Answer:
c. 252
Explanation:
Calculation of what the next year's CPI will equal
Using this formula
Next year's CPI=[Consumer price index (CPI) +(Consumer price index (CPI) *Inflation rate
Let plug in the formula
Next year's CPI=[240+(240*5%)]
Next year's CPI=240+12
Next year's CPI=252.
Therefore the next year's CPI will equal 252
Match each tax form to its purpose.
Form 1098-E
Form 1098-T
Form 1099-DIV
Form 1099-INT
shows interest income
shows income from dividends
shows interest paid on a student loan
shows tuition payments
Answer:
Form 1098-E ⇒ shows interest paid on a student loan
This form is used by taxpayers to deduct student loan interests.
Form 1098-T ⇒ shows tuition payments
This form is used by taxpayers to claim education credits.
Form 1099-DIV ⇒ shows income from dividends
This form is used by taxpayers to report dividends.
Form 1099-INT ⇒ shows interest income
This form is used by taxpayers to report interest income.
Ricardo uses his personal vehicle in his sole proprietorship. He keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business. Which of the following is correct?
a. Juan should deduct a good-faith estimate of his expenses for the auto as a business expenses.
b. Juan should estimate his total vehicle expenses for the year, then deduct 50% of that amount as business expense.
c. Juan could have leased a comparable vehicle for $3,600 for 2016. Therefore, he should deduct $3,600 as a business expense.
d. Juan cannot deduct any vehicle expenses because he has no record of his expenses.
Answer: d. Juan cannot deduct any vehicle expenses because he has no record of his expenses
Explanation:
A sole proprietorship is a form of business that is owned and controlled by one person.The person enjoys the profit alone and bears the risk alone as well.
Since we are given the information that he keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business, this means that Juan cannot deduct any vehicle expenses because he has no record of his expenses.
We should note that for a deduction to be made, the details of how the vehicle is used for business purposes would be required. Since he doesn't have it, he can't deduct any vehicle expenses.
All connecting rooms adjoin, but not all adjoining rooms connect.
Answer:
What do you mean? is that the question?
Read the following editorial and answer the question that follow.
Hyundai:Rising Sales, Falling Quality?
In 2010, Hyundai Motor Company achieved a 4.6 shares of the U.S. auto market, but it was forced to recall almost 140,000 Sonatas after an investigation by the U.S. National Highway Traffic Safety Administration. Two consumers reported that their cars,assembled in Alabama, had defective steering systems. The problem appeared to stem from a sinple assembly mistake: Bolts weren't being connected to the steering column correctly.
An editorial in The Chosun Ilbo suggests that the action should sound an alarm for Hyundai, citing Toyota's massive recall ans resulting sales problems as an example of what can happen when rapid growth overshadows a commitment to quality. Noting that Hyundai's share of the U.S. auto market was steadily increasing and that there had been another recall of 46,000 Hyundai cars with faulty front latches, the article advised Hyundai managers to focus on quality and rethink the company's rapid growth policy.
Korean automakers are hungry to become major players in the automobile industry and need new markets to expand their global share. However, parts manufacturers are having a hard time keeping up with demand, and quality control processes can falter when production increases too quickly. The article warns Korea's largest automobile manufacturer that "expansion must not come at the expense of quality"
1) The author of this editorial suggest that:
a. rapid expansion gets in the way of quality control
b. quality control is enhanced by rapid expansion
c. rapid expansion is necessary for quality control
d. quality control is necessary for rapid expansion
2) Researchers who study total quality management have criticized a number of things about the technique and the way it is implemented in corporations today. Which of the following criticisms might be responsible for the problems Hyundai encountered with its steering system? Check all that apply
1. Total quality management may focus workers so intently on one part of the process that other parts of the process are ignored or neglected.
2. Workers may be asked to make suggestions for improvement, but their suggestions may not be implemented.
3. Implementing total quality management may consume resources that would otherwise be directed toward production of goods and services.
4. Benchmarking best practices in other organizations may reduce true innovation,
Answer:
Hyundai:Rising Sales, Falling Quality?
1) The author of this editorial suggest that:
a. rapid expansion gets in the way of quality control
2. The criticisms responsible for the problems Hyundai encountered with its steering system are:
b. Workers may be asked to make suggestions for improvement, but their suggestions may not be implemented.
c. Implementing total quality management may consume resources that would otherwise be directed toward production of goods and services.
d. Benchmarking best practices in other organizations may reduce true innovation,
Explanation:
Total quality management is a management approach in which all the members of the organization actively participate in improving processes, products, services, and the organizational culture in order to achieve long-term organizational success through customer satisfaction. Benchmarking helps an organization to improve the quality of its products and services and its overall business performance.
All of the following statements about flexible spending accounts (FSAs) are TRUE, EXCEPT:
a. A taxpayer can direct a total of $5,000 from both employer and employee funds into a child or dependent care FSA.
b. Contributions are pre-tax.
c. Funds remaining in the account at the end of the year roll forward to the next year.
d. Expenses paid for with FSA dollars cannot be used to calculate a related credit.
Answer:
c. Funds remaining in the account at the end of the year roll forward to the next year.
Explanation:
Flexible spending accounts is created by an employer for the employee and is a type of savings account that allows the account holder with certain tax benefits. The employee is required to contribute some amount from his earnings to the account. Contributions made to this account are deducted from your account thereby decreasing your taxable income.The funds are utilized for payment of qualified expenses.
The funds should be used by the end of the year. But the employer can give grace period of two and half months within which you should completely use the fund and finish it. Sometimes the employer might let you roll over $500 per year from the unused fund from your account.
So funds remaining in the FSA at the end of the year doesn't roll forward to the next year. All other statements are correct.
The following information pertains to the Lurkins Company:
Sales price per unit = $300;
Variable cost per unit = $220;
Total fixed costs = $500,000;
Net income = $100,000.
What were unit sales for the company?
Answer: 7500
Explanation:
Let x be the number of units sales for the company.
Total sales = 300x [ Sales price per unit x number of units]
total variable cost = 220x [ Variable cost per unit x number of units]
Total sales - Total variable cost - Total fixed cost = Net income
[tex]\Rightarrow\ 300x-220x-500000=100000\\\\\Rightarrow\ 80x= 600000\\\\\Rightarrow\ x=\dfrac{600000}{80}\\\\\Rightarrow\ x=7500[/tex]
Hence, 7500 units sales for the company.
A new surgical facility called Cut & Sew is opening in neighborhoods throughout the United States. They are job shops that handle a variety of outpatient surgical procedures. Their process is set up so that one doctor cuts and the other sews. They have five patients to sequence for tomorrow. Since the weather forecast is for a cool and sunny day, they would also like to play golf tomorrow. They want to sequence their patients with the objective of minimizing the time from the beginning of the first job until the finish of that job. The patients and estimated times are as follows:
Patient Cut Time (hours) Sew Time (hours)
A 2.3 2.8
B 2.5 3
C 2 1.5
D 0.6 1
E 3.6 2.6
Sequence the patients using Johnson's Method, state the schedule for each operation, and determine the minimum makespan.
Answer:
Sequence: D| A| B| E| C|
Makespan = 14.1 hours.
Explanation:
Solution: We are asked to use Johnson's Method to sequence the patients and to determine the minimum makespan.
In Johnson's Method of sequencing, there are some conditions which must be met in order to solve this questions which are as follows:
1. Constant time for jobs, no variation.
2. No job priorities.
3. Jobs will go through from machine 1 to machine 2.
Keeping all those conditions in mind, let's start sequencing by Johnson's method.
Sequence:
D| A| B| E| C|
Hence, this is the sequence to reduce the total time efficiently to perform all the jobs.
Rules to do sequencing:
First of check the number of jobs, here in our case, we have 5 jobs. So create a line of 5 boxes.
Secondly, you have check the data, check for the job and the machine which gives minimum time. If machine 1 (which is Patient cut) gives minimum job time, then write it on the left most box and proceed towards right if other minimum times are also from machine 1. Otherwise, if machine 2 gives minimum job time for a particular job then write in the right most box and so on. Here you can see, Job C and Machine 2 gives the minimum job time, that is why I have put it on the right most box. Now, after including C, you cannot repeat job C. Moreover, you can see, Job D machine 1 gives minimum time, that is why wrote it in the left most box.
Hope, you have understood the method.
Let's Calculate the Makespan for this.
Makespan: It is basically the total elapsed time from the start of job 1 to the end of job 5.
I have attached a table showing the starting and ending of each job and hence calculating the makespan. Please refer to the attachment.
Makespan = 14.1 hours.
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
Required:
For each of the following scenarios, determine the appropriate way to report the situation. Explain your reasoning and record any necessary entry.
a. The likelihood of a payment occurring is probable, and the estimated amount is $1.2 million.
b. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1 to $l.5 million.
c. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.2 million.
d. The likelihood of a payment occurring is remote, while the estimated potential amount is.$1.2 million.
Answer:
A Contingent liability is recorded in the books if the loss is probable and the amount can be estimated.
a. The loss is probable and the amount can be estimated:
DR Loss $1,200,000
CR Contingent Liability $1,200,000
b. Loss is probable and the amount is estimated in a range. Take the lower limit of the range:
DR Loss $1,000,000
CR Contingent Liability $1,000,000
c. Loss is not probable but rather reasonably possible. Contingent liability is not recorded but disclosed in full in the footnotes.
d. Loss is remote. Do not record in books and Disclosure is not required.
Investment A has an expected return of 14% with a standard deviation of 4%, while investment B has an expected return of 20% with a standard deviation of 9%. Therefore:__________
a. A rational investor will pick investment B because the return adjusted for risk (20% - 9%) is higher than the return adjusted for risk for investment A ($14% - 4%).
b. A risk averse investor will definitely select investment A because the standard deviation is lower.
c. it is irrational for a risk-averse investor to select investment B because its standard deviation is more than twice as big as investment A's, but the return is not twice as big.
d. rational investors could pick either A or B, depending on their level of risk aversion.
Answer:
d. rational investors could pick either A or B, depending on their level of risk aversion
Explanation:
In making investment decisions investors use various analysis to make an informed decision on which assets will suit their needs.
Two of such analysis are returns standard deviation.
Returns shows the percentage of original investment that is expected to come back as profit.
Standard deviation is the tendency of investment performance to deviate from a mean value.
The higher the standard deviation the more the risk of getting low returns or getting higher profit. This is well suited to risk takers.
The lower the standard deviation the less variance from a mean value, so risk averse investors will prefer this.
In the given scenario risk averse investors will prefer Investment A with expected return of 14% with a standard deviation of 4%. Because of the low standard deviation.
Risk takers will prefer investment B with expected return of 20% with a standard deviation of 9%. Because of the higher standard deviation.
Inflation imposes many costs on the economy: shoe-leather costs, money illusion, menu costs, wealth redistribution, price confusion, future price level uncertainty, and tax distortions. For each of the following statements, determine the associated cost. Be careful! Some of the statements may not go into any of the categories because two categories are missing.
a. A jeweler observes the price of gold rise and wonders if there is a shortage of gold.
b. Carson is angry because the price of donuts increased from $1 to $2 since last week
c. Your grandmother's savings account pays 2% interest, but inflation is 5%.
d. The CEO of GM worries that his revenue received in the future won't cover the expenses he incurs today.
e. Jim is reluctant to sell his stocks at the end of the year.
f. John thinks his new salary in NYC will increase his standard of living
g. Kallie is taking more trips to ATM now that the post.
Answer:
a. A jeweler observes the price of gold rise and wonders if there is a shortage of gold.
Costs imposes by Inflation: Price confusion
b. Carson is angry because the price of donuts increased from $1 to $2 since last week
Costs imposes by Inflation: Menu costs
c. Your grandmother's savings account pays 2% interest, but inflation is 5%.
Costs imposes by Inflation: Wealth redistribution
d. The CEO of GM worries that his revenue received in the future won't cover the expenses he incurs today.
Costs imposes by Inflation: Not associated with listed cost
e. Jim is reluctant to sell his stocks at the end of the year.
Costs imposes by Inflation: Not associated with listed cost
f. John thinks his new salary in NYC will increase his standard of living
Costs imposes by Inflation: Money illusion
g. Kallie is taking more trips to ATM now that the post.
Costs imposes by Inflation: Shoe-leather costs
The given statements would be correctly matched with their inflation costs associated would be as follows:
a). A jeweler observes the price of the gold rise and wonders if there is a shortage of gold. - Price confusion
b). Carson is angry because the price of donuts increased from $1 to $2 since last week. - Menu costs
c). Your grandmother's savings account pays 2% interest, but inflation is 5%. - Wealth redistribution
d). The CEO of GM worries that his revenue received in the future won't cover the expenses he incurs today. - Not associated with the costs listed.
e). Jim is reluctant to sell his stocks at the end of the year. - Not associated with the costs listed.
f). John thinks his new salary in NYC will increase his standard of living - Money illusion
g). Kallie is taking more trips to ATM now that the post. - Shoe-leather costs
Inflation Costs
The various costs imposed by inflation include:
Shoe-leather costsMenu costs.Redistribution of wealth.Money IllusionLoss of purchasing power.Shoe-leather costs are characterized as the cost that one pays through his/her additional time and effort for the same task due to inflation.
While menu costs are associated with the cost born by the firm due to the alteration of the price of the product for the consumers.
Wealth redistribution stands for the transfer of money or wealth possessions from one to another is exemplified through Granny's savings.
Money Illusion is the term that displays the biased tendency of people considering the value in its nominal form instead of the real which makes them think a higher pay scale in a foreign country would increase their lifestyle.
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The trial balance of My Motor, Inc. on March 1, 20XX, lists the entity's assets, liabilities, and owner's equity on that date.
Account Title Debit Credit
Cash 26,000
Accounts receivable 4,500
Accounts payable 2,000
Common Stock 20,500
Retained earnings 8,000
Total 30,500 30,500
During March, the business engaged in the following transactions:
a. Borrowed $45,000 from the bank and signed a note payable in the name of the business.
b. Paid cash of $40,000 to acquire land.
c. Performed service for a customer and received cash of $5,000.
d. Purchased supplies on account, $300.
e. Performed customer service and earned revenue on account, $2,600.
f. Paid $1,200 on account.
g. Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400.
h. Received $3,100 on account.
i. Received a $200 utility bill that will be paid next week.
j. Paid cash dividends of $1,800.
Required
a. Prepare journal entries for each transaction. Key journal entries by the transaction letter
b. Prepare the trial balance of My Motors, Inc. at March 31, 20XX
c. Prepare financial statements for My Motors, Inc. for the period ending March 31, 20XX. (Balance sheet and Income statement)
Answer:
Realidades 2 WKBK page 109
Explanation:
Realidades 2 WKBK page 109
Marketing activities enable consumers to become aware of products or services, and they hopefully provide the information necessary for each buyer to identify the one brand or model that will be most appropriate for them to purchase. Such marketing activities include promotion, advertising, and public relations, as well as supply chain activities to ensure products are available at retail outlets convenient to customers. Which of the following reasons to study marketing captures the various marketing activities described?
a. Marketing plays an important role in society.
b. Marketing can be used in everyday life.
c. Marketing offers outstanding career opportunities.
d. Marketing is important to business.
Answer:
d. Marketing is important to business.
Explanation:
The reason that captures all of the activities is that Marketing is important to business. It may actually be the most important aspect of an entire business because without it a company would not have a customer base to sell their products and services to, which would ultimately cause them to fail. Marketing makes potential customers aware of the product/service and persuades them into trying it out, which can lead to new loyal customers.
After creating a business plan, what is the next step for starting a business?
A. Opening up shop for business
B. Getting funding for the business
C. Implementing a business structure
D. Deciding what business to start
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Answer: B
Explanation: you have to have a fund when starting a business it’s what gets you pretty much everything.
After creating a business plan, the next step for starting a business is Getting funding for the business. The appropriate response is option B.
What is a business plan?The operational and financial goals of a business are outlined in a business plan. It is a company's success road map, complete with specific plans and finances outlining how the goals will be achieved.
A business plan is used to govern an organization by outlining goals, the methods for achieving them, and the deadlines for doing so. The strategy will also aid in summarizing the goals, objectives, and purpose of the company.
Start measuring and testing your assumptions. Your strategy hasn't been tried yet and is only an idea. You must now assess how well your business plan performs in practice. Start looking for measurable, actionable items.
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Barton Corporation, which adds materials at the beginning of production, uses a weighted-average process-costing system. Consider the data that follow. Number of Units Cost of Materials Beginning work in process 40,000 $ 80,600 Started in June 60,000 124,400 Production completed 75,000 Ending work in process 25,000 The company's cost per equivalent unit for materials is:
The Agricultural Extension Agent's Office has tracked fertilizer application and crop yields for a variety of chickpea and has recorded the data shown in the following table. Their staff statistician developed the regression model and computed the performance statistics displayed below the data.
Fertilizer 10 15 Bushels
10 80
15 115
20 220
25 250
30 225
FERTILIZER APPLICATION VERSUS YEILD Summary
Measure Value
Error Measures
Cumulative forecast error 0
MAD (Me an Absolute Deviation) 28.6
MSE (Mean Squared Error) 933.5
Standard Error (denom=n-23) 39.44
MAPE (Me an Absolute Percent Error) 16
Regression line BUSHELS = 8
+ 8.5* FERTILIZER
Statistics
Correlation coefficient .89
Coefficient of determination (12) .79
1. For every unit of fertilizer applied, the crop yield increases by:_________.
A. 8.0 bushels.
B. 8.9 bushels.
C. 8.5 bushels.
D. 7.9 bushels
2) What percent in the variation of the variable Bushels is explained by the value of the variable Fertilizer?
3) The value of Bushels when Fertilizer is 60 is:__________.
4) The value of Fertilizer required to generate 100 bushels yield must be:___________.
5) If the correlation coefficient were negative, what would also be true?
Answer:
Following are the solution to the given points:
Explanation:
In point 1:
The yield added by the regression equation increases 8.5 times of per each unit of fertilizer.
In point 2:
Definition i.e. [tex]R^2[/tex] describes the percentage of variation. Consequently, the value of Fertilizer variable describes 0.79 percent throughout the variance of the Bushels variable.
In point 3:
At [tex]60 \times 8.5 +8 = 518[/tex], Bushels has an fertilizer of 60.
In point 4:
The fertilizer should be 100 when bushels are:
[tex]\to 100= 8+ Fertilizer \times 8.5 \\\\ \to Fertilizer= 10.82 units[/tex]
In point 5:
Increased that amount of fertilizer will reduce the amount of bushels unless the value of determination was negative.
12. You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will your annual payment be if you sign this mortgage? (Answer: $24,176)
Answer:
The Annual Payment will be $24,176.
Explanation:
First we need to calculate the loan amount as follow
Loan = Cost of House - Down payment = $350,000 - $50,000 = $300,000
Now use following formula to calculate the annual payment
PV of Annuity = Annuity Payment x ( 1 - ( 1 + interest rate )^-Numbers of periods ) / Interest rates
Where
PV of Annuity = Loan = $300,000
Interest rate = 7%
Numbers of periods = 30 years
Annuity Payment = Annual payment = ?
Pacing values in the formula
$300,000 = Annual Payment x ( 1 - ( 1 + 7% )^-30 ) / 7%
$300,000 = Annual Payment x 12.409
Anual Payment = $300,000 / 12.409
Anual Payment = $24,176.00
Assume that an economy produces only two goods, pizza and wings, and that it is producing on its production possibilities frontier (PPF). If the economy can only produce two goods, in which ways would allow the economy to produce even more pizza?
Answer:
- growth in labour force
- improved pizza making technology
Explanation:
A production possibility frontier is a curve that shows the combinations of 2 products that can be manufactured given the available resources.
That means given the resources available there is no way a different combination of products can be manufactured.
In the given scenario there has to be an increase in resources for more pizzas to be produced.
There are two options that will allow more pizza to be produced:
- if there is growth in labour force, the production of both wings and pizzas will increase.
- of there is improved pizza making technology, the amount of pizzas produced will increase
As an indicator of an impending recession, inventories will most likely:___________.
A. decrease as a result of a decrease in consumption
B. decrease as a result of an increase in aggregate supply
C. increase as a result of a decrease in aggregate supply
D. increase as a result of a decrease in consumption
E. remain constant as a result of economic uncertainty
Answer:
D. increase as a result of a decrease in consumption
Explanation:
Economics can be classified into two (2) categories, namely;
I. Macroeconomics can be defined as the study of behaviors, performance and factors that affect the entire economy. Hence, it focuses on aggregate phenomena such as price level, economic growth, Gross Domestic Product (GDP), inflation, recession, unemployment and national income levels with respect to the central bank, demand or supply shocks, government policies, aggregate spending and savings.
2. Microeconomics can be defined as the study of the effect of price and quantity levels through interactions between individual buyers and sellers in various markets. It is focused on analyzing or evaluating the decisions of consumers (buyers) and those of firms (sellers) such as methods of production, pricing; and the manner in which government policies affect those decisions.
Hence, as an indicator of an impending recession, inventories will most likely increase as a result of a decrease in consumption and general decline or fall in economic activities in the society.
Answer:d
Explanation:
Choose a company you know well. Identify primary competitors of the company. Discuss how the company differentiates its product/service. Discuss primary channels of marketing. Explain how a company should adapt prices and marketing channels to meet varying circumstances and opportunities?
Answer:
Coca Cola is the beverage company which produces many types of flavored carbonated drinks for its customers.
Explanation:
Coca Cola has many competitors and one of the biggest competitors is Pepsi cola. Coca Cola differentiates its products by frequently changing its packaging. It introduces new packaging with national hero's , country flags and other similar initiatives to attract its customers.
The primary channels of marketing for Coca Cola are Social media, Faacebook and advertisements on television. The company focuses on selling the product with additional attracting features. Sometimes company also introduces discount or complimentary products to boost its sales.
The company should keep value for money and do not go for cheap pricing as it will increase sales for the company but on the other hand the value of the product will decline in customers eye. The company can introduce new products which are some sort of snacks which compliments the beverage.
An income statement reports the revenues earned minus expenses incurred by a business over a period of time.
True or false ?
Answer:
True
Explanation:
This is an income statement. Ex: Rent expenses, salaries expense, total revenues, etc.
Kara Williams is the new controller for Colors, a designer and manufacturer of sportswear. Shortly before the December 31 fiscal year-end, Lashea Lucas (the company president) asks Williams how things look for the year-end numbers. Lucas is not happy to learn that earnings growth may be below 10% for the first time in the company's five-year history. Lucas explains that financial analysts have again predicted a 12% earnings growth for the company and that she does not intend to disappoint them. She suggests that Williams talk to the assistant controller, who can explain how the previous controller dealt with this situation. The assistant controller suggests the following strategies:
a. Postpone planned advertising expenditures from December to January.
b. Do not record sales returns and allowances on the basis that they are individually immaterial.
c. Persuade retail customers to accelerate January orders to December.
d. Reduce the allowance for bad debts (and bad debts expense).
e. Colors ships finished goods to public warehouses across the country for temporary storage until it receives firm orders from customers. As Colors receives orders, it directs the warehouse to ship the goods to nearby customers. The assistant controller suggests recording goods sent to the public warehouses as sales.
Requirement
Which of these suggested strategies are inconsistent with IMA standards? What should Williams do if Lucas insists that she follow all of these suggestions?
Answer:
1. Suggestions that are inconsistent with IMA standards are:
a. Does not violate IMA standards.
b. Is inconsistent with IMA standards.
c. Does not violate IMA standards.
d. Is not clear whether it would violate IMA standards.
e. Is inconsistent with IMA standards.
2. This is what Kara Williams should do if Lucas insists that she follow all of the suggestions:
Kara Williams should resist the attempt to implement b and e and should gather more information about d. If Lucas ignores Williams, then Williams should consider if she wants to continue working for a company that engages in unethical behavior.
Explanation:
The Institute of Management Accountants (IMA) has ethical standards that should be followed by its members. These standards or principles include professional competence, integrity, credibility, and confidentiality. The most relevant principles, in this situation, are integrity and credibility. Integrity requires that members must not engage in activities that will expose the profession to public ridicule or unethical practices. Credibility requires fair and objective presentation and communication of financial information to stakeholders.
Which one is a disadvantage of the process structure? *
More competition among departments
More flexibility in responding changes
Add and delete divisions
More focus on customers
Answer: Add and delete divisions
Explanation:
The process structure in organizations is when the organization is divided into different departments such that they're all related to each other for organizational goals to be achieved.
The divisions can include sales, research, manufacturing etc. It brings about more competition among the departments, focuses on customers and brings about flexibility.
Therefore, the disadvantage will be "Add and delete divisions".
Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2, the quantity produced is 4 bars and the price is $8. In year 3, the quantity produced is 6 bars and the price is $10.
Required:
Using year 1 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.
Answer:
Nominal gdp in year 1 = $10
Real gdp in year 1 = $10
GDP deflator in year 1 = 100
Nominal gdp in year 2 = $32
Real GDP in year 2 =$20
GDP deflator in year 2 =160
Nominal gdp in year 3 = $60
Real gdp in year 3 = $30
GDP deflator in year 3 = 200
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
Nominal GDP = current year price x quantity produced
Real GDP = base year price x quantity produced
GDP deflator = (nominal GDP / real GDP) x 100
Nominal gdp in year 1 = (2 x $5) = $10
Real gdp in year 1 = (2 x $5) = $10
GDP deflator in year 1 =( $10 /$10 ) x 100 = 100
Nominal gdp in year 2 = (4 x $8) = $32
Real GDP in year 2 = 4 x $5 = $20
GDP deflator in year 2 = ($32 / $20) x 100 = 160
Nominal gdp in year 3 = 6 X $10 = $60
Real gdp in year 3 = 6 x$5 = $30
GDP deflator in year 3 = ($60 / $30) x100 = 200
What would sell more (both stores are just now opening.): a "in-trend" jewelry store or a Simplistic lip gloss shop?
Answer:
The lip gloss shop
Explanation:
Because a trend last for a short amount of time meaning you have to restock on so many new products all the time wasting more and more money, as to the lip glosses all colors can be sold or always be in style.
The income statement for the Bonita Pines Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000, Salaries and Wages Expense $8,400, Maintenance and Repairs Expense $2,500, and Income Tax Expense $1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $20,000 and Dividends $1,300.
Required:
a. Prepare closing journal entries.
b. What is the ending balance in Retained Earnings?
Answer:
a. 31-Jul
Dr Service Revenue16,000
Cr Income Summary16,000
31-Jul
Dr Income Summary11,900
Cr Salaries & Wages Expense8,400
Cr Maintenance & Repairs Expense2,500
Cr Income Tax Expense1,000
31-Jul
Dr Income Summary4,100
Cr Retained Earnings4,100
31-Jul
Dr Retained Earnings1,300
Cr Dividends1,300
b. $22,800
Explanation:
a. Preparation of closing journal entries.
31-Jul
Dr Service Revenue16,000
Cr Income Summary16,000
(Being To close revenue account)
31-Jul
Dr Income Summary11,900
(8,400+2,500+1,000)
Cr Salaries & Wages Expense8,400
Cr Maintenance & Repairs Expense2,500
Cr Income Tax Expense1,000
(Being To close expense accounts)
31-Jul
Dr Income Summary4,100
Cr Retained Earnings4,100
(16,000-11,900)
(Being To close net income to Retained earning)
31-Jul
Dr Retained Earnings1,300
Cr Dividends1,300
(Being To close dividends to Retained earning )
b. Calculation fo What is the ending balance in Retained Earnings
Retained Earnings ending balance=$20,000−$1,300+$16,000−$8,400−$2,500−$1,000
Retained Earnings ending balance=$22,800
Therefore Retained Earnings ending balance will be $22,800
For each of the following events, identify which of the determinants of demand or supply are affected.
a. Engineers develop new automated machinery for the production of electric cars.
b. People increase their concern for the environment.
c. An economic boom raises people's wealth.
d. A strike by aluminum workers raises the price of aluminum.
e. The price of gas-powered cars fans.
Answer:
Identifying the determinants of demand and supply affected by the following events:
a. Engineers develop new automated machinery for the production of electric cars.
Technology
b. People increase their concern for the environment.
Environmental concerns and government regulations
c. An economic boom raises people's wealth.
Income distribution
d. A strike by aluminum workers raises the price of aluminum.
Price of resource
e. The price of gas-powered cars fans.
Price
Explanation:
We can identify the following determinants of supply: resource prices, technology, taxes and subsidies, prices of other related goods, price expectations, and the number of sellers in the market. Similarly, demand determinants include price, income, prices of complementary goods and substitutes, consumers' taste and expectations, etc.
(a) Technological advancements: Determinant of supply (b) Consumer preferences: Determinant of demand (c) Consumer income: Determinant of demand (d) Input prices: Determinant of supply (e) Price of related goods: Determinant of demand.
Supply refers to the amount of a good or service that manufacturers are willing and able to offer for sale in a market at a particular price during a specific time period.
As a price of a good rises, the producers than have a greater motivation to supply more of it because it becomes more profitable for them. In contrast, if the price falls, the motivation to supply may fall.
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Your local movie theater earns a total revenue of $40,000 per month when the price of a movie ticket is $8, and it earns a total revenue of $35,000 when the price of a movie ticket is $10. Demand is:______
Answer:
elastic
Explanation:
It is given that the local movie theater gets a revenue amount of $40,000 in a month when the movie ticket price is $8 but it earns a revenue of only $35,000 when the price of the movie ticket increases to $10.
The revenue of the movie theater decreases from $40,000 to $35,000 when the price of movie tickets increases increases form $8 to $10 and so the demand is elastic.
When the demand is unit elastic, the revenue is maximum. It increases when the price increases and the demand is inelastic. Whereas it decreases when the price increases and if the demand is elastic.
Berkshire Inc. uses a periodic inventory system. At the end of 2017, it missed counting some inventory items, resulting in an inventory understatement by $610,000. Assume that Berkshire has a 30% income tax rate and that this was the only error it made. If undetected, what is the effect of this error on Berkshire's December 31,2017 balance sheet
Answer:
Since the inventory was understated, that means that the cost of goods sold was overstated. Since the COGS was higher, gross profits and operating income were lower. This results in lower than income taxes, and lower net income.
Lower net income results in understated retained earnings (by $427,000), also taxes payable, a liability, will also be understated by $183,000. On the other side of the balance sheet, assets ill be understated by $610,000.
Explanation:
Ayayai Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $3,000,000 on January 1, 2020. Ayayai expected to complete the building by December 31, 2020. Ayayai has the following debt obligations outstanding during the construction period.
Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,200,000
Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 840,000
Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 600,000
(a) Assume that Ayayai completed the office and warehouse building on December 31, 2020, as planned at a total cost of $3,120,000, and the weighted average amount of accumulated expenditures was $2,160,000. Compute the avoidable interest on this project. (Use interest rates rounded to 4 decimal places, e.g. 7.5825% for computational purposes and round final answers to O decimal places, e.g. 5,275.) Avoidable Interest $__________.
Answer:
Ayayai Furniture Company
The avoidable interest on this project is:
= $250,909.44
Explanation:
a) Data and Calculations:
Estimated cost of construction = $3,000,000
Construction started on January 1, 2020
Construction expected to complete by December 31, 2020
Debt obligations outstanding:
Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,200,000
Annual interest payment = $144,000 ($1,200,000 * 12%)
Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 840,000;
Annual interest payment = $84,000 ($840,000 * 10%)
Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 600,000
Annual interest payment = $66,000 ($600,000 * 11%)
Total debt obligations = $2,640,000
Total interest payment = $294,000
Weighted average interest rate = $294,000/2,640,000 = 0.111364
Total cost of construction incurred = $3,120,000
Weighted average amount of accumulated expenditure = $2,160,000
Avoidable interest = Construction loan *12% + (Weighted Average Accumulated Expenditures - Construction loan) *Weighted average interest rate
= $1,200,000 * 12% + ($2,160,000 - $1,200,000) * 11.1364%
= $144,000 + (960,000 *11.1364%)
= $144,000 + $106,909.44
= $250,909.44
b) Avoidable interest is the interest that would not have been incurred assuming that this combination office and warehouse building project was not carried out.
Assume Ireland and Mali can both produce grain and dates, and that the only limited resource is the farming labor force, meaning that land, water, and all other resources are plentiful in both countries. Each farmer in Ireland can produce 10t of grain or 5t of dates in a season. Each farmer in Mali can also produce 10t of grain or 25t of dates.
Required:
a. Which country has the absolute advantage in producing dates?
b. Which country has the absolute advantage in producing grain?
c. Which country has the competitive advantage in producing dates?
d. Which country has the comparative advantage in producing grain?
Answer:
a. Which country has the absolute advantage in producing dates?
Mali
b. Which country has the absolute advantage in producing grain?
None
c. Which country has the competitive advantage in producing dates?
Mali
d. Which country has the comparative advantage in producing grain?
Ireland
Explanation:
Opportunity cost of producing dates:
Ireland = 10 / 5 = 2 tons of grains
Mali = 10 / 25 = 0.4 tons of grains
Opportunity cost of producing grains:
Ireland = 5 / 10 = 0.5 tons of dates
Mali = 25 / 10 = 2.5 tons of dates
