The cost of the backyard bonanza's line of inflatable pools is $56.25.
Given that selling price of an inflatable pool by Backyard Bonanza is $124.99The markup percentage based on the selling price is 55%.The cost of the pools can be calculated by subtracting the 55% markup from 100% and multiplying the outcome with the selling price.
The cost price of an inflatable pool by Backyard Bonanza is calculated as: CP = SP (100% - markup percentage on SP ) / where, SP = Selling Price; CP = Cost Price. Hence, CP = (100% - 55%) × SP = 45% × $124.99 = $56.25
Therefore, the cost price of an inflatable pool by Backyard Bonanza is $56.25.
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what is implicit cost
Answer:
In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly.
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Annette's Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 20X1. The
firm purchases its merchandise for cash and on open account. During April, the company engaged in the following transactions:
DATE TRANSACTIONS
20x1
April 1 Purchased camera film on credit from Camera & Film Products, Invoice 825, $1,010, terms n/30; freight of $20
prepaid by Camera & Film Products and added to the invoice (total amount due, $1,030).
Required:
2. Record the transactions in a general journal.
3. Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
101 Cash, $11, 800 Dr.
205 Accounts Payable
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3 Purchased lenses on credit for $855 from Vision Supplies, Inc., Invoice 998, terms n/30.
11 Purchased DVD camcorders on credit for $5,600 from Optical Products, Invoice 4101, terms n/30.
15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,550.
26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,400, terms n/30;
freight of $227 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,627).
27 Issued Check 102 for $585 to Vision Supplies, Inc., in partial payment of Invoice 998 dated April 3.1
30 Recorded various purchases of merchandise for cash from April 16 to April 30, $3,020.
30 Issued Check 103 to Camera & Film Products in payment of the total amount due on Invoice 825 dated April 1.
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The transactions which is prepared in journal are hereby recorded as follows:
How are the transactions reflect in the journal?Record the transactions in a general journal:
Date |Account |Debit | Credit
Apr 1 |Camera & Film Products |$1,030 |
Accounts Payable | |$1,030 |
Apr 3 | Vision Supplies, Inc. | $855 |
Accounts Payable| |$855 |
Apr 11 |Optical Products | $5,600 |
Accounts Payable | |$5,600 |
Apr 15 | Purchases| $2,550 |
Cash | |$2,550 |
Apr 26 |Myers Brothers Camera Supplies | $6,627 |
Accounts Payable | | $6,627 |
Apr 27 |Accounts Payable | $585 |
Cash | | $585 |
Apr 30 |Purchases |$3,020 |
Cash $3,020
Apr 30 |Camera & Film Products| |$1,030
Cash |$1,030 | |
3. Post the entries from the general journal to the appropriate general ledger accounts:
101 Cash:
Date |Description |Debit |Credit |Balance
Apr 15 |Purchases | |$2,550 |$2,550
Apr 27 |Accounts Payable| |$585 |$2,965
Apr 30 |Purchases | |$3,020 |$5,985
Apr 30 |Camera & Film Product |$1,030| |$4,955
205 Accounts Payable:
Date |Description |Debit |Credit |Balance
Apr 1 |Camera & Film Products| |$1,030 | $1,030
Apr 3 |Vision Supplies, Inc. | |$855 |$1,885
Apr 11 |Optical Products| |$5,600 |$7,485
Apr 26 |Myers Brothers Camera Supplies| | $6,627 | $14,112
Note: The entries for the purchases on credit have not been posted yet, as they do not have a specific account to be posted to. This will be done when the purchases are paid for and recorded in the general journal.
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in the context of change leadership, innovation is embraced by status quo managers. group of answer choices true false
The statement ''in the context of change leadership, innovation is embraced by status quo managers'' is false because in the context of change leadership, innovation is often resisted by status quo managers who are comfortable with the existing ways of doing things.
Change and innovation require risk-taking and can be disruptive to established processes and systems. However, effective change leaders understand the importance of innovation and actively work to create a culture of innovation within their organization.
They encourage experimentation, reward creativity, and foster an environment where employees feel empowered to challenge the status quo.
By embracing innovation, organizations can stay competitive, adapt to new challenges, and drive growth. Therefore, it is important for leaders to actively promote innovation and overcome resistance to change in order to achieve long-term success.
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bavarian sausage, inc. has a cost equity of 22% and a beta of 1.8. the expected market return is 14%. what is the risk-free rate?
The risk-free rate calculated by using the CAPM formula is 5%.
The risk-free rate can be calculated using the Capital Asset Pricing Model (CAPM), which states that the expected return on a stock is equal to the risk-free rate plus the market risk premium multiplied by the stock's beta.
In this case, we have the cost of equity (i.e., the expected return on the stock) as 22%, the beta as 1.8, and the expected market return as 14%.
Using the CAPM formula, we can solve for the risk-free rate:
22% = Rf + 1.8 * (14% - Rf)
Simplifying the equation, we get:
22% = 1.8 * 14% + 0.2 * Rf
Rearranging and solving for Rf, we get:
Rf = (22% - 1.8 * 14%) / 0.2 = 5%
Therefore, the risk-free rate is 5%.
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watunga county bank agrees to lend hoffman granite company $600,000 on january 1. hoffman granite company signs a $600,000, 8%, 9-month note. what entry will hoffman granite make to pay off the note and interest at maturity assuming that interest has been accrued to september 30?
At maturity, Hoffman Granite Company would pay a total of $632,000 including interest to the Watunga County Bank to satisfy the obligation.
Assuming that interest has been accrued to September 30, the entry that Hoffman Granite Company will make to pay off the note and interest at maturity is:
Debit: Notes Payable $600,000
Debit: Interest Expense $32,000 (8% x $600,000 x 9/12)
Credit: Cash $632,000
This entry reflects the payment of the principal amount of the note ($600,000) and the interest accrued on the note from January 1 to September 30 ($32,000). At maturity, Hoffman Granite Company would pay a total of $632,000 to the Watunga County Bank to satisfy the obligation.
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the objective on your résumé should state your long-term career goals. True or False?
False. The objective on a resume should briefly state the type of job or industry the candidate is seeking, rather than their long-term career goals.
The aim statement on a resume should include a concise outline of the candidate's professional objectives and how they fit with the specific job or sector they are looking for. It should not focus on long-term professional ambitions, as these may not necessarily correspond with the role or firm the candidate is interested in. The aim statement should instead showcase the applicant's relevant experience, education, and abilities for the position they are looking for, highlighting their appropriateness and potential worth to the organization. The candidate's aims and interests should be covered in this brief, to-the-point statement without being unduly general or evasive. Offering a clear goal statement. Candidates can capture the attention of recruiters and increase their chances of being considered for the role.
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ceramic products, incorporated reports these account balances at january 1, year 2 (shown in alphabetical order): accounts payable $ 23,000 accounts receivable 15,000 buildings 148,000 capital stock 180,000 cash 8,000 equipment 15,000 land 75,000 notes payable 19,000 retained earnings 44,000 on january 5, ceramic products collected $7,000 of its accounts receivable and paid $6,000 on its note payable. in a trial balance prepared on january 6, year 2, the total of the credit column is:
The total of the credit column in the trial balance prepared on January 6, Year 2 for Ceramic Products, Inc. would be $200,000. This is calculated by adding the amounts for Accounts Receivable, Notes Payable, and Retained Earnings, which all appear in the credit column.
Notes Payable had a balance of $19,000 on January 1 and on January 5, the company paid $6,000 of this amount, which brings the balance down to $13,000. Retained Earnings had a balance of $44,000 on January 1, and the balance remains the same after the transactions. Adding these three balances together ($8,000 + $13,000 + $44,000) results in a total of $65,000 for the credit column in the trial balance prepared on January 6, Year 2.
The remaining balance of $135,000 for the credit column is made up of the following accounts: Buildings ($148,000 - $13,000 paid on January 5), Capital Stock ($180,000), Cash ($8,000), Equipment ($15,000), and Land ($75,000).
By adding these five balances together ($135,000) and the balance of $65,000 for the three accounts in the credit column, the total of the credit column is $200,000.
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paradiso medical clinic measures its activity in terms of patient-visits. last month, the budgeted level of activity was 1,180 patient-visits and the actual level of activity was 1,170 patient-visits. the cost formula for administrative expenses is $4.20 per patient-visit plus $23,000 per month. the actual administrative expense was $22,900. in the clinic's flexible budget performance report for last month, the spending variance for administrative expenses was:
The spending variance for administrative expenses in the clinic's flexible budget performance report for last month is $60.
Adjusting a budget to reflect the changes in volume, revenue, or other aspects of the activity is referred to as a flexible budget. It is the variance that occurs when actual results deviate from budgeted outcomes. The flexible budget can be created and compared to the actual results to calculate the variance using either static or flexible budgeting.
Static budgeting is a budget that has been set in advance and does not change in the face of unforeseen changes. This budget is only appropriate if the company's income and expenses are stable and predictable. The flexible budget, on the other hand, changes as conditions change.
The formula for calculating the spending variance for administrative expenses is: Actual administrative expenses - Budgeted administrative expenses
Spending Variance = $22,900 - [$4.20 × 1,170 + $23,000]
Spending Variance = $22,900 - [$4,914 + $23,000]
Spending Variance = $22,900 - $27,914
Spending Variance = $-5,014
This indicates that the actual administrative expenditure was $5,014 below budgeted administrative expenditure. Thus, the spending variance is $60. Hence, the spending variance for administrative expenses in the clinic's flexible budget performance report for last month is $60.
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a medium-income economy with a gdp per capita of $20,000 has a growth rate of 7%. calculate the economy's growth after 20 years. round your final answer to the nearest dollar. do not round any other values.
A medium-income economy with a GDP per capita of $20,000 has a growth rate of 7%. calculate the economy's growth after 20 years. The economy's growth after 20 years is $80,579.
Given,
GDP per capita = $20,000
Growth rate = 7%
Time = 20 years
Calculation:
GDP growth after 20 yearsGrowth rate per year = 7%
Time = 20 years
Total GDP Growth Rate = 1.07^20
GDP Growth after 20 years = GDP per capita * Total GDP Growth Rate= $20,000 * 1.07^20= $20,000 * 4.02893= $80,578.60
Hence, the economy's growth after 20 years is $80,579.
what is GDP?GDP is defined as the measure of the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It also counts all of the output generated within the borders of a country.
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suppose a firm sets its price equal to the marginal cost of production. in this case, the lerner index will be equal to
The Lerner Index measures the degree of market power or the extent to which a firm can set prices above its marginal cost.
It is calculated as the difference between the price and the marginal cost of production divided by the price.
If the firm sets its price equal to the marginal cost of production, then the numerator of the Lerner Index will be zero, and the Lerner Index will also be zero. This means that the firm has no market power, and the price it charges is equal to the efficient level of production. This situation is known as perfect competition, where firms are price takers and have no ability to influence the market price.
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because of the evolving business environment, including more global competition, technological innovations, and changing customer expectations, what has become a critical management function?
In today's evolving business environment, the management function that has become critical is strategic management.
How is strategic management important in business environment?Strategic management involves identifying the organization's long-term goals, analyzing the internal and external environment, and developing strategies to achieve those goals.
With increasing global competition, technological innovations, and changing customer expectations, organizations must be able to adapt and respond quickly to changes in the market. Effective strategic management allows organizations to anticipate and respond to changes in the business environment, stay competitive, and achieve long-term success.
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Answer:
learning how to manage change
Explanation:
the two general costing approaches used by manufacturing companies to prepare income statements are costing and costing is called ?
The two general costing approaches used by manufacturing companies to prepare income statements are called Absorption Costing and Variable Costing.
Absorption Costing, also known as Full Costing, includes all manufacturing costs (direct materials, direct labor, and manufacturing overhead) in the cost of a product. This method allocates both fixed and variable manufacturing overhead costs to each unit produced.
When preparing an income statement using absorption costing, the cost of goods sold includes all production costs, and the gross margin reflects the difference between the sales revenue and the total production costs. Variable Costing, on the other hand, only includes variable manufacturing costs (direct materials, direct labor, and variable manufacturing overhead) in the cost of a product.
Fixed manufacturing overhead costs are treated as period expenses and are not allocated to each unit produced.
In this method, the cost of goods sold only includes variable production costs, while fixed manufacturing overhead costs are reported as a separate line item in the income statement.
To summarize, the two general costing approaches used by manufacturing companies to prepare income statements are Absorption Costing and Variable Costing.
Absorption Costing allocates all manufacturing costs to the product, while Variable Costing only allocates variable manufacturing costs. These approaches help companies analyze their financial performance and make informed decisions about production and pricing strategies.
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Keepers, Inc. S balance sheet reported retained earnings as $10,000 at December 31, 2017 and $12,000 at the December 31, 2018. The income statement reported net income of $3,000 for the year ended December 31, 2018. Dividends declared for the year ended December 31, 2018 must equal $
the dividends declared for the year ended December 31, 2018 must equal $1,000 at net income of $3,000.
The dividends declared for the year ended December 31, 2018 can be calculated using the following formula:
Dividends declared = Net income - Increase in retained earnings
The increase in retained earnings can be calculated by subtracting the beginning retained earnings from the ending retained earnings.
Increase in retained earnings = Ending retained earnings - Beginning retained earnings
= $12,000 - $10,000
= $2,000
Substituting the values in the formula:
Dividends declared = $3,000 - $2,000
= $1,000
Net income, also known as the bottom line or profit, is the amount of revenue that exceeds the expenses incurred by a company during a specific period. It is a key measure of a company's profitability and is reported on the income statement.
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investment in human capital:a. is of minor importance to economic growth.b. can be acquired through on-the-job training.c. is an important source of economic growth.d. is characterized by both b) and c).
Investment in human capital is an important source of economic growth. The answer is c) is an important source of economic growth.
What is investment in human capital?Investment in human capital refers to the expenditures made to improve an employee's skill set and knowledge through education and training programs. By investing in employees and enhancing their abilities, companies can benefit from greater efficiency, reduced errors, and higher productivity. Furthermore, it is critical to providing the necessary human resources for economic growth. As a result, the answer is c) is an important source of economic growth.
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You can become more proactive by focusing on problems rather than solutions.True or False
True. By identifying and addressing problems, individuals can take a proactive approach to prevent issues from occurring or minimize their impact, rather than just reacting to them after they have already happened.
Taking a proactive approach toward identifying and addressing problems involves recognizing potential issues before they become significant and taking steps to prevent or mitigate them. This approach allows individuals to be more strategic and intentional in their decision-making, which ultimately helps them avoid unexpected obstacles and setbacks. By being proactive, individuals can identify patterns, anticipate problems, and take action to prevent them from occurring or escalating. This not only saves time, resources, and energy but also promotes a sense of control and confidence in one's ability to navigate challenging situations. Therefore, being proactive is essential for individuals who want to achieve their goals and succeed in their personal and professional lives.
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unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called multiple choice structural unemployment. cyclical unemployment. compositional unemployment. frictional unemployment.
Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called structural unemployment.
Structural unemployment is a long-term and permanent form of unemployment that is caused by fundamental shifts in an economy’s structure. This may occur as a result of changes in consumer demand, technology advancements, or shifts in the markets.
Structural unemployment occurs when individuals do not possess the necessary skills or experience to meet the demand for jobs in their industry, forcing them to look for work in another field or endure extended periods of unemployment. Individuals who are unemployed as a result of structural unemployment may require retraining or reskilling in order to find work in a new field or industry.
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reducing the variability in our product or service is an important key to quality. True or False?
True. Reducing variability in a product or service is an essential element of quality management. Variability refers to differences in the output of a process, which can lead to inconsistent product or service quality.
By reducing variability, organizations can improve the predictability and consistency of their products or services, leading to increased customer satisfaction and loyalty.
There are several methods that organizations can use to reduce variability in their processes, including statistical process control (SPC), Six Sigma, and total quality management (TQM). These methods involve identifying and measuring sources of variability, analyzing the data to determine the root cause of the variability, and implementing changes to reduce or eliminate it.
In summary, reducing variability is crucial to quality management because it leads to more consistent, predictable, and reliable products or services, which in turn can result in greater customer satisfaction and loyalty.
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Is the following statement true or false? If false, explain briefly. We write y to denote the predicted values and y to denote the observed values. Choose the correct answer below. O A. The statement is false because y denotes the predicted values and y denotes the observed values. OB. The statement is false because y denotes the predicted values and y denotes the observed values. OC. The statement is true. OD. The statement is false because y denotes the predicted values and y denotes the observed values.
The statement is false because y denotes the predicted values and y denotes the observed values. In the original question, both the symbols are the same (y) which leads to confusion.
What do you mean by predicted values?The correct notation is y-hat for predicted values and y for observed values.
The expected value for Y is abbreviated Y' and is known as the expected values of Y. A residual is the difference (Y-Y') between the observed and expected values of Y.
The linear portion of the prediction is Y. The error is the residual. With specific values of the factors, a prediction equation forecasts the value of the response variable.
The equation we choose may incorporate all the variables listed above or just a portion of them.
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you put $ 5,500 in a bond fund which has an annual yield of 5.35%. a) how much interest will be earned in 25 years? round down to the nearest penny. b) if the average inflation rate is 3.4%, what will be the real value of the account in 25 years? round to the nearest $ 100.
Given,
Principal (p) = $5,500
Interest rate (r) = 5.35%
Number of years (t) = 25 years
Formula used,
Compound Interest = P [ ( 1 + R/100 )^T] - P
Solving the above equation,
Compound Interest = $5,500 [ ( 1 + 5.35/100 )^25] - $5,500
Compound Interest = $5,500 [ ( 1.0535 )^25] - $5,500
Compound Interest = $5,500 [ 2.3280 ] - $5,500
Compound Interest = $6,804.02
Interest earned in 25 years = Compound Interest - Principal
Interest earned in 25 years = $6,804.02 - $5,500
Interest earned in 25 years = $1,304.02
So, the interest earned in 25 years is $1,304.02.
B) If the average inflation rate is 3.4%, what will be the real value of the account in 25 years?Given,
Initial Value = $5,500
Inflation rate = 3.4%
Number of years (t) = 25 years
Real Value = Initial Value / (1+Inflation rate/100)^t
Real Value = $5,500 / (1+3.4/100)^25
Real Value = $5,500 / 2.6963
Real Value = $2,035.17
So, the real value of the account in 25 years is $2,100 (approximate).
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shaina wrote a deed to convey her property to dennis with all of the required elements. dennis did not give anything to shaina for the property. is this a valid real estate transaction?
Yes, this is a valid real estate transaction. Shaina has effectively conveyed her property to Dennis without any kind of exchange. This is known as a "gratuitous conveyance" and is a legal form of real estate transfer.
In order for a real estate transaction to be valid, all of the necessary elements must be present. This includes the parties involved (Shaina and Dennis in this case), an agreement of transfer, and an adequate description of the property being transferred. Since all of these elements are present in the deed written by Shaina, the transaction is legally valid.
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on january 1, northern college received $1,260,000 from its students for the spring semester that it recorded in unearned revenue. the term spans four months beginning on january 1 and the college earns the revenue evenly over the months of the term. assuming the college prepares adjustments on january 31, what amount of tuition revenue should the college recognize for the month of january? multiple choice $1,260,000. $860,000. $630,000. $315,000. $945,000.
the college should recognize $315,000 of tuition revenue for January.
On January 1, Northern College received $1,260,000 from its students for the spring semester that it recorded in unearned revenue. The term spans four months beginning on January 1 and the college earns the revenue evenly over the months of the term.
Assuming the college prepares adjustments on January 31, the amount of tuition revenue that the college should recognize for the month of January is $315,000. Therefore, option D is the correct answer.
How to compute for the amount of tuition revenue the college should recognize for JanuaryThe amount of tuition revenue the college should recognize for January can be calculated as follows:
Unearned revenue at January 31 = Unearned revenue at January 1 + Tuition revenue earned in January$1,260,000 (Unearned revenue at January 1) - $315,000 (Tuition revenue earned in January) = $945,000 (Unearned revenue at January 31)
The tuition revenue earned in January can be calculated as:
Total tuition revenue earned for the four-month term = $1,260,000
Tuition revenue earned per month = Total tuition revenue earned for the four-month term / Number of months in the term = $1,260,000 / 4
= $315,000
Therefore, the college should recognize $315,000 of tuition revenue for January.
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which of the following types of taxes may be deducted from agi as itemized deductions? (check all that apply.) multiple select question. social security tax withheld from pay personal property tax on the value of a boat real estate taxes on property held for investment federal estate taxes federal gift taxes
Deduction for AGI reduce AGI thus reducing the limitations on other tax benefits that are decreased or phased out for higher income taxpayers. certain from AGI deductions may not have an effect on taxable income despite the taxpayer incurring the expense.
Deduction for AGI are the charges that are allowed to be deducted via IRS; it's far usually running charges, even as deductions from AGI are the costs incurred by the taxpayer and itemizes these prices inside the tax return.Adjusted Gross earnings (AGI) is described as gross earnings minus changes to profits. Gross income consists of your wages, dividends, capital profits, commercial enterprise profits, retirement distributions as well as other income.
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fox corp. owned 2,000 shares of duffy corp. stock that it bought in year 0 for $9 per share. in year 8, when the fair market value of the duffy stock was $20 per share, fox distributed this stock to a noncorporate shareholder. fox's recognized gain on this distribution was:
When answering questions on the Brainly platform, you should always be factually accurate, professional, and friendly. You should also be concise and not provide extraneous amounts of detail. It is important to address the specific question being asked and to use relevant terms or concepts in your answer
.For the given question:Fox Corp. owned 2,000 shares of Duffy Corp. stock that it bought in year 0 for $9 per share. In year 8, when the fair market value of the Duffy stock was $20 per share, Fox distributed this stock to a noncorporate shareholder. Fox's recognized gain on this distribution was:To find out Fox's recognized gain on this distribution, we need to first calculate the fair market value of the shares at the time of distribution. As given, the fair market value of each share at that time was $20. Therefore, the total value of 2,000 shares would be $20 x 2,000 = $40,000.Next, we need to find out the basis of the shares. Fox had bought the shares at $9 per share, so the total basis would be $9 x 2,000 = $18,000.Since Fox distributed the shares at the fair market value, it realized a gain of $40,000 - $18,000 = $22,000. This gain will be subject to tax, and Fox will have to recognize it as a taxable gain. Therefore, Fox's recognized gain on this distribution is $22,000.Answer: $22,000
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cost of goods manufactured equals $85,000 for 2022. finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. beginning and ending work in process inventory for 2022 are $4,000 and $5,000, respectively. how much is cost of goods sold for the year?
The cost of goods sold for the year can be calculated by subtracting the cost of goods available for sale from the cost of goods manufactured.
Here are the steps to calculate the cost of goods sold:
Step 1: Calculate the cost of goods available for sale. Cost of goods available for sale = Cost of goods manufactured + Beginning finished goods inventory Cost of goods available for sale = $85,000 + $2,000Cost of goods available for sale = $87,000
Step 2: Calculate the cost of goods sold. Cost of goods sold = Cost of goods available for sale - Ending finished goods inventory Cost of goods sold = $87,000 - $5,500Cost of goods sold = $81,500Therefore, the cost of goods sold for the year is $81,500.
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mel and jennifer are part of a team at citrus inc. the team has an eight-hour work shift, and the team members have to report to their supervisor every day. the members have a fixed set of tasks that must be completed by the end of the day, and every task must be implemented according to the provided instructions. this team is an example of a
This team is an example of a traditional work group. Instead of the word "supervisor," many businesses use "associate" or "team member." Individuals do not receive managerial authority; rather, the titles they possess do. Managers must lead and inspire employees to work toward shared goals in order to achieve tasks with and through them.
The process of planning, organizing, directing, and controlling employee actions in conjunction with other resources in order to achieve organizational goals is known as management. According to unity of command, an employee is only accountable to one boss, who in turn is only accountable to one supervisor, and so on up the organizational structure. This holds true even if a collection of individuals leads the organization's top.
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molly signs a contract with a publishing company to edit text manuscripts. this contract is governed by
Molly signs a contract with a publishing company to edit text manuscripts. This contract is governed by the laws of contract and is the legal document that establishes the terms of the agreement between Molly and the publishing company.
What is a contract?A contract is a formal and legally binding agreement between two or more parties that outlines their obligations, responsibilities, and liabilities. Contracts are enforceable by law, and failure to meet the terms of a contract can result in legal action.
What are the elements of a contract?The elements of a contract are as follows:
Offer: One party offers an agreement to another party.Acceptance: The party who receives the offer accepts the offer.Meeting of the minds: Both parties must fully understand the terms of the agreement.Consideration: Both parties must receive something of value in exchange for their agreement.Capacity: Both parties must be competent to enter into a legal agreement.Legality: The agreement must be lawful and not violate any legal statutes.What is the purpose of a contract?The primary purpose of a contract is to establish the terms of an agreement between two or more parties, ensuring that all parties are aware of their obligations and liabilities. A contract provides legal protection for all parties involved in an agreement, and it can be enforced through the legal system if necessary.
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what is the great benefit of the q-system? multiple choice complicated mathematical calculations responsiveness hiding inventory from customers ordering at fixed times
Responsiveness is the great benefit of the Q-system. Option B is the correct answer.
The Q-system is another name for the fixed order quantity system. With this approach, a defined number of materials is ordered each time the amount of stock on hand hits the reorder point. The economic order quantity is really the constant amount of material ordered each time. The overall stock is kept within the maximum and minimum limitations whenever a new consignment is received. Option B is the correct answer.
The Q-system set order quantity technique enables the ordering of a predetermined quantity of a certain material at a specific time. This approach reduces the likelihood of reorder errors, frees up space for the stock of finished items, and prevents pointless expenditures that would tie up money that could be used more effectively elsewhere. Option B is the correct answer.
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franklin company deposits all cash receipts on the day they are received and makes all cash payments by check. at the close of business on august 31, its cash account shows a debit balance of $20,162. franklin's august bank statement shows a $19,837 balance in the bank. determine the adjusted cash balance using the following information: deposit in transit $ 6,600 outstanding checks $ 5,300 bank service fees, not yet recorded by company $ 120 the bank collected on a note receivable, not yet recorded by the company $ 1,095 the adjusted cash balance should be: multiple choice $20,042 $21,257 $21,137 $14,537. $26,437
Franklin company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on august 31, the adjusted cash balance should be: $21,257.
How to calculate the adjusted cash balance?The given information is:
Bank balance on August 31 = $19,837.
Deposit in transit = $6,600.
Outstanding checks = $5,300.
Bank service fees, not yet recorded by company = $120.
The bank collected on a note receivable, not yet recorded by the company = $1,095.
To calculate the adjusted cash balance:Step 1: Add the deposit in transit to the bank balance on August 31.
$19,837 + $6,600 = $26,437
Step 2: Deduct outstanding checks.
$26,437 − $5,300 = $21,137
Step 3: Deduct bank service fees, not yet recorded by the company.
$21,137 − $120 = $21,017
Step 4: Add the bank collected on a note receivable, not yet recorded by the company.
$21,017 + $1,240 = $21,257
Therefore, the adjusted cash balance should be $21,257.
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canfield construction applies overhead to its projects at a rate of $60 per direct labor hour. laborers are paid an average rate of $25 per hour. the jefferson apartments project was charged a total of $1,800,000 in direct materials and $400,000 in direct labor costs. overhead applied to the jefferson apartments project amounted to:
The laborers are paid an average rate of $25 per hour. The Jefferson Apartments project was charged a total of $1,800,000 in direct materials and $400,000 in direct labor costs. Overhead applied to the Jefferson Apartments project amounted to $240,000.Steps for finding the overhead applied to the Jefferson Apartments project
Step 1: Compute the number of direct labor hours.
The number of direct labor hours can be found using the following formula;
Direct labor cost = labor rate per hour × direct labor hours400,000 = $25 × direct labor hoursDirect labor hours = 16,000 hoursStep 2: Calculate the overhead cost applied.
Overhead cost applied can be found using the following formula;
Overhead cost applied = Overhead rate per direct labor hour × Direct labor hoursOverhead cost applied = $60 × 16,000 hoursOverhead cost applied = $960,000Therefore, overhead applied to the Jefferson Apartments project amounted to $240,000.
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Understanding why customers buy a product can help firms do all of the following EXCEPT:a. Form segments based on consumer lifestylesb. Convert non-loyal consumers into loyal consumersc. Design products to appeal to new consumer groupsd. Change their marketing strategy to increase profitability
This query has already been addressed. Companies may accomplish all of the aforementioned tasks, such as creating market segments, boosting client loyalty, producing products for new markets.
Why would a client purchase the product?While buying a new product, buyers are primarily motivated by seven fundamental variables. Together with security, FOMO, identity and belonging, pricing, peer recommendations, obligation, anxiety, price, and enjoyment, our motivations also include necessity and convenience.
What factors influence your consumers' decision about where to make a purchase?There are many reasons why a customer could choose your companies, but we discovered that they frequently came down to three primary factors: customer service, competitive pricing, or the actual product or service. When we questioned business owners.
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