Answer:
a. The number of units purchased in October = 400
The cost per unit = $12
b-1. Cost of goods sold = $7,950
Ending inventory = $6,450
b-2. Cost of goods sold = $8,650
Ending inventory = $5,750
Explanation:
a) Data and Calculations:
Beginning inventory 300 units at $10 per unit = $3,000
May purchases 600 units at $11 per unit = 6,600
October purchases 400 units at $12 per unit = 4,800
Goods available 1,300 units $14,400
Ending inventory 550 units
Goods sold 750 units
a. The number of units purchased in October = 400 (1,300 - 300 - 600)
The cost per unit = $12 ($4,800/400)
b-1. Cost of goods sold and ending inventory using FIFO method:
Cost of goods sold:
300 units at $10 per unit = $3,000
450 units at $11 per unit = 4,950 $7,950
Ending inventory = $6,450 ($14,400 - $7,950)
b-2. Cost of goods sold and ending inventory using LIFO method:
Cost of goods sold:
350 units at $11 per unit = 3,850
400 units at $12 per unit = 4,800
Total Cost of goods sold = $8,650
Ending inventory = $5,750 ($14,400 - $8,650)
Payment of an above-market wage reduces shirking by employees and reduces worker turnover because it multiple choice 2 decreases worker productivity. raises the opportunity cost of losing a job. lowers the opportunity cost of losing a job. creates more supervisory positions.
Answer:
raises the opportunity cost of losing a job.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
For example, when a business firm makes payment of an above-market wage, it reduces shirking (avoiding responsibilities) by employees and reduces worker turnover because it raises the opportunity cost of losing a job. Thus, employees take their jobs seriously and do not miss work unnecessarily due to the payment of an above-market wage.
How would you explain to a skeptical bank manager why the socially optimal number of bank robberies is not zero
Answer:
The socially optimal number of bank robberies is not equal zero because due to the presence or the possibility of robberies in Banks, some industries will be sustained and such industries are ; Security agencies and their personnel , Insurance companies, Vault designing and manufacturing firms.
Explanation:
A socially optimal quantity of a good or service is the quantity of a good or service that is beneficial to the society ( i.e. to other industries related directly or indirectly to the good or service )
The socially optimal number of bank robberies is not equal zero because due to the presence or the possibility of robberies in Banks, some industries will be sustained and such industries are ; Security agencies and their personnel , Insurance companies, Vault designing and manufacturing firms.
Hence if the socially optimal number of bank robberies equals zero the aforementioned industries will be out of business
Sandhill Inc. acquired 10% of the 420,000 shares of common stock of Schuberger Corporation at a total cost of $15 per share on June 17, 2020. On September 3, Schuberger declared and paid a $120,000 dividend. On December 31, Schuberger reported net income of $512,000 for the year. (b) Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker’s 112,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2017. On May 15, Hunsaker declared and paid a cash dividend of $112,000. On December 31, Hunsaker reported net income of $212,000 for the year.
Required:
Prepare all necessary journal entries for 2017 for (a) Edelman and (b) Wen.
Answer:Please see explantion colmn for answers
Explanation:
A) Journal entry for Edelman
Date Account Titles and explanation Debit Credit
June 17 Stock investment $630,000
Cash $630,000
Calculation
Stock Investment =420,000 x $15 x 10% = $630,000
Date Account Titles and explanation Debit Credit
Sept 3 Cash $12,000
Dividend revenue $12,000
Calculation
Dividend revenue =$120,000 x 10% =$12,000
Date Account Titles and explanation Debit Credit
Dec 31 Stock investment $51,200
Investment revenue $51,200
Calculation
Investment Revenue =(512,000 x 10%) = 51,200
B) Journal entry for Wen
Date Account Titles and explanation Debit Credit
Jan 1 Stock investment $604,800
Cash $604,800
Calculation
Stock Investment =112,000 x $18 x 30% = $604,800
Date Account Titles and explanation Debit Credit
May 15 Cash $33,600
Dividend revenue $33,600
Calculation
Dividend revenue =112,000 x 30% = $33,600
Date Account Titles and explanation Debit Credit
Dec 31 Stock investment $63,600
Investment revenue $63,600
Calculation
Stock Investment =212,000 x 30% = $63,600
FILL IN THE BLANK Please add the appropriate word or words to complete the sentences. 1. Price ceilings are governmental price that are set the market equilibrium price. 2. This kind of policy typically creates a(n) because the quantity demanded the quantity supplied. 3. Price floors are governmental price that are imposed the market equilibrium price. 4. This kind of policy usually generates a(n) in the market because the quantity exceeds the quantity . 5. Shortages and surpluses are reflected in inventories. Inventory is the raw material to goods or the stocks of finished goods that are ready to be sold. g
Answer:
1. Price ceilings are governmental price that are set below the market equilibrium price.
2. This kind of policy typically creates a shortage because the quantity demanded exceeds the quantity supplied.
3. Price floors are governmental price that are imposed above the market equilibrium price.
4. This kind of policy usually generates a surplus in the market because the quantity supplied exceeds the quantity demanded.
5. Shortages and surpluses are reflected in inventories. Inventory is the raw material which is processed to goods or the stocks of finished goods that are ready to be sold.
Explanation:
Price ceilings, as a part of the price control mechanisms, seem to benefit the consumers, while price floors are attempts to support suppliers and producers. While they roll back the excesses of market forces in determining the prices of goods and services, some unintended consequences, including allocative inefficiencies, usually arise from price ceilings and price floors. Therefore, they should be applied sparingly.
Jeff is a member of Go Big Red, LLC. Jeff decides he does not like the color red, preferring instead the colors black and gold. Jeff leaves the LLC for that reason. Upon dissociation all of the following apply to Jeff except:________.
a. duty of loyalty immediately ceases in all regards.
b. loses the right to manage the LLC.
c. right to have his interests to be bought out.
d. duty of care immediately ceases in all regards.
Answer:
Option "D" is correct.
Explanation:
Option "D" is correct because When a person or member dissociates then the person loses the right to manage, losses the right to act, ceases from their duty of loyalty, ceases from the duty of care immediately if any event occurs after dissociation and the member has the right to find their interest. Therefore, from the given options it can be seen that the duty of care remains intact when only to that event that had occurred before the dissociation.
Galaxy Corp. is considering opening a new division to make iToys that it expects to sell at a price of $15,250 each in the first year of the project. The company expects the cost of producing each iToy to be $6,700 in the first year; however, it expects the selling price and cost per iToy to increase by 3.00% each year.
Based on the preceding information and rounding dollar amounts to the nearest whole dollars, the company expects the selling price in the fourth year of the project to be_______ , and it expects the cost per unit in the fourth year of the project to be _______.
Which of the following statements about inflation’s effect on net present value (NPV) is correct?
A. When the selling price and cost per unit are expected to increase at the same rate, forgetting to take inflation into account in a capital budgeting analysis will typically cause the estimated NPV to be lower than the true NPV.
B. When the selling price and cost per unit are expected to increase at the same rate, you do not need to take inflation into account when performing a capital budgeting analysis.
Answer and Explanation:
The computation is shown below:
1
The calculation of the Expected selling price in the fourth year is
Expected Selling Price in year 1 $15,250
Expected Annual Growth rate is 3%
So,
Expected Selling Price in year 4 = 15250 × (1+3%)^3
= $16,664
2
The Calculation of Expected Cost per unit in the fourth year is
Expected Selling Price in year 1 = $6,700
Expected Annual Growth rate = 3%
So,
Expected Selling Price in year 4 = 6700 × (1+3%)^3
= $7,321
3
Inflation’s effect on net present value (NPV):
In the case when the selling price and the cost per unit rises at the similar rate so it is forgot to considered the inflation this will result in NPV that should be lower than the true NPV
Preferred stock issued in exchange for land would be reported in the statement of cash flows in Group of answer choices the cash flows from financing activities section the cash flows from investing activities section a separate schedule the cash flows from operating activities section
Answer: a separate schedule
Explanation:
Preferred stock, are referred to as the shares of the stock of a company whereby the dividends are paid out to the preference shareholders before the common stock dividends are issued.
It should be noted that the preferred stock which is issued in exchange for the land will be reported in the statement of cash flows in a separate schedule.
Which set of items appears on the loan estimate
Wright Machinery Corporation manufactures automobile engines for major automobile producers. The engines sell for $940 per engine. In addition, customers have the option to purchase a service-type warranty for $70 per engine that protects against any defects for a period of 5 years. During 2019, Wright sold 7,000 engines to National Motors. National Motors purchased warranties on all of the engines purchased. During 2019, Wright repaired defective motors at a cost of $93,400. Prepare the necessary journal entries to record:
1. the sale of engines and service warranty on account during 2016 (one entry).
2. the warranty costs paid during 2016
3. the warranty revenue earned in 2016.
Additional Instructions
Model your entries after the Service-Type Warranties example in your textbook.
For grading purposes, use December 31 to record a summary transaction for entries that would have been made during the year.
Answer: See explanation
Explanation:
The journal entry is illustrated below:
Dr Cash $7070000
Cr Sales revenue = $940 × 7000 = $6580000
Cr Unearned warranty revenue = $70 × 7000 = $490000
(To record sale of engines and service warranty on account)
Dr Warranty expense $93,400
Cr Cash $93,400
(To record warranty costs paid)
Dr Unearned warranty revenue = $490000/5 = $98000
Cr Warranty revenue $98000
(To record warranty revenue earned)
In order to produce a new product, a firm must lease equipment at a cost of $100,000 per year. The managers feel that they can sell 50,000 units per year at a price of $75. What is the highest variable cost that will allow the firm to at least break even on this project
Answer:
$73 = unitary variable cost
Explanation:
To calculate the unitary variable cost that will yield the break-even point, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
50,000= 100,000 / (75 - unitary variable cost)
3,750,000 - 50,000unitary variable cost= 100,000
3,650,000 = 50,000unitary variable cost
$73 = unitary variable cost
Hayword, Inc. uses weighted-average costing and has two departments and has provided data related to its mixing department for the month of July. The Controller has asked you prepare a cost reconciliation report and provide the related computations. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.
1 Hayword, Inc. uses weighted-average costing and has two departments - mixing and packaging 2 The following information relates to work in the mixing department for the month of July: 4 Work in process, July 1: 5 Units in process 6 Percent completed with respect to materials 7 Percent completed with respect to conversion 8 Cost in the beginning inventory: 9 Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 13 Materials cost 14 Conversion cost 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials 18 Percent completed with respect to conversion 19 20 Use the data to answer the following 21 22 1. Compute equivalent units. 23 24 25 26 Units transferred to the next department 27 Ending work in process: 28 Materials 29 Conversion 30 Equivalent units of production 31 300 60% 40% $10,500 $6,750 6,200 $330,912 $406,408 450 40% 30% Mixing Department Equivalent Units of Production Materials Conversion
Answer:
Hayword, Inc.
Cost Reconciliation Report
Costs to be accounted for:
Cost in the beginning inventory $17,250
Units started during the period 737,320
Total cost of production $754,570
Costs accounted for:
Units transferred out $735,680
Ending inventory $18,882
Total assigned costs $$754,562
Difference due to approximations = $8
Explanation:
a) Data and Calculations:
Work in process, July 1:
Units in process = 300
Percent completed with respect to materials = 60%
Percent completed with respect to conversion = 40%
Cost in the beginning inventory:
Materials cost = $10,500
Conversion cost = $6,750
Units started during the period = 6,200
Costs added during the period:
Material costs = $330,912
Conversion costs = $406,408
Work in process, July 31 = 450 units
Percent completed with respect to materials = 40%
Percent completed with respect to conversion 30%
Units
Beginning inventory 300
Units started during the period 6,200
Total units under production 6,500
Ending inventory 450
Units transferred out 6,050
Cost of production:
Materials cost Conversion cost Total
Cost in the beginning inventory $10,500 $6,750 $17,250
Units started during the period 330,912 406,408 737,320
Total cost of production $341,412 $413,158 $754,570
Equivalent Units:
Units Materials Conversion
Units transferred out 6,050 6,050 (100%) 6,050 (100%)
Ending inventory 450 180 (40%) 135 (30%)
Total equivalent units of production 6,230 6,185
Cost per equivalent unit:
Materials Conversion
Total cost of production $341,412 $413,158
Total equivalent units 6,230 6,185
Cost per equivalent unit $54.80 $66.80
Cost assigned to:
Materials Conversion Total
Units transferred out $331,540 $404,140 $735,680
(6,050 * $54.80) (6,050 * $66.80)
Ending inventory 9,864 9,018 $18,882
(180 * $54.80) (135 * $66.80)
Total assigned costs $341,404 $413,158 $754,562
Cash dividends of $50,000 were declared during the year. Cash dividends payable were $10,000 and $20,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is Group of answer choices $40,000 $50,000 $70,000 $60,000
Answer:
$40,000
Explanation:
The computation of the amount of cash for the payment of dividends during the year is shown below:
= Beginning dividends payable + Cash dividends Declared - Ending dividends payable
= $10,000 + $50,000 - $20,000
= $40,000
Hence, the amount of cash for the payment of dividends during the year is $40,000
Seldomridge, Inc., manufactures and sells two products: Product I5 and Product U0. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours Product I5 700 7.0 4,900 Product U0 200 10.0 2,000 Total direct labor-hours 6,900 The direct labor rate is $24.40 per DLH. The direct materials cost per unit for each product is given below: Direct Materials Cost per Unit Product I5 $116.10 Product U0 $212.10 The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product I5 Product U0 Total Labor-related DLHs $ 246,468 4,900 2,000 6,900 Product testing tests 10,494 500 400 900 Order size MHs 837,660 4,700 4,500 9,200 $ 1,094,622 The unit product cost of Product U0 under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
Seldomridge, Inc.
The unit product cost of Product UO under activity-based costing is closest to:
= $2,930.77
Explanation:
a) Data and Calculations:
Direct labor rate = $24.40
Product I5 Product U0 Total
Expected Production 700 200 900
Direct Labor-Hours Per Unit 7.0 10.0
Total Direct Labor-Hours 4,900 2,000 6,900
Total direct labor costs $119,560 $48,800 $168,360
Direct Materials Cost per Unit $116.10 $212.10
Total direct materials cost $81,200 $42,420 $123,620
Activity Estimated Activity Measures
Activity Cost Pools Measure Overhead Product I5 Product U0 Total
Labor-related DLHs $ 246,468 4,900 2,000 6,900
Product testing tests 10,494 500 400 900
Order size MHs 837,660 4,700 4,500 9,200
Total $ 1,094,622
Overhead Rates
Labor-related $35.72 ($246,468/6,900)
Product testing $11.66 ($10,494/900)
Order size $91.05 ($837,660/9,200)
Overhead applied to Product UO:
Labor-related = $71,440 ($35.72 * 2,000)
Product testing 4,664 ($11.66 * 400)
Order size 418,830 ($91.05 * 4,600)
Total overhead $494,934
Product UO
Direct labor costs $48,800
Direct materials costs 42,420
Overhead costs 494,934
Total product costs $586,154
Expected production units 200
Unit product cost = $2,930.77
What is result driven
Answer:
Being result-driven means that you are driven by the outcome of your goal rather than the process itself. It means that you put in effort and energy in order to get the best results in the end. I think I'm a result-driven person since I strive to get high grades and also because I'm a perfectionist. All in all being result-driven means that you are an individual that strives for the end goal/result that comes from your exertion of effort in that subject area.
Hope I helped, have a nice day :)
PillPack is an example of a startup organization that grew out of the identification of a problem that needed a solution.
a. True
b. False
Answer:
True
Explanation:
The estimated factory overhead cost for a Co. is $1750000 for the year. Direct labor hours are estimated to be 500000. Determine: SHOW ALL WORK a. Predetermined factory overhead rate. $ b. Determine the factory overhead applied assume the actual direct labor hours for Job 50 was. 20000 and for J0b 51 was 24000 . c. Determine the balance in the factory overhead account assuming that the actual cost incurred was $153000. d. Over or under-applied
Answer:
Results are below.
Explanation:
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 1,750,000 / 500,000
Predetermined manufacturing overhead rate= $3.5 per direct labor hour
Now, we can allocate overhead to Job 50 and 51:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Job 50:
Allocated MOH= 3.5*20,000
Allocated MOH= $70,000
Job 51:
Allocated MOH= 3.5*24,000
Allocated MOH= $84,000
Finally, the under/over applied overhead:
(We weren't provided with enough information)
Under/over applied overhead= real overhead - allocated overhead
The Taylor Rule specifies that the federal funds rate target should be equal to:_________ a) equilibrium federal funds rate + inflation rate +1 b) interest rate - expected inflation rate. c) 1.5 (inflation rate) + 0.5 (GDP gap) + 1. d) 0.5 (inflation rate) +1.5 (GDP gap) + 1
Answer:A
Explanation:The Taylor Rule specifies that the federal funds rate target should be equal to O equilibrium federal funds rate + inflation rate +1 interest rate - expected inflation rate. 1.5 (inflation rate) + 0.5 (GDP gap) + 1. 0.5 (inflation rate) +1.5 (GDP gap) + 1
Tanouye Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours Wait time 24.9 Process time 2.6 Inspection time 0.5 Move time 2.2 Queue time 11.5 The throughput time was:
Answer: 16.8 hours
Explanation:
The throughput time will be calculated thus:
Inspection time = 0.5
Add: Process time = 2.6
Add: Move time = 2.2
Add: Queue time = 11.5
Throughput time = 16.8 hours
Therefore, the throughput time will be 16.8 hours.
Think of a product that you purchased within the past 6 months
Discuss these questions relative to the purchased product. Your answers should align with how these stages are done based on the consumer decision model in text.
How did you recognize that you needed the product?
Where or how you search for information on alternative products that would satisfy this need (product)?
What alternatives did the search process generate and what variables did you use to make the final decision to buy?
Where did you buy the product and why?
Were you satisfied after using or consuming the product? Explain.
There are 5 categories of influences as outlined by your text:economic, psychological. social, culture and ethnicity, purchase situation. Which one(s) do you think had the greatest effect on your purchasing decision? Please explain.
Answer:
Product purchased: a purse
How did you recognize that you needed the product?
Through a need for more space to carry personal items to work.
Where or how do you look for information about alternative products that meet this need (product)?
Buying online is one of the facilities made possible by new technologies, which allows us to choose the product that meets our desires and needs without having to go to a physical store, in addition to the possibility of comparing prices and getting special discounts.
What alternatives did the research process generate and what variables did you use to make the final purchase decision?
The alternatives found were fast fashion sites that offered a bag of the ideal size, with the expected quality and defined average price.
Where did you buy the product and why?
I bought the product at Zara, which is a top quality fashion department store that would meet all requirements and needs with the purchase.
Were you satisfied after using or consuming the product? Explain.
Yes, because the benefits added to the product met my needs and desires.
There are 5 categories of influences as described in your text: economic, psychological. social, culture and ethnicity, purchasing situation. Which one(s) do you think had the greatest effect on your purchase decision? Please explain.
The item that had the most effect on the purchase decision was the psychological and economic item, as the choice of the product was made due to a need for work, but whose purchase decision process took into account factors such as brand, quality and the price of the product.
Irwin Company has budgeted direct labor hours for the coming three months as follows: July, 6,500 hours; August, 8,100 hours; and September, 8,300 hours. Manufacturing overhead is budgeted at $13,300 per month plus $3.30 per direct labor hour. What is the budgeted manufacturing overhead for August
Answer:
the budgeted manufacturing overhead for August is $40,030
Explanation:
The computation of the budgeted manufacturing overhead for August is shown below:
= Budgeted manufacturing overhead + direct labor hour rate × direct labor hours for august
= $13,300 + $3.30 × 8,100 hours
= $13,300 + $26,730
= $40,030
Hence, the budgeted manufacturing overhead for August is $40,030
explain its pros and cons of three bin system
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3 advantages and disadvantages of using Bin cards
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Advantages of Bin Cards :
(i) There would be less chances of mistakes being made as entries will be made at the same time as goods are received or issued by the person actually handling the materials.
(ii) Control over stock can be more effective, in as much as comparison of the actual quantity in hand at any time with the book balance is possible.
ADVERTISEMENTS:
(iii) Identification of the different items of materials is facilitated by reference to the Bin Card the bin or storage receptacle.
Disadvantages of Bin Cards :
(i) Store records are dispersed over a wide area.
(ii) The cards are liable to be smeared with dirt and grease because of proximity to material and also because of handling materials.
ADVERTISEMENTS:
(iii) People handling materials are not ordinarily suitable for the clerical work involved in writing Bin Cards.
please make my answer as a brainlist answer
When coins were jfirst used, they only had an image on one side. Why did coins start to have images on two sides?
Answer:
The coins have images on both sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
Coins start to have images on two sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
When and why were coins used as money?People traded products and services before money was created. The Mesopotamian people did not invent the shekel, which is regarded as the first known form of money, until roughly 5,000 years ago. Printed coins were used to pay troops, it was approximately 650–600 B.C. when gold and silver coins first appeared. The first real coins were struck in the prehistoric kingdoms of Lydia and Ionia and were made of electrum, a mineral composed primarily of gold and at least 20 percent silver.
The Lydians started minting gold coins in the period between 560 and 546 BC after learning how to separate the gold from the silver in electrum. Coins are significant historical primary sources. They communicate king names together with their titles, images, locations, dates, dynasties, accomplishments, and logos.
Learn more about coins here:
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Dermody Snow Removal's cost formula for its vehicle operating cost is $3,080 per month plus $338 per snow-day. For the month of December, the company planned for activity of 20 snow-days, but the actual level of activity was 22 snow-days. The actual vehicle operating cost for the month was $10,130. The spending variance for vehicle operating cost in December would be closest to:
Answer:
$386 U
Explanation:
Calculation to determine what The spending variance for vehicle operating cost in December would be closest to:
Actual results $10,130
Less Flexible budget $10,516
($3,080+($338 per*22 snow-days)
Spending variance $386 Unfavorable
Therefore The spending variance for vehicle operating cost in December would be closest to:
$386 Unfavorable
In a closed economy, public saving is the amount of a. income that households have left after paying for taxes and consumption. b. spending that the government undertakes in excess of the taxes it collects. c. income that businesses have left after paying for the factors of production. d. tax revenue that the government has left after paying for its spending.
Answer:
In a closed economy, public saving is the amount of
d. tax revenue that the government has left after paying for its spending.
Explanation:
Public saving or budget surplus in a closed economy describes the excess of government revenue (obtained through taxation of individuals and businesses in the economy) and government expenditures on goods and services. In an open economy, transfers are deducted before arriving at the public saving. In all economies, the addition of private (individual and business) and public savings result to national investments.
Monroe Minerals Company purchased a copper mine for $122,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 6,400 tons of copper. The copper was sold for $4,900 per ton. Assume that the company incurred $8,540,000 in operating expenses during Year 1. Based on this information, how much net income would Monroe report in Year 1?
Answer:
Your answer is given below:
Explanation:
Depletion cost per ton
= 122,000,000/50,000 tons = 2,440 per ton
Cost of copper sold = 6,400 tons*2,440 = 15,616,000
Sales = 6,400 tons*4,900 = 31,360,000
Net income = Sales - Cost of copper sold - Operating expenses
= 31,360,000 - 15,616,000 - 8,540,000
= $7,204,000
Case Study
Imagine working in an organization where employee morale is low, turnover is high, and the costs of hiring are astronomical. If that were the case, you'd imagine the employer would go to great lengths to find, attract, and retain quality employees. Couple this goal with the reality of the economic picture -you simply cannot afford to provide expensive benefits for employees who may leave you for a different employer offering an extra $1,000 in salary or benefits. Knowing that 41 percent of all employees have no loyalty to their employers and will move on if a better offer comes adds to the dilemma. These issues clearly are a concern for organizations like Genentech or Zappos. But they don't fret over them. That's because they have found that treating employees with respect, and giving them such things as bonuses, rewards for longevity, onsite child care, lunches, and sending employees home with prepared dinners really works. Genentech is a California company that "develops and produces drugs that cure diseases," according to the company website. The company celebrated its thirteenth year on Fortune's "Best Places to work" list in 2011, also receiving "Best Places to Work" honors from Working Mother, LGBT Equality, and Computerworld. The reasons for this recognition are the important work that they do and the strong company culture that values equality and communication. Any discussion of how great it is to work at Genentech always circles back to the benefits that show a real respect for employees. In addition to traditional benefits like retirement and healthcare, they provide family friendly perks such as unlimited sick leave, personal concierge service, flexible work scheduling, childcare, nursing mother's rooms, onsite nurses, adoption assistance, and company sponsored family events. The list of innovative benefits goes on to include unusual benefits like pet insurance, free snacks, and paid six-week sabbaticals every six years! Zappos, the online shoe retailer, offers perks that match their fun-loving culture like pajama parties, nap rooms, regular happy hours, and a full-time life coach. Have these benefits worked for Genentech and Zappos? Ifyou translate longevity to morale and loyalty, you'd say they have. Both boast low turnover rates and high employee ratings for workplace satisfaction.
Q1) Describe the importance of employee benefits as a strategic component of fulfilling the goals of HRM at Genentech and Zappos?
Q2) Explain how Genentech and Zappos use employee benefits as a motivating tool?
Q3) Do you believe the incentive benefits such as those offered at Genentech and Zappos can be used in other organizations? Why or why not?
Answer:
1) Through employee benefits, the goals of HRM are achieved in effective ways.
2) Genentech also Zappos, try to make it a fun place to go to work at. Genentech and Zappos offer many benefits to employees that would attract and keep employees within the organization.
3) From a knowledgeable view, I actually believe that the motivation benefits as presented by the Genentech and Zappos Corporations can't be employed by other major or maybe small corporations.
Explanation:
1) The importance of employee benefits as a strategic component fulfilling the goals of HRM at Zippos and Genentech is that it can boost low turnover rates and high employee ratings for fulfillment. With placing benefits, employees will have the sensation of being more of an asset to the corporate instead of just being a worker. Thereupon employees would dedicate and put far more effort and time for better for the corporate which might then increase and generate more productivity and profit. When employees desire they need to be benefited from the organization successively they might become loyal to the organization and can stay rather than likely move to a different organization. Employees will tend to be more motivated to figure. Through employee benefits, the goals of HRM are achieved in effective ways.
2) Genentech also Zappos, struggle to form a fun place to travel to figure at. Genentech and Zappos offer many benefits to employees that might attract and keep employees within the organization. The good thing about benefits it can provide meaning and value to employees which will increase the worker's enthusiasm and morale within the work environment. With this, employees will then become more motivated to extend performance and feel secure within the organization which may cause low turnover rates and highly satisfied employees.
3) From a knowledgeable view, I actually believe that the motivation benefits as presented by the Genentech and Zappos Corporations can't be employed by other major or maybe small corporations. The motivation benefits offered at Genentech and Zappos Corporations are unique to their companies. I think that if other Corporations attempt to mirror the efforts of both Genentech and Zappos that their businesses would simply cease to exist. Companies today just don’t have the sustainability to take care of these lofty incentive packages for a three-year, five years, or even ten-year plan. Most companies simply don’t have the financial capital that the efforts of the Genentech and Zappos Corporations.
Perpetual Life Corp. has issued consol bonds with coupon payments of $50. (Consols pay interest forever and never mature. They are perpetuities.)a. If the required rate of return on these bonds at the time they were issued was 5.0%, at what price were they sold to the public
Answer: $1,000
Explanation:
The price of a perpetual bond is calculated like a perpetuity and this is calculated by dividing the coupon payment of the bond by the prevailing required rate of return.
Price of this bond is:
= Coupon payment / Required return
= 50 / 5%
= $1,000
When using email to request action, the subject line should be as vague as possible.
Question 7 options:
True
False
Answer:
False
Explanation:
When using an email to request an action the subject line should be brief but specific. Leaving a vague subject line can often confuse another, however, making the subject line too lengthy and specific defeats the purpose. The best subject lines are brief but give a general idea of what the email contains.
Answer:
False
Explanation:
To email someone to request action, you can't be vague or you might not get what you exactly want from that person.
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance
Account Type of Account Normal Balance Increase (Dr. or Cr.)
a. Fees Earned
b. Equipment
c. Notes Payable
d. Owner Capital
e. Cash
f. Legal Expense
g. Prepaid Insurance
h. Land
i. Accounts Receivable
j. Owner Withdrawals
k. License Fee Revenue
l. Unearned Revenue
Answer:
a. Fees Earned REVENUE, CREDIT
b. Equipment ASSET, DEBIT
c. Notes Payable LIABILITY, CREDIT
d. Owner Capital EQUITY, CREDIT
e. Cash ASSET, DEBIT
f. Legal Expense EXPENSE, DEBIT
g. Prepaid Insurance ASSET, DEBIT
h. Land ASSET, DEBIT
i. Accounts Receivable ASSET, DEBIT
j. Owner Withdrawals (CONTRA) EQUITY, DEBIT
k. License Fee Revenue REVENUE, CREDIT
l. Unearned Revenue LIABILITY, CREDIT
What would cause an economy to be producing at a point inside its production possibilities curve?
Answer:
The correct answer is: the lack of effectivization in the use of their resources inside the economy to obtain the best outcomes possibles.
Explanation:
To begin with, in the economic theory the term known as production possibilities curve refers to a strategic tool, a graphic that can be used by the professionals of the area in order to understand how the economy is working with its resources, if the economy is producing well enough then the economy should be getting great development results and the point inside the graphic should be in the limit of the curve, but if the point is in the inside of the curve then that means that the resources inside that particulary economy are not being fully use to their best in order to obtain the best outcome so that will explain that there is still possibility to expand the production according to the theory of the tool itself.
