Answer:
The economic system is the set of practices and principles that regulate the production, trade, distribution and allocation of resources to production in a society, as well as deciding who will produce. It is not possible to consider economic systems purely from a commercial perspective. On the contrary, the most defining feature of economic systems should be of political and ideological origin. The opposite of this proposition is also true, that is, economics is the main factor shaping political approaches. Politics and economics are intertwined and inseparable. From this point of view, it seems the most appropriate method to classify political structures in the world on the basis of economy. A classification of economic systems that are currently or recently applied or whose effects continue can be made as follows.
Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? (c) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? (d) If $1,600 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2019?
Answer:
A. $800
B. $4,800
August 1, 2019
C.$3,300
$1,500
Explanation:
(a) Calculation for what was the balance in Supplies on January 1
Balance in Supplies on January 1=$950 + $700 - $850
Balance in Supplies on January 1=$800
(b) Calculation for what was the total premium and when was the policy purchased
Total premium=($400 x 12 months)
Total premium= $4,800
Calculation for when was the policy purchased
Prepaid Insurance, 1/31 $2,400
Monthly premium $400
Number of months remaining 6
($2,400/$400)
Hence, The Policy was purchase on August 1, 2019
(c) Salary and Wages Payable at Decemeber 31, 2019 $1,500
Cash Paid $2,500
Salaries and wages payable, 1/31 $800
$3,300
Less: Salaries and wages expense $1,800
Salaries and wages payable, 12/31/19 $1,500
During March, the production department of a process operations system completed and transferred to finished goods 21,000 units that were in process at the beginning of March and 210,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 65% complete with respect to conversion. At the end of March, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 40% complete with respect to conversion. Compute the number of physical units transferred to finished goods.
Answer:
231,000
Explanation:
Computation for the number of physical units transferred to finished goods.
Using this formula
Transferred Unit = Beginning WIP Units + Units Started
Let plug in the formula
Transferred Unit = 21,000 + 210,000
Transferred Unit = 231,000
Therefore the number of physical units transferred to finished goods will be 231,000
Consider the following three-step worker-paced line: Each step employs a single worker. The setup time is fixed per order (batch), e.g. for Step 1, it takes 30 minutes to setup the machine to process 1 order (regardless of how many units are in the order). The run time represents the amount of time it takes the worker to process a single unit. When a worker completes an order, he or she hands it off to the next stage. If only 10-unit orders are produced, the process capacity is:
Answer:
If only 10-unit orders are produced, the process capacity is:
= 10 units per order
Explanation:
The process capacity refers to the total quantity produced from a process within a referenced period of time. This simply means that process capacity refers to the production capacity of a process. It can also refer to the maximum output produced by a resource during a particular production process.
General Motors (GM) is trying to reinvent the Cadillac brand with new car designs and a new brand story. They commission McCann Erickson to develop an integrated marketing communications (IMC) campaign using several media. A key component of their ads is music by contemporary groups like the Teddy Bears and Melikka. In this scenario, GM is considered the
Answer: the marketer
Explanation:
Based on the scenario given in the question, we can say that General Motors is a marketer.
A marketer is simply refered to as someone or a company that's responsible for researching a particular market and the analysing such market before the creation and exchanging of products.
In this case, we are informed that GM commission McCann Erickson to develop an integrated marketing communications (IMC) campaign using several media in order to reinvent the Cadillac brand, this shows that they're playing the role of a marketer.
"If our company achieves a high level of relational coordination, what can we expect in terms of employee behavior?" Check all that apply. Employees will be empowered to collaborate directly with each other across organizational boundaries. Employees in different departments or divisions will share information easily. Project managers, cross-functional teams, and task forces will play a vital role in sharing information between departments or divisions. Information will flow across a network of informal relationships rather than primarily through a formal chain of command.
Answer:
- Employees will be empowered to collaborate directly with each other across organizational boundaries.
- Employees in different departments or divisions will share information easily.
- Information will flow across a network of informal relationships rather than primarily through a formal chain of command.
Explanation:
Relational coordination focuses on shared goals and knowledge between people that work on common tasks.
As such it will result in more communication between surbodinates. There will be increased interaction and communication between boundaries in the organisation.
People with common tasks will easily communicate with each other with less focus on the hierarchy of the organisation.
Project managers will play less role in sharing of information as most communication will be done between surbordinates.
Which of the following is not an example of a problem explained by agency theory?
A manager fires underperforming employees.
A manager takes few risks to ensure steady dividends.
A manager encounters a conflict of interest between their responsibilities to shareholders and their responsibilities to employees.
A manager protects her own job rather than the shareholder’s wealth.
Answer:
d
Explanation:
A manager protects her own job rather than the shareholder’s wealth.
its not correct.
Which of the following would focus on atmospherics? A. Distributors B. Providers C. Sales prospects D. Purveyors
Answer:
c
Explanation:
its c
Sales prospects focus on atmospherics.
Hence option C is correct.
As Sales prospects is one that we can reach easily and can communicate them for our products.
What is Sales prospects?Sales prospects generally means finding potential buyers and reaching them for the product or service. Sales Prospects is very necessary for the company's growth.
What is Atmospherics?Atmospherics is a characteristics to identify the retail brand and set it apart from competitors. It is a key element which influence shoppers behavior.
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if you have identified a risk, you have?
(a) figured it out how to eliminate it.
(b) recognized that it exists.
(c) publically announced it is a problem.
(d) decided not to reveal it
Answer:
B
Explanation:
you have recognized that it exists, you have not yet eliminated it or made any other decisions.
Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used.
Aug. 1 Purchased merchandise from Norris, Inc., $4,000, terms 2/10, n/30.
5 Paid freight on shipment from Norris, Inc., $220.
7 Sold merchandise to Denton Corporation, $5,500 ($4,100 cost).
7 Paid $300 freight on August 7 shipment and billed Denton for the charges.
9 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
9 Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return.
10 Paid Norris, Inc., the amount due.
14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30.
15 Paid freight on shipment from Chambers, Inc., $320.
17 Received the amount due from Denton Corporation.
18 Sold merchandise to Weber, Inc., $9,600 ($6,600 cost).
20 Paid $350 freight on August 18 shipment and billed Weber for the charges.
24 Paid Chambers, Inc., the amount due.
28 Received the amount due from Weber, Inc.
Required
Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar.
Answer:
Date Account Titles and Explanation Debit Credit
Aug 17 Cash $4,955
Sales Discount $95
(5500-750)*2%
Accounts Receivable $5,050
(5500+300-750)
(Received amount due from Denton Corporation)
Aug 28 Cash $9,758
Sales Discount $192
(9600*2%)
Accounts Receivable $9,950
(9600+350)
(Received amount due from Weber, Inc.)
Note: The other entries are solved in the question itself and it is as attached in picture below
What drives the beef industry to feed so much grain feeding? Explain
Answer:
they gert paid decent ammount of money for it
Explanation:
Bryan Inc. produces a specialty top-quality juice machine. The product, the JM50, requires four processes to be completed. Specifically, these processes are exterior construction, pulp filter insertion, painting, and packaging. Each process is performed at separate workstations with different completion rates: Exterior construction can manufacture 100,000 juicer exteriors per day. Pulp filter insertion can install 25,000 filters every 6 hours. Painting can decorate 3,000 juicers every half hour. Packaging can package 5,000 juicers per hour. The plant operates 24/7, 24 hours a day every day of the week. How many JM50 machines can Bryan Inc. manufacture per month (assume an average 30-day month)
Answer:
3,000,000 juicers
Explanation:
Maximum numbers per workstation in 30 days:
Exterior construction = 100,000*30 = 3,000,000
Pulp filter = 25,000*24/6*30 = 3,000,000
Painting = 3,000*24/0.5*30 = 4,320,000
Packaging = 5,000*24*30 = 3,600,000.
The lowest of the numbers above is 3,120,000 and that means that Bryan inc. can manufacture 3,000,000 juicers.
Item1 1 points eBookAskReferencesItem 1 TB MC Qu. 06-91 The following information... The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 8,419 Accounts receivable 70,422 Merchandise inventories 60,362 Prepaid expenses 4,100 Accounts payable $ 14,950 Notes payable 86,638 Other current liabilities 9,500 If net sales for the current year were $612,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
Answer: 42 days
Explanation:
To solve the above question, first, we will have to calculate the debtors turnover ratio which is the date sales uncollected for the year. This will be:
= Sales/Average Accounts Receivables
= $612,000 / $70,422
= 8.69 times
Since we are using 365 days for a year, then the firm's days sales uncollected for the year will be calculated as:
= 365 / 8.69
= 42 days
Zoom Corporation manufactures and sells three different types of binoculars. They are referred to as Good, Better, and Best binoculars. Grinding and polishing time is limited. More time is required to grind and polish the lenses used in the Better and Best binoculars. Additional information is provided below.
Product
Good Better Best
Selling price $76.60 $312.00 $834.00
Variable costs and expenses 52.00 182.00 484.00
Contribution margin $24.60 $130.00 $350.00
Grinding and polishing time required 0.3 hrs 1.3 hrs 5 hrs
Ignoring the time constraint, what strategy would appear to be optimal?
Answer:
Best products
Explanation:
While ignoring the time constraint, the strategy that should be appear to be optimal i.e. to see which product contains high contribution margin
According to the data given in the question the best product would have the highest contribution margin as compared to other two products
So it should be move towards best products
Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 30,000 bottles of wine were sold every week at a price of $6 per bottle. After the tax, 25,000 bottles of wine are sold every week; consumers pay $8 per bottle, and producers receive $5 per bottle (after paying the tax). The amount of the tax on a bottle of wine is $ per bottle. Of this amount, the burden that falls on consumers is $ per bottle, and the burden that falls on producers is $ per bottle. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. True False
Answer:
The amount of tax is:
= Price paid by consumers - Price received by producers
= 8 - 5
= $3
Burden on consumers:
= Price after tax - Price before tax
= 8 - 6
= $2
Burden on Producers:
= Amount received before tax - Amount received after tax
= 6 - 5
= $1
The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. ⇒ FALSE.
Tax effects are the same regardless of if levied on consumers directly or on producers.
Match each term with the best definition given blow. Note: Not all definitions will be used.
a. A detailed record of costs incurred to complete a specific job.
b. A source document that shows how a worker spent time each week.
c. An accounting system used by companies to make standardized or homogeneous products or services.
d. An accounting system used by companies that offer customized or unique products or services.
c. Major inputs that can be directly and easily traced to a product, job or service.
d. Hands-on work that goes into producing a product, job or service.
e. Costs not easily traceable to producing a product, job or service.
f. The amount of actual overhead is greater than the applied overhead.
g. A form that lists the quantity of direct materials to be used in a job.
h. Indirect costs that are allocated to each job.
i. Estimated manufacturing overhead divided by estimated cost driver.
j. A measure that causes or influences the incurrence of a cost.
k. Total cost divided by units produced.
l. The amount of actual overhead is less than the applied overhead.
m. Actual direct materials plus actual direct labor plus applied manufacturing overhead
1. Allocation Base
2. Direct Labor Time
3. Ticket Indirect Costs
4. Job Coat Shoot
5. Job Order Costing
6. Materials Requisition Form
7. Overapplied Overhead
8. Underapplied Overhead
9. Prodelarmined Overhead
10. Rate Process Casting
Answer:
1. Allocation Base
Definition: A measure that causes or influences the incurrence of a cost.
2. Direct Labor Time
Definition: A source document that shows how a worker spent time each week.
3. Ticket Indirect Costs
Definition: Costs not easily traceable to producing a product, job or service.
4. Job Coat Shoot
Definition: A detailed record of costs incurred to complete a specific job.
5. Job Order Costing
Definition: An accounting system used by companies that offer customized or unique products or services.
6. Materials Requisition Form
Definition: A form that lists the quantity of direct materials to be used in a job.
7. Overapplied Overhead
Definition: The amount of actual overhead is less than the applied overhead.
8. Underapplied Overhead
Definition: The amount of actual overhead is greater than the applied overhead.
9. Predetermined Overhead
Definition: Estimated manufacturing overhead divided by estimated cost driver.
10. Rate Process Costing
Definition: An accounting system used by companies to make standardized or homogeneous products or services.
A business's revenue exceeds its expenses by $2,000 per month. However, its fixed expenses just increased by $3,500 per month. If this continues and the business has $18,000 in cash, in how many months will it run out of cash?
a) 12
b) 15
c) 20
d) 24
Answer:
a) 12
Explanation:
If the revenue exceeds the expenses by $2,000 per month this means that they are in profit $2,000 every month. Now the expenses increased by $3,500 so we need to subtract the $2,000 from this to calculate by how much expenses are exceeding profit.
$3,500 - $2,000 = $1,500
Now we can see that they need to pay $1,500 in expenses every month. Since they have $18,000 in cash we can divide this by 1,500 to calculate how many months they will be able to pay the expenses before they run out of cash.
18,000 / 1,500 = 12 months
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 28,300 $ 46,299 $ 225,522 Cost added during May $ 171,980 $ 30,866 $ 150,348 Equivalent units of production 2,400 2,300 2,200 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)
Answer:
materials labor overhead
May 1 $28,300 $46,299 $225,522
Cost added during May $171,980 $30,866 $150,348
total $200,280 $77,165 $375,870
Cost per equivalent unit:
EU materials = $200,280 / 2,400 = $83.45 per EU
EU labor = $77,165 / 2,300 = $33.55 per EU
Eu overhead = $375,870 / 2,200 = $170.85 per EU
Psychology experiments are typically designed to
Key computer issues addressed by the Bureau of Consumer Protection (BCP) include all of the following except _____.
how to increase the amount of "cookies"
how to prevent "scammers," "hackers," and identity theft
how to avoid "malware"
how to protect kids online
Answer:
How to increase the amount of "cookies"
Explanation:
It says it in the notes section. Brainliest?
All of the following are significant computer-related concerns that the Bureau of Consumer Protection (BCP) addresses, with the exception of how to increase the number of "cookies". Thus, option A is the correct answer.
What is a consumer ?Consumers are those who purchase products for their own use and then use or consume them.
The Federal Trade Commission's Bureau of Consumer Protection combats unfair, deceptive, and fraudulent business practices by collecting consumer complaints and conducting investigations. It also sues companies and individuals who violate the law.
One of its main function is to develop rules to ensure a fair marketplace, and educating consumers and businesses about their rights and responsibilities.
Therefore, how to increase the amount of "cookies" is not addressed by the Bureau of Consumer Protection.
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Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $496,110. Materials requisitioned, $416,730, of which $54,170 was for general factory use. Factory labor used, $510,990, of which $97,090 was indirect. Other costs incurred on account for factory overhead, $119,070; selling expenses, $183,560; and administrative expenses, $109,140. Prepaid expenses expired for factory overhead were $22,820; for selling expenses, $19,350; and for administrative expenses, $13,890. Depreciation of factory equipment was $22,820; of office equipment, $33,740; and of office building, $66,480. Factory overhead costs applied to jobs, $282,780. Jobs completed, $654,870. Cost of goods sold, $635,020. Required:
Question Completion:
Journalize the entries to record the summarized operations.
Answer:
Royal Technology Company
Journal Entries:
Debit Materials $496,110
Credit Accounts Payable $496,110
To record the purchase of materials on account.
Debit Work in Process $362,560
Debit Factory Overhead $54,170
Credit Materials $416,730
To record materials requisitioned for production and general factory use.
Debit Work in Process $413,900
Debit Factory Overhead $97,090
Credit Factory labor $510,990
To record factory labor used in production.
Debit Factory Overhead $119,070
Debit Selling Expenses $183,560
Debit Administrative Expenses $109,140
Credit Accounts Payable $411,770
To record costs incurred on account.
Debit Factory Overhead $22,820
Debit Selling Expenses $19,350
Debit Administrative Expense $13,890
Credit Prepaid Expenses $56,060
To record expired prepaid expenses.
Debit Factory Overhead $22,820
Debit Depreciation Expense - Office Equipment $33,740
Debit Depreciation Expense - Office Building $66,480
Credit Depreciation Expenses $123,040
To allocate depreciation expenses.
Debit Work in Process $282,780
Credit Factory Overhead $282,780
To record overhead costs applied to jobs.
Debit Finished Goods Inventory $654,870
Credit Work in Process $654,870
To transfer completed jobs to the finished goods inventory.
Debit Cost of Goods Sold $635,020
Credit Finished Goods Inventory $635,020
To record the cost of goods sold.
Explanation:
Journal entries are made when a transaction is initially recorded. They show the accounts to be debited and the ones to be credited.
Who is credited with pioneering the principles of the scientific approach to management
Answer:
Frederick W. Taylor. Frederick Taylor (1856–1915) is called the Father of Scientific Management. Before the Industrial Revolution, most businesses were small operations, averaging three or four people.
Explanation:
Harold lives on Doritos and seafood salads. The price of Doritos is 1 dollar per bag and the price of seafood salads is 2 dollars each. Harold allows himself to spend no more than 11 dollars a day on food. He also restricts his consumption to 6,500 calories per day. There are 1,500 calories in a bag of Doritos and 500 calories in a seafood salad. If he spends his entire money budget each day and consumes no more calories than his calo-rie limit, he can consume up to
a. 3 bag of Doritos per day but no more.
b. 4 bag of seafood salad per day but no more.
c. 5 bag of Doritos per day but no more.
d. 1 bag of Doritos per day but no more.
Answer:
Harold can consume up to:
a. 3 bag of Doritos per day but no more.
Explanation:
a) Data and Calculations:
1 bag of Doritos = $1
1 bag of Doritos contains 1,500 calories
Therefore 3 bags of Doritos = $3
This leaves him with $8 ($11 - $3) to spend on seafood salad for the remaining 2,000 calories
The 3 bags of Doritos enable him to get 4,500 calories (3 * 1,500)
The remaining 2,000 calories, he will now get by consuming 4 seafood salads at a cost of $8 ($2 * 4)
2) Consider the taxi market, a constant cost competitive industry. To operate a taxi an entrepreneur needs a license. Show graphically the impact of this regulation on the market supply and the efficiency of this market (as measured by the deadweight loss). A taxi medallion used to sell for up to 1.3 million dollars in NYC. After the entry of UBER the cost dropped these days to approximately 200,000. Discuss the impact of this change on the performance of this market.
Answer:
The new entrant of UBER has led the taxi fares to drop by significant amount. The competition has increased and customers have now choice available to choose from lowest fares.
Explanation:
The taxi market is competitive industry but since there was no specific organization behind the taxi union which governs the taxi fares, the taxi drivers were free to charge the fare they want. The entry of UBER in the industry has enables the customers to switch from normal taxi to UBER as it provides ease of online booking with lowest possible standard fares.
1. What is the purpose of a bank statement?
Answer:
to hold money on a account
Explanation:
Bank statements are a great tool to help account holders keep track of their money. They can help account holders track their finances, identify errors, and recognize spending habits.
Benjamin is planning to go to graduate school in a program that will take three years. Benjamin wants to have $10,000 available each year for his school and living expenses. If he earns 6% on his investments, approximately how much must be deposited at the start of his studies for him to withdraw $10,000 a year for three years
Answer:
$26,730
Explanation:
The amount to be deposited can be determined by finding the present value of the annuity
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow each year from year 1 to 3 = $10,000
I = 6%
PV = $26,730
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
A firm has $3,600,000 in its common stock account and $36,000,000 in its paid in capital accountThe firm issued 450,000 shares of common stock. What was the issue price (market value) if only one stock issuance has occurred?
Answer:
the issue price is $88 per share
Explanation:
The computation of the issue price is shown below:
= (Common stock + paid in capital) ÷ (Number of common shares issued)
= ($3,600,000 + $36,000,000) ÷ 450,000 shares
= $39,600,000 ÷ 450,000 shares
= $88 per share
Hence, the issue price is $88 per share
Marcus loves a certain candy bar that he thought was only sold in Spain. The other day, he saw that the candy bar is now available in his local
grocery store. What process helped bring the Spanish candy bar to America?
recession
foreclosure
global trade
monopolizing
Answer:
global trade
Explanation:
The process that allowed this to happen is global trade. This is basically involves everything regarding trading goods from country to country (internationally). One company offers the goods that they have in excess in exchange for cash or other goods. Which allows each country to increase their economies, as well as allowing each country to obtain items/goods that they otherwise did not have the resources to make.
Answer:
Global Trade
Explanation:
A household consists of a married couple and their two-year-old daughter. The couple's daughter had no income and lived with her parents all of last year. How many exemptions can the couple claim on last year's tax return if they file with the "Married filing jointly" status?
Answer:
3 is the answer
Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is $30,000, including a scholarship for $5,000 to cover her tuition. Jane used $12,000 of her savings, and her grandparents provided $13,000. Which of the following statements regarding the dependency rules for Jane is true?
a. If Jane’s parents (rather than her grandparents) provided the $13,000, then they would not be able to claim Jane as a dependent because Jane provided more than half of her own support.
b. Jane’s grandparents can claim her as a dependent because Jane did not provide more than half of her own support.
c. Jane’s grandparents cannot claim her as a dependent because Jane provided more than half of her own support.
d. Jane is no one’s dependent because she provided more than half of her own support.
Answer:
c. Jane grandparents cannot claim her as a dependent because Jane provided more than half of her own support.
Explanation:
Based on the information given the statements regarding the dependency rules for Jane that is true is Jane grandparents cannot in any way claim Jane as a dependent reason been that Jane provided more than half of her own support due to the fact that she her s total support for is the amount of $30,000 which as well include a scholarship of the amount of $5,000 to help cover tuition in which Jane used the amount of $12,000 of her savings while her grandparents on the other hand only provided the amount of $13,000 out of the Total support of $30,000.
indicate whether the following responsibilities are either: A - Management's responsibilities B - Audit Committee responsibilities C - Auditor's responsibilities D - Neither Management's, the Audit Committee or the Auditor's responsibility Responsibilities 9. Role of oversight and monitoring 10. Forming and expressing an opinion about whether the financial statement s are presented fairly, in all material respects, inconformity with GAAP 11. Appoint, approve and review external audit function 12. Fairy presenting the financial statements and footnotes in conformity with GAAP 13. Establishing and maintaining an internal control system.
Answer:
A
C
B
D
A
Explanation:
