The distilleries starting to produce hand sanitizer instead of liquor is an example of opportunity cost. Hence option B. is correct.
What is opportunity cost?Opportunity cost is a term used to describe the cost of a missed opportunity. It is the price of the foregone alternative, and is determined by the next best alternative use of the resources.
A pandemic is an outbreak of a disease that occurs over a wide geographic region and affects a large population.
Due to the outbreak of pandemic, there was an increase in demand for hand sanitizers which led to a decrease in the supply of the same.
Hence, many distilleries started producing hand sanitizers instead of liquor. This led to an increase in the supply of hand sanitizers which helped to meet the demand of people.
Hence option B. opportunity cost is correct.
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systems thinking applies ________ and __________ with appropriate compromises in complex real-life problems.
Systems thinking applies logic and creativity with appropriate compromises in complex real-life problems.
Real-life problems refer to issues that affect people's lives on a daily basis, such as poverty, health problems, access to education, unemployment, discrimination, and inequality. These problems can have a significant impact on individuals, families, and communities, and often require collective action to address.
Poverty is a significant real-life problem affecting millions of people worldwide. It can lead to poor health, limited access to education, and a lack of economic opportunities. Health problems such as disease outbreaks, mental health issues, and chronic illnesses can also pose significant challenges for individuals and communities. Unemployment is another real-life problem, particularly in times of economic hardship. It can lead to financial difficulties, mental health issues, and social isolation, among other challenges.
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denver wants to make sure he puts his company's assets in the correct categories. which of the following is an example of a current asset? a. inventory b. land c. buildings d. equipment
Answer:
Denver wants to make sure he puts his company's assets in the correct categories. A current asset is an asset that can be used up, sold, or consumed within one year of the balance sheet date. An example of current asset is inventory, equipment, short-term investments, and cash.
The answer to the question is option A, inventory.
Explanation:
An example of a current asset is inventory. When categorizing assets for accounting purposes, it is essential to ensure that the company's assets are placed in the correct category. This is necessary to ensure accurate financial statements and to make important business decisions.
What is a current asset?
A current asset is a term used to describe an asset that is anticipated to be consumed or converted into cash within a year. Current assets are assets that are expected to be converted into cash within one year or one business cycle, whichever is longer. They are also considered liquid assets since they can easily be converted to cash. Inventory is an example of a current asset. This is because inventory is a product or item that a company has on hand, such as finished goods or raw materials, that is expected to be sold within the next 12 months. Land, buildings, and equipment, on the other hand, are examples of fixed assets that are not easily converted into cash within a year.
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At the end of the first year of operations, Mayberry Advertising had accounts receivable of $21,300. Management of the company estimates that 10% of the accounts will not be collected. What adjustment would Mayberry Advertising record for Allowance for Uncollectible Accounts?
Mayberry Advertising would record an adjustment of $2,130 for Allowance for Uncollectible Accounts.
Mayberry Advertising would record an adjustment of $2,130 for Allowance for Uncollectible Accounts. In order to calculate the allowance for uncollectible accounts, we can use the following formula:
Allowance for uncollectible accounts = Accounts receivable × % estimated to be uncollectible
We are given that the accounts receivable is $21,300, and management estimates that 10% of the accounts will not be collected. Using the formula, calculate the allowance for uncollectible accounts as:
Allowance for uncollectible accounts = $21,300 × 0.1
Allowance for uncollectible accounts = $2,130
Therefore, Mayberry Advertising would record an adjustment of $2,130 for Allowance for Uncollectible Accounts.
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true or false: in most cases, auditors are able to obtain conclusive evidence about specific management assertions.
In most cases, auditors are able to obtain conclusive evidence about specific management assertions. The statement is False
What is Audit Evidence?
Audit evidence is information gathered by the auditor for a specific audit purpose. This information includes records, documents, transactions, and other relevant information that aids the auditor in developing an audit opinion. Audit evidence may be classified as direct evidence or indirect evidence.
In general, audit evidence is gathered from five sources, which are as follows: Client records, External sources, Written or oral confirmations, Observation of events, processes, or procedures, Documentation and accounting systems.
Auditors are responsible for gathering sufficient audit evidence to form an opinion on the financial statements presented by management.
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A Coca-Cola ad that highlights the firm's growing use of recyclable materials and other investments in sustainability is an example of ______ advertising.
A Coca-Cola ad that highlights the firm's growing use of recyclable materials and other investments in sustainability is an example of cause-related advertising.
The Coca-Cola ad is an example of cause-related advertising, which focuses on promoting the company's social or environmental initiatives. The ad highlights Coca-Cola's commitment to sustainability by emphasizing its use of recyclable materials in its packaging and other investments in reducing waste. Cause-related advertising is becoming more popular among companies as consumers increasingly prioritize socially responsible brands.
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Consider the CO2 Emissions project.
Which of these visual recipes can NOT be used to restrict the datasets in the project to the years 2008-2012?
A Sample/Filter recipe
A Sync recipe
A filter processor in a Prepare recipe
The pre-filter step of a Join recipe
The datasets in the CO2 Emissions project can be limited to the years 2008–2012 using any of the previously stated visual recipes.
What types of recipes can you find on Dataiku?Both a Prepare Recipe's storage type and a visual analysis's interpretation are associated with each column. Both a Prepare Recipe and a visual analysis allow you to work interactively because they both use a sample of the dataset.
What does Dataiku's "visual recipe" mean?In the Flow, recipes are used to alter current datasets to produce new datasets. The DSS "visual recipes," which cover a number of typical analytic use cases like aggregations or joins, are the primary method for performing transformations.
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Which of the following potential advantages of strategic alliances best describes the current Honda solution, according to Strategy Spotlight 6.5?Multiple Choiceentering new marketsreducing manufacturing costs in the value chaindeveloping and diffusing new technologiesreducing other costs in the value chain
The current Honda solution according to Strategy Spotlight 6.5 is developing and diffusing new technologies. Technology has consistently shown to be the most helpful tool for practically any business to advance.
What developing and diffusing new technologies?The process of creating, advancing, and disseminating new technologies or methods is known as technological change or technical progress.
A common definition of technological diffusion is the procedure by which the marketplace for a new technology evolves through time and which leads to the production and consumption patterns of new goods and industrial techniques.
In addition to assisting companies in progress, upgrades also make operations easier for both staff members and individuals in general.
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job simplification is closely associated with modern human resources management theory. a)true b)false
Job simplification is closely associated with modern human resources management theory. This statement is True.
What is job simplification?Job simplification is a job design technique that aims to improve efficiency by reducing the number of tasks an employee must do. It was first introduced in the early twentieth century as a way to reduce employee turnover and increase productivity. The technique involves breaking down a job into smaller and simpler tasks to make it easier for workers to perform.
The primary objective of job simplification is to boost production, quality, and economy by eliminating redundant work elements and unnecessary motion. It also aids in the standardization of procedures and provides for the specialization of work.
Theories of Human Resource Management
The Human Resources Management (HRM) concept refers to a set of methods and practices aimed at managing an organization's human resources more effectively. The HRM approach focuses on the importance of human resources in achieving the organization's strategic objectives.
Job simplification is one of the HRM theories which is concerned with job design. It is considered a modern approach to Human Resource Management (HRM).
Content-loaded job simplification is one of the critical features of job simplification. This method of job simplification entails the removal of unrelated work elements or content from the job, ensuring that workers can concentrate on important tasks that are linked to the job's main purpose.
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Compared with consumer markets, business markets generally have fewer and larger buyers, a closer customer supplier relationship, and more geographically concentrated customers.
Business markets differ from consumer markets in various ways. Some of the main differences include the number and size of the customers, the relationship between the buyer and supplier, and the geographical concentration of customers.
About Business MarketsBusiness markets refer to the buying and selling of goods and services between businesses. It is also known as industrial marketing or B2B marketing. Business markets differ from consumer markets in various ways. Business markets usually have fewer but larger buyers than consumer markets.
Business-to-business transactions are typically conducted between two organizations that have an established relationship, as opposed to a large number of individual customers.
About Consumers MarketsConsumer markets refer to the buying and selling of goods and services to individual consumers for personal use. This type of market is also known as B2C or retail market. The main feature of consumer markets is the large number of individual customers that make up the market.
Consumers can be located anywhere, and their buying decisions are usually based on factors such as price, quality, and convenience. They usually buy in small quantities and are not as concentrated geographically as business markets.
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cost of goods sold is an operating expense on the income statement. (true or false)
It is completely appropriate and highly accurate to mention that the cost of goods sold is treated as an operating expense on the income statement. Thus, the said statement holds true.
An income statement may be treated as the statement that determines the total revenues and expenditures of a company. Moreover, it can also be stated that the expenses on operation includes heads such as cost of goods sold, and other expenses directly related to the operational activities of the company. Thus, they hold significance.
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the maastricht treaty stipulated several criteria that european countries had to meet to become eligible for euro. which one of the following is not a part of it?
a. maintaining a high GDP growth rate
b. maintaining a low inflation rate
c. maintaining a low budget deficit
d. maintaining a low goverment debt relative to GDP
e. being a previous member of the european monetary system
The Maastricht Treaty stipulated several criteria that European countries had to meet to become eligible for the Euro. One of the following is not a part of it, and that is maintaining a high GDP growth rate. The correct option is a.
What is the Maastricht Treaty?
The Maastricht Treaty was a treaty that was signed by European countries in 1992, and it is also known as the Treaty of the European Union. The treaty was signed in Maastricht, the Netherlands, and it was one of the most important treaties of the European Union.
The treaty's main objective was to establish a single currency, the Euro, and to create a common market between European countries. To be eligible for the Euro, European countries had to meet several criteria set out in the treaty.
Criteria European countries had to meet to become eligible for the euro to be eligible for the Euro, European countries had to meet several criteria. These criteria were set out in the Maastricht Treaty, and they included:1. Maintaining a low inflation rate2.
Maintaining a low budget deficit3. Maintaining a low government debt relative to GDP4. Being a previous member of the European Monetary SystemThe only criterion that is not part of the Maastricht Treaty is maintaining a high GDP growth rate.
Therefore, the correct option is a.
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Which of the following statements regarding risk-averse investors is true?
A. They only care about the rate of return.
B. They accept investments that are fair games.
C. They only accept risky investments that offer risk premiums over the risk-free rate.
D. They are willing to accept lower returns and high risk.
E. They only care about the rate of return, and they accept investments that are fair
games.
Option C: "They only accept risky investments that offer risk premiums over the risk-free rate" is the true statement regarding risk-averse investors.
Risk-averse investors are those who prefer lower risk investments rather than high-risk investments. These investors avoid taking unnecessary risks and only accept investments that provide a reasonable rate of return. They are more interested in capital protection than capital appreciation. Therefore, it is correct to say that they only accept risky investments that offer risk premiums over the risk-free rate.
In contrast, options A and E are incorrect. These investors care about the rate of return, but it is not the only factor that they consider when investing. Options B and D are also incorrect. Fair game investments are those in which the probability of winning is equal to the probability of losing, and high-risk investments are those that offer high returns but are also high risk. Risk-averse investors do not prefer fair game investments and high-risk investments.
Thus, option C is the correct answer.
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When creating a global strategy, effective managers do which of the following activities?
Effective managers when creating a global strategy typically consider market trends, customer preferences, operational capabilities, competitive strategies, and cost structure. They also look for opportunities to use available resources and develop innovative strategies to stay ahead of the competition.
When creating a global strategy, effective managers do the following activities:
Understand the global environment: This activity entails extensive knowledge and understanding of the global business environment. Managers must have knowledge of different cultures, policies, regulations, and rules in different countries or regions. Additionally, managers must have knowledge of consumer trends, product life cycles, and market competition. This will help in identifying the best global strategy to apply in the business. Define the business goals and objectives: This activity entails clearly defining the goals and objectives of the business. This includes revenue growth, market share, profitability, cost reduction, or any other objectives. The goals and objectives must be SMART; specific, measurable, achievable, realistic, and time-bound. This will help in aligning the strategy with the goals and objectives. Define the target market: This activity entails defining the target market for the business. The target market can be in one or more countries. It can also include different customer segments. Managers must have knowledge of the demographics, preferences, culture, and behavior of the target market. This will help in developing products or services that meet the needs of the target market.Learn more about global marketing strategy at https://brainly.com/question/1405418
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In marketing, each __________ consists of people who are relatively similar to each other in terms of their consumption behavior.
a. market segment
b. demographic cluster
c. organizational buyer group
d. ultimate consumer group
e. qualified prospect group
The statement is completed as: In marketing, each market segment consists of people who are relatively similar to each other in terms of their consumption behavior. Therefore, alternative a. is correct.
What is consumption behavior?Consumption behavior refers to the behavior of individuals who purchase or consume a product. Marketers seek to comprehend the behavior of different customers in order to create marketing campaigns that are more effective in attracting and retaining customers.
Marketing segmentation is a crucial component of marketing. It involves dividing the market into smaller segments based on customer behavior, such as interests, demographics, and psychographics, to create a more targeted marketing approach.
Each segment must be distinct enough to ensure that the business can successfully reach the target market with the proper message, but similar enough in terms of consumption behavior so that the company can accomplish the desired response.
In conclusion, alternative a. market segment is correct.
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the responsibilities of a manager implementing mbo include: multiple select question. rewarding employee accomplishments allowing employees to decide their own rewards allowing employees to monitor their own goals setting goals with the employee
The responsibilities of a manager implementing MBO (Management by Objectives) include A: rewarding employee accomplishments, C: allowing employees to monitor their own goals, and D: setting goals with the employee.
MBO is a management approach that involves setting specific, measurable, achievable, relevant, and time-bound goals for employees and then monitoring their progress towards these goals. By involving employees in the goal-setting process and giving them the responsibility to monitor their own progress, MBO can help to increase employee motivation, engagement, and productivity. The manager's role in implementing MBO is to provide support, guidance, and feedback to employees to ensure that they are on track to achieve their goals.
Thus, options A, C and D hold the correct answers.
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The first step in the recording process is toa. prepare financial statements.b. analyze each transaction for its effect on the accounts.
c. post to a journal.
d. prepare a trial balance.
A complete journal entry does not show
a. the date of the transaction.
b. the new balance in the accounts affected by the transaction.
c. a brief explanation of the transaction.
d. the accounts and amounts to be debited and credited.
The first step in the recording process is to "analyze each transaction for its effect on the accounts". Option B is correct.
A complete journal entry does not show ''the new balance in the accounts affected by the transaction". Option B is correct.
The Explanation to Each AnswerThe purpose of recording transactions is to provide an accurate representation of a company's financial position. By analyzing each transaction and recording it correctly, companies can produce reliable financial statements that reflect their actual financial status.Learn more about journal entry https://brainly.com/question/14279491
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e) benzoic acid, C6H5COOH, is a stronger acid than phenol, C6H5OH
Correct, Benzoic acid is a stronger acid than phenol. This is because its carboxylic acid functional group is more acidic than the phenol's hydroxyl group due to the electron-withdrawing effect of the adjacent carbonyl group.
Benzoic acid has a carboxylic acid functional group (-COOH) that can donate a hydrogen ion (H+) more readily than the hydroxyl group (-OH) in phenol due to the electron-withdrawing effect of the adjacent carbonyl group (-C=O) in benzoic acid. The carbonyl group withdraws electron density from the O-H bond, making it easier to lose a proton and making the molecule more acidic.
In contrast, the aromatic ring in phenol donates electron density to the O-H bond, making it harder to lose a proton and making the molecule less acidic. As a result, benzoic acid has a lower pKa value (4.2) than phenol (9.9), indicating a stronger acid.
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In the context of fixed-quantity systems,______is defined as the on-hand quantity (OH) plus any orders placed but which have not arrived minus any backorders (BO). A) Inventory position B) The reorder point C) A stock-keeping unit D) Work-in-process inventory
In the context of fixed-quantity systems, Inventory position is defined as the on-hand quantity (OH) plus any orders placed but which have not arrived minus any backorders (BO). hence, the correct option is A
What is Inventory position?
Inventory position refers to the stock of a product available to meet customer demand at a particular point in time. It is the current amount of stock available, including on-hand stock, stock on order, and backorders, less any stock that is committed or allocated to customers. Inventory position is calculated by subtracting the quantity of backorders from the quantity of on-hand inventory and adding the quantity of inventory on order.
How is Inventory Position calculated?
The formula for calculating inventory position is given below:Inventory Position = On-hand inventory + Stock on order - Backorders .Example:If the on-hand inventory of a product is 50 units, the stock on order is 20 units, and the backorders are 10 units, then the inventory position of that product would be:Inventory position = 50 + 20 - 10Inventory position = 60 unitsTherefore, the correct answer is option A, that is, Inventory position.
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the entry to record the collection of sales within the discount period that was made on account and recorded using the net method, includes a debit to ___and a credit to___
The entry to record the collection of sales within the discount period that was made on account and recorded using the net method, includes a debit to Sales Discounts and a credit to Accounts Receivable.
To record the collection of sales within the discount period that was made on account and recorded using the net method, includes a debit to Cash and a credit to Accounts Receivable. Explanation: The net method records sales at the net of the discount, whereas gross sales are the full sales amount.
If a customer pays within the discount period, the company records a debit to Cash, a credit to Accounts Receivable, and a credit to Sales Revenue. The net method is a popular method for accounting for sales discounts because it provides a more correct account for any discounts provided.
Instead of treating a discount as a deduction from revenue, the discount is deducted from the expense of the good or service. This is done in the form of a debit to Accounts Receivable and a credit to Sales Revenue for any sales discounts.
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the money market interest rate paid by corporations that borrow short-term funds in a particular country is typically: a. slightly higher than the rate paid by that country's government. b. set by the country's central bank. c. mostly influenced by the demand for and supply of long-term funds in that country. d. equal to the rate paid by that country's government.
The money market interest rate paid by corporations that borrow short-term funds in a particular country is typically slightly higher than the rate paid by that country's government.
What is the money market interest rate referred to as?The interest rate obtained from holding assets with high liquidity and short maturities, such as negotiable certificates of deposit, U.S. Treasury bills, and municipal notes, is known as the money market yield.
What is the name of the market that handles short-term funds?The phrase "money market" describes a market where short-term securities and funds are traded. A day to a year is the range of the maturity time for securities traded on the money market. These resources function as a close replacement for cash or money.
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Suppose that the production of crayons (q) is conducted at two locations and uses only labor as an input. The production function in location 1 is given by. q1 = 10 l0.5 1 and in location 2 by q2= 50 l 0.5 2. a. If a single firm produces crayons in both locations, then it will obviously want to get as large an output as possible given the labor input it uses. How should it allocate labor between the locations to do so? Explain precisely the relationship between l1 and l2.
b. Assuming that the firm operates in the efficient manner described in part (a), how does total output (q) depend on the total amount of labor hired (l)?
a. In order to produce the largest output of crayons with the given labor input, the firm should allocate labor in the following manner: for each additional unit of labor input, the firm should allocate it to location 1, as q1 is greater than q2 for a given labor input.
Thus, the relationship between l1 and l2 is that for each additional unit of labor, l1 should increase by one and l2 should remain the same.
b. The total output (q) of crayons will depend directly on the total amount of labor hired (l). As the total amount of labor hired increases, the total output of crayons will also increase according to the production function of the two locations, q1 = 10 l0.5 1 and q2 = 50 l 0.5 2.
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what are some factors that can influence the exchange rate of currency?
There are several factors that can influence the exchange rate of currency. These factors include:
1. Inflation rates: When a country has a higher inflation rate than another, its currency usually depreciates relative to the other country's currency. This is because the goods and services of the first country become more expensive, making it less attractive to foreign buyers.
2. Interest rates: Higher interest rates tend to attract foreign investment, thereby increasing demand for a country's currency and leading to an appreciation of the exchange rate. Conversely, lower interest rates tend to discourage investment and lead to a depreciation of the currency.
3. Political stability: Political uncertainty can lead to a decrease in demand for a currency, which causes a depreciation of its exchange rate.
4. Trade balance: A country with a trade surplus (exporting more goods than it imports) tends to have a stronger currency than a country with a trade deficit (importing more goods than it exports). This is because the demand for its currency is higher due to the excess supply of goods.
5. Government debt: A country with a high level of government debt may lead to a decrease in demand for its currency, which can lead to a depreciation of its exchange rate.
6. Speculation: Speculators who believe that a currency will appreciate in the future will buy it in the present, leading to an increase in demand and an appreciation of the currency. On the other hand, speculators who believe that a currency will depreciate will sell it in the present, leading to a decrease in demand and a depreciation of the currency.
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if i make a lot of claims on my insureance will my cost go down (true or false)
Answer:
False.
Explanation:
when you make a claim against your insurance policy above a specific amount due to an incident that is primarily your fault, an insurer will increase your premium by a certain percentage.
the federal trade commission (ftc) defines a deceptive practice as one that is likely to mislead a reasonably prudent consumer and result in some sort of detriment to the consumer. True or False
Answer:
wagwan brev
Explanation:
"Wagwan brev" is a slang phrase commonly used in London and other parts of the UK, particularly among young people. It is a greeting that translates to "What's going on, brother?" or "What's up, mate?" and is often used as a friendly way to say hello to someone or to initiate a conversation. The term "brev" is a slang word for "brother" or "mate" that originated in Caribbean English and has become popularized in the UK through the influence of Caribbean culture.
You may award me with appreciation later.
if the income from the franchise is reinvested at an annual interest rate of 10% compounded continuously, find the present value of the franchise. (round your answer to 2 decimal places.)
The present value of the franchise is $9,048.37 given that the income from the franchise is reinvested at an annual interest rate of 10% compounded continuously.
Let the present value of the franchise be P. Let A be the amount received after t years. We know that the formula for continuous compounding is
A = P e^{rt}Where e is a constant, Euler's number (approximately 2.718),r is the annual interest rate as a decimal and t is the time in years.
Since the income is reinvested continuously, the amount A becomes the principal P after t years.
Hence, we have
P = A e^{-rt}
The problem mentions that the income is being reinvested at an annual interest rate of 10% compounded continuously. Hence, r = 10% = 0.1 Since the income is being reinvested continuously, we can take the time t to be any value that we choose. We will take t = 1 year, for the sake of convenience. A = income from franchise= $10,000
Hence, we have
P = A e^{-rt}P = $10,000 e^{-0.1}P = $9,048.37
Therefore, the present value of the franchise is $9,048.37, rounded off to two decimal places.
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which of the following scenarios illustrates business marketing?
A) Molly, a university student buys a book to gift her friend
B) tom, the accountant at Martel inc buys a pair of shoes for his daughter
C) mark a school student purchases a laptop for his personal use
D) Jenny the manager of ikon inc purchases a set of printers for her office
E) none of the above
The scenario that illustrates business marketing is when Jenny the manager of Ikon Inc purchases a set of printers for her office.
This is because business marketing refers to the marketing of goods and services to businesses, governments, or other institutions for use in the production of goods and services that they can produce and market or to resale to other customers.
What is business marketing? Business marketing refers to the marketing of goods and services to businesses, governments, or other institutions for use in the production of goods and services that they can produce and market or to resale to other customers.
Therefore, business marketing involves a longer and more complex buying process than consumer marketing because businesses often have to consider the return on investment (ROI) and other business-related factors before making a purchase decision.
In the given scenario, it is stated that Jenny, who is the manager of Ikon Inc, purchases a set of printers for her office. This clearly indicates that she is buying products that are essential for her business to operate. Hence, this scenario illustrates business marketing.
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for decision-making purposes, the distinction between manufacturing costs and selling and administrative expenses is . multiple choice question. important unimportant
The distinction between manufacturing costs and selling and administrative expenses is important
What is the distinction between manufacturing costs and selling and administrative expensesFor decision-making purposes because it helps managers understand the cost structure of the business and make informed decisions about pricing, production, and resource allocation.
Manufacturing costs are the direct costs incurred in the production of goods or services, such as the cost of raw materials, labor, and factory overhead. These costs are directly tied to the production process and are usually considered variable costs, meaning they increase or decrease with the level of production.
On the other hand, selling and administrative expenses are indirect costs that are not directly tied to the production process but are necessary for the operation of the business, such as salaries and rent for the sales and administrative departments. These costs are usually considered fixed costs, meaning they remain relatively constant regardless of the level of production.
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Ramos Corp. uses a process costing system to assign costs to its steel production. During March 2013, Ramos had beginning Work in Process Inventory of 180,000 tons of steel (100 percent complete as to material and 65 percent complete as to conversion). During the month, the raw material needed to produce 3,400,000 tons of steel was started in process. At month-end, 165,000 tons remained in WIP Inventory (100 percent complete as to material and 40 percent complete as to conversion).
a. Compute the total units to account for.
b. Determine how many units were started and completed. c. Determine the equivalent units of production using the weighted average method. d. Determine the equivalent units of production using the FIFO method. e. Reconcile your answers to parts (c) and (d).
The FIFO method usually results in higher equivalent units of production than the weighted average method, as seen in this scenario.
(a) Compute the total units to account for: Compute the total units to account for Units introduced into production = Beginning work in process inventory + Units started and completed + Ending work in process inventory= 180,000 + 3,400,000 + 165,000= 3,745,000 tons of steel
(b) Determine how many units were started and completed Units completed and transferred out = Total units - Ending work in process inventory= 3,745,000 - 165,000= 3,580,000 tons of steel
(c) Determine the equivalent units of production using the weighted average method Equivalent units = Units completed and transferred out + (Ending work in process inventory * Degree of completion)Equivalent units of production= 3,580,000 + (165,000 × 40%)= 3,580,000 + 66,000= 3,646,000 tons of steel
(d) Determine the equivalent units of production using the FIFO method Equivalent units = Units completed and transferred out + (Ending work in process inventory × Degree of completion)Equivalent units of production= 3,580,000 + (165,000 × 100%)= 3,745,000 tons of steel
(e) Reconcile your answers to parts (c) and (d)The weighted average and FIFO equivalent units of production differs due to the difference in the method used to account for the units transferred out. The weighted average method uses the average degree of completion of beginning and ending inventories to compute the equivalent units while the FIFO method uses only the degree of completion of ending inventory to compute the equivalent units. As such, the FIFO method usually results in higher equivalent units of production than the weighted average method, as seen in this scenario.
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The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, Lif it is a long-term liability or Nif it is not a liability.1. Sales taxes payable.2. Notes payable (due in 6 to 12 months).3. FUTA taxes payable.4. Notes payable (due in 120 days).5. Accounts receivable.6. Current portion of long-term debt.7. Accrued payroll payable.8. Notes payable (mature in five years).9. Wages payable.10. Notes payable (due in 13 to 24 months)
Current liabilities are those that have to be paid within one year or less- Sales taxes payable, FUTA taxes payable, Notes payable Current portion of long-term debt, Accrued payroll payable, and Wages payable. Long-term liabilities are those that have to be paid after a year- Notes payable, Notes payable, and Notes payable are examples of long-term liabilities.
1. C- Sales taxes payable is a current liability
2. L- Notes payable (due in 6 to 12 months) is a long-term liability3.
C- FUTA taxes payable is a current liability
4. C- Notes payable (due in 120 days) is a current liability
5. N- Accounts receivable is not a liability
6. C- Current portion of long-term debt is a current liability
7. C- Accrued payroll payable is a current liability
8. L- Notes payable (mature in five years) is a long-term liability
9. C- Wages payable is a current liability
10. L- Notes payable (due in 13 to 24 months) is a long-term liability
Explanation: Current liabilitiesCurrent liabilities are those that have to be paid within one year or less. Sales taxes payable, FUTA taxes payable, Notes payable (due in 120 days), Current portion of long-term debt, Accrued payroll payable, and Wages payable are examples of current liabilities. Long-term liabilitiesLong-term liabilities are those that have to be paid after a year. Notes payable (due in 6 to 12 months), Notes payable (mature in five years), and Notes payable (due in 13 to 24 months) are examples of long-term liabilities. Not a liabilityAccounts receivable is an asset, not a liability. Accounts receivable refers to money that is owed to a company by its clients or customers.
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Miller, Inc., analyzed its accounts receivable balances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible:
Age Group Balance Probability of
Noncollection
0–30 days past due $180,000 1%
31–60 days past due 40,000 3%
61–120 days past due 22,000 5%
121–180 days past due 14,000 10%
Over 180 days past due 8,000 25%
=$264,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $1,150 on December 31, before any adjustments.
a. Prepare the adjusting entry for estimated credit losses on December 31.
b. Prepare the journal entry to write off the Lyons Company’s account on April 10 of the following year in the amount of $525.
a. The adjusting entry for estimated credit losses on December 31: $6,350
b. The Lyons Company’s account on April 10 of the following year in the amount of $525.
a. The adjusting entry for estimated credit losses on December 31 would be as follows:
Debit: Allowance for Doubtful Accounts $25,570
Credit: Accounts Receivable 25,570
0–30 days past due $180,000 x 1% = $1,800
31–60 days past due 40,000 x 3% = 1,200
61–120 days past due 22,000 x 5% = 1,100
121–180 days past due 14,000 x 10% = 1,400
Over 180 days past due 8,000 x 25% = 2,000
Total Estimated Uncollectible Accounts = $7,500
$7,500 - $1,150 (existing credit balance) = $6,350
b. The journal entry to write off the Lyons Company’s account on April 10 of the following year in the amount of $525:
Debit: Allowance for Doubtful Accounts $525
Credit: Accounts Receivable 525
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