In cash accounting, because a check received is considered a cash equivalent, and a cash basis taxpayer must recognize the income when the check is received. Therefore, the employee should recognize the income on December 29, 2022, the date when she received the check.
What does the term "cash accounting" actually mean?Earnings are only recorded when they are received under cash basis accounting. Income from credit accounts is not included in cash basis accounting until it is reflected in the company's account. Instead of when they are incurred, business expenses are recorded when they are paid.
What do types and money mean?Cash is defined as money that is in the form of currency, such as coins, banknotes, and currency notes. Demand deposit accounts allow money to be withdrawn at any time without notifying the institution. Demand deposit accounts include checking and savings accounts.
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MIT economist Jerry Housman has estimated the price elasticity of demand for Post Raisin Bran cereal to be -2.5 and the price elasticity of demand for all types of breakfast cereals to be -0.9. The demand for Post Raisin Brand cereal is elastic / inelastic and the demand for all types of breakfast cereals is inelastic/elastic.
If the resulting elasticity value is greater than 1, the product is elastic. If the value is less than 1, the product is inelastic.
Elasticity refers to how sensitive the quantity of a product demanded is to changes in its price. A product is considered elastic if a small change in price leads to a significant change in the quantity demanded, while a product is considered inelastic if a change in price has little effect on the quantity demanded.
Now, let's apply this concept to Post Raisin Bran cereal and all types of breakfast cereals. According to MIT economist Jerry Housman, the price elasticity of demand for Post Raisin Bran cereal is -2.5. This means that a 1% increase in the price of Post Raisin Bran cereal would lead to a 2.5% decrease in the quantity of cereal demanded. Therefore, the demand for Post Raisin Bran cereal is elastic.
On the other hand, the price elasticity of demand for all types of breakfast cereals is -0.9. This means that a 1% increase in the price of all types of breakfast cereals would lead to a 0.9% decrease in the quantity of cereal demanded. Therefore, the demand for all types of breakfast cereals is inelastic.
In mathematical terms, elasticity can be calculated using the following formula:
Elasticity = (Percent change in quantity demanded) / (Percent change in price)
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The menus covered under the Profile Menu areanswer choicesMy Profile, Settings, Tools, and CommentsComments, Security, Privacy, and SettingsMy Profile, Account Settings, Security, and PrivacyAccount Settings, Privacy, Blocked Sites, and Plugins
The menus covered under the Profile Menu are:
My Profile, Account Settings, Security, and Privacy
What is a Profile Menu?The name (or nickname) and profile picture of a user are displayed in the User Profile Menu component. Additionally, it shows a dropdown from which users can access their profile, open a case, access their location and email notification settings, and log out. Additionally, external users have access to and control over their accounts. A Login button appears in the header if the user is not currently logged in.
Each template has a built-in default user profile menu that can be altered as necessary. For the B2B Store template, for instance, the link that customers click to view their account record displays account information on the My Account page. Information from external user accounts is displayed in the generic Record Detail page for all other templates.
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Complete question:
The menus covered under the Profile Menu are
My Profile, Settings, Tools, and CommentsComments, Security, Privacy, and SettingsMy Profile, Account Settings, Security, and PrivacyAccount Settings, Privacy, Blocked Sites, and Pluginsaccording to the article, what interesting differences did the author notice about the prices on his phone versus the prices on his laptop?
The pricing on the author's phone were less expensive than those on the author's laptop because of personalization, as all of the author's information would be in the app, and only costs would be determined by that.
Price discrimination occurs when businesses charge different amounts to certain consumer groups in an effort to increase their profits. For instance, a business might demand a high price for a certain product while giving information the same thing to consumers with lesser incomes or students at a cheaper price. Product differentiation is the method used to set one firm's products and services apart from those of another company.
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The Treaty of Maastricht and the Treaty of Lisbon were indications of within the European Union Multiple Choice a harmonized trade system - greater political union less economic structure increased sovereignty for member countries a shift toward common external policies
The Treaty of Maastricht and the Treaty of Lisbon were signs of a wider political union of the European Union, less of an economic structure.
The Europeans who demanded the highest rates from the rest of Europe for products imported from Asia were the Venetians. Because of its historical importance, UNESCO declared this city a World Heritage Site. Venice, which was established in the fifth century and has a prime position, has progressively risen to importance in Europe. They placed a lot of focus on navigation, which aided in its development as the city with the greatest commercial significance. Due to Venice's close economic relations with China and India, merchants were able to import items from Asia and resell them to the rest of Europe for considerably higher prices.
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This tax would be less effective in reducing the quantity of gasoline consumed if the demand for gasoline were ___ elastic.
This tax would be less effective in reducing the quantity of gasoline consumed if the demand for gasoline were relatively inelastic.
What is relatively inelastic?A quantity's elastic response to a change in another variable is referred to as elasticity. It gauges how responsively the quantity demanded is to a change in price in the situation of demand elasticity. Demand is said to be moderately inelastic if a change in price only slightly alters the quantity desired. This indicates that customers are less price sensitive and are likely to keep buying the same amount of gasoline, even if the price rises as a result of a tax. The demand is said to be relatively elastic, however, if a change in price results in a relatively big change in the amount required.
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For a retail firm that sells clothing, which of the following would be considered part of the cost of goods sold?
Select one:
A. freight
B. price paid for dresses to be sold
C. wages paid to sales clerks
D. A and B above
E. all of the above
B. price paid for dresses to be sold. The cost of goods sold for a clothes retailer comprises all direct charges involved with the manufacturing or purchase of the products being sold.
This usually comprises the cost of the goods to be sold, any freight or shipment fees, and any additional expenses made directly as part of the manufacturing or acquisition process. It excludes ordinary running expenditures such as salary for sales clerks and other workers. By incorporating these direct expenditures in the cost of products sold, the company may correctly calculate its gross profit and net profit margins, which are essential profitability measures. The cost of goods sold for a clothes retailer comprises all direct charges involved with the manufacturing or purchase of the products being sold.
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A sunscreen company sends out a press release about its limited-edition products which benefit a nonprofit for skin cancer. Which of the following is the best way for the sunscreen company to measure the impact the public relations message had on attitudes toward the company? X Performing a content analysis of the message Examining discussions about the campaign on social media forums Asking consumers for relevant feedback after the campaign Measuring attitude levels before and after the campaign Counting the number of media exposures
The easiest way for the sunscreen company to gauge how the public relations message affected perceptions of the business is as follows: the evaluation of attitudes both before and after the campaign.
How can you evaluate a person's attitude?The most popular method for gauging sentiments is this one. In an attitude study, the researchers hand out a questionnaire or conduct a series of phone interviews. By responding to a series of questions, a respondent reveals his or her attitude. These inquiries could be open-ended or closed-ended.
What four different attitude scales are there?Normative Scale. The simplest attitude measurement scale used in marketing research is the ordinal scale, Temporal Scale, Scale of ratios.
The easiest way for the sunscreen company to gauge how the public relations message affected perceptions of the business is as follows: the evaluation of attitudes both before and after the campaign.
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Collaborative Planning, Forecasting, and Replenishment (CPFR) is a web-based tool used to coordinate demand forecasting, production and purchase planning, and inventory replenishment between supply chain trading partners. In practice CPFR often doesn't deliver on its' promise because;
1) Computer systems at supplier companies cannot be made to work with each other.
2) Forecast errors accumulate as data exchanges are made down the supply chain culminating in the "feast or famine" phenomena known as the "bullwhip effect."
3) Firms in a supply chain may not trust each other sufficiently to share information openly.
4) conflicting objectives between the profit-maximizing vendor and the cost-minimizing customer give rise to adversarial supply chain relationships.
In practice, CPFR often doesn't deliver on its' promise because 3) firms in a supply chain may not trust each other sufficiently to share information openly.
This is a common issue with CPFR implementation as it requires a high level of trust between trading partners to openly share sensitive information such as sales data and inventory levels.
Without trust, partners may be hesitant to share information and may not fully participate in the CPFR process, leading to limited benefits and a lack of collaboration.
To overcome this issue, companies must work to establish trust with their partners through open communication, clear expectations, and mutual benefits.
Building strong relationships with trading partners can help to increase transparency and willingness to share information, leading to more effective collaboration and better outcomes for all parties involved.
Additionally, implementing clear guidelines and standards for data exchange can help to alleviate concerns about data security and privacy.
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in which of the following settings would the use of project management techniques be least appropriate?
The application of project management techniques be least appropriate in Managing the operations at the local Wal-Mart. It is because wal-mart is an retailer that operates grocery stores.
In the term of business and economy, Project management generally can be defined as the process of leading the work of a team to achieve all project goals within the given constraints. The process leading of the work usually being described in project documentation. Project management is used from the beginning of the development process until it is being done. There are several aspects that included in the project management, such as scope, time, and budget.
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Ski Master Company pays weekly salaries of $7,700 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. If an amount box does not require an entry, leave it blank.
____ 2 _____ 3
____ 5 _____ 6
Inside the statement given, $4620 the amount box doesn't really require a contribution.
What is the definition of accounting?Accounting, which is frequently referred to as simply "accounting," is the procedure of gathering, analyzing, and disseminating financial and other data on companies and businesses. The several types of accounting include forensic accounting, management consulting, corporate accounting, and government accounting.
Some journal entries are also shown below:
The entries are displayed below: ($7,700 × 3 days ÷ 5 days)
To Wages payable $4620
(Become the accrued wages is reported) For recording this we deducted the wages expenditure as it raised accounting expenses as well as credited the earnings payable because it increased the liabilities.
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rem consulting is completing the accounting information processing at the end of the fiscal year, december 31. the following trial balances are available. (hint: one of the accounts was affected by two different adjusting entries). accounts unadjusted trial balance adjusted trial balance debit credit debit credit cash 13,000 13,000 accounts receivable 1,500 1,800 prepaid insurance 600 200 supplies 3,800 3,000 machines 30,000 30,000 accumulated depreciation 12,000 17,500 wages payable 900 unearned fees 6,700 6,500 common stock 24,000 24,000 dividends 4,800 4,800 fees earned 25,000 25,500 wages expense 14,000 14,900 depreciation expense 5,500 supplies expense 800 insurance expense 400 67,700 67,700 74,400 74,400 question content area a. reconstruct the adjusting entries of each transactions. if an amount box does not require an entry, leave it blank. blank - select - - select - - select - - select - accrued fees blank blank blank - select - - select - - select - - select - expired insurance blank blank blank - select - - select - - select - - select - supplies used blank blank blank - select - - select - - select - - select - record depreciation blank blank blank - select - - select - - select - - select - accrued wages blank blank blank - select - - select - - select - - select - revenue earned question content area b. what is the amount of net income? $fill in the blank da61b204d07cf80 1
The Net Income of the company will be $3900.
How to calculate the net incomeREM Consulting
Unadjusted Trial Balance Adjusted Trial Balance
Debit Credit Debit Credit
Cash 13,000 13,000
Accounts Receivable 1,500 1,800
Prepaid Insurance 600 200
Supplies 3,800 3,000
Machines 30,000 30,000
Acc. Depreciation 12,000 17,500
Wages Payable 900
Unearned Fees 6,700 6,500
Owner’s Capital 24,000 24,000
Owner’s Drawing 4,800 4,800
Fees Earned 25,000 25,500
Wages Expense 14,000 14,900
Depreciation Expense 5,500
Supplies Expense 800
Insurance Expense 400
Total 67,700 67,700 74,400 74,400
Adjusting Entries
SR. No Accounts Debit Credit
1) Accounts Receivable 300
Sales 300
As Sales increase so do the Accounts receivable.
2) Insurance Expense 400
Prepaid Insurance 400
Insurance expired by $400.
3) Supplies Expense 800
Supplies 800
Supplies used up by amount $800.
4) Depreciation Expense 5,500
Accumulated Depreciation 5,500
Depreciation Expense amounts to $ 5,500
5) Fees Earned 200
Unearned Fees 200
Provided Services for which payment had been collected,
6) Cash 500
Fees Earned 500
Received $500 for services provided.
7) Wages Payable 900
Cash 900
Paid wages payable to the employee.
REM Consulting
Net income
Fees Earned 25500
Wages Expense 14,900
Depreciation Expense 5,500
Supplies Expense 800
Insurance Expense 400
Net Income 3900
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The for major types of transactions that affect equity in a business are...
The 4 important styles of transactions that have an effect on equity in an enterprise are sales, prices, proprietor's withdrawals, and owner's investments.
In economics, a transaction refers to an exchange of goods, services, or financial assets between two parties. These parties can be individuals, firms, or governments. Transactions involve a transfer of ownership from one party to another, and they are a fundamental part of economic activity.
The two main types of transactions are cash and credit transactions. In a cash transaction, payment is made at the time of the exchange, while in a credit transaction, payment is deferred until a later date. Transactions can also be categorized as market transactions, where the exchange occurs in a marketplace, or non-market transactions, which occur outside the market, such as government transfers and charitable donations.
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What can be said about point E?
A. At point E there are unemployed resources in this economy
B. Point E is currently unattainable
C. Point E could be obtained if there was growth
D. both b and c are correct
E. In the overall scheme of the universe is there ever REALLY a point E? (hint this answer is incorrect)
Based on the provided graph, Point E represents a level of production beyond the current economy, which means that it currentlyunattainable.
The graph shows the production possibilities frontier (PPF), which is a model that demonstrates the different combinations of two goods that an economy can produce with its limited resources. The points on the PPF represent the maximum production levels of the two goods that an economy can achieve given its current resources and technology.Point E is located outside the PPF, which indicates that it is beyond the current capacity of the economy to produce. Therefore, statement B is correct. However, statement C is incorrect as it suggests that point E could be obtained through growth. Growth can shift the PPF outward, allowing the economy to produce more of both goods, but it cannot move the economy beyond its current PPF.Statement A is also incorrect because point E is beyond the current capacity of the economy, so there are no unemployed resources that can be used to produce the goods represented by point E.Thus, the correct answer is B, which states that point E is currently unattainable, while statement C is incorrect
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Amortization is the process of paying off loans by regularly reducing the ___.
An amortised loan payment first covers the interest cost for the period; any balance is applied to the principal balance. An amortisation loan's principal payment increases as the interest component of the payment decreases.
The process of dividing a fixed-rate loan into equal payments is known as loan amortisation. Each installment includes a portion for interest and a portion for the loan principal. Utilizing a loan amortisation calculator or table template will make calculating payments on an amortised loan the simplest process possible. Loan amortisation is the process of repaying a loan over time with consistent payments. Each loan payment typically includes a portion used to cover interest.
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for the first quarter of 2021, kabak industries paid a dividend of $500,000 to stockholders. the accountants at kabak should record this distribution on the____
for the first quarter of 2021, kabak industries paid a dividend of $500,000 to stockholders. the accountants at kabak should record this distribution on the retained earnings statement.
Stockholders, also known as shareholders, are individuals or entities that own shares or equity in a company. When someone invests in a company by buying stocks, they become a part-owner of that company and have a right to participate in certain decisions regarding the company's management and direction. Stockholders are entitled to a portion of the company's profits, paid out as dividends, and can potentially make a profit if the stock's value increases over time. However, stockholders also share in the company's risks and losses. Some stockholders may choose to be actively involved in the company's operations, while others may take a more passive role. The relationship between a company and its stockholders is an essential aspect of corporate governance, with legal and regulatory frameworks in place to ensure accountability and transparency.
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Valdez Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range.
Sales (6,000 units) $ 240,000
Variable expenses 180,000
Contribution margin 60,000
Fixed expenses 54,000
Net operating income $ 6,000
The break-even point in unit sales is?
The correct answer to the question is 5.400 units.
Step by step explanation
given information:
Sales of 6,000 units and $240,000Variable expense $180,000Contribution margin $60,000Fixed expenses $54,000Net Operating Income $6,000Sales price per units = $240,000 ÷ 6,000 = $40
Variable cost oer units = $180,000 ÷ 6,000 = $30
Break Event Point in Units = Fixed cost ÷ (sales price per unit - variable cost per unit)
BEP in Units = $54,000 ÷ ( $40 - $30)
= $54,000 ÷ $10
BEP in Units = 5400
The break even point in unit sales is 5.400 units.
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A perfectly competitive firm's short-run supply curve is: A) its marginal cost curve above its minimum average variable cost. B) the upward sloping portion of its average variable cost curve. C) the upward sloping portion of its marginal cost curve. D) its average total cost curve.
The short-run supply curve of a perfectly competitive firm is A) its marginal cost curve above its minimum average variable cost.
What is the short run supply curve for the firm with perfect competition?After the point where the MC curve and AVC (average variable cost) curve intersect and the AVC is at its minimum, the short-run supply (SS) curve of a perfectly competitive (PC) company is the MC (marginal cost) curve.
Why does a firm with perfect competition have an upward-sloping short-run supply curve?It is accurate because a firm will experience a short-term decline in marginal return if it increases both fixed and variable inputs into the production process. The slope of the supply curve is rising as production rises, however at a falling rate as a result of the excessive rise in variable inputs.
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Consider the entire U.S. economy If there is widespread technological progress seen in the production of goods, which of the following will occur ___
A. Prices will increase and the quantity sold vwill decrease B. Prices will decrease and the quantity sold will decrease.
C. Prices will decrease and the quantity sold will increase D. Prices will increase and the quantity sold will increase.
If there is widespread technological progress seen in the production of goods, prices will decrease and the quantity sold will increase will take place.
Option C is correct.
What Is Equilibrium Economic?A situation or state in which economic forces are in balance is called economic equilibrium. In reality, in the absence of external influences, economic variables maintain their equilibrium values. Market equilibrium is another name for economic equilibrium.
Since consumers only have a limited amount of money to spend on a product or service, higher prices result in a decrease in demand. On the other hand, as the product becomes more affordable, demand rises.
What is the connection between demand and price?According to the law of demand, a lower price results in a higher quantity demanded, while a higher price results in a lower quantity demanded. The relationship between price and quantity demanded can be summarized using tools like demand curves and demand schedules.
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Explain each of the following statements using supply-and-demand diagrams.
a. When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country.
b. When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.
c. When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls.
a. When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country.
In this scenario, the cold snap in Florida would cause a decrease in the supply of oranges, which would shift the supply curve to the left. This decrease in supply would cause the equilibrium price of orange juice to rise,
What is the supply-and-demand about?b. When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.
In this scenario, the warm weather in New England would cause an increase in demand for travel to Caribbean resorts, which would shift the demand curve to the right. This increase in demand would cause the equilibrium price of hotel rooms to rise.Lastly, c. When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls.
In this scenario, the war in the Middle East would cause a decrease in the supply of oil, which would shift the supply curve to the left. This decrease in supply would cause the equilibrium price of gasoline to rise.Learn more about supply-and-demand from
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Which of the following will cause the demand curve for a normal good to shift to the right?
A. An increase in the price of a complementary good
B. A decrease in income
C. A decrease in the price of the good
D. An increase in the price of a substitute good
An increase in price of complementary good will cause demand curve for normal good to shift to the right.
What are complementary goods?Complementary goods are those products that are consumed or used together. These goods are interdependent, meaning that an increase in the demand for one of the products leads to an increase in the demand for the other. For example, peanut butter and jelly are complementary goods since they are often used together in making a sandwich. A rise in the demand for peanut butter results in an increase in the demand for jelly. Similarly, cars and gasoline are complementary goods since a car requires fuel to run. An increase in the demand for cars will lead to an increase in the demand for gasoline, and vice versa. Complementary goods are important in understanding consumer behavior and can impact pricing strategies and marketing efforts. Companies can benefit from identifying complementary goods to develop bundled products or cross-selling opportunities.
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fill in the blank. a classified balance sheet ___. multiple choice question. shows only current assets and current liabilities contains confidential information groups asset and liabilities into current and long-term categories shows changes in assets, liabilities, revenues and expenses
A classified balance sheet groups asset and liabilities into current and long-term categories.
What is a Balance Sheet?A balance sheet is a type of financial statement that shows the state of a company's finances at a certain moment in time. It outlines the relationships between the assets, liabilities, and equity of a corporation. A company's resources, such as cash, inventory, and real estate, are considered its assets. A company's liabilities are debts it owes to other parties, including loans or accounts payable.
When obligations are deducted, a company's equity is the remaining worth of its assets. The balance sheet is a crucial tool for financial management and decision-making since it aids analysts and investors in determining a company's liquidity, solvency, and overall financial health.
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a. If price increases by 10 percent and quantity demanded decreases by 15 percent, demand is (click to select) . b. If price decreases by 10 percent and quantity demanded increases by 5 percent, demand is (click to select) .
If the price increases by 10 percent and the quantity demanded decreases by 15 percent, demand is generally considered to be inelastic.
What is elastic vs inelastic?An elastic demand is one with a large change in quantity demanded as a result of a price change. Inelastic demand occurs when the change in quantity demanded as a result of a price change is small.
Demand is said to be inelastic when the percentage change in quantity demanded is proportionally less than the percentage change in price. In this case, the 10 percent increase in price resulted in a 15 percent decrease in quantity demanded, indicating that the change in quantity demanded is greater than the change in price.
This suggests that the demand for the product is relatively insensitive to changes in price, and therefore, it is considered to be inelastic.
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the covered entity must provide an npp upon the first service delivery, which may or may not be in person
The Notice Privacy Practices must be given and inform by Covered entities at first contact with the patient. It is because the NPP is used by a customer to decide whether to enter into the relationship.
In the term of business and economy, The NPP also can be called as Notice Privacy Practices. The Notice Privacy Practices generally can be defined as a document that tells our patients, employees, or clients how their health information may be used and shared and lists their health privacy rights related to Protected Health Information (PHI). The Notice Privacy Practices is a part of the HIPAA Privacy Rule and a key requirement for your organization.
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Graph: Production Possibilities Frontier.
On the same graph, draw two PPFs: one for Maine and one for Louisiana. Assume Maine can produce 10 pounds of shrimp or 90 pounds of lobster. Louisiana can produce 100 pounds of shrimp or 20 pounds of lobster. For both states, points in between these limits are possible. Show how the total production of shrimp and lobster could be greater with specialization than with self-sufficiency. Assume that the states trade 25 pounds of shrimp for 25 pounds of lobster. Demonstrate the gains from trade with points on your graph.
Draw your own graph on a piece of paper (don't download a graph from the internet).
Clearly label all axes and lines. Provide all necessary details.
A producer has an absolute advantage over its rivals when it can create a good or service in a higher volume for the same price, or in the same volume at a cheaper price.
Absolute advantage is the ability of a individual, business, area, or nation to produce more of a product or product per unit of time using the same quantity of resources than its rivals, or to contain a large amount of a commodity or service per period of time using less inputs. Adam Smith's book introduced the idea of absolute advantage to explain whether nations might profit from trade by specialized in producing and exporting the things that they can produce most profitably than other nations. Absolute winners can choose to focus on creating and marketing a particular commodity or service, and then use the money they make to buy goods and services from these other nations.
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Which of the following processes would operations management systems software be used for in a manufacturing firm?
Multiple Choice
informing customers of current sales and promotions
creating bedroom furniture from lumber
managing the schedules and shifts of all factory workers
ordering the lumber needed to manufacture furniture
The following process operations management systems software would be used for in a manufacturing firm is creating bedroom furniture from lumber.
What is an operations management software?Operations Management Soft-ware is a digital tool that businesses use to stream-line processes, implement work-flow management, and en-sure operational efficiency across all depart-ments in the organization. Operations manage-ment software is a broad term as it can help a busi-ness with anything from business process management to manufacturing auto-mation.
Operations management soft-ware provides businesses with the tools to super-vise management processes, optimize performa-nce, and oversee operations. Operations management tools are the software and hard-ware used to manage the day-to-day operations of a busi-ness.
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Question: You've Been Hired By ABC Company To Review Several Transactions That Were Omitted As Adjusting Entries At December 31, 2015 As The Bookkeeper Was New And Uncertain On How To Record Them. For Each Of The Transactions Listed Below, Record The Appropriate AJE That Would Have Been Required At December 31st. Transactions:
You've been hired by ABC Company to review several transactions that were omitted as Adjusting Entries at December 31, 2015 as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE that would have been required at December 31st.
Transactions:
A. On September 1, 2015, ABC received a $15,000 advance payment from a customer for services to be performed evenly over the next 15 months. The original entry was credited to a real account.
B. On March 1, 2015, ABC paid $12,720 for a four-year insurance policy. ABC debited a nominal account at that time.
For your account titles, choose from:
Service Revenue
Unearned Revenue
Insurance Expense
Prepaid Insurance
The journal entry will be unearned revenue will be debited $3000 and service revenue will be credited with $3000. as it was performed evenly over the next 15 months
On March 1, 2015, ABC paid $12,720 for a four-year insurance policy. ABC debited a nominal account at that time.The expected journal entry for the same will be Insurance expense debited with an amount of $1590 and prepaid insurance credited with an amount of $1590.
What is a journal entry?In an organization's accounting system, a journal entry serves as a record of a business transaction. Journal entries serve as the cornerstone of the centuries-old double-entry accounting process.
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The guidelines regarding brokerage employees opening personal accounts with other brokerage firms do not apply if the transactions in the account involve which of the following securities?
mutual funds, unit investment trusts, variable contracts, or 529 plans
The guidelines regarding brokerage employees opening personal accounts with other brokerage firms do not apply if the transactions in the account involve the listed securities:
Mutual funds.Unit investment trusts.Variable contracts. 529 plans.This is because these securities are considered "packaged" investments, which are designed for retail investors and are generally not actively traded. Unlike individual stocks or bonds, the performance of these securities is primarily determined by the overall market.
As a result, there is less potential for conflicts of interest when a brokerage employee opens a personal account that includes these packaged securities, as the employee is unlikely to have any influence over the performance of the underlying investments.
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A client is risk averse and is planning on retiring in 16 years. The client is rolling over $100,000 from his 401(k) plan, all of which is currently invested in his former employer's stock. As the client's investment adviser, which of the following would you recommend?
A)Keeping the money in the employer's stock. B)AAA rated zero-coupon bonds maturing in 16 years. C)Highly rated preferred stocks paying liberal dividends. D)Laddering US Treasury bills.
Option (D) 50% are held in a high-quality bond portfolio, and 50% are held in an S&P 500 index fund.
Which investing strategy would be best for a client looking to preserve cash while also earning current income?The goal of the investment strategy known as fixed income is to preserve both capital and income. Bonds issued by governments and corporations, CDs, and money market funds are typical investments included. Less risky than stocks, fixed income can provide a consistent stream of income.
Which investment ought a financial advisor to suggest to a business client whose goal is present income with minimal risk?Although large capitalization equities are typically less volatile than small-cap stocks and offer long-term capital growth, large-cap growth funds are the best option for clients who are willing to take on a moderate amount of risk.
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Based on the theories of Smith, Ricardo, and Heckscher-Ohlin, in a country with access to cheap labor, productive land, and diverse plant life, it makes sense to _____ agricultural goods
According to the theories of Smith, Ricardo, and Heckscher-Ohlin, it makes sense to export agricultural products in a nation where there is availability to inexpensive labor, productive land, and a variety of plant life.
What is mentioned about the benefits of trade according to the Heckscher-Ohlin theory?The Heckscher-Ohlin hypothesis states that trade enables specialization in each country. In exchange for the product that country is better fitted to manufacture, each nation exports the product that it is best able to produce.
How exactly does the Heckscher-Ohlin theory work, and is it valid?So, according to the Heckscher-Ohlin theory, Luxembourg will trade capital-intensive goods for labor-intensive goods with India. Even if it makes sense, the Heckscher-Ohlin theory does not necessarily correspond to actual international trade patterns.
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You are an owner of a restaurant. In an attempt to increase sales, you have lowered prices by 10%. Which of the following is a NOT consequence of this price change?
a. The demand for restaurant meals will not change
b. The supply of restaurant meals will increase
c. The quantity supplied of restaurant meals will decrease
d. Demand for meals at home will decrease
Option (b), It is NOT a result of this pricing shift that the availability of restaurant meals will rise.
Which restaurant pricing strategy is the most successful?Cost-plus pricing is one of the pricing strategies that is most frequently employed nowadays. This method, which is also very easy to use, will be used to determine how much to charge for your food items. Simply add the necessary profit margins to the sum of all expenses related to creating a dish.
What happens to demand when prices increase?The term used by economists to describe the Law of Demand. As a product's price increases, less people want it (but demand itself stays the same). When the price falls, more is being demanded.
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