Answer:
$8
Explanation:
According to the given situation, the computation of earnings per share is shown below:-
Earnings per share = Stock price ÷ Price-to-earnings
= $96 ÷ 12
= $8
Therefore we have applied the above formula to determining the earnings per share.
The same is to be considered
We simply divided the stock price by the price to earning so that the earning per share could come
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $ 117 Units in beginning inventory 0 Units produced 2,900 Units sold 2,500 Units in ending inventory 400 Variable costs per unit: Direct materials $ 32 Direct labor $ 45 Variable manufacturing overhead $ 2 Variable selling and administrative expense $ 9 Fixed costs: Fixed manufacturing overhead $43,500 Fixed selling and administrative expense $15,000 The total gross margin for the month under absorption costing is:
Answer:
The correct answer is "57,500 ".
Explanation:
Unit product cost
= [tex]32 + 45 + 2 + \frac{43500}{2900}[/tex]
= [tex]94[/tex]
Gross margin = Sales - Cost of Goods Sold
= [tex](2500\times 117) - (2500\times 94)[/tex]
= [tex]292,500-235,000[/tex]
= [tex]57,500[/tex]
What type of buffer(s) (inventory, time, or capacity) would you expect to find in the following situations? a) A maker of custom cabinets b) A producer of automotive spare parts c) A hospital emergency room d) Wal-Mart e) Amazon f) A government contractor that builds submarines g) A bulk producer of various chemicals h) A maker of lawn mowers for K-mart and Target i) A freeway j) The space shuttle k) A business school
Answer:
a) A maker of custom cabinets ⇒ TIME, generally goods that are custom made take longer to produce and clients are aware of this.
b) A producer of automotive spare parts ⇒ CAPACITY, if more parts are needed, you will have to use spare capacity.
c) A hospital emergency room ⇒ CAPACITY, services cannot be stocked, therefore, the only possible buffer is capacity since they cannot make their patients wait in line (a dead person waiting in line is no longer a patient).
d) Wal-Mart ⇒ INVENTORY, whether a store is a brick and mortar or internet retailer, its cheapest safety stock (buffer) is generally inventory.
e) Amazon ⇒ INVENTORY, whether a store is a brick and mortar or internet retailer, its cheapest safety stock (buffer) is generally inventory.
f) A government contractor that builds submarines ⇒ TIME, submarines are very expensive and it takes years to build them, so a week more wouldn't make a difference.
h) A maker of lawn mowers for K-mart and Target ⇒ INVENTORY, the company probably knows when it is going to sell more, so it can add to its inventory of finished goods just in case.
i) A freeway ⇒ CAPACITY and then TIME, services cannot be stocked, and since it takes years to plan and build a highway or freeway, the only possible initial buffer is capacity. But once full capacity is reached, then the only buffer is time.
j) The space shuttle ⇒ INVENTORY, since you cannot go back to Earth just to get refueled, you must carry extra fuel just in case. The same for the rest of the stuff.
k) A business school ⇒ CAPACITY, services cannot be stocked, and no student will wait a few extra years just to get into the school that they love.
According to Nohria, Groysberg, and Lee, within an organization, the primary lever to address the drive to ____ is the reward system.
Answer:
Civillization
Explanation:
Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $470,000. Shipping costs totaled $14,100. Foundation work to house the centrifuge cost $7,700. An additional water line had to be run to the equipment at a cost of $2,600. Labor and testing costs totaled $7,000. Materials used up in testing cost $3,700. (Leave no cells blank. Enter 0 where needed.) a. What is the total cost of the equipment
Answer:Total Cost of equipment=$502,500
Explanation:
Total Cost of equipment= This is gotten by addition of Cost of Purchase +Shipping costs +Foundation work+ Testing expense
=$470,000+$14,100+$7,700+($7,000+$3,700.)
=$502,500
$50 an hour is a
A salary
B commission
C wage
D pension
Answer: C.) Wage
Explanation: A salary is a set cost that is due to you over an agreed amount of time. A commission is a percentage that you get from the original cost. A wage is the income one makes daily, or per hour. A pension is the gradual amount of money being added up during the years one works. Therefore, $50 an hour is a wage.
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Lincoln’s landlord has included a clause in the rental contract that makes it possible for him to increase Lincoln’s monthly rent if taxes on the property go up. Which clause was included in the contract?
a. tariffs clause.
b. variable costs clause.
c. escalator clause.
d. elastic demand clause.
e. elevator clause.
Answer:
The appropriate answer is Option c (Escalator clause).
Explanation:
The landlord of Lincoln also put a disclaimer throughout the rental lease which allows him to raise the mortgage payment of Lincoln if property wages increase. The deal had an escalator clause.An Escalator clause would be a clause inside a leasing contract as well as rent disclosure that ensures the improvement in rent sum regardless of the reasons which were not under influence of all the participants. Throughout this situation the taxation on land is raised by that of the government therefore adjustment in taxes wasn't in the jurisdiction of all entities.The other options given aren't connected to just the given case. In such a way that the response above is right.
Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $4.71 billion. The country collected $4.83 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance
Answer: $0.12 billion
Explanation:
Based on the information given in the question:
Total spending for Lilliput last fiscal year = $4.71 billion
Tax collected(Revenue)= $4.83 billion
Government transfers = $0
Lilliput's budget balance based on the information provided will be:
= (Taxes - Government transfers) - Government expenditures
= ($4.83 billion - $0) - $4.71 billion
= $0.12 billion
true or false. a factor that can come between the purchase intention and purchase decision is the attitude of others g
Answer:
True
Explanation:
Before a consumer makes a decision to buy a product, several factors can affect him. Two distinct factors are the attitude of others and unexpected situational factors. When the customer notices that a lot of people around him have a negative disposition or opinion about a product, they are likely to be discouraged from buying that product.
This is even more likely to happen if the consumer lacks enough motivation to buy that product. So the attitude of others can affect the buyer's intention which is his motivation and the final decision to purchase that product.
A lot of factors can come between purchase intensions. A factor that can come between the purchase intention and purchase decision is the attitude of others is a true statement.
The more positive a person's attitude toward the a product, the greater their purchase intentions.
Another factor consider is perceived playfulness that also affects purchase intention positively.
The factors that affect a consumer's purchase intention can be said to be product perception, shopping experience, customer service etc.
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Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed persons is ________ and the new unemployment rate is ________.
Answer:
Results are below.
Explanation:
First, we need to calculate the currently employed people and the unemployment rate:
Employed people= 100,000,000 - 6,000,000= 94,000,000
Unemployment rate= unemployed people / labor force
Unemployment rate= 6,000,000 / 100,000,000
Unemployment rate= 0.06= 6%
Now, the newly employed people and the unemployment rate:
Employed people= 94,000,000 + 300,000 - 200,000
Employed people= 94,100,000
Unemployment rate= 5,900,000 / 100,000,000
Unemployment rate= 0.059 = 5.9%
The economic concept of scarcity refers to the idea that : APEX
Answer: Resources required to fulfil our needs are insufficient
Explanation:
Scarcity in economics is the term used to describe the notion that the needs of a society are infinite but the resources needed to satisfy these needs are finite.
This is why humans have to constantly make a trade-off between resources needed to satisfy a need by picking one alternative course of action that requires a resource over another.
Answer:
People have limited resources to fulfill their unlimited wants.
Explanation:
Goal-Setting, Expectancy, Reinforcement, and Equity Theory
Goal-Setting, Expectancy, Reinforcement, and Equity Theories all serve Theory Y managers in understanding how employees can be motivated at work. Employees seek interesting and challenging work in a fair work environment that allows for autonomy. There should be a system to engage everyone in the organization in goal setting and implementation as well as an expectation that effort expended will result in a positive outcome and be balanced from one employee to another (given the same work). Managers can also find success in fairness and a reward system that all employees value.
Goal-setting theory is based on the premise that employees are motivated when they are clear about the goals they are working toward. More importantly, they are more likely to engage to attain these goals if they collaborate with management in planning. Management by Objectives (MBO) is the process of discussion, review, and evaluation of goals between a manager and employee. Expectancy theory is based on the premise that the amount of effort employees exert on a specific task depends on their expectations of the outcome. Reinforcement theory states that individuals act to receive rewards and avoid punishment. A manager may attempt to surface good behaviors through rewards and extinguish poor behaviors through punishment. Equity theory zeros in on how employees' perceptions of fairness affect their willingness to perform.
Roll over each employee name to read a scenario. Match the scenario with the respective theory on the left by dragging the employee name to the corresponding theory.
1. Nathaniel has been late so much this month that he was not put on the project he requested to lead.
2. Robert does not want to go into work on his day off because he does not really need the overtime pay and that is the only benefit his boss offered.
3. Angela will be offered the role of team leader if she prepares a year-end profit and loss statement in Excel for the department, but she has not been trained to use Excel.
4. Rebecca's manager gave her a gift card to her favorite restaurant for having the highest value of sales in her department last month.
5. Gwen was glad she could sit down with her boss and plan the best schedule to accomplish her goals and objectives for the first quarter of the year.
6. Ruth found of that Liz is getting paid more per hour for doing the same job! Ruth has been with the company longer and her output is higher.
7. Jason is meeting with his manager to review the list of goals they spelled out last month to see what he has accomplished so far.
8. Daniel gave up his day off to help is boss hoping he would be appointed team leader, but the position was awarded to a co-worker who never helps out on the weekends!
A. Goal-setting
B. Expectancy
C. Reinforcement
D. Equity
Answer:
Goal-Setting, Expectancy, Reinforcement, and Equity Theories
Matching the scenario with respective theories:
A. Goal-setting : Gwen, Jason
B. Expectancy : Robert, Daniel
C. Reinforcement : Angela, Rebecca
D. Equity : Nathaniel, Ruth
Explanation:
Below are summaries of the different theories that can "serve Theory Y managers in understanding how employees can be motivated at work:"
A. Goal-setting Theory = setting clear goals
B. Expectancy Theory = acting based on the expected outcome
C. Reinforcement Theory = acting based on rewards and punishment
D. Equity Theory = willing to perform is based on perceived fairness
Match the scenario:
Part A. Goal-setting: Gwen, Jason
Part B. Expectancy: Robert, Daniel
Part C. Reinforcement: Angela, Rebecca
Part D. Equity: Nathaniel, Ruth
What is Equity?
In finance, equity is the right of assets that may have debts or other liabilities connected to them. Equity is estimated for accounting purposes by subtracting liabilities from the importance of the assets.
Descending are summaries of the different approaches that can "serve Theory Y managers in understanding how employees can be motivated at work:"
When the Goal-Setting, Expectancy, Reinforcement, and also Equity Theories
When the Matching the scenario with respective theories are:
Part A. Goal-setting Theory is = setting clear goals
Part B. Expectancy Theory is = acting based on the expected outcome
Part C. Reinforcement Theory is = acting based on rewards and punishment
Part D. Equity Theory is = willing to perform is based on perceived fairness
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Kela Corporation reports net income of $550,000 that includes depreciation expense of $76,000. Also, cash of $53,000 was borrowed on a 4-year note payable. Based on this data, total cash inflows from operating activities are:a) $603,000b) $679,000c) $626,000d) $474,000
Answer:
$626,000
Explanation:
Kela corporation has a net income of $550,000
Depreciation expense is $76,000
Cash is $53,000
Therefore the total cash inflows from operating activities can be calculated as follows
=$550,000 + $76,000
$626,000
Hence the total cash inflow from operating activities is $626,000
Assume Brad has a choice between two deposit accounts. Account WH has an annual percentage rate of 7.35% with interest compounded continuously. Account MW has an annual percentage rate of 7.45% with interest compounded monthly. Which account provides the highest effective annual return?
Answer: Account MW which compounds monthly provides a higher effective rate at 7.71%
Explanation:
Use the Effective Interest rate formula to see which offers the higher return.
Account WH;
Compounded continuously;
= e^(interest rate) - 1
= e^7.35% - 1
= 7.63%
Account MW
Compounded per month
= (( 1 + interest / compounding period) ^ period) - 1
= (( 1 + 7.45%/12) ^ 12) -1
= 7.71%
Roose, Inc. reported revenue of $92 million and incurred total expenses of $84 million. The total expenses included cost of goods sold of $50 million, salaries and other administrative expenses of $9 million, $11 million of interest paid on a building's mortgage, and $14 million of depreciation. Assuming Roose is subject to the interest expense limitation, what amount of interest expense can the business deduct in the current year
Answer:
Roose, Inc.
The business can deduct $9.5 million in the current year.
Explanation:
Revenue = $92 million
Expenses allowed = 73 million ( $84 - $11 million for interest expense)
Adjusted taxable income before interest = $19 million
50% of adjusted taxable income = $9.5 million
Disallowed interest expense in the current year = $1.5 million
The interest expense allowed (deductible) is 50% for 2019 and 2020, as amended by the CARES Act) of the taxpayer's adjusted taxable income.
Last year Janet purchased a $1,000 face value corporate bond with an 11% annual coupon rate and a 15-year maturity. At the time of the purchase, it had an expected yield to maturity of 12.21%. If Janet sold the bond today for $993.14, what rate of return would she have earned for the past year? Do not round intermediate calculations. Round your answer to two decimal places.
Answer:
20.10%
Explanation:
The first task is to compute the bond's purchase price last year which is found using the bond price formula below:
bond price=face value/(1+r)^n+ annual coupon*(1-(1+r)^-n/r
face value=$1000
r=yield to maturity=12.21%
n=number of annual coupons in 15 years=15
annual coupon=face value*coupon rate=$1000*11%=$110
bond price=1000/(1+12.21%)^15+110*(1-(1+12.21%)^-15/12.21%
bond price=1000/(1+12.21%)^15+110*(1-0.177634192 )/12.21%
bond price=$918.50
Rate of return=(price today-initial price+coupon received)/initial price
price today= $993.14
initial price=$918.50
coupon received(for 1 year)=$110
Rate of return=($993.14-$918.50+$110)/$918.50=20.10%
eorge and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations
Answer:
$0
Explanation:
George and Weezy will not get any amount as social security benefit if they file married joint. The sum of their modified AGI plus the 50% of their social security benefit is [$5,000 + $8,000 + $15,100]. This equals to $28,100 which is below the minimum amount of social security.
Linden, Inc. uses a 5,700 square foot factory space that it rents for $2,800 a month for all its manufacturing activities. Linden has decided to switch to an activity-based costing system, and has identified its activities as follows: Preparation and Setup, Machining, Finishing, and Quality Control. 2,600 square feet of the factory are used for machining, while 1,300 square feet (each) are used for Preparation and Setup and Quality Control. Finishing uses 500 square feet. When assigning indirect costs to each activity, how much factory rent should be assigned to the Preparation and Setup cost pool
Answer:
$639
Explanation:
Rent assigned to preparation and setup = Total rent / Total space * Space used by preparation and setup
= $2,800 / 5,700 * 1,300
= 638.5965
= $639
Therefore, the factory rent that would be assigned to Preparation and Setup cost pool is $639.
he Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 11,900 10,900 12,900 13,900 Each unit requires 0.20 direct labor-hours and direct laborers are paid $15.00 per hour. In addition, the variable manufacturing overhead rate is $1.50 per direct labor-hour. The fixed manufacturing overhead is $99,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $39,000 per quarter. Required: 1. Calculate the company’s total estimated direct labor cost for each quarter of the the upcoming fiscal year and for the year as a whole. 2&3. Calculate the company’s total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole.
Answer:
1. Total estimated direct labor cost = $148,800
2. Total estimated manufacturing overhead cost = $410,880
3. Total Cash disbursement for the fiscal year = $254,880
Explanation:
Please see attached detailed explanation of the above questions and answers.
Hill Industries had sales in 2016 of $6,800,000 and a gross profit of $1,100,000. Management is considering two alternative budget plans to increase its gross profit in 2017.
Plan A would increase the selling price per unit from $8.00 to $8.40. Sales volume would decrease by 10% from its 2016 level. Plan B would decrease the selling price per unit by $0.50. The marketing department expects that the sales volume would increase by 100,000 units.
At the end of 2016, Hill has 40,000 units of inventory on hand. If Plan A is accepted, the 2017 ending inventory should be equal to 5% of the 2017 sales. If Plan B is accepted, the ending inventory should be equal to 60,000 units. Each unit produced will cost $1.80 indirect labor, $1.40 indirect materials, and $1.20 in variable overhead. The fixed overhead for 2017 should be $1,000,000.
1. Prepare a sales budget for 2017 under each plan. (Round Unit selling price answers to 2 decimal places, e.g. 52.70.)
2. Prepare a production budget for 2017 under each plan.
3. Compute the production cost per unit under each plan. (Round answers to 2 decimal places, e.g. 1.25.)
4. Compute the gross profit under each plan.
5. Which plan should be accepted?
Answer:
Results are below.
Explanation:
Giving the following information:
Plan A:
Selling price= $8.4
Sales in units= (6,800,000/8)*0.9= 765,000
Ending inventory should be equal to 5% of the 2017 sales.
Plan B:
Selling price= $7.5
Sales in units= 850,000 + 100,000= 950,000
Ending inventory should be equal to 60,000 units.
Beginning inventory= 40,000 units
Total unitary variable cost= 1.8 + 1.4 + 1.2= $4.4
Total fixed overhead= $1,000,000
a)
Plan A:
Sales in units= (6,800,000/8)*0.9= 765,000
Sales in dollars= 765,000*8.4= $6,426,000
Plan B:
Sales in units= 850,000 + 100,000= 950,000
Sales in dollars= 950,000*7.5= $7,125,000
b) Production= sales + desired ending inventory - beginning inventory
Plan A:
Production= 765,000 + (765,000*0.05) - 40,000
Production= 763,250
Plan B:
Production= 950,000 + 60,000 - 40,000
Production= 970,000
c)
Plan A:
Unitary variable cost= 4.4
Unitary fixed cost= 1,000,000/763,250= 1.31
Total unitary cost= $5.71
Plan B:
Unitary variable cost= 4.4
Unitary fixed cost= 1,000,000/970,000= 1.031
Total unitary cost= $5.43
d) Gross profit= sales - cost of goods sold
Plan A:
Gross profit= 6,426,000 - 765,000*5.71= $2,057,850
Plan B:
Gross profit= 7,125,000 - 950,000*5.43= $1,966,500
e) The best plan is the one with the highest profit. In this case, Plan A is better.
Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a cost of $1,567,500. The estimated residual value was $82,500. Assume that the estimated useful life was five years and the estimated productive life of the machine was 300,000 units. Actual annual production was as follows: Year Units 1 70,000 2 67,000 3 50,000 4 73,000 5 40,000 Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance.
Answer:
See answer below.
Explanation:
The depreciable amount of the machine is computed as follows.
cost - residual value = 1,567,500 - 82,500 = $1,485,000.
Estimated usefule life = 5 years
Question 1
Using the straight line depreciation method, the asset will be depreciated equally every year by [tex]\frac{Total Depreciation}{UsefulLife} =\frac{1,485,000}{5} =297,000[/tex]
Year 1 Depreciation = $297,000
Year 2 Depreciation = $297,000
Year 3 Depreciation = $297,000
Year 4 Depreciation = $297,000
Year 5 Depreciation = $297,000
Question 2
Using the unit of production method, the machine will be depreciated by the ratio of actual usage to estimated production life, until it is fully depreciated.
Year 1 Depreciation = [tex]\frac{Annual Usage}{Estimated Life} *Total Depreciation=\frac{170,000}{300,000} *1,485,000[/tex] = $841,500
Year 2 Depreciation = [tex]\frac{67,000}{300,000} *1,485,000[/tex] = $331,650
Year 3 Depreciation = [tex]\frac{50,000}{300,000} *1,485,000[/tex] = $247,500
Year 4 Depreciation = [tex]Total Depreciation - Accumulated Depreciation=1,485,000-(841,500+331,650+247,500)[/tex]= $64,350
Year 5 Depreciation = 0.
Year 4 computation arose because the computed depreciation using the unit of production method [tex]\frac{73,000}{300,000} *1,485,000=361,350[/tex] would push the computed accumulated depreciation beyond the total depreciation allowed. As such, the residual balance was adopted in year 4.
Question 3
Using the double declining balance method, the machine would be depreciated at twice the depreciation rate of the straight line balance on the reducing balance of the asset, until this method results in a depreciation figure lower than the straight line method.
Depreciation rate = [tex]2*StraightLineRate=2*(\frac{1}{5} )= 2* 0.20=0.40[/tex] = 40%
Year 1 depreciation = [tex]0.40*1,485,000[/tex] = $594,000
Year 2 depreciation = [tex]0.40*(1,485,000-594,000)[/tex] = $356,400
Year 3 depreciation = [tex]\frac{1,485,000-594,000-356,400}{3}[/tex]= $178,200
Year 4 depreciation = [tex]\frac{1,485,000-594,000-356,400}{3}[/tex]= $178,200
Year 5 depreciation = [tex]\frac{1,485,000-594,000-356,400}{3}[/tex]= $178,200.
Because year 3 depreciation using the usual double declining method [tex]0.40*(1,485,000-594,000-356,400)= 213,840[/tex] would result in a figure lower than the straight line depreciation rate (297,000), we used the straight line formula for the depreciation from years 3 to 5.
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 124,000 2020 overstated by 154,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
Answer:
WMC Corporation
Misstatement of Ending Inventories:
1. Effect of these errors on Retained Earnings at January 1, 2021:
a) The understated amount by $124,000 in 2019 has self-corrected in 2020 with the Beginning Inventory also understated. So, it has no effect on the Retained Earnings at January 1, 2021.
b) The overstated ending inventories by $154,000 will overstate the Retained Earnings at January 1, 2021 by the same amount. Since it has not self-corrected like (a), the correction will be to reduce the Retained Earnings and reduce the Beginning Inventories by $154,000.
2. Journal Entry:
Debit Retained Earnings $154,000
Credit Beginning Inventories $154,000
To reverse the overstated inventories.
Explanation:
a) Data:
2019 understated by $ 124,000
2020 overstated by 154,000
Inventory system = periodic
Inventory method = FIFO
None of the following would be an advantage of self-administered surveys:
A) Reduced cost
B) Respondent control
C) Reduced interview evaluation apprehension
A. True
B. False
Answer:
B. False
Explanation:
A self-administered survey is one where there is the collection of the necessary data for the survey is carried out through a questionnaire of questions to be answered by the interviewee. Questionnaires can be sent via mail, e-mail, personal interception, hand delivery etc.
The advantages of self-administered surveys are cost reduction, since questionnaires can be sent via email at no cost to both, greater control of the interviewee, since the questions can be developed according to the information you want to collect, greater quick feedback, which reduces the apprehension of the interview evaluation.
False, the self-administered surveys would not be advantageous in terms of reduced interview evaluation apprehension. The Option B.
Would self-administered surveys be advantageous?Self-administered surveys eliminate the need for face-to-face interactions and direct interviewer involvement which can indeed reduce interview evaluation apprehension. When individuals complete surveys on their own, they may feel less pressured and more comfortable expressing their opinions.
But this advantage does not hold true for self-administered surveys as they are completed by the respondents themselves without the presence of an interviewer. Consequently, the absence of an interviewer does not contribute to a reduction in interview evaluation apprehension. Therefore, the Option B is correct.
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Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Statement Price Control Binding or Not
The government prohibits gas stations from selling gasoline for more than $2.50 per gallon.
The government has instituted a legal minimum price of $3.40 per gallon for gasoline.
There are many teenagers who would like to work at gas stations, but they are not hired due to minimum-wage laws.
Answer:
Price ceiling binding
price floor binding
Price floor binding
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
The maximum price ($2.50) is less than the equilibrium price($3) . So it is a binding price ceiling
The minimum price ($3.40) is greater than the equilibrium price($3) . So it is a binding price floor
what is acknowledgement
Answer: it means to accept something or recognition
The process of taking cash flow that is received or paid in the future and stating that cash flow in present value terms is called discounting. A. True B. False
Answer:
A. True
Explanation:
The process of taking cash flow that is received or paid in the future and stating that cash flow in present value terms is called discounting.
Discounting is the opposite of Compounding because discounting measures what the value of future cash flow is worth in the present while compounding takes the present value into the future. Discounting generally points to a method of knowing the present value of cash flow. Discounting is an important tool due to how a business could know the present value of what the business spends and gains by comparing it to the future value of what is to be received.
The cash flow that is received or paid in the future is less than the present value of the cash flow and that depicts the time value of money.
A contractor builds two types of homes. The Carolina requires one lot, $160,000 capital, and 160 worker-days of labor, whereas the Savannah requires one lot, $240,000 capital, and 160 worker-days of labor. The contractor owns 300 lots and has $48,000,000 available capital and 43,200 worker-days of labor. The profit on the Carolina is $80,000 and the profit on the Savannah is $90,000. Find how many of each type of home should be built to maximize profit.
Answer:
the contractor should build 210 Carolina type homes and 60 Savannah type homes
Explanation:
you have to maximize the following equation: 80000C + 90000S
Where:
C = Carolina type homes
S = Savannah type homes
the constraints are:
160000C + 240000S ≤ 48000000
160C + 160S ≤ 43,200
C ≥ 0
S ≥ 0
using solver, the optimal solution is 210C + 60S = $22,200,000
Which scenario holds true when a tariff is applied to an imported item? A. both domestic and foreign consumers pay the same price B. domestic consumers of the imported item pay a higher price C. foreign consumers of the imported item pay a higher price D domestic consumers of the imported itern pay a lower price
Answer:
i would say b, the domestic pay more.
8.Kline and Salomon form the KS Partnership as 50/50 partners. Kline contributes equipment that has a fair market value of $60,000 and an adjusted basis of $45,000. In addition, the equipment is subject to a $10,000 loan that KS Partnership is assuming. What amount represents Kline's initial basis in the partnership
Answer: $40,000
Explanation:
Kline brings in equipment that is worth $60,000 but has a basis of $45,000.
The equipment however is subject to a loan of $10,000.
This loan will have to be deducted from the basis. The partnership however is assuming the loan and Kline is only 50% liable in the partnership so Kline's basis will only be affected by half of the loan.
Basis = 45,000 - 5,000
= $40,000
Which of the following is correct? Group of answer choices Risk-averse people will not hold stock. Diversification cannot reduce firm-specific risk. The larger the percentage of stock in a portfolio, the greater the risk, but the greater the average return. Stock prices are determined by fundamental analysis rather than by supply and demand.
Answer: The larger the percentage of stock in a portfolio, the greater the risk, but the greater the average return.
Explanation:
Stock in general is more risky than most financial instruments but this risk is accompanied with greater returns. This is why it is generally advisable to diversify stock in a portfolio.
As already mentioned, stock is risky but rewarding. It therefore follows that the more stock is in a portfolio, the risker the portfolio but the greater the average return.
The following account balances were listed on the trial balance of Edgar Company at the end of the period: AccountBalance Accounts Payable$31,600 Cash 49,900 Common Stock 35,000 Equipment 16,000 Land 47,500 Notes Payable 62,500 The company’s trial balance is not in balance and the company’s accountant has determined that the error is in the cash account. What is the correct balance in the cash account?
Answer: $65,600
Explanation:
Debits should equal credits
Debits = Cash + Equipment + Land
= 49,900 + 16,000 + 47,500
= $113,400
Credits = Accounts Payable + Common stock + Notes Payable
= 31,600 + 35,000 + 62,500
= $129,100
The difference will be added to the Cash account where the error is from.
= 49,900 + (129,100 - 113,400)
= $65,600