The given statement "project managers confide that a useful strategy for gaining the cooperation of professionals in other departments/ organizations is figuring out how to make these people look good to their" is true because project managers often find that a useful strategy for gaining the cooperation of professionals in other departments/organizations is to figure out how to make these people look good to their superiors or stakeholders.
By understanding the goals and priorities of other departments and individuals involved in the project, project managers can identify ways to collaborate and create win-win situations that benefit everyone involved. When professionals are recognized for their contributions and achievements, they are more likely to be motivated and engaged in the project, which can lead to a more successful outcome.
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True or False: How accounting transactions are recorded will vary depending on the entity perspective taken. This statement is
Accounting transactions recorded will vary depending on the entity perspective taken - True.
This statement is - true because accounting transactions can be recorded differently depending on the entity perspective taken.
For example, in accrual accounting, the transaction is recorded when the obligation is incurred and not when the cash is paid or received.
This means that an obligation to pay or receive money can be recorded before the transaction actually takes place.
Additionally, the recording of a transaction can also depend on the type of entity involved.
For example, a transaction between two different companies would be recorded differently than one between a company and its shareholder.
Thus, the way accounting transactions are recorded will vary depending on the entity perspective taken.
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On March 1, 2021, Beldon Corporation purchased land as a factory site for $71,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building $ 9,500 Architect’s fees (for new building) 10,000 Legal fees for title investigation of land 7,500 Property taxes on land (for period beginning March 1, 2021) 4,100 Construction costs 610,000 Interest on construction loan 10,500 Salvaged materials resulting from the demolition of the old building were sold for $3,100. Required:Determine the amounts that Beldon should capitalize as the cost of the land and the new building?
The property and new structure that Beldon will capitalise will cost $82,600 and $627,400, respectively. Beldon should capitalise $627,400 for the cost of the new structure and $82,600 for the cost of the land.
The cost of the property should include the $71,000 purchase price, $7,500 in legal costs for a title inquiry, and $4,100 in property taxes. The land therefore costs $82,600.
The price of the new structure should take into account design fees of $10,000, construction loan interest of $10,500, and construction expenses of $610,000. $630,500 was spent overall throughout the building phase. The whole price should be deducted from the $3,100 that the firm made from the sale of salvaged items. The new structure will thus cost $627,400.
In conclusion, Beldon should capitalise $627,400 for the cost of the new structure and $82,600 for the cost of the land.
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In 2020, Ryan files as head of household and has taxable income of $75,673. None of his taxable income consists of capital gains or qualified dividends. His tax liability rounded to the nearest dollar totals $_____ (use the tax rate schedules).
Ryan's tax liability rounded to the nearest dollar totals $9,235.
To calculate Ryan's tax liability, we need to use the tax rate schedules for the year 2020, which is the latest year for which data is available. Based on the information given, Ryan files as head of household and has a taxable income of $75,673. We can calculate his tax liability using the following steps:
Determine Ryan's taxable income by subtracting the standard deduction for head of household ($18,650) from his adjusted gross income ($75,673 - $18,650 = $57,023).
Find the tax bracket that Ryan falls under. Based on his taxable income, he falls in the 22% tax bracket. Calculate the tax liability by applying the tax rate to the taxable income. The tax liability is the sum of the tax on the lower brackets plus the tax on the current bracket. For Ryan, the tax liability would be $9,235.
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Which of the following is an example (or are examples) of a sunk cost in a capital budgeting analysis? (Read all alternatives prior to answering)
A. The amount paid for a building you currently own and intend to utilize for a project
B. The current market value of a building you own and intend to utilize for a project
C. The Increase in inventory required to begin a new project
D. The price of a consultant's report that has not yet been paid, but will be paid regardless of whether the project is accepted or rejected
E. Both of the other responses regarding the amount paid for a building you own AND the price of consultant's report that will be paid regardless, are examples of sunk costs
In a capital budgeting analysis, a sunk cost refers to a cost that has already been incurred and cannot be recovered. Therefore, the correct answer would be option E, both of the other responses regarding the amount paid for a building you own AND the price of consultant's report that will be paid regardless, are examples of sunk costs.
The amount paid for a building you currently own (option A) is a sunk cost because it has already been paid and cannot be recovered. Similarly, the price of a consultant's report that has not yet been paid, but will be paid regardless of whether the project is accepted or rejected (option D) is also a sunk cost because it will be incurred regardless of the decision made about the project. On the other hand, the current market value of a building you own (option B) and the increase in inventory required to begin a new project (option C) are not sunk costs because they are not costs that have already been incurred and cannot be recovered. Therefore, the correct answer is option E, both of the other responses regarding the amount paid for a building you own AND the price of consultant's report that will be paid regardless, are examples of sunk costs.
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There is a 60% chance of getting Stuck in traffic when leaving the city. On two separate days, what is the probability that you will get stuck Pos traffic both days? A. 1.20 B. .60 C. .36D. .30
Because there is a 60% possibility of becoming delayed in traffic, P. F.S. will likewise be 0.6. As a result, 0.6 times 0.6 equals 0.36. Therefore, 0.36 is necessary as the possibility that you will be stuck in traffic on both days.
How would you describe the traffic jam I'm in?These are both valid sentences. When compared to "I got stuck in traffic," "I was stuck in traffic" sounds like you were caught up in it at the time.
When you're snarled in traffic, what do you do?When You're Stuck in Traffic, Here Are 9 Things to Do
Demonstrate your skills in Karaoke.
Play the game of shortened licence plate letters.
Bring a smile to the face(s) of the passenger(s) sitting next to you.
a different approach
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Which of the following statements is true about equity returns, as represented by the S&P 500 from 1928 - 2016?
a. The historical 1-year returns for the S&P 500 have ranged from approximately 52% to -44%.
b. The lowest 20-year average return for this time period was positive.
c. Both a and b are true
d. Both a and b are false
c. The equity returns that the S&P 500 during 1928 to 2016 are untrue for both a and b.
What is a example of equity?Equity can be applied to a single commodity, such a piece of real estate, or to a company by deducting liabilities from assets. An landowner has $100,000 in equity, for instance, if their home is worth $400,000 and they owe $300,000 on their mortgage.
What does equity mean financially?The sum of money the proprietor of an item would receive if they sold it and all associated debts were settled is known as equity. For illustration, if your property is worth $200,000 .
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Suppose that you just sold a property that has annual property taxes of $2,427.22. If the closing occurred on March 13, calculate your share (seller's share) of the total property taxes. For this problem assume that we are dealing with a 365-day calendar year. a. $482.26 b. $2,479.22 c. $1,996.96 d. $1990.17
The seller's share of the total property taxes is $478.8
What is the seller's share of the total property taxesTo calculate the seller's share of the annual property taxes, we need to determine how much of the year they owned the property. Since the closing occurred on March 13, the seller owned the property for 72 days (from January 1 to March 13) and the buyer owned it for the remaining 293 days of the year.
To calculate the seller's share of the property taxes, we can use the following formula:
Seller's share = (annual property taxes / 365) x number of days the seller owned the property
Plugging in the given values, we get:
Seller's share = ($2,427.22 / 365) x 72
Seller's share = $6.65 x 72
Seller's share = $478.8
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The EU is an example of a trading bloc, or _______, that has a common external tariff
and no internal tariffs, and that coordinates laws to facilitate trade between member
countries.
A. strategic alliance
B. joint venture
C. common market
D. multinational export assistance center
Option C is correct. The EU is an example of a trading bloc, or Common market that has a common external tariff.
A political and economic union of 27 nations is known as the European Union (EU). The EU is one of the most potent trading blocs in the world and supports democratic values in all of its member states. The EU oversees the member nations' trade policies and negotiates deals on their behalf. In international trade discussions, the EU's collective voice has greater sway than that of any one member. The EU actively participates in trade agreement negotiations with nations or regional organisations. The European Union is a prime example of supranational governance, which strives to capitalise on the collaboration and coordination of numerous separate nations. The level of government varies.
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____: flour, which can be used to make many products, is used to make waffles and muffins because of the high demand for each product.
All-purpose flour, which can be used to make many products, is used to make waffles and muffins because of the high demand for each product. Items in high demand are those that are popular with consumers.
The quantity of sales required for a product to be deemed to be in "high demand" depends largely on your circumstances. Demand is typically measured in sales. Demand is influenced by a number of variables, such as how many people are interested in your product.
How much they are willing Demand to pay for it, and how much of your product is offered to customers by your business and your rivals. Mobile phones, consumer electronics, footwear, fast food, dietary supplements, beauty products, personal hygiene products, kitchenware, home décor, and other items are also in high demand from online shoppers.
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hat is the main difference between fixed inputs and variable inputs? 3. Explain the law of variable proportions. 4. Which stage of short run production is efficient? Why? 5. Show the relationship between short-run MC and MPL both mathematically and graphically. 6. Can accounting cost be greater economic cost? Explain. 7. The short run AVC, AC and MC are all U-shaped. Why? 8. Explain briefly the following concepts. A) Utility B) Indifference curve C) Law of diminishing marginal utility D) Budget line E) Consumer preference F) Marginal rate of substitution 9. What is the basic difference between cardinal and ordinal approaches of utility? 10. Elaborate the justifications for the negative slope and convexity of indifference curve. 11. A person has $100 to spend on two goods X and Y whose respective prices are $3 and $5. A. Draw the budget line. B. What happens to the original budget line if the budget falls by 25%?
Fixed inputs are inputs that cannot be changed in the short run, such as the size of a factory or the level of technology used. Variable inputs are inputs that can be changed in the short run, such as the number of workers or the amount of raw materials used.
The law of variable proportions states that as more of a variable input is added to a fixed input, the marginal product of the variable input will eventually decrease.
How to explain the termsThe most efficient stage of short run production is when the marginal cost (MC) is equal to the marginal revenue (MR). This is because when MC = MR, the firm is producing at the maximum level of profit.
Mathematically, the relationship between short-run marginal cost (MC) and marginal physical product (MPP) can be represented as MC = d(AC)/d(Q), where AC is the average cost and Q is the level of output. Graphically, this relationship can be depicted as a downward sloping MC curve intersecting an upward sloping MPP curve at the efficient level of production.
Accounting cost is the cost incurred by a firm in its financial records, while economic cost is the opportunity cost of using a resource in its next best alternative use. Accounting cost can be greater than economic cost because it does not account for opportunity costs.
The short-run average variable cost (AVC), average cost (AC), and marginal cost (MC) are U-shaped because as output increases, the average cost of each additional unit decreases, reaching a minimum point and then increasing as production becomes more inefficient.
A) Utility refers to the satisfaction or happiness that a consumer derives from consuming a good or service. B) An indifference curve is a graph that shows the different combinations of two goods that give a consumer the same level of utility. C) The law of diminishing marginal utility states that as a consumer consumes more of a good, the marginal utility derived from each additional unit will decrease. D) A budget line shows the different combinations of two goods that a consumer can afford to purchase, given their income and the prices of the goods. E) Consumer preference refers to the choices a consumer makes among different goods or services based on their tastes and preferences. F) The marginal rate of substitution is the rate at which a consumer is willing to trade one good for another, while still maintaining the same level of utility.
The cardinal approach of utility assigns numerical values to the utility derived from consuming different goods, while the ordinal approach ranks the utility derived from consuming different goods in order, but does not assign numerical values.
The negative slope of the indifference curve represents the law of diminishing marginal utility, where as a consumer consumes more of one good, the utility derived from each additional unit will decrease. The convexity of the indifference curve represents the fact that a consumer is willing to trade one good for another at a decreasing rate as they consume more of one good.
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Originally, Pitt Fitness had all their data in one large Excel spreadsheet. Suppose you were hired to help Pitt Fitness create a database to replace the spreadsheet. Outline the major steps you would perform to create a normalized database from the data in the spreadsheet.Assume that you designed the field LengthOfTime in the Classes table in the Pitt Fitness database. The LengthOfTime field has data such as 60 minutes, 30 minutes, 1 hour, and 15 minutes. Is this the correct way to record this data? If not, what would be a better method?Suppose Pitt Fitness offered personal fitness training and the Customers table were designed as follows:Customers (CustomerID, LastName, FirstName, StreetAddress, City, State, ZipCode, EmailAddress, PhoneNumber, BirthDate, InstructorID)This design reflects that instructors also work as personal trainers. Which of the following fields is functionally dependent on InstructorID?a. LastNameb. EmailAddressc. BirthDated. None of the fields in the table is functionally dependent on InstructorID.Is InstructorLastName a candidate key along with InstructorID in the Instructors table?Yes, InstructorLastName could be used as a key field because no one instructor has the same last name.No, InstructorLastName could not be a key field because an instructor might join the team with the same lastname as another instructor, such as a sibling.Yes, InstructorLastName could be used as a key field as long as it was spelled correctly.Yes, InstructorLastName could be used along with InstructorFirstName as a compound key field.
To create a normalized database from the data in the Pitt Fitness spreadsheet, the major steps would include: 1 Analyze the data 2Create separate tables 3Define relationships 4Normalize the tables 5Regarding the LengthOfTime .
Analyze the data in the spreadsheet and identify the different entities and relationships among them.
Create separate tables for each entity, with each table containing a primary key field and other attributes related to that entity.
Define relationships between the tables by adding foreign keys to the appropriate tables.
Normalize the tables to ensure that each table is in the appropriate normal form.
Regarding the LengthOfTime field in the Classes table, a better method to record this data would be to use a separate field for the time unit (e.g. minutes, hours) and a numerical field for the length of time.
In the Customers table, the EmailAddress field is functionally dependent on InstructorID. If each instructor has a unique email address, then the email address can be determined based on the instructor assigned to the customer.
InstructorLastName is not a candidate key along with InstructorID in the Instructors table because an instructor might join the team with the same last name as another instructor. Therefore, a combination of InstructorID and InstructorLastName could be used as a compound key field.
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josh announces a reward of $500 for his dog, ginger, that ran away from his house. josh spreads the word only by pinning up posters in his neighborhood. amanda, josh's colleague, sees ginger and brings her back to josh without ever seeing the poster. after returning the dog, amanda sees one of the reward posters and returns to claim the money. in the context of this scenario, which of the following statements is true?
Amanda is entitled to the money because fulfilling the required act in the poster indicates acceptance.
What are the requirements of a valid acceptance?Acceptance is a critical component in the formation of a binding agreement between two parties in contract law. It must meet the following criteria to be considered a valid acceptance: Acceptance must be communicated to the offeror through words, actions, or other means. Acceptance must be unconditional, which means it must be a clear and unequivocal expression of willingness to be bound by the terms of the offer. Any changes or modifications to the offer may be regarded as a counteroffer rather than a valid acceptance. Acceptance must be a "mirror image" of the offer, which means it must be an unqualified acceptance of all of the offer's terms and conditions. Acceptance must be properly addressed and transmitted.
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with a periodic estate lease, a landlord must remind tenants that their lease will___. O unset starred question O automatically expire O automatically renew O automatically terminate receive O an automatic increase
A landlord must inform tenants of the periodic estate lease's inevitable increase in rent.
An ongoing lease is what?An agreement with a definite term has a set duration (e.g. 6 months). A periodic agreement is one in which the fixed term has passed or there is no mention of a definite term. If a notice of termination is posted to your address, the landlord or agent must add an additional seven working days for delivery.
What guidelines apply to periodic tenancies?There is no expiry date for a periodic tenancy arrangement. It lasts until either the landlord or the tenant gives written notice to terminate it.
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it is critical that you keep the unique account number that you actually use to makeyour eft payment.T/F
The statement "it is critical that you keep the unique account number that you actually use to make your eft payment." is true. It is because the unique account number is used for schedule our visa interview appointment, so we have to keep it.
In the term of business and financial economy, Electronic funds transfer also can be called as EFT. EFT generally can be defined as the electronic transfer of money from one bank account to another. Electronic fund transfer can be used to transfer money either within a single financial institution or across multiple institutions. It is also can be used either via computer-based systems or without the direct intervention of bank staff.
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Suppose your friend tells you that the Bank of Montreal is offering a 30-year mortgage and your friend has converted the mortgage's rate to the equivalent EAR of 6.80%. If you plan to borrow $150,000, what will your monthly payment be?
$10,200 will be your monthly payment. The monthly premium is the amount paid each month to repay the loan over the term of the loan.
What are monthly payment principal and interest?Your mortgage payment is divided into two parts: principal and interest. The amount you borrow from a lender is referred to as your principal. The cost of borrowing that money is represented by interest. Property taxes and insurance may also be included in your monthly mortgage payment.
Given
Time =30 year
Rate = 6.8%
Amount =$150,000
Required to Calculate monthly payment =?
The Required calculation is shown in the file attached given below.
When you have a credit card balance, you must make monthly payments towards it. Each monthly payment must be made by a specific date specified by your credit card company. This is the due date for your payment.
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explain how poor finiacial literacy can effect your current and future carerrer aspirations
Poor financial literacy can affect a career in several ways. Financial literacy can help boost productivity and self-confidence. When we lack productivity, it can lead to sloppy work, and stress in the workplace.
What is financial literacy?Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. The meaning of financial literacy is the foundation of your relationship with money, and it is a lifelong journey of learning.
The earlier you start, the better off you will be because education is the key to success when it comes to money.
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as such, esp is group of answer choices logically impossible logically possible but physically impossible logically possible a necessary falsehood in violation of the law of non-contradiction
1. ESP is 3) logically possible 2.If x is logically possible it must also be: 1) Physically possible
What is ESP?Extrasensory perception, often known as ESP or sixth sense, is a purported paranormal talent for receiving information that is not obtained through the five recognised physical senses but is instead experienced with the mind. J. B. Rhine, a psychologist at Duke University, used the phrase to describe the transtemporal operation of psychic powers such as precognition and retrocognition as well as telepathy, psychometry, clairvoyance, clairaudience, and empathy.
ESP (extrasensory perception) is logically possible, but there is no empirical evidence to support its existence. Therefore, it is not a necessary falsehood in violation of the law of non-contradiction.
The proper question is "Question 1 (1 point) 3 ESP is 1) logically impossible - 2) logically possible but physically impossible 3) logically possible 4) a necessary falsehood 5) in violation of the law of non-contradiction Question 2 (1 point) If x is logically possible it must also be 1) Physically possible 2) Physically impossible 3) Based in evidence 4) Almost always physically possible 5) None of the above 1x (3 3 Presch EE 8"
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a company purchased a 12 month insurance policy on october 1 for $1,200. on the december 31 annual financial statements, . multiple choice question. $900 is reported as a expense and $300 is reported as an asset $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expense
Option (b), A business paid $1,200 on October 1 for a 12-month insurance contract. As of December 31, $300 is shown as an expenditure on the annual financial statements, while $900 is listed as an asset.
What specific type of insurance is that?In exchange for a small premium payment, the insured and the insurer enter into an insurance policy that binds them to pay the full amount of any damages suffered.
In terms of insurance, the insurance policy is a legally binding agreement between the insurer and the policyholder that outlines the different sorts of claims that the insurer is required by law to pay for. In exchange for an advance payment known as the premium, the insurer agrees to cover losses caused by risks specified in the policy language.
What accounting regulations are applicable to the insurance sector?Both the first premium payment and any additional premium payments are viewed as insurance costs. For the accounting period, the corporation's payment is shown as an expense.
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The complete question is:
a company purchased a 12 month insurance policy on October 1 for $1,200. on the December 31 annual financial statements, .
multiple choice question.
$900 is reported as a expense and $300 is reported as an asset $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expensemodern real estate brokerage normally relies on a multiple listing service (mls) through which brokers have access to each other's listings. which of the following types of agency agreements is established with the use of a mls?
The type of agency agreement that is established with the use of a MLS is a "cooperative brokerage agreement."
Modern real estate brokerage normally relies on a multiple listing service (MLS) through which brokers have access to each other's listings. The type of agency agreement that is established with the use of a MLS is a "cooperative brokerage agreement."
In a cooperative brokerage agreement, multiple brokers agree to share their listings with one another through the MLS. This allows for a wider range of properties to be available to potential buyers and allows for more efficient marketing of properties. The brokers involved in the agreement typically agree to split the commission from the sale of a property between the listing broker and the selling broker. This type of agreement is beneficial for both the brokers and the clients, as it provides a greater level of service and access to a wider range of properties.
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If an adjusting entry's credit is to a liability account, then the debit must be to ______.A. cash expenseB. prepaid expenseC. revenueD. expense
If an adjusting entry's credit is to a liability account, then the debit must be to expense. The correct option is D.
What are adjusting entries?Adjusting entries, also known as modifications to journal entries, are a means to make sure that the figures that have been entered correspond to the proper accounting periods.
It should be noted that if a credit in an adjustment entry is made to a liability account, then the debit must be made to an expense account because expenses are things that were spent money on.
Therefore, the correct option is D. expense.
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on january 1, year 1, tucker company leases equipment from franz inc. over three years of the equipment's five-year estimated useful life. franz acquired the asset for $431,213 and normally utilizes an 8% interest rate for these types of transactions. the present value of the lease payments is $357,710. the annual lease payment is $100,000; the first payment is due on january 1, year 1. tucker should recognize the second lease payment by debiting (round to the nearest whole dollar and select all that apply)
Tucker should debit "Leasing Expense" for $36,983 and "Lease Liability" for $63,017 to reflect the second lease payment.
What is recognition in accounting?Recognizing and documenting a financial transaction or event in a company's financial statements is known as recognition in the accounting world. In order to ensure that financial information is appropriately recorded and reported in the relevant period, recognition is a crucial stage in the accounting cycle. When an asset is bought, a liability is assumed, income is realised, or an expense is recorded, recognition can take place. The application of accounting rules and standards, which may change based on the type of the transaction and the industry in which the company works, is necessary for the recognition of financial transactions or occurrences. Maintaining accurate financial records and giving stakeholders a clear understanding of a company's financial performance depends on proper recognition.
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. a complete ban on trade with another country or a prohibition on trading specific types of products, services, or technology to another country (click to select) 2. a customs duty or tax levied mainly on imports (click to select) 3. the united states only allows a certain amount of aluminum sheet to come into the country from china (click to select)
A government, a collection of states, or an international organization frequently imposes an embargo as an economic sanction. Embargoes may restrict certain categories of trade, such as the importation of firearms, or all trade.
What does the import tax or tariff go by?When anything crosses international boundaries, a tariff, sometimes known as a customs duty, is levied, usually by the government of the importing country. The phrase "tariffs" refers to the customs charges levied on imported products. Tariffs boost government revenue while making locally manufactured goods more expensive than their imported counterparts.
Why do US import quotas exist?The number or quantity of various commodities that may be imported is governed by import quotas for a predetermined period of time. Quotas may be established by law, executive orders, or presidential proclamations.
Embargoes and sanctions are trade restrictions that forbid the export of specific products, services, or technology advancements to particular countries.Tariffs are an import-related tax or duty.The United States has import limitations that set a ceiling on how much aluminum sheet from China may be brought in.Learn more about customs duty: https://brainly.com/question/30103837
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Do women wait longer than men to receive their orders at coffee shops? This question was studied by an economics major at Middlebury College. [Source: Myers, C. K. (2007). Ladies first: A field study of discrimination in coffee shops. Middlebury College Economics Discussion Paper No. 07-11.] For a sample of customers, data were collected on the following variables: ·
Wait Time (in seconds) . Gender (0 = male, 1 = female) · Age Group (0 = less than 25, 1 = 26 to 40, 2 = over 40) . Order (0= regular, 1-fancy) · Appearance (ranked on a scale from 1 to 10) Recognizing the measurement scale of the data collected on each variable is important because the type of data dictates the appropriate data summary methods and statistical procedures. Which variable(s) in the data set are measured using a nominal scale? a. Gender and Order b. None of the variables c. Gender, Order, Age Group, and Appearance d. Age Group and Appearance
inequalities in gender in a coffee of Applied Social According to a research by a Middlebury College economics major women dolonger than males to obtain short term increase in energy and alertness.Coffee
Millions of people worldwide appreciate coffee as a beverage.and ground coffee beans, which are the seeds of the Coffea plant, are used to make it. beverage can also be cold or with ice.It is normally served hot Caffeine, astimulant included in coffee, can provide users short term increase in energy and alertness. Coffee has been linked to variety of possible health advantages, including a decreased risk of certain illnesses and ailments, in addition to its stimulating effects. There are several kinds and ways to make coffee to suit varied preferences.
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The following statement is true regarding inventory errors (overstating or understating ending Merchandise Inventory): a. Inventory errors will cancel out after two periods. b. Inventory errors will cancel out after three periods. c. Inventory errors never cancel out without manually being corrected. d. None of the above is correct.
The statement that is true regarding inventory errors (overstating or understating ending Merchandise Inventory): a. Inventory errors will cancel out after two periods.
What is inventory error?Inventory mistakes can result in an inaccurate ending inventory balance, which has an impact on the cost of goods sold and profitability. One should be aware of the different kinds of errors that can happen in an inventory system given the negative financial statement impact of inventory errors.
Errors in the balance sheet's ending inventory value result in comparable errors in the income statement's cost of goods sold for the relevant period for the company. Inventory and net income are undervalued when cost of goods sold is exaggerated.
Therefore, option A is correct.
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Two car dealerships have similar annual net sales. One car dealership has a gross profit rate of 52.6%, whereas the other car dealership has a gross profit rate of 23.7 percent. Which of the following explanations is the most likely reason for this difference?
A : The car dealership with a gross profit rate of 52.6% has lower inventory turnover, whereas the car dealership with a gross profit rate of 23.7% has higher inventory turnover.
B : The car dealership with a gross profit rate of 52.6% sells high-end sports and luxury vehicles, whereas the car dealership with a gross profit rate of 23.7% sells sedans and used vehicles.
C : The car dealership with a gross profit rate of 52.6% sells sedans and used vehicles, whereas the car dealership with a gross profit rate of 23.7% sells high-end sports and luxury vehicles.
D : The car dealership with a gross profit rate of 52.6% has higher inventory turnover, whereas the car dealership with a gross profit rate of 23.7% has lower inventory turnover.
The following explanations is the most likely reason for this difference: The car dealership with a gross profit rate of 52.6% sells high-end sports and luxury vehicles, whereas the car dealership with a gross profit rate of 23.7% sells sedans and used vehicles Thus option (B) is correct.
What is Gross Profit ?Gross profit is a financial metric that represents the difference between a company's revenue and the cost of goods sold (COGS).
It is a measure of the profitability of a company's core business operations, excluding other expenses such as overhead and taxes.
In the above case, the car dealership with a gross profit rate of 52.6% sells high-end sports and luxury vehicles, whereas the car dealership with a gross profit rate of 23.7% sells sedans and used vehicles is the most likely reason for this difference in gross profit rate.
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step-variable costs blank .multiple select question.may include total salaried employee expenseare generally treated as fixed costscan be adjusted quickly as conditions change
The answer is may include total salaried employee expense are generally treated as fixed costs, step-variable costs may include total salaried employee expense are generally treated as fixed costs.
A variable cost example is what?Costs that vary according on the volume are known as variable costs. The following are a few examples of variable expenses: raw materials, piece-rate labor, production supplies, commissions, delivery costs, packaging supplies, and credit card fees.
What Sets Fixed Costs Apart from Variable Costs?Fixed costs in accounting are outlays that are consistent across time regardless of the volume of outputs. Costs that vary inversely or directly with changes in the volume or degree of company activity are known as variable costs.
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fill in the blank. economies of scale___. exist when cost per unit increases with decrease in volume, are not more relevant in some industries than others, arise from the ability to spread fixed costs of production, produce cost advantages for smaller firms over larger firms
Economies of scale arise from the ability to spread fixed costs of production.
It refers to the phenomenon where the cost per unit decreases as the volume of production increases. In other words, as a company increases its production, it can spread its fixed costs over a larger number of units, resulting in a lower cost per unit.
This concept is not more relevant in some industries than others and is generally applicable to all types of industries. In fact, it is often a key consideration for companies looking to expand their production or enter new markets.
Economies of scale also provide a cost advantage for larger firms over smaller firms. Larger firms are able to achieve economies of scale more easily due to their larger size and ability to produce at a lower cost per unit. Smaller firms may find it difficult to compete with larger firms due to their higher cost structure and inability to achieve the same economies of scale.
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fill in the blank. economies of scale___.
exist when the cost per unit increases with a decrease in volumeare not more relevant in some industries than othersarise from the ability to spread fixed costs of productionproduce cost advantages for smaller firms over larger firmsIn year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8 per share. In year 3, Pride repurchased and immediately retired 1,000 shares of the stock at $6 per share. Which of the following entries would be required to retire the shares? Click the answer you think is right. Credit paid-in capital $7,000. Debit common stock $6,000 Debit paid-in capital in excess of par $7,000. Debit retained earnings $6,000. Credit common stock $6,000. Read about this Do you know the answer? Think so No idea Unsure I know it 57 items left
debit paid in capital in excess of par $7000,Paid in excess of par =($8-$1)*1000 shares =$7000,Journal entry for the transaction Date general journal debit credit Common stock $1*1000 $1000,Paid in capital in excess of par $7*1000 $7000,Paid in capital (we purchase) 2*1000,$2000,Cash $6*1000 $6000.
In the world of finance, stock (sometimes known as capital stock) refers to all of the shares that constitute a corporation's or company's ownership. [1] (The term "stocks," in particular American English, is frequently used to describe shares.) [1] [2] A single share of stock represents a fractional ownership interest in the company based on the total number of shares.Not all shares of stock are created equal, since some may be issued with improved voting rights, without voting rights, or both.
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Classify each of the following activities as unit level, batch level, product level, or facility level to indicate how each is incurred with respect to production Level Activity 1. Cleaning the production area 2. Counting inventory 3. Recolving shipments of peanuts 4. Designing new products 5. Paying insurance premium on factory building 6. Assembling smartphones 7. Reducing water usage 8. Calibrating cutting machines 9. Cutting metal places
The categorizations are as follows:
Cleaning the production area - Facility levelCounting inventory - Batch levelResolving shipments of peanuts - Unit levelDesigning new products - Product levelPaying insurance premium on factory building - Facility levelAssembling smartphones - Unit levelReducing water usage - Facility levelCalibrating cutting machines - Batch levelCutting metal plates - Unit levelWhat does it mean to pay insurance premium on factory building?Paying insurance premium on factory building means that a company is purchasing insurance to protect their factory building from potential risks such as fire, natural disasters, or theft. The insurance premium is the amount of money that the company pays to the insurance provider for the insurance coverage.
The cost of the premium may vary depending on the location of the factory, the level of coverage needed, and the company's claims history. By paying the insurance premium, the company is transferring the risk of potential damage or loss to the insurance company, which can provide financial protection in the event of unforeseen events.
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FILL IN THE BLANK fill in the blank. salaries already paid to employees for the month is a(n) ___account that appears on the ___.
Salaries already paid to employees for the month is a(n) expense account that appears on the income statement.
In the term of financial economic and accounting, An expense account generally can be defined as a funds paid to an employee, which are then used for travel and entertainment expenditures. Expense account funds may be paid in advance of the time when they are actually expended on company business, in which case the funds are referred to as an advance. There are several types of expense account, such as Cost of sales, utilities expense, discount allowed, cleaning expense, depreciation expense, delivery expense.
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