Economic surplus simply refers to gains that is benefited by a consumer or producer within an economic activity.
Your information is incomplete. Therefore, an overview of surplus will be given. Economic surplus is also known as the total welfare.
It's simply the extra benefit gotten in a transaction. It's typically the area above the equilibrium price of the good. It's also below the demand curve.
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a) Staples Corporation shows a credit balance of $21,500 in Allowance for Doubtful Accounts at December 31, 2017, before the current year's provision for uncollectible accounts. The accounts receivable aging schedule revealed the following:
Not yet due
1–30 days past due 31–60 days past due 61–90 days past due Over 90 days past due
Estimated Percentage Uncollectible
$250,000 3% 660,000 6% 125,000 12%
85,000 28% 25,000 42%
Compute the total uncollectible and journalize the entry on December 31, 2019, to record bad debts expense.
The total uncollectible for Staples Corporation is $74,900 and the journal entry is:
Date Account Title Debit Credit
Dec. 31 Uncollectible Account Expense $74,900
Allowance for doubtful accounts $74,900
Total estimated uncollectible is:
= (250,000 x 3%) + (660,000 x 6%) + (125,000 x 12%) x (85,000 x 28% + (25,000 x 42%)
= $96,400
The uncollectible account balance is:
= Estimated uncollectible - Allowance for doubtful debt credit balance
= 96,400 - 21,500
= $74,900
In conclusion, the total uncollectible balance is $74,900
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5 year plan example for high school seniors
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A five year plan is a list of priorities you would like to accomplish over the next several years. As well as actions you can take when you make mistakes, so that you can still meet those goals.
Hope it helps ♡♡
duffy company has a fiscal year ending on september 30, 2020. the adjusted trial balance at the end of the year is as follows: duffy company trial balance (adjusted) 30-sep-20 debit $37,400 $4,200 $6,200 11,000 3,900 70,000 120,000 80,000 18,600 123,500 7,800 18,000 14,400 12,000 21,900 548,900 credit cash inventory supplies accounts receivable prepaid insurance land equipment patent accumulated depreciation – equipment accounts payable mortgage payable (due 2024) interest payable salaries and wages payable unearned rent revenue dividends capital retained earnings, oct 1, 2019 sales revenue rent revenue cost of goods sold depreciation expense insurance expense supplies expense interest expense salaries and wages expense required: a) prepare a classified statement of financial position. b) journalize the closing entries c) prepare a post-closing trial balance $42,000 19,600 79,000 6,000 4,100 4,800 109,700 28,800 240,500 14,400 548,900 (10 marks) (5 marks) (5 mark
The preparation of a classified statement of financial position (balance sheet), closing entries, and post-closing trial balance is as follows:
a. Statement of Financial Position (Balance Sheet)
As of September 30, 2020
Assets:
Current Assets:
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900 $62,700
Long-term Assets:
Land 70,000
Equipment 120,000
Accumulated Depreciation (18,600)
Patent 80,000
Other assets 13,800 $265,200
Total assets $327,900
Liabilities and Equity:
Current Liabilities:
Accounts payable 42,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100 $71,700
Long-term Liabilities:
Mortgage payable (due 2024) 79,000
Total liabilities $150,700
Equity:
Capital 109,700
Retained earnings 67,500 $177,200
Total liabilities and equity $327,900
b) Closing Journal Entries:
Debit Sales revenue $240,500
Credit Statement of Financial Performance $240,500
Debit Statement of Financial Performance $123,500
Credit Cost of goods sold $123,500
Debit Rent revenue $14,400
Credit Statement of Financial Performance $14,400
Debit Expenses:
Depreciation Expense $7,800
Insurance Expense $18,000
Supplies Expense $14,400
Interest Expense $12,000
Salaries and Wages Expense $21,900
Credit Statement of Financial Performance $74,100
Debit Credit Statement of Financial Performance $57,300
Credit Retained Earnings $57,300
c) Post-Closing Trial Balance
Account Titles Debit Credit
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900
Long-term Assets:
Land 70,000
Equipment 120,000
Accumulated Depreciation $18,600
Patent 80,000
Other assets 13,800
Accounts payable 42,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100
Mortgage payable (due 2024) 79,000
Capital 109,700
Retained earnings 67,500
Totals $327,900 $327,900
Data and Calculations:
Trial Balance
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900
Land 70,000
Equipment 120,000
Patent 80,000
Other assets 13,800
Accumulated Depreciation- Equipment $18,600
Cost of goods sold 123,500
Depreciation Expense 7,800
Insurance Expense 18,000
Supplies Expense 14,400
Interest Expense 12,000
Salaries and Wages Expense 21,900
Accounts payable 42,000
Mortgage payable (due 2024) 79,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100
Dividends 4,800
Capital 109,700
Retained earnings, Oct. 1, 2019 15,000
Sales revenue 240,500
Rent revenue 14,400
Totals $548,900 $548,900
Statement of Financial Performance (Income Statement)
For the year ended September 30, 2020
Sales revenue $240,500
Cost of goods sold 123,500
Gross profit $117,000
Rent revenue 14,400
Total income $131,400
Expenses:
Depreciation Expense 7,800
Insurance Expense 18,000
Supplies Expense 14,400
Interest Expense 12,000
Salaries and Wages Expense 21,900
Total Expenses $74,100
Net Income $57,300
Statement of Retained Earnings:
Retained earnings, Oct. 1, 2019 $15,000
Net income 57,300
Dividends (4,800)
Retained earnings, Sept. 30, $67,500
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Using your credit card more means your debt will
A. stay the same
B. decrease
C. disappear
D. increase
Using a credit card will increase your personal debt.
Answer: D. Increase
Harper Motors sells 32 cars per month at an average price of $24,360. The carrying cost per car is $144 and the fixed order cost is $687. How many orders should the company place per year
The number of orders that the company should place per year is 6.34 orders.
Economic order quantity (EOQ) = (2* yearly demand*per order fixed cost/carrying cost per unit)^(1/2)
Economic order quantity (EOQ) = (2*(32*12)*687/144)^(1/2)
Economic order quantity (EOQ) = (2*384*4.7708)^(1/2)
Economic order quantity (EOQ) = 60.530772339
Economic order quantity (EOQ) = 60.53
Number of orders to be placed = Yearly demand / EOQ
Number of orders to be placed = (32*12)/60.53
Number of orders to be placed = 6.3439616719
Number of orders to be placed = 6.34 orders.
Therefore, the number of orders that the company should place per year is 6.34 orders.
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Explain why there are advantages to a movie studio operating in southern California, rather than in, say, Florida.
There are advantages to a movie studio operating in southern California
due to cheap labor and land and numerous scenery.
California is a state in which movie producers prefer operating in as a result
of cheap labor and land which helps to cut the cost needed for producing a
movie.
California also has a lot of scenery such as rivers, mountains etc which
makes the movies more appealing and is also where Hollywood is located
which is where most movie production and promotion takes place.
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The value proposition is____
Answer:
A value proposition states the: specific benefits a product or service offering provides to a buyer.
Explanation:
Help help help help business please
I think it's a sorry if you get the answer wrong
Prepare journal entries to record the following under
(a) the direct write-off method and
(b) the allowance method. May 3 Sal Company determines that it cannot collect its accounts receivable of $2,000 from Joey Company. May 21 Sal Company unexpectedly receives payment of $2,000 cash from Joey Company toward its previously written-off account. Sal records recovery of this bad debt.
The journal entries to record the direct write-off method and the allowance method are:
Journal entries
a. May 3
Debit Bad debt $2,000
Credit Account receivable- Joey Company $2,000
b. May 21
Debit Accounts Receivable—Joey Company $2,000
Credit Allowance for Doubtful Accounts $2,000
Debit Cash $2,000
Credit Accounts Receivable—Joey Company $2,000
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Select True or False for each of the following statements about Types of Fraud, Scams, and Money Laundering
Red Flags.
Answer:
You Need To Provide More Information on the Question For An Answer
Explanation:
Not Information
Chester has negotiated a new labor contract for the next round that will affect the cost for their product Coat. Labor costs will go from $2.95 to $3.55 per unit. Assume all period and other variable costs remain the same. If Chester were to absorb the new labor costs without passing them on in the form of higher prices, how many units of product Coat would need to be sold next round to break even on the product
Based on the fact that Chester decides to absorb the new labor cost, the units needed to breakeven would be 1,566 units.
The current fixed costs are $8,346.
The current contribution margin is $11,401
The units sold are:
= Sales / Selling price
= 30,785 / 16
= 1,924 units
The new contribution margin would be:
= Current contribution margin - Increase in labor costs
= 11,401 - ( (3.55 - 2.95) x 1,924)
= $10,255.60
Breakeven point is:
= Fixed costs / Contribution margin per unit
= 8,346 / (10,255.60÷ 1,924 units)
= 1,566 units
In conclusion, the breakeven point is 1,566 units
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Which strategy for managing quality relies on input from employees, suppliers and customers
Answer:
total quality management (tqm)
Explanation:
hope it helps you
In 2019, Krista paid $1,600 in qualified adoption expenses to adopt a U.S. child. The adoption was not finalized, and in 2020, she paid an additional $2,500 in qualified adoption expenses. The adoption failed again in 2020 and never became final. What is the maximum amount Krista may be eligible to claim for the Adoption Credit on her 2020 return
Considering the available options, the maximum amount Krista may be eligible to claim for the Adoption Credit on her 2020 return is "$4,100."
Adoption Credit InformationBased on the rules and regulations made by the government, if an individual made more than one attempt to adopt one eligible U.S. child, such individual should add the amounts spent and complete only the “Child 1” line.
However, it is allowed to complete more than Child 1 line when individuals adopt or tried to adopt two or three eligible children.
This implies that Krista would have to add the expenses together, which is $1,600 + $2,500 = $4,100.
Hence, in this case, it is concluded that the correct answer is "$4,100."
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Ok, I actually need a lot of help- 30 points to whoever can
Abdul works as a regulator at the Bureau of Consumer Protection. His agency makes sure that consumers are treated fairly. What task might be part of Abdul's job at his agency?
Question 6 options:
drawing up ideas for the new city park
drafting a proposal for the state government budget
recording information about a fraudulent business
meeting with heads of state to discuss trade
Answer:
I would say that the answer is "recording information about a fraudulent business".
Explanation:
His job is to make sure that consumers are treated fairly.
Magnus was just reprimanded by his supervisor for sending personal emails and shopping online during company time. Magnus was reprimanded for:
Answer:
khana iridium 88 egg e
Explanation:
d run jdd
To be useful, accounting information must have the fundamental qualitative characteristics of?
Suppose the economy is in long-run equilibrium. If there is a sharp increase in the minimum wage as well as an increase in taxes, then in the short run, real GDP will:____.
a. rise and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
b. fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
c. rise and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.
d. fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
Suppose the economy is in the long run equilibrium. If there is a sharp increase in the minimum wage as well as an increase in taxes then in the short run, real GDP will
fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.Given that this economy is in the long run equilibrium. Given a sharp increase in minimum wage and taxes, then real GDP will decrease in the short run as well as the price level.
In the long run it may stay the same. But the Real GDP will definitely be lower.
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Which of the following protects the brokers commission
The Safety clause is the options that protects the brokers commission.
What is the Safety clause?This is a legal clause that states that a real estate broker is entitled to a commission if a sale occurs after the listing agreement expires.
Hence, among the options, the Safety clause is clause that offers protection to the brokers commission.
Therefore, the Option A is correct.
Missing options "a. Safety clause b. Listing price. c. Mediation d. MLS"
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You are starting a family pizza parlor and need to buy a motorcycle for delivery orders. You have two models in mind. Model A costs $8,200 and is expected to run for 7 years; Model B is more expensive, with a price of $13,600, and has an expected life of 9 years. The annual maintenance costs are $760 for Model A and $740 for Model B. Assume that the opportunity cost of capital is 9 percent. Calculate equivalent annual costs (EAC) of each models.
The equivalent annual costs of each model are as follows:
Model A Model B
Equivalent annual costs $2,389.26 $3,008.47
Data and Calculations:
Model A Model B
Costs of motorcycle $8,200 $13,600
Expected years of usage 7 years 9 years
Annual maintenance costs $760 $740
Cost of capital = 9%
Annuity factor 5.03295 5.99524
PV of annual maintenance $3,825.04 $4,436.48
Total NPV of costs $12,025.04 $18,036.48
Equivalent annual costs $2,389.26 $3,008.47
($12,025.04/5.03295) ($18,036.48/5.99524)
Thus, the equivalent annual costs of each model are the dividend of the Total NPV costs divided by the Annuity Factor.
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Write four elements of economic objectives of business ?
Answer:
the person above this is correct
Firm I has been selling its products through a distributor for some time. It has become the market share leader. Unfortunately, this distributor has not been able to keep up with the evolving technology and customers are complaining. There are no alternative distributors available. Should Firm I keep its current distributor or should it begin distribution on its own?
Firm I should begin distribution on its own in order to prevent loss and
liquidation of the company.
It is best for the company to become vertically integrated in instances such
as this. Vertical integration involves companies controlling more than one
stage of production.
By so doing, the company can restrategize and ensure its products satisfy
the customers through the adoption of the technology they are complaining
about. This helps to ensure increased profit made from the goods.
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An asset was acquired on October 1, 2021, for $78,000 with an estimated five-year life and $13,000 residual value. The company uses units-of-production depreciation and expects the asset to produce 20,000 units. Calculate the gain or loss if the asset was sold on March 31, 2024, for $58,000. Actual production was: 2021 = 500 units; 2022 = 3,000 units; 2023 = 3,500 units; 2024 = 1,000 units.
Based on the information given the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.
Depreciation per units= (Original cost - Residual value) ÷ (Estimated production units)
Depreciation per units= ($78,000 - $13,000) ÷ 20,000 units
Depreciation per units= $65,000 ÷ 20,000 units
Depreciation per units= $3.25 per units
Accumulated depreciation=(500 units × $3.25)+( 3,000 units × $3.25)+(3,500 units × $3.25)+( 1,000 units × $3.25)
Accumulated depreciation= $1,625 + $9,750 + $11,375 + $3,250
Accumulated depreciation= $26,000
Book value= Acquired value of an asset - Accumulated depreciation
Book value= $78,000 - $26,000
Book value= $52,000
Gain or Loss= Sale value - Book value
Gain or Loss= $58,000 - $52,000
Gain or Loss= $6,000 gain
Inconclusion the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.
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explain element of business plan
Answer:
mark me as brainlest plzz
Explanation:
It should include a mission statement, a brief history of your business, and the highlights of your company's growth, your product or service and a summary of future plans. It also should explain why you are seeking financing and information about your banking and currency investors.
Jimmie is purchasing a home with a purchase price of $350,000. He has been approved for a loan with an 85% LTV. What is his down payment
Based on the information given the down payment is $52,500.
Using this formula
Down payment=(100%-Approved loan percentage)×Purchase price
Where:
Approved loan percentage=85%
Purchase price=$350,000
Let plug in the formula
Down payment=(100%-85%)×$350,000
Down payment=15%×$350,000
Down payment=$52,500
Inconclusion the down payment is $52,500.
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What is 48976897617xitself
Answer:
Hey mate....
Explanation:
This is ur answer....
Wth....Is that even a question....Imao
Well I am getting this....
2.39873650E+21
Hope it helps!
Brainliest pls!
Follow me! :)
The trade war between the USA and China has put pressure on the international supply chain. However, it also conditioned for transparency competition in world trade. Please analyse this argument point with agreement or disagreement. An example of the international supply chain is recommended to show for supporting your debated points.
it helps to you I guess
jas read it❤
What is one major measure of economic growth?
Answer:
yo mama
Explanation:
yo mama's so ugly, she made a blind kid cry.You receive a $15,000 signing bonus from your new employer and decide to invest it for 2 years. Your banker suggests two alternatives, which both require a commitment for the full 2 years. The first alternative will earn 8% per year for both years. The second alternative earns 6% for the first year and 10% for the second year. Interest compounds annually. Which would you choose? Justify your choice by the calculations.
Answer:
8% plus 8%
Explanation:
8% plus 8% will yield 16.64% total and the 6% and 10% yields 16.60% total
Uhhhh..... can someone help me plz
Katrina graduated from college with a degree in veterinary science. She also has an interest in law enforcement. What company might be interested in hiring Katrina?
Question 5 options:
a government building looking for a security officer
a city government in need of an animal control officer
a county commissioner looking for an executive assistant
a large bank in need of a network manager
John's uncle donated a truck to his company, John's Corporation. The truck had an original cost of $95,000, a book value of $40,000, and a fair value of $60,000. The journal entry by John's Corporation to record this donated asset will include a:
a. debit Truck for $95,000 and credit Gain for $35,000.
b. debit Truck for $60,000 and credit Gain for $20,000.
c. debit Truck for $60,000 and credit Gain for $60,000.
d. debit Truck for $95,000 and credit Gain for $95,000.
Based on the information given the appropriate journal entry by John's Corporation to record this donated asset will include a: c. debit Truck for $60,000 and credit Gain for $60,000.
Since the truck donated to his corporation has a fair value of the amount of $60,000 which is the worth of the truck (assets) which means that the appropriate journal entry to record the transaction will be:
Debit Truck $60,000
Credit Gain $60,000
(To record asset donated)
Inconclusion the journal entry by John's Corporation to record this donated asset will include a: c. debit Truck for $60,000 and credit Gain for $60,000.
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