When a price ceiling is set above the equilibrium price in a market that is currently at the equilibrium price and quantity, it will have no immediate effect on the market.
Since the price ceiling is set above the equilibrium price, it is higher than the price that the market would naturally settle on. This means that the price ceiling will have no impact on the current market transactions, as buyers and sellers are already satisfied with the current price and quantity.
However, over time, the price ceiling can lead to market distortions. Since the price ceiling is below the market clearing price, it will cause a shortage in the market as the quantity demanded exceeds the quantity supplied at the price ceiling. This shortage can result in several negative outcomes such as black markets, rationing, long lines, and reduced product quality.
Additionally, producers may be discouraged from producing and supplying the good because they are not able to charge the price they need to cover their costs and make a profit. This can lead to a decrease in the quantity supplied and cause further market distortions.
In summary, while a price ceiling set above the equilibrium price in a market that is currently at the equilibrium price and quantity may have no immediate effect on the market, it can cause market distortions in the long run.
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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.
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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A company developed the following linear model to help budget annual expenses over time. In this model, x represents the number of years after 2009, and y represents the expense budget (in dollars). Interpret the y-intercept.
When the independent variable (the number of years after 2009) is zero, the y-intercept of a linear model indicates the value of the dependent variable (in this example, the spending budget).
How can it be explained in detail?The y-intercept may reflect the starting or baseline sum of money allotted for costs in the year 2009 in the context of a budget for yearly expenses through time. It can be taken to mean the least sum of money the business required to set aside for outlays during the first year of the budget. On the other hand, if the y-intercept is negative, it can be a representation of liabilities or debt that the business had to pay off in the first year of the budget.
It is crucial to remember that the assumptions behind the particular linear model being employed as well as the context in which it is being utilized should be taken into account when interpreting the y-intercept.
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I will give brainliest and ratings if you get this correct
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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Zach bought 200 shares of goshen stock years ago for $21. 35 per share. He sold all 200 shares today for $43 per share. What was his gross capital gain?.
200 shares were purchased for a total of $4270; they were sold for a total of $8600; and a capital gain of $4330 resulted from the sale of the 200 shares.
Why do you use the term shares?Shares are fractional ownership interests in a corporation. For certain businesses, shares are a type of financial instrument that allows for the equitable distribution of any declared residual income in the form of rewards.
Given that Zach purchased 200 shares 20 years ago,
Price of 1 share = $21.35
a) The 200 shares' total acquisition price was:
= 200 × $21.35
= $4270
b) The fact that Zach traded 200 shares today is a given.
Price of 1 share = $43
The 200 shares were sold for a total of:
= 200 × $43
= $8600
c) The 200 shares' capital gain was as follows:
= $8600 - $4270
= $4330
Therefore , the answers are :
a) The cost of the 200 share was $4270 in total.
b) The 200 shares were sold for a total of $8600.
c) The 200 shares' capital gain came to $4330.
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The Complete Question :
Zach bought 200 shares of Goshen stock 20 years ago for $21.35 per share. He sold all 200
shares today for $43 per share.
a. What was the total purchase price for the 200 shares?
b. What was the total selling price for the 200 shares?
C. What was the capital gain for the 200 shares?
Also known as the record of final entry, _____________ keeps account records on a special form that makes it possible to record all data efficiently.
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#SPJ1through which of the following marketing mix variables do companies capture value from consumers, resulting in the generation of revenue?
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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…to say that the corporate executive has a ‘social responsibility’…must mean that he is to act in some way that is not in the interest of his employers
In past few decades, however, more business leaders have recognized that they have responsibility to do more than simply maximize profits for shareholders and executives. Rather, they have social responsibility to do what's best not just for their companies, but people, planet, and society at large
Friedman's stance was plain: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to the increase its profits.” That view has a long influenced management thinking, corporate governance, and strategic moves.
Socially responsible activities conducted by corporation are, according to Friedman, distorting economic freedom because shareholders are not able to decide how their money will be spent.
Social responsibility includes companies engaging in the environmental preservation efforts, ethical labor practices, philanthropy, and promoting volunteering. For example, company may change its manufacturing process to reduce carbon emissions.
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SUPPLIES EXPENSES IN EXPANDED ACCOUNTING EQUATION
Supplies in the accounting equation are incidental items that are expected to be consumed shortly. An expense in the accounting equation is a cost that is used up or its future economic value cannot be measured.
What is an accounting equation?The fundamental accounting equation also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a person or business. It is the foundation for the double-entry bookkeeping system. In a corporation, capital represents the stockholders' equity.
Since every business transaction affects at least two of a company's accounts, the accounting equation will always be in balance, meaning the left side of its balance sheet should always equal the right side.
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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.
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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Costs of partially completed units are accounted for in ______. cost of goods manufactured finished goods work in process raw materials. work in process.
Costs of partially completed units are accounted for in work in process. The Option C is corect.
How is costs of partially completed units accounted?The costs of partially completed units are accounted for using the concept of "work in progress" (WIP) or "work in process". This refers to inventory items that are in the process of being manufactured but are not yet completed. The costs associated with WIP are important to track, as they can have a significant impact on a company's financial statements and profitability.
There are two main methods for accounting for the costs of partially completed units:
The percentage of completion method: Under this method, the costs of partially completed units are allocated to the units based on the percentage of the manufacturing process that has been completed. This requires an estimate of the total cost of the unit and the proportion of the work that has been completed to date. The costs are then allocated to the unit based on this percentage of completion.The direct materials plus direct labor method: This method allocates the costs of partially completed units based on the direct materials and direct labor costs that have been incurred to date. The method assumes that these costs are directly proportional to the progress of the manufacturing process.Read more about completed units
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What is the area of a rectangle with a length of 14. 4 inches and a width that is one-third of the length?.
The area of a rectangle is calculated by multiplying is length to its breadth i.e. 14.4 * 4.8 = 69.12
In geometry, the term "rectangle area" describes the space a rectangle takes up on a two-dimensional plane. A rectangle is a type of two-dimensional object called a quadrilateral, which has four sides and four vertices. The four angles of the rectangle are all perfectly right angles, or 90 degrees. The opposing sides of the rectangle are equal and parallel. It is important to remember that a parallelogram also has equal and parallel opposite sides, but the angles are not exactly 90 degrees. Any two-dimensional shape's area can be determined by partitioning it into smaller unit squares. Since each unit square occupies one square unit of space, the total number of unit squares in the design determines its area.
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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.
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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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
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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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?
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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On Jan 1, 2020, a company purchased bonds at a discount for $467,684.20. The bonds have a face value of $500,000 at 8% interest. The bonds mature on Dec, 31, 2023. The market rate was 10%. Interest is paid semiannually on Jun 30 and Dec 31. The fair value of the bonds at 12/31/2020 was $450,000. The company's fiscal year ends Dec 31. Use the Available-for-sale method.
1. Record the Journal Entry for the fair-value adjustment on 12/31/2020
2, On 12/31/2021, the fair value of the bonds was $487,000. Record the Journal Entries needed for 6/30/21 and 12/31/21.
3. On 3/1/2022, the company sells the bonds for $470,100. Record the Journal Entries needed for 3/1/22.
Record the Journal Entry for the fair value adjustment on 12/31/2020
Debit: Accumulated Other Comprehensive Income $17,315.80
Debit: Accumulated Other Comprehensive Income $17,315.80 Credit: Bonds Payable $17,315.80
On 12/31/2021, the fair value of the bonds was $487,000. Record the Journal Entries needed for 6/30/21 and 12/31/21.
6/30/21:
Debit: Interest Expense $20,000
Credit: Cash $20,000
12/31/21:
12/31/21: Debit: Accumulated Other Comprehensive Income $37,000
12/31/21: Debit: Accumulated Other Comprehensive Income $37,000 Credit: Bonds Payable $37,000
On 3/1/2022, the company sells the bonds for $470,100. Record the Journal Entries needed for 3/1/22.
3/1/22:
3/1/22: Debit: Cash $470,100
3/1/22: Debit: Cash $470,100 Credit: Bonds Payable $500,000
3/1/22: Debit: Cash $470,100 Credit: Bonds Payable $500,000 Credit: Gain on Sale of Bonds $29,900
please help only 2 questions i spent all my points on this
if you were placed in charge of helping people in poverty in your country, what would you do?
What did you learn about living in poverty?
Explanation:
If I were in place in charge of helping people in poverty I would do my best to get them free food and supplies.
Incase they had children I would give them toys from donated charities as with food.
I would get construction workers to help me build homeless shelters for people in need.
What I learned about living in poverty is it is a rough place for people who have no place to sleep, not having enough food for barley for a week or a day, and money is pretty tough sometimes
On July 12, year 4, Carver, Inc. acquired Jones Company in a business combination. The carrying value for each of the three reporting units of the acquired company is as follows.
Retailing $30,000
Service $20,000
Financing $40,000
Near the end of year 4 a new major competitor entered the company's market and Carver was concerned that this might cause a significant decline in the value of goodwill. Accordingly, Carver computed the fair value of the three major reporting units at December 31, year 4, as follows:
Retailing $25,000
Service $10,000
Financing $60,000
Determine the amount of impairment of goodwill that should be recorded by Carver at December 31, year 4.
A) $0
B) $10,000
C) $15,000
D) $25,000
When a company acquires another company, the purchase price of the acquisition is allocated to the acquired company's assets and liabilities based on their fair values.
Any excess purchase price over the fair value of net assets acquired is recorded as goodwill. Goodwill is an intangible asset that represents the future economic benefits expected to result from the business combination. In subsequent periods, the company needs to test whether the goodwill is impaired, which means its carrying amount exceeds its fair value. If the fair value of the reporting unit is less than its carrying amount, an impairment loss must be recognized for the difference. In this case, Carver, Inc. acquired Jones Company in a business combination on July 12, year 4. At the end of year 4, Carver was concerned that a new major competitor in the market might cause a significant decline in the value of goodwill. To determine the impairment loss, we need to compare the carrying amount of each reporting unit with its fair value. If the fair value is less than the carrying amount, an impairment loss must be recognized. For the Retailing reporting unit, the carrying amount is $30,000, and the fair value is $25,000. Therefore, the impairment loss is $5,000 ($30,000 - $25,000). For the Service reporting unit, the carrying amount is $20,000, and the fair value is $10,000. Therefore, the impairment loss is $10,000 ($20,000 - $10,000). For the Financing reporting unit, the carrying amount is $40,000, and the fair value is $60,000. Therefore, there is no impairment loss. The total impairment loss is the sum of the impairment losses for the Retailing and Service reporting units, which is $5,000 + $10,000 = $15,000. Therefore, the answer is (C) $15,000.
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Salaries and Wages Expense should have been accrued on December 31st, but the entry was not made. The result of this oversight is thatA.stockholder's equity is understated.B.net income is understated.C.liabilities are understated.D.assets are understated.
On December 31st, salaries and wages expenses were supposed to be accrued, however an entry was not made. Liabilities are overstated as a result of this error.
What is the accrued salaries and wages adjusting entry?The accrued salaries entry results in a credit to the accrued wages (or salaries) account and a debit to the compensation (or salaries) expenditure account. As a liability account, the accrued wages account can be found on the balance sheet.
What takes place if a business records $5000 in accumulated payroll expense on December 31 of Year 1?The Accrued Salary Expense account will have a zero balance on January 1 of Year 2 if a corporation recognizes $5,000 in accumulated salary expense on December 31, Year 1. The Accrued Salaries Due account will have a $5,000 balance on January 1 of Year 2.
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Scoring models are most useful when there are multiple projects and several criteria to be considered. True or False
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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Good X and Good Y are the only two goods in your economy. A typical
consumer buys 3 units of Good X and 1 unit of Good Y. What is the
(approximate) value of the Consumer Price Index this year?
The approximate value of the Consumer Price Index in this year would be 125, since we are comparing the current prices of the two goods to the base year. 3 units of Good X and 1 unit of Good Y in the current year would cost 125 times the amount they cost in the base year.
What is Consumer Price Index?Generally, The Consumer Price Index (CPI) is a measure of the average change in prices over time in a basket of goods and services typically purchased by consumers.
It is used to measure inflation and is commonly used to adjust wages and other economic indicators for inflation. CPI is calculated by comparing the cost of a basket of goods and services in a given period to the cost of the same basket in the base period.
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I will give brainliest and ratings if you get this correct
Answer:
An inferior good is a good that consumers are less likely to purchase when their income increases, as compared to a normal good that consumers are more likely to purchase with an increase in income. When the price of an inferior good decreases, there are three effects that change the consumer's equilibrium conditions: the substitution effect, the income effect, and the total effect.
Substitution Effect: When the price of an inferior good decreases, it becomes relatively cheaper compared to other goods. As a result, consumers will shift their consumption from other goods to the inferior good, as it becomes a more attractive option. This shift in consumption is referred to as the substitution effect and can be represented graphically by a movement along the demand curve for the inferior good to the right.
Income Effect: The decrease in price of an inferior good also increases the consumer's real income. Consumers can now purchase more of all goods, including the inferior good, with the same amount of money. This increase in the quantity of the inferior good demanded due to the increase in real income is referred to as the income effect and can be represented graphically as a rightward shift in the demand curve for the inferior good.
Total Effect: The total effect of a decrease in price of an inferior good on consumer's equilibrium conditions is the sum of the substitution effect and the income effect. This effect can be represented graphically as a combination of both a movement along the demand curve for the inferior good to the right and a rightward shift in the demand curve for the inferior good.
Explanation:
In conclusion, when the price of an inferior good decreases, the consumer's equilibrium conditions change due to a substitution effect, an income effect, and a total effect. The substitution effect causes a movement along the demand curve to the right, the income effect causes a rightward shift in the demand curve, and the total effect is the sum of these two effects.
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
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:
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.
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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Concept Check
General Ledger for XYZ Company
The following is a portion of the general ledger for XYZ Company as of December 31, 20X1, and the statement of stockholders’ equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5).
XYZ Company Statement of Stockholders Equity (partial) For the year ended December 31, 20X1 etaine Earnings mmon Stock Balance at January 1, 20X1 Issuance of common stock + Net income for the vear ended 12131/X1 - Dividends paid Balance at December 31, 20X1 32,000 14,000 4,900 XYZ Company General Ledger (partial) As of December 31, 20X1 Cash Accounts receivable Supplies Prepaid rent $ 53,000 15,000 8,800 36,000 115.600 Equipment (net) Accounts pavable Salaries pavable Interest pavable Utilities pavable 11,300 2.500 1.900 6.900
1. What is the total amount of current assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
$112,800
$76,800
$228,400
$68,000
2. What is the total amount of long-term assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
$0
$115,600
$160,400
$151,600
3. What is the total amount of current liabilities to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
$18,200
$74,300
$20,700
$22,600
4. What is the ending balance in retained earnings to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
$154,100
$63,000
$77,000
$72,100
5. What is the total amount of stockholders’ equity to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
$82,000
$72,100
$113,000
$154,100
A general ledger (GL) is a numbered set of accounts used by a company to track financial transactions and prepare financial reports.
Each account is a unique record that summarizes a particular type of asset, liability, equity, income, or expense.
GL prepares many significant financial statements for various internal stakeholders. They may use the financial information provided in these statements in making business decisions. total. GL also provides financial accounting records of all business transactions and account balances for the organization. These records and the financial data they contain help accountants identify unusual, erroneous or fraudulent transactions.
A general ledger allows a company to create a trial balance sheet that totals all debits and credits. Most organizations do this on a regular basis, often at the end of the reporting period, so they can actively track their spending.
The general ledger serves as a collective summary of transactions posted to subledger accounts such as: B. Cash, Accounts Payable, Accounts Receivable, and Inventory.
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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?
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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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.
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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Date Transaction Number
of Units Per Unit Total
Jan. 1 Inventory 7,500 $75.00 $562,500
10 Purchase 22,500 85.00 1,912,500
28 Sale 11,250 150.00 1,687,500
30 Sale 3,750 150.00 562,500
Feb. 5 Sale 1,500 150.00 225,000
10 Purchase 54,000 87.50 4,725,000
16 Sale 27,000 160.00 4,320,000
28 Sale 25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
14 Sale 30,000 160.00 4,800,000
25 Purchase 7,500 90.00 675,000
30 Sale 26,250 160.00 4,200,000
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
please help i only have 10 points left now
Using the examples Pine gave, explain the difference between real fake and fake real?
The difference between the two is that real fake is something that is not real but made to look real, while fake real is something that is real but made to look more valuable or significant than it is.
Who is Pine and what is their relevance to the topic being discussed?Without similarly context, I can not be certain which "Pine" is being noted, as it's far a common surname and could talk to some of people. It might be helpful to recognize the whole call of the person in question and the specific subject matter being mentioned to offer an accurate solution.
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Why do you think the Walt Disney Company uses the term “cast members” for its employees?
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
A chemical company is considering buying a magic fan for its plant. The magic fan is expected to
work forever and help cool the machines in the plant and, hence, reduce their maintenance costs
by $6,000 per year. The cost of the fan is $50,000. The appropriate discount rate is 10 percent,
and the marginal tax rate is 35 percent. Should the company buy the magic fan? (2.5 Marks)
No, the company should not buy the magic fan because the NPV (-$24,243.92) of the investment is negative which means expected costs of the fan exceed the present value of the expected benefits.
How do we determine if the company should buy the magic fan?To determine whether the company should buy the magic fan, we can perform a net present value (NPV) calculation which is a method of evaluating the value of an investment by calculating the difference between the present value of the expected cash flows and the cost of the investment.
The formula for NPV is: (CF1 / (1 + r)^1) + (CF2 / (1 + r)^2) + ... - Cost where: CF1, CF2, etc. are the expected cash flows (in this case, the savings from reduced maintenance costs), r is the discount rate (10%), Cost is the cost of the magic fan ($50,000)
Data
Company expects to save $6,000 per year from reduced maintenance costs for the next 10 years.
Our calculation of the present value of these cash flows:
CF1 = $6,000 * (1 - 0.35) = $3,900 (after taxes)
CF1 / (1 + 0.1)^1 = $3,518.18
CF2 = $6,000 * (1 - 0.35) = $3,900 (after taxes)
CF2 / (1 + 0.1)^2 = $3,173.85
CF10 = $6,000 * (1 - 0.35) = $3,900 (after taxes)
CF10 / (1 + 0.1)^10 = $1,462.07
The sum of the present value of the expected cash flows is $25,756.08. So, the net present value equals:
= $25,756.08 - $50,000
= -$24,243.92
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