Answers
Resume is a document that describes an individual's accomplishments, abilities, and educational experience.
What is resume?
Job seekers must create a formal document called a resume in order to list their qualifications for a position. A personalized cover letter that is provided along with a resume typically conveys interest in a certain position or business and highlights the key details of the CV.A resume, commonly referred to as a curriculum vitae or CV, is a written summary of your qualifications, past employment, and accomplishments. A resume is a must for practically every job application. Practically every job application requires a resume.
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Related Questions
Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wilm's Window Washing Services Trial Balance January 31, 2023 Cash Accounts receivable Prepaid insurance Equipment Accounts payable Wilm Schmidt, capital Wilm Schmidt, withdrawals Service revenues Salaries expense Insurance expense Maintenance expense Utilities expense Total Debit $ 11,700 9,340 2,500 25,000 Required: Prepare a corrected trial balance. 9,060 Credit $ 6,000 46,000 WILM'S WINDOW WASHING SERVICES Trial Balance 60,500 32,100 5,300 13,100 5,300 $113,400 $112,500 The following errors were discovered: a. Schmidt did not post a $4,100 purchase of equipment on credit. b. In posting a $1,450 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2,670 but incorrectly credited Accounts Receivable for $7,270. d. In posting a $5,500 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. e. In posting the entry for services of $3,700 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense.
Answers
Note that the corrected Trial Balance for Window Washing Services is attached accordingly.
What is Trial Balance and why is it important?Trial balance is a list of all the accounts in the general ledger with their respective debit or credit balances.
It is used to ensure that the total debits equal the total credits, indicating that the accounting records are in balance. The purpose of a trial balance is to detect errors that have been made in the double-entry bookkeeping system.
It is important because it ensures the accuracy of the accounting records and provides a foundation for the preparation of financial statements.
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through which of the following marketing mix variables do companies capture value from consumers, resulting in the generation of revenue?
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Companies capture value from consumers and generate revenue through the "price" variable of the marketing mix.
Price is the amount of money that a customer must pay to acquire a product or service, and it directly impacts the revenue that a company earns. The price charged by a company is often based on a variety of factors, such as the cost of production, the level of competition, and the perceived value of the product or service to the customer.
The other marketing mix variables - product, promotion, and place (distribution) - are also important in creating value for consumers and influencing purchasing behavior. However, it is the price that ultimately determines the revenue generated by a company.
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The director decides to move forward to fix this issue.
"I'd like you to come up with a strategy to fix this misperception by consumers. I want this strategy to create an almost involuntary reaction in the consumer of thinking 'good-tasting cookie' whenever they see 'Cocoa Cremes'."
"I think once they learn and remember that the cookie brand stands for an enjoyable eating experience, we may see an increase in sales."
Which strategy would you recommend to the director?
Answers
You will recommend developing an advertising strategy that pairs image of people eating and enjoying cookies .
Elaborating:This is primarily due to the fact that the company is compelled to show customers a product commercial with two pictures of people eating and enjoying cookies bearing the brand name. which will undoubtedly recall the advertising campaign and brand name.
Every time they see advertising that uses the brand name, customers would be encouraged to try the product. Your brand's exposure through this strategy will undoubtedly result in increased sales. Customers will begin to view the brand in a more favorable light as a result of this positive influence.
Despite the fact that managers frequently employ both mental models, they frequently fail to recognize the differences. Additionally, decision-makers fall prey to mental pitfalls as a result of this lack of awareness. We can avoid falling into these traps and make better decisions if we understand backward and forward thinking.
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Why do you think the Walt Disney Company uses the term “cast members” for its employees?
Answers
Answer:
So when Walt was building an entertainment company, “he believed that everything you do should advance the story.” So if you're an employee at Disney World or Disneyland, you're part of the story. That's why Disney park employees are called “Cast Members” rather than employees—even if they're not playing a character
0.
Now, your friend Jane started investing at the same time you did, but didn't get
out. How much would her portfolio be worth at the end of the following bear market
from 2000 to 2003?
Answers
without using parentheses enter a formula in cell F4 that date determines the project 2022 take-home pay for the employee by taking the value in cell C4 adding it the product of cell C4 multiplied by cell D4 and then subtract the value in the cell E4.
Answers
The applicable formula will be "= C4 + C4 * D4 - E4" based on the information in the cells and the cell names.
How do you compute take-home pay?Take-home Salary = Gross Salary – Income Tax – Employee's PF contribution (PF) – Professional Tax.Gross Salary = CTC – Employer's PF contribution (EPF) – GratuityExcel employs the PEMDAS rule, which states that it will compute the product of C4 and D4 before adding and subtracting the value in C4 from the value in E4.
This indicates that the correct formula to enter is:
= C4 + C4 * D4 - E4
You can drag this formula down for other employees if there are any.
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5 LAST WORD a. Price ceilings during a hyperinflation are problematic because O the excess money supply makes prices too high. O consumers don't like the goods that producers are offering for sale. O many government officials will become corrupt. many producers will go out of business because the costs of production will soon exceed the legal selling price. b. A Venezuelan-style economic collapse would be less likely in a mixed economy like the United States because Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. inflation is always low in a mixed economy. ? corruption is less likely when economic power is more diffused. private industry has strong financial incentives to produce efficiently. 1 mixed economies like the United States usually have a more equal distribution of income.
Answers
Price ceilings during a hyperinflation are problematic because many producers will go out of business because the costs of production will soon exceed the legal selling price. Thus, the correct option is 1(D), 2(A,C).
What do you mean by Price ceilings?A price ceiling prevents a price from increasing over a predetermined level, or the "ceiling". A price floor prevents a price from dropping below the "floor" level.
Maximum price ceilings are upper limits placed on product prices by the government.
A price cap results in deadweight loss, which is an unproductive result. Even if deadweight loss occurs, the government sets a price cap to safeguard consumers.
Therefore, for both the statements are:
Price ceilings during a hyperinflation are problematic because many producers will go out of business because the costs of production will soon exceed the legal selling price.A Venezuelan-style economic collapse would be less likely in a mixed economy like the United States because inflation is always low in a mixed economy, private industry has strong financial incentives to produce efficiently.To know more about the Price ceilings, visit:
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The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction.
Hannah divides all of her income between spending on paperbacks and lattes. In 2012, she earned an hourly wage of $28.00, the price of a paperback was $7.00, and the price of a latte was $4.00.
#1 Which of the following gives the real value of a variable? Check all that apply.
- The price of a paperback is 1.75 lattes in 2012.
- The price of a paperback is $7.00 in 2012.
- Hannah's wage is 7 lattes per hour in 2012.
#2 Which of the following give the nominal value of a variable? Check all that apply.
- The price of a latte is $4.00 in 2012.
- The price of a latte is 0.57 paperbacks in 2012.
- Hannah's wage is $28.00 per hour in 2012.
Suppose that the Fed sharply increased the money supply between 2012 and 2017. In 2017, Hannah's wage rose to $56.00 per hour. The price of a paperback is $14.00, and the price of a latte is $8.00.
#3 In 2017, the relative price of a paperback was ___________. Options: .57 lattes, 1.75 lattes, $8 or $14.00
#4 and #5 Between 2012 and 2017, the nominal value of Hannah's wage____________, and the real value of her wage________________. Options: Increase or Decrease
#6 and #7 Monetary neutrality is the proposition that a change in the money supply _______________ nominal variables and ____________ real variables. Options: Increase or Decrease
Answers
Nominal and real values, relative prices, and monetary neutrality affect the money supply on economic variables. The response to the above series of questions is as follows:
#1 - The price of a paperback is $7.00 in 2012.
#2 - The price of a latte is $4.00 in 2012
- Hannah's wage is $28.00 per hour in 2012.
#3 - In 2017, the relative price of a paperback was 1.75 lattes.
#4 and #5 - Between 2012 and 2017, the nominal value of Hannah's wage increased, and the real value of her wage may have increased, decreased, or stayed the same.
Explanation: The rate of inflation and alterations in the level of prices between 2012 and 2017 may have caused Hannah's pay to fluctuate, decrease, or remain unchanged in real terms. To ascertain the true worth of her salary, more information is required.
#6 and #7- Monetary neutrality is the proposition that a change in the money supply does not affect nominal variables and may affect real variables.
Explanation: As many factors, like consumer behavior, governmental policy, and economic conditions, play a part in this, it is not a given that a change in the money supply would always result in an increase or decrease in real variables.
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Cute Camel Woodcraft Company is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet.
Answers
The balance sheet is a financial and accounting system that offers a summary of the individual's and organization's financial circumstances. It is possible to form a sole proprietorship or a partnership.
The answer is adorable carmel total C.A grew between 1 and 2 years.
The balance sheet provides information about the firm. It is used by both the investors and the analyst of the adorable Carmel woodcraft firm to track their success.
The sheet is designed for the first and second years. Cash and Cash Equivalents = Current Assets - Accounts Receivable - Inventories in Year 2. As a result, $8,072 is the result.
Following that, Net Plant & Equipment = Total assets - Total current assets for both years. The total is thus $24,063. As a result, Total CL = Accruals + N.Payable = $2,734.
A 2 Earnings retained = Total Common Equity - Common Stock = $11,485.
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Ophelia runs a local seamstress business. Ophelia is losing customers to a competing business. Upon sending an employee over to check out the
competition, Ophelia discovers the competitor's turnaround time is double her turnaround time. What should Ophelia's new marketing strategy be to woo
back her customers?
Answers
Ophelia should focus on promoting her faster turnaround time as a key advantage over her competitor.
How can she do this?She can use various marketing channels to highlight this, such as social media, websites, flyers, or word-of-mouth recommendations.
Additionally, Ophelia can consider offering discounts or other incentives to her customers to encourage them to come back and try her services again.
This would give her an edge over her competitors.
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The CEO of one of the major firms overheard one of its managers making the following statement regarding its production plans; in order to maximize profits, it is important we operate at the minimum of our average total cost curve. is he correct to say that?
Answers
According to the given condition the manager was incorrect. In order to maximize profits a the marginal cost(MC) should be equal to a firm's marginal revenue(MR).
What do you mean by maximize profits?Profit maximisation refers to a procedure that businesses go through to make sure the best output and price levels are achieved in order to maximise their returns.
The inability of the enterprises to assess expenses at all production stages makes it difficult for them to measure overall cost and total income.
By studying how minor adjustments to production affect profits and expenses, they adopt a more pragmatic approach.
Hence, according to the given condition the manager was incorrect. In order to maximize profits a the marginal cost(MC) should be equal to a firm's marginal revenue(MR).
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Top 3 tips for buying a new home
Answers
2. Explore mortgage options.
3. Get yourself in a first-time home Buyer program.
Which of the following categories is a situational factor? A. customer socialization. B. reference groups. C. attitudes. D. selective exposure. E. physical
Answers
Option E: Physical surroundings. Physical surroundings is a situational factor. Situational factors are also called external factors.
Situational factors are influences that arise from elsewhere, such as the environment or people around you, rather than within the individual.
Examples of situational factors include the environment, work or school, and the people around you. The opposite is temperamental factors, which are individual traits that influence a person's behavior and behavior, such as personality traits, temperament, and genetics.
People tend to cite personality factors as the reason for success, but tend to blame situational factors for failure.
The broader context factors are (a) context cues (objective physical stimuli in the environment), (b) psychological context characteristics (the subjective meaning and interpretation of the context), and (c) context class (the type or group). including similar cues or similar level or feature profiles throughout the situation).
In a narrower sense, situational factors can refer to a broad dimension of situational characteristics that can be used to describe and compare any situation.
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The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 78,400 Accounts receivable 49,000 Supplies 3,700 Prepaid insurance 5,500 Land $ 10,000 Accounts payable 11,500 Common stock 100,000 Retained earnings 34,255 Dividends 9,900 Service revenue 93,000 Rent expense 11,500 Salaries expense 35,300 Operating expense 36,200 Totals $ 229,500 $ 248,755 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $655 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $1,030. 2. A $1,850 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $370 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. 4. Land valued at $10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,000 credit to both the Land account and the Common Stock account. 5. A $1,450 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $1,450. Required Prepare a corrected trial balance for Ricardo Company.
Answers
To prepare a corrected trial balance for Ricardo Company, we need to make adjustments for the errors found in the original trial balance.
Here are the adjustments that need to be made:
Cash should be debited for $655 instead of $1,030, so we need to subtract $375 from the debit side of the Cash account.
Accounts receivable should be credited for $1,850, so we need to add $1,850 to the credit side of the Accounts Receivable account.
Accounts payable should be credited for $370, so we need to add $370 to the credit side of the Accounts Payable account.
The transaction involving Land and Common Stock needs to be corrected. We need to debit the Common Stock account for $100,000 (the value of the stock issued) and credit the Land account for $10,000 (the value of the land contributed).
Salaries Expense was debited for $1,450 instead of Rent Expense, so we need to subtract $1,450 from the debit side of the Salaries Expense account and add $1,450 to the debit side of the Rent Expense account.
After making these adjustments, the corrected trial balance for Ricardo Company would be:
RICARDO COMPANY Corrected Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 78,025 Accounts receivable 50,850 Supplies 3,700 Prepaid insurance 5,500 Land 10,000 Accounts payable 11,870 Common stock 100,000 Retained earnings 34,255 Dividends 9,900 Service revenue 93,000 Rent expense 12,950 Salaries expense 33,850 Operating expense 36,200 Totals $ 235,525 $ 235,525
We can see that the total debits now equal the total credits, and the trial balance balances.
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5) if a restaurant serves coffee that is hot enough to cause second-degree burns, it may be liable for:
a.
negligence.
b.
strict tort liability.
c.
breach of the warranty of merchantability.
d.
All of the above.
e.
None of the above.
Answers
If a restaurant serves coffee that is hot enough to cause second-degree burns, it may be liable for negligence. The correct option is A.
What is negligence?A failure to exercise due care to prevent harm to others is referred to as negligence in legal terms.
Negligence is a sort of tort in the legal sense, which is a civil wrong that harms or injures another person or their property.
A café may be held liable for negligence if it provides coffee that is excessively hot and results in second-degree burns by not taking reasonable care to safeguard the safety of its patrons.
Serving extremely hot coffee could be a breach of the restaurant's duty to supply items that are reasonably safe.
Thus, the correct option is A.
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Acme Home Builders, Inc., has built 24 houses so far this year at a total cost to the company of $4.80 million. If the company builds a 25th house, its total cost will increase to $5.05 million. Which of the following statements is correct? a. For the first 24 houses, the average cost per house was $205,000. b. The marginal cost of the 25th house, if it is built, will equal $250,000. c. If the company can sell the 25th house for at least $202,000, then it should build it. d. All of the above are correct.
Answers
If the company builds a 25th house, its total cost will increase to $5.05 million. b. The marginal cost of the 25th house, if it is built, will equal $250,000 is correct.
Acme House Builders, Inc. has built 24 houses this year for a total cost of $4.80 million. If the corporation constructs a 25th house, the total cost will rise to $5.05 million.
As a result, the marginal cost is
Change in total cost minus marginal cost
Total cost of 25 dwellings minus total cost of 24 houses = $5,050,000 - $4,800,000 = $250,000
The marginal cost of production is the opportunity cost of output. When marginal benefits are less than marginal costs, production is inefficient and should be halted. When marginal benefit exceeds marginal cost, production is efficient and can thus be prolo - nged.
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When an accountant records_ on hand, they are noting a company's ____
A. human resources; total liquid assets
B. cash; total of amount dollars, money orders, checks, and other forms of
money
C. supplies; materials that need to be purchased soon
D. inventory; number of employees on payroll
Answers
When an accountant records "cash on hand", they are noting a company's B. cash; total of amount dollars, money orders, checks, and other forms of money.
What is accountant records?Generally, Cash on hand refers to the amount of physical currency, checks, money orders, and other forms of money that a company has available in its possession at a given time.
This information is important for financial reporting and cash management purposes, as it allows the company to monitor its liquidity and make informed decisions about its cash inflows and outflows.
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Important components of the organizing facet of the P-O-L-C framework are organizational structure and culture. Change is inevitable in any company, and managers who understand how to manage change within their organizational structure and culture will be more successful with implementing and sustaining change. First, watch the following TED Talk videos: Embracing Change Video (18:03) This TED Talk, presented by Jason Clarke, examines the choices, and opportunities, presented to us through change. Lead and Be the Change Video (5:20) This TED Talk by Mark Mueller-Eberstein describes the emotional states that people and organizations experience when confronted with change and transformation. After you watch these videos, address the following questions and prompts in your journal assignment based on your experience with organizational culture and change. Consider what you watched in the videos as well as what you have learned in the course up to this point. How does organizational culture impact the change process? Reflect on your experience dealing with change. Explain whether you are naturally open to change or whether you resist change. Based on your experience with change, explain how management helped or hindered the change process.
Answers
That whenever someone mentions something really having implications for change, the people have reacted immediately. This occurs before the developmental changes have even been mentioned.
Most people do not welcome change in their workplaces or other aspects of their lives. Change is unavoidable, whether at work or at home. Nevertheless, we can learn the value of being flexible to different from the Talk Show.
Transformation, thus according Jason Clarke, is a positive thing, and people could perhaps embrace it rather than fear it. Clarke also discussed how individuals respond when things shift during this talk. Management's initial and most significant component is starting to plan.
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Also known as the record of final entry, _____________ keeps account records on a special form that makes it possible to record all data efficiently.
Answers
Correct reply is Ledger. General Ledger. a permanent, categorized file of all accounts used in a firm's operation; a file of final entry.
Is the regularly occurring ledger the file of authentic entry?The familiar ledger is not viewed a e book of unique entry, if it solely contains summarized entries posted to it from one of the underlying accounting journals. However, if transactions are recorded without delay into the established ledger, it can be considered one of the books of authentic entry.
What is a ledger Why is it referred to as the e book of last entry?In short, a ledger is a book which carries all accounts of the enterprise organization whether Real, Personal or Nominal. Ledger is called the "Principal Book'. It is also known as the book of ultimate entry due to the fact the transactions which are first entered in journal or subsidiary books are in the end integrated in the ledger.
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https://brainly.com/question/26253887#SPJ1Determine the upper limit of deviation for each of the controls. Show the solutions and explain whether each control should be deemed effective or not using the attributes sampling method
Answers
The upper limit for the first one is 3%.
How to explain the informationSince the control calls for credit approval to be noted on the customer orders, there are five deviations (the auditor must conclude there was no credit approval for the two sales for which no customer order could be found). The upper limit is 10.3%.
For 3, the The upper limit is 7.6%. fFor 4, the upper limit is 9%. For 5, The upper limit is 3%. For 6, the upper limit is 6.2%.
There are 6 deviations and for 7 ,the upper limit is 11.5%.
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Assume that you are using attributes sampling to test a control activity related to the revenue cycle at the Packet Corporation, a public company. You will use the sample results to support your control risk assessment and plan the nature of substantive auditing procedures to evaluate the fairness of revenue account balance. You have decided to test the following controls and have set the risk of overreliance at 5%, the tolerable deviation rate at 5%, and the expected deviation rate at 1%. A sample size of 100 is used. The results of your testing are as indicated here.
Scoring models are most useful when there are multiple projects and several criteria to be considered. True or False
Answers
The statement scoring models are most useful when there are multiple projects and several criteria to be considered is true. The best use of scoring models is when there are many projects and different criteria to take into account.
When advising on the starting sequence of projects, scoring models are quite helpful. Even if they are finished late or over budget, certain projects are still deemed successful if they result in business advantages like greater profitability.
Using scoring models rather than financial models to choose projects has the drawback that they are unable to take the project's profitability into account. Because he did not start the process, a PM does not need to know why a project was chosen for funding.
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I will give brainliest and ratings if you get this correct
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The short-run average cost curve is TC/Q, and the short-run total cost is TC equals wL + rK. Due to the fact that the average cost is a weighted average of the marginal cost and the fixed cost, the SMC is 4.01, and the SMC curve crosses the SAC curve at its lowest or minimum points.
What is the firm short-run total cost curve and short-run average cost curve functionA.
We must determine the total cost at each level of output in order to determine the firm's short-run total cost curve. The following diagram illustrates the short-term overall cost:
TC is calculated as wL + rK, where w is the wage rate, L is the amount of labor employed, r is the interest rate, and K is the amount of capital used. In this instance, r = 1 and w = 4.
We must divide the total cost by the level of output in order to determine the short-run average cost curve:
TC = Q; SAC
where Q represents the output level.
B.
The overall cost change for a small change in output level can be used to construct the short-run marginal cost function.
dTC / dQ = SMC
The amount of labor required for an output level of 25 is L = 25 / 2 = 12.5. You can determine the overall cost as follows:
TC = 4 * 12.5 + 1 * 100 = 50 + 100 = 150
As a result, the short-run marginal cost is SMC = dTC / dQ and the short-run average cost is SAC = 150 / 25 = $6. We must utilize the production function provided in order to calculate the derivative:
Q = 2 * sqrt (KL)
By calculating the derivative with regard to L, we arrive at the following equation: dQ/dL = (1 / (2 * sqrt(KL)) * 2K = K / (sqrt(KL)).
SMC = 4 + (1 / (sqrt(100 * 12.5))) is the result of substituting the variables.
The amount of labor required is L = 200 / 2 = 100 for an output level of 200. You can determine the overall cost as follows:
TC = 4 * 100 + 1 * 100 = 400
As a result, the short-run marginal cost is SMC = dTC / dQ and the short-run average cost is SAC = 400 / 200 = $2. We must utilize the production function provided in order to calculate the derivative:
Q = 2 * sqrt (KL)
By calculating the derivative with regard to L, we arrive at the following equation: dQ/dL = (1 / (2 * sqrt(KL)) * 2K = K / (sqrt(KL)).
The values are substituted to yield: SMC = 4 + (1 / (sqrt(100 * 100)))
SMC = 4.01
C.
We must compute the SAC and SMC for various output levels in order to draw the SAC and SMC graph. The graphs can then be obtained by plotting the SAC and SMC against the output level.
D.
Because the average cost is a weighted average of the marginal cost and the fixed cost, the SMC curve crosses the SAC curve at its lowest or minimum points. When output is low, the fixed cost makes up a big share of the total cost and the marginal cost is high. The marginal cost lowers and the fixed cost's share of the overall cost grows as output level rises. The average cost consequently falls and reaches its lowest level at the location where the marginal cost crosses the average cost.
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What is the SEO strategy that works with AI
Answers
A new and enhanced method of influencing marketers' attempts to maintain their rankings on SERPs is AI mixed with SEO.
On the other side, search engine optimization is a strategy for enhancing the quantity and quality of visitors to your website from unpaid search results. Simple SEO techniques used to be sufficient to get by. You might as well utilise AI in this situation since, if you don't, your rivals will. Without a question, AI could contribute to a business's revenue growth. A 6% to 10% rise in revenue was reported by 30% of the businesses that implemented AI in 2019 according to Statista. With statistics like those, AI is hard to ignore.
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need help
1. What do you mean by substituted filing? What are the conditions for substituted
filing?
2. Who are required to file an income tax return? When is the deadline and what is the
covered period?
3.Tax returns need not be filed on what circumstances?
4.What do you mean by employment income? Fringe Benefits?
5.Why are Fringe Benefits not included on an individual’s taxable income?
Answers
Note that Tax returns are important because they provide information on an individual or business's income and expenses, which is used to determine the amount of tax owed.
Filing a tax return also helps to avoid penalties and interest charges for late payment, and can be necessary for obtaining loans or government benefits.
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Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $20 per unit. They send orders electronically to the manufacturer, costing $34 per order and they experience an average lead time of seven days for each order to arrive from the manufacturer. Their inventory carrying cost is 20 percent. The average daily demand for the figurines is three units per day. They are open for business 250 days a year. The supplier decides to offer a volume discount. They will sell the crystal figurines at $10 per unit for orders of 375 units or more. Answer the following questions:
a. How many units should the firm order each time? Assume there is no uncertainty at all about the demand or the lead time. (Round your answer to the nearest whole number.)
b. How many orders will they place in a year?
c. What is the average inventory?
d. What is the annual ordering cost?
e. What is the annual inventory carrying cost?
Answers
a. 96 units should the firm order each time.
b. Approx 5 orders will they place in a year.
c. The average inventory is 48 units.
d. The annual ordering cost is $291.67.
e. The annual inventory carrying cost is $297.60.
Cost (C) = $31 per unit
Ordering cost (Co) = $56
Lead time (L) = 6 days
Inventory carrying cost (Cc) = 20% of cost = 20% of $31
Inventory carrying cost (Cc) = $6.20
Average daily demand (d) = 2 units per day
Number of working days = 250 days a year
Annual demand (D) = Daily demand x Number of working days
Annual demand (D) = 2 x 250 = 500 units
(a) Order quantity:
The order quantity, also known as the Economic Order Quantity (EOQ), can be calculated using the formula below.
Order quantity = √(2 × D × C(o))/C(c)
Order quantity = √{(2 × 500 × 56)/6.20}
Order quantity = 95.04
Order quantity = 96 units(approx)
(b) Number of orders:
The Number of orders is calculated as,
Number of orders per year = Annual Demand/EOQ
Number of orders per year = 500/96
Number of orders per year = 5.21
Number of orders per year = 5 approx
(c) Average Inventory:
The formula below can be used to calculate average inventory.
Average inventory = EOQ/2
Average inventory = 96/2
Average inventory = 48 units
(d) Annual ordering cost:
The following calculation is used to determine the annual ordering cost:
Annual ordering cost = Number of orders per year × Ordering Cost
Annual ordering cost = 5.21 × 56
Annual ordering cost = $291.67
(e) Annual inventory carrying cost:
The following formula is used to calculate the annual inventory carrying cost:
Annual inventory carrying cost = Average inventory × Carrying Cost
Annual inventory carrying cost = 48 × 6.20
Annual inventory carrying cost = $297.60
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A product is sold at 120 rs per unit and its variables cost is 80 rs per unit. The fixed expenses of the business are rs 8000 per year. What is break even point
Answers
Answer:
A manufacturing firm has discontinued production of a certain...
A manufacturing firm has discontinued production of a certain unprofitable product line. This has created considerable excess production capacity. Management is considering devoting this excess capacity to one or more of three products: product 1, 2 and 3. The available capacity on the machines which might limit output is summarized in the following table (12 Points):
Machine Type
Available Time
(in Machine- hours per Week)
Milling Machine
250
Lather
150
Grinder
50
The number of machine-hour required for each unit of the respective product is as follows
Machine Type
Productivity in Machine-hours per Unit)
Product 1
Product 2
Product 3
Milling Machine
8
2
3
Lathe
4
3
-
Grinder
2
-
1
The profit per unit would be Birr 20, Birr 6, and Birr 4 respectively for product 1, 2 and 3. Find how much of each product the firm should produce in order to maximize profit.
a. Formulate the model for LP
b. Solve the LPM using simplex algorithm.
c. Interpret the optimal solution.
Explanation:
Pain-Free Dental Group Inc. purchased dental supplies of $20,875 during the year. At the end of the year, a physical count of supplies showed $3,255 of supplies on hand.
Required:
1. Prepare the adjusting entry needed at the end of the year.
2. What is the amount of supplies reported on Pain-Free's statement of financial position at the end of the year?
3. What is the amount of supplies expense reported on the income statement?
Answers
The amount of supplies reported on Pain-Free's statement of financial position at the end of the year was $3,255. The amount of supplies expense reported on the income statement is $13,000.
How to prepare the adjusting entry needed at the end of the year?Adjusting entry at the end of the year:
Date General Journal Debit Credit
$13,000
Dec 31 Supplies Expense
Supplies $13,000
Record the use
of supplies
Working:
Supplies used = Purchased supplies - Ending supplies
= $16,255-$3,255
= $13,000
The amount of supplies reported on Pain-Free's statement of financial position at the end of the year was $3,255. Ending supplies reported on balance sheet at the end of the year, because balances record only supplies on hand it does not include supplies expenses.
The amount of supplies expense reported on the income statement is $13,000. Supplies expenses are recorded in the income statement which is $13,000 ($16,255 - $3,255).
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Revenues cause equity to __________(decrease/increase), and they are increased on the ______ (left/right)side of the T-account.
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Revenues cause equity to increase, and they are increased on the right side of the T-account.
In financial accounting, the T-account is a graphical representation of an account in which all the transactions related to that account are recorded. The account has two sides - the left side is called the "debit" side and the right side is called the "credit" side.
When a company generates revenue, it means that they have earned money from selling goods or services. This revenue is considered to be a type of equity because it contributes to the net assets of the company, which is the difference between the company's total assets and total liabilities.
To record the increase in equity resulting from the revenue, the revenue account is credited, which means that the balance on the right side of the T-account is increased. This is in line with the basic accounting equation, which states that assets = liabilities + equity. By increasing equity, the equation is balanced because the increase in assets resulting from the revenue is offset by the increase in equity.
It's important to note that revenues can also be recognized as debits in certain cases, such as when a customer returns a product and the company issues a refund. In this case, the revenue account would be debited, which would decrease the balance on the left side of the T-account. However, in most cases, revenues are credited and increase the balance on the right side of the T-account.
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Of the 6,000 settlers who migrated to Virginia since the founding of the first permanent settlement in 1607, nearly ________ had died by 1623.a. 6000
b. 4000
c. 200
d. 3900
Answers
Option b: 4000. Of the 6,000 settlers who migrated to Virginia since the founding of the first permanent settlement in 1607, nearly 4000 had died by 1623.
Of the 6,000 immigrants who came to Virginia since Jamestown was founded in 1607, about 4,000 died by 1623. A number of circumstances, including indigenous peoples and substandard living conditions, contributed to the high mortality rate.
Human migration is the movement of people from one place to another with the intention of permanently or temporarily settling in a new location (geographic region).
Travel is often long-distance, moving from one country to another (international travel), but domestic travel (intra-national) is also possible. In fact, this is the main form of human migration around the world/global.
Migration is often associated with better human capital at both individual and household levels, and with better access to migration networks, facilitating potential second movements. .
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Which of the following problems are associated with the market controlled approach to health and safety?
a. Employees do not know the risks involved in a job and therefore are not in a position to freely bargain for appropriate wages.
b. It ignores the fundamental deontological right an employee might have to a safe and healthy working environment.
c. It assumes an equivalency between workplace risks and other types of risks when there are significant differences between them.
d. It treats employees disrespectfully by ignoring their input as stakeholders.
Answers
Option a: Employees do not know the risks involved in a job and therefore are not in a position to freely bargain for appropriate wages.
The market approach is a method of determining the value of an asset based on the sale price of similar assets. It is one of three common valuation methods along with historical cost approach and discounted cash flow analysis (DCF).
Regardless of the type of asset being valued, the market approach looks at recent sales of similar assets and adjusts for differences between them.
For example, when valuing a property, adjustments can be made for factors such as unit square footage, building age and location, and its amenities.
The market approach excels in situations where sufficient data on comparable deals are available. If this data is not available, a different approach may be required.
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