Question #1
A business organization that has members is a(n)
O Sole proprietorship
O Corporation
O Partnership
O LLC

Answers

Answer 1

Answer:

O LLC

Explanation:

Owners of a limited liability company, LLC are called its members. An LLC is formed by at least one member but has no upper limit.  Members of an LLC may opt to get involved in managing business affairs. They enjoy unlimited liabilities to the debts of the entity. LLC members can be compared to the shareholders of a corporation.


Related Questions

Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available:
Denver Bristol
Cost $80,000 $31,500
Accumulated depreciation 60,000 25,000
Fair value 17,000 17,000
Required:
1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.
2. Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to record the exchange.

Answers

Answer and Explanation:

The journal entries are shown below

1.

On Denver books

Equipment Dr $17,000

Accumulated depreciation $60,000

Loss on sale of equipment $3,000

                  To Equipment $80,000

(Being equipment recorded)

On Bristol books

Equipment Dr $17,000

Accumulated depreciation $25,000

          To Gain on sale of equipment $10,500

          To Equipment $31,500

(Being equipment recorded)

2.

On Denver books

Equipment Dr $20,000

Accumulated depreciation $60,000

                  To Equipment $80,000

(Being equipment recorded)

On Bristol books

Equipment Dr $6,500

Accumulated depreciation $25,000

          To Equipment $31,500

(Being equipment recorded)

At Medallion Industries, variable cost per unit is budgeted to be $8.00 and fixed cost per unit is budgeted to be $5.00 in a period when 4,000 units are produced. What is the expected total cost of the units produced at Medallion, if instead, production is actually 5,100 units

Answers

Answer:

Total cost= $60,800

Explanation:

Giving the following information:

For 4,000 units:

Unitary variable cost= $8

Unitary fixed cost= $5

First, we need to calculate the total fixed cost:

Total fixed cost= 5*4,000= $20,000

Now, we can determine the total cost for 5,100 units:

Total cost= 5,100*8 + 20,000

Total cost= $60,800

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $348,400 and direct labor hours would be 47,000. Actual manufacturing overhead costs incurred were $304,000, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a

Answers

Answer:

Journal Entry

Debit Work-in-Process $388,284

Credit Manufacturing Overhead $388,284

To record the application of factory overhead costs for the year.

Explanation:

a) Data and Calculations:

Estimated factory overhead costs = $348,400

Estimated direct labor hours = 47,000

Predetermined overhead rate = $7.41 ($348,400/47,000)

Actual overhead costs = $304,000

Actual direct labor hours = 52,400

Applied overhead costs = $388,284 (52,400 * $7.41)

b) The overhead applied to the production for the year will be the actual direct labor hours by the predetermined overhead rate.  This yields a cost that is greater than the actual overhead costs, which means that the manufacturing overhead was overapplied.  The cause of this situation is the number of actual direct labor hours worked vis-a-vis the actual overhead costs and the predetermined rate.

The total cost accumulated in the sales department using the reciprocal method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): $150,050. $142,471. $102,222. $122,402. $127,778.

Answers

Answer:

$127,778

Explanation:

Calculation for total cost accumulated in the sales department using the reciprocal method

Direct operating cost$70,000

Acturial Cost allocated 24,000

Premium Ratings allocated cost 24,000

Acturial Cost allocated 6400

Premium Ratings allocated cost 2400

Acturial Cost allocated 640

Premium Ratings allocated cost 240

Acturial Cost allocated 64

Premium Ratings allocated cost 24

Acturial Cost allocated 6

Premium Ratings allocated cost 2

Acturial Cost allocated 1

Premium Ratings allocated cost 0

Total cost accumulated $127,778

Therefore total cost accumulated in the sales department using the reciprocal method is $127,778

Analysis of a company's financial statements: Below are simplified versions of the balance sheet and income statement for Toys by Tom, Inc. Use this information to answer the following question. A 15% increase in inventory turns for Toys by Tom, Inc. would bring this ratio to ____, suggesting ________ in ________.

Answers

Answer: 3.9 times; an improvement; efficiency

Explanation:

Inventory turns is calculated by the formula:

= COGS / Inventory

= 8.4 / 2.50

= 3.36

Increased by 15%:

= 3.36 * (1 + 15%)

= ‭3.864‬

= 3.9 times

Inventory turns is used to show how often the inventory was sold in a period. A higher ratio therefore presents increased efficiency and is desired.

Elliot, Inc., uses the high-low method to analyze cost behavior. The company observed that at 20,000 machine hours of activity, total maintenance costs averaged $10.50 per hour. When activity jumped to 24,000 machine hours, which was still within the relevant range, the average total cost per machine hour was $9.75. On the basis of this information, the company's fixed maintenance costs were:

Answers

Answer:

$90,000

Explanation:

At the activity level of 20,000 machine hours:

total maintenance costs=20,000* $10.50=$210,000

At the activity level of 24,000 machine hours:

total maintenance costs=24,000*$9.75=$234,000

variable maintenance cost per hour=(total maintenance costs at higher activity level-total maintenance costs at lower activity level)/(higher activity level-lower activity level)

variable maintenance cost per hour=($234,000-$210,000)/(24000-20000)

variable maintenance cost per unit=$6

Using the higher activity level data:

total cost=fixed cost+(variable maintenance cost per unit*number of hours)

$234,000=fixed cost+($6*24000)

234,000=fixed cost+$144,000

fixed cost=$234,000-$144,000

fixed cost=$90,000

As CEO of ​, knows it is important to control costs and to respond quickly to changes in the highly competitive​ boat-building industry. When Consulting proposes that invest in an ERP​ system, she forms a team to evaluate the​ proposal: the plant​ engineer, the plant​ foreman, the systems​ specialist, the human resources​ director, the marketing​ director, and the management accountant. A month​ later, management accountant reports that the team and estimate that if implements the ERP​ system, it will incur the following​ costs:

a. $435,000 in software costs
b. $95,000 to customize the ERP software and load Aqua Marine's data into the new ERP system
c. $105,000 for employee training

The team estimates that the ERP system should provide several benefits:
a. More efficient order processing should lead to savings of $105,000.
b. Streamlining the manufacturing process so that it maps into the ERP system will create savings of $125,000.
c. Integrating purchasing, production, marketing, and distribution into a single system will allow Aqua Marine to reduce inventories, saving $225,000.
d. Higher customer satisfaction should increase sales, which, in turn, should increase profits by $155,000.

Requirements
a. If the ERP installation succeeds, what is the dollar amount of the benefits?
b. Should Aqua Marine install the ERP system? Why or why not? Show your calculations.
c. Why did Easton create a team to evaluate Rose's proposal? Consider each piece of cost-benefit information that management accountant Cole reported. Which person on the team is most likely to have contributed each item? (Hint: Which team member is likely to have the most information about each cost or benefit?)

Answers

Answer:

a.) Total benefit if the ERP installation succeeds = $610,000

b.) They should not install the ERP system.

c.) For Estimating software costs  - Systems specialist

For Estimating cost of loading data into the new ERP system  - Management          accountant  , Systems specialist

For Customize the ERP software  - Management accountant  , Systems specialist

For Estimating customization costs  - All team members

For Estimating  training costs - Human resource director

For Savings from more efficient order processing  - Systems specialist  , Management accountant

For Savings from streamlining the manufacturing process  - Plant engineer  , Plant foreman

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimating benefits and costs  - All team members

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimate benefits and costs  - All team members

Explanation:

a.)

If the ERP installation succeeds , the dollar amount of the benefit is as follows :

From more efficient order processing savings = $105,000

From streamlining the manufacturing process savings = $125,000

From reduce inventories savings = $225,000

From increased sales profit = $155,000

⇒Total benefit = $ 105,000 + 125,000 + 225,000 + 155,000

                          = $610,000

⇒Total benefit if the ERP installation succeeds = $610,000

b.)

Firstly check the Costs for installation of ERP:

Software cost =  $435,000

Customizing ERP and loading data cost = $95,000

Employee training cost = $105,000

⇒Total cost = $ 435,000 + 95,000 + 105,000

                     = $635,000

⇒Total cost  = $635,000

Now,

As we have

Total Benefit in installation of ERP = $610,000

Total cost in installation of ERP = $635,000

⇒Net benefit = $610,000 - $635,000  = -$ (25,000)

∴ we get

If Aqua Marine install the ERP system , them they face loss.

So, They should not install the ERP system.

c.)

For Estimating software costs  - Systems specialist

For Estimating cost of loading data into the new ERP system  - Management          accountant  , Systems specialist

For Customize the ERP software  - Management accountant  , Systems specialist

For Estimating customization costs  - All team members

For Estimating  training costs - Human resource director

For Savings from more efficient order processing  - Systems specialist  , Management accountant

For Savings from streamlining the manufacturing process  - Plant engineer  , Plant foreman

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimating benefits and costs  - All team members

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimate benefits and costs  - All team members

Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $47,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank, $42,500; amounts due from customers from sales of books, $27,700; equipment, $46,000; amounts owed to publishers for books purchased, $8,200; one-year notes payable to a local bank for $4,050. No dividends were declared or paid to the stockholders during the year. Assuming that Reader Direct generates net income of $7,000 and pays dividends of $2,800 in 2018, what would be the ending Retained Earnings balance at December 31, 2018?

Answers

Answer:

Reader Direct Corporation

The ending Retained Earnings balance at December 31, 2018 is:

$14,150

Explanation:

a) Data and Calculations:

Cash on hand and in the bank, $42,500;

Amounts due from customers from sales of books, $27,700;

Equipment, $46,000;

Amounts owed to publishers for books purchased, $8,200;

One-year notes payable to a local bank for $4,050

Common Stock ($47,000 * 2) = $94,000

Assets:

Cash                           $42,500

Accounts Receivable   27,700

Equipment                   46,000

Total assets              $116,200

Liabilities + Equity:

Accounts Payable      $8,200

Notes Payable             4,050

Total liabilities          $12,250

Equity:

Common Stock      $94,000

Retained Earnings     9,950

Total equity          $103,950

Liabilities + equity $116,200

Retained Earnings:

Dec. 31, 2017          $9,950

Net income               7,000

less Dividends        (2,800)

Dec. 31, 2017        $14,150

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records.
Cost of Goods Sold $ 65,000
Work-in-Process Inventory, Beginning 10,500
Work-in-Process Inventory, Ending 9,000
Selling and Administrative Expense 15,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning?
Direct Materials Used ?
Factory Overhead Applied 12,000
Operating Income 14,000
Direct Materials Inventory, Beginning 11,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 60,000
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Fisher, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials used?

Answers

Answer:

See below

Explanation:

Direct materials used = Cost of goods manufactured - work in process inventory, beginning - factory overhead applied - direct labor + work in process inventory, ending

= $60,000 - $10,500 - $12,000 - (1.5 × $12,000) + $9,000

=

The management of Krach Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity. The company's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine-hours and the estimated amount of the allocation base for the upcoming year is 13,000 machine-hours. Capacity is 19,000 machine-hours and the actual level of activity for the year is assumed to be 9500 machine-hours. All of the manufacturing overhead is fixed and both the estimated amount at the beginning of the year and the actual amount at the end of the year are assumed to be $22,800 per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for the year as well as the manufacturing overhead at capacity. It is further assumed that this is also the actual amount of manufacturing overhead for the year. If the company bases its predetermined overhead rate on capacity, what would be the cost of unused capacity reported on the income statement prepared for internal management purposes

Answers

Answer:

the cost of the unused capacity reported is $11,400

Explanation:

The computation of the cost of the unused capacity reported is as follows:

= (Estimated amount of overhead ÷ capacity machine hours) × (capacity machine hours - actual machine hours)

= ($22,800 ÷ 19,000 machine hours) × (19,000 - 9,500)

= $1.2 × (9,500)

= $11,400

hence, the cost of the unused capacity reported is $11,400

Healthy competition among businesses is good for consumers.

True or False

Answers

I say true because it seems like most likely answer.

Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before deducting bonus and income taxes, above $100,000. Income before bonus and income taxes is $250,000. The effective income tax rate is 30%. Required: 1. Compute the amount of Raymond Moss's bonus. Bonus

Answers

Answer:

$22,500

Explanation:

Raymond Moss's bonus is computed as the excess of $100,000 of income before bonus and income taxes.

In other words, the income before bonus and income taxes of $250,000 minus $100,000 is the amount upon which the bonus is computed.

Bonus=excess of income before bonus and income taxes*rate of bonus

income before bonus and income taxes.=$250,000-$100,000

income before bonus and income taxes.=$150,000

bonus rate=15%

Bonus=$150,000*15%

Bonus=$22,500

what are the 6 critcal elements of a successful business

Answers

BUSINESS PLANNING. This is the start of all activities. ...
FINANCIAL MANAGEMENT. Profitable, sustainable growth can only happen with a solid understanding of your numbers. ...
MARKETING. ...
BUILDING A TEAM. ...
CUSTOMER SERVICE STRATEGY. ...
SALES & ESTIMATING. ...
CONTINUOUS IMPROVEMENT.
found a list of 7...

Answer:

Capital

Invest ment

Skilled manpower

High quality products

Machinery

Raw materials

Your family is expanding in number, and so you decide to sell your current home and upgrade to a larger home. You estimate that you can sell your current home for $100,000 and can buy a larger home for $475,000. You plan to use the entire $100,000 sale proceeds as a down payment on the new home and will finance the remainder for 15 years at 4% nominal annual interest compounded monthly. What is your estimated monthly mortgage payment

Answers

Answer:

The Estimated Monthly Mortgage Payment

=    $2,810.81

Explanation:

Data and Calculations:

House price = $475,000

Down payment = $100,000

Percentage of down payment = 21.05% ($100,000/$475,000 * 100)

Finance period = 15 years = 180 months (15 * 12)

Nominal annual interest compounded monthly = 4%

The estimated monthly mortgage payment using an online finance calculator:

Monthly Pay:   $2,810.81

House Price $475,000.00

Loan Amount $380,000.00

Down Payment $95,000.00

Total of 180 Mortgage Payments $505,946.54

Total Interest $125,946.54

Mortgage Payoff Date Jan. 2036

Someone offers to buy your old Ford F-150 truck for 4 equal annual payments, beginning 2 years from today. If you think that the present value of your Ford Truck is only $9,000 and you assume the interest rate is 10%, which one of the below would be the minimum annual payment that youâ d be willing to accept? $2,839.24 $3,435.48 $3,123.16 $2,250

Answers

Answer:

$3,123.16

Explanation:

The computation of the minimum annual payment is as follows:

Given that

RATE = 10%

NPER = 10%

PV = $9,000 × (1 + 0.1) = $9,900

FV = $0

The formula is shown below:

= PMT(RATE,NPER,-PV,FV,TYPE)

After applying the above formula, the monthly payment is $3,123.16

The cost of direct materials transferred into the Filling Department of Eve Cosmetics Company is $194,560. The conversion cost for the period in the Filling Department is $98,340. The total equivalent units for direct materials and conversion are 25,600 ounces and 29,800 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent.
Direct materials cost per equivalent unit: $ per ounce
Conversion costs per equivalent unit: $ per ounce
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.20 and $0.65, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units
Direct Materials Conversion
Inventory in process, beginning of period 0 3,600
Started and completed during the period 45,000 45,000
Transferred out of Filling (completed) 45,000 48,600
Inventory in process, end of period 3,000 1,500
Total units to be assigned costs 48,000 50,100
The beginning work in process inventory had a cost of $2,380. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.

Completed and transferred-out production $
Inventory in process, ending $

Answers

Answer:

Part 1

Direct material cost per equivalent units = $194,560 / 25,600 ounces

Direct material cost per equivalent units = $ 7.60 per ounce

Conversion Cost per equivalent units = $98,340 / 29,800 ounce

Conversion Cost per equivalent units = $3.30 per ounce

Part 2

Completed and Transferred out of production = $2380 + (45,000* $2.20) + (3,600 * $0.65) + (45,000 * $0.65)

= $2,380 + $99,000 + $2,340 + $29,250

= $132,970

Inventory in process, ending = (3000 * $2.20) + (1500 * $0.65)

= $6,600 + $975

= $7,575

Match each term with how related transactions affect the accounting equation. Dividends Expenses Revenues Assets Liabilities Match each of the options above to the items below. Transactions that affect the left side of the accounting equation.Transactions that affect the left side of the accounting equation. Open choices for matching No answer Transactions that increase stockholders' equity.Transactions that increase stockholders' equity. Open choices for matching 1 Transactions that affect the right side of the accounting equation not related to stockholders' equity.Transactions that affect the right side of the accounting equation not related to stockholders' equity. Open choices for matching No answer Transactions that decrease stockholders' equity related to distributions to stockholders.Transactions that decrease stockholders' equity related to distributions to stockholders. Open choices for matching No answer Transactions that decrease stockholders' equity related to cost of generating revenues.

Answers

Answer:

1. Dividends

Correct match: Transactions that decrease stockholders' equity related to distributions to stockholders.

2. Expenses

Correct match: Transaction that decrease stockholders' equity related to cost of generating of generating revenues.

3. Revenues

Correct match: Transactions that increase stockholders' equity.

4. Assets

Correct match:  Transactions that affect the left side of the accounting equation.

5. Liabilities

Correct match:  Transactions that affect the right side of the accounting equation not related to stockholders' equity.

Swifty Corporation issued 100000 shares of $10 par common stock for $1250000. A year later Swifty acquired 15900 shares of its own common stock at $15 per share. Three months later Swifty sold 8500 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8500 treasury shares, Swifty should credit

Answers

Answer:

the journal entries should be:

Dr Cash 1,250,000

    Cr Common stock 1,000,000

    Cr Additional paid in capital 250,000

Dr Treasury stock 238,500

    Cr Cash 238,500

Dr Cash 161,500

    Cr Common stock 85,000

    Cr Additional paid in capital 76,500

When using the Copy to Purchase Order feature from within an Estimate , where do you need to turn on USE Purchase orders?

Answers

Answer: From expenses within the Accounts & settings.

Explanation:

When using the copy to purchase order feature within an estimate, to turn on USE purchase orders you navigate to expenses under accounts and settings. When you get to the accounts and settings you would see the feature that shows "Expenses" tab. In the Purchase orders section, select the edit icon. Turn on the Use purchase orders options.

Answer:account and settings, expenses, purchase order

Explanation:

In the text, we supposed a college education raised a person's wage by $30,000 per year, from $40,000 to $70,000. Assume the relevant interest rate is 3%, there is no growth in wages, and you are expected to retire at 65 years old after you graduate high-school. (a): Suppose you are a 18 year old graduating high school senior deciding whether or not to go to college. What is the present discounted value of your labor earnings if you chose not to attend college

Answers

Answer:

$1,010,668

Explanation:

if you choose not to attend college, you should be working for 65 - 18 = 47 years

your expected annual salary is $40,000

the present value of your future earnings = $40,000 x PV annuity factor

PV annuity factor = = [1 - 1/(1 + i)ⁿ] / i = [1 - 1/(1 + 0.03)⁴⁸] / 0.03 = 25.2667

present value of future earnings = $40,000 x 25.2667 = $1,010,668

Suppose two projects have the same expected business value. Project A has a very high estimated business value along with a high probability of failure. Project B has a much lower estimated business value along with a low probability of failure. If you could do only one of the projects, which one would you choose and under what conditions

Answers

Answer:

Project B has a much lower estimated business value along with a low probability of failure.

Explanation:

In order to do only one type of project that has the same business values. I would choose a project that has a low probability of failure. Though it has a low value but in the long run will lead to economic profit and shareholders value. For selection, we need to find out the benefits gained by the project.

If a person could choose only one project he must select Project B as it has a much lower estimated business value along with a low probability of failure.

What are the selection criteria for the project?

Project B would be a better option to choose as it is giving less risk to business as compared to Project B in terms of failure. However, the value of Project B is less but it has the potential to generate economic profits in the long run.

Therefore, by evaluating the cost and benefit from two projects shareholder's interest would be intact more through Project B.

Learn more about project managemnet here:

https://brainly.com/question/26266895

Xercise Cycles Company has provided its year ended accounts receivables that were uncollected. The Controller has asked you to help prepare the Aging of Accounts Receivable Schedule and the corresponding journal entries. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.
1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx).
2) Use the information above to complete the Aging of Accounts Recievable Schedule Below.
Create a formula for each age category, using the Excel IF and AND FUNCTION (fx) to determine where each customer amount belongs.
3) Prepare the adjusting journal entry for recording bad debt expense if the allowance for doubtful accounts had the following unadjusted balance:
4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance:

Answers

Answer:

In the number of days unpaid column (E8), input the formula; "=DAYS(D8, C8)" then copy it down to the last item on the table.

Explanation:

Answering just the first question, the DAYS function is used to calculate the difference between day timelines. The function accepts two parameters, the first date which is the current date we are subtracting from, and the second date which is the previous date.

Assume Italy and Chad can both produce grain and dates, and that the only limited resource is the farming labor force, meaning that land, water, and all other resources are plentiful in both countries. Each farmer in Italy can produce 10 t of grain or 5 t of dates in a season. Each farmer in Chad can also produce 10 t of grain or 25 t of dates.
1. Which country has the absolute advantage in producing dates?
A. Italy.
B. Chad.
C. Neither.
2. Which country has the absolute advantage in producing grain?
A. Italy.
B. Chad.
C. Neither.
3. Which country has the competitive advantage in producing dates?
A. Italy.
B. Chad.
C. Neither.
4. Which country has the comparative advantage in producing grain?
A. Italy.
B. Chad.
C. Neither.

Answers

Answer:

chad

neither

chad

Italy

Explanation:

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.

The opportunity cost of  Italy in producing one unit of grain = 5/10 = 0.5t dates

The opportunity cost of  Italy in producing one unit of dates = 10/5 = 2grains

The opportunity cost of  Chad in producing one unit of grain =  25/10 = 2.5 dates

The opportunity cost of  Chad in producing one unit of dates = 10/25 = 0.4 grains

Italy has a comparative advantage in the production of grains while Chad has a comparative advantage in the production of dates

A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries. Chad produces 25t of dates while Italy produces 5t of dates, this shows that Chad has an absolute advantage in the production of dates. Both Italy and Chad produces the same quantity of grains so neither have an absolute advantage in the production of grains.

This type of insurance pays to fix damages that you cause, but does not cover your own car

Answers

I think your referring to a property damage liability coverage which helps you pay for property or vehicle if it is a case that you caused it to be damaged.

Sunland Company, has 14700 shares of 4%, $100 par value, cumulative preferred stock and 60200 shares of $1 par value common stock outstanding at December 31, 2021. There were no dividends declared in 2019. The board of directors declares and pays a $113000 dividend in 2020 and in 2021. What is the amount of dividends received by the common stockholders in 2021

Answers

Answer:

2021 Common Stockholders dividends = $49,600

Explanation:

Preference Shareholders are always paid their dividends first before Common Stockholders. If dividend is not declared, Preference dividends are cumulated to the next period and are due !

2019

Preferred Stockholders Dividends = 14700 x $100 x 4% = $58,800

Common Stockholders dividends = $ 0

2020

Preferred Stockholders Dividends =  $58,800 (2019) + $54,200 (2020)

Common Stockholders dividends = $0

2021

Preferred Stockholders Dividends = $4,600 (2020 arrears) + $58,800 (2021) = $63,400

Common Stockholders dividends = $113,000 - $63,400 = $49,600

Lois tells Stew he can buy her pool house for $100,000. Stew is so excited to own a home of his own that he leaves a $10,000 check in her mailbox as a starting payment on the pool house. Then, he begins remodeling the pool house, spending $3,000 in repairs and improvements. Lois decides she made a big mistake and attempts to cancel this agreement. The most likely outcome will be:

Answers

Answer:

The most likely outcome would be that Lois will still have to sell Stew the house

Explanation:

The most likely outcome would be that Lois will still have to sell Stew the house. This is mainly because Lois accepted Stew's offer of $100,000 and Stew already fulfilled part of the agreement. By simply paying the $10,000 that he left Stew he has already fulfilled part of his side of the agreement which solidifies the agreement and makes it legally binding. Therefore, he would most likely win a court case if Lois decides to back out of the agreement.

Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets and liabilities to the new entity. In exchange, Sollon issued Pab 30,000 shares of $6 par value common stock. The following information is provided on the assets and accounts payable transferred:

Cost Book Value Fair Value
Cash $44,000 $44,000 $44,000
Inventory 76,000 76,000 76,000
Land 79,000 79,000 109,000
Buildings 175,000 134,000 249,000
Equipment 90,000 76,000 121,000
Accounts Payable 63,000 63,000 63,000

Required:
Prepare the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollon.

Answers

Answer:

Debit : Cash $44,000

Debit : Inventory  $76,000

Debit : Land $109,000

Debit : Buildings $249,000

Debit : Equipment  $121,000

Credit : Accounts Payable $63,000

Credit : Shares (30,000 x $6) $180,000

Credit ; Gain on Bargain Purchase $356,000

Explanation:

Assets and liabilities are acquired at their Fair Value Amounts instead of Cost or Book Value.

A transfer of some of the asset of a Company is referred as a Asset acquisition transaction instead of Business Combination (Acquirer obtains control of one or more businesses).

This is an asset Acquisition Transaction and no consolidated Financial Statements will be prepared.

The excess of Net Assets Acquired over the consideration is called Gain on Bargain Purchase and this amounts to $356,000.

The Blueberry Designs ads show a lifestyle that is sophisticated and timeless. They recently launched a sportswear line with their trademark DB pattern and patented Blueberry soles on both hiking boots and casual footwear. Those who follow the Blueberry lifestyle are part of

Answers

Answer:

A reference group

Explanation:

Reference groups are are set of people who are used as a standard for how to comply with social norms thereby influencing our ideas, values, behaviour, and appearance.

For example a reference group can be a set of people that have achieved a certain level of importance in a field by following a standard.

In the given scenario Blueberry Designs ads show a lifestyle that is sophisticated and timeless.

Those that follow the standards set by Blueberry designs can be said to be a reference group

Consider a town in which only two residents, Bob and Cho, own wells that produce water safe for drinking. Bob and Cho can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water.

Price Quantity Demanded Total Revenue
(Dollars per gallon) (Gallons of water) (Dollars)
4.20 0 0
3.85 40 $154.00
3.50 80 $280.00
3.15 120 $378.00
2.80 160 $448.00
2.45 200 $490.00
2.10 240 $504.00
1.75 280 $490.00
1.40 320 $448.00
1.05 360 $378.00
0.70 400 $280.00
0.35 440 $154.00
0 480 0

Suppose Bob and Cho form a cartel and behave as a monopolist. The profit-maximizing __________price isper gallon, and the total output is__________gallons. As part of their cartel agreement, Bob and Cho agree to split production equally. Therefore, Bob's profit is__________, and Cho's profit is____________.

Suppose that Bob and Cho have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Bob says to himself, "Cho and I aren't the best of friends anyway. If I increase my production to 40 gallons more than the cartel amount, I can increase my profit even though her profit goes down. I will do that starting tomorrow."

After Bob implements his new plan, the price of water ________ to__________per gallon. Given Cho and Bob's production levels, Bob's profit becomes________ and Cho's profit becomes___________. Because Bob has deviated from the cartel agreement and increased his output of water to 40 gallons more than the cartel amount, Cho decides that she will also increase her production to 40 gallons more than the cartel amount. After Cho increases her production, Bob's profit becomes__________, Cho's profit becomes_________, and total profit (the sum of the profits of Bob and Cho) is now____________.

Answers

Answer:

Suppose Bob and Cho form a cartel and behave as a monopolist. The profit-maximizing price is 2.10  per gallon, and the total output is 240 gallons. As part of their cartel agreement, Bob and Cho agree to split production equally. Therefore, Bob's profit is $252 and Cho's profit is $252.

Suppose that Bob and Cho have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Bob says to himself, "Cho and I aren't the best of friends anyway. If I increase my production to 40 gallons more than the cartel amount, I can increase my profit even though her profit goes down. I will do that starting tomorrow."  

After Bob implements his new plan, the price of water  decreases to 1.75     per gallon. Given Cho and Bob's production levels, Bob's profit becomes  280 and Cho's profit becomes  210 . Because Bob has deviated from the cartel agreement and increased his output of water to 40 gallons more than the cartel amount, Cho decides that she will also increase her production to 40 gallons more than the cartel amount. After Cho increases her production, Bob's profit becomes 224 , Cho's profit becomes 224 , and total profit (the sum of the profits of Bob and Cho) is now 448.

Explanation:

Suppose Bob and Cho form a cartel and behave as a monopolist. The profit-maximizing price is 2.10  per gallon, and the total output is 240 gallons. As part of their cartel agreement, Bob and Cho agree to split production equally. Therefore, Bob's profit is $252 and Cho's profit is $252.

Suppose that Bob and Cho have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Bob says to himself, "Cho and I aren't the best of friends anyway. If I increase my production to 40 gallons more than the cartel amount, I can increase my profit even though her profit goes down. I will do that starting tomorrow."  

After Bob implements his new plan, the price of water  decreases to 1.75     per gallon. Given Cho and Bob's production levels, Bob's profit becomes  280 and Cho's profit becomes  210 . Because Bob has deviated from the cartel agreement and increased his output of water to 40 gallons more than the cartel amount, Cho decides that she will also increase her production to 40 gallons more than the cartel amount. After Cho increases her production, Bob's profit becomes 224 , Cho's profit becomes 224 , and total profit (the sum of the profits of Bob and Cho) is now 448.

Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $ 81,000 Direct labor $ 41,000 Variable manufacturing overhead $ 19,800 Fixed manufacturing overhead 31,600 Total manufacturing overhead $ 51,400 Variable selling expense $ 14,400 Fixed selling expense 22,800 Total selling expense $ 37,200 Variable administrative expense $ 5,200 Fixed administrative expense 27,400 Total administrative expense $ 32,600 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost

Answers

Answer:

the total product cost is $153,600

Explanation:

The computation of the total product cost is as follows;

= Direct material cost + direct labor cost + total manufacturing overhead cost

= $81,000 + $41,000 + $31,600

= $153,600

Hence, the total product cost is $153,600

The other values would be ignored for determining the product cost

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