Michelle's consumer surplus equals to $ 3.50 and Paul's bakery's consumer surplus equals to $4.00.
Consumer rewards from competitive environment are expressed economically as excess profit. When customers will pay lesser for a good or service than they are happy to, this is termed as a consumer surplus. It measures the extra benefit that consumers get from paying less for something than they would have been able to. It typically rises as a commodity's price drops & falls as a value's cost increases. Analysts visualize it as the triangle-shaped region beneath the equilibrium price that is between the market price and the price that customers are willing to pay. The overall business surplus is indeed the sum of the product surplus and consumer surplus.
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5. In a small town, there are two discount stores ABC and XYZ. They are the only
stores that handle the festival goods. The total number of customers is equally divided
between the two because the price and quality of goods sold are equal. Both stores
have good reputations in the community, and they render equally good customer
services. Assume that a gain of customer by ABC is a loss to XYZ and vice versa.
Both stores plan to run annual pre-Christmas sale during the first week of December.
Sales are advertised through the local newspaper, radio and television media. With the
aid of advertising the payoff for ABC store is constructed and given below.
XYZ store
News paper radio Televisio
News paper 30 40 -80
ABC radio 0 15 -20
Television 90 20 50
Find optimal strategies for both stores and the value of the game
This is a zero-sum game, where the gain of one store is equal to the loss of the other store. To find the optimal strategies, we need to find the Nash equilibrium, which is a combination of strategies such that neither player can gain by changing their strategy while the other player's strategy remains unchanged.
How do we get the Nash equilibrium?One method to find the Nash equilibrium is to use the minimax theorem, which states that in a zero-sum game, the optimal strategy for one player is to minimize the maximum gain of the other player.
For ABC store, their payoff can be represented as:
ABC store
News paper radio Television
News paper 30 40 -80
ABC radio 0 15 -20
Television 90 20 50
And for XYZ store, their payoff can be represented as:
XYZ store
News paper radio Television
News paper -30 -40 80
XYZ radio 0 -15 20
Television -90 -20 -50
To find the Nash equilibrium, we need to find the best response of one player given the strategy of the other player.
Suppose ABC store chooses newspaper advertising, then the maximum gain for XYZ store is 80 (from television advertising). So, to minimize the maximum gain of XYZ store, ABC store should choose radio advertising, which has the lowest maximum gain for XYZ store (-15 from radio advertising).
Similarly, if ABC store chooses radio advertising, then the maximum gain for XYZ store is 20 (from television advertising). So, to minimize the maximum gain of XYZ store, ABC store should choose television advertising, which has the lowest maximum gain for XYZ store (-20 from television advertising).
And if ABC store chooses television advertising, then the maximum gain for XYZ store is 50 (from radio advertising). So, to minimize the maximum gain of XYZ store, ABC store should choose radio advertising, which has the lowest maximum gain for XYZ store (-15 from radio advertising).
So, the Nash equilibrium for ABC store is to choose radio advertising.
Similarly, for XYZ store, if ABC store chooses newspaper advertising, then the maximum gain for ABC store is 40 (from radio advertising). So, to minimize the maximum gain of ABC store, XYZ store should choose television advertising, which has the lowest maximum gain for ABC store (-80 from television advertising).
And if ABC store chooses radio advertising, then the maximum gain for ABC store is 15 (from radio advertising). So, to minimize the maximum gain of ABC store, XYZ store should choose television advertising, which has the lowest maximum gain for ABC store (-20 from television advertising).
And if ABC store chooses television advertising, then the maximum gain for ABC store is 90 (from television advertising). So, to minimize the maximum gain of ABC store, XYZ store should choose radio advertising, which has the lowest maximum gain for ABC store (-50 from radio advertising).
So, the Nash equilibrium for XYZ store is to choose television advertising.
So, the Nash equilibrium for both stores is for ABC store to choose radio advertising and XYZ store to choose television advertising. The value of the game is 0, as the total gain for one store is equal to the total loss for the other store.
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Cost Data Output Demand Data Quantity Price Demanded $ 10.00 9.00 4 8.00 5 7.00 6 6.00 7 Total Cost $ 4.00 4.50 4.75 4 5 6 7 5.75 7.75 Answer the question on the basis of the demand and cost data for a pure monopolist. At the profit-maximizing price and quantity of output, the monopolist will realize profit of Multiple Choice $31.50 O O $42.00 O $36.25 O $35.25
At the profit-maximizing price and quantity of output, the monopolist will realize profit of $42.00.
Profit in economics is just the difference between the revenues received by an economic entity's exports and the sum of all its raw material costs. It is equal to all earnings less operating expenditures, which includes include the direct and indirect costs. It's distinct from accounting profit, which only pertains to the costs that are explicitly stated on a bank's business accounts. Accounting profit is estimated by subtracting the company's entire revenue from its absorption costing. When examining a corporation, an economists takes into account all costs, including public and indirect. Profitability is therefore less than income statements.
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which of the following is not covered under the americans with disabilities act? employees of private organizations employment agencies state government employees labor unions
Act on Americans with Disabilities (ADA) The ADA forbids discrimination based on a handicap in the workplace, municipal, state, and federal government, as well as in commercial and public facilities.
What Doesn't the Americans with Disabilities Act Cover?Disabilities must be categorised as physical or mental problems under the ADA. For instance, conditions like broken bones that fully heal are not included by this definition of ADA disability. every kind of cancer.
What are the quizlet's key tenets regarding the Americans with Disabilities Act?It mandates that all federally financed programmes be usable by those with impairments, as well as that government employers make a reasonable effort to accommodate their disabled staff members.
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Corporations receiving dividends from other corporations account for such dividends for GAAP purposes the following ways at the various ownership percentages.
Corporations receiving dividends from other corporations account for such dividends for the GAAP purposes the following ways at the various ownership percentages are as follows-
Owns much less than 20 percentage - Includes the dividend in earnings (equal as tax; no ee-e book-tax differences)
- Owns at the least 20 percentage however now no longer greater than 50 percentage - Includes a pro-rata part of the dispensing business enterprise's income in its ee-e book earnings below the "fairness technique of accounting"
- Owns greater than 50 percentage - Consolidates their economic reporting books and the intercompany dividend is removed
A legal entity is legally a separate and distinct entity from its owner. Businesses have a few of the equal felony rights and obligations as individuals.
An vital detail of a agency is the confined liability. In other words, shareholders are not personally responsible for the company's debts.
A business can be started by an individual or a group of people with a common goal. It's not necessarily for profit.
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Which of the following statements concerning a natural monopoly is true? Average total cost is always less than marginal cost in the long run. B At the allocatively efficient level of output, monopoly profit and deadweight loss are both equal to zero. If the monopolist chooses to produce the quantity at which price is equal to average cost, it would earn a normal profit. The monopolist can earn positive economic profits by producing the allocatively efficient output in the short run. E Production efficiency could be improved if another firm were to enter and compete with the single monopolist.
The answer is Average total cost is always less than marginal cost in the long run is true concerning a natural monopoly.
What does the term "monopoly" signify in economics?Definition: A market system in which a single seller dominates the market and offers an exclusive product. In a monopoly market, there is no competition for the seller because there is no other close equivalent for the goods he is selling.
What are examples of monopoly?A company that sells its product exclusively and without any close substitutes is said to have a monopoly. An unchecked monopoly has the ability to set prices and has market power. Examples include Microsoft and Windows, DeBeers and diamonds, and the natural gas provider in your community.
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georgia corporation incorporated on september 2, current year. the company engaged in the following transactions during its first month of operations. sept. 2 issued capital stock in exchange for $1,170,000 cash. sept. 4 purchased land and a building for $1,080,000. the value of the land was $240,000, and the value of the building was $840,000. the company paid $120,000 cash and issued a note payable for the balance. sept. 12 purchased office supplies for $600 on account. the supplies will last for several months. sept. 19 billed clients $216,000 on account. sept. 29 recorded and p
Sept 2: Cash increased by $1,170,000, Capital Stock increased by $1,170,000.
Capital stock is the total value of all shares issued by a company. It is the amount of money that has been invested in a company's stock or shares by its shareholders. Capital stock can be used to finance the company's operations, pay dividends, and fund other projects. Capital stock is also known as authorized share capital, authorized capital, or authorized shares. It is an important component of a company's financial statements and must be reported to shareholders, regulators, and the public. Capital stock can be issued in the form of common stock, preferred stock, or both.
Sept 4: Land increased by $240,000, Building increased by $840,000, Cash decreased by $120,000, Note Payable increased by $960,000.
Sept 12: Accounts Payable increased by $600.
Sept 19: Accounts Receivable increased by $216,000.
Sept 29: Cash increased by $102,000, Accounts Payable decreased by $102,000.
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Granger Cards is a manufacturer of greeting cards. Classify its costs by matching the costs to the terms.
(Match each cost to its proper term. Each term may be used more than once.)a. Artists' wages
b. Wages of materials warehouse workers
c. Paper
d. Depreciation on manufacturing equipment
e. Manufacturing plant manager's salary
f. Property taxes on manufacturing plant
g. Glue for envelopes
1. Paper is a straightforward material.
2. Artist compensation: A. Manual work
3. Materials obtained indirectly: G) Envelope glue (if there isn't an obvious relationship between glue, envelopes, and greeting cards — in which case, one envelope can be used for one card or two or more cards indistinguishably — and/or one glue can be used for more than one envelope)
4. Indirect work: B) Wages of material warehouse employees; E) Wages of manufacturing plant managers
5. Added manufacturing costs: D) Depreciation on manufacturing equipment; F) Property taxes on manufacturing facilities.
What exactly are direct raw materials?There are two types of raw materials: direct and indirect. Direct materials are present in the end product. Fabric used to manufacture apparel and wood used to make furniture are two examples. Although they are not directly visible in the end product, indirect materials are used throughout the manufacturing process.
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Read the scenario, and answer the following question. Joseph is working on his personal brand. After asking himself questions about his strengths, he's determined that his selling points are his facility with social media and his strong communication skills. He's now ready to write his tagline. Which tagline would be best for Joseph? O Excellent communicator with social media savvy O Communicator and social networker Very skilled at communicating with people in different ways with a particular talent for social media Once you've developed your tagline, you should create a business card, prepare an elevator speech, and build an online presence to complete your branding, What should you do as you prepare your elevator speech? Check all that apply. Keep it 60 seconds or under Describe who you are and what you can offer, Tweak your speech for your audience. Practice it until it feels natural.
The tagline that would be best for Joseph is "Very skilled at communicating with people in different ways with a particular talent for social media".
Social media has become an integral part of our daily lives, connecting people from all over the world through various platforms and networks. It has revolutionized the way we communicate, share information, and interact with each other. Social media allows individuals to express themselves, form communities, and engage in conversations on a global scale. It has also transformed the business landscape, providing companies with powerful tools to connect with their customers and promote their products and services. However, social media also poses certain risks and challenges, such as the Tax Services spread of fake news, cyberbullying, and the loss of privacy. Therefore, it is important to use social media responsibly and thoughtfully, taking into consideration the potential impact of our actions and words on others.
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Refer to the association marked with the number 2 in the preceding diagram. Which of the following is the best way to implement the association in a relational database?
Multiple Choice
O Post the primary key of bill of materials as a foreign key in raw materials.
O Post the primary key of raw materials as a foreign key in bill of materials.
O Create a linking table between raw materials and bill of materials.
O The location of the foreign key is optional.
O None of these is the best way to implement the relationship.
The correct answer is (b), In the bill of materials, include the raw materials' primary key as a foreign key.
What does a bill of materials mean?A bill of materials (BOM) is an exhaustive list of the raw materials, assemblies, subassemblies, parts, and components that go into the production of a certain product, along with the amounts required for each.
What kinds of bills of materials are there and what do they all mean?The various Bills of Materials (BOM) types, BOMs come in two basic categories: engineering BOMs and manufacturing BOMs. The finished product's design is specified in an engineering bill of materials. It includes every part number and substitute part listed in the drawing notes.
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When entrepreneur Gene Reilly's dog couldn't drink water, he developed a canine sports drink, which he marketed and called Rebound. Which of the following is part of the general environment
for Reilly's company?
(A) Dog owners
(B) The American Kennel Association
(C) The company that supplies the plastic bottles in which the drink is sold
(D) The lending institution that gave Reilly his start-up capital
(E) The sociocultural belief that says it is all right for people to give dogs human characteristics
Option E is correct, the sociocultural belief that says it is all right for people to give dos human characteristics.
The importance of social interaction in the formation of the mind is emphasised by sociocultural theory. It implies that learning is primarily a social process and that contacts with people who are "more talented" than we are shape how we think and behave.
PESTEL analysis is a common framework for grouping various variables and trends and identifying how they affect certain markets and the businesses operating inside them. Political, economic, social, technical, environmental, and legal are the six PESTEL analysis dimensions that are each described below.
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suppose that on christmas, the demand for both christmas trees and christmas cards increases by the same percentage amount. however, the price of christmas trees increases by more than the price of christmas cards. based on this information, you can conclude that the supply of trees is sensitive to price than the supply of christmas cards.
Based on this information, you can conclude that the supply of trees is less sensitive to price than the supply of Christmas cards.
Supply in economics refers to the amount of a resource that firms, producers, laborers, financial asset providers, or other economic agents are willing and able to deliver to the market or to an individual.
Supply can be in the form of manufactured items, labor time, raw resources, or any other rare or valued item. Supply is frequently graphed as a supply curve, with the price per unit on the vertical axis and the quantity delivered as a function of price on the horizontal axis.
This reversal of the dependent and independent variable's typical positions is an undesirable but standard convention.
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Correct question:
Suppose that on Christmas, the demand for both Christmas trees and Christmas cards increases by the same percentage amount. However, the price of Christmas trees increases by more than the price of Christmas cards.
Based on this information, you can conclude that the supply of trees is ___________ sensitive to price than the supply of Christmas cards.
The financial perspective of the balanced Scorecard answers which of the following questions? How do customers see us? What must we excel at? How do we look to shareholders? Can we continue to improve and create value?
The balanced scorecard's financial perspective discusses how we ought to approach our shareholders.
A balanced scorecard's financial perspective can be evaluated in what way?Financial Perspective Because all for-profit organizations use financial performance measures like net income and return on investment, the balanced scorecard uses them. Measures of financial performance offer a common language for analyzing and comparing businesses.
What are the balanced scorecard's four perspectives?A traditional balanced scorecard has four perspectives: financial, customer, internal process, and learning and growth.
A company's Balanced Scorecard aids in the clarification of its strategies and the communication of its Objective and top strategic priorities.
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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 44,000 86,000 57,000 122,000 32,000 341,000 $ $ 54,000 7,000 59,000 112,000 109,000 $ 341,000 Additional Information: 1. Cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2025. 2. The cost of the machinery is $194,000. 3. Accounts receivable includes a $22,000 notes receivable from a customer due in 2024. 4. The notes payable balance includes accrued interest of $7,000. Principal and interest are both due on February 1, 2022. 5. The company began operations in 2016. Net income less dividends since inception of the company totals $37,000. 6.52,000 shares of no par common stock were issued in 2016. 200,000 shares are authorized Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)
Total Liabilities and Shareholders' Equity $ 341,000.
What is shareholders' meaning?A shareholder of a corporation is an individual or legal organization who is registered by the corporation as the legal owner of shares of a public or private corporation's share capital. Members of a corporation may be referred to as shareholders.
Corrected, Classified Balance Sheet for Los Gatos Corporation as of December 31, 2021:
Assets
Current Assets:
Cash $ 22,000
Accounts receivable $ 86,000
Inventory $ 57,000
Notes receivable $ 22,000
Total current assets $ 187,000
Property, Plant, and Equipment:
Machinery (cost $194,000, net of depreciation $72,000) $ 122,000
Franchise (net) $ 32,000
Total Property, Plant, and Equipment $ 154,000
Total Assets $ 341,000
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 54,000
Accrued interest $ 7,000
Total current liabilities $ 61,000
Long-Term Liabilities:
Notes payable $ 85,000
Bonds payable $ 109,000
Total long-term liabilities $ 194,000
Shareholders' Equity:
Common stock, no par value, 200,000 shares authorized, 52,000 shares issued $ 52,000
Retained earnings $ 34,000
Total shareholders' equity $ 86,000
Total Liabilities and Shareholders' Equity $ 341,000
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Outdoor Expo provides guided fishing tours. The company charges $180 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May.
May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($810 = $162 × 5). The tour is scheduled for May 7.
May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 5% discount for payment within 15 days.
May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught.
May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene’s tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 30% of the amount due.
May 20 Charlene pays for the tour after deducting the sales allowance.
1.
value:
11.11 points
Required information
Required:
1. Record the necessary transaction(s) for Outdoor Expo on each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)
The Outdoor Expo offers escorted fishing excursions. Account Receivable A/C Dr. 900 was debited on May 7.
What does the term "account receivable" mean?Customers' outstanding debts for goods or services they have received but haven't yet paid for are referred to as accounts receivable. For instance, the amount owing when clients buy things on credit is added to the accounts receivable.
Why are receivables considered a current asset?Since receivables are frequently converted into cash in less than a year, they are considered current assets. If an AR is kept for longer than a year and is not converted to bad debt, it will turn into a fixed asset.
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Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement statement of Cash Flows Balance Sheet Stockholders' Liabilities Equity n/a n/a + Assets = +/- Revenue n/a Expense n/a Net Income n/a +OA Which of the following accounting events could have caused these effects on the company's financial statements? Multiple Choice Provided consulting services on account Provided consulting services for cash Collected cash in partial settlement of its account receivable The information provided does not represent a completed event.
The accounting events could have caused these effects on the company's financial statements elaborates information provided does not represent a completed event.
Revenue is the income that a company generates from selling its goods or services. On the other hand, expenses are the costs incurred by the company in running its business. The difference between revenue and expenses is called net income, which is also not reported in the given income statement.
Similarly, in the cash flow statement, there is no information about the company's operating, investing, and financing activities that would have resulted in cash inflows or outflows.
The balance sheet only shows that there was a change in the company's assets without any corresponding change in liabilities and equity.
Based on these observations, we can eliminate some of the answer choices.
Therefore, the most plausible answer is that the information provided does not represent a completed event. This means that the accounting event has not yet been fully recorded or processed, or that there was an error in reporting the financial statements.
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A company that receives money in advance of performing a service:
a. debits Cash and credits Unearned Service Revenue.
b. debits Unearned Service Revenue and credits Accounts Payable
c. debits Cash and credits Prepaid Insurance.
d. debits Cash and credits Accounts Receivable.
The correct option is A, A company that receives money in advance of performing a service debits Cash and credits Unearned Service Revenue.
Unearned service revenue, also known as deferred revenue, is an account used in accounting to represent money that has been received for services that have not yet been provided. This type of revenue arises when a company receives payment in advance for services that will be provided in the future.
Unearned service revenue is considered a liability for the company until the service is provided. This means that the company owes a debt to the customer to provide the service in exchange for the payment received. As the company provides the service, the liability decreases, and revenue is recognized. Unearned service revenue is an important concept in accounting as it ensures that companies accurately reflect their financial performance and obligations to customers.
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A customer wants to transfer her annuity investment from a fixed annuity to the growth and income separate account of the ABC variable annuity. Which of the following steps should be taken?
A Section 1035 exchange should occur
The option that should be taken to transfer her annuity investment from a fixed annuity is A Section 1035 exchange. It is because the section 1035 has a function to exchange an existing variable annuity contract.
In the term of business and financial accounting, section 1035 generally can be defined as a document of IRS that has a function to allows us to exchange an existing variable annuity contract for a new annuity contract. A section 1035 can make a new contract without paying tax on the income and investment gains in our current account. There are several activities that not allowed to use section 1035, such as endowment to life insurance and also Annuity to endowment.
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1000 is deposited into fund x, which earns an annual effective rate of 6%. at the end of each year, the interest earned plus an additional 100 is withdrawn from the fund. at the end of the tenth year, the fund is depleted.
Fund Y's cumulative value at the end of year 10 is $2,084.67.
Also note the following from the attached image:
a) Fund Y will be exhausted in 10 years, so the ending balance of Fund X is 0.00.
b) Fund Y's opening balance and its earned interest is 0.00. This is because the funds are not credited until after one year, which is the withdrawal from Fund X.
A fund isa type of an investment allocated for a specific purpose.
The fund's pool of cash is often professionally invested and managed to generate returns for investors.
Some common types of funds are as follows- pension funds, insurance funds, endowments, and endowments.
Funds are also used by the individuals and the families for the personal financial matters such as: B. Emergency Funds and the College Funds.
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Complete question:
A 1000 is deposited into Fund X, which earns an annual effective rate of 6%. At the end of each year, the interest earned plus an additional 100 is withdrawn from the fund. At the end of 10th year, the fund is depleted. The annual withdrawals of interest and principal are deposited in Fund Y, which earns an annual effective rate of 9%. Determine the accumulated value of Fund Y at the end of Year 10.
isabella and antonio are auto mechanics. isabella takes 4 hours to replace a clutch and 2 hours to replace a set of brakes. antonio takes 6 hours to replace a clutch and 2 hours to replace a set of brakes. state whether anyone has an absolute advantage at either task and, for each task, identify who has a comparative advantage. instructions: enter your responses rounded to two decimal places. the opportunity cost of replacing a set of brakes for isabella is ____. the opportunity cost of replacing a set of brakes for antonio is ____. ____ has a comparative advantage in brake replacement. ____ has a comparative advantage in clutch replacement. ____ has an absolute advantage in brake replacement. ____ has an absolute advantage in clutch replacement.
faster isabella, antonio , isabella.
What are the functions of Clutch ?A clutch is a mechanical tool that makes it possible to separate the rotating input shaft from the output shaft. The input shaft of the clutch is normally connected to a motor, while the output shaft is coupled to the working mechanism.
A clutch in a car serves as a mechanical link between the engine and transmission. By releasing the clutch, the driven wheels' speed no longer affects the engine speed (RPM).
Electric drills are another device that uses a clutch. A motor powers the clutch's input shaft, and the drill bit is attached to the clutch's output shaft (via several intermediate components).
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Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,000 balance. During the year, the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,554. b. The Prepaid Insurance account had a $20,000 debit balance at December 31 before adjusting for the costs of any expired coverage for the year. An analysis of prepaid insurance shows that $12,880 of unexpired insurance coverage remains at year-end.c. The company has 15 employees, who earn a total of $1,960 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year. d. The company purchased a building at the beginning of this year. It cost $960,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. Annual depreciation is $30,500. e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month, starting on November 1. The rent was paid on time on November 1, and the amount received was credited to Rent Revenue. However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 15. f. On November 1, the company rented space to another tenant for $2,800 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Revenue account. Assume no other adjusting entries are made during the year. Required: 1. Use the information to prepare adjusting entries as of December 31.2. Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts cand e.
In December 2017, we must prepare Arnez Company's adjusting entries. They have been prepared below.
a. Well-known variables: The starting balance for office supplies is $4,000 Purchases during the year totaled $13,400. Office supply final balance = $2,554
Balance that should be- ending balance = Adjusting balance
Balance as it should be = Starting balance Plus Purchases made during the year = 4,000 + 13,400 = 17,400
Adjusting balance = 17,400 + 2,554 = 14 ,846
General Journal PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
December 31 Office supplies 124 14,846
expense
Office supplies 150 14,846
Office supplies are a form of expense that rises, thus they are debited and the Office supplies account is credited.
Known variables:
Policy Date of Purchase Moths of Coverage Cost
A April 1, 2015 24 $14,400
B April 1, 2016 36 12,960
C August 1, 2017 12 2,400
b. We should figure out how much each policy will cost. Policy A provides coverage for 24 months (2 years) and expires on April 1, 2017. As a result, its coverage in 2017 is limited to three months (January, February, and March).
Expense for three months in 2017 =Number of months x Expense for one month
Expense for one month = Month of coverage / Cost of policy
= 14,400 / 24
=600
Expense for three months in 2017 =Number of months x Expense for one month
=3×600
=1,800
Policy B provides coverage for 36 months (3 years) and expires on April 1, 2019. As a result, its coverage in 2017 is 12 months ( whole year ).
Expense for twelve months in 2017 =Number of months x Expense for one month
Expense for one month = Month of coverage / Cost of policy
= 12,960 / 36
=360
Expense for twelve months in 2017 =Number of months x Expense for one month
=12*360
=4,320
Policy C is valid for 12 months (1 year) and expires on August 1, 2018. As a result, its coverage in 2017 is 5 months (August, September, October, November, December).
Expense for five months in 2017
Expense for one month =Number of months x Expense for one month
= Month of coverage/ Cost of policy
= 2,400 / 12
=200
Expense for five months in 2017 =Number of months x Expense for one month
=5×200
=1,000
Total expense (for all policies) =Expense policy A+ Expense policy B + Expense policy C
=1,800+4,320+1,000
=7,120
General Journal PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
December 31 Insurance 626 7,120
expense
Prepaid insurance 128 7,120
Insurance expense is a sort of expense that rises and must be deducted. The prepaid insurance account has been credited.
c. Known variables: Salary for one day = $1,960
We should calculate salary for two days ( Monday and Tuesday)
Salary for two days =Number of days x Salary for one day
=2×1,960
=3,920
General Journal PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
December 31 Salaries 622 3,920
expense
Salaries payable 109 3,920
Salaries are a sort of expense that increases and is debited. Salaries accrued but not paid are credited to the Salaries payable account ( Payment on January 6, 2018 ).
d. Known variables: Annual depreciation = $30,500
General Journal PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
December 31 DEPRECIATION 606 30,500
Accumulated
depreciation 174 30,500
Depreciation is a form of expense that grows year after year, thus it is debited. The account for accrued depreciation expense is credited.
e.
General Journal PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
December 31 Rent receivable 110 3,000
Rent earned 406 3,000
f.
We have to calculate rent earned for two months ( November and December ).
Rent for two months =2×2,800
=5,600
General Journal PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
December 31 Unearned Rent 238 5,600
Rent earned 406 5,600
The unearned rent account is debited, while the earned rent account is credited ( it increases ).
We must prepare journal entries for transactions c and e.
In January 2018, we have three days in transaction C. ( Wednesday, Thursday, Friday).
Salary expense calculation for these three days:
Salaries cost $31,960.
Salary expense = $5,880
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Multiple Choice Question
On December 28, I. M. Greasy, Catering completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below.
A. Credit Acciunts receivable for $600.
B. Credit Catering revenue for $600.
C. Debit Unearned revenue for $600.
D. Debit Accounts receivable for $600.
Option (d), I. M. Greasy, Catering completed catering work worth $600 on December 28. As of December 31, neither the customer nor the transaction had been billed or documented. S, the correction will be recorded as a debit of $600 to accounts receivable.
A debit to accounts receivable is what?Accounts receivable are indeed a debit on the trial balance up until the client makes payment. Once the consumer has paid, you will debit their cash account and credit accounts receivable since the money is now located in your bank and is no longer owing to you. On your trial balance, the finishing balance of your accounts receivable will typically show up as a debit.
What does the accounts receivable adjusting entry entail?Once the money is received, the adjusting journal entry will credit accounts receivable and debit the cash account. An adjusting journal entry is required in order to correctly account for the money that has just been received because the income was already earned and recognized previously.
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_____________ assets are to be used up or turned into cash within 12 months or the next operating cycle, whichever is longer, whereas ____________ assets are used over a longer period.current; noncurrent
Current assets are to be used up or turned into cash within twelve months or the next operating cycle, whichever is longer; while noncurrent assets are used over a longer period.
Current assets are resources that a company expects to use up or convert to cash within a year or the operating cycle, whichever is longer. Examples of current assets include cash, inventory, accounts receivable, and prepaid expenses. These assets are vital for a company's day-to-day operations and are expected to be turned over into cash quickly.
Noncurrent assets, on the other hand, are resources that a company expects to use over a longer period, such as property, plant, and equipment, intangible assets, and long-term investments.
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Suppose producing a unit of good A requires 2 hours of labor and producing a unit of good B requires 4 hours of labor. The opportunity cost of good A is ----. If the world relative price of good A is 1, then this country will export ----.
A 1/2 unit of good B; good A
B 1/2 unit of good B; good B
C 2 units of good B; good A
D 2 units of good B; good B
Based on the provided information, the opportunity cost of good A is ½ unit of good B. If the world relative price of good A is 1, then this country will export good A. (Option A)
Opportunity costs are defined as the loss of the potential benefits when choosing one alternative over another. It is the forgone benefit that would have been obtained from an option not chosen. In order to assess the opportunity costs, the costs and benefits of every option available must be considered and compared.
Based on the provided in information, as a unit of good A requires 2 hours of labor and producing a unit of good B requires 4 hours of labor, the opportunity cost of good A is ½ unit of good B.
A relative price refers to the price of a product or service compared to the price of another product. Based on the provided information, as the relative price of good A is 1, which means the price of good A and B are equal and the price of product for good A is lower than good B, hence the country will export good A.
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a monopolist charges a _____ price and produces _____ output than a perfectly competitive industry.
A monopolist charges a higher price and produces less output than a perfectly competitive industry because businesses don't have any entry barrier in perfect competition.
When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition exists. The barriers to entry are low in monopolistic competitive industries, and decisions made by one firm do not immediately affect those of its competitors.
Pricing is not determined by supply and demand forces in monopolistic competition. Companies set the prices for their distinctly different yet similarly priced products.
When all businesses sell the same goods, market share has no bearing on prices, businesses can enter and depart the market without any obstacles, consumers have complete or perfect information, and businesses are unable to set prices, perfect competition is said to exist.
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Classify each scenario based on whether it will lead to upward or downward pressure on the equilibrium price of the good marked in bold. Upward pressure on price Downward pressure on price Answer Bank The Nile River floods this year adding an exceptional amount of silt to the soil, resulting in increased crops of cotton. An outbreak of mad cow disease causes Americans to abstain from eating beef. An impending nuclear holocaust causes people to stock up on twonkies, a popular snack cake provided by many companies. Extreme weather in New York, where the Super Bowl is scheduled to be played, makes people disinterested in purchasing Super Bowl tickets.
The Nile River floods cause an increased cotton production, which drives down the price. Because Americans stop eating beef due to an epidemic of mad cow disease, the price of beef declines.
The Nile River floods this year, adding a remarkable quantity of silt to the land, leading to greater cotton yields, which is pushing the price upward. The equilibrium price of cotton will experience increasing pressure as a result of this rise in supply and demand.
Price pressure to the downside: Americans stop consuming beef due to an outbreak of mad cow disease. The equilibrium price of beef will fall as a result of this decline in demand.
Price pressure that is rising People load up on Twinkies, a popular snack cake produced by several firms, in anticipation of an imminent nuclear catastrophe. The equilibrium price of Twinkies will experience higher pressure as a result of the rise in demand.
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suppose that when the price of peanut buter falls from $3 to $2 per jar, the quantity of jelly purchased falls from 15 million jars to 10 million jars.
The cross price elasticity of demand between peanut butter and jelly using the midpoint method is 1.
The formula for the cross price elasticity of demand using midpoint method is given by:
% change in demanded quantity product A/ % change in price of product B
Where:
% change in demanded quantity of product A = (Q₂ - Q₁)/[ (Q₂ + Q₁)/2 ]
% change in price of product B = (P₂ - P₁)/[ (P₂ + P₁)/2 ]
In this problem,
product A = jelly
product B = peanut butter
Hence,
% change in demanded quantity of jelly = (10 - 15)/[ (10 + 15)/2 ] = - 0.4
% change in price of peanut butter = (2 - 3)/[ (2 + 3)/2 ] = - 0.4
cross price elasticity of demand = -0.4 / (-0.4) = 1
Your question is incomplete, most likely it was:
Suppose that when the price of peanut butter falls from $3 to $2 per jar, the quantity of jelly purchased falls from 15 million jars to 10 million jars.
The cross-price elasticity of demand between peanut butter and jelly using the mid-point method is:_______ .
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Suppose that a company uses the following linear model to evaluate the impact of sales promotion Y = a +bX where Y is the monthly sales and X( 0) is the amount spent on promotional efforts in each month. Obviously both Y and X are positive. Using observations of Y and X of the first nine months, the company applies the least square regression. The estimated values of a and b are 8 and 0.3 respectively. In the tenth month, the company spends X10 on promotions and its sales quantity is Y10 = 18. This new data point is added to the sample, and the company reruns the least square regression with all ten observations. The new estimated value of a is 9. Question: will the new estimated value of b be higher or lower than the previous value 0.3, and why?
The new estimated value of b should be lower than the previous value of 0.3 because when the new data point is added, the linear model will become more accurate, resulting in a smaller value of b.
The question is asking whether the new estimated value of b (the coefficient of X) will be higher or lower than the previous value of 0.3, and why. The answer is that the new estimated value of b will be lower than the previous value of 0.3, because the new data point (Y10, X10) is further away from the line of best fit than the original nine data points and will thus pull the line of best fit closer to the origin, resulting in a lower value for the coefficient of X.
The new estimated value of b will likely be lower than the previous value 0.3. This is because, when the new data point is added, the regression line will have to be adjusted to fit the new observation. As the new observation is greater than the previous regression line, the slope of the line must be reduced, which would result in a lower value of b.
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According to the integrative model of organizational behavior, ability, personality, and cultural values would be categorized as
A. Individual Outcomes
B. Organizational Mechanisms
C. Individual Characteristics
D. Individual Mechanisms
The correct option is D. According to the integrative model of organizational behavior, ability, personality, and cultural values would be categorized as Individual Mechanisms.
Intends to reserve or use bought items, products, or services often for personal, social, family, or family needs. The phrase is maximum regularly used to describe someone who makes purchases for his or her very own use.
A client in an economic system purchases items or services frequently for personal use rather than for resale or for industrial goals. For goods or services, customers should pay money (or an equal). As a result, clients are a crucial component of any economic system and play an important position in the financial machine of a capitalist society. without client calls for, producers would not have considered one of their primary riding forces: the preference to promote their items to customers.
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fill in the blank. the ann taylor chain of stores has a problem with ____from its sister chain ann taylor loft, whose sales have surpassed the the original ann taylor stores and have made it harder for them to reach their target customers.
The Ann Taylor chain of stores has a problem with cannibalization from its sister chain, Ann Taylor Loft, whose sales have surpassed the original Ann Taylor stores and have made it harder for them to reach their target customers.
What is Cannibalization?Cannibalization occurs when sales of one product or brand reduce the sales of another product or brand from the same company.
In this case, the sales of Ann Taylor Loft are "eating into" the sales of the original Ann Taylor stores, causing a loss of market share and potential profits.
Therefore the statement that filled the gap is Cannibalization.
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Which of the following administrative agencies is not an independent agency? use exhibit 1-2 multiple choice:
a. the equal employment opportunity commission
b. the national transportation safety board
c. the nuclear regulatory commission
d. the small business administration
e. the federal trade commission
The correct option is D. The small business administration agency is not an independent agency.
Greater specifically, it can refer to public management, the commercial enterprise of administering public coverage as determined with the aid of the government. however, outdoors in France and Romania, this usage of the word is uncommon. The time period management, as used inside the context of the presidency, differs in keeping with the jurisdiction beneath which it operates. In popular phrases, administration can be described as a selection-making body.
Administrators help the smooth walking of offices by wearing out clerical duties and initiatives. As an administrator in the construction industry, you can be organizing challenge conferences. you'll be typing up files, responding to enterprise inquiries, drawing up contracts, and offering customer service. management, additionally referred to as enterprise administration, is the management of an office.
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