider that there are 30 units of work overall, then
Efficiency of Preeti + Efficiency of Sonal = 1
If we consider the efficiency of Sonal = x
Then the efficiency of Preeti = 1 - x
As Sonal worked for 16 days;
Total Work left = 30 - 16x
Now the efficiency of both can be calculated as follows;
Days in which Preeti completed the remaining work = Work left ÷ efficiency of Preeti
44 = 30 - 16x ÷ 1 - x
44 (1 - x) = 30 - 16x
44 - 44x = 30 - 16x
14 = 28x
x = 14/28 = 1/2
Therefore, efficiency of Sonal = 1/2
efficiency of Preeti = 1 - 1/2 = 1/2
Now we can calculate the number of days Preeti would have taken to complete the entire project all by herself as follows;
Days Preeti would have taken = Total work ÷ efficiency of Preeti
Days Preeti would have taken = 30 ÷ (1/2) = 60 days
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What is the test for whether a contract is governed by the statute of frauds because of the one-year rule?.
Contracts that cannot be fulfilled in a year. Contracts frauds that cannot be carried out within a year after the contract's formation must be in writing in accordance with this clause of the Statute of Frauds. The contract's one-year time frame begins on the day it is made.
The goal is to stop fraud and other types of harm. Contracts frauds involving the sale or transfer of land and contracts that cannot be completed within a year are the most frequent contract kinds to which the Act applies. any vows made, including presents like an engagement ring, that are related to the marriage. contracts that take longer than a year to fulfil. contracts for buying and selling land.
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the marginal product of labor is the change in: a total costs divided by the change in the quantity of labor. b total output divided by the change in the quantity of labor. c labor divided by the change in total product. d average output divided by the change in the quantity of labor. e total costs divided by the change in the quantity of output.
The marginal product of labor is the change in total output divided by the change in the quantity of labor. The difference in production that occurs by using an extra unit of labor is known as the marginal product of labor.
As a metric of production efficiency, the marginal product refers to the extra units of output that are added to the total production when the labor is increased by one unit.
The labor efficiency variance may be thought of as a variance based on the number of labor hours used in manufacturing. It is the discrepancy between the actual number of direct labor hours a person worked and the budgeted direct labor hours a person is expected to have done in order to meet standards. It should be emphasized that the labor efficiency variance is the difference between the real labor rate multiplied by the number of hours of labor actually performed and the standard labor rate multiplied by the number of hours of labor actually performed.
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Compare the product life cycle to the business cycle. Include at least one similarity and one difference.
Explanation:
A product life cycle refers to the life of a product in the market, and the processes that it goes through in relation to the business costs, as well as the sales measures. The business life cycle is the progression of a business in phases over time and is most commonly divided into five stages: launch, growth, shake-out, maturity, and decline. One major similarity between the product and project life cycles is that both are comprised of different and several phases or stages. These phases are very vital because they ensure that the requirements of the cycles are provided for and that both the goals and the objectives of the cycles are achieved. For instance, while some of the phases of the product cycle include the growth and maturation stages, those of the project life cycle include the birth and closure phases. The aim of integrating the phases in the life cycles is to ensure that there is proper coordination of the activities that take place in the cycles. The two cycles are closely related to each other. In some cases, a product may consist of more than one project, where the projects act as the subset of the product. This makes it necessary for the bigger product view to be put into consideration when it comes to project management. The product and project life cycles face various challenges which demand the adoption of strategies in the cycle phases, with the aim of ensuring that the cycles give the desired results.
historically, technology firms have been the most aggressive users of stock-based compensation in the form of stock options granted to almost all employees of the firms. what is the rationale for offering stock options as compensation? why has this form of compensation been particularly popular with technology firms in the past?
The rationale for offering stock options as compensation as to keep and attract talented employees. this form of compensation been particularly popular with technology firms in the past because it keeps employees dedicated.
An employee is someone who receives paid to paintings for someone or organization. people do not want to work complete time to be taken into consideration personnel—they surely need to be paid to work through an organization (the man or woman or enterprise that pays them).
Employment most normally manner the kingdom of having a paid task—of being employed. To hire someone is to pay them to paintings. An employer provides employment to personnel. Employment also can consult with the act of employing people, as in we are running to growth our employment of ladies.
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corporate strategic options for diversified companies would not normally entail multiple choice sticking closely with the existing business line when the current business line offers attractive growth opportunities. divesting weak-performing businesses and retrenching to a narrower base of business operations. broadening the diversification base by adding and acquiring more businesses. repurchasing shares of the company's common stock and building cash reserves by investing in short-term securities. restructuring the company's business lineup through a mix of divestitures and new acquisitions.
Option (c), which entails repurchasing shares of the company's common stock and accumulating cash through investments in short-term securities, is the best choice.
What exactly do you mean by diversified companies?A diverse corporation owns or engages in business across a number of unrelated industries. Companies can diversify by starting new ventures on their own, joining forces with another business, or buying a firm that operates in a different industry or service sector. One typical type of diversified company are conglomerates.
Why does corporate strategy matter for a varied firm?So, the company strategy is to increase profitability by entering new markets and offering new products. Corporations may also aim to diversify in order to assist mitigate the dangers related to relying too much on one industry.
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What differentiated the economy in the southern united states from the economy in the northern united states in the nineteenth century?.
Due to its reliance on the agricultural rather than the manufacturing sectors, the southern United States' economy in the 19th century differed significantly from that of the northern United States.
What is the economy?A region's economy is its capacity for the creation, exchange, and consumption of products and services. Generally speaking, it is described as a social domain that places an emphasis on the activities, discourses, and material manifestations connected to the creation, use, and management of finite resources.
A system of interconnected production and consuming activities makes up an economy, and these activities ultimately decide how resources are distributed within a society.
The whole production and consumption of products and services meets the demands of persons residing in and conducting business inside it.
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question content area cordell, inc., has an operating leverage of 3. sales are expected to increase by 9% next year. what is the expected change in operating income next year?
The term "OI" refers for "operating income," which is defined as the accounting figure that assesses or calculates the profit amount that is achieved or acquired from the activities of the business after deducting operational expenses such as COGS (cost of goods sold), salaries, and depreciation.
what is the expected change in operating income next year?Next year's operational income is anticipated to change by 27%.The term "OI" refers for "operating income," which is defined as the accounting figure that assesses or calculates the profit amount that is achieved or acquired from the activities of the business after deducting operational expenses such as COGS (cost of goods sold), salaries, and depreciation.Next year's operational income is anticipated to change by 27%.The operational income that will likely fluctuate in the upcoming year is calculated as;Operating Income = Sales Growth + Operating Leverage, where Sales Growth is 9%.
3 is the operating leverage.
Making use of the values above:
OI = 9% × 3\sOI = 27%
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steven consumes only two goods, both of which are normal goods. he is maximizing his utility in consumption of both goods. now assume the price of one of the goods falls. how should steven adjust his consumption after the change in price?
Steve should consume more of the item whose price has decreased and less of the item whose price has not changed.
The income effect and the substitution effect both work in the same direction for normal goods; a decrease in the relative price of the good will increase quantity demanded because the good is now cheaper than substitute goods and because the lower price means that consumers have more total purchasing power.
In general, when the price of one good falls, the demand for another rises, and the two goods are referred to as complements.When the price of one good falls, the demand for another falls, and the two goods are referred to as substitutes.
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27. in determining when revenue is recognized, what two conditions must be satisfied according to the realization concept? revenue must be collected and credited. revenue must be earned and realized. revenue must be credited and paid for. revenue must be earned and collected.
in determining when revenue is recognized, b) revenue must be earned and realized according to the realization concept.
In line with the belief precept, when items are involved, the revenue is recognized while the risks and rewards of possession are transferred to the consumer or when the vendor takes obligation for goods that have been broken or destroyed.
The belief principle is a sales reputation principle that states that the income or revenue is diagnosed best while earned. The business enterprise in all fairness positive that the charge in opposition to the identical may be received from the consumer.
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the total cost of 4800 pounds of the metal now held in inbentory is 310000 the total selling price is 862000 and the estimated costs of disposal are 13800 at what amount should the inventory of 4800 pounds be reported in the balance sheet
The balance sheet amounts are $862000, $310000, $13800, and $23400.
What is total selling price?The selling price is the amount paid by a buyer for a product or service. It varies according to how much the buyer is willing to pay, how much the seller is willing to accept, and how competitive the price is in comparison to other businesses in the market.
The formula for calculating the selling price per unit To calculate the price per unit from an income statement, divide sales by the number of units or quantity sold. For example, assuming annual sales of $80,000 and 2,000 units sold, the price per unit is $40. (80,000 divided by 2,000).
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13. choose the option to correctly complete the following sentence. schmidt industries received cash from a customer for a product to be delivered next month. according to the realization concept this revenue has been earned but not realized. realized but not earned. earned and realized. neither earned nor realized
According to the realization concept this revenue has been realized but not earned.(OPTION B)
Realization Concept: According to the realization principle, revenue cannot be recognized until the underlying items or services have been delivered or provided, respectively. So, only when it has been earned, can revenue be recognized.
Example of the realization principle:
The consumer pays when the item ships, but the sale cannot be recorded as income until the customer receives the shoes and the transaction is complete. The revenue can then be recognized, and the amount can be entered into your client's ledger.
Realization concept would apply when goods are delivered to customer.
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Any costs incurred to get the merchandise into a condition and location ready for sale should be debited to ______.
Any costs incurred to get the merchandise into a condition and location ready for sale should be debited to Inventory.
Any activity that helps a product be sold to a retail customer is considered merchandising. Retail in-store merchandising is the practice of exhibiting objects that are for sale in a way that inspires customers to buy additional items or products. Visual display merchandising in retail refers to the practice of selling goods by influencing consumer behavior through product selection, display, pricing, and packaging. Disciplines and discounts, the actual presentation of products and displays, and judgments regarding which products should be shown to which customers at what time are all included in this.
Understanding the standard dating notation for the terms of payment on an invoice is made easier by merchandise. Codified discounting addresses markup and markdown issues in pricing.
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An incoming mba student took placement exams in economics and mathematics. In economics, she scored and in math. The overall results on the economics exam had a mean of and a standard deviation of , while the mean math score was , with a standard deviation of. On which exam did she do better compared with the other students?.
The term "standard deviation" describes how far a data collection deviates from the mean (or ""). A low standard deviation means that the data are grouped around the mean, whereas a large standard deviation says that the data are more spread out.
What is the standard deviation explained?The standard deviation is a measure of how variable your data set is on average. It displays the standard deviation of each score with respect to the mean.
Standard deviation is important because it makes measurements easier to understand when the data is dispersed. The more equally distributed the data is, the bigger the standard deviation of the data will be.
When SD is larger than mean, it may indicate that the data's distribution isn't symmetrical or normal. As a result, the mean cannot be a reliable indicator of central tendency when the data does not follow a normal distribution.
Continuous data, not categorical data, are summarized using the mean and standard deviation. Additionally, just like the mean, the standard deviation is typically only acceptable when the continuous data is not noticeably skewed or contains outliers.
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