Complete Question:
The "invisible hand" using Adam Smith's terminology refers to
a. government control of the market.
b. market forces working through the price mechanism.
c. the money supply that serves to keep the economy working smoothly.
d. the role of innovation in maintaining a steady rate of growth.
e. "behind-the-scenes" policy making to influence how markets allocate scarce resources.
Answer:
The "invisible hand" using Adam Smith's terminology refers to Market forces working through the price mechanism.
Explanation:
The invisible hand is the in observable market force, which helps demand and delivers goods automatically to balance in a free market.
Description: In his book ' The Wealth of Nations ' Adam Smith implemented the phrase of the invisible hand.
An invisible hand that defines the processes through which favorable social and economic effects that emerge out of the self-interested behaviors obtained by individuals, who have no intention of producing such results. The term developed by the eighteenth-century British philosopher and economist Adam Smith.
The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. Required: Determine if each of the items below should be included or excluded from the company's year-end inventory.
1. Merchandise held on consignment for Trout Creek Clothing
2· 3 Goods purchased from a vendor shipped f.o.b. shipping point on December Goods shipped f.o.b. destination on December 28 that arrived at the customer's location on January 4 26 that arrived on January
3. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer's location on January 5.
4. 5.Phoenix had merchandise on consignment at Lisa's Markets, Inc. 6.
7. Freight charges on goods purchased in 3.
Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3
Answer:
1. Yes
2. No
3. No
4. Yes
7. No
Explanation:
Phoenix Corporation is having its physical inventory count of December 31st so only that merchandise will be included in count which is present at the stockroom physically. The merchandise which is in transit or is not yet received at the stockroom will not be included. In point 1, merchandise is held on consignment for Trout Creek Clothing which means there is physical existence of the merchandise at the stockroom. In point 2, goods purchased shipped destination on December 28 but arrived at the customer's location on January 4, this will not be included in the count. In point 3, goods shipped on December 28, arrived at the customer's location on January 5, this will also not be included. In point 4, phoenix had merchandise on consignment; this will be included as inventory will be physically present at the stockroom. In point 7, goods purchased on December 27 that arrived on January 3, this is not included as physically goods arrived after December
31st.
To accurately include items in Phoenix Corporation's year-end inventory, it is crucial to understand principles such as consignment and shipping terms. Goods on consignment at other businesses and goods shipped FOB destination arriving after year-end are excluded, while goods on consignment at Phoenix and those purchased FOB shipping point by year-end are included.
Deciding whether specific items should be included in Phoenix Corporation's year-end inventory requires understanding of inventory accounting principles, particularly consignment and shipping terms such as FOB (Free On Board) shipping point and FOB destination.
Merchandise on consignment at Trout Creek Clothing should be excluded from Phoenix's inventory since these goods are not owned by Phoenix.
Goods purchased FOB shipping point on December 26 that arrived on January 3 should be included in the inventory count as ownership transfers to Phoenix at the shipping point.
Goods shipped FOB destination on December 27 that arrived on January 3 should be excluded as ownership transfers upon delivery, which is after the year-end.
Merchandise on consignment at Lisa's Markets, Inc. should be included in Phoenix's inventory, since they still own these goods.
Freight charges on goods purchased that are included in the year-end inventory should also be considered as part of inventory cost, enhancing the accuracy of inventory valuation.
It is essential for companies like Phoenix Corporation to accurately determine what items are included in their year-end inventory for proper financial reporting and compliance with accounting standards.
Which production possibilities frontier (PPF) reflects increasing opportunity costs?
Answer:
bowed-out shape
Explanation:
Each type of good requires a different set of production resource. When the opportunity cost increases the production possibility frontiers tends to have a bowed-out shape. The reason for bowed-down shape is, goods need different production process and tools, that is why the firms have to choose which goods they want to produce and which are not feasible.
Here are some points to ponder when hiring data professionals:
1. Look for candidates with a strong educational background in analytics/statistics. You want someone who knows more than you do about handling copious amounts of data.
2. The ideal candidates will have specific experience in your industry or a related industry. "When you have all those Ph.D.s in a room, magic doesn’t necessarily happen because they may not have the business capability," said Andy Rusnak, a senior executive at Ernst & Young.
3. Search for potential candidates from industry leader organizations that are more advanced in big data.
4. Communication skills are a must. Look for a candidate "who can translate Ph.D. to English," says SAP Chief Data Scientist David Ginsberg. He adds, "Those are the hardest people to find."
5. Find candidates with a proven record of finding useful information from a mess of data, including data from questionable sources. You want someone who is analytical and discerning.
6. Look for people who can think in 8- to 10-week periods, not just long term. Most data projects have a short-term focus.
7. Test candidates’ expertise on real problems. Netflix's Director of Algorithms asks candidates, "You have this data that comes from our users. How can you use it to solve this particular problem?"
Questions:
1. Let’s say you work in a metropolitan city for a large department store chain and your manager puts you in charge of a team to nd out whether keeping the store open an hour longer each day would increase profits. What data might be
available to your decision-making process? What data would be important to your decision?
2. What kinds of data might we want in OB applications?
3. As Braver man notes, one problem with big data is making sense of the information. How might a better understanding of psychology help you sift through all this data?
Answer:1) forecasted sales return for the period, expenses to be incurred including overtime wages, utility bills etc, cost benefits
B) cost benefits.
2 The emotional need and the consent of the stakeholders including the staff,customer's, suppliers
3 A mental diagnoses of the reaction of stakeholders to the idea is very important and can only be deduce by psychology skills
Explanation: There is a need to find out whether staying open an extra hour will bring more sales and even with more sales , there is a need to find out if the workers will buy into the idea,they may feel that their private time is being encroached ,once the staff show dissension,it will be difficult to achieve the goal .the cost benefits of the process need to be established to make a positive decision.customers view can be gotten through questionnaire, survey etc.
2)this will allow for the emotion,mood and perception of the staff and other stakeholders be met before proceeding on this implementation,as they say happy staff means happy customer and more profits.
3) A good knowledge of psychology will help you ascertain the mood,ac ceptance of the proposal by all staff and where necessary incentives can be introduced
Moody Corporation uses a job-order costing system with a plant wide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
Machine-hours required to support estimated production…………100,000
Fixed manufacturing overhead cost……………………………….$650,000
Variable manufacturing overhead cost per machine-hour…………$3.0
Required:
1. Compute the predetermined overhead rate
During the year, Job 400 was started and completed. The following information was available with respect to the job:
Direct materials requisitioned…………………..$450
Direct labor cost………………………………...$210
Machine-hours used……………………………….40
2. Compute the total manufacturing cost assigned to Job 400.
3. During the year, the company worked a total of 146,000 machine-hours on all jobs and incurred actual manufactured overhead costs of $1,350,000. What is the amount of underapplied or overapplied for the year? If this amount were closed out entirely to cost of Goods Sold would the journal entry increase or decrease net operating income?
Answer:
1. 9.50 per machine hour
2. $1,040
3. $37,000 ; Increase
Explanation:
1. Fixed predetermine overhead rate:
= Fixed manufacturing overhead cost ÷ Machine-hours required
= 650,000 ÷ 100,000
= 6.5 per machine hour
Variable predetermine overhead rate = 3 per machine hour
Total predetermine overhead rate:
= Fixed predetermine overhead rate + Variable predetermine overhead rate
= (6.5 + 3)
= 9.50 per machine hour
2. Total manufacturing cost:
= Direct material + Direct labor + Manufacturing overhead
= $450 + $210 + (40 × 9.5)
= $450 + $210 + $380
= $1,040
3. Applied overhead:
= Total machine hours × Total predetermine overhead rate
= 146,000 × $9.50
= $1,387,000
Actual overhead = $1,350,000
Over applied overhead:
= Applied overhead - Actual overhead
= $1,387,000 - $1,350,000
= $37,000
If this amount were closed out entirely to cost of goods sold then net operating income will be increase.
Final answer:
The predetermined overhead rate is derived from dividing total estimated overhead costs by estimated machine-hours. For Job 400, the total manufacturing cost includes direct materials, direct labor, and applied overhead based on actual machine-hours used. Overapplied or underapplied overhead is calculated by comparing actual and applied overhead costs, and closing out the difference to Cost of Goods Sold will affect net operating income.
Explanation:
Computing Predetermined Overhead Rate
To compute the predetermined overhead rate, we'll divide the total estimated overhead costs by the estimated machine-hours. The formula is: Predetermined Overhead Rate = (Estimated Fixed Overhead + (Variable Overhead Rate × Estimated Machine-Hours)) / Estimated Machine-Hours.
Total Manufacturing Cost for Job 400
The total manufacturing cost assigned to Job 400 is the sum of direct materials, direct labor, and applied overhead. Applied overhead is computed by multiplying the predetermined overhead rate by the actual machine-hours used by Job 400.
Calculation of Overapplied or Underapplied Overhead
To find whether the overhead is overapplied or underapplied, the actual overhead costs are compared with the applied overhead costs. If actual costs are higher, overhead is underapplied. Conversely, if applied costs are higher, overhead is overapplied. The difference will be closed out to Cost of Goods Sold, which will either increase or decrease net operating income depending on whether the overhead was underapplied or overapplied.
If W. Edwards Deming was your management consultant, he would emphasize
A.quality through constant innovation and quality assurance training.
B.groups as important aspects of organizations.
C.analyzing organizations in their social context.
D.a clear division of labor and hierarchy of authority.
Answer:
Letter A. Quality through constant innovation and quality assurance training.
Explanation:
Alternative A is correct, as W. Edwards Deming was a pioneer scholar in the application of organizational quality management.
He was responsible for creating the 14 points, which are principles for management that will help the organization to achieve total quality. He was also responsible for popularizing the PDCA Cycle (PLAN, DO, CHECK, ACT), which is a strategic tool widely used worldwide to ensure continuous improvement and the quality of processes and products.
PLAN: define objectives, methods and resources.DO: Perform, educate and train.CHECK: Measure and evaluateACT: act correctly.Continuous improvement can be achieved through the correct and targeted use of the PDCA cycle towards organizational objectives. For Deming, without continuous improvement, there is no survival of the organization in the market, so he argues that continuous improvement must be implemented in all phases of the project, to achieve the benefits of continuous improvement of processes, increased productivity and reduced costs.
The project manager’s role with regard to interface management does not include interfacing:
Answer:
The correct answer to the following question will be "Between senior management and various external stakeholders"
Explanation:
The project manager is the person responsible for initiating, preparing, constructing, implementing, overseeing, ending and managing the project with success, ensuring that the threat is handled and that uncertainty is reduced.The project manager is accountable for the development project's progress. They supervise all aspects, including planning, execution, monitoring, monitoring, and closure. It guarantees that goals and objectives are achieved within the timeline.Therefore, it would be the right answer.
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Cash $ 39,600 Laboratory Equipment 74,700 Laboratory Supplies 5,900 Loan Payable 14,200 Accounts Payable 9,650 Determine the totals that would appear in the firm’s fundamental accounting equation.
Answer:
Assets $ 120,200
Liabilities $ 23,850
Owners Equity $ 96,350
Explanation:
Assets comprise of the following components:
Cash $ 39,600
Laboratory Supplies $ 5,900
Laboratory Equipment $ 74,700
Total Assets $ 120,200
Liabilities comprise the following components:
Accounts Payable $ 9,650
Loan Payable $ 14,200
Total Liabilities $ 23,850
Since Johnson Laboratories is just starting its business, there would be no income statement items. It is safe to assume that the balance of assets and liabilities is the Owners' Equity.
A survey found that 69 percent of MBA students view maximizing shareholder value as the pri- mary responsibility of a company. Do you agree? What do you think this finding suggests about the ethical and socially responsible stance of cor- porate managers over the next couple of decades? .
Answer:
I agree
Explanation:
Social and ethical responsibilities: There are various parameters grounded on which the company or the firm should enact fro the benefit of the society. A firm need to consider the parameters while taking the decisions of the business as this will benefit the environment as well as the business economy.
The focus on the shareholders has rise as the companies are being concerned. At present there are a lot of completion and limit or restriction to managerial or technical edge, one could achieve over the competitors.
If the shareholders are with the company or firm, then the company or the firm is bound to grow, otherwise the company has many chances to fail.
Keeping the shareholders with the company, very much grounded on that how the company deals or handles them as there is more than a shareholder look from the company or the firm beyond the financial interest.
Final answer:
The survey result reflects a traditional focus on maximizing shareholder value among MBA students, aligning with Milton Friedman's views. However, evolving perspectives on corporate social responsibility suggest that future corporate managers may adopt more ethically and socially responsible approaches, balancing the interests of various stakeholders.
Explanation:
The finding that 69 percent of MBA students view maximizing shareholder value as the primary responsibility of a company suggests a traditional adherence to Milton Friedman's principle that the social responsibility of business is to increase its profits. However, this approach has been challenged by the evolving concept of corporate social responsibility (CSR), where the interests of all stakeholders, including employees, customers, and the community at large, are considered alongside those of shareholders.
The shift from shareholder primacy towards more inclusive stakeholder theory reflects a broader understanding of a company's role in society, suggesting that future corporate managers may adopt more ethically and socially responsible stances by balancing the interests of various stakeholders.
Modern debates in business ethics underscore the need for companies to operate not merely for profit maximization but also in a manner that is sustainable and responsible towards society. The Business Round table's endorsement of a modern standard for corporate responsibility, which emphasizes delivering value to all stakeholders, marks a significant shift from the longstanding principle of shareholder primacy.
This evolution suggests that corporate managers over the next couple of decades will likely place greater emphasis on ethical considerations and social responsibilities, going beyond the traditional focus on maximizing shareholder value.
Consider two countries' situations: Country A can produce either six automobile ror twelve movies with the same amount of resources. Country B, using the same resources, can produce either five automobiles or eight movies. Using Ricardo' Theory of Comparative Advantage, determine which country would produce automobiles, which would produce movies, and the range of relative prices within which these product would trade?
Answer:
The theory of comparative advantage says that nations should yield and trade only those merchandises in which they have a reasonable advantage i.e. which they are specialize in.
To compute the comparative advantage of two nations A and B, let us first compute the opportunity cost of making movies and vehicles in each.
Country A:
Opportunity cost of making 1 automobile = 2 movies
Opportunity cost of making 1 movie = 1/2 automobile
Country B:
Opportunity cost of making 1 automobile = 8/5 movies
Opportunity cost of making 1 movie= 5/8 automobile
Since the prospect cost of making an automobile is lesser in Country B and the prospect cost of making movies is lesser in country A, thus Country A would make movies and country B would make automobiles.
At its simplest, acquisition management can be viewed as:
a. inventory management plus contract management
b. operations management plus contract management
c. project management plus contract management
d. project management plus operations management
Answer:
The correct answer is letter "D": project management plus operations management.
Explanation:
Acquisition management refers to all the efforts a company makes to obtain the materials necessary for the operations process stage to take place. Labor, land, and equipment are the main factors that the company must acquire to make its project become true. Under that scenario, project management and operations management are the core of the acquisition management.
In simplest terms, acquisition management can be defined as project management plus contract management. It involves overseeing all aspects of acquiring goods or services and managing the associated contracts within an organization.
Explanation:At its simplest, acquisition management can be accurately described as project management plus contract management, so the correct answer would be (c). The reason for this is that acquisition management involves overseeing and executing all aspects of acquiring goods or services within an organization. This process includes managing the contracts associated with these acquisitions, which aligns with contract management. At the same time, it also involves managing the entire acquisition 'project' from beginning to end, thus aligning with the principles of project management.
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A customer buys 100 shares of XYZ at $60 in a margin account regular way settlement. Two days after the trade, XYZ has dropped to $55. The customer will receive a margin call for:
Answer:
50% of Original Purchase price = 0.50 x $6000= $3000
Explanation:
The customer buys 100 shares at $60 = $60 x 100 = $6000
Since, it a margin account, the margin requirement for the call for this initial purchase will be 50% of the original purchase price
= 50% of $6000 = $3000
Although XYZ shares dropped two days later from $60 to $55 dollars. The initial margin requirement will not be affected by the drop or reduction in share price and hence, it will not affect the value of the margin call.
However, if the drop continues, then the alternative is to generate a call for "maintenance margin'' not the initial margin.
Final answer:
A margin call occurs when the equity in a margin account falls below the brokerage's required maintenance margin due to a decline in the value of the securities held. The exact margin call amount cannot be determined without knowing the specific margin requirements of the brokerage firm.
Explanation:
The question deals with a scenario involving a margin account and a regular way settlement in the context of stock trading. In this case, a customer bought 100 shares of XYZ company at $60 per share. However, two days after the trade, the value of XYZ stock dropped to $55 per share. In a margin account, the investor is borrowing money to buy securities and is required to maintain a minimum amount of equity (the investor's own money) in the margin account, known as the maintenance margin.
If the value of the securities drops significantly, the equity may fall below the maintenance margin, and the investor would receive a margin call requiring them to deposit additional funds to bring the account back to the required level. Unfortunately, without the specific margin requirements given by the brokerage, we cannot calculate the exact margin call amount. Different brokerages have different maintenance margin requirements, typically between 25% and 40% of the total value of the securities.
A manager that manages ""by the book"" exhibits which form of leadership style? Democratic. Autocratic. Bureaucratic. Free-rein.
Answer:
(c). Bureaucratic
Explanation:
Bureaucracy refers to following and abiding by rules and procedures strictly.
In such a form, the approach is highly resolute and lacks flexibility.
"By the book" conveys stringent rules and procedures, which means operations must be carried without deviating from the prescribed rules and norms.
Such form of leadership style is not flexible and often sticks to conventional methods without appreciating creative or handy suggestions.
Employees are expected only to perform what is asked of them, nothing less nothing more.
Usually such style of leadership is witnessed in those departments and areas wherein employees or workers handle those equipment, the negligent handling of which could result into fatal injuries or accidents.
Who among the following persons said, "The social responsibility of business is to increase profits"? a. Kindle Jarry b. Please Mr. Postmanc. Ronald Postmad. Milton Friedman
Answer:
D: Milton Friedman
Explanation:
''The social responsibility of business is to increase profits'' pronounced by Milton Friedman. Friedman declares that a businessman when he announces that business is not involved only with profit but also with developing social boundaries means that he is supporting free enterprise. This social responsibility is defined as Corporate Social Responsibility, which is the faith that “corporations owe a greater duty to their communities and stakeholders” by owning a “social duty.”
When buyers are in a weak bargaining position, companies in the supplying industry must lower their prices to increase profits.
True/False
Answer:
The statement is FALSE
Personal care products that bring to the purchaser feelings of self-enhancement and security in addition to the essential benefits they offer are examples of ___.
a. physical product
b. generic product
c. tangible product
d. conventional product
Answer:
b. generic product
Explanation:
Generic product -
It refers to the products which is sled on the name of some other brand , is referred to as a generic product.
These products are very popular in local shops , which may or may not be having any brand name , these products also less expensive and hence, are prefered by most of the people , as they are efficient in their work , and these product are least advertised .
Hence , people really enjoy using these product .
The correct option is b. generic product .
Wylie has been offered the choice of receiving $5,000 today or an agreed-upon amount in 1 year. While negotiating the future amount, Wylie notes that he would be willing to take no less than $5,700 if he has to wait a year. What is his TVOM in percent? Wylie has been offered the choice of receiving ,
Answer:
The answer is 14%
Explanation:
Formula for Future value (FV) FV = PV (1+ni)
Whereas FV= Future value, PV = present value, n= number of years, i= TVOM in percentage
Rearranging the formula for i
i = (FV/PV)-1
So, i = (5,700/5,000)-1
i = 1.14-1
i = 0.14
i = 14%
(0.14x100=14%)
Pacific Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Pacific Petroleum's cost of oil reserves totaled $ 50,000,000, representing 5,000,000 barrels of oil.
Requirement:
1. Which method does Pacific Petroleum use to compute depletion?
Answer:
Units of production method
Explanation:
The formula to compute the depreciation expenses under the units-of-production method:
Depreciation per miles or hours = (Original cost - residual value) ÷ (estimated production)
For first-year or for another year, the depreciation expense would be
= Production units in a year × depreciation per miles or per hour
So, for computing the depletion, the unit of production method is used
Given the following information, determine the cost of goods manufactured and the cost of goods sold for the year ended December 31, 20X9.
Direct labor incurred $126,000
Manufacturing overhead incurred 359,000
Direct materials used 271,000
Finished goods inventory, 1/1/20X9 395,000
Finished goods inventory, 12/31/20X9 442,000
Work in process inventory, 1/1/20X9 193,000
Work in process inventory, 12/31/20X9 218,000
Answer:
$731,000 and $684,000
Explanation:
The computations are shown below:
For cost of goods manufactured
= Direct materials used + Direct labor cost + Manufacturing overhead incurred + opening work-in-process inventory - closing work-in-process inventory
= $271,000 + $126,000 + $359,000 + $193,000 - $218,000
= $731,000
For cost of goods sold
= Opening finished goods Inventory + Cost of goods manufactured - Ending finished goods Inventory
= $395,000 + $731,000 - $442,000
= $684,000
Which of the following equations best represents the reporting shown in a statement of partnership equity? a.Beginning Balance of Partner Capital – Capital Additions – Net Income – Partner Withdrawals = Ending Balance of Partner Capital b.Ending Balance of Partner Capital + Capital Additions – Partner Withdrawals = Partnership Net Income c.Beginning Balance of Partner Capital + Capital Additions + Net Income – Partner Withdrawals = Ending Balance of Partner Capital d.Partner Withdrawals – Net Income – Partner Deficiency = Ending Balance of Partner Capital
Answer:
The correct answer is c. Beginning Balance of Partner Capital + Capital Additions + Net Income – Partner Withdrawals = Ending Balance of Partner Capital.
Explanation:
When a partnership is formed, all the partners invest capital as per their agreed share and that capital forms the Beginning balance of Partner Capital, after the partnership formation there is further capital investment by partners which should be added in the beginning balance. When the partnership business makes the profits, those profits or net income will be added to the capital account. When a partner withdraws some money, this is like he is extracting money from his investment in the business and share capital should reduce so the withdrawals should be subtracted. After all these actions we can have Ending Balance of Partner Capital.
The equation that best represents the reporting shown in a statement of partnership equity is c. Beginning Balance of Partner Capital + Capital Additions + Net Income - Partner Withdrawals = Ending Balance of Partner Capital.
Explanation:The equation that best represents the reporting shown in a statement of partnership equity is c. Beginning Balance of Partner Capital + Capital Additions + Net Income - Partner Withdrawals = Ending Balance of Partner Capital.
In a statement of partnership equity, the beginning balance of partner capital is the initial capital contributed by each partner. Capital additions represent any additional investments made by the partners. Net income is the total profit earned by the partnership. Partner withdrawals are the amounts taken out by the partners for personal use. The ending balance of partner capital is the remaining capital after accounting for additions, income, and withdrawals.
are unsecured obligations that are not tied to specific assets for collateral. a. Bearer bonds b. No-load stocks c. Penny stocks d. Junk bonds
Answer:
The correct answer is letter "D": Junk bonds.
Explanation:
A junk bond is a debt security that is poorly rated because it has a high default risk. Junk bonds are also called high-yield or speculative bonds. These are considered riskier investments than higher-rated bonds and thus offer a higher interest rate per year.
Junk bonds can be issued by corporations or governments and have a principal amount, maturity date, and coupon but they are not linked to specific assets as collateral.
Consider the production department of a manufacturer of laptop computers. Classify the cost of the processor chips.
-Direct
-Variable
-Product
Answer:
All the answers are correct.
Explanation:
The cost of the processor chips is a direct cost because it is the vital thing of any laptops. Without a processor, the laptop is nothing but a heartless product.
The cost is variable because the price of a processor varies as there are various processors in the computer market.
The cost is a product cost because it is directly related to manufacturing a laptop.
The West European buyers who purchase and resell Entrée Specialités’ food products in their home countries are in the _____ business.
a. importing
b. exporting
c. licensing
d. domestic investment
Answer:
The correct answer is letter "A": importing.
Explanation:
Importing activities involve businesses or individuals purchasing goods from manufacturers abroad with the purpose of reselling those goods or for personal use. Importing goods imply paying tariffs on those products as a way to protect national businesses.
The West European buyers who purchase and resell Entrée Specialités’ food products in their home countries are in the importing business. An import business involves buying goods from another country and bringing them into your own country for resale or distribution.
Explanation:The West European buyers who purchase and resell Entrée Specialités’ food products in their home countries are in the importing business.
An import business involves buying goods from another country and bringing them into your own country for resale or distribution. In this case, the West European buyers are importing Entrée Specialités’ food products from another country (presumably the United States) and reselling them in their home countries.
Examples of import businesses include retailers who import clothing or electronics from overseas manufacturers and sell them to customers in their home countries.
Suppose investment is $1,100 billion, private saving is $1,050 billion, and capital inflow from abroad is $100 billion. Solve the government budget deficit in the case.
Anoveoswer:
The government deficit is $150 billion
Explanation:
Current Account (CA) = Savings(S) -Investment(I).
Current account (CA) is also conventionally defined as (X-M) (value of exports – value of imports) + Net income from abroad. (R)
CA = (X-M) + (R)
In this case CA= $1050 billion - $1100 billion
CA= -$50 billion
Therefore CA = (X-M) + (R)
- $50 billion = x + $100 billion
X-M= -$100 billion + -$50 billion= -$150 billion
Susan can bake 200 cookies in an hour or watch her favorite tv show. If she chooses to watch her show, her opportunity cost is
Answer:
200 cookies
Explanation:
The concept of opportunity cost arises as a result of the limited resources available to satisfy the unlimited human wants.
Opportunity cost is the cost or worth of the item forgone from the list of wants. Hence is is also called real cost or opportunity foregone.
The scale of preference ranks the wants in the order of preference.
If the resources available can only satisfy the first want, the second on the list is the opportunity cost.
As such, Susan's opportunity cost is the 200 cookies she failed to bake.
Suppose trade between the United States and Canada results in a $100 billion increase in production of agricultural goods. This gain from trade will:
a. go to the U.S. because it is the larger country.
b. go to Canada because it is the smaller country.
c. be split equally between the U.S. and Canada.
d. be split between the two countries, but the division may not be equal.
Answer:
D
Explanation:
The gain from the trade will be split between the two countries but the division may not be equal because the division of gain depend on several factors such demand and supply for goods as well as the price which we don't have the information about.
There are 39 employees in a particular division of a company. Their salaries have a mean of $70,000, a median of $55,000, and a standard deviation of $20,000. The largest number on the list is $100,000. By accident, this number is changed to $1,000,000. What is the value of the mean after the change
Answer:
The new mean is 93,076
Explanation:
To solve this question we first need to find the total salary of all the employees combined. For that we will multiply the mean by the number of employees. The mean is 70,000 and number of employees are 39 so the total salary is
(70,000*39)=2,730,000. Now in order to find the new mean we first have to deduct 100,000 from this number and add 1,000,000 to it. (2,730,000-100,000+1,000,000)=3,630,000
In order to find the new mean we will divide 3,630,000 by 39
3,630,000/39= 93,076
Answer:
The value of the mean after the change is $93,076.92
Explanation:
given:
- 39 employees
- mean of $70,000
- median of $55,000
- standard deviation of $20,000
- largest number is $100,000 changed to $1,000,000
want: the value of the mean after the change
39 employees ($70,000) - $100,000 + $1,000,000
------------------------------------------------------------------------- = 93076.9231
39
Which of the following internal control activities is not usually performed in the vouchers payable department? a. Approving vouchers for payment by having an authorized employee sign the vouchers. b. Matching the vendor’s invoice with the related receiving report. c. Indicating the asset and expense accounts to be debited. d. Accounting for unused prenumbered purchase orders and receiving reports.
Answer:
d. Accounting for unused pre-numbered purchase orders and receiving reports.
Explanation:
accounts payable department verifies whether all vendor invoices, cash disbursement and adjustments are recorded in the accounts payable records.
___________ contains information needed to carry on the operations of a firm over long periods of time.
Answer:
The correct word for the blank space is: Reference document.
Explanation:
A reference document is a file stored containing procedures, practices or strategies used by a firm in the past for a specific purpose. The goal of keeping these documents is to avoid time in the future in case a similar problem happens by applying the solution method implemented in the past.
The College Board reported the following mean scores for the three parts of the Scholastic Aptitude Test (SAT) (The World Almanac, 2009): Critical Reading 502 Mathematics 515 Writing 494Assume that the population standard deviation on each part of the test is = 100.a. What is the probability a sample of 90 test takers will provide a sample mean test score within 10 points of the population mean of 502 on the Critical Reading part of the test (to 4 decimals)?b. What is the probability a sample of 90 test takers will provide a sample mean test score within 10 points of the population mean of 515 on the Mathematics part of the test (to 4 decimals)?c. What is the probability a sample of 100 test takers will provide a sample mean test score within 10 of the population mean of 494 on the writing part of the test (to 4 decimals)?
Answer:
a) [tex] P(492<X<512) = P(\frac{492-502}{10.54} <Z<\frac{512-502}{10.54}) = P(-0.949 < Z< 0.949)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 0.949)= P(Z<0.949) -P(Z<-0.949) =0.8287-0.1713=0.6574 [/tex]
b) [tex] P(505<X<525) = P(\frac{505-515}{10.54} <Z<\frac{525-505}{10.54}) = P(-0.949 < Z< 1.898)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 1.898)= P(Z<1.898) -P(Z<-0.949) =0.9712-0.1713=0.7998 [/tex]
c) [tex] P(484<X<504) = P(\frac{484-494}{10} <Z<\frac{504-494}{10}) = P(-1 < Z< 1)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-1 < Z< 1)= P(Z<1) -P(Z<-1) =0.8413-0.1587=0.6827 [/tex]
Explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Part a
Let X the random variable that represent the scores for critical reading of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(502,100)[/tex]
Where [tex]\mu=502[/tex] and [tex]\sigma=100[/tex]
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
[tex]\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}}=\frac{100}{\sqrt{90}}=10.54)[/tex]
And for this case we want this probability:
[tex] P(502-10 < \bar X < 502+10)[/tex]
And for this case we can use the z score given by:
[tex] z= \frac{\bar X -\mu}{\sigma_{\bar x}}[/tex]
And if we use this formula we got:
[tex] P(492<X<512) = P(\frac{492-502}{10.54} <Z<\frac{512-502}{10.54}) = P(-0.949 < Z< 0.949)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 0.949)= P(Z<0.949) -P(Z<-0.949) =0.8287-0.1713=0.6574 [/tex]
Part b
Let X the random variable that represent the scores for Math of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(515,100)[/tex]
Where [tex]\mu=515[/tex] and [tex]\sigma=100[/tex]
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
[tex]\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}}=\frac{100}{\sqrt{90}}=10.54)[/tex]
And for this case we want this probability:
[tex] P(515-10 < \bar X < 515+10)[/tex]
And for this case we can use the z score given by:
[tex] z= \frac{\bar X -\mu}{\sigma_{\bar x}}[/tex]
And if we use this formula we got:
[tex] P(505<X<525) = P(\frac{505-515}{10.54} <Z<\frac{525-505}{10.54}) = P(-0.949 < Z< 1.898)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 1.898)= P(Z<1.898) -P(Z<-0.949) =0.9712-0.1713=0.7998 [/tex]
Part c
Let X the random variable that represent the scores for Writing of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(494,100)[/tex]
Where [tex]\mu=494[/tex] and [tex]\sigma=100[/tex]
We select a sample of size n=100, since the distribution for X is normal then the distribution for the sample size is also normal
[tex]\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}}=\frac{100}{\sqrt{100}}=10)[/tex]
And for this case we want this probability:
[tex] P(494-10 < \bar X < 494+10)[/tex]
And for this case we can use the z score given by:
[tex] z= \frac{\bar X -\mu}{\sigma_{\bar x}}[/tex]
And if we use this formula we got:
[tex] P(484<X<504) = P(\frac{484-494}{10} <Z<\frac{504-494}{10}) = P(-1 < Z< 1)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-1 < Z< 1)= P(Z<1) -P(Z<-1) =0.8413-0.1587=0.6827 [/tex]
Early in 2020, Concord Equipment Company sold 500 Rollomatics at $6,500 each. During 2020, Concord spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
A) Prepare 2020 entries for Concord.
Assume that Concord estimates the total cost of servicing the warranties in the second year will be $40,000
B) Prepare 2020 entries for Concord assuming that the warranties are not an integral part of the sale (a service-type warranty).
Assume that of the sales total, $61,000 relates to sales of warranty contracts. Warranty costs incurred in 2020 were $20,000. Estimate revenues to be recognized on a straight-line basis.
Answer:
Explanation:
A)
Dr Cash 3250000
Cr Revenue 325000 [500*6500]
Dr Warranty expense 20000
Cr Liabilities on warranties 20000
B)
Dr Cash 3250000
Cr Revenue 3189000
Cr Unearned warranty revenue 61000
Dr Warranty expense 20000
Cr Cash 20000
Dr Unearned warranty revenue 30500
Cr Warranty revenue 30500[20000/40000*61000]