Answer:
Watercraft store
Explanation:
In a situation such as this one, the loss of the boat is ultimately suffered by the Watercraft store. This is mainly due to the fact that they agreed to keep the boat for Ursula until she picks it up, which in doing so they ultimately agreed to take responsibility for the boat during that time. Therefore, any and all damages that have occurred to the boat are suffered by Watercraft and Ursula can sue them for a full refund of the boat.
Concord Company uses the FIFO method to compute equivalent units. It has 4000 units in beginning work in process, 20% complete as to conversion costs and 50% complete as to materials costs, 67000 units started, and 5800 units in ending work in process, 30% complete as to conversion costs, and 80% complete as to materials cost. How much are the equivalent units for materials under the FIFO method?
Answer:
67,840 units
Explanation:
The computation of the equivalent units for material by using the FIFO method is shown below:
Particulars Unit Percentage completion Equivalent units
Opening
inventory 4,000 units 50% 2,000 units
Completed
& transferred
(67,000
- 5,800) 61,200 units 100% 61,200 units
Closing
inventory 5,800 units 80% 4,640 units
Total 67,840 units
Frederick Kruger, an investment adviser representative, has decided to leave his current firm and accept a position with another investment adviser. Freddy makes an agreement with an investment adviser representative at his old firm to handle his accounts after he leaves. The IAR at the old firm will set aside and pay 50% of any fees that he receives to Frederick for the next 3 years. Which statement is TRUE
The statement that is TRUE is: Prohibited because commissions cannot be shared by individuals that are registered at different advisory firms.
Sharing of CommissionBased on the information given about Freddy who is now an investment adviser with another advisory firms, Freddy will not be able to partake in the sharing of commission because it is prohibited.
The reason why the IAR at Freddy old firm cannot set aside and pay 50% of any fees that he receives to Frederick is because Freddy has register under another investment adviser.
Since he is no longer with the old firm Freddy cannot receive any commission because he is no longer the the investment adviser as he has registered at different advisory firms.
Inconclusion the statement that is TRUE is: Prohibited because commissions cannot be shared by individuals that are registered at different advisory firms.
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16. Marginal thinking involves:a. accurately calculating the opportunity cost of a decision.b. always acting in your own self-interest.c. comparing the total benefit and total cost of a decision.d. weighing the incremental benefit against the incremental cost of a decision.
Answer:
weighing the incremental benefit against the incremental cost of a decision.
Explanation:
In Business management and economics, Marginal thinking involves weighing the incremental benefit against the incremental cost of a decision.
When individuals such as a decision-makers or project manager, is implementing and executing a project, it is very essential and important that he does marginal thinking; by weighing the overall and potential benefits or gains to be derived from that project in comparison with the costs of execution.
Hence, when the incremental benefits is greater than the incremental cost of the decision, then it is logical and safe to make the move or do it.
On December 31, Strike Company sold one of its batting cages for $50,000. The equipment had an original cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?
Answer:
question is not clear please send clear question
redatory pricing refers to a. a firm selling certain products together rather than separately. b. a monopoly firm reducing its price in an attempt to maintain its monopoly. c. firms colluding to set prices. d. All of the above are examples of predatory pricing.
Answer:
b. a monopoly firm reducing its price in an attempt to maintain its monopoly.
Explanation:
The predatory pricing is the pricing in which the firm charged a lower price of products and services they are providing to the customers so that the competition would not be exist and the motive of this pricing is forcing other firms to leave the market
Therefore in the given situation, the option b is correct as it fits for the monopoly.
Home Smart Inc. is a chain of supermarkets that sells its products at higher prices than its competitors. Yet, the supermarket chain has a large customer base due to its wide product portfolio and superior customer service. Which of the following generic business strategies has Home Smart adopted in this scenario?
a. market penetration
b. cost-leadership
c. differentiation product
d. diversification
Answer:
C
Explanation:
Product differentiation is a marketing strategy where a company strives to distinguish the products it offers to consumers from other products.
differentiation could be in terms of offering a broad range of products to consumers or offering products of superior quality to consumers or offering better services to customers
A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called
Answer: Cooperative
Explanation: The scenario described above could best be termed as a cooperative ownership. A cooperative form of ownership usually exists whereby members of a corporation and shareholders of the cooperative group or society are entitled to a lease access of properties such as housing apartment belonging to the cooperative society. Here, the corporation owns the property and members are who posses stock in the corporation can get access to these apartments usually at very low prices compared to external housing blocks which non-members will also not be able to enjoy. However, residents aren't the outright owners of the apartments.
An agent's customer says that ABC Corporation is about to be bought out. The customer wishes to place an order to buy ABC common stock based upon this yet unreleased information, which he claims he learned from an officer in the company. How should the agent respond in this situation
Answer:
Explanation:
In this specific scenario, the best thing for the agent to do would be to bring the information to the attention of the firm's supervisory principal named to handle such matters in a Supervisory Procedures Manual. That is because inside information or insider trading is illegal and even though it does not need to be reported to the state securities Administrator, it should still be handled by the firm's supervisory principal in order for it to be handled correctly so that the firm does not get into trouble.
Although Morrison and Sons, Inc. takes into account current market trends when buying products, the CEO of the company has the final say on what gets purchased or not. Therefore, the CEO acts as the _____.
Answer:
decider
Explanation:
In this scenario, the CEO is acting as the decider for the company. This individual's main responsibility is to listen to all the information provided by the other members of the board and make the final decision that gets implemented. This decision needs to be what the decider believes is going to be best for the company itself and help it increase profits and propel it forward.
On June 1, Norma Company signed a 12-month lease for warehouse space. The lease requires monthly rent of $550, with 4 months paid in advance. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. At the end of June, what should be the balance of Norma's Prepaid Rent account
Answer:
Balance = $1,650
Explanation:
As Norma company has paid 4 months rent in advance, therefore at the end of June, norma company will record its 1-month expense as follows
Adjusting entry at the end of June would be
DEBIT CREDIT
Entry
Rent Expense $550
Prepaid Rent $550
The balance on Norma's prepaid expense would be
Prepaid Rent = $2200
Rent Expense = ($550)
Balance = $1,650
Explain law of demand and supply along with graphical representation and how can we determine the price of any commodity?
Answer:
The Law of Demand and Supply help us understand how prices are reached in a market.
The Law of Demand states that the higher the price of a good, the lesser the quantity demanded of that good by consumers. Looking at the graph attached, you will see that the demand curve is downward sloping. This is because of the law of demand.
Notice that when the price of the good is $20, there are 4,000 units demanded but when the price goes up to $30, there are now 3,000 units demanded. Consumers demand less of a good as it gets more expensive because it increases their opportunity cost. This means that the money they are spending on a good could be spent elsewhere and if that amount keeps rising, it reduces the quantity of other goods they can get.
The Law of Supply applies to suppliers and states that as prices increases, Suppliers will supply more goods and services because they will have the incentive of more profit guiding them. For that reason the Supply curve will be upward sloping. Notice how at a price of $20, the supply is only 2,000 but when the price rises to 30, the supply increases to 3,000.
The price of a commodity is determined at the Equilibrium point where the Demand and Supply Curves intersect. At this point, the amount that people are willing to pay for a certain quantity of goods matches the price that suppliers are willing to supply the same quantity of goods for. In the graph you will notice that price is $30 and the quantity is 3,000.
Your sister recently opened a swanky three-floor cheese market, Fromagerie, which is quickly gaining attention from locals, the press, and restaurateurs in the area. Located near a college town, Fromagerie specializes in rare international cheeses; and on the top floor, there is a bistro where patrons can take cooking lessons, meet new people, dine, and sample some of the world's most savory cheeses before they make a purchase decision. The bistro element of the Fromagerie is primarily an example of your sister's retail strategy in the area of:______
a. merchandising
b. atmospheric
c. location
d. customer services
e. promotion
Answer:
customer service
Explanation:
In simple words, h Customer care or service refers to the immediate each-on-one relationship between a paying customer and the subject company's marketing agent. This direct engagement is seen by most merchants as a key factor in maintaining customer loyalty and promoting repeat sales.
Thus, from the above we can conclude that the given case relates to customer service.
uan Pablo and Zak are competitors in a local market. Each is trying to decide if it is better to advertise on TV, on radio, or not at all. If they both advertise on TV, each will earn a profit of $8,000. If they both advertise on radio, each will earn a profit of $14,000. If neither advertises at all, each will earn a profit of $20,000. If one advertises on TV and other advertises on radio, then the one advertising on TV will earn $12,000 and the other will earn $10,000. If one advertises on TV and the other does not advertise, then the one advertising on TV will earn $22,000 and the other will earn $4,000. If one advertises on radio and the other does not advertise, then the one advertising on radio will earn $24,000 and the other will earn $8,000. If both follow their dominant strategy, then Juan Pablo will
Answer: Advertise on radio and earn $14,000
Explanation: Dominant strategy may be explained as the tactics or option which works best for a particular firm and seems to give the firm an edge abive other competitors.
Since both are following their dominant strategy, even though advertising on TV seems more lucrative if only one of the advertise, by the time both of them place TV advert, profit falls to $8000. therefore the strategy who gives the highest return when both thread the same advertising path is the radio advert, which gives a return profit of $14,000. Therfore, Uan Pablo should advertise on radio and earn a profit of $14000
On January 1, Song Corp. receives a $100,000, two-year, note receivable from a customer in exchange for payment of goods. The note has a 12% effective interest rate. On January 1, when Song receives the note from the customer, Song will record (Select all that apply.) Note: you must use present value computations to answer this questions.
Textbook Answer
Note Receivable (debit) 100,000
Discount on Note Receivable (credit) 20,281
Sales Revenue (credit) 79,719
I know that Sales Revenue is the difference between the Note Receivable and the Discount on Note Receivable.
HOW DO YOU FIND THE DISCOUNT ON NOTE RECEIVABLE FOR THIS QUESTION USING THE TVM BUTTONS ON A FINANCIAL CALCULATOR? Please provide the exact input and then the reason why.
N = _______
I/Y = _________
PV = _________
PMT = _________
FV = _________
Answer:
Song Corp
1. Correct Journal Entries for the transaction:
Debit Note Receivable $100,000
Credit Interest on Note Receivable $20,281
Credit Sales Revenue $79,719
To record the sale of goods with a 12% note receivable.
2. Explanation of how the discount (Interest) on the Note Receivable was found:
The first button to select on the Calculator is the "Starting Principal," because this is the variable of interest.
The inputs on the TVM buttons were the $100,000 on the FV, $0 on the PMT, 2 on the N, and 12 on the I/Y buttons. These inputs then calculated the value of PV as $79,719 and Interest as $20,281 approximately when I pressed the "Calculate" button.
N = Number of Periods = 2 years
I/Y = Interest Rate = Effective Interest Rate of 12%
PV = Calculated Value (Present Value of the sales transaction = $79,719)
PMT = Periodic Monthly Payments made to settle the debt = $0.
FV = Future value of the note = $100,000
Total Interest = $20,281
Explanation:
The present value of the sales transaction, which Song Corp. contracted with a customer is $79,719. This is the amount that would have the future value of $100,000.00 for the note receivable from the customer, with an effective interest rate of 12% per annum after 2 years.
The difference between the future value of $100,000 and the present value of $79,719 represents the interest cost, which the customer bears for the note receivable.
However, it is important to stress that this difference is not described as a "Discount on Note Receivable" as depicted in this question, but as an "Interest on Note Receivable." A discount on note receivable would have had a debit balance.
Q 9.32: On December 31, 2016, Weber Industries had on their books a delivery truck that was purchased for $23,000 and had accumulated $13,800 in depreciation. Annual depreciation is $2,300. On July 1, 2017, Weber Industries sold the truck for $9,000. If Weber Industries forgets to account for a partial year of depreciation for the truck, how will this affect their journal entry
Answer:
Effect :
1. Depreciation Expense will be understated
2. Accumulated Depreciation is also understated.
Explanation:
According to the matching principle, the depreciation expense is charged in the period it was incurred.
In 2017 , the year of sale, the asset was only used for 6 months until July 1, therefore a partial depreciation has to be recognized.
Depreciation Charge (Partial) = Annual Charge × Months during the year asset was in use.
= $2,300 × 6/12
= $1,150
The journal entry would be :
Depreciation Expense $1,150 (debit)
Accumulated Depreciation $1,150 (credit)
If Weber Industries forgets to account for a partial year of depreciation for the truck :
1. Depreciation Expense will be understated
2. Accumulated Depreciation is also understated.
Quik Meds hired Frank as a delivery driver. Because there was a backlog of deliveries, the company allowed Frank to work pending the outcome of his background investigation. Shortly after he was hired, Frank was caught stealing a customer's purse. The customer was injured in the scuffle over her purse. The customer later sued Quik Meds for negligent hiring. Quik Meds defended itself by arguing it was not liable for an employee's actions. Is this a viable defense?
Complete/Correct Question:
Quik Meds hired Frank as a delivery driver. Because there was a backlog of deliveries, the company allowed Frank to work pending the outcome of his background investigation. Shortly after he was hired, Frank was caught stealing a customer's purse. The customer was injured in the scuffle over her purse. The customer later sued Quik Meds for negligent hiring. Quik Meds defended itself by arguing it was not liable for an employee's actions. Is this a viable defense?
Select one:
a. Yes, because employees are liable for their own torts.
b. Yes, because Frank was not acting on behalf of Quik Meds when he engaged in the misconduct.
c. No, because Quik Meds failed to conduct a background search on Frank.
d. No, because Quik Meds is strictly liable for employee on-the-job conduct.
Answer:
C, No, because Quik Medds failed to conduct a background search on Frank.
Explanation:
The defense of Quik Meds in the case of their customer against the company is not viable. This is because the result of the background checks on Frank had not returned or background check before he was employed. This means that if the Quik Meds were patient enough for the background check to have concluded, he might have been found out and no employed but Quik Med.
Cheers.
Scenario You have worked at your current employer for 5 years. Recently your company merged with a much larger Boston accounting firm to improve efficiencies, increase revenues, cut costs and adopt best practices in the industry. After the merger, you find yourself on a team with four other individuals that you have never met. Each individual is from a different department: auditing, tax, corporate governance, legal and insurance. The purpose of your team is to reduce the number of employees in your department. Why is the change needed?
Answer:
In order to restructure the organization under the new Management.
Explanation:
Remember, we are told that a merger had occurred with a larger company with the sole aim of improving efficiencies, increasing revenues, cut costs and adopt best practices in the industry.
Thus, as at part of achieving the merger objectives of cutting cost, such change in the number of employees in each of those departments are necessary. For example, if the company spends $50,000 on employee remuneration prior to the merger, by reducing the amount of employees they are more likely to reduce cost.
Think of examples of goods whose relative price has risen or fallen by a large amount. In 2007, the price of a gallon of gas was $2.59. In 2017, the price of a gallon of gas was $2.32 In 2007, the price of a dozen eggs was $1.63. In 2017, the price of a dozen eggs was $1.40. Between 2007 and 2017, the relative price of a gallon of gas with respect to a dozen eggs _______ and the relative price of a dozen eggs with respect to a gallon of gas _______.
Answer: Between 2007 and 2017, the relative price of a gallon of gas with respect to a dozen eggs rose and the relative price of a dozen eggs with respect to a gallon of gas fall.
Explanation:
Given: In 2007, the price of a gallon of gas was $2.59.
In 2017, the price of a gallon of gas was $2.32.
Change in price of a gallon of gas = price in 2017 - price in 2007
= $2.59 - $2.32
= $0.27
In 2007, the price of a dozen eggs was $1.63.
In 2017, the price of a dozen eggs was $1.40.
Change in price of a dozen eggs = price in 2017 - price in 2007
= $1.63 - $1.40
= $0.23
Clearly, Change in price of a gallon of gas > Change in price of a dozen eggs
It means, Between 2007 and 2017, the relative price of a gallon of gas with respect to a dozen eggs rose and the relative price of a dozen eggs with respect to a gallon of gas fall.
A person offers you the following deal. You can have the proceeds of $2 doubled each year at the end of 15 years, or you can have $10,000 at the end of 15 years. Which deal should you take? Why?
Answer:
The deal I would take is the first deal.
Explanation:
I would take the first deal because as it's getting doubled by the number after the fourth year you would make $65,536 which is way more money then $10,000 at the end of 15 years.
Jamal is part of a management group that is examining whether his company, State Engineering, should offer some important new services that would broaden its business by appealing to a different group of potential clients. Jamal's group is involved with:
Answer:
strategic planning
Explanation:
In simple words, Strategic preparation refers to the method of tracking your local small company and setting a pathway — by determining where you're actually at and where you are heading.
Such strategic plan provides a facility to archive your purpose , dream, and principles, and also your long-term objectives and the formative assessments you will be using to accomplish them.
Which of the following is FALSE? a. To reduce cannibalization among products, make the products more homogenous b. After acquiring a substitute product, raise prices on both the products c. After acquiring a complementary product, lower prices on both the products d. All of the above
Answer: c. After acquiring a complementary product, lower prices on both the products
Explanation: Market or product cannibalization is a loss in sales which occurs when a company introduces a new product that displaces one of its own older products. The cannibalization of an existing products leads to no increase in the company's market share despite sales growth for the new product. So what is best to be done here is to lower the prices on both products.
the difference between a secured loan and unsecured loan is that the secured loan is
Answer:
Explanation:
A secured loan is a type of loan on which the borrower uses some assets for collateral . That means it is secured on the assets in the case of any default in terms by the borrower.
An unsecured loan on the other hand is a type of loan that is not secured on any assets . The risks related to this type of loan is higher as there is no security to cover or minimize the loss in the situation of a default in terms.
Looking at the definition given above , the difference between a secured and unsecured loan is that assets are promised by the borrower as security over a secured loan , hence the cost can be lower while in the unsecured loan , no asset is promised as security and the cost can be higher
Answer:
has a lower interest rate
Explanation:
Which of the following examples illustrates an oligopoly market? a. a farmers’ market with many individuals selling sweet corn and tomatoes b. a city whose electrical service is provided by one electric co-operative c. a city with two firms who are licensed to sell school uniforms for the local schools d. a city with many independently-owned hair styling salons
Answer:
c. a city with two firms who are licensed to sell school uniforms for the local schools
Explanation:
An oligopoly is an industry that is dominated by few large firms.
characteristics of an oligopoly are :
high barriers to entry or exit of firms
few large firms
interdependence among firms
a farmers’ market with many individuals selling sweet corn and tomatoes is an example of a monopoly
a city whose electrical service is provided by one electric co-operative is an example of a monopoly
a city with two firms who are licensed to sell school uniforms for the local schools is an example of a duopoly which is a type of monopoly
a city with many independently-owned hair styling salons is an example of monopolistic competition
Environmentalist: The commissioner of the Fish and Game Authority would have the public believe that increases in the number of marine fish caught demonstrate that this resource is no longer endangered. This is a specious argument, as unsound as it would be to assert that the ever-increasing rate at which rain forests are being cut down demonstrates a lack of danger to that resource. The real cause of the increased fish-catch is a greater efficiency in using technologies that deplete resources.
The environmentalist's statements, if true, best support which of the following as a conclusion?
(A) The use of technology is the reason for the increasing encroachment of people on nature.
(B) It is possible to determine how many fish are in the sea in some way other than by catching fish.
(C) The proportion of marine fish that are caught is as high as the proportion of rain forest trees that are cut down each year.
(D) Modern technologies waste resources by catching inedible fish.
(E) Marine fish continue to be an endangered resource.
Answer:
A
Explanation:
When one store stays open late to gain an advantage, its competitors begin to stay open late, too. At this point the first store is no better off than it was before, but now every store has additional expenses. This illustration is an example of what Frank and Cook call a
Answer:
Positional Arms Race
Explanation:
In the positional Arms Race, one of the competitor tries to increase its sales by offering more to its customer which would also encourage its competitor to offer more to its customers. This is because the competitor will try to retain his customers for the long term that other competitor wants to win.
As in this case, the company has began to stay open late, though it will increase its sales initially but later it would encourage its competitor to do so which will result in decline in value to company as it will increase the cost of both competitors and will not be generating enough value for the companies. This phenomenon is often referred to as Positional Arms Race.
how to calculagte this answer- A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest dollar, what is the difference between the monthly payments for these two loans?
Answer: $409.20
Explanation:
given;
loan amount = $220,000
loan option 1 = 15 years at 5.5%
loan option 2 = 30 years at 6.5%
solution:
1. monthly payment for loan 1.
$220,000/$1000 = 220
15 years at 5.5% = $8.18 * 220
= $1799.60
2. monthly payments for loan 2.
30 years at 6.5% = $6.32 * 220
= $1390.40
difference between both monthly payments.
loan option 1 monthly payment - loan Option 2 monthly payment
= $1799.60 - $1390.40
= $409.20
The difference between the monthly payments for these two loans is $409.20
The calculation is as follows:monthly payment for loan 1.
$220,000 ÷ $1000 = 220
15 years at 5.5% = $8.18 × 220
= $1799.60
2. monthly payments for loan 2.
30 years at 6.5% = $6.32 × 220
= $1390.40
difference between both monthly payments.
= loan option 1 monthly payment - loan Option 2 monthly payment
= $1799.60 - $1390.40
= $409.20
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Mr. and Mrs. Smith were interested in purchasing a vacant lot. However, they first wanted the property surveyed. When the surveyor came out to measure the property he began measuring from the iron spike embedded in the middle of the street. In this case the iron spike would be known as:
Answer:
Benchmark.
Explanation:
In this scenario, Mr. and Mrs. Smith were interested in purchasing a vacant lot. However, they first wanted the property surveyed. When the surveyor came out to measure the property he began measuring from the iron spike embedded in the middle of the street. In this case, the iron spike would be known as benchmark.
In real estate, benchmark can be defined as an indicator which is used by individuals or group of developers to measure and define properties such as a land. Iron spikes and wood stakes could be used as a benchmark for indicating ownership or measurement of a property.
Frank and Jesse are operating as a general partnership. A question has arisen that is not covered under their partnership agreement and also not addressed by the Revised Uniform Partnership Act. What will the courts do to resolve the situation
Answer:
The answer is:
The court will look to common law.
Explanation:
Common law is defined as a body of legal rules that are made by judges as they issue rulings on cases, as against rules and laws made by the legislature or in official statutes. it's also the a part of English law that's derived from custom and judicial precedent instead of statutes.
Another name for common law is case law
The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an example of a:
Answer:
Price ceiling
Explanation:
The price ceiling means the maximum price that is charged by the supplier to the consumer. If is not affected so it is above equilibrium price and in case when it is below than the demand is greater than the supply.
So in the given question, it is mentioned that the prices of food are set low that are sufficient to meet the requirement represent the price ceiling example
Internalizing external costs and assigning property rights to unowned goods such as wild species are two responses to market failures by defenders of a narrow economic view of corporate social responsibility. These ad hoc attempts to repair market failures are environmentally inadequate because of the
Answer: Fungibilty problem
Explanation: The concept of internalizing extercost could best be explained as policies which intends to balance and shift cost or effect of external factors on the masses. As mentioned in the question abive, a concept of internalizing external cost is the use of fiscal policies in the associating property rights to goods which one does not even own. The concept of fungibilty preaches equality in the value of exchaved goods or asset. This concept is trampled upon when individuals have to bear and pay for cost which they did not incur explicitly.