Answer:
A.) £27,214.29
B.) £19,250
Step-by-step explanation:
Given the following :
Andy £13500
Bevan £27500
Cheryl £13250
Deva £75000
Elliott £18750
Frankie £27500
Grace £15000
Mean income = (total sum of salaries / number of workers)
Mean income = £(13500 + 27500 + 13250 + 75000 + 18750 + 27500 + 15000) / 7
Mean income = (£190,500 / 7) = £27,214.286
B.) mean income excluding Deva's salary:
Mean income = Mean income = £(13500 + 27500 + 13250 + 18750 + 27500 + 15000) / 7
Mean income = £115,500 / 6
Mean income = £19,250
On December 31, there were 53 units remaining in ending inventory. These 53 units consisted of 9 from January, 10 from February, 14 from May, 8 from September, and 12 from November. Using the specific identification method, what is the cost of the ending inventory
Answer:
Cost of the ending inventory = $7,108
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
A company had the following purchases during the current year:
January 17 Units at $112
February 37 Units at $123
May 32 Units at $135
September 29 Units at $143
November 27 Units at $153
On December 31, there were 53 units remaining in ending inventory. These 53 units consisted of 9 from January, 10 from February, 14 from May, 8 from September, and 12 from November. Using the specific identification method, what is the cost of the ending inventory?
Explanation of the answer is now provided as follows:
Specific identification method is an inventory method under which costs of goods sold and the closing/ending inventory are calculated using the particular cost of each inventory batch at the moment they were received.
Therefore, cost of the ending inventory is calculated as sum of the product of the number of closing units from each month and the cost per unit of purchases in that month.
Therefore, we have:
Cost of the ending inventory = (Number of closing units from January * Cost per unit of January Purchases) + (Number of closing units from February * Cost per unit of February Purchases) + (Number of closing units from May * Cost per unit of May Purchases) + (Number of closing units from September * Cost per unit of September Purchases) + (Number of closing units from November * Cost per unit of November Purchases) ………… (1)
Substituting the relevant values into equation (1), we have:
Cost of the ending inventory = (9 * $112) + (10 * $123) + (14 * $135) + (8 * $143) + (12 * $153) = $7,108
Retained earnings, December 31, 2012 $ 306,800 Cost of equipment purchased during 2013 29,000 Net loss for the year ended December 31, 2013 4,000 Dividends declared and paid in 2013 14,300 Decrease in cash balance from January 1, 2013, to December 31, 2013 11,100 Decrease in long-term debt in 2013 14,000 Required: From the above data, calculate the retained earnings balance as of December 31, 2013. (Negative amounts should be indicated by a minus sign.)
Answer:
$288,500
Explanation:
Particulars Amount
Retained Earnings Dec 31, 2012 $306,800
Less: Net Loss for the Year $4,000
Less: Dividend declared and paid in 2013 $14,300
Retained Earnings Dec 31, 2013 $288,500
A game has a saddle point when the maximin payoff value equals the minimax payoff value. true or false
Answer:
True
Explanation:
To answer this question, I'll use the following illustration.
Minimax = <10,18,15>
Maximax = <8,4,10>
The payoff of the minimax is 10 (i.e. the smallest) and the payoff of the maximax is 10 (i.e. the largest)
Both payoffs are equal; hence, 10 is the saddle point.
The phase of the business cycle with the highest level of GDP and the lowest unemployment rate is called an?
Answer:
Expansion phase
Explanation:
Expansion is an economic cycle phase in which real gross domestic product rises for two or more months in a succession, going from a trough to a high. Expansion is often known as an improving economy since it is usually followed by an decrease in unemployment, consumer sentiment, and commodity prices.
Answer:
peak
Explanation:
The risk-free rate of return is currently 3 percent, whereas the market risk premium is 6 percent. If the beta of Lenz, Inc., stock is 1.8, then what is the expected return on Lenz
Answer:
I don't really understand the question
Explanation:
I don't know
but I will check out it later
When computing equivalent units of production, the method that combines partially completed units in beginning inventory with current-period production is the
Answer: the weighted average method
Explanation:
When computing the equivalent units of production, the weighted average method can be used in the combination of partially completed units in the beginning inventory with the current-period production.
In Weighted Average Cost method, a weighted average is used in the determination of the amount which gives into the inventory and the cost of goods sold.
In the Month of March, Digby received orders of 123 units at a price of $15.00 for their product Deal. Digby uses the accrual method of accounting and offers 30 day credit terms. Digby delivers 123 units in April. They received payment for 62 units in March, and 62 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order
Answer:
The amount of revenue is recognized on the March income statement from this order is $1,845.00.
Explanation:
Accrual accounting can be described as a method of accounting in which revenue or expenses are recorded at the time of the transaction rather than when payment is received or made.
Since this transaction occurred in March, the total revenue of orders of 123 units received in the month of March will be recognized on the March income statement from this order. That is:
Amount of revenue to recognized in March = 123 * $15.00 = $1,845.00
Therefore, the amount of revenue is recognized on the March income statement from this order is $1,845.00.
In a perpetual inventory system a.the inventory records cannot be computerized. b.the amount of inventory for sale and the amount sold are not listed in the inventory account. c.a count must be made in order to know the inventory amount. d.each purchase and sale of inventory is recorded in the inventory account.
Answer:
d. each purchase and sale of inventory is recorded in the inventory account.
Explanation:
In a perpetual inventory system we keep track of inventory balance and cost of sales whenever a sale or purchase transaction occurs. Under the perpetual inventory system, the firm always keeps updated inventory records.
An increase in the price of rubber coincides with an advance in the technology of tire production. As a result of these two events,a. the demand for tires decreases and the supply of tires increases.b. the demand for tires is unaffected and the supply of tires decreases.c. the demand for tires is unaffected and the supply of tires increases.d. None of the above is necessarily correct. What should be the demand and supply?
Answer:
d
the demand for tires is unaffected and effect on the supply of tires could increase, decrease, or stay the same.
Explanation:
An increase in the price of rubber would lead to an increase in the cost of producing tires. Rubber is an input required in the production of tires.
As a result of the increase in the cost of rubber, the supply of rubber would decrease. This would lead to a leftward shift of the supply curve. Equilibrium price would increase and quantity would decrease
As a result of the advance in technology, there would be an increase in the supply of tires. As a result, the supply curve shifts outward. Equilibrium price would decrease and quantity would increase
Taking these wo effects together, the demand for tires is unaffected and effect on the supply of tire is indeterminate
Why is developing a reputation as a subject matter expert important for a leader if leadership deals so heavily with interpersonal skills
Answer:
Reputation is very important for a leader. If a leader has god interpersonal skills but lacks in good reputation people might hesitate to associate with him and support his activities.
Explanation:
Reputation is most valuable asset for any leader. A leader may have good knowledge of everything, he may have good interpersonal skills but reputation overcomes all of these qualities. Strong reputation of a leader will make it easy for him to earn popularity and respect among people. Reputation is the main quality which leads to success to a leader.
Indicate whether the following instruments are examples of money market or capital market securities.
a. U.S. Treasury bills
b. Long-term corporate bonds
c. Common stocks
d. Preferred stocks
e. Dealer commercial paper
Answer and Explanation:
In the Money Market Securities, it is treated as the short-term securities that means they are traded for short-term period i.e. less than one year. It has the less risk also the return is also very less but the liquidity is very rich. Examples - treasury bills, commercial papers etc
While on the other hand, the capital market securties are traded for the long term i.e. more than one year. It contains the high risk also the return is very high. Examples - stocks, bonds, debentures
So based on the above explanation, the classification is as follows
a. Money market securities
b. capital market securities
c. capital market securities
d. capital market securities
e. money market securities
The management of Penfold Corporation is considering the purchase of a machine that would cost $360,000, would last for 10 years, and would have no salvage value. The machine would reduce labor and other costs by $50,000 per year. The company requires a minimum pretax return of 9% on all investment projects. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided. The net present value of the proposed project is closest to (Ignore income taxes.):
Answer:
the net present value is -$72,050
Explanation:
The computation of the net present value is shown below
= $50,000 per year ×PVIFA factor at 10 years for 9% - $360,000
= $50,000 ×5.7590 - $360,000
= $287,950 - $360,000
= -$72,050
hence, the net present value is -$72,050
So the same should be relevant and considered too
According to the authors, price controls on water, designed to ensure that lower income people can afford water, have resulted in
Answer: a. a reduced supply of usable water
Explanation:
I am unsure as to the text being referred to but this should be the correct answer.
The market allocates resources efficiently based on price. This means that it sets the price such that people who can afford the goods are able to buy them. This ensures that not everybody gets the good and the good can be sustainably used.
If the government imposes price controls on a good as they did here. The market would be unable to efficiently allocate the water so more people than before would be able to access it. This would lead to the supply being used up so there will be a reduced supply of the good which in this case is water.
Bethany Jones is a real estate agent who specializes in the luxury home market in the Orlando, FL, area. Bethany is highly technical and uses many types of online marketing techniques to increase business. One of most successful online marketing techniques is to place a rectangular graphic display along the top of real estate websites and luxury custom furniture websites. What type of marketing technique is Bethany using
Answer:
a Banner Ad
Explanation:
The type of marketing technique that Bethany is using is known as a Banner Ad. This is one of many types of ads that can be found on websites. Banner Ads are usually located at the top of the website and are shaped as long rectangles. They are also the most popular type of website ads since they are the biggest and most upfront, meaning that it is usually the first thing that visitors to the site see. This ultimately leads to the largest possible number of viewers of the ads, which in term translates to a high click through rate.
Do you think the licensing process for international medical graduates is an unnecessary hurdle meant to shield U.S. doctors from foreign competition?
Answer:
No licensing is right. Doctors in U.S. are spending more on medical studies than any other country. It is necessary for other country medical students to gain license in order to do practice in the country.
Explanation:
In U.S. doctors are in deficiency so the country cannot completely cease employment for foreign doctors. The country needs to welcome foreign doctors but it is also necessary to safeguard home doctors. If U.S. will not safeguard rights of home country doctors then they will be demotivated and will not be patriotic for the country.
g In the global stage of a firm's globalization, ________. A. the need for training is high B. training is focused on local culture and interpersonal skills C. the need for training is virtually nonexistent D. host-country nationals are trained to understand parent-country products and policies
Answer:
D
Explanation:
The global stage represents the understanding of the products and policies mainly to evaluate the best possible alternative for manufacturing in the home or host country. It emphasizes evaluating the most beneficial strategy to produce goods, whether domestic or global produced.
The Molding Department of Boswell Company has the following production data: beginning work process 40,000 units (60% complete), started into production 730,000 units, completed and transferred out 690,000 units, and ending work in process 80,000 units (40% complete). Assuming conversion costs are incurred uniformly during the process, the equivalent units for conversion costs are:
Answer: 770,000 units
Explanation:
The Equivalent units for Conversion cost is calculated as:
= Total units completed and transferred out + Equivalent units of closing work in process
As the conversion costs were incurred uniformly during the process, the entire closing work in process would have already incurred conversion cost. Conversion cost closing equivalent units are therefore 80,000 units.
Equivalent units for Conversion cost = 690,000 + 80,000
= 770,000 units
Barraza Corporation uses a weighted-average process costing system. Barraza has two direct materials. One of these materials is added at the beginning of the production process. The other material is added when processing is 50% complete. When will the equivalent units of production for these two materials be equal?
A. when processing on beginning work in process is less than 50% complete at the start of the period.B. when processing on beginning work in process is more than 50% complete at the start of the period.C. when processing on ending work in process is over 50% complete.D. when processing on ending work in process is less than 50% complete.
Answer:
Barraza Corporation
The equivalent units of production for these two materials will be equal when:
C. when processing on ending work in process is over 50% complete.
Explanation:
The reason for this option is that one of the two materials is added at the beginning of the production process, and the other is added when processing has reached 50% completion. Therefore, their equivalent units will become equal when processing on ending work in process is over 50% complete. By that time, 100% of each material would have been added.
Schedule of Cash Collections of Accounts Receivable
Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows:
May $134,000
June 155,000
July 169,000
All sales are on account. Sixty-five percent of sales are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales for May, June, and July. Enter all amounts as positive numbers.
Pet Place Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending July 31, 2016
May June July
May sales on account:
Collected in May
Collected in June
Collected in July
June sales on account:
Collected in June
Collected in July
July sales on account:
Collected in July
Total cash collected
$
$
$
Answer:
The Total cash collected in May is $87100 and June is $140950 and July $163050.
Hence the total is $391100.
Explanation:
Frank and Daniel both agreed to volunteer for a company project cleaning and organizing the district warehouse. There were to be 50 volunteers. Upon arrival, they discovered volunteer turnout was low. They were assigned to the northwest corner of the warehouse where they were to meet Trixie, who would give them their assignment. When they arrived, Trixie was nowhere to be found but they did find two push-brooms leaning against the wall. Frank took a seat on a box to wait for Trixie and his assignment. Daniel grabbed one of the push-brooms and began sweeping. While he was sweeping, Daniel thought, "This is why my desk looks so tidy, while Frank’s desk looks like a disaster." Which of the following statements is likely true of this scenario? Multiple Choice I
a. n this weak situation, Frank’s laziness trait is activated. In this strong situation, Daniel’s neurotic trait is activated.
b. In this weak situation, Daniel’s introversion trait is activated. In this strong situation Frank’s conscientiousness trait is activated.
c. In this weak situation, Daniel’s extraversion trait is activated.
Answer:
a. In this weak situation, Frank’s laziness trait is activated. In this strong situation, Daniel’s neurotic trait is activated.
Explanation:
A trait can be defined as the characteristics of a person that describes his nature and his behavior. It is the result of one's genes or are influence from surrounding or nature.
A neurotic trait of a person helps the person to deal with the stress. It is a tendency towards shyness, anxiety, etc.
In the context, it is given that both Frank and Daniel volunteered themselves for cleaning a district warehouse. They were assigned the northwest corner of the warehouse to clean. Daniel found a push-broom and started sweeping and cleaning the floor, while Frank waited for Trixie to arrive who will assigned them their job.
In this situation, it shows the laziness trait of Frank who felt too lazy to start his work before someone assigning them to him while Daniel is active and it shows his neurotic trait because of which Daniel started his job and did not waited for Trixie to come.
Thus the correct option is (a).
Laurel, Inc., and Hardy Corp. both have 7.3 percent coupon bonds outstanding, with semiannual interest payments, and both are currently priced at the par value of $1,000. The Laurel, Inc., bond has 4 years to maturity, whereas the Hardy Corp. bond has 23 years to maturity. If interest rates suddenly rise by 2 percent, what is the percentage change in the price of these bonds
Answer:
Use a financial calculator to find out the price of both bonds after the drop in interest rate.
Laurel Bond
When a bond is trading at par, it means that the interest rate is equal to the coupon rate.
Semiannual Coupon = (7.3% * 1,000) / 2 = $36.50
Terms till maturity = 4 * 2 = 8 semi annual periods
Interest rate = (7.3% + 2%) / 2 = 4.65%
Future value = $1,000 par value
Price will come out as $993.20
Percentage change = (993.20 - 1,000) / 1,000 * 100%
= -0.68%
Hardy Bond
Semiannual Coupon = (7.3% * 1,000) / 2 = $36.50
Terms till maturity = 23 * 2 = 46 semi annual periods
Interest rate = (7.3% + 2%) / 2 = 4.65%
Future value = $1,000 par value
Price = $811.53
Percentage change = (811.53 - 1,000) / 1,000
= -18.85%
Each scenario below gives some information about price elasticity of demand for a firm. Use this information to answer the questions.
Honest Abe's Used Cars estimates the price elasticity of demand for their cars to be 5.10. Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 57%.
Abe must have___prices. Abe's prices must have changed by___. Therefore, Abe's total revenue____.
At Webs-R-Us, a website design company, the new manager has decided to increase the price of Webs-R-Us services by 45%. If Webs-R-Us has a price elasticity of demand at 0.70, we can expected the number of websites designed to____. Therefore, Webs-R-Us's total revenue will The number of websites will change by_____.
Answer:
Increased
2.907%
decreased
decrease
increase
0.64
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Abe's elasticity of demand is elastic because it has a value greater than 1.
if quantity demanded decreases, it means that price must have been increased. this would lead to a decrease in total revenue
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
Equilibrium in financial markets occurs at an interest rate where the quantity of loanable funds demanded is
Answer: c. equal to the quantity of loanable funds supplied.
Explanation:
Equilibrium in any market occurs when the quantity demanded is equal to the quantity supplied and the loanable funds market are no different except that the quantity that is demanded and supplied in this market is the loanable funds and the price is the interest rate.
When the interest rate being offered by the financial institutions lending money is the same as the one being demanded by the people and companies who want loanable funds, the market is said to be in equilibrium.
Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below:
Estimated machine-hours 72,900
Estimated variable manufacturing overhead $ 3.50 per machine-hour
Estimated total fixed manufacturing overhead 838,710
The predetermined overhead rate for the recently completed year was closest to:________.
A. $6.66 per machine-hour
B. $10.50 per machine-hour
C. $8.69 per machine-hour
D. $15.00 per machine-hour
Answer:
D. $15.00 per machine hour
Explanation:
The computation of the predetermined overhead rate for the recently completed year is seen below;
First, we will calculate the fixed overhead rate.
Fixed overhead rate = Estimated total fixed manufacturing overhead / Estimated machine - hours
Fixed overhead rate = $838,710 / 72,900
Fixed overhead rate = $11.50
Then,
Predetermined overhead rate = Fixed overhead rate + Variable overhead rate
Predetermined overhead rate = $11.50 + $3.50
Predetermined overhead rate for the recently completed year was closest to $15.00 per machine hour
Vextra Corporation is considering the purchase of new equipment costing $38,000.The projected annual cash inflow is $11,600, to be received at the end of each year.The machine has a useful life of 4 years and no salvage value.Vextra requires a 12% return on its investments.The present value of an annuity of $1 for different periods follows:Periods 12 Percent1 0.89292 1.69013 2.40184 3.0373What is the net present value of the machine (rounded to the nearest whole dollar)?a. $(35,233).b. $(2,767).c. $38,000.d. $(3,700).e. $5,233.
Answer:
b. $(2,767).
Explanation:
The computation of the net present value is shown below:
= Present cash flows - initial investment
= ($11,600 × 3.0373) - $38,000
= $35,232.68 - $38,000
= -$2,767.32
= -$2,767
Hence, the option b is correct
We simply applied the above formula to determine the net present value
Which of the following accurately describes the correlation between task interdependence and team performance?
a. It is weak and positive.
b. It is moderate and negative.
c. It is strong and negative.
d. It is moderate and positive.
e. It is weak and negative.
Answer: it is moderate and positive.
Explanation:
Task interdependence has to do with the degree to which there's an interaction and reliance on the team members which is vital in the accomplishment of the goals of the organization.
The correlation between task interdependence and the team performance is that it is moderate and positive. Therefore, the correct option is D.
Bellevue Company has 26,000 units of inventory on hand at December 31. It sold 1,950 units which are in transit and were shipped FOB destination. Bellevue purchased 3,250 units which were shipped FOB shipping point by the seller and are still in transit. What is the total amount of inventory to which Bellevue has legal title at December 31
Answer:
24050
Explanation:
Calculation to determine the total amount of inventory to which Bellevue has legal title at December 31
Using this formula
Inventory=Inventory on hand at December 31- Units in Transit
Let plug in the formula
Inventory=26,000 units- 1,950 units
Inventory=24050
Therefore the total amount of inventory to which Bellevue has legal title at December 31 is 24050
Jake lives in Detroit and runs a business that sells boats. In an average year, he receives $722,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jake does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. No other costs are incurred in running this boat business.
Identify each of Felix’s costs in the following table as either an implicit cost or an explicit cost of selling guitars.
Implicit Cost Explicit Cost
The wholesale cost for the guitars that Felix pays the manufacturer
The rental income Felix could receive if he chose to rent out his showroom
The salary Felix could earn if he worked as a paralegal
The wages and utility bills that Felix pays
Complete the following table by determining Felix’s accounting and economic profit of his guitar business. Profit (Dollars)Accounting Profit Economic Profit
Answer:
Explicit Cost
The wholesale cost for the guitars that Felix pays the manufacturerThe wages and utility bills that Felix paysImplicit Cost
The salary Felix could earn if he worked as a paralegal The wages and utility bills that Felix paysAccounting profit = $32,000
Economic profit = $9,000
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 177,000 kilometers during a year, the average operating cost is 12.3 cents per kilometer. If a truck is driven only 118,000 kilometers during a year, the average operating cost increases to 15.5 cents per kilometer.
Required:
a. Using the high-low method, estimate the variable and fixed cost elements of the annual cost of the truck operation.
b. Express the variable and fixed costs in the form Y = a + bX.
c. If a truck were driven 147,000 kilometers during a year, what total cost would you expect to be incurred?
We Are the World is an importing company that specializes in importing hand-made arts and crafts from crafters and artisans around the world. The company has about $4 million worth of stock outstanding. Due to its desire to avoid double taxation, it is structured so that its individual shareholders pay taxes on all of the company's income. The shareholders report the flow-through of income and losses on their personal tax returns and are assessed at their individual tax rates. We Are the World is a(n):_____.
a. limited liability company (LLC).
b. C corporation.
c. S corporation.
d. G corporation.
e. investment trust.
Answer:
c. S corporation.
Explanation:
S corporations that are elected for passing out the corporate income, losses, deductions and credits via to the shareholders for the federal tax motive. It is responsible for tax on specific gains and the passive income for the entity level
Also the shareholders could reported the flow via income and the losses on the personal income tax returns and can be assess at individual tax rates
So, the option c is correct
