Complete Question:
Smart Wash is a popular brand of detergent powder. The stock needs to be continuously replenished in stores and supermarkets due to its high demand. The detergent powder belongs to the category of?
Group of answer choices
A. expected merchandise
B. sample merchandise
C. staple merchandise
D. seasonal merchandise
E. fashion merchandise
Answer:
C. Staple merchandise.
Explanation:
In this scenario, Smart Wash is a popular brand of detergent powder. The stock needs to be continuously replenished in stores and supermarkets due to its high demand. The detergent powder belongs to the category of staple merchandise.
A staple merchandise typically comprises of finished goods, which are regularly being purchased, displayed and sold by the retailers in order to meet the need or want of the consumers. Some examples of staple merchandise are detergent powder, bread, milk, egg, butter, salt, sugar etc.
Which of the following statements regarding inventory costing methods is correct? Multiple Choice In periods of inflation, LIFO will result in the lowest reported net income, and therefore a company will pay less in federal income taxes
Answer:
In periods of inflation, LIFO will result in the lowest reported net income, and therefore a company will pay less in federal income taxes ⇒ TRUE STATEMENT
Explanation:
Last in, first out (LIFO) uses the price of the last units purchased in order to determine the cost of goods sold. When inflation is high, prices tend to increase continuously, therefore, the price of the last units purchased will always be higher than the price of the first units purchased. This doesn't mean that exactly the last units purchased will be the ones sold, it is just an accounting method.
Adam published his personal opinion about the current condition of politics stating,"Though the government is unable to fulfill the demands of the public,they demand votes;they really are beggars on streets." Can politicians sue him for defamation under tort?
A) No,because as a general rule the material in a newspaper is totally exempted.
B) Yes,because defamation in a newspaper is always a tort.
C) Yes,because Adam wrote even though he did not have authority.
D) No,because statements of pure opinion do not amount to defamation.
Answer:
The correct answer is the option D: No, because statements of pure opinion do not amount to defamation.
Explanation:
To begin with, the fact that Adam have published his personal opinion about a certain topic does not directly indicates that his opinion, in the case of being a hard critic of something, is to be considered a defamation due to the fact that those kind of statements are protected by law in the United States according to the First Amendment to the United States so therefore that his pure opinion is under the freedom of speech regime. That is why that politicians would not be able to sue him for defamation under tort.
Attorney represented Baker in a claim involving a breach of Baker's employment contract. The case was settled without suit being filed. The proceeds of the settlement were paid directly to Baker~ who subsequently paid Attorney in full for Attorney's fee and expenses. Thereafter, Attorney did no other work for Baker. Baker is now being audited by the Internal Revenue Service (IRS). The IRS has asked Attorney for details of the settlement, including the amount claimed for each item of damage and the amounts paid for the items. Attorney reported the request to Baker who told Attorney not to provide the information to the IRS. Is it proper for Attorney to furnish the information to the IRS
Answer:
It is proper for the attorney to furnish the information to the IRS in-order to do a suitable audit on Baker on the tax which he or she is eligible to pay for. Withholding such information would amount to preventing them from doing a detailed job which on the long run would amount to filing false tax claim by Baker.
Explanation:
The market value of Charcoal Corporation's common stock is $20 million, and the market value of its risk-free debt is $5 million. The beta of the company's common stock is 1.25, and the market risk premium is 8%. If the Treasury bill rate is 5%, what is the company's cost of capital
Answer:
The company's cost of capital will be "13%".
Explanation:
The given values are:
Risk free rate
= 5
Beta
= 1.25
Market risk premium
= 8
Now,
⇒ [tex]cost \ of \ common \ stock=Risk \ free \ rate+Beta\times Market \ risk \ premium[/tex]
On substituting the estimated values, we get
⇒ [tex]=5+(1.25\times 8)[/tex]
⇒ [tex]=15 \ percent[/tex]
The total value will be:
= [tex]20 +5[/tex]
= $[tex]25 \ million[/tex]
As we know,
⇒ [tex]WACC=Respective \ costs\times Respective \ weights[/tex]
⇒ [tex]=(\frac{20}{25}\times15)+(\frac{5}{25}\times 5)[/tex]
⇒ [tex]=12+1[/tex]
⇒ [tex]=13 \ percent[/tex]
Note: % = percent
grouper Company has an old factory machine that cost $50,750. The machine has accumulated depreciation of $28,420. Grouper has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) What entry would Grouper make to record the sale of the machine for $25,375 cash
Answer:
Accumulated depreciation $28,420 (debit)
Cash $25,375 (debit)
Profit and Loss $3,045 (credit)
Cost $50,750 (credit)
Explanation:
For any sale of an Item of Property, Plant and Equipment, the sale must be accounted as follows :
De-recognize the Accumulated depreciation on the AssetDe-recognize the Cost of the AssetRecognize the Proceeds of the SaleRecognize the Profit or Loss on Sale of the asset (In this case there was a profit)Attestation standards apply when a CPA is engaged to issue a practitioner’s report on A preparation service. The subject matter of a compilation. An examination after performing agreed-upon procedures. A review of an assertion about subject matter that is the responsibility of another party.
Answer:
A review of an assertion about the subject matter that is the responsibility of another party
Explanation:
An attest engagement is defined as the independent review of a subject matter by a professional other than the auditor by conducting a specific procedure and he is expected to issue a report of his findings on the reliability of the subject matter.
The three stages of attestation services are compilation ,review and audit.
Attestation engagement is governed by the Statements on standard for attestation engagement (SSAE)
Kate's Diner offers one breakfast item, a breakfast special. The market price for this meal is $5. At her profit-maximizing level of output, Kate's average variable cost is $4 per meal. Her average total cost is $6 per meal. Since the market is perfectly competitive, Kate should ________.
Answer:
keep producing in the short run but exit the industry or go out of business in the long run
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A firm should shut down in the short run if price is less than average variable cost. But since the diner's price is greater than average variable cost, it should continue production.
A firm should exit the industry in the long run if price is less than average total cost. the diner's price is less than average total cost, so it should shut down in the long run
A U.S. technology company has decided to move some of its manufacturing processes to facilities in Japan, utilizing the nation's expertise in technological manufacturing. Doing so gives the company the ability to price its products at a lower price point locally than its other "Made in America" competitors. By performing this value creation activity in an optimal location, the company has realized:
Answer:
a. realized location economies.
Explanation:
The realized location economics refers to the economics in which the companies go throughout the globe to determine and operate that comes under an efficient goods setting. The production of the goods comes under the efficient goods setting creates an added advantage in the production cost also it gains the competitive advantage
Therefore according to the given situation, the company has location economies realized
In order to deal with the financial problems inherent to the current Social Security system, President Waldhart proposes that anyone making over $150,000 would receive no benefits. This solution best fits with a(n) ____ approach. Group of answer choices
Answer: means test benefit
Explanation:
A means test is used to determines whether an individual or a household will be eligible to get some payments or benefits.
An example is the one illustrated in the question whereby President Waldhart proposes that anyone making over $150,000 would receive no benefits.
2-3 personal experience of exploitation as a consumer
Answer:
Explanation:
Exploitation often involves a denial of an individual's right (in this case a consumer's right).
Consumers are often exploited in this three areas:
Poor quality standard: For example, one may purchase an electronic device, which in most cases the quality level is determined only after using the product and then discover that the product has failed to meet expectations like performance failure.
High Prices: This is often happens when a consumer isn't aware of the average price of a particular product and may be the taken advantage of by the seller.
False or Incomplete product description: Online shopping often presents this type of exploitation. For example, an individual may buy a wrist watch he thinks is made of silver, but receives the item an discover it is actually made of rubber material.
Correct Inc. is a publicly traded firm with 100 million diluted shares outstanding trading at $37.50 per share. The company has $1 billion of debt outstanding with a cost of debt at 6.5% at a marginal tax rate of 40%. The company has $100 million of cash on its balance sheet. What is the enterprise value of Correct Inc.
Answer:
The enterprise value of Correct Inc is $4,650 M
Explanation:
In this question, we are interested in calculating the enterprise value of Correct Inc
To do this, we use the mathematical formula below;
Enterprise Value = market value capital and debts - cash and investments
Enterprise Value = 100m shares * $37.50 per share + $1000m debts - $100m
= $3750 m + $1000 m - $100 m
= $4650 m
Kliting Co. has a lot of outstanding accounts receivable but customers are slow to pay, and it doesn't have sufficient cash to pay its suppliers and employees at the end of the month. Instead of borrowing money, Kliting decides to sell its accounts receivable. This form of financing is known as: Group of answer choices
Answer:
Factoring
Explanation:
Factoring is a form of debtor finance that involves an entity selling it's accounts receivables to a third party at a discount.
The third party is called a factor.
This practice is usually carried out to meet urgent cash needs of the business.
In this instance Kliting Co. has a lot of outstanding accounts receivables and there is need for cash to pay its suppliers and employees at the end of the month.
Instead of borrowing Kliting Co. sells their accounts receivables to get the needed cash.
This is factoring finance
Question 9
1 pts
a
D
ESPE
The cost of a van is $16,000 with a residual value of
$2,000. The van has an estimated useful life of 5 years.
The mount of depreciation expense using straight-line
each year is:
D
O $933
O $373
O $737
O none of the above
Answer:
The correct answer is:
None of the above (d)
Explanation:
Depreciation is the reduction in the fair value of an asset over time.
cost of van = $16,000
residual value = $2,000
useful life = 5 years
depreciation using straight-line allocation is allocating the depreciation cost equally over the useful life of the asset.
[tex]Annual\ depreciation\ expenses\ = \frac{(cost\ of\ asset\ -\ salvage\ value}{useful\ life\ of\ asset} \\\\\\Annual\ depreciation\ expenses\ = \frac{16,000 - 2,000}{5} \\= \frac{14,000}{5} \\Annual\ depreciation\ expenses\ = \$2,800[/tex]
Answer:
none of the above
Explanation:
depreciation expense per year using straight line method = (purchase cost - residual value) / useful life = ($16,000 - $2,000) / 5 years = $14,000 / 5 = $2,800 per year
The straight line method for calculating depreciation expense is the simplest method that we can use, since the depreciation expense is the same for every year. Unlike double balance, sum of digits or any other kind of deprecation expense method which varies from year to year.
_______ is the arrangement of having discrete parts of a task done by different people. Multiple Choice A division of labor An employee structure A contingency approach A common purpose An organization chart
Answer:
a. dvision of labor
Explanation:
i hope this helps you!
In the absence of a specific contract provision regarding the details of payment, the UCC provides that payment be made in full:A) within 10 days of the time and place that delivery occurs.B) within 20 days of the time and place that delivery occurs.C) within 30 days of the time and place that delivery occurs.D) at the time and place that delivery occurs.
Answer:
Correct Answer:
D) at the time and place that delivery occurs.
Explanation:
When there is no available specific contract provision between two or more individual over a business transaction, there will be difficulty in keeping track of the payment and it subsequent structuring. To overcome this, there is need to make payment at the time and place the delivery occurs.
Which of the following is a correct statement?
a) Both purely competitive firms and monopolistic firms are "price makers".
b) A purely competitive firm is a "price-taker" and a monopolistic firm is a "price-maker".
c) Both purely competitive and monopolistic firms are "price takers."
d) A purely competitive firm is a "price-maker" and a monopolistic firm is a "price-taker".
Answer:
The answer is B.
Explanation:
In purely competitive firms, there are many buyers and sellers that no single buyer or seller can influence the price of goods. They accept the price set by the market conditions which depend on the market supply and demand. Firms in this market are price-takers.
In monopolistic firm, no one is competing against him. He is the only one in the industry. He is the only seller while buyers are many. In most cases, buyers do not have alternative than to buy the product. Because of this, the firm in monopoly sets its price. He is a price-maker.
Rocky Mountain Tire Center sells 20,000 go-cart tires per year. The ordering cost for each order is $40, and the holding cost is 20% of the purchase price of the tires per year. The purchase price is $20 per tire if fewer than 500 tires are ordered, $18 per tire if 500 or more—but fewer than 1,000—tires are ordered, and $17 per tire if 1,000 or more tires are ordered. a) How many tires should Rocky Mountain order each time it places an order? b) What is the total cost of this policy?
Answer:
a) How many tires should Rocky Mountain order each time it places an order?
667 tiresb) What is the total cost of this policy?
total costs (including merchandise purchased) = $362,400total costs (not including merchandise purchased) = $2,400Explanation:
we must find the EOQ for the three possible prices:
when price per tire is $17:
EOQ = √(2SD) / H
S = cost per order = $40
D = annual demand = 20,000
H = 20% x $17 = $3.40
EOQ = √[(2 x $40 x 20,000) / $3.40] = 685.99 = 686 tires
when price per tire is $18:
EOQ = √(2SD) / H
S = cost per order = $40
D = annual demand = 20,000
H = 20% x $18 = $3.60
EOQ = √[(2 x $40 x 20,000) / $3.60] = 666.67 = 667 tires
when price per tire is $20:
EOQ = √(2SD) / H
S = cost per order = $40
D = annual demand = 20,000
H = 20% x $20 = $4
EOQ = √[(2 x $40 x 20,000) / $4] = 632.46 = 632 tires
since all options are over 500 units but lower than 1,000, we must take the option where each tire costs $18
total cost:
20,000 x $18 = $360,000
(20,000 / 667) x $40 = $1,199.40
holding costs = average inventory = 667 / 2 = 333.5 x $3.60 = $1,200.60
total costs (including merchandise purchased) = $362,400
Joan, who has a PhD in economics, has been employed as an agent by Gibraltar Securities for the past 15 years. Missing academic life, she resigns from the broker-dealer and accepts a position as an economics professor at a state university. Which, if any party, is required to notify the state securities Administrator of this change
Answer:
both the agent in question as well as the former broker/dealer are required to notify the Administrator promptly.
Explanation:
In the specific scenario that is being described both the agent in question as well as the former broker/dealer are required to notify the Administrator promptly. This is mainly due to the fact that the license that an agent possesses expires as soon as they cease to be employed by the broker/dealer and/or issuer for whom they were previously licensed. Therefore this information needs to be presented immediately to the securities administrator and her license needs to be revoked.
Among its assets are the following: (1) the showroom building, a separate building used to service customer cars, and various parking lots, (2) a nearby acre of land not currently used by the auto dealership, (3) new and used cars and trucks for sale to customers, and (4) a car that is used to provide rides to customers who prefer to wait at home while their cars are serviced. The assets that are classified as plant assets on the company's balance sheet include
Answer:
(1) the showroom building, a separate building used to service customer cars, and various parking lots
(4) a car that is used to provide rides to customers who prefer to wait at home while their cars are serviced.
Explanation:
Plant Assets are defined as assets in the business that are expected to provide the benefit of helping a company accrue revenue and have will have a useful life of more than a year.
The showroom building, a separate building used to service customer cars, and various parking lots are all places where the company performs business with the showroom showcasing cars for sale and the separate building being used for servicing cars which is another revenue stream.
The car that is used to provide rides to customers who prefer to wait at home while their cars are serviced is also a plant asset as it provides a value added service to customers who will be more likely to have repeat business with the company as a result thereby generating more revenue.
PIOs should A. request additional assistance through the National Public Information Support Network. B. seek media release approval from the Communication Unit Leader. C. compile a go kit to allow for lengthy deployments to a long-term incident. D. report to the Finance/Admin Section Chief when arriving at an incident.
Answer:
B. seek media release approval from the Communication Unit Leader.
Explanation:
A PIO (public information officer) is responsible for managing communications with the media, public and other agencies regarding information on incidents. Before media releases the PIO is to first obtain approval from the incident commander as well as limits on the information to the released. PIO are also responsible for interviews and briefings regarding briefings, manage media and public inquiries, monitor information being reported so as to ensure accuracy
Peter's Pans makes cast-iron cookware. It decides to acquire another similar-sized cast-iron cookware company in the hope that its larger size will enable it to snag some market share away from Iron Maiden, the industry leader. What is Peter's Pans strategy?
Answer:
Peter's Pans is trying to overcome competitive disadvantage
Explanation:
Competitive advantage is the ability of a company to produce goods in such a way that it captures market share from other companies.
Competitive advantage can be with regard to quality, price, services, and so on.
In this scenario the Peter Pan wants to obtain a similar sized cookware company. This will make his company to be larger in size.
He intends to use the larger size of the company as a way to overcome competitive advantage of Iron Maiden, the industry leader.
Mr. Green and Mr. Blue contract orally to transfer 500 widgets for $1,000. Mr. Blue sends Mr. Green a receipt one week after the agreement. If Mr. Green now refuses to recognize the agreement a court will find what
Answer:
That a memorandum of understanding was created by the receipt sent by Mr. Blue and an
enforceable agreement exists
Explanation:
A memorandum of understanding is an agreement between two or more parties stating a lone of action that is binding on the participants.
This is used in place of a legally enforceable agreement. Like a formal gentlemen's agreement.
In this instance they agree orally to transfer 500 widgets for $1,000. Mr. Blue sends Mr. Green a receipt one week after the agreement.
The act of sending a reciept establishes the fact that there is an agreement. Therefore it is enforceable in a court of law.
A company sells DVD players for $200 per unit. The players have a unit variable cost of $160. The company estimates that it will sell one home entertainment system for every four DVD players sold. Home entertainment systems have a unit variable cost of $460 and sell for $600 per unit. The company's fixed costs are $90,000. Assuming that the sales mix estimate is correct, how many DVD players need to be sold for the company to break even?
Answer:
Break-even point= 1,200 DVDs
Explanation:
First, we need to calculate the sales proportion:
DVD= 4/5= 0.8
Home entertainment= 1/5= 0.2
Now, we need to calculate the break-even point for the whole company:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)
Weighted average contribution margin= (200*0.8 + 600*0.2) - (160*0.8 + 460*0.2)
Weighted average contribution margin= 60
Break-even point (units)= 90,000/60= 1,500
Finally, the number of DVDs:
DVD= 1,500*0.8= 1,200 DVDs
DVD players need to be sold for the company to break even point :
Formula :
Break-even point (units)= Total fixed costs / Weighted average contribution marginBreak-even point (units)= 90,000/60Break-even point (units)= 1,500
Therefore, the number of DVDs:
DVDs= Break-Even Point-Sales Proportion DVD= 1,500*0.8DVD= 1,200 DVDsWorking Notes :
Sales Proportion:DVD= 4/5= 0.8
Home entertainment= 1/5= 0.2
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)Weighted average contribution margin= (200*0.8 + 600*0.2) - (160*0.8 + 460*0.2) Weighted average contribution margin= 60
DVD players need to be sold for the company to break even is 1200DVDs.
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Assume that the interest rate on borrowings in Japan is 3 percent while the interest rate on bank deposits in a U.S. bank is 5 percent. Laura, an active currency trader, borrows in Japanese yen, converts the money into U.S. dollars and deposits it in a U.S. bank. Laura is engaging in
Answer:
"Carry Trade", is the right answer.
Explanation:
Laura is engaged in "Carry Trade" because the carry trade refers to the process to borrow from the country where the interest rate is lower and deposit the borrowed money in other countries in which the person earns more interest. Therefore, the process for borrowings and deposits from low and high-interest rates respectively is called the carry trade.
When organizations relate to their environments in ways that involve ethical dilemmas and decisions, these situations are said to fall within the context of the organization's _____ responsibility.
Answer:
Social.
Explanation:
When organizations relate to their environments in ways that involve ethical dilemmas and decisions, these situations are said to fall within the context of the organization's social responsibility.
In Business management, social responsibility can be defined as an organization's obligation to act in a manner that benefits and adds significant value to the society, usually it has its business operations.
Hence, in addition to making profits and maximizing shareholders, organizations are required to lessen negative environmental impact or degradation and provide social amenities such as pipe-borne water, electricity, roads etc. It is also referred to as corporate social responsibility (CSR).
"Two unrelated persons (Person A and Person B) come into your branch office to open a new account. They tell you that the funds are being deposited by Person A, who will be the owner of the account, and that Person B wants to be able to trade the account. They also tell you that only 1 social security number is to be used on the account. How should the account be opened?"
Answer: Individual account in the name of Person A with a Third Party Trading Authorization granted to Person B
Explanation:
An account that has two or more signatory is known as a joint account. When this account is opened, both parties or all signatory to the account will have to either be physically present or would provide details about about themselves to be used for opening of the account. The account is then opened and all signatory to the account can access and be informed about every detail about the account as there is no preference of one person over the other.
A third party can increase the supply chain surplus by aggregating demand across multiple firms and gaining production economies of scale that no single firm can on its own. This is called Group of answer choices
Answer: Capacity aggregation
Explanation:
Capacity aggregation is the planning and management of the entire capacity of the resources of an organization.
Capacity aggregation is when a third party can increase the supply chain surplus by aggregating demand across multiple firms and gaining production economies of scale that no single firm can on its own.
The Cooke family has worked for various General Motors's divisions for over four decades. Bennett Cooke works at the Cadillac division. Rondella Cooke works at the Buick division. Their son Tyrone works at the Corvette plant, and their daughter Niome works at the Saturn plant. The Cooke family could tell you that GM is departmentalized by:
Answer:
Product
Explanation:
Since in the question it is mentioned that Cooke family worked in the various division like Bennett Cooke works at the Cadillac division and like this other its family working in different divisions
So here it is focused on a single product that could be sold by different divisions
Therefore it is departmentalized by product
Conversion costs include ________. A. direct labor and manufacturing overhead costs B. direct material and direct labor costs C. product and period costs D. direct material, direct labor, and manufacturing overhead costs
Answer:
A. direct labor and manufacturing overhead costs.
Explanation:
In Financial accounting, conversion costs comprises of all the costs associated with the conversion of raw materials into finished goods or products. These costs are usually calculated by the addition of direct labor and manufacturing overhead.
Hence, conversion costs include direct labor and manufacturing overhead costs.
Bigelow Inc. sells a product for $800 per unit. The variable cost is $600 per unit, while fixed costs are $1,200,000. Determine (a) the break-even point in sales units and (b) the break-even point if the selling price were increased to $850 per unit.
Answer:
Results are below.
Explanation:
Giving the following information:
Bigelow Inc. sells a product for $800 per unit. The variable cost is $600 per unit, while fixed costs are $1,200,000.
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 1,200,000 / (800 - 600)
Break-even point in units= 6,000 units
Now, the selling price= 850
Break-even point in units= 1,200,000 / 250
Break-even point in units= 4,800 units
