No, an increase in price will not necessarily increase total revenue. Price elasticity measures the responsiveness of demand to a change in price, not the effect on total revenue.
What is the price elasticity of supply?
Price elasticity of supply measures how sensitive the quantity supplied of a good or service is to the change in its price. Price elasticity of supply is calculated by taking the percentage change in quantity supplied and dividing it by the percentage change in price. Generally, the higher the price elasticity of supply, the more sensitive the quantity supplied is to changes in price. For example, if the price of a good increases by 10% and the quantity supplied decreases by 20%, then the price elasticity of supply would be -2. This means that for every 1% increase in price, the quantity supplied decreases by 2%.
As a general rule, the more substitutable goods are available, the higher the price elasticity of supply; conversely, the fewer substitutes are available, the lower the price elasticity of supply.
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or each of the following, state whether you expect the distribution to be symmetric, right skewed, or left skewed. Also specify whether the mean or median would best represent a typical observation in the data, and whether the variability of observations would be best represented using the standard deviation or IQR. Explain your reasoning.
(a) Housing prices in a country where 25% of the houses cost below $350,000, 50% of the houses cost below $450,000, 75% of the houses cost below $1,000,000 and there are a meaningful number of houses that cost more than $6,000,000.
(b) Housing prices in a country where 25% of the houses cost below $300,000, 50% of the houses cost below $600,000, 75% of the houses cost below $900,000 and very few houses that cost more than $1,200,000
. (c) Number of alcoholic drinks consumed by college students in a given week. Assume that most of these students don't drink since they are under 21 years old, and only a few drink excessively.
(d) Annual salaries of the employees at a Fortune 500 company where only a few high level executives earn much higher salaries than the all other employees.
As a result, the distribution is anticipated to be right-skewed from Q3 to Q2.
What is right skewed ?The median would be the most accurate representation of a typical observation in the data due to the right-skewed distribution.
Since the distribution is right-skewed, it would be better to use the inter-quartile range (IQR) to represent the data's variability.
In a nation where 25% of homes cost less than $350,000, housing costs. Thus, the first quartile is Q1 = $350,000, and half of the houses below $450,000 fall into this category. Recall that the distribution will be symmetric if the following relation holds true: Q3 - Q2 = Q2 - Q1 Q3 - Q2 = $1,000,000 - $450,000 = $550,000 Q2 - Q1 = $450,000 - $350,000 = $100,000 Consequently, the distribution is not symmetric since Q3 - Q2 Q2 - Q1 The distribution is right skewed since Q3 - Q2 > Q2 - Q1 $550,000 > $100,000 Consequently
Because the distribution is right-skewed, the median is the best way to represent a typical observation in the data. As a result, the median is the best way to represent a typical observation.
Since the distribution is right-skewed, it would be better to use the inter-quartile range (IQR) to represent the data's variability.
Therefore, the inter-quartile range (IQR) provides the most accurate measurement of the observational variability.
A typical observation in the data would be best represented by the mean, and the variability of observations would be best represented by the standard deviation in a symmetric distribution.
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2. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston:
Price: Qty Dem (Biz) Qty Dem (Vac)
150 2100 1000
200 2000 800
250 1900 600
300 1800 400
The demand for business travelers is 1,800 tickets and the demand for vacationers is 400 tickets.
According to the data provided, the demand for airline tickets from New York to Boston can be summarized:At a price of $150, the demand for business travelers is 2,100 tickets and the demand for vacationers is 1,000 tickets.
At a price of $200, the demand for business travelers is 2,000 tickets and the demand for vacationers is 800 tickets.At a price of $250, the demand for business travelers is 1,900 tickets and the demand for vacationers is 600 tickets.
At a price of $300, the demand for business travelers is 1,800 tickets and the demand for vacationers is 400 tickets.
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Scenario 3-2 In country A a worker who works 40 hours can produce 200 pounds of rice or 100 pounds of broccoli. In country B a worker who works 40 hours can produce 160 pounds of rice or 120 pounds of broccoli. It takes Heather 1 hour to change the oil in the car and 20 minutes to do the dishes. It takes Zach 1.5 hours to change the oil in the car. For Zach to have a comparative advantage changing the oil it must take him more than ____ minutes to do the dishes.
In country A a worker who works 40 hours can produce 200 pounds of rice or 100 pounds of broccoli. The answer to all the questions depends on opportunity cost and comparative advantage.
1) Rice production opportunity cost:
Opportunity cost of producing rice = 100 pounds of broccoli / 200 pounds of rice = 1/2 pound of broccoli for country A
Opportunity cost of producing rice = 120 pounds of broccoli / 160 pounds of rice = 3/4 pounds of broccoli for country B
Broccoli production opportunity cost:
Opportunity cost of producing broccoli in country A = 200 pounds of rice / 100 pounds of broccoli = 2 pounds of rice
Opportunity cost of producing broccoli in nation B = 160 pounds of rice / 120 pounds of broccoli = 4/3 pounds of rice
2) A country with a comparative advantage has a lower opportunity cost.
Country A has a comparable in rice production (1/2 pound of broccoli 3/4 pound of broccoli).
Country B produces broccoli at a comparable rate (4/3 pounds of rice 2 pounds of rice).
3) The price should be between two different opportunity costs for better off trading.
As a result, the price per pound of broccoli in pounds of rice should range between 4/3 and 2 pounds of rice.
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Correct question:
Scenario 3-2 In country A a worker who works 40 hours can produce 200 pounds of rice or 100 pounds of broccoli. In country B a worker who works 40 hours can produce 160 pounds of rice or 120 pounds of broccoli.
Refer to Scenario 3-2. What is the opportunity cost of producing rice? Refer to Scenario 3-2. What is the opportunity cost of producing broccoli? Refer to Scenario 3-2. Which country, if either, has a comparative advantage producing rice? Refer to Scenario 3-2. Which country, if either, has a comparative advantage producing broccoli? Refer to Scenario 3-2. Give a range of prices in terms of pounds of rice per pound of broccoli at which the two countries would be both be willing to trade.
The MSSP process can be described in terms of a series of elements that should be used in the purchase of goods and services. Briefly discuss these elements.
A managed security service provider (MSSP) is an information technology (IT) service provider that sells security services to enterprises.
MSSPs provide cybersecurity monitoring and management, including virus and spam blocking, intrusion detection, firewalls, and virtual private network (VPN) management.
There are six main categories of managed security services:
- On-site consultation
MSSP Consulting involves MSSPs performing in-depth security assessments of their organization's networks to identify potential and actual vulnerabilities.
- Customer network perimeter management
The purpose of the perimeter is to restrict access to sensitive data. Typically, you control who can access what on your network.
For MSSPs who provide security to large enterprises, a critical task is to ensure that the corporate network perimeter is satisfactory and all devices within it are well protected.
- Product resale
The MSSP model emerged when large companies dominated the market with their own security products.
The reseller then offers its customers customized security his solutions that consist of products from multiple vendors.
Managed security monitoring is usually the first step in responding to security incident reports.
This includes regular daily monitoring of security events, such as user logins and permission changes, and investigation of such system events throughout the network.
- Penetration testing and vulnerability analysis
Penetration testing and vulnerability assessment are methods of testing an organization's security, usually its information and technical assets.
Penetration testing is a type of ethical hacking that attempts to break into a computer system to discover vulnerabilities that hackers can exploit.
- Compliance monitoring
Compliance monitoring is the process of validating whether an organization adheres to data security policies and procedures.
Compliance monitoring typically involves MSSPs performing regular scans of their security devices and infrastructure.
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Required: Following is selected information from the balance sheet for Flaps Inc. Solve for the missing amounts for each of the five years. Flaps Inc. Balance Sheet Year 2016 2017 2018 2019 2020 Assets Current assets 5,098 5,130 5,200 5,275 5,315
Non-current assets 8,840 9,036 8,667 8,721 8,968 Total assets 13,765 13,851 14,040 14,243 14,351 Liabilities Current liabilities 3,399 3,420 3,467 3,517 Non-current liabilities 5,231 5,263 5,335 5,454 5,412 Total liabilities 8,630 8,802 8,929 8,683 Stockholders' Equity Common stock 138 139 142 140 144 Additional paid-in capital 2,296 2,202 2,216 2,247 2,280 2,440 Contributed capital 2,340 2,355 2,387 2,422 Retained earnings 2,795 2,813 2,851 Total stockholders' equity 5,135 5,168 5,238 5,314 5,354 Total liabilities and equity 14,040 $ 13,765 $ 13,851 $ 14,243 $ 14,351
The missing amounts in balance sheet for Flaps Inc. is retained earnings in 2019, retained earnings in 2020, total liabilities in 2020 and current liabilities in 2020, whose values are $2,892, $2,914, $8,997 and $3,543 respectively.
Retained earnings = Total stockholders' equity - Contributed capital
So Retained earnings (2019) = 5,314 - 2,422 = 2,892
Retained earnings (2020) = 5,354 - 2,440 = 2,914
Total liabilities = Total liabilities and equity - Total stockholders' equity
Total liabilities (2020) = 14,351 - 5,354 = 8,997
Current liabilities = Total liabilities - Non-current liabilities
Current liabilities (2020) = 8,997 - 5,454 = 3,543
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select all that apply which of the following primary factors are important both in managing products and managing services? multiple select question. a. managing patents b. managing suppliers c. managing variation capacity planning d. forecasting process management
The primary factors are important both in managing products and managing services are forecasting ,capacity planning, process management, managing variations and managing suppliers.
What is meant by managing products and services?Product service management (also known as product/service management) is the process of shaping a company's offerings in response to market fluctuations in demand. A product service manager (PSM) anticipates and guides product development to meet customer needs.Product management is an organizational function that guides every stage of a product's lifecycle, from development to positioning and pricing, by focusing first and foremost on the product and its customers.There are numerous parallels between managing product production and managing services. In fact, the majority of the topics covered in this book are relevant to both. Important service considerations are highlighted in separate sections when they exist.Here are some of the most important factors for both:
Supply and demand forecasting and capacity planningProcess administrationManaging VariablesCost and productivity are monitored and controlled.Supply chain administrationPlanning for locations, inventory management, quality control, and schedulingForecasting and capacity planning to ensure supply matches demandTo learn more about product service management refer to :
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wedding rice, birthday candles, and diplomas are considered . options: norms ritual script potlatch ritual artifacts
things like wedding rice, birthday candles, diplomas are considered ritual artifacts
What's ritual vestiges?
Every religious practice, across creed, culture and indeed period, has a tradition of artefacts used in ritual form and prayer. Conduits between the worldly and the worshipped, these objects can be categorized by function lighting, the dispersing of incense or bank, containers for water or ash
four kinds of ritual — magic action, religious action, substantial or native ritual, and factitive ritual — easily point out that ritual of passage is a typical native ritual.
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a when statement considers one or more conditions and returns a value as soon as that condition is met. 1 point true false
True. A when statement evaluates one or more conditions and returns a value when the condition is met. It is similar to an if statement, but it is used when there are multiple conditions to be evaluated.
What is return?Return, in the context of finance, is the profit or loss resulting from an investment or business activity. It is the difference between the income generated by the investment or activity (including any principal amount received) and the amount invested or spent to generate that income. Return may be expressed as a percentage of the amount invested, or it may be expressed in terms of the amount of money received or paid out relative to the amount invested. Return can also refer to the amount of money received from a sale or venture.
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a company that uses job order costing reports the following information for march. overhead is applied at the rate of 60% of direct materials cost. the company has no beginning work in process or finished goods inventories at march 1. jobs 1 and 3 are not finished by the end of march, and job 2 is finished but not sold by the end of march.job 1 job 2 job 3direct materials used $ 13,200 $ 17,200 $ 6,200direct labor used $ 21,200 $ 11,200 $ 9,200determine the total dollar amount of finished goods inventory at the end of march.multiple choice$61,440.$48,520.$38,720.$98,240.$6,520.
Based on the percentage completed and the cost of the jobs, total value of work in process inventory at the end of March is $62,480.
What is the Work in Process Inventory?
The work in process will include Jobs 1 and 3 only because job 2 is already done.
Work in process can be found as:
= Cost of job 1 + Cost of job 3
Cost of a single job is:
= Direct labor + Direct materials + Overhead which is 60% of direct materials
Solving for both jobs gives:
= (13,200 + 21,200 + (13,200 x 60%)) + (6,200 + 9,200 + (6,200 x 60%))
= $61440
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Which of the following is true for both perfectly competitive and monopolistically competitive firms in the long run?A) P = MC.B) MC = ATC.C) P > MR.D) Profit equals zero.
Profit is 0 in total. In the long run, businesses have enough time to adjust all production parameters, including the number of businesses in the market, in both perfectly competitive and monopolistically competitive marketplaces.
In the long run, there are no barriers to entry or leave from the market and all production factors can be changed without affecting output. In the long run, businesses in a market with perfect competition can only make normal profits, whereas businesses in a market with imperfect competition can make both normal profits and losses. Market power is rare in the long run, and businesses are able to modify their production procedures to suit shifting market demands. This enables the full impacts of competition to take hold and a more accurate picture of the market's underlying supply and demand dynamics. A crucial idea in economics is the long run, which serves as a standard for comparison.
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Classify each of the business activities listed as either an operating activity, an investing activity, or a financing activity.
Operating operations could include net income-related activities that involve cash. Investing includes financial activity.
Financing activities are defined as cash transactions involving noncurrent liabilities and owners' equity. An accounting document known as a cash flow statement shows how adjustments to the accounts on an organization's balance sheet and income statement affect its cash and cash equivalents.
Items like interest and dividend payments would fall under operating activities as they both affect net income. The money that is received and spent, respectively, represents inflows and outflows. Expenditures done as part of routine tasks are included in cash flow from operations. Among these financial outflows are costs associated with running a business, the cost of items sold, rent, and utility bills.
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The correct question as follows
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary and the indirect method is used.
(a) Purchase of equipment.
Operating Activity Financing Activity Investing Activity
(b) Proceeds from sale of building.
Financing Activity Operating Activity Investing Activity
(c) Redemption of bonds.
Financing Activity Operating Activity Investing Activity
(d) Depreciation.
Investing ActivityOperating ActivityFinancing Activity
(e) Payment of dividends.
Financing Activity Operating Activity Investing Activity
(f) Issuance of common stock.
Financing Activity Operating Activity Investing Activity
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Which of the following is not one of the five measures on which a company's performance is judged/scored?
The extent to which the company's year-end P/Q ratings for action cameras and for drones were below, equal to, or above the annual targets set by the company's board of directors
Credit Rating and Return on Average Stockholders' Equity
Whether the company's latest stock price matched or beat the annual targets set by the company's board of directors
Image rating
Earnings per share
Note that Image rating is not one of the five measures on which a company's performance is typically judged/scored.
How is a company's performance measured?A company's performance is typically measured using financial metrics such as revenue growth, profit margins, return on investment, and earnings per share.
Non-financial metrics, such as customer satisfaction, employee engagement, and market share, can also be used to assess a company's performance. Note that, companies may be compared to their competitors and industry benchmarks to gauge their relative performance. The specific metrics used to evaluate a company's performance will depend on the industry and the company's goals and objectives.
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Short Answer: In one sentence, list the two primary fiscal policy strategies used to combat slow growth and high unemployment.
Expansionary fiscal policy (increasing government spending and/or lowering taxes) and contractionary fiscal policy (cutting government spending and/or raising taxes) are the two basic fiscal policy techniques used to tackle weak growth and high unemployment.
Fiscal policy that directly raises aggregate demand by increasing government expenditure is sometimes referred to as expansionary or "loose." Fiscal policy, on the other hand, is generally regarded as contractionary or "tight" if it decreases demand through decreased expenditure.
Tax cuts and increased government expenditure are two primary elements of expansionary fiscal policy. Both of these programs aim to boost aggregate demand while adding to deficits or reducing budget surpluses.
Expansionary policy aims to stimulate company investment and consumer spending by infusing money into the economy, either directly through government deficit spending or through increased lending to firms and consumers.
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Which of the following characteristics tends to be higher in production of goods.
Multiple select question.
O Opportunity to correct problems
O Labor content
O Inventory
O Uniformity of inputs
O Customer contact
Opportunity to correct problems,Uniformity of inputs, Inventory are the characteristics tends to be higher in production of goods.
Input variability exists in service operations notwithstanding input uniformity. Each circumstance is different and calls for evaluation and adaptability. On the other hand, industrial processes frequently have a better capacity to regulate input variability, which results in more work needs. A business's inventory is made up of all the things it has on hand that it plans to sell for a profit in the market. The only thing that will be considered as inventory is the newspaper if the seller delivers newspapers to clients using a vehicle. A company's ready-to-sell goods and products, as well as the raw materials needed to make them, are referred to as inventory. There are three main inventory classifications: raw materials, work-in-progress, and finished items.
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when civil servants share relevant information and decision rationale with stakeholders, they engage in multiple choice question. community.
The answer is Accountability, when civil servants share relevant information and decision rationale with stakeholders, they engage in accountability.
What is a good accountability example?When you are committed to completing your chores and goals, you are being accountable in a big way. You're successful in accomplishing your goals successfully if you're able to minimize distractions and pressures. Additionally, you're setting a positive example for your team when they observe this. You help your staff develop a strong work ethic.
What are the key principles of responsibility?"the responsibility to defend, justify, and account for one's actions. Being held responsible for something or required to answer to someone, such as a superior such as a boss, is the state of accountability ".
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i.inventory costing $77,000 was purchased on account.
ii. Inventory costing $66,000 was sold for $110,000.Eighty percent of sales were for cash.
iii.Cash collected from credit customers (those who bought on account) totalled $22,000
iv.A lease was signed at the beginning of the year , requiring monthly payments of $1,100.The rent for the first month was paid when the lease was signed.After that, the $1,100 rent was paid on the last day of each month.to cover the following month
v. supplies costing $6,100 were purchased for cash. At the end of the year, $600 of the supplies were still unused.
vi. Wages of $41,300 were paid during the year. Also wages $600 remained unpaid at the year end
If Inventory costing $77,000 was purchased on account . The journal entry to record the transaction is: Debit: Inventory account $77,000
Credit: Accounts Payable $77,000.
What is journal entry?Journal entry is used by companies to record their day to day transactions.
To record the transactions described in I. to VI. in a general journal, the following journal entries could be used:
I. Debit: Inventory account $77,000
Credit: Accounts Payable $77,000
II. Inventory costing $66,000 was sold for $110,000
Debit: Sales Revenue account $110,000
Credit: Accounts Receivable $22,000
(20%× $110,000)
Credit: Cash $88,000
(80% × $110,000)
Debit: Cost of Goods Sold account $66,000
Credit: Inventory account $66,000
III. Debit: Cash account $22,000
Credit: Accounts Receivable account $22,000
IV. Debit: Cash account $1,100
Credit: Rent Expense account $1,100
V. Debit: Supplies account $6,100
Credit: Cash account $6,100
VI. Debit: Wages Expense account $41,300
Credit: Cash account $41,300
VI. Debit: Wages Payable account $600
Credit: Wages Expense account $600
Therefore the journal entry to record the transaction is: Debit: Inventory account $77,000, Credit: Accounts Payable $77,000.
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a real estate office handles an apartment complex with 70 units. when the rent is $476 per month, all 70 units are occupied. when the rent is $504, however, the average number of occupied units drops to 68. assume that the relationship between the monthly rent p and the demand x is linear. (the term demand refers to the number of occupied units.) (a) write a linear equation expressing x in terms of p.
The linear equation expressing the number of occupied units (x) in terms of the monthly rent (p) can be written as: x = 70 - 0.25p suggests that the number of occupied units decreases by 0.25 for every increase in the monthly rent by $1.
This indicates that an increase in rent results in a decrease in demand.
It is also important to note that while the equation only considers the direct relationship between rent and demand, other factors such as the local economy, amenities, and the quality of the units can also affect demand. For example, if a complex offers better amenities, such as a gym or pool, demand for units may increase even with a higher rent. Similarly, if the quality of the units is improved, such as with renovations or upgrades, demand may also increase.
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Which of the following is an example of an idiom, which can cause confusion for multicultural audiences? Our products can improve your bottom line.
"Improve your bottom line" is not an idiom.
What is an idiom?Any word or statement that deviates from its literal meaning to take on a figurative interpretation is known as an idiom. It's possible that people from different backgrounds won't understand the figurative meaning because it frequently draws on historical or cultural allusions. For instance, although the precise sense of the phrase "to kick the bucket" would not suggest so, it refers to dying in English. Therefore, it is crucial to take this into account when interacting with a multicultural audience because idioms can be confusing for people from various cultural backgrounds.
Idioms can be difficult for language learners to understand because they demand knowledge of the cultural setting in which the expression is employed. They can also be challenging to translate because different languages might not have the same figurative connotation. Idioms, on the other hand, are a crucial component of a language and can enrich and add color to communication.
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What is a key role of the federal reserve in the US economy?
Answer:
A key role of the Federal Reserve in the US economy is to help maintain financial and economic stability.
Explanation:
The Federal Reserve monitors the US economy and sets monetary policy to ensure that it is functioning efficiently, promoting economic growth and low unemployment. The Federal Reserve also serves as the lender of last resort and regulates the banking system to protect consumers and ensure a safe and sound financial system. Additionally, the Federal Reserve has the authority to issue currency, manage the nation's money supply, and set interest rates.
a company analyzes employee-related data to determine which departments will need to hire the most employees in the near future. the company then uses this information to hire employees for that department. in doing so, the company is engaged in _____.
The company then uses this information to hire employees for that department. in doing so, the company is engaged in workforce analytics.
A sophisticated set of metrics and data analysis tools called "workforce analytics" is used to measure and enhance the performance of the entire workforce. Recruitment, employment, and talent management are the three main areas where workforce analytics knowledge can be employed.
In order to manage and hire top employees, align remuneration with performance, and make other important decisions, workforce analytics is a method that uses data-based insight. It makes predictions and judgments about the workplace based on "big data."
It is also referred to as talent statistics, staff statistics, or demographic statistics. It's a technique for managing and evaluating employee data. Human resources data are not as heavily emphasized in workforce analytics. Instead, it approaches data work from a wider perspective. Yes, there are people involved.
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In addition to the ethical standards, the IMA Statement of ethical cludes four overarching principles that management account itement of ethical professional practice it management accountants should adhere to see Exhibit I
II
II
IV
The four overarching principles outlined in the IMA Statement of Ethical Professional Practice for management accountants are objectivity, confidentiality, competence, and integrity.
The principle of objectivity requires that management accountants be free from any conflicts of interest and maintain an independent attitude when performing their duties. Confidentiality requires management accountants to protect any confidential information they may obtain.
Competence requires that management accountants maintain the necessary knowledge and skills to perform their duties properly. Finally, integrity requires that management accountants act with honesty and adhere to ethical standards.
All of these principles are essential in order for management accountants to properly perform their duties and maintain ethical standards.
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Type your answer in the boxCompany; dept. A; dept B.predetermined oh rate per direct labor hour = $2.10; $2.40; $1.80 direct labor hours worked on job abc 30; 17; 13 based on this information, the overhead applied to job abc using multiple predetermined overhead rates is $ ___.(Round your answer to two decimal places.)
The overhead implemented to job ABC using various overhead rate rates is $127.20 = $87.70
What is a job in business?Graduates can pursue professions in business in a variety of sectors, such as management, marketing, and accounting, with the right training and experience. The majority of business experts are entrusted with examining and enhancing the performance of organizations. For business professionals, the job market is fairly promising.
To calculate this, first find the total overhead for each department:
Dept. A: $2.10 x 30 hours = $63.00
Dept. B: $2.40 x 17 hours = $40.80
Dept. C: $1.80 x 13 hours = $23.40
Then, add the overhead from each department to find the total overhead applied to job ABC:
$63.00 + $40.80 + $23.40 = $127.20
Rounding to two decimal places, the overhead applied to job ABC using multiple predetermined overhead rates is $127.20 = $87.70.
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How is market management an important aspect for successful business venture?
Marketing management is important to business because it helps a company to identify and target the most promising market segments, and to develop and implement effective marketing strategies to reach those segments. This can help to increase sales, improve brand recognition, and build customer loyalty.
Marketing management helps to plan and carry out steps of marketing. Additionally, marketing management can help a company to understand the needs and preferences of its target market, and to develop products or services that meet those needs. This can help to differentiate the company from its competitors, and to create a competitive advantage in the marketplace. Overall, marketing management is a key component of a successful business strategy.
a. Putting consumers needs first .
b. Increase sales
c. Help in markerting decision making
d. Promoting new products
Red Builders agrees to construct a new building for Blue Co. for a total contract price of $6,000,000. The estimated construction costs at inception was $4,000,000. The construction project was completed after two years. Below are the actual costs for years 1 and 2: Cumulative Year 1 Year 2 1,200,000 2,500,000 3,600,000 2,100,000 1,050,000 2,300,000 1,000,000 1,900,000 Description Cost incurred to date Estimated costs to complete Billings Cash Collections Red has determined that this contract qualifies for revenue recognition while the performance obligation is being met. As a result, Red Builders should have recognized profit at the end of year 1 in the amount of:
Red Builders ought to have recorded a $300,000 profit at the end of the first year.
Total expected costs = cost incurred to date + estimated cost to complete
= 1,200,000 + 3,600,000
= 4,800,000
Percentage of completion = (cost incurred to date/total expected cost) × 100
= (1,200,000/4,800,000) × 100
= 0.25
= 25%
Profit = contract revenue - Total expected costs
= $6,000,000 - 4,800,000
= $1,200,000
Cumulative gross profit = Profit × Percentage of completion
= $1,200,000 × 0.25
= $300,000
Therefore, Red Builders ought to have recorded a $300,000 profit at the end of the first year.
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--The given question is incomplete; the complete question is
"Red Builders agrees to construct a new building for Blue Co. for a total contract price of $6,000,000. The estimated construction costs at inception were $4,000,000. The construction project was completed after two years. Below are the actual costs for years 1 and 2: Description Cumulative
Year 1 Year 2
The cost incurred to date is 1,200,000 2,500,000
Estimated additional costs to complete 3,600,000 2,100,000
Billings 1,050,000 2,300,000
Cash Collections 1,000,000 1,900,000
Red has determined that this contract qualifies for revenue recognition over time (as opposed to upon completion). As a result, Red Builders should have recognized profit at the end of year 1 in the amount of:
a. $300,000
b. $600,000
c. $1,050,000
d. $1,000,000"--
he body of rules and procedures that guide the measurement and communication of financial accounting information is known as ____
multiple choice :
A. standards of professional compliance (spc). B. code of ethical decisions (coed).
C. rules of financial reporting (rfp). D. generally accepted accounting principles (gaap).
The body of rules and procedures that guide the measurement and communication of financial accounting information is known as generally accepted accounting principles (GAAP)
Hence, option (d) is correct choice.
The Financial Accounting Regulations Board publishes a collection of accounting rules, standards, and processes known as generally accepted accounting principles (GAAP) (FASB).
Accounting is the measurement, processing, and exchange of financial and non-financial information regarding economic entities such as enterprises and corporations.
GAAP, or generally accepted accounting principles, are guidelines that cover the particulars, intricacies, and legalities of commercial and corporate accounting. The Financial Accounting Standards Board (FASB) bases its complete collection of recognized accounting procedures and practices on GAAP.
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The AMA's definition of marketing reflects the view toward the marketing activities as focused on ____.
Marketing is "the activity, set of establishments, as well as mechanisms for creating, having conversations, delivering, as well as exchanging products that are beneficial for customers," according to the (AMA).
What is the mission of the American Marketing Association?To assist marketers in acquiring the skills necessary to stay on top of new trends and advance their long-term professional development, AMA offers specialty symposiums, one-day hot button topic trainings, trainings, and workshops.
The value of AMA certificationWhat value do marketing certifications have? Yes, having a marketing certification demonstrates your expertise in your chosen industry. In addition to assisting you in honing your marketing abilities for the real world, a marketing credential can assist you in getting that next job or significant promotion you have been hoping for.
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normative economics question 10 options: is descriptive, making a claim about how the world is. makes statements about the normal condition of the world. is prescriptive, making a claim about how the world ought to be. makes statements which establish production goals for the economy.
Normative economics is c) prescriptive, making a claim about how the world ought to be.
Normative economics is a branch of economics that deals with value judgments and ethical considerations. It involves making statements about how the world ought to be, rather than describing how the world actually is.
Normative economics is concerned with making value-based claims about the ideal allocation of resources and distribution of income and making recommendations for public policy.
It involves making subjective judgments about what is fair, just, and desirable for society, rather than describing the facts of a situation. In this sense, normative economics is prescriptive, making claims about how the world ought to be, rather than simply describing how it is.
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Understanding: Operating and non-operating statement of activities. Rosenthal Hospital, a nongovernmental, not-for-profit hospital affiliated with a private university, reported the following information for the year ended December 31, Year 5:
Cash donations received for capital additions to be acquired in Year 6$150,000 Proceeds from sales at hospital gift shop and snack bar75,000 Dividend revenue not restricted by donors or by law 25,000
What amount should be reported as other revenue and gains on the hospital's statement of operations for the year ended December 31, Year 5?
Operational and non-operational activity report. Their main sources of income are membership dues, donations, government grants and capital gains.
What is an operative and a non-operative statement?
Operations is everything a company does to continuously bring its products and services to market. Non-operational activities are one-time events that may affect income, expenses or cash flow but are not part of the normal and core business of the company. Non-operating income includes gains and losses (expenses) arising from other activities or factors unrelated to the principal business. Operating income is calculated by subtracting the cost of goods sold and all operating expenses from the company's revenue. Non-operating income is that portion of an organization's income that derives from activities outside of its core business.
It may include items such as dividend income, investment gains or losses, foreign exchange gains or losses and asset impairments.
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dicuss the three key element to the process of financial management
The three key elements of the process of financial management:
PlanningOrganisingControllingWhat is financial management?In order for the "organization to have the resources to carry out its aim as satisfactorily as feasible," which is sometimes described as maximizing the value of the company for investors, financial management is the business function that deals with profitability, costs, cash, and credit.
The technique of managing a business's finances in a way that enables it to be profitable and comply with rules is known as financial management. That requires both a comprehensive strategy and hands-on implementation. Every successful financial operation is supported by four pillars: accounting, reporting, planning & analysis, and guidance.
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jorge recently interviewed with a business machine company for a sales position marketing copiers and printers to businesses. he was surprised to find that the company's emphasis was purely on sales and using aggressive sales tactics to convince buyers to purchase its line of photocopiers and printers. which of the following is true about this company related to its marketing management philosophy? a. The company values its customers and seeks to create customer value by offering high quality products at a fair price.
b. The company uses a targeted marketing strategy to ensure its products are best suited to the needs of the market.
c. The company is focused on its customers' needs rather than its own goods, services, or making a profit.
d. The company has an inward-looking focus on selling what the organization makes.
The statement that true with regard to its marketing management philosophy is the company has an inward-looking focus on selling what the organization makes. Thus, option C is correct.
What is marketing management philosophy?Marketing management concepts are those beliefs that firms adapt to guide their marketing operations.
In the provided case, the corporation questioned by Jorge is focusing inwardly on selling, which is what the organization does to enhance its sales.
The emphasis of the business machine firm was solely on sales, with aggressive sales practices used to persuade buyers to purchase their line of photocopiers and printers.
So, in terms of this business's marketing management strategy, the statement "The corporation has an inward-looking concentration on selling what the organization creates." is correct. Hence, option C is correct.
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