False. Whether a firm classifies an input as fixed or variable depends on the contribution that input makes to the firm's output
What is a fixed or variable cost?The amount of product generated determines the fluctuation in variable costs. Raw materials, labor, and commissions are examples of variable expenses. Regardless of the level of production, fixed expenses stay constant. Lease and rental payments, insurance, and interest payments are examples of fixed costs.
Over a given time frame, fixed costs are constant. Depending on the company's output, variable costs may go up or down. Rental fees, taxes, and insurance are some instances of fixed costs. Direct labor, commission, and credit card fees are a few examples of variable costs.
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Which of the following is an example of dysfunctional behavior? a. Cognitive dissonance b. Organizational citizenship c. Agreeableness 0 ООО d. Harassment e. Extraversion
The answer choice that is an example of dysfunctional behavior from the list of available answer choices is D. Harassment
What is Dysfunctional Behavior?This refers to the term that is used to describe and define the impairment, disturbance in any human's actions or activities that affects the way he relates with people
Hence, it can be seen that from the answer choices given, a clear example of dysfunctional behavior is harassment because this has to do with persistent aggressive behavior towards a person.
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if the buyer is borrowing money from the seller to buy the house, how is this loan shown on the worksheet?
A buyer's loan borrowing money from the seller to buy the house, the loan can be shown on the worksheet as a debit to the seller and a credit to the buyer.
How to create a loan amortization schedule?You can choose the software of your choice to create a loan amortization spreadsheet in an organized and safe way, where dates, credits, debits and extra payments will be configured, for example.
By creating a loan spreadsheet, you have greater control over the accounts, dates and the entire payment schedule, helping to better understand the situation in which the loan amortization is found.
Therefore, in a loan situation, it is the buyer's responsibility to meet all their payment obligations on time and in the correct amount, as failure to do so can incur high interest rates and even legal notice.
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Which of the following support activities in the value chain refers to the transmission of physical materials from procurement through production and into distribution?
Human resources
Information systems
Research and Development
Logistics/Materials Management/Supply Chain
Operations
The movement of physical materials from acquisition to production and distribution is referred to as logistics. As a result, choice (D) is the appropriate approach.
What are logistics?In general, logistics refers to the meticulous planning and execution of a complex task. In a broad sense, logistics coordinate the movement of products from their point of origin to their final destination in order to satisfy the needs of consumers or businesses.
In logistics, resources can be managed in the form of consumables like food and other consumables as well as tangible assets like materials, equipment, and supplies.
Since an army without supplies and transportation is vulnerable, logistics in military science is concerned with preserving army supply lines while undermining those of the enemy.
Hence, option (D) is accurate.
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adam smith’s demand-side economics is the idea that an economy with less government restriction serves people best for allowing free allocation of resources.
a. true
b. false
The statement adam smith’s demand-side economics is the idea that an economy with less government restriction serves people best for allowing free allocation of resources is false.
Who is adam smith’s?Adam smith’s was the person who created the adam smith’s demand in which he stated that relationship between the supply and demand and how both of supply and demand work in hand in hand
He stated that the demand for goods and service depend on people who are ready and willing to buy the goods or willing to pay for the goods.
Therefore the statement is false.
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Which of the following is an example of structural unemployment? O A. 0 B. Autoworkers lose jobs due to globalization and must retrain to find new jobs. In an economic downturn, a manufacturing plant reduces production and temporarily lays off workers. A student graduates from college and searches for a first job. Workers in the tourism industry in Maine are laid off during the winter. C. 0 D.
Globalization causes autoworkers to lose their jobs, and they must retrain to find new ones. An illustration of structural unemployment would be this. As a result, choice (A) is the appropriate approach.
What is structural unemployment?When the abilities that people in the economy can supply do not match the skills that companies are looking for in employees, structural unemployment results (also known as the skills gap). Technological advancements that render many workers' job abilities obsolete frequently cause structural unemployment.
The problem of structural unemployment can take a long time to resolve because it calls for either migration or retraining.
Hence, option (A) is accurate.
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rather than carrying 15 brands of laundry detergent, ________ offer one or two brands and sizes, one of which is a store brand.
Limited-assortment supermarkets only carry one or two brands and quantities of laundry detergent, one of which is a store brand, as opposed to carrying 15 different brands. Hence, Option E is correct.
What is a supermarket?A supermarket is a self-service store that has many categories of food, drinks, and household goods.
Compared to earlier grocery stores, this type of store is bigger and offers a wider variety of products, but it is smaller and offers a smaller assortment of goods than a hypermarket or big-box market.
Therefore, Option E is correct.
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The complete question has been attached in text form:
Rather than carrying 15 brands of laundry detergent, ________ offer one or two brands and sizes, one of which is a store brand.
extreme-value retailers
category specialists
off-price retailers
department stores
limited-assortment supermarkets
A new company wants to offer a line queuing service where customers book someone to wait in line on their behalf through a smart phone app. What concept is represented by the possibility that no one wants to pay someone else to wait in line ? Multiple Choice Operting Risk Financial Risk Financial Leverage Operating leverage none of the above
The concept that is represented by the possibility that no one wants to pay someone else to wait in line is: A. Operating risk.
What is operating risk?Operating risk can be defined as those risk that a company encounter during the course of the day to day business operation.
This scenario illustrate operating risk based on the fact people does not want to risk their money by paying someone else to stand on the queue for them in which at the end of the day the person may disappoint them by failing to carryout the tasks he was paid for.
Therefore the correct option is A
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According to money measurement concept, which of the following will NOT E the books of accounts? a. search O b. Commission payable to a salesman. O c. Quality of the products O d. a and b Extra profits arising out of revaluation of assets O e. All the above Check
Answer: Commission payable to the salesman
Explanation: According to the money measurement concept, the commission payable to the salesman will be recorded in the books of accounts.
Quality control in business, extra profits made due to the introduction of a budgetary control system are qualitative in nature and cannot be recorded, as according to the money measurement concept, only those transactions which can be measured in terms of money are recorded in the books of accounts.
Question 1
How do bad "political and economic" climates in a country affect decision making ?
People tend to be happier
People tend to be more generous
People tend to be more optimistic
people tend to be more cautious and frugal (thrifty) with their money
Question 2
During the Missile Crisis, Russia agreed to remove the missiles from Cuba, and in exchange, the US agreed to remove medium-range missiles from Turkey. This could be classified as a :
Risk
Trade-off
Expert power
generic decision making
Question 3
In the case where these is a high degree of uncertainty, using information that flows in DIfferent Directions is classified as:
Wheel Communication
Completely Connected Network
circle
political
Question 4
If there is a high level of Certainty, which strategy works best ?
Judgmental
Computational
risky shift
organizational
Question 5
The "Conjunctive Model" may be used under the following circumstances:
Where all options are considered
Where no options are considered
Where there are "Cut-Off" or limits
Where there in only one option
1. Bad "political and economic" climates in a country affect decision-making by D. people tend to be more cautious and frugal (thrifty) with their money.
2. During the Missile Crisis, Russia's agreement to remove the Cuban missiles in exchange for the US removing medium-range missiles from Turkey was a B. Trade-off.
3. When there is a high degree of uncertainty, using information that flows in different directions is classified as A. Wheel Communication.
4. When there is a high level of certainty, the best strategy is A. Judgmental.
5. The "Conjunctive Model" may be used under circumstances A. where all options are considered.
What is the trade-off?The trade-off refers to an exchange of values or positions when agreements must be reached in a state of uncertainty or scarcity of choices.
Trade-offs involve using the compromise strategy to ensure that each party to a conflict receives some value in exchange for other lost opportunities.
Thus, during the Cuban Missile Crisis, the Soviet Union and the US engaged in a trade-off.
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what accounting statement lists the overall financial condition of an organization?
The accounting statement that lists the overall financial condition of an organization is balance sheet.
What is balance sheet?
Balance sheet can be defined as the statement that help to show the financial position of a company.
Balance sheet help to show a company assets, their liabilities as well as their shareholder equity as this will enable the company to know their financial position. This financial statement is essential for every companies or organization as it help them to evaluate their finances at a specific period of time.
When preparing a company balance sheet both the assets side and liabilities side of the balance sheet must equal or balance.
Therefore we can conclude that balance sheet help to show a company finances.
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"Marble cake federalism"" is associated with the
a. increasing political power of local governments over the last two decades, practice of federal officials b. ribing their state counterparts with various gifts in order to convince them to follow national standards.
с. pattern of intergovernmental cooperation that has blurred the lines between the states and the national governments.
d. confusion that emerged during the 1960s about which layer of government is actually responsible for regulating the national economy. 1"
Based on a socio-political perspective, Marble cake federalism" is associated with the "pattern of intergovernmental cooperation that has blurred the lines between the states and the national governments."
What is Marble cake federalismMarble cake federalism is a term that is used to describe the type of federalism whereby the state and the federal government will work hand in hand without defined limitations.
Usually, Marble Cake federalism is a type of federalism that is often referred to as Cooperative federalism because it involved both the state and the federal government to have collaborated on policy and actions for the development of the nation.
The characteristics of Marble-Cake federalism include the following:national and state agencies carry out joint functions, not just separate ones; they routinely share power; and power in government is mixed rather than directed at one level.Hence, in this case, it is concluded that the correct answer is option C "pattern of intergovernmental cooperation that has blurred the lines between the states and the national governments."
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Suppose a stock market crash makes people feel poorer. This decrease in wealth would induce people to a. increase consumption, which shifts aggregate demand right. b. increase consumption, which shifts aggregate supply right. c. decrease consumption, which shifts aggregate supply left. d. decrease consumption, which shifts aggregate demand left.
If the stock market was to crash and make people feel poorer then the decrease in wealth might lead people to d. decrease consumption, which shifts aggregate demand left.
What happens to demand when there is a stock market crash?If there is a stock market crash, then people will lose money. This was seen with the Stock Market Crash in the 1920s and the Black Friday incident in the late 1900s. Because people have lost money, they might feel poorer because the other money they have would need to be used to take care of the other needs and wants they have. Which means that they will have to reduce their spending.
A reduction in spending means that people would most likely reduce their consumption. The effect that this would have on the Aggregate Demand curve is to shift it to the left which is what happens when there is a fall in aggregate demand.
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why are the permanent members of the security council (the p5) more important to its functioning than the rotating members?
The permanent members of the security council (the p5) are more important to its functioning than the rotating members as They have a veto on substantive issues
Who is the security council (p5)?Generally, China, the United States, France, the United Kingdom, and the Russian Federation are the five permanent members of the United Nations Security Council. The other 10 members of the Security Council are elected officials.
The five sovereign entities to whom the United Nations Charter of 1945 accords a permanent seat on the United Nations Security Council are collectively referred to as the permanent members of the United UN Security Council (also known as the Permanent Five, the Big Five, or the P5).
Due to the fact that they have the power to veto all decisions made by the Security Council, the five permanent members, often known as the P5, are more crucial to the organization's overall operation.
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On June 15, 2021, Allen sold land held for investment to Stan for $65,000 and an installment note of $300,000 payable in five equal annual installments beginning on June 15, 2022, plus interest at 10%. Allen’s basis in the land is $255,500. What amount of gain is recognized in 2021 under the installment method?
The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14
How to find the gain recognized?First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land
= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500
= 109, 500 / 255, 500
= 42. 857 %
The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021
= 42. 857 % x $ 65, 000
= $27, 857 . 14
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which economic indicator tells you about the future expected profits of businesses?
The Gross Domestic Product is the most important economic indicator that tells you about the future expected profits of businesses.
What is the Gross Domestic Product?The standard measurement of the value added produced via the production of goods in a nation over a specific period is the gross domestic product (GDP). Consequently, it also accounts for the revenue generated by that manufacturing, or the entire amount spent on finished items and services.
Gross domestic product (GDP) is a monetary indicator of the total market value of all of the final commodities and services that nations generate and sell over a given period. This measurement is frequently changed before it can be trusted as an indicator due to how complicated and subjective it is.
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Which of the following statements about American public opinion is most accurate?
a. A majority of Americans regularly say they would prefer a larger government with more services, but polls also reveal very little support for increasing spending on any specific government program.
b. A majority of Americans regularly say they would prefer a smaller government with fewer services, but polls also reveal very little support for cutting any specific government programs.
c. A majority of Americans regularly say they would prefer a smaller government with fewer services, and polls also reveal strong support for cutting nearly every government program.
d. A majority of Americans regularly say they would prefer a larger government with more services, and polls also reveal strong support for increasing spending on nearly every government program
An accurate statement on American Public Opinion is d. A majority of Americans regularly say they would prefer a larger government with more services, and polls also reveal strong support for increasing spending on nearly every government program.
How do Americans view a larger government?Polls have shown that the American people generally believe that the government should be larger and offer more services to the people.
As a result, most polls also show that Americans in their majority, strongly support increasing spending on government programs in order to be able to offer these increased services.
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Consider whether each of the following events would increase, decrease, or cause no change in frictional unemployment.
a. Rapid innovation in the tech sector means that tech companies are constantly changing the skills they require to develop, manage, and service new products.
b. Unemployment insurance programs become less generous.
c. LinkedIn improves its algorithms, enabling it to connect employers with workers who have the experience and skills they need more efficiently.
1. Increases frictional unemployment
2. Decreases frictional unemployment
3. Does not change frictional unemployment
Rapid innovation in the tech sector increase frictional unemployment.
Less generosity of insurance programs would have no effect frictional unemployment.
Improved LinkedIn algorithms would decrease frictional unemployment.
What is Frictional unemployment?
Frictional unemployment is a type of unemployment. Frictional unemployment is the period of time a person is unemployed from the period he leaves his current job and the time he gets another job.
Rapid innovation in the tech sector would increase the demand for new skills. This would increase the turnover of labour. This would increase unemployment. This would ensure people get job quicker. Improved LinkedIn algorithms would ensure that people get jobs faster. These would reduce the length of the job search process and reduce frictional unemployment.
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What are the constituents of Metropolitan Opera? How are they affected by simulcasts?
The Metropolitan Opera is North America's biggest classical music institution. From late September until May, it staged around 27 different operas year until 2019.
What is Metropolitan Opera?It is North America's biggest classical music institution. From late September until May, it staged around 27 different operas year until 2019.
Up to seven performances of four different operas are staged per week as part of the operas' rotating repertory calendar.
Monday through Saturday, performances take place in the evening, with a matinée on Saturday. Each season, fresh performances of several operas are performed. These are occasionally shared or borrowed by other opera companies. Operas from past seasons are presented for the remainder of the year. There were 227 performances of 25 operas during the 2015–16 season.
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21.In order to determine the coefficient of correlation between two sets of observations X and Y with 5 observations each, the following calculations were made: ΣΧ; = 40 , ΣΥ; = 45, ΣΥ1² =495,summasion of X1²=440 ,summasion of of X1Y1=420
on subsequent verification, it was discovered that the pair (X= 6,Y= 7) had wrongly been taken as (16,17)when working out the above values. Determine the correct value of the coefficient of correlatic Determine the equation of the regression line of Y on X. Assuming the same linear trend, determine the best estimate of Y which corresponds to x=14
2762.31 is the correct value of the coefficient of correlation when It was discovered that the pair (X= 6,Y= 7) had wrongly been taken as (16,17) when working out the above values.
What is Correlation?Any statistical relationship, whether causal or not, between two random variables or bivariate data is correlation or dependence.
Given data is:
The initial values are:
ΣΧ; = 40
ΣΥ; = 45
ΣΥ1² =495
ΣX1²=440
Σ X1Y1=420
It was discovered that the pair (X= 6,Y= 7) had wrongly been taken as (16,17) when working out the above values.
Now after correction
ΣΧ; = 40-16+6=30
ΣΧ; = 30
ΣΥ; = 45-17+7=35
ΣΥ; = 35
ΣΥ1² =495-17^2+7^2=255
ΣX1²=440 -16^2+6^2=220
Σ X1Y1=420-16*17+6*7=190
Now for the correct value of the coefficient of correlation
[tex]\frac{n∑xy−(∑x)(∑y)}{[n∑x 2 −(∑x) 2 ][n∑y 2 −(∑y) 2 ]}[/tex]
r=5*190-30*35/√[5*220-30^2][5*255-35^2]
r=-2762.31
Hence, 2762.31 is the correct value of the coefficient of correlation.
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The percentage share of the company
that owners give to the investors in
exchange for their investment is called:
The percentage share of the company that owners give to the investors in exchange for their investment is called an IPO.
The procedure through which a private firm might become public by selling its equity to the general public is known as an initial public offering. It could be a brand-new, youthful business or an established one that decides to list on a market and subsequently goes public. It benefits both the public and the company.
An initial public offering (IPO) refers to the transfer of a portion of the company's ownership to investors in exchange for their investment.
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Can we trust people to correctly interpret the information flowing on social media and in media in general? Why or why not?
No, we cannot really trust people to correctly interpret the information flowing on social media and in media in general because the opinions of people differs, what you seen this way, another person will interpret in another way hence, it is better to trust your own interpretation or from a correct source.
Does social media communication enhance or hinder the credibility of news reporting?Social media bots are crucial for disseminating content from sources as soon as it is published online. They serve the purpose of amplifying material before an article becomes popular. Low-credibility sources receive a lot of social media bot support, which increases their persuasiveness.
In the context of social media, trust offers proof of the people we can rely on to share information with and whose information we can accept without further verification.
Therefore, According to a new study, people are far less inclined to believe news that they find on social media, search engines, and messaging apps than they are to believe news in general. However, the trust gap is smaller for news found on Go ogle. There are many people who have unfavorable opinions of journalists.
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Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $36,500 Polyester filling 25,700 Lumber 56,200 Glue 5,900 The materials purchased during June are summarized from the receiving reports as follows: Fabric $396,000 Polyester filling 162,000 Lumber 324,000 Glue 36,000 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $185,000 $68,000 $108,000 $361,000 Job 602 99,000 32,000 79,000 210,000 Job 603 117,000 50,000 113,000 280,000 Factory overhead-indirect materials $31,300 31,300 Total $401,000 $150,000 $300,000 $31,300 $882,300 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Question Content Area a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30 $fill in the blank 5520e5fcd047f98_1 $fill in the blank 5520e5fcd047f98_2 $fill in the blank 5520e5fcd047f98_3 $fill in the blank 5520e5fcd047f98_4
a) The journal entries to record materials purchases in June for Yellen Furnishings are as follows:
Debit Raw Materials Inventory:
Fabric $396,000
Polyester $162,000
Lumber $324,000
Glue $36,000
Credit Accounts Payable/Cash $918,000
To record the purchase of raw materials.b) The journal entries to record materials requisitions in June for Yellen Furnishings are as follows:
Debit Factory Overhead $31,300
Credit Raw Materials Inventory: Glue $31,300
To record the requisition of Glue for factory overhead.Debit Work in Process (Job 601) $361,000
Credit Raw materials Inventory:
Fabric $185,000
Polyester $68,000
Lumber $108,000
To record the requisition of materials for Job 601.Debit Work in Process (Job 602) $210,000
Credit Raw materials Inventory:
Fabric $99,000
Polyester $32,000
Lumber $79,000
To record the requisition of materials for Job 602.Debit Work in Process (Job 603) $280,000
Credit Raw materials Inventory:
Fabric $1117,000
Polyester $50,000
Lumber $113,000
To record the requisition of materials for Job 603.c) The determination of the June 30 balances in the materials ledger accounts is as follows:
Fabric Polyester Lumber Glue Total
Beginning inventory $36,500 $25,700 $56,200 $5,900 $124,300
June purchases 396,000 162,000 324,000 36,000 918,000
Materials available $432,500 $187,700 $380,200 $41,900 $1,042,300
Total requisitions $401,000 $150,000 $300,000 $31,300 $882,300
Ending inventory $31,500 $37,700 $80,200 $10,600 $160,000
Transaction Analysis:a) Raw Materials Inventory: Fabric $396,000 Polyester $162,000 Lumber $324,000 Glue $36,000Accounts Payable/Cash $918,000
b) Factory Overhead $31,300
Raw Materials Inventory: Glue$31,300
Work in Process (Job 601) $361,000 Raw materials Inventory: Fabric $185,000 Polyester $68,000 Lumber $108,000
Work in Process (Job 602) $210,000 Raw materials Inventory: Fabric $99,000 Polyester $32,000 Lumber $79,000
Work in Process (Job 603) $280,000 Raw materials Inventory: Fabric $1117,000 Polyester $50,000 Lumber $113,000
Materials Sheet:Fabric Polyester Lumber Glue Total
Beginning inventory $36,500 $25,700 $56,200 $5,900 $124,300
June purchases 396,000 162,000 324,000 36,000 918,000
Materials available $432,500 $187,700 $380,200 $41,900 $1,042,300
Material requisitions:
Job 601 $185,000 $68,000 $108,000 $361,000
Job 602 99,000 32,000 79,000 210,000
Job 603 117,000 50,000 113,000 280,000
Factory overhead-
indirect materials $31,300 31,300
Total requisitions $401,000 $150,000 $300,000 $31,300 $882,300
Ending inventory $31,500 $37,700 $80,200 $10,600 $160,000
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Karrie would like to draw attention to some short statements in her document.
What is the best way to draw the readers deeper into the text?
insert pull quotes
change the text color
use a large font
highlight the text
THE CORRECT ANSWER IS A: INSERT PULL QUOTES
Karrie wants to call attention to a few brief assertions in her document. The best way to draw the readers deeper into the text is by inserting pull quotes. Hence, Option A is correct.
What are pull quotes?Pull quotes are composed of text that is taken from the original text, reproduced, and presented as a visually arresting feature on the page.
Pull quotes are condensed passages from the text that is being read. They are employed to interrupt the reader's flow and give a text passage a more prominent place in the post or article.
Therefore, Option A is correct.
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in what way does the ordinalist approach to study consumer behaviour represents an improvement over the cardinalist approach
utility wherein the satisfaction derived by the consumers from the consumption of good or service can be expressed numerically.
A water footprint indicates the quantity of water use when it comes to consumption by way of people.[1] The water footprint of an person, community, or commercial enterprise is defined as the whole quantity of clean water used to provide the products and services fed on by the man or woman or network or produced by the enterprise. Water use is measured in water quantity ate up (evaporated) and/or polluted in step with unit of time. A water footprint may be calculated for any properly-described organization of clients (e.g., an person, own family, village, city, province, state, or kingdom) or manufacturers (e.g., a public enterprise, non-public company, or financial zone), for a single system (along with developing rice) or for any products or services.[2]
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The population of a country in 2021 was 50.000 people out of this number. 10% were disabled. 15% were children 5% were aged, the remaining were within the ages of 18 years and 60 years of which 30% are unemployed. Based on the information above Calculate. (1) The labour force of the country cilj Disabled population (ii) Mumber of children in the country (IV) Population of the aged (V) The number of people working.
35000 is the labour force of the country, The number of people working=24500, 7500 is Number of children in the country, 2500 are aged in the country.
What is a Labour force?Every member of a specific group or nation who is able to work is collectively know as labour force of that company.
Given:
total population 50.000 people
10% were disabled.
15% were children
5% were aged,
the remaining were within the ages of 18 years and 60 years of which 30% are unemployed.
To find
1. The labour force of the country
Labour force= employed + unemployed
30%-100%=70% population comprises employed +unemployed
so 70%of 50000=35000
Hence,35000 is the labour force of the country
now
2. Number of children in the country
of total 15% were children
so,15% of 50000=7500
7500 is Number of children in the country.
3.The number of people working.
70% population comprises employed +unemployed of which 30% are unemployed i.e. 30% of 35000 are unemployed
hence 30% of 35000=10500are unemployed
so, The number of people working =35000-10500
The number of people working=24500
4.Population of the aged
5% were aged
that means 5% of 50000=2500 are aged in the country.
Hence, 35000 is the labour force of the country, The number of people working=24500, 7500 is Number of children in the country, 2500 are aged in the country.
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Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Wolfgang decided to change to the LIFO method. Net income in 2024 was correctly stated as $90 million. If the company had used LIFO in 2023, its cost of goods sold would have been higher by $7 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2023 would have been lower by $23 million if LIFO had been used all along, but have insufficient information to determine specific effects of using LIFO in 2022. Last year, Wolfgang reported the following net income amounts in its comparative income statements:
If Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. the journal entry at the beginning of 2024to record the change in accounting principle is: Debit, Retained earnings $30 million, Credit Inventory $30 million.
How to prepare the journal entry?If cost of goods sold increase by $7 million that year in which the cumulative net income for all years have been lower by the amount of $23 million , The appropriate journal entry to record the transaction is :
Wolfgang Kitchens Journal entry
Debit Retained earnings $30 million
Credit Inventory $30 million
($23 million + $7 million)
( To record the change in accounting principle)
Therefore the journal entry is Debit Retained earnings $30 million, Credit Inventory $30 million.
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The complete question is:
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Wolfgang decided to change to the LIFO method. Net income in 2024 was correctly stated as $90 million. If the company had used LIFO in 2023, its cost of goods sold would have been higher by $7 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2023 would have been lower by $23 million if LIFO had been used all along, but have insufficient information to determine specific effects of using LIFO in 2022. Last year, Wolfgang reported the following net income amounts in its comparative income statements:
($ in millions) 2021 2022 2023
Net income $90 $92 $94
Prepare the journal entry at the beginning of 2024to record the change in accounting principle. (Ignore income taxes.)
according to the central tenet of the basic strategy paradigm, in order to maximize its profitability a firm must do what three things?
According to the central tenet of the basic strategy paradigm, in order to maximize its profitability a firm must do what three things which rae:
Make sure the firm has the right organization structure in place to execute its strategy.Configure internal operations so they support the position selected on the efficiency frontier.Pick a position on the efficiency frontier where there is enough demand to support the choice.What is profitability?Profitability can be described as the degree to which a business or activity is bringing profit or financial gain to the business.
It should be noted that to achieve the profitability, the company can Configure internal operations and in this case they would be able to support the position selected on the efficiency frontier.
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the two types of adjustments to net income for the indirect method are adjustments for
The two types of adjustments to net income for the indirect method are adjustments for :
Components of net income that do not affect cash.Changes in operating assets and operating liabilities during the period that affected cash and were not in net income.What is net income?Net income can be defined as the amount a company or organization generated after deducting all expenses .
On the other hand the indirect method has to do with carrying out all the necessary adjustment of net income so as to enables a company to know the amount of cash they make.
Components of net income that do not affect cash as well as changes in operating assets and operating liabilities of a company during the period that affected cash and were not in net income of the company are the two adjustment to the net income when making use of the indirect method.
Therefore we can conclude that Components of net income that do not affect cash is one of the adjustment to net income.
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A popular brand of pen is available in 10 colors and 3 writing tips. How many different choices of pens do you have with this brand?
The choices of pen that you are going to have based on the brand would be 30 pen.
How to solve for the choice of penWe have the brand of pen that is available to be 10 colors.
The writing tips that are available is said to be given as 3.
In order to get the total, we would have to carry out a multiplication.
That is, we would have to multiply the brand by the number of writing tips
Hence we would have 10 colors * 3 writing tips.
= 30 choices.
Therefore we would say that the choices of pen that we would get after multiplying is 30 pen.
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What are some large-scale economic shifts that have created our present service economy
The capitalist system in the United States is one of the large-scale economic shifts that have created our present service economy
What is meant by an economic shift?Economic change, which can be characterized as a change in the economy's structure, policies, or growth, is one of the external factors that influence company decision-making.
Every country's economy has expansionary and contractionary eras. The levels of employment, productivity, and the overall demand and supply of the country's goods and services are what lead to these changes. These adjustments cause short-term expansionary and deflationary episodes.
An economic system known as a service economy is one in which the provision of services, as opposed to the production of products, is the primary activity. Road construction, medical treatment, food, lodging, and other professional services are some of these services.
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