Answer:
A loss on sale of $5,000
Explanation:
Calculation to determine what the company should record at the time of sales
First step is to calculate the Book value as on date of sale using this formula
Book value as on date of sale=Cost-Accumulated depreciation
Let plug in the formula
Book value as on date of sale=87,000-40,000
Book value as on date of sale=$47,000
Based on the above calculation the sale proceeds is lower than the book value as on date of sale which indicate a loss
Hence:
Loss =($47,000-$42,000)
Loss=$5000
Therefore At the time of sale, the company should record: A loss on sale of $5,000.
A claim that is sent for reimbursement that contains all the required data elements to process the claim is referred to as a:
Answer:
Clean claim
Explanation:
A clean claim is defined as one that has complete documentation, no defect, special circumstance, or impropriety.
They meet all the requirements for easy processing.
Claims are made on Medicare services for reimbursement by insurance companies.
The other type of claim is the other-than-clean claims that requires further investigation before reimbursement is made.
Mae and Joe form a partnership. Mae contributes $3,000 in cash, and Joe contributes his services. Throughout the life of the partnership, Mae also lends the partnership $1,000. Upon dissolution of the partnership, $2,500 is left in the partnership assets after all outside creditors have been paid. Absent a partnership agreement to the contrary, how should the partnership assets be distributed
Answer:
The partnership assets should be distributed $ 1875 for Joe and $ 625 for Mae.
Explanation:
Since Mae and Joe form a partnership, and Mae contributes $ 3,000 in cash, and Joe contributes his services, and throughout the life of the partnership, Mae also lends the partnership $ 1,000, and upon dissolution of the partnership, $ 2,500 is left in the partnership. assets after all outside creditors have been paid, absent a partnership agreement to the contrary, to determine how the partnership assets should be distributed the following calculation must be performed:
Joe = 3000
Mae = 1000
Joe 3: 1 Mae
2500/4 x 3 = Joe = 1875
2500/4 = Mae = 625
Therefore, the partnership assets should be distributed $ 1875 for Joe and $ 625 for Mae.
4) The management of Stanforth Corporation is investigating automating a process. Old equipment, with a current salvage value of $24,000, would be replaced by a new machine. The new machine would be purchased for $516,000 and would have a 6 year useful life and no salvage value. By automating the process, the company would save $173,000 per year in cash operating costs. The simple rate of return on the investment is closest to:
Answer:
17.86%
Explanation:
Calculation to determine what The simple rate of return on the investment is closest to:
First step is to calculate the Depreciation
Depreciation = $516,000 ÷ 6years
Depreciation= $86,000
Second step is to calculate Incremental operating income
Incremental operating income = $173,000-$86,000
Incremental operating income=$88,000
Now let determine the simple rate of return on the investment
Using this formula
Simple rate of return = incremental operating income ÷ initial investment
Let plug in the formula
Simple rate of return = $87,000÷$516,000
Simple rate of return =17.86%
Therefore The simple rate of return on the investment is closest to:17.86%
A joint stock company is an artificial person, created by law having a separate legal existence with a perpetual succession and a common seal. justify?
Answer: See explanation
Explanation:
joint-stock company is a business that is being owned by its investors, such that the share owned is based on the stock that been bought.
In a joint stock company, it should be noted that the members are liable for the debts of the company only based on the extent of the amount that they've contributed.
At least one shareholder owns the joint stock company and it's managed by at least one director. In the case of death or disability, the life of the company won't be affected which indicates the perpetual succession.
What might happen if borrowers miss scheduled mortgage payments, fail to pay property taxes, or allow the property to fall into disrepair
Answer:
Authorize the property to deteriorate.
Explanation:
Example - Borrowers may suffer loan default if they fail to pay real estate taxes, allow their property to deteriorate, or miss regular mortgage payments.
Borrowers may suffer loan default if they skip regular mortgage payments, fail to pay real estate taxes, or allow the properties to fall into disrepair.
Priya, a software developer at SkillThink, is instructed by her team leader to minimize interaction with other team members. However, her project manager says that interacting with other team members can provide new insights for her projects. In this scenario, Priya most likely experiences _____. Group of answer choices interpersonal conflict interrole conflict intrarole conflict
Answer:
intrarole conflict
Explanation:
A conflict can be defined as any form of disagreement that arises between two or more parties due to opposing views, opinions, or incompatibility.
In this scenario, Priya most likely experiences intrarole conflict because she was instructed by her team leader to minimize interaction with other team members to prevent her from getting new insights for her projects.
An intrarole conflict is a type of conflict that arises due to the conflict related to behaviors within a single job position or role.
When cost systems were developed in the 1800's, most companies ______. Multiple select question. produced a small number of similar products focused on simplicity assigned overhead based on machine hours believed there was little correlation between labor hours and overhead
Answer:
believed there was little correlation between labor hours and overhead
Explanation:
When cost systems were developed in the 1800's, most companies used a blanket overhead or a plant wide rate to allocate the overheads. They believed there was little correlation between labor hours and overhead.
In order to build alliance management capabilities in small companies, it is recommended that firms take the ______ approach
Answer:
non-equity alliance.
Explanation:
In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.
Generally, a business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;
I. Mission.
II. Value.
III. Vision.
Hence, when you wish to build alliance management capabilities in small companies, it is highly recommended that business firms take the non-equity alliance approach.
A non-equity alliance approach can be defined as a contractual relationship between two or more organizations that are interested in achieving common goals and objectives by pooling their resources, capabilities and efforts together while respectively maintaining their organizational independence without creating a new corporation or equity entity.
Glowbot is a mobile app development firm. The firm allows its employees to grow by giving them the liberty to make their own decisions to help maximize the firm's benefits as well as the customer's benefits. The employees are treated fairly, and diversity is welcomed in the organization. This scenario illustrates the concept of _____.
Answer:
C) an organizational plurality
Explanation:
A) diversity pairing
B) skill-based diversity
C) an organizational plurality
D) structural accommodation
Crane Company purchases equipment for $2740 and supplies for $510 from Wildhorse Co. for $3250 cash. The entry for this transaction will include a debit to Equipment $2740 and a debit to Supplies Expense $510 for Wildhorse. credit to Accounts Payable for Crane. debit to Equipment $2740 and a debit to Supplies $510 for Crane. credit to Cash for Wildhorse.
Answer:
Date Account Title Debit Credit
XX-XX-XX Equipment $2,760
Supplies $ 500
Cash $3,250
H2 O'Yeah has designed a water purification device that is drastically different and far superior to any product currently on the market. Although consumer response was positive to the idea of the new product, management wants to find out more before committing to full-scale production. The next step H2 O'Yeah's marketing department is likely to take is to Multiple Choice locate a low-cost production site. seek a joint venture with a larger competitor. test market the product among potential users. develop an advertising campaign to persuade consumers of the value of the new water purifier system.
Answer:
test market the product among potential users.
Explanation:
In the context, it is given that a water purification device manufacturing company, H2 O'Yeah had designed a purification device which is far more better and efficient than any other water purification device currently present in the market.
The customer response about the design of the new purification device was also positive. But before going for mass production of the device, the company, H2 O'Yeah wanted to find out more about the customer 's response and so they are going to test market the device among the potential customers and will take their feedbacks and advices before full scale production.
It is an efficient way for a successful development of a product and knowing about the feedback about the customers.
Therefore the correct answer is "test market the product among potential users."
The rapid growth of the Chinese economy should benefit U.S. consumers as they have access to less-expensive consumer goods. make it more difficult for citizens of the United States to find jobs. not affect the mix of jobs available to citizens of the United States. benefit U.S. consumers as they have access to less-expensive consumer goods and make it more difficult for citizens of the United States to find jobs
Answer:
as they have access to less-expensive consumer goods.
Explanation:
Economic growth is the increase in total GDP or output of an economy.
If there is a rapid growth in the Chinese economy , it means that the total output produced by China increases. This means that U.S. consumers can import cheaper less expensive consumer goods. This is because the value of the Chinese currency is lower than that of the US dollar
You are obligated to do anything you can to lawfully win an advantage for your buyer. This is an example of which fiduciary duty
Answer:
Loyalty
Explanation:
Fiduciary responsibility is a form of obligation one owes another.
A fiduciary duty refers to when a person or entity places trust, confidence, and reliance on another to exercise expertise in acting on the client's behalf.
The fiduciary(the person who has the dity) must willingly accept that trust and confidence. He must always act in the interest of the beneficiary.
Fiduciary responsibilities:
1. The duty of care
2. The duty of loyalty
3. The duty of obedience
Suppose you deposit $2,262.00 into an account today. In 11.00 years the account is worth $3,855.00. The account earned ____% per year.
Answer:
4.97 %
Explanation:
Data and Calculation :
PV = - $2,262.00
N = 11.00
FV = $3,855.00
P/YR = 1
PMT = $0
I/YR = ? 4.97 %
THUS,
The account earned 4.97 % per year.
The soft drink, candy, and snack vending machines found in the Business building at University of Texas at Arlington are examples of: Group of answer choices automatic vending. self-service technologies. direct marketing. direct retailing. none of these.
Answer:
automatic vending
Explanation:
Terra Corp. is incorporated in Florida with its principal office in Destin. Phyllis is the president of Terra Corp. and owns 51% of its shares. A potential buyer approached Phyllis with an offer to purchase her shares. The buyer offered Phyllis an additional bonus if Phyllis would step down from her office as president. Phyllis approached her attorney to determine whether the agreement to sell her shares is valid. The attorney should advise Phyllis that:
Answer: The agreement breaches Phyllis's fiduciary duty of loyalty as an officer of the corporation.
Explanation:
The attorney should advise Phyllis that the agreement breaches Phyllis's fiduciary duty of loyalty as an officer of the corporation.
The duty of loyalty forbids an officer from having his personal interests above that of the corporation. In this situation, accepting a bonus in order to give up the presidency simply means the officer has out his interest above those of the corporation, hence this is a breach of duty.
During 2017, Oriole Company expected Job no. 59 to cost $300000 of overhead, $560000 of materials, and $200000 in labor. Oriole applied overhead based on direct labor cost. Actual production required an overhead cost of $255000, $630000 in materials used, and $280000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead
Answer:
$165,000
Explanation:
The computation of the amount of over- or underapplied overhead is shown below:
The Predetermined overhead rate is
= Predetermined overhead ÷ direct labor cost
= ($300,000 ÷ $200,000)
= 150% of direct labour cost
Now
overhead applied is
= (150% × $280,000)
= $420,000
And,
Actual overhead=$255,000
So,
overhead overapplied is
= $420,000 - $255,000
= $165,000
Classical economist David Hume observed that as the money supply expanded after gold discoveries it took some time for prices to rise and in the meantime the economy enjoyed higher employment and production. This is inconsistent with monetary neutrality because monetary neutrality would mean that a. the prices should have risen, but production should not have changed. b. neither prices nor production should have risen. c. production should have risen, but prices should not have. d. the prices and production should both have fallen.
Answer:
a. the prices should have risen, but production should not have changed.
Explanation:
In the case when the money supply is expanded after considering the discoveries of gold so here the prices are increased due to which the economy as the higher employment and the production level. But it is not consistent with the monetary neutrality as the prices are increased but the production level remain same or unchanged
Marvelous Motor Works sells vehicles directly to businesses for use in their companies. Marvelous Motor Works has a manager for each type of vehicle it sells (cars, trucks, and delivery vehicles). The salespeople for each product report directly to his or her manager but may also consult the financing department and legal department to handle issues relating to financing and liability issues. This is an example of a(n) ______ organization.
Answer:
Line and staff organization
Explanation:
Marvelous Motor practice line and staff organization.
Line and staff organization refers to when specific and supportive roles are attached to the line of command by assigning staff supervisors and staff specialists who are attached to the line authority.
The executives(managers of each type of vehicle) holds the power of command and staff supervisors(financial and legal department) guides, advices and council the line executives.
S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $1.80 per share. Given this information, the best journal entry for E. Corp. to record for this transaction is
Answer: C.Legal Expense 14,400 Common Stock 8,000 Paid-in Capital in Excess of Par - Common 6,400
Explanation:
With the information given in the question, the journal entry for E. Corp. to record for this transaction will go thus:
Debit Legal expense $14400
Credit Common stock $8000
Credit Paid-in Capital in Excess of Par - Common $6400
Note that Paid-in Capital in Excess of Par - Common was calculated as:
= 8000(1.80 - 1.00)
= 6400
The greater the risk associated with an investment, the greater is its _____. book value market appeal expected return price
Answer:
expected return
Explanation:
What is your major(potential) in college?
Suppose the population of a country is 1.1 million and the labor force is 800,000. 760,000 are employed. Assume that full-employment occurs at a 4 percent unemployment rate at a real GDP level of $100 billion. Based on the information above use Okun's Law to find how much potential GDP has been lost because the economy is not at full employment
Answer: $2 billion
Explanation:
Okun's law posits that for every percentage point that actual unemployment rate is above the natural unemployment rate, actual GDP will be lower than potential GDP by 2%.
Actual rate of unemployment here is:
= (Labor force - Employed) / Labor force
= (800,000 - 760,000) / 800,000
= 5%
Actual unemployment - Natural unemployment:
= 5 - 4
= 1%
Potential GDP lost is:
= (1% * 2) * 100 billion
= 2% * 100 billion
= $2 billion
Under the Uniform Commercial Code (UCC), in a simple delivery contract, once goods are identified in a contract the contract is considered _____.
Answer:
executed
Explanation:
Under the Uniform Commercial Code (UCC), in a simple delivery contract, once goods are identified in a contract the contract is considered executed.
What is Uniform Commercial Code (UCC)?The Uniform Commercial Code (UCC), a comprehensive body of legislation, governs all business transactions in the United States. It is a state law that has been uniformly enacted rather than a federal law. Uniformity of law is critical in this field for interstate business transactions. Businesses can enter into contracts knowing that the terms will be upheld consistently by courts in every American jurisdiction thanks to the UCC's widespread adoption. Because commercial connections are more secure as a result, businesses may expand and the American economy does well. The UCC has been referred to as "the backbone of American commerce" for this reason.
The Uniform Commercial Code (UCC) is a standardized set of business laws and regulations. The UCC code was created in 1953 as it became increasingly difficult for businesses to transact business across state lines due to differing state laws. 1
The Uniform Commercial Code (UCC) is significant because it provides a standard legal and contractual framework that allows companies from different states to transact with one another. The UCC laws have been fully adopted by the majority of states in the United States. Although there are some minor differences between states, the UCC code is divided into nine articles. The UCC articles cover a wide range of transactions, including banking and lending.
Uniform Commercial Code (UCC) laws govern personal property sales and other transactions. If you've ever bought a business or a car, you've probably signed a UCC-1 statement. The lender retains ownership of the title until the loan is paid off.
The Uniform Commercial Code (UCC) policies are primarily concerned with the activities of small businesses and entrepreneurs. Part of the goal is to clear up any confusion about how each state might regulate such operations separately.
To learn more about Uniform Commercial Code(UCC), click here
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based on the diminishing returns to specialization, it is more realistic to assume that the units of resources required to produce one unit will
Answer:
decrease.
Explanation:
Diminishing returns to specialization is when resources can freely used to produce any good. Units of resources required to produce one additional unit will decrease. The rate of output will increase with same resources.
When Target decides the number and locations of warehouses it needs to build and operate, it is addressing the _______ element of the marketing mix.
Answer:
"Distribution" is the correct answer.
Explanation:
Disseminate such a big amount of the commodity upon the marketplace so that others may acquire the products before purchasing something that, could be defined as Distribution.It also includes the location as well as the configuration of anything inside or between individuals throughout higher dimensions.Thus the above is the correct answer.
As a member of a software development team for a national nonprofit organization, Larissa is responsible for creating an interface model for a new app. What is Larissa's role in the organization
Answer:
Software designer.
Explanation:
A software can be defined as a set of executable instructions (codes) or collection of data that is used typically to instruct a computer how to perform a specific task and to solve a particular problem.
Basically, softwares are categorized into two (2) main categories and these are;
I. Utility software.
II. System software.
Larissa's role in the national nonprofit organization is a software designer because she's saddled with the responsibility of creating an interface model for a new app i.e the graphic user interface that would be seen and used by the end users of the software application.
Select the correct answer.
A household detergents company introduces a new product in the market. It hires several salespeople to make door-to-door sales for the first three months. The salespeople have to gather certain information about customers during their sales trips. For one such salesperson, a customer is not willing to share details related to his experience with competitor products. In such a case, what should the salesperson do?
A.
refer the case to another colleague who is expert in extracting details out of such customers
B.
forcibly try to get the details out of the customer
C.
respect the customer’s privacy and not ask any further questions
D.
tempt the customer with discounts on the current product if he shares his details
Answer: C. respect the customer’s privacy and not ask any further questions.
Explanation:
Since the customer is not willing to share details related to his experience with competitor products, the best thing to do in this case is to respect the customer’s privacy and not ask any further questions.
It's good to respect the privacy of people if they are not willing and ready to give out certain information. In this case, it should be noted that forcibly trying to get the details out of the customer isn't ideal.
Likewise, referring the customer to someone more experienced isn't necessary in thus regard since the customer isn't willing to share any information.
Therefore, the correct option is C.
Answer:
C
Explanation:
You should respect the customers privacy because they are not doing anything sketchy. They are just choosing not to share their thoughts.
The main outputs of which process are a quality management plan, quality metrics, project management plan updates, and project documents updates?
Answer:
Process asset updates.
Explanation:
Quality assurance assessments, validated modifications, authenticated deliverables, performance at work indicators, configuration management, project management plan modifications, project document security patches, and organisational process asset updates are the key outputs of quality assurance.
Rockwood International needs to make risky decisions on a daily basis. Therefore, its managers are likely to
Answer:
Centralize decision making
Explanation:
From the question we are informed about Rockwood International who needs to make risky decisions on a daily basis. Therefore, its managers are likely to Centralize decision making.
Centralization can be regarded as setup whereby decision-making powers are been concentrated or given to few leaders that are on top of the organizational structure. Decisions making are been carried out at the top then communicated to lower-level managers so that implementation can take place.
