Answer:
The company's net sales for this period equal to $76,592
Explanation:
First we need to calculate the total sales using the following formula
Total Sales = Cash Sales + Credit sales
Where
Cash Sales = $49,527
Credit sales = $38,540
Placing values in the formula
Total Sales = $49,527 + $38,540
Total Sales = $88,067
Now use the following formula to calculate the net sales
Net Sales = Total Sales - Sales returns and allowances - Sales discount
Where
Total Sales = $88,067
Sales returns and allowances = $7,100
Sales discount = $4,375
Placing values in the formula
Net Sales = $88,067 - $7,100 - $4,375
Net Sales = $76,592
With its current levels of input use, a firm's MRTS is 1/3 (when capital is on the vertical axis and labor is on the horizontal axis). This implies:__________.
A. the firm conld produce 3 more units of output if it increased its use of capital by one unit (holding labor constat).
B. the firm could produce 3 more units of output if it increased its use of labor by one unit (holding capital constant).
C. if the firm reduced its capital stock by one unit, it would have to hire 3 more worlkers to maintain its eurrent level of output.
D. the marginal product of labor is 3 times the marginal product of capital.
Answer: A. the firm could produce 3 more units of output if it increased its use of capital by one unit (holding labor constant).
Explanation:
The Marginal Rate of Technical Substitution(MRTS) is calculated as follows:
= Marginal product of labor / Marginal product of capital
= 1 / 3
Marginal product of labor = 1
Marginal product of capital = 3
This means that if one unit of labor is used, it produces 1 unit of output.
If one unit of capital is used however, it produces 3 units of output.
If a firm therefore used one unit of capital and kept labor constant, it could produce 3 units out output.
In 2019, Teller Company sold 3,000 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $270,000. The same selling price, variable expenses, and fixed expenses are expected for 2020. What is Teller’s break-even point in units for 2020? g
Answer:
Break-even point in units= 1,500
Explanation:
Giving the following information:
Selling price= $600
Unitary variable cost= $420
Fixed cost= $270,000
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 270,000 / (600 - 420)
Break-even point in units= 1,500
Ideally, a profit oriented firm desires to denominate bonds in a currency that: ________.
a. Exhibits a low interest rate and is expected to depreciate.
b. Exhibits a high interest rate and is expected to depreciate.
c. Exhibits a low interest rate and is expected to appreciate.
d. Exhibits a high interest rate and is expected to appreciate.
Answer: exhibits a low interest rate and is expected to depreciate.
Explanation:
Bonds are the debt securities which are issued by the governments or corporations, and usually have a lower risk and reward than stocks.
A profit oriented firm desires to denominate bonds in a currency that exhibits a low interest rate and is expected to depreciate.
To report insights, researchers must combine their knowledge of business with their intimate knowledge of the research sponsor-manager gained while conducting the research.
A. True
B. False
Answer:
A. True
Explanation:
Any time you present a research report, you are combining your previous knowledge with new insights and knowledge gained while preparing the report. This applies to basically every type of new report that you prepare and even updates of prior reports. Sometimes the conditions change between the time the original report was made and the next periodic report.
The statement that researchers needs to add the knowledge of business as well as that of intimate research sponsor-manager to report insights is True.
Insights serves as the interpretations of raw data which contains some meaning in a particular context to the audience.As a researcher, that want to report an insight, there is a need to combine the knowledge gained from sponsor-manager and knowledge from business during the research.Therefore, the statement is True.
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Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2016, the end of the current year, the accountant for Good Note Company prepared an unadjusted trial balance and an adjusted trial balance.Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.Adjusted Trial BalanceGood Note CompanyADJUSTED TRIAL BALANCENovember 30, 2016 ACCOUNT TITLE DEBIT CREDIT1 Cash 38,250.002 Accounts Receivable 89,500.003 Supplies 2,400.004 Prepaid Insurance 3,850.00 5 Equipment 290,450.006 Accumulated Depreciation-Equipment 106,100.007 Automobiles 129,500.008 Accumulated Depreciation-Automobiles 62,050.009 Accounts Payable 26,130.0010 Salaries Payable 8,100.0011 Unearned Service Fees 9,000.0012 Common Stock 100,000.0013 Retained Earnings 224,020.0014 Dividends 75,000.0015 Service Fees Earned 742,800.0016 Salaries Expense 525,000.0017 Rent Expense 54,000.0018 Supplies Expense 8,850.0019 Depreciation Expense-Equipment 11,600.0020 Depreciation Expense-Automobiles 7,300.0021 Utilities Expense 14,100.0022 Taxes Expense 8,175.0023 Insurance Expense 10,400.0024 Miscellaneous Expense 9,825.0025 Totals 1,278,200.00 1,278,200.00Chart of AccountsCHART OF ACCOUNTSGood Note CompanyGeneral Ledger ASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance16 Equipment17 Accumulated Depreciation-Equipment18 Automobiles19 Accumulated Depreciation-Automobiles LIABILITIES21 Accounts Payable22 Salaries Payable23 Unearned Service Fees EQUITY31 Common Stock32 Retained Earnings33 Dividends REVENUE41 Service Fees Earned EXPENSES51 Salaries Expense52 Rent Expense53 Supplies Expense54 Depreciation Expense-Equipment55 Depreciation Expense-Automobiles56 Utilities Expense57 Taxes Expense58 Insurance Expense59 Miscellaneous ExpenseJournalShaded cells have feedback.Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
Answer:
Good Note Company
Journal Entries:
Debit 23 Unearned Service Fees $9,000
Credit 41 Service Fees Earned $9,000
To record earned fees.
Debit 51 Salaries Expense $8,100
Credit 22 Salaries Payable $8,100
To record accrued salaries.
Debit 53 Supplies Expense $8,850
Credit 13 Supplies $8,850
To record used supplies.
Debit 54 Depreciation Expense-Equipment 11,600
Credit 17 Accumulated Depreciation-Equipment $11,600
To record depreciation expense for the period.
Debit 55 Depreciation Expense-Automobiles 7,300
Credit 19 Accumulated Depreciation-Automobiles $7,300
To record depreciation expense for the period.
Debit 56 Utilities Expense $1,200
Credit 21 Accounts Payable $1,200
To record accrued utilities expense.
Debit 58 Insurance Expense $10,400
Credit 14 Prepaid Insurance $10,400
To record expired insurance.
Explanation:
a) Data and Calculations:
Good Note Company
UNADJUSTED TRIAL BALANCE
November 30, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 38,250
2 Accounts Receivable 89,500
3 Supplies 11,250
4 Prepaid Insurance 14,250
5 Equipment 290,450
6 Accumulated Depreciation-Equipment 94,500
7 Automobiles 129,500
8 Accumulated Depreciation-Automobiles 54,750
9 Accounts Payable 24,930
10 Salaries Payable
11 Unearned Service Fees 18,000
12 Common Stock 100,000
13 Retained Earnings 224,020
14 Dividends 75,000
15 Service Fees Earned 733,800
16 Salaries Expense 516,900
17 Rent Expense 54,000
18 Supplies Expense
19 Depreciation Expense-Equipment
20 Depreciation Expense-Automobiles
21 Utilities Expense 12,900
22 Taxes Expense 8,175
23 Insurance Expense
24 Miscellaneous Expense 9,825
25 Totals 1,250,000 1,250,000
Good Note Company
ADJUSTED TRIAL BALANCE
November 30, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 38,250
2 Accounts Receivable 89,500
3 Supplies 2,400
4 Prepaid Insurance 3,850
5 Equipment 290,450
6 Accumulated Depreciation-Equipment 106,100
7 Automobiles 129,500
8 Accumulated Depreciation-Automobiles 62,050
9 Accounts Payable 26,130
10 Salaries Payable 8,100
11 Unearned Service Fees 9,000
12 Common Stock 100,000
13 Retained Earnings 224,020
14 Dividends 75,000
15 Service Fees Earned 742,800
16 Salaries Expense 525,000
17 Rent Expense 54,000
18 Supplies Expense 8,850
19 Depreciation Expense-Equipment 11,600
20 Depreciation Expense-Automobiles 7,300
21 Utilities Expense 14,100
22 Taxes Expense 8,175
23 Insurance Expense 10,400
24 Miscellaneous Expense 9,825
25 Totals 1,278,200.00 1,278,200
Analysis of Adjustments:
23 Unearned Service Fees $9,000 41 Service Fees Earned $9,000
51 Salaries Expense $8,100 22 Salaries Payable $8,100
53 Supplies Expense $8,850 13 Supplies $8,850
54 Depreciation Expense-Equipment 11,600 17 Accumulated Depreciation-Equipment $11,600
55 Depreciation Expense-Automobiles 7,300 19 Accumulated Depreciation-Automobiles $7,300
56 Utilities Expense $1,200 21 Accounts Payable $1,200
58 Insurance Expense $10,400 14 Prepaid Insurance $10,400
Jammer Company uses a weighted average perpetual inventory system and reports the following:
August 2 Purchase 24 units at $18.50 per unit. August 18 Purchase 26 units at $20.00 per unit. August 29 Sale 48 units. August 31 Purchase 29 units at $21.50 per unit.
What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)
Answer: $21.36
Explanation:
Weighted average inventory system works by taking the average of the inventory prices on the different days.
Price on August 29 which is date of sale:
= {(Units purchased on August 2 * Unit cost on August 2) + ( Units purchased on August 18 * Unit cost on August 18)] / (Units purchased on August 2 + Units purchased on August 18)
= [ ( 24 * 18.50) + (26 * 20) ] / (24 + 26)
= $19.28 per unit
48 units were sold so the number of units left are:
= 24 + 26 - 48
= 2 units
Price on August 31
= [ (Units remaining on August 29 * Unit cost on August 29) + ( Units purchased on August 31 * Unit cost on August 31)] / (Units remaining on August 29 + Units purchased on August 31)
= [ (2 * 19.28) + (29 * 21.50) ] / ( 2 + 29)
= $21.36
When companies use automated production processes, they tend to condense the three manufacturing costs into two categories. These categories are: direct and indirect materials. direct costs and indirect materials. indirect materials and conversion costs. direct materials and conversion costs.
Answer:
direct materials and conversion costs.
Explanation:
When companies use automated production processes, they tend to condense the three manufacturing costs into two categories which are direct materials and conversion costs.
This is because Automation does conversion on the Direct Materials which are visible and can be traced to product being manufactured.
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.
Answer:
Nath-Langstrom Services, Inc.
And
ComputerWorld Leasing
1. Journal entries by Nath-Langstrom Services for the first year of the lease:
Jan. 1, 2021:
Debit Right of Use Asset $52,039.38
Credit Lease Liability $52,039.38
To record the Right of Use Asset.
June 30, 2021:
Debit Interest Expense $1,561.18
Debit Lease Liability $12,438.82
Credit Cash $14,000
To record the semiannual payment of the lease liability.
Debit Lease Amortization Expense $13,010
Credit Accumulated Amortization $13,010
To record amortize the Right of Use Asset.
December 31, 2021:
Debit Interest Expense $1,188.02
Debit Lease Liability $12,811.98
Credit Cash $14,000
To record the semiannual payment of the lease liability.
Debit Lease Amortization Expense $13,010
Credit Accumulated Amortization $13,010
To amortize the Right of Use Asset.
2. Journal Entries by ComputerWorld Leasing for the first year of the lease:
Jan. 1. 2021:
Debit Lease Receivable $52,039.38
Credit Leased Assets $52,039.38
To record the lease receivable.
June 30, 2021:
Debit Cash $14,000
Credit Interest Income $1,561.18
Credit Lease Receivable $12,438.82
To record the receipt of the first lease payment.
Debit Depreciation Expense $7,000
Credit Accumulated Depreciation $7,000
To depreciate the leased asset.
December 31, 2021:
Debit Cash $14,000
Credit Interest Income $1,188.02
Credit Lease Receivable $12,811.98
To record the receipt of lease payment.
Debit Depreciation Expense $7,000
Credit Accumulated Depreciation $7,000
To depreciation the leased asset.
Explanation:
a) Data and Calculations:
Annual interest rate = 6%
Semiannual rental payment = $14,000
Period of lease = 2 years
Number of lease payments = 4
Cost of computers to ComputerWorld = $98,000
Estimated useful life of computers = 7 years
Residual value = $0
N (# of periods) 4
I/Y (Interest per year) 6
PMT (Periodic Payment) 14000
FV (Future Value) 0
Results
PV = $52,039.38
Sum of all periodic payments $56,000.00
Total Interest $3,960.62
Schedule
Period PV PMT Interest FV
1 $52,039.38 $14,000.00 $1,561.18 $39,600.56
2 $39,600.56 $14,000.00 $1,188.02 $26,788.58
Year #1 end
3 $26,788.58 $14,000.00 $803.66 $13,592.23
4 $13,592.23 $14,000.00 $407.77 $0.00
We must take into account the provisions of the lease contract and the relevant accounting guidelines for operating leases in order to create the journal entries for Nath-Langstrom Services, Inc. (the lessee) and ComputerWorld Leasing (the lessor) for the first year of the lease.
Given
Cost = $98,000
semiannually = $7,000 = $14,000/ 2
Required to pass Journal entries in the books of Nath-Langstrom Services, Inc. and ComputerWorld Leasing
1. Journal entries recorded by Nath-Langstrom Services, Inc.:
On January 1, 2021 (lease inception):
Lease Right-of-Use Asset $98,000
Lease Liability $98,000
On June 30, 2021 (first semiannual payment):
Lease Liability $7,000
Cash $7,000
On December 31, 2021 (second semiannual payment):
Lease Liability $7,000
Cash $7,000
2. Journal entries recorded by ComputerWorld Leasing (the lessor):
On January 1, 2021 (lease inception):
Lease Receivable $98,000
Equipment $98,000
On June 30, 2021 (first semiannual payment):
Cash $7,000
Lease Receivable $7,000
On December 31, 2021 (second semiannual payment):
Cash $7,000
Lease Receivable $7,000
Therefore, the following are the required journal entries in the books of Nath-Langstrom Services, Inc. and ComputerWorld Leasing.
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What IHRM activities would be pertinent to the sending, by Médecins Sans Frontieres, of a medical team into a country such as Bangladesh?
Answer:
It is the responsibility of the HR department to enable employees to perform a job with skill, safety and ideal conditions.
Therefore, in a Médecins Sans Frontières program with the sending of a medical team to a country like Bangladesh, it would be the competence of the responsible company's HR, to prepare its team to be received in the place with good housing, food and security conditions. Enabling and training the medical team to deal with the work and demands of a country like Bangladesh, which, being a country with a lot of social inequality and conditions of poverty, has particular challenges in relation to health, which the doctors sent should be well prepared to take on that job and the risks involved.
For Sanborn Co., sales is $1,000,000, fixed expenses are $300,000, and the contribution margin per unit is $60. What is the break-even point? g
Answer:
Break-even point in units= 5,000
Explanation:
Giving the following information:
Sales= $1,000,000
Fixed expenses= $300,000
Contribution margin per unit= $60
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 300,000 / 60
Break-even point in units= 5,000
You are given the following data Stock A Expected return 8.00% Standard deviation 23.00% Stock B Expected return 7.50% Standard deviation 33.00% The correlation of Stock A and Stock B is 0.05. What is the variance of risky portfolio P with 43% in Stock A and the rest in Stock B
Answer:
Variance of risky portfolio P = 4.61%
Explanation:
WA = Weight of stock A = 43%, or 0.43
WB = Weight of stock B = 1 - 0.43 = 0.57
SA = Standard deviation of stock A = 23%, or 0.23
SB = Standard deviation of stock B = 33%, or 0.33
Cab = Correlation of Stock A and Stock B = 0.05
Therefore, we have:
Variance of risky portfolio P = (WA^2 * SA^2) + (WB^2 * SB^2) + (WA * SA * WB * SB * Cab) = (0.43^2 * 0.23^2) + (0.57^2 * 0.33^2) + (0.43 * 0.23 * 0.57 * 0.33 * 0.05) = 0.0461, or 4.61%
Justin builds fences for a living. Justin's out-of-pocket expenses (for wood, paint, etc.) plus the value that he places on his own time amount to his a. profit. b. producer surplus. c. cost of building fences.
Answer:
c. Cost of building fences.
Explanation:
The cost of production encompasses the money spend as well as the time to produce a commodity. For example, if a person spends $15 to make a juice cup and invest 1 hour to make so the total cost of production is $15 and the time invested by the producer. Thus, option "c" is correct.
Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department
Answer:
$39520
Explanation:
The computation of the total cost of ending work in process for the Milling Department is given below:
But before that the equivalent cost per unit is
Material = $301600 ÷ 5200
= $58 per unit
And,
Conversion = $408000 ÷ 5000
= $81.60 per unit
So,
Ending Work in Process = 400 × $58 + 200 × $81.60
= $39520
Classify each statement about the Federal Reserve System as either true or false.
1. The Federal Reserve was established by the U.S. Constitution in the late 1700s.
2. The national objectives of the Federal Reserve include promoting economic growth, full employment, stable prices, and moderate interest rates.
3. All Federal Reserve actions are subject to veto by the executive branch.
4. The Federal Reserve determines monetary policy in the United States.
5. The Federal Reserve was created by the Federal Reserve Act of 1913.
Answer:
1. The Federal Reserve was established by the U.S. Constitution in the late 1700s
Classification: False
2. The national objectives of the Federal Reserve include promoting economic growth, full employment, stable prices, and moderate interest rates.
Classification: True
3. All Federal Reserve actions are subject to veto by the executive branch.
Classification: False
4. The Federal Reserve determines monetary policy in the United States.
Classification: True
5. The Federal Reserve was created by the Federal Reserve Act of 1913.
Classification: True
The quantity demanded for money is higher in Japan than in the United States because: telecommunications and information technology is more advanced in the United States than in Japan. Japanese interest rates are higher than those in the United States. Japanese interest rates are lower than those in the United States. Japanese consumers use credit cards more than people in the United States.
Answer:
Japanese interest rates are lower than those in the United States.
Explanation:
The demand for money (the decision to hold money) is inversely related to interest rate. if interest rate is high, individuals would prefer to hold bonds and the demand for money would fall. if interest rate is low, individuals would prefer to hold money.
the opportunity cost of holding money is what would have been earned if money was invested. if interest rate is low, individuals would prefer to hold more money because the amount that would be earned if money was invested in bonds would be low, so the opportunity cost of holding money would be low
If the demand for money is higher in Japan than in the United States, it is because interest rates are lower in Japan
Last year, a Walmart store in Nebraska had annual sales of $11,390,000, with an average dollar stock amount for the year of $2,149,000. What was the stock turnover for the year at the store in Nebraska? How would the store manager determine if this was a "good" rate of turnover?
Answer:
See below
Explanation:
1. With regards to the information above, stock turnover is computed as cost of goods sold divided by average stock.
Stock turnover = Cost of goods sold / Average stock
Cost of goods sold/Cost of sales = $11,390,000
Average stock = $2,149,000
Then,
Stock turnover = $11,390,000 / $2,149,000
Stock turnover = 5.30 times
Therefore, the stock turnover for the year at the store in Nebraska is 5.30 times
2. The store manager would determine if it was a good rate of turnover if it increases compare to previous stock turnover. Rate of turnover shows the rate or number of times at which a company can sell and replace its stock of goods within a year.
When the United States sends money to Japan to help earthquake survivors, in which account is this transaction recorded
Answer:
When the United States sends money to Japan to help earthquake survivors, in which account is this transaction recorded? o credit item in that country's balance of payments.
WoodCore Inc. produces an entire line of office furniture at its manufacturing facility in the United States and then ships its products for sale to various companies in Europe. WoodCore Inc. is involved in A. outsourcing. B. licensing. C. franchising. D. exporting. E. diversifying.
Answer: D. exporting
Explanation:
Exporting is the sale of goods to other countries apart from your own even though the goods being sold were produced in your own country.
Exporting works best when the country doing the exporting is capable of producing the goods being exported at a lower price than the country that it is sending to, that way the people in that country have an incentive to buy it over locally made products. WoodCore is producing in the U.S. and selling elsewhere. This is exporting.
Year 1 Year 2 EBITDA $7,650 $9,150 Total value of equity $76,500 $82,500 Total firm value $99,450 $132,000 What is value of the entity multiple of Company X in Year 1?
Answer:
$5.59
Explanation:
Calculation to determine the value of the entity multiple of Company X in Year 1
Using this formula
Entity multiple=Market value / EBITDA
Let plug in the formula
Entity multiple=$99,450/$17800
Entity multiple=$5.59
Therefore the value of the entity multiple of Company X in Year 1 will be $5.59
Description Term or Phrase 1. Examines whether financial statements are prepared using GAAP. 2. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 3. A less expensive and more effective means to stop fraud. 4. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 5. Beliefs that distinguish right from wrong.
Answer:
1. Audit
2. Internal control
3. Prevention
4. Fraud triangle
5. Ethics
Explanation:
1. Audit: it involves the process of examining whether financial statements are prepared using the Generally Accepted Accounting Principles (GAAP).
2. Internal control: they are procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies.
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.
3. Prevention: it's a less expensive and more effective means to stop fraud.
4. Fraud triangle: three factors push a person to commit fraud: opportunity, pressure, and rationalization.
5. Ethics: beliefs that distinguish right from wrong.
1. Generally accepted accounting principles (GAAP), the accepted standards for financial reporting, are examined to see whether the financial statements were prepared in accordance with them.
2. Internal controls are safeguards implemented by a business to protect its resources, ensure correct accounting, promote efficiency, and encourage adherence to policies. They help reduce risk and protect resources for the business.
3. Cost-effective prevention: This idea emphasizes fraud prevention strategies that are both less expensive and more successful. It focuses on the application of effective techniques to identify and discourage fraudulent activity within an organization.
4. According to the fraud triangle, opportunity, pressure and rationalization are the three elements that can lead to fraudulent behavior. When these factors come together, people may be more likely to commit fraud.
5. Ethical Values: Moral standards are the ideas and precepts that help people to decide what is right and what is wrong. They act as a moral guide for choices and mold the behavior of people and organizations by promoting integrity and accountability.
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Suppose Brian and Crystal are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Brian chooses Right and Crystal chooses Right, Brian will receive a payoff of 5 and Crystal will receive a payoff of 6.
Crystal
Left Right
Left 6, 3 6,4
Brian Right 3, 3 7,4
The only dominant strategy in this game is for_____to choose____. The outcome reflecting the unique Nash equilibrium in this game is as follows: Brian chooses____and Crystal chooses____.
Answer:
The only dominant strategy in this game is for Crystal to choose Right. The outcome reflecting the unique Nash equilibrium in this game is as follows: Brian chooses Right and Crystal chooses Right.
Explanation:
Given:
Crystal
Left Right
Brian Left 6, 3 6, 4
Right 3, 3 7, 4
A dominant strategy refers to a strategy that makes a player being better off regardless of the choice his opponent in a game.
It can be seen from the payoff matrix above that when Brian plays Left, Crystal chooses Right because 4 > 3. Also, when Brian plays Right, Crystal chooses Right because 4 > 3. The indication of this is that Crystal will always choose Right no matter what Brian chooses. This means that the dominant strategy for Crystal is Right.
On the other hand, when Crystal Chooses Left, Brian will also choose Left because 6 > 3. And when Crystal chooses Right, Brian will also play Right because 7 > 6. This is an indication that Brian does not have any specific strategy that makes him better off. Therefore, Brian does not have a dominant strategy.
Based on the analysis above, we have:
The only dominant strategy in this game is for Crystal to choose Right. The outcome reflecting the unique Nash equilibrium in this game is as follows: Brian chooses Right and Crystal chooses Right.
The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on January 31, 20Y7, the end of the fiscal year:
Depreciation Expense $10,000
Insurance Expense 9,000
Miscellaneous Expense 8,150
Rent Expense 60,000
Service Revenue 634,900
Supplies Expense 4,100
Utilities Expense 44,700
Wages Expense 548,200
Requierd:
Prepare an income statement.
Answer and Explanation:
The preparation of the income statement is presented below:
Service revenue $634,900
Less:
Depreciation Expense $10,000
Insurance Expense 9,000
Miscellaneous Expense 8,150
Rent Expense 60,000
Supplies Expense 4,100
Utilities Expense 44,700
Wages Expense 548,200
Net loss -$49,250
Countess Corp. is expected to pay an annual dividend of $4.81 on its common stock in one year. The current stock price is $75.67 per share. The company announced that it will increase its dividend by 3.80 percent annually. What is the company's cost of equity
Answer:
10.40 %
Explanation:
Use the Dividend Growth Model to calculate the Cost of Equity since the information provided allows for this method.
Cost of equity = Expected Dividend / Market Price + Growth rate
therefore,
Cost of equity = ($4.81 x 1.038) / $75.67 + 3.80
= 10.40 %
If ABC’s sales are $1,000,000, while accounts receivable is $100,000, inventory is $45,000, and fixed assets are $132,000, what is ABC’s fixed asset turnover?
Answer:
Fixed asset turnover= 7.58
Explanation:
Giving the following information:
Sales revenue= $1,000,000
Fixed assets= $132,000
To calculate the fixed asset turnover, we need to use the following formula:
Fixed asset turnover= sales revenue / fixed assests
Fixed asset turnover= 1,000,000 / 132,000
Fixed asset turnover= 7.58
Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $4.75. Michelle was willing to pay up to $6.75 for the cappuccino and Paul's Cafe and Bakery was willing to accept S1.25 for the cappuccino. Based on this information, answer the questions below.
Michelle's consumer surplus is equal to: _______
Paul's Bakery's producer surplus is equal to:__________
Answer:
$2
$3.50
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
$6.75 - $4.75 = $2
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
$4.75 - $1.25 = $3.5
A company wants to have $20,000 at the end of a ten-year period by investing a single sum now. How much needs to be invested in order to have the desired sum in ten years, if the money can be invested at 12%? (Ignore income taxes.) Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided.
Answer:
$6,439.56
Explanation:
The computation is shown below:
As we know that
Future value = Present Value × Future Value Interest Factor
where,
Future value interest factor = ( 1 + r )^10
= ( 1.12 )^10
= 3.1058
Now
Present value of the future sum is
= $20,000 ÷ 3.1058
= $6,439.56
1. The advantage of trade is a very important concept in economics. In examining trade between two individuals or two countries, you usually see at least one side specializing in the production of one good. A. What concept is most important in determining which good a person or nation will specialize in the production of
Answer:
Comparative advantage
Explanation:
In simple words, The capacity of a country to provide a certain item or service at a lower opportunity price than its trade rivals is known as competitive advantage. A competitive edge allows a firm to sell products and solutions at a cheaper cost than its rivals while maintaining higher profit margins.
Thus, from the above we can conclude that the correct answer is comparative advantage.
In eight years, when he is discharged from the Air Force, Steve wants to buy a $30,000 power boat. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: What lump-sum amount must Steve invest now to have the $30,000 at the end of eight years if he can invest money at:
Answer:
The correct answer is:
(1) $15,054
(2) $12,990
Explanation:
The required table is not given in the question. Please find below the attachment of the table.
Given:
Future value,
= $30,000
If discounting rate is 9%, the present value will be:
= [tex]Future \ value\times PV \ factor(9 \ percent, 8 \ years)[/tex]
= [tex]30000\times (\frac{1}{1.09} )^8[/tex]
= [tex]30000\times 0.5018[/tex]
= [tex]15,054[/tex] ($)
If discounting rate is 11%, the present value will be:
= [tex]Future \ value\times PV \ factor(11 \ percent, 8 \ years)[/tex]
= [tex]30000\times (\frac{1}{1.11} )^6[/tex]
= [tex]30000\times 0.433[/tex]
= [tex]12,990[/tex] ($)
Capital budgeting is the process of planning and controlling investments in assets that are expected to produce cash flows for one year or less. This statement is:
Answer:
True
Explanation:
It is True that Capital budgeting is the process of planning and controlling investments in assets that are expected to produce cash flows for one year or less.
To select a strategy in a two-person, zero-sum game, Player A follows a ________ procedure and Player B follows a ________ procedure.
Answer:
None of these is correct
Explanation:
None of these is correct. The correct answer is that; it should be minimax
