The false statement with regard to the schedule of cost of goods manufactured is option (a) The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor and manufacturing overhead.
Manufacturing is the process of converting raw materials into finished goods. To keep track of the costs involved in this process, companies create a schedule of cost of goods manufactured.
Out of the given statements, three are true, but one is false. The false statement is that "the schedule of cost of goods manufactured includes a calculation for raw materials used in production, which is embedded in the schedule."
The other three statements are true. The schedule of cost of goods manufactured summarizes the three elements of product costs, namely, direct materials, direct labor, and manufacturing overhead.
In conclusion, manufacturing companies need to keep track of the costs involved in the production process to determine the total cost of producing the finished goods.
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Airline passengers arrive randomly and independently at the passenger screening facility at a major international airport. The mean arrival rate is 6 passengers per minute.
What is the probability of no arrivals in a 1-minute period? If required, round your answer to six decimal places.
0.002479
What is the probability of 3 or fewer arrivals in a 1-minute period? If required, round your answer to six decimal places.
0.1512
What is the probability of no arrivals in a 12-second period? If required, round your answer to four decimal places.
0.1353
What is the probability of at least 1 arrival in a 12-second period? If required, round your answer to four decimal places.
The probability of at least 1 arrival in a 12-second period is 0.6988 or 69.88%.
To calculate the probability of at least 1 arrival in a 12-second period, we can use the Poisson distribution. The Poisson distribution is a probability distribution that describes the number of events that occur in a fixed interval of time or space, given the average rate of occurrence and assuming that events occur independently and randomly.
The mean arrival rate is given as 6 passengers per minute. To calculate the arrival rate in a 12-second period, we need to convert the time to minutes. There are 60 seconds in a minute, so 12 seconds is equivalent to 12/60 = 0.2 minutes. The arrival rate in a 12-second period is therefore 6 x 0.2 = 1.2 passengers.
Using the Poisson distribution, the probability of at least 1 arrival in a 12-second period is equal to 1 minus the probability of 0 arrivals in a 12-second period. The probability of 0 arrivals in a 12-second period can be calculated as follows:
P(0 arrivals) = (e^-λ * λ^0) / 0!
where λ is the arrival rate in a 12-second period, which is 1.2 passengers.
P(0 arrivals) = (e^-1.2 * 1.2^0) / 0! = e^-1.2 = 0.3012 (rounded to four decimal places)
Therefore, the probability of at least 1 arrival in a 12-second period is:
P(at least 1 arrival) = 1 - P(0 arrivals) = 1 - 0.3012 = 0.6988 (rounded to four decimal places)
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A certain bond was issued a few months ago, but since then the company that issued the bond has fallen on hard times, and investors perceive the bond to be riskier than it was when it was issued. We should expect that compared to when the bond was issued ________.
a. its price is now lower and its expected return is lower
b. its price is now higher and its expected return is higher
c. its price is now higher and its expected return is lower
d. its price is now lower and its expected return is higher
It is reasonable to assume that the bond's price has decreased since it was first issued and that its projected return has increased.
What does an increased estimated return mean?An estimate of the typical return that a portfolio of investments or a single investment should generate over a given time period is called the anticipated return. More predicted returns are often required for riskier investments to offset the increased risk.
Do you prefer high predicted returns?Most investors would view an average yearly rate of return of 10% or higher as a respectable ROI for long-term stock market investments.
What does it signify when the expected return is higher than the necessary return?It is meant to compensate the investor for the inherent risk of the transaction. If the expected return is less than or equal to the required rate of return, the investor won't make the investment. The needed rate of return may also be referred to as the hurdle rate of return.
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Chinggis Khan launched the Mongol invasions because of his need to find new pastures for their herds which were growing too quickly for available resources. desire to spread the Mongol religion of the sky god, Tengri, as a universalizing religion. wish to preempt the manufacture of silk cloth in order to break the Korean monopoly interest in finding the source of the Amur river to control its waters for farming.
A desire to spread tengri, the sky god worship of the Mongols, as a religion of universalism.
What are the four types of religion?Those following four religions account for more than 77% of the world's population each; 92% of people on the earth either follow any one of these four religions or choose not to identify as religious, leaving the other 9,000+ faiths with a total population of only 8%.
What religion was Jesus?Without a doubt, Jesus was a Jew. He was born to a Jewish mother in Galilee, a Jewish part of the world. Their closest associates, business partners, employees, and supporters were all Jews. He help many people synagogues, as we like to call Jewish communal worship services.
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Which of the following, in the context of contract formation, is not an accurate statement about fraud?
A. If a contract is based on
fraud, a mutual
understanding cannot exist.
B. Fraud requires a
misrepresentation of fact.
C. If fraud is committed, the
injured party can avoid the
contract and ask for
consideration to be
returned.
D. An injury must occur
because of one's party's
reliance on the fraud.
E. Intent is not one of the
most important elements
of fraud.
Option E. Intent is not one of the most important elements of fraud is not an accurate statement about fraud in the context of contract formation.
What is an intent?Intent generally refers to a mental state or a purpose to act in a certain way. It is the conscious decision or desire to perform a particular action or to achieve a specific outcome.
Intent can be a crucial element in various legal contexts, such as in criminal law, where a person's intent to commit a crime can determine the severity of the charges and the potential penalties. In contract law, intent may refer to the state of mind of the parties in entering into an agreement, particularly with regard to their understanding of the terms and their willingness to be bound by them
Intent is a crucial element of fraud, as it requires a deliberate and knowing misrepresentation or omission of fact with the intent to induce another party to enter into a contract. The other statements are accurate in the context of fraud in contract formation.
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Accounts Requiring AdjustmentIndicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry:a. Building YES/NOb. Cash YES/NOc. Interest Expense YES/NOd. Miscellaneous Expense YES/NOe. Common Stock YES/NOf. Prepaid Insurance YES/NO
The stock control system uses an actual count of the inventory to value it for financial reporting purposes at regular intervals.
With this form of accounting, beginning inventories are taken at the start of each shift, new stock items are added over the course of the period, and ending inventories are to determine the price of the goods sold, subtract (COGS). A corporation won't be aware of its unit product offers or COGS under the periodic inventory technique until the entire operation is finished. This strategy might be effective for a company with a small percentage of SKUs operating in a slow industry, but for all other companies, the permanent inventory management system is preferred for the following significant reasons: The periodic technique takes time and could produce stale data that is less useful for management.
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Which of the following must be specified when launching a new Amazon Elastic Compute Cloud (Amazon EC2) Windows instance? (Choose 2 answers)
A. The Amazon EC2 instance ID
B. Password for the administrator account
C. Amazon EC2 instance type
D. Amazon Machine Image (AMI)
The following must be specified when launch-ing a new Amazon Elastic Compute Cloud (Amazon EC2) Windows instance - C Amazon EC2 instance type and D. Amazon Machine Image.
The Amazon EC2 instance ID will be assign-ed by AWS as part of the launch process. The administrator pass-word is assigned by AWS and encrypt-ed via the public key. The instance ty-pe defines the virtual hard-ware and the AMI defines the initial software state. You must specify both up-on launch.
Amazon Elastic Compute Cloud (Ama-zon EC2) provides scal-able computing capacity in the Ama-zon Web Services (AWS) Cloud. Using Amazon EC2 eliminates your need to invest in hard-ware up front, so you can develop and deploy applications fast-er.
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The central element in the marketing mix is ________, the element around which all other marketing mix decisions revolve.
All other choices revolve on the product, which is the key component of the marketing mix.
How does the product fit into the marketing mix, and why is that important?The location of the product is one of the essential elements of the marketing mix that enables customer engagement and sales. The product is the exclusive focus of the marketing effort and represents the best value for the customer, together with pricing, location, and advertising.
Among the marketing mix's components, the product is the most crucial. The four Ps of the marketing mix—product, placement (distribution), pricing, and promotion—are crucial for the marketing manager to understand in order to create a comprehensive marketing strategy.
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Give an example of the fourth step of implementing controls, in a 5 step risk management process?
An example of the risk management process is evaluating risk control solutions for a summertime road march.
The process of discovering, monitoring, and controlling possible risks can be viewed as risk management. Although the fourth phase of risk control identifies heat stress as a hazard, this is done to lessen the potentially damaging effects that risk may have on an organization. Prioritizing risks, taking action against them, and keeping an eye on them are the three processes in the deployment of IT security management procedures. The goal of IT security management is to spot emerging security issues and take appropriate action. Through three processes, they manage information system risks. To ensure that risk management is carried out correctly, IT security management is put into place. It assesses the efficiency of security measures.
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Which of the following are components of price? (Select all that apply.) A. Time B. Energy C. Money D. Cultural imperialism. E. Ethical climate.
Price is made up of three factors: time, energy, and money.
What are the elements of the quizlet on the price-value equation?Customer-focused pricing emphasises the price-value relationship: Perceived Benefits - Perceived Costs equal value. The business can either raise perceived advantages or decrease perceived costs to increase value.
Which component of the marketing mix is in charge of telling customers what they can expect?Promotion. Consumers are to be convinced that they require this goods and that its price is reasonable through promotion. Public relations, advertising, and the whole media plan used to launch a product are all included in promotion.
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jonas is a whole life insurance policyowner and would like to add coverage for his two children. which of the following of the following products would allow him to accomplish this
Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Child term rider products would allow him to accomplish this.
Option A is correct.
How does Whole Life Insurance work?A whole life insurance policy is a kind of permanent life insurance that covers you for the rest of your life. Although the cost of the premiums is typically higher than it would be for a term plan, purchasing this insurance policy might pay off in the long run.
What advantages does whole life insurance provide?The long-term growth of your family's wealth can be aided by whole life insurance, which increases cash value, provides permanent coverage, and builds wealth. Additionally, these policies provide more guarantees than other types of coverage, making them a viable option for many individuals.
Is there a major drawback to having whole life insurance?Compared to term life insurance, whole life is typically more expensive than universal life insurance. Long-term investments like whole life can take years to accumulate cash value.
Question incomplete:jonas is a whole life insurance policyowner and would like to add coverage for his two children. which of the following of the following products would allow him to accomplish this
A. Child term rider
B. Child term insurance
C. Life term insurance.
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homestead state bank has the following financial information. homestead state bank information table balance sheet income statement cash $100 interest income $400 securities investments $600 interest expenses ($150) net loans $1200 non-interest income $50 net premises and equip. $300 non-interest expenses ($100) total assets $2200 provision for loan losses ($60) deposits $1100 pre tax net operating income $140 non-deposit borrowings* $800 securities gains (losses) ($40) equity capital $300 taxes ($45) total liabilities and equity $2200 net income $55 *all purchased funds use this information to calculate homestead state bank's equity multiplier
The equity multiplier of Homestead State Bank is 7.33.
How to determine the equity multiplier at Homestead State Bank?By dividing total assets by equity capital, the equity multiplier can be used to determine how many assets a bank has per dollar of equity capital. In this instance, Homestead State Bank has $2200 in total assets and $300 in equity capital.
Equity Multiplier is equal to Total Assets divided by Equity Capital, or $2,200 divided by $300.
Equity Multiplier equals 7.3
This signifies that the bank has $7.33 in assets for every dollar invested in stock. The risk of insolvency increases when the equity multiplier increases since it increases the bank's leverage. As a result, investors and regulators should consider the equity multiplier when assessing the risk of a bank. Given that Homestead State Bank has a high equity multiplier in this instance, it may be more leveraged than other banks, therefore the risk of asset loss could be greater.
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TRUE/FALSE. question content area industries that typically use process costing include chemicals, oil, metals, food, paper, and pharmaceuticals.
The statement is TRUE.A number of investigations undertaken between the late 1800s and the early 1900s discovered that diabetes is caused by a lack of a substance that the pharmaceuticals pancreas typically generates.
In 1869, Oskar Minkowski pharmaceuticals and Joseph von Mering discovered that canine diabetes may result from surgically removing the pancreas. Using injections of pancreatic extract, Canadian professor Frederick Banting and his student Charles Best were able to reduce the symptoms associated with pancreas removal in a second study that was completed in 1921. The extract was rapidly demonstrated to work in people, but due to difficulties in producing the chemical in sufficient quantities and with reproducible purity, insulin therapy was delayed from becoming a common medical practise. The company's Eli Lilly.
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Which of the following are keys to managing your career readiness successfully? (Select all that apply.)Following a process Taking responsibility over managing your careerPersonal reflection, motivation, commitment, and experimentation
Personal reflection, motivation, commitment, and experimentation, Taking responsibility over managing your career and Following a process are keys to managing your career readiness successfully .
Option a ,b ,c is correct .
In addition to these higher order thinking skills, career readiness should include STEM, which focuses heavily on critical math, science, and career concepts. STEM skills are used in all industries today, so all students can benefit from learning STEM skills as part of their career preparation education. Four types of skills are important when applying for a job: interpersonal skills, personal characteristics and skills, special skills, and core skills.
Career management is as important to the company as it is to the employee. By supporting employees during their promotion, organizations improve their overall performance. To that end, there are many ways to implement a career management program.
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The correct question is :
Which of the following are keys to managing your career readiness successfully? (Select all that apply.)
Personal reflection, motivation, commitment, and experimentation
Taking responsibility over managing your career
Following a process
Earning an advanced business degree
As demonstrated in both the 3M example here and the Starbucks example in the textbook, senior managers have a vital role in the planned emergence process. Which of the following best describes that role?
As senior managers have a vital role in the planned emergence process, the statement that best describes that role is executives decide which projects to shut down and which to continue. (Option E)
In reference to planned emergence process, a planned strategy refers to the type of strategic plans based on a formal process of setting corporate goals and developing a consistent and clear business strategy to achieve those goals with the resources available.
Emergent strategy, a term originally used by Professor Henry Mintzberg, refers to "a pattern of action that develops over time in an organization in the absence of a specific mission and goals, or despite a mission and goals". Emergent strategy develops from unplanned actions and initiatives from within an organization and generally is the product of spontaneous innovation. It results from the daily prioritization and investment decisions made by individual contributors.
Based on the given examples, the products were developed successfully due to senior managers having faith in the employees and allowing them to innovate. Hence, executives decide which projects to shut down and which to continue.
Note: The question is incomplete. The complete question probably is: As demonstrated in both the 3M example here and the Starbucks example in the textbook, senior managers have a vital role in the planned emergence process. Which of the following best describes that role? Multiple Choice A) Executives provide a mission that fosters conformity and cohesiveness. B) Top executives decide who to assign to specific projects C) Senior leaders must add the emergent idea to the list of scenarios D) Top managers need to provide financial rewards to emergent creators E) Executives decide which projects to shut down and which to continue.
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Sasha, the marketing head of a firm, believes that customers hire products to do jobs for them and that these jobs should be the basis for market segmentation. In this case, which of the following is Sasha likely to approve?
Segmentation based on the functions provided by a product
Segmentation based on age and gender of end consumers
Segmentation based on socio-economic factors of customers
Segmentation depending on the features a product offers. According to Sasha, the marketing director of a company, and these tasks should serve as the basis for market segmentation.
Which of the following is true of competitive advantage and comparative advantage in general?The terms "comparative advantage" and "competitive advantage," as a rule, apply to nations, as do comparative advantage and competitive advantage.
What characteristics define a market that is completely competitive?A market with perfect competition is one in which there are many consumers and sellers of identical goods. This suggests that each product can be used in its place perfectly.
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The value of V of a machine t years after it is purchased is inversely proportional to the square root of t+1. The initial value of the machine is $10,000.a. Write V as a function of t.b. Find the rate of depreciation when t=1.c. Find the rate of depreciation when t=3.
a. The relationship between V and t can be expressed as V = k / sqrt(t+1), where k is a constant of proportionality.
To find the value of k, we can use the initial value of the machine, which is $10,000. When t = 0 (i.e., at the time of purchase), V = $10,000, so we have:
$10,000 = k / sqrt(0+1)
$10,000 = k / sqrt(1)
$10,000 = k
Therefore, the equation for V as a function of t is:
V = $10,000 / sqrt(t+1)
b. To find the rate of depreciation when t=1, we need to find the rate at which V is changing with respect to t. We can do this by taking the derivative of V with respect to t:
dV/dt = -$10,000 / [tex]2(t+1)^(3/2)[/tex]
Substituting t=1, we get:
dV/dt = -$10,000 / [tex]2(1+1)^(3/2)[/tex]
dV/dt = -$3,535.53
So the rate of depreciation at t=1 is $3,535.53 per year.
c. To find the rate of depreciation when t=3, we can use the same approach as in part b:
dV/dt = -$10,000 /[tex]2(t+1)^(3/2)[/tex]
Substituting t=3, we get:
dV/dt = -$10,000 / [tex]2(3+1)^(3/2)[/tex]
dV/dt = -$1,767.77
So the rate of depreciation at t=3 is $1,767.77 per year. The rate of depreciation is decreasing as t increases, which means the machine is depreciating at a slower rate as it gets older. This is because the denominator of the fraction in the formula for V is getting larger as t increases, so V is decreasing at a slower rate.
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Grey Company received a bill of $2,800 from the Sloan Advertising Agency. The owner is postponing payment of the bill until a later date. The effect on the basic accounting equation is
The owner is postponing payment of the bill of $2,800 until a later date. The effect on the basic accounting equation is it will increase the Liability. Asset = Equity + Liability
What is a liability?A liability is a term that is use to describe any kind of financial obligation that a business has to pay at the end of an accounting period to a person or a business.
The liabilities are settled by transferring economic benefits such as money, goods or services. are recorded on the right hand side of the balance sheet, which includes different types of loan, creditors, lender and suppliers.
The owner is postponing payment of the bill of $2,800 until a later date. The effect on the basic accounting equation is it will increase the Liability.
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crystal charm company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. each charm is adorned with two crystals of various colors. standard costs follow: standard quantity standard price (rate) standard unit cost silver 0.25 ounce $ 20.00 per ounce $ 5.00 crystals 2 $ 0.25 crystal 0.50 direct labor 1.5 hours $ 15.00 per hours 22.50 during the month of january, crystal charm made 1,800 charms. the company used 420 ounces of silver (total cost of $9,240) and 3,650 crystals (total cost of $803), and paid for 2,880 actual direct labor hours (cost of $42,480).Required:1. Calculate Crystal Charm’s direct materials variances for silver and crystals for the month of January.2. Calculate Crystal Charm’s direct labor variances for the month of January.
According to the given question, answers are given below of all parts.
What exactly is a "material variance"?The variation between the actual makeup of a combination and the conventional mixture is what is referred as the materials mix variation, which is a component of the mechanical and physical properties variation.
Direct Materials Variances:
a) Silver:
Total actual cost of silver = Actual quantity of silver used x Actual price
Total actual cost of silver = 420 ounces x $20.00 per ounce = $8,400
Total standard cost of silver = Standard quantity of silver x Standard price
Total standard cost of silver = 1,800 charms x 0.25 ounce per charm x $20.00 per ounce = $9,000
Silver price variance = Total actual cost of silver - Total standard cost of silver
Silver price variance = $8,400 - $9,000 = -$600 (favorable)
Silver quantity variance = (Actual quantity of silver used - Standard quantity of silver allowed) x Standard price
Silver quantity variance = (420 ounces - 1,800 charms x 0.25 ounce per charm) x $20.00 per ounce
Silver quantity variance = (420 ounces - 450 ounces) x $20.00 per ounce = -$600 (favorable)
b) Crystals:
Total actual cost of crystals = Actual quantity of crystals used x Actual price
Total actual cost of crystals = 3,650 crystals x $0.25 per crystal = $912.50
Total standard cost of crystals = Standard quantity of crystals x Standard price
Total standard cost of crystals = 1,800 charms x 2 crystals per charm x $0.25 per crystal = $900
Crystal price variance = Total actual cost of crystals - Total standard cost of crystals
Crystal price variance = $912.50 - $900 = $12.50 (unfavorable)
Crystal quantity variance = (Actual quantity of crystals used - Standard quantity of crystals allowed) x Standard price
Crystal quantity variance = (3,650 crystals - 1,800 charms x 2 crystals per charm) x $0.25 per crystal
Crystal quantity variance = (3,650 crystals - 3,600 crystals) x $0.25 per crystal = $12.50 (unfavorable)
Direct Labor Variances:
Labor rate variance = Total actual cost of direct labor - Total standard cost of direct labor
Labor rate variance = $43,200 - $40,500 = $2,700 (unfavorable)
Labor efficiency variance = (Actual hours worked - Standard hours allowed) x Standard rate
Labor efficiency variance = (2,880 hours - 1,800 charms x 1.5 hours per charm) x $15.00 per hour
Labor efficiency variance = (2,880 hours - 2,700 hours) x $15.00 per hour = $2,700 (unfavorable)
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all of the following might reasonably be expected to shift the demand curve for beef to a new position except
All of the following might reasonably be expected to shift the demand curve for beef to a new position except a decrease in the price of beef.
What cause a shift on demand curve of a product?When a demand determinant other than price changes, the demand curve shifts. It happens when the demand for goods and services shifts.
Changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices are all factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price.
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Chile is an importer of computer chips, taking the world price of $12 per chip as given. Suppose Chile imposes a $7 tariff on chips. Which of the following outcomes is possible?
a ThepriceofchipsinChileincreasesto$19;thequantityofChilean- produced chips decreases; and the quantity of chips imported by Chile decreases.
b ThepriceofchipsinChileincreasesto$16;thequantityofChilean- produced chips increases; and the quantity of chips imported by Chile decreases.
c The price of chips in Chile increases to $19; the quantity of Chilean- produced chips increases; and the quantity of chips imported by Chile decreases.
d ThepriceofchipsinChileincreasesto$16;thequantityofChilean- produced chips increases; and the quantity of chips imported by Chile does not change.
The price of chips in Spain could rise to $14 as a result of slapping a charge on their import. There are more chips made in Spain, but there are fewer chips imported from Spain.
The following results occur when a tariff is imposed on the import of particular goods and services: The cost of the item rises as a result. The elasticity of the demand for the good determines how quickly the price of the item will climb. Due to the higher cost of importation brought on by the tariff, it decreases the amount imported. It promotes the product's local manufacturing. The price of computer chips domestically in Denmark may rise as a result of the tariff. This is due to the tariff acting as a charge on imported chips, raising their price. Due to their ability to sell their chips for more money while remaining competitive on the market, domestic producers may then decide to raise their pricing in retaliation.
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Which of the following items would be reported under financing activities on the statement of cash flows? (Select all that apply). a. Cash dividends paid to shareholders b. Cash received from issuing notes payable c. Cash paid for interest on long-term debt d. Cash paid to repay debt
The financing activity in the cash flow statement focuses on how a company raises capital and returns it to investors through capital markets. So option d is correct.
How does cash flow work?The movement of money into and out of a business is known as cash flow. Cash spent indicates outflows, whereas cash received indicates inflows. A financial statement that details the sources and uses of a company's cash over time is called a cash flow statement. Spending that occurs in the normal course of business is included in cash flow from operations. Payroll, the cost of items sold, rent, and utility bills are a few examples of these cash outflows. When corporate operations are very seasonal, cash outflows might vary greatly.
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consider the following normal form game with the payoff matrix as below: player 2 A B CA 5,5 4, 11 2, 14player 1 B 9,4 8, 10 2, 13C 10, 2 7,9 1, 101. what combination of strategies maximizes total payoffs? 2. do either of the players have any strictly dominant strategies? which ones? 3. find all pure strategy nash equilibria.
In this normal-form game with the payoff matrix, some players have a rigid dominant strategy.
What is a normal-form game?A matrix that depicts the players, strategies, and payoffs is typically used to represent the normal (or strategic form) game. When a game is presented in its normal form, it is assumed that each player acts simultaneously or, at the very least, without knowledge of the other's actions.
The game's normal-form representation includes all observable and possible strategies, as well as their associated payoffs, for each player. In contrast to extended form, normal-form representations use a matrix to represent the game rather than graphics.
Therefore, in this normal-form game some players have strictly dominant strategies.
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GDP measures:
A. production within a nation's borders.
B. production by a nation's citizens wherever they may be.
C. income earned by the factors of production plus depreciation and indirect business taxes.
D. Both B and C
E. Both A and C
The correct answer is E. Both A and C. Gross Domestic Product (GDP) measures the total value of goods and services produced within a nation's borders during a given period, usually a year. This means it measures production within a nation's borders, option A.
However, GDP can also be calculated by adding up the income earned by the factors of production (such as wages, interest, rent, and profits) plus depreciation and indirect business taxes. This is often called the "income approach" to calculating GDP. Therefore, it also measures income earned by factors of production plus depreciation and indirect business taxes, which is option C.
Option B is incorrect because Gross Domestic Product only measures production within a nation's borders, regardless of who is producing. It does not matter if the producers are citizens of the nation or not.
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Help Alice and Alan determine if they should itemize or take the standard deduction (and for how much) in 2018. They had the following expenses: $10,000 tithes/offerings, $8,000 state income taxes, $4,000 property taxes, and $3,600 mortgage interest. (see practice problem 2)
Alice and Alan should should itemize the standard deduction by $25,600 in 2018.
To determine whether Alice and Alan should itemize or take the standard deduction in 2018, we need to compare their total itemized deductions to the standard deduction for their filing status.
For married filing jointly in 2018, the standard deduction was $24,000.
Their itemized deductions are:
$10,000 tithes/offerings
$8,000 state income taxes
$4,000 property taxes
$3,600 mortgage interest
Total itemized deductions: $25,600
Since their itemized deductions exceed the standard deduction, Alice and Alan should itemize their deductions on their tax return for 2018.
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Select which of the ways that entrepreneurs improve the economy is being described:Services range from health care to education and are provided to people by the government, this is an example of ___O demand for productsO new businessO taxesO self-confidenceO new technology
None of the options listed describe the way that entrepreneurs improve the economy, especially the option listed here which describes services provided by the government, not entrepreneurs.
Entrepreneurs are individuals who identify opportunities to create and sell new products or services, and in doing so, they can create new jobs, generate wealth, and contribute to economic growth. Therefore, some of the ways that entrepreneurs improve the economy include:
Creating new jobs and providing employment opportunities.Driving innovation and the development of new products and services.Generating wealth and contributing to economic growth.Increasing competition in the market, which can lead to better quality products and services at lower prices.Encouraging entrepreneurship and business growth in the local community.These are just a few examples of how entrepreneurs can positively impact the economy.
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How would each of the following affect the U.S. market supply curve for corn? a. More fuel-efficient tractors are developed. v. The supply curve for corn would b. The price of farm equipment falls. . The supply curve for corn would C. The government requires farmers to pay higher wages to farm workers. The supply curve for corn would
d. A tornado sweeps through lowa. The supply curve for corn would (Click to select)
In each scenario, it will result in a rightward shift of the supply curve.
Which circumstance would cause a rightward shift in the corn supply curve?Crop rotation is done in a novel and enhanced way. Crop production will therefore grow as a result of improved crop rotation techniques that increase resource efficiency. The supply curve is shifted to the right as a result of the increase in corn supply on the market.
Which factors affecting supply determine whether corn is available?The primary determinant of maize supply is the area harvested. While it is elastic over the long term, the supply elasticity of production is inelastic in the near term. Both in the short and long terms, the supply elasticity of the harvested area.
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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors.LOS GATOS CORPORATIONBalance SheetAt December 31, 2018AssetsCash$48,000Accounts receivable92,000Inventories59,000Machinery (net)124,000Franchise (net)34,000Total assets$357,000Liabilities and Shareholders’ EquityAccounts payable$58,000Allowance for uncollectible accounts9,000Note payable63,000Bonds payable114,000Shareholders’ equity113,000Total liabilities and shareholders’ equity$357,000Additional information:Cash includes a $24,000 restricted amount to be used for repayment of the bonds payable in 2022.The cost of the machinery is $198,000.Accounts receivable includes a $24,000 note receivable from a customer due in 2021.The note payable includes accrued interest of $9,000. Principal and interest are both due on February 1, 2019.The company began operations in 2013. Income less dividends since inception of the company totals $39,000.54,000 shares of no par common stock were issued in 2013. 100,000 shares are authorized.Required:Prepare a corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Create a balance sheet that is categorised and updated. (A minus sign should be used to denote amounts that will be subtracted.)
Balance Statement for LOS GATOS COMPANY as of December 31, 2018
Assets:
Existing Assets:
Cash $ 25,000
Bond Sinking Fund: $25,000
70,000 in accounts receivable
Provision for Inability to collect accounts: 10,000 60,000
60,000 in inventory
$170,000 in total current assets
Intangible assets:
200,000 for machinery
less accumulations
Depreciation: 75,000 to 125,000
franchise (net) 35,000
25,000 in notes payable
There are $185,000 in total non-current assets.
$355,000 in total assets
Financial obligations and stockholder equity
Currently Owing Money:
Expenditures payable: $60,000.
Note due in the amount of $55,000
Notes' Interest Payable: $10,000; $125,000.
Bonds with a principal and interest payment of $115,000
Investors' equity
granted 200,000 shares
Issued at a par value of 75,000
Profits that were retained: 40,000 to 115,000
$355,000 in total liabilities and shareholders' equity
Explanation:
a Modifications:
1. Cash Flow:
According to the question, $50,000
Fund for Sinking Bonds: $25,000
$25k remaining
2. Receivables (A/R)
According to the query, $95,000
25,000 in Notes Receivable
remaining balance of $70,00
3. Payable Notes:
$65,000 as per the query
10,000 in interest charges.
$55,000 in remaining balance
4. Retained Income equals $40,000.
5. The entire current assets, liabilities, and Retained Earnings are displayed on the rectified and reclassified balance sheet.
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Acquired $30,000 cash from the issue of common stock.
Paid $12,000 cash to purchase land.
Borrowed $10,000 cash.
Provided services for $20,000 cash.
Paid $1,000 cash for utilities expense.
Paid $15,000 cash for other operating expenses.
Paid a $2,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event 2 is now $12,700.
Required
a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example.
b-1. Prepare an income statement for the Year 2 accounting period.
b-2. Prepare a statement of changes in equity for the Year 2 accounting period.
b-3. Prepare a year-end balance sheet for the Year 2 accounting period.
b-4. Prepare a statement of cash flows for the Year 2 accounting period.
c-1. Determine the percentage of assets that were provided by retained earnings.
c-2. How much cash is in the Retained Earnings account? Assets + Event Account Titles for Retained Earnings Cash DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Land Retained Payable Stock Earnings 12,000 = 0 + 6,000 + 8,000 30,000 + 12,000/= + Beginning balance 1. + 2. + + 3. + 2,000 + 30,000 + (12,000) 10,000+ 20,000+ (1,000) + (15,000) + (2,000) 4. + + + + 5. + + 20,000 Service revenue (1,000) Utilities expense (15,000) Operating expense (2,000) Dividends 6. 7. + + 8. + + Totals 32,000 + 24,000 = 01 + 36,000 + 10,000 DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Service revenue $ 20,000 Utilities expense (1,000) Operating expense (15,000) Net income $ 4,000 DAKOTA COMPANY $ 36,000 Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 6,000 Plus: Common stock issued 30,000 Ending common stock Beginning retained earnings 8,000 Plus: Net income 4,000 Less: Dividends 2,000 Ending retained earnings Total stockholders' equity GA 10,000 46,000 $ DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Land $ 24,000 32,000 Cash Total assets $ 56,000 Liabilities Notes payable $ 10,000 S 10,000 Total liabilities Stockholders' Equity Retained earnings Common stock $ 10,000 36,000 Total stockholders' equity Total liabilities and stockholders' equity 46,000 56,000 A DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Cash receipts from customers $ Cash payments for other operating expense Cash payment for utilities expense 20,000 (15,000) (1,000) S 4,000 Net cash flow from operating activities Cash flows from investing activities: Cash paid to purchase land $ (12,000) (12,000) Net cash flow from investing activities Cash flows from financing activities: Cash receipts from stock issue Cash payments for dividends Cash receipts from loan $ 30,000 (2,000) 10,000 38,000 Net cash flow from financing activities Net increase in cash Plus: Beginning cash balance Ending cash balance 2,000 2,000 S Percentage of assets % How much cash is in the Retained Earnings account?
Retained earnings are used to aquire assets or settle liabilities. Cash cannot be directly traced to Retained earnings and hence cannot be determined.
(c -1)
It is calculated as follows-
Retained Earnings / Total Assets = $10,000 / $56,000 = 17.9%
(c -2)
How much cash is in the Retained Earnings account - Cannot be determined
Retained earnings refer to the portion of a company's profits that are not distributed as dividends but are kept within the business for future use. It is calculated by subtracting the total amount of dividends paid out from the net income of the company. Retained earnings can be used for a variety of purposes, such as reinvesting in the business, repaying debt, or making acquisitions.
Retained earnings are an important source of funding for a company, as they provide the business with the flexibility to pursue growth opportunities without relying on external financing. Additionally, companies with strong retained earnings are viewed as more financially stable, which can attract investors and lenders.
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Suppose that with a budget of $190, Deborah spends $114 on sushi and $76 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. But then, after the price of bagels falls to $1 per bagel, she spends $50 on sushi and $50 on bagels.
a. How many pieces of sushi and how many bagels did Deborah consume before the price change?
Pieces of sushi = .
Bagels = .
b. At the new prices, how much money would it have cost Deborah to buy those same quantities (the ones that she consumed before the price change)?
$.
c. Given that it used to take Deborah’s entire $190 to buy those quantities, how big is the income effect caused by the reduction in the price of bagels?
$.
Deborah consumed 21 pieces of sushi and 18 bagels before the price change.
What is Budget?This refers to the financial planning that is made in order to plan and spend properly
a. Before the price change, let the number of pieces of sushi Deborah consumed be x and the number of bagels be y. We can set up two equations based on the given information:
2x + 2y = 114
2x + y = 57
Solving these equations, we get x = 21 and y = 18.
Therefore, Deborah consumed 21 pieces of sushi and 18 bagels before the price change.
b. At the new prices, each piece of sushi costs $2 and each bagel costs $1. So, if Deborah had bought the same quantities as before the price change, she would have spent:
21 x $2 + 18 x $1 = $60
c. Before the price change, Deborah spent her entire budget of $190 on 21 pieces of sushi and 18 bagels. After the price change, she spent $100 on the same quantities. The income effect can be calculated as the difference in the amount spent before and after the price change, which is:
$190 - $100 = $90
Therefore, the reduction in the price of bagels had an income effect of $90 on Deborah.
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Charlene opens a brokerage account and decides to leverage her returns. she buys 300 shares of goog at $100 per share. since she only has $20,000 in her account, she borrows the rest from her broker at an annual interest rate of 8%. If the share price falls to $30 per share by the end of the year, what is the remaining margin in her account?
The remaining margin in Charlene's account is $0 as she would have a negative balance of $1,000.
First, let's calculate the total cost of the 300 shares of GOOG that Charlene bought, which is:
300 shares x $100 per share = $30,000
Since Charlene only had $20,000 in her account, she borrowed the remaining $10,000 from her broker at an annual interest rate of 8%. This means that at the end of the year, she will have to pay:
$10,000 x 0.08 = $800 in interest
Now let's see what happens if the share price falls to $30 per share by the end of the year. The value of Charlene's investment would then be:
300 shares x $30 per share = $9,000
This is a loss of:
$30,000 - $9,000 = $21,000
Since Charlene only had $20,000 in her account, she would have a negative balance of $1,000. This means that she would not have any remaining margin in her account, and she would have to pay back the $1,000 she owes to her broker. In addition, she would still have to pay the $800 in interest.
In summary, leveraging her returns can amplify both gains and losses. In this case, the loss was greater than her initial investment, and she had to pay back the borrowed money and interest. It is important for investors to be aware of the risks and potential consequences of leveraging before deciding to use it.
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