Explanation:
considering current ethiopian economic situation ,how fiscal policies should act to stabilize the economy of the country?
nataro, inc., has sales of $742,000, costs of $316,000, depreciation expense of $39,000, interest expense of $34,000, and a tax rate of 21 percent. the company paid out $125,000 in cash dividends and has 75,000 shares of common stock outstanding. what is the earnings per share, or eps, figure? what is the dividends per share figure?
if Nataro , inc., has sales of $742,000, costs of $316,000, depreciation expense of $39,000, interest expense of $34,000, and a tax rate of 21 percent. the company paid out $125,000 in cash dividends and has 75,000 shares of common stock outstanding. Then
To find the owners equity, we must construct a balance sheet as follow :
BALANCE SHEET
CA $5,400 CL $4,100
NFA 28,100 LTD 10,600
OE ??
TA $33,500 TL&OE $33,500
We know that total liabilities and owners` equity (TL & OE) must equal total assets of $33,500. We also know that TL & OE is equal to current liabilities plus long-term debt plus owners' equity, so owners' equity is :
Owners' equity = $33,500 − 10,600 − 4,100 = $18,800
Owners' equity = $18,800
And net working capital (NWC) is:
NWC = CA − CL
NWC = $5,400 − 4,100
NWC = $1,300
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For an OCBOA presentation, which of the following statements is false regarding the pure cash basis of accounting?
A Revenues are recognized when cash is received, rather than when earned.
B Expenses are recognized when cash is disbursed rather than when incurred.
C Long-term assets are not capitalized, and, hence, no depreciation or amortization is recorded.
D Accruals should be made for taxes.
Depreciation and accumulated depreciation would not be recognised under a pure cash basis, but a cash disbursement would be recorded for any cash-purchased property, plant, and equipment on the income statement. so the right choice is d.
The "cash basis" accounting technique is widely used to identify revenues and expenses as they are incurred. Contrarily, accrual accounting recognises income at the moment the liability is incurred and records expenses as they are incurred, regardless of when cash is collected or paid.
The basic idea behind accrual foundation of accounting is that financial transactions are recorded by matching revenue and costs as soon as they take place rather than when a payment is sent or received.
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Wages for a business should be about 32 percent of gross revenue. Does the Y Sample T-Shirt Company, INC make enough revenue to hire another employee?
Yes, the Y Sample T-Shirt Company, INC make enough revenue to hire another employee .
What is meant by "gross revenue"?A company's gross revenue, also known as its gross income, is the total amount of money it generates without taking into account any money that has been or will be spent on expenses.
How is the gross revenue calculated?The following equation can be used mathematically to represent it: Total sales volume divided by sales price per unit is gross revenue. Other income statement items like gross profit, operating income, and net profit are often calculated using the amount of gross sales.
What's the significance of gross profit?Gross profits are important because the analysis enables businesses to improve their performance. A company can get a better idea of how well it is managing its costs and marketing its products by looking at its gross profit figures over time.
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the beginning balance in lucre's notes payable account was $50,000. during the month, lucre borrowed $60,000 cash from last national bank and then paid first national bank the $40,000 it had borrowed 5 months prior. the balance in lucre's notes payable account is now a .
The balance in Lucre's notes payable account is now $70,000.
The beginning balance in Lucre's notes payable account was $50,000. This is the starting point for any transactions that take place in the account during the month.
During the month, Lucre borrowed $60,000 cash from Last National Bank. This increases the balance in the notes payable account by $60,000.
Lucre also paid First National Bank the $40,000 it had borrowed 5 months prior. This decreases the balance in the notes payable account by $40,000.
When you add the beginning balance of $50,000, the $60,000 borrowed from Last National Bank, and the $40,000 paid to First National Bank, the new balance in Lucre's notes payable account is $70,000.
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Measures percentage of each sales dollar remaining after all costs and expenses including interest, taxes and preferred stock dividends are deducted. The higher the net profit margin the better. NET PROFIT MARGIN = EARNINGS AVAILABLE FOR COMMON STOCKHOLDERS / SALES
The percentage of each dollar of sales that is left over after all costs and expenses, including as interest, taxes, and dividends on preferred stock, have been subtracted is known as the net profit margin.
Your net profit margin demonstrates what portion of your income is actually profit after all costs are subtracted. This figure displays how successfully your company converts revenue into profit. For instance, if a company's net profit margin is 20%, it keeps $0.20 out of every dollar of sales revenue. A sense of a company's financial stability can be obtained by analysts using this ratio. A 10% net profit margin is considered normal, a 20% profit margin is considered good, and a 5% profit margin is considered bad. A company's capacity to manage costs and sell goods for prices above costs is demonstrated by a bigger net profit margin.
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The ________ measures the percentage of each sales dollar remaining after all costs and expenses, including interest, taxes, and preferred stock dividends, have been deducted.
Job-order costing systems often use allocation bases that ...
To increase job cost accuracy, the allocation base in the predefined overhead rate must drive the overhead cost. Overhead costs are caused by cost drivers.
A method of accounting known as "job costing" tracks expenditures and receipts for each "job" and enables uniform reporting of profitability per work.
The task order costing method is used to determine each product's production cost.
This costing method is frequently used when the producer has to figure out how much it will cost to complete a specific task while producing a variety of distinct items.
Businesses in the white-collar sector of the economy, such law companies, accounting firms, and private investment firms, can handle unique client accounts using job order costing.
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on the basis of the three individual demand schedules in the following table, and assuming these are the only three people in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good. a. Market demand schedule for the private good.
b. Collective demand schedule for the public good
(a) the market demand schedule on the assumption that the good is a private good. on the basis of the three individual demand schedules in the following table.
In the case of a public product, the collective demand schedule is computed by calculating the overall worth of a unit of the good for the consumers; that is, we get the demand by adding together various people' willingness to pay for different quantities of the public commodity. We are aware of the need. the common stock of ny Parties compete over the allocation of a fixed pool of value in distributive bargaining. In this case, every gain by one side is a loss by the other. An individual's demand schedule is a list of various amounts of a product that an individual consumer purchases in the market at various (alternative) prices at a particular period. Thus, the demand schedule expresses the link between the amount desired of an item and its price.
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bridge builders company examined its factory overhead account at the end of the year and discovered a credit balance of $2,000. the journal entry to close this account includes which of the following?
The journal entry to close this account includes credit to cost of goods sold. In order to prove that assets have been sold and their expenses have been transferred to COGS.
Purchases and inventory accounts should be credited when producing a journal entry (one account is debited, and one or more other accounts are credited to balance the entry). Debits will increase and credits will decrease the COGS Expense account. As a result, when supplies are bought, credit the Purchases account to show the amount spent, debit the COGS Expense account to show an increase, and finally credit the Inventory account to raise it.
The above mention que is incomplete their option are
a. Credit to Cost of Goods Sold
b. Debit: Factory Overhead
c. Overhead has been underapplied
d. Credit: Factory Wages Payable
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Tabulate the different between goods and factors market
Match the marketers with the Display Ad format that fits them best- Mira wants the most freedom (creative control) to decide how best to combine her different images, text, and logos.
When deciding how to blend her various photos, texts, and logos, Mira wants the most creative freedom (control). -Image advertisements
Content that is local to your devices is blocked by Freedom. In order to implement the block locally on your machine, we use a local proxy in conjunction with optional browser plugins for our desktop clients. We employ a "local VPN" on our iOS client, which disables content access on the actual device. While ensuring that our rights are always upheld, freedom gives us the chance to pursue happiness. This protection extends to a wide range of additional rights that have been established by law throughout history, such as the freedom of expression and the exercise of one's religion (such as voting rights).
1. Mira wants the most freedom (creative control) to decide how best to combine her different images, text, and logos.
2. Sherry wants faster ads, that are lighter in load.
3. Sandy wants to create safer ads and reduce the risk of malware.
4. Miko needs to reduce his overhead for managing ad portfolios within ad groups and campaigns.
5. Tommy values performance over everything else.
Matching:
Responsive Display Ads (5)
None (2)
Image ads (1)
AMPHTML ads (3)
Responsive Display Ads (4)
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combinations of goods outside the production possibilities curve (ppc) have which of the following characteristics?
Outside of the production-possibilities curve (PPC), which of the following best depicts combinations of items? They can only be accomplished right now if we fully utilise all resources that are unused or underutilised.
What is PPC and what qualities does it have?
All of the conceivable output combinations that can be produced with the available resources and technology are depicted in the production possibilities curve (PPC) graph. The PPC, also known as the production possibilities frontier (PPF), shows tradeoffs and scarcity. Illustration of the production-possibilities curve (PPC) Imagine a scenario where a nation produces 20,000 oranges and 120,000 apples.
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if a complaint is filed and the consumer wants it dropped the nmc is compelled to do which of the following
The nmrec must continue its investigation to determine whether any licensing law breaches have taken place if a complaint is raised and the consumer requests that it be dropped.
What contexts exist for complaint?Gripe about someone or something I want to voice my displeasure with the loudness. The most frequent grievance is for bad service. a grievance over something The Tribunal affirmed the discrimination claim he made. a grievance against someone or something I think you've got a grievance regarding one of the nurses.
What does compliance status mean?The phrase "Compliance Status" refers to the finding that the contractor satisfies all applicable trade requirements, including trade certification, statutory license, trade association participation, statutory registration, and insurance.
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The complete question is-
If a complaint is filed and consumer wants it dropper the nmrec is required to:
a major deliverable of the planning phase, which determines whether or not the development of the system is possible, is the... group of answer choices basic architecture design requirements document feasibility analysis system proposal
A major deliverable of the planning phase, which determines whether or not the development of the system is possible, is the design requirements.
What are project deliverables?
Although crucial, project management is only one piece of the puzzle. Additionally, this analogy will make more sense if you enjoy puzzles. The framework for the picture is created by the borders and edges of the puzzle, which project management is only the outline of. but what about the rest inside? Actions must be taken to bridge the gap, and clearly defined project deliverables are one such activity.
A tangible or intangible product that is produced as part of a project, phase, or task is referred to as a deliverable. The product of an endeavor is delivered as a deliverable to the client, project manager, or stakeholder.
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2. Do you know anyone that could serve as a business
mentor like Jill's business consultant? Why are
mentors important?
Answer:
Business mentors may share tips and tricks that they've gathered throughout the years and support you through the ups and downs of entrepreneurship. They've lived through this before, learning from their mistakes and successes, and can impart some of the valuable lessons they've accumulated over the years.
You earned $30,000 in 2009, and your salary rose to $80,000 in 2018. If the CPI rose from 82 to 202 between 2009 and 2018, which of the following is true?A.The purchasing power of your salary increased between 2009 and 2018.B.There was deflation between 2009 and 2018.C. The purchasing power of your salary fell between 2009 and 2018.D. The purchasing power of your salary remained constant between 2009 and 2018.
The purchasing power of your salary increased between 2009 and 2018 is the true statement. The correct answer is A.
The abbreviation CPI stands for Consumer Price Index. The CPI calculates the average change in price of goods and services for consumers. Another name for this is inflation. Both the average price level in the economy and the purchasing power of the general population can be measured.
We can see that your salary rose 266.7% from 1990 to 2011, because:
80,000 x 100% / 30,000 = 266.7%
The CPI instead, rose 246.3% from 1990 to 2011, because:
202 x 100% / 82 = 246.3%
The CPI has risen in this instance, indicating economic inflation. The rise in salaries from 2009 to 2018 has also enhanced the purchasing power.
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compare the differences in returns and standard deviations of the three sets of data and discuss their investment implications using a cell within the spreadsheet document
The returns of the three sets of data vary, with the highest being set 1, followed by set 2 and the lowest being set 3. The standard deviations also show a similar pattern, with set 1 having the highest, followed by set 2 and the lowest being set 3. This implies that set 1 is the riskiest investment choice, offering the highest potential returns but also the highest potential losses.
How do the returns and standard deviations of the three sets of data compare? The returns of all three sets of data are different. The returns of the S&P 500 are the highest, at 7.04%, followed by the returns of the S&P MidCap 400, at 6.15%, and the S&P SmallCap 600, at 4.43%. The standard deviations of the three sets of data are also different. The standard deviation of the S&P 500 is the highest, at 14.95%, followed by the S&P MidCap 400, at 15.94%, and the S&P SmallCap 600, at 17.14%. Overall, the S&P 500 has the highest return and the lowest standard deviation, while the S&P SmallCap 600 has the lowest return and the highest standard deviation. This indicates that the S&P 500 is the most stable of the three sets of data, and the S&P SmallCap 600 is the most volatile.To learn more about spreadsheet document refer to:
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identify two different reasons why it might be difficult for a business to create an accurate demand schedule in real life.
According to the demand schedule, the quantity required reduces as the price increases and vice versa. The demand curve is then represented graphically by the line connecting these positions.
About Business Demand:The rule of demand—the inverse relationship between prices and quantity demanded—is once again demonstrated by the downward slope of the demand curve. How many people want certain things is referred to as demand.
When a product's supply increases, its price decreases, and its demand may increase since it becomes more expensive. At some point, if there is too much demand for the commodity, the supply will start to decline. Price increases will follow. Demand curve changes are problematic since they are not just hard to foresee.
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If a transaction decreases cash by $100, the balance sheet will balance if which of the following occurs?
The asset account or expense account that is related to the transaction must be decreased by $100.
This is because the equation for the balance sheet is Assets = Liabilities + Equity, and a decrease in Assets must be offset by a decrease in one of the other two sides of the equation.
An organization's assets, liabilities, and shareholder equity are listed on a balance sheet, which is a financial statement. One of the three primary financial statements used to assess a company is the balance sheet. It offers a snapshot of the assets and liabilities of a corporation as of the publication date.
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TRUE/FALSE. when you are known for failing to live up to your promises to stakeholders, you have a reputation for good character.
When you are known for failing to live up to your promises to stakeholders, you have a reputation as good character. (False)
What does a stakeholder mean?A stakeholder is a party with an interest in a business who has the potential to influence or be affected by that business. Investors, employees, customers, and suppliers make up the majority of the stakeholders in a typical corporation.
However, the idea has been expanded to include communities, governments, and trade associations as a result of the growing focus on corporate social responsibility. Stakeholders may be internal or external to an organisation. Internal stakeholders are people who have a direct interest in a company, such as through employment, ownership, or investment.
External stakeholders are people who don't work for a company directly but are still impacted by its decisions and results in some way. Suppliers, borrowers, and public organisations are all regarded as external stakeholders.
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Based on the following company statements, which company is most likely to be in the marketing company era?
Company A: “We are focused on creating innovative products and services that meet customer needs. We use data-driven insights to inform our decisions and develop strategies that will help us reach our goals.”
Company A is most likely to be in the marketing company era. This is because they are focused on creating innovative products and services that meet customer needs, and they are using data-driven insights to inform their decisions and develop strategies. This indicates that they are taking a customer-centric approach to their business, which is a hallmark of the marketing company era. Additionally, they are using data-driven insights to inform their decisions, which is another key characteristic of the marketing company era.
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which of the following describes the impact of the open market purchase of bonds on the monetary base and the money supply?
Central bank purchases of bonds on the open market increase the monetary base and money supply.
Effect of Open market bond purchases by central banks:Open market bond purchases by central banks such as the US Federal Reserve can have a significant impact on the monetary base and money supply.
When central banks buy bonds on the open market, they buy government bonds from banks and other financial institutions. In exchange for these bonds, the central bank will pay the seller new money created by the central bank. This increases the monetary base, which consists of currency in circulation and reserves held by commercial banks at the central bank.
As a result of the increased monetary base, banks hold more reserves and are able to lend more money to businesses and consumers. This increases the money supply, the total amount of money circulating in the economy.
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A typical roulette wheel used in a casino has 38 slots that are numbered 1,2,3....,36,0,00, respectively. The 0 and 00 slots are colored green. Half of the remaining slots are red and half are black. Also half of the integers between 1 and 36 inclusive are odd, half are even, and 0 and 00 are defined to be neither odd nor even, A ball is rolled around the wheel and ends up in one of the slots; we assume each slot has equal probability of 1/38 and we are interested in the number of the slot in whcih the ball falls.
(a) Define the outcome space O.
(b) Let A = {0,00}. Give the value of P(A).
(c) Let B = {14,15,17,18}. Give the value of P(B).
(d) Let D = {x : x is odd}. Give the value of P(D).
D is thought to have 18 elements, all of which are odd values between 1 and 36 dollars.
How is probability determined?Probability, in its simplest form, gauges the likelihood that something will happen. When we are unsure of how an event will turn out, we might talk about the likelihood of different outcomes. The study of events susceptible to probability is known as statistics. Probability is the possibility that something will occur. Probability is calculated by dividing the total number of outcomes by the number of potential outcomes.A probability is a numerical expression of the likelihood or possibility that a certain event will occur. Probabilities can be expressed as percentages with a 0% to 100% range or as proportions with a 0 to 1 range.Results space All potential results are:
⇒ O = 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,
17,18,19,20,21,22,23,24,25,26,27,28,
29,30,31,32,33,34,35,36,0,00
For point b:
[tex]$\rightarrow P(A)=\frac{\text { \# of outcomes in } A}{\text { \# Total outcomes }}=\frac{2}{38}=0.052[/tex]
For point c:
[tex]$\rightarrow P(B)=\frac{\text { \# of outcomes in } \mathrm{B}}{\text { \# Total outcomes }}=\frac{4}{38}=0.105[/tex]
$$
For point d:
D is thought to have 18 elements, all of which are odd values between 1 and 36 dollars.
[tex]$\rightarrow P(D)=\frac{\text { \# of outcomes in } \mathrm{D}}{\text { \# Total outcomes }}=\frac{18}{38}=0.473[/tex]
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george applied undue influence to get his mother to agree to sell him her home at half its market value. the contract is
George applied undue influence to get his mother to agree to sell him her home at half its market value. the contract is voidable at the option of Ethel.
What is market value?Market value, also referred to as OMV or "open market valuation," is the price that an asset would bring in the market or the value that the investment community assigns to a specific equity or company.
The term "market value" is also frequently used to describe a publicly traded company's market capitalization, which is determined by dividing the total number of outstanding shares by the stock price at the time the calculation was made.
Since the market prices of exchange-traded instruments, like stocks and futures, are widely disseminated and accessible, it is easiest to ascertain market value for these types of instruments. However, it can be more difficult to ascertain market value for over-the-counter instruments, like fixed income securities.
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what is an important post-infraorbital injection procedure? group of answer choices the clinician should check for a hematoma across the lower eyelid. maintain pressure and massage the solution into the infraorbital foramen for approximately 2 minutes to enhance anesthetic diffusion. maintain finger pressure on the infraorbital foramen during the injection to help keep the syringe toward the foramen. all options listed.
Option 3 is Correct. An essential post-infraorbital injection technique is to provide finger pressure to the infraorbital foramen throughout the injection to aid in guiding the syringe toward the foramen.
What crucial post-infraorbital injection technique is there?To improve anesthetic diffusion, apply pressure while massaging the solution for about 2 minutes into the infraorbital foramen. The most frequent mistakes include failing to make contact with the bone and failing to sustain external pressure immediately below the infraorbital notch.
During and after the injection (upper rim of the infraorbital foramen). The needle should be inserted into the mucosa above the upper second bicuspid at a distance of about 0.5 cm from the buccal surface after retracting the cheek with the thumb of the injecting hand.
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Correct Question:
What is an important post-infraorbital injection procedure? group of answer choices
1. the clinician should check for a hematoma across the lower eyelid.
2. maintain pressure and massage the solution into the infraorbital foramen for approximately 2 minutes to enhance anesthetic diffusion.
3. maintain finger pressure on the infraorbital foramen during the injection to help keep the syringe toward the foramen.
4. all options listed.
Kao Corp., a deodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of _____________.
A. consumer-generated marketing
B. societal marketing
C. partner relationship management
D. the selling concept
E. the production concept
(A) consumer-generated marketing Kao Corp adeodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product.
our state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing.When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon customer perceived value.product concept marketing management concepts is most likely to lead to marketing myopia.iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner situations has specifically indicates total combined customer lifetime value of all of the company's current and potential customers.Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.market offering A is some combination of products,services, A catalog retailer has identified African-American professionals between the ages of thirty-five and forty-five as the group of customers within the larger market that is a potential marketfor its products. The retailer plans to direct its marketing efforts toward this group of consumers.An organic farmer has identified three distinct groups who might be interested in hisproducts vegetarians, people.
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The program described, in which Kao Corp. invited teenage girls to make an ad to encourage other girls to buy the product, is an example of consumer-generated marketing.
Consumer-generated marketing is a form of marketing in which consumers, rather than the company, create and share content about a product or service. In this case, the teenage girls are creating the ad content, with the goal of encouraging other girls to buy the product. This is different from societal marketing, which focuses on creating long-term benefits for both the company and society as a whole, partner relationship management, which is focused on maintaining and improving relationships with partners or suppliers, the selling concept, which is focused on aggressively promoting and selling a product, and the production concept, which emphasizes producing and distributing a product at the lowest possible cost.
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The Station, a boutique cookie company, needs to create a production process for its new cinnamon malt ball cookies. To help accomplish this, the company has put together some numbers for production costs (per dozen cookies for the variable costs).
Process Type Fixed Costs Labor Costs Material Costs
Pre-Bake $154 $1.75 $0.65
Easy Bake $306 $1.53 $0.48
Speed Bake $531 $1.35 $0.48
The Station projects demand for the semester will be 200 dozen cinnamon malt ball cookies. Due to the cookies' expected popularity the selling price will be $3.95.
Based on the projected demand (volume) for the semester, which process type should they select?
(In the answer field below, write the number that corresponds to your answer. Do not put a period after your number.)
Pre-Bake
Easy Bake
Speed Bake
Under this process type—the one selected in the previous question—what would be their profits for the semester? (Display your answer to the nearest whole number.)
If demand were to increase, what would be the break-even point (in unit volume or demand) between the selected process and the next process option? (Display your answer to two decimal places.)
Beyond this break-even point, which process would be best?
(In the answer field below, write the number that corresponds to your answer. Do not put a period after your number.)
Pre-Bake
Easy Bake
Speed Bake
Based on the break-even point (derived two questions back), what would be the total cost? (Display your answer to two decimal places.)
Based on the projected demand (volume) for the semester, they should select pre-bake process type. Beyond the breakeven point of 389.74 units, easy break process would be best .
What is the projected demand for a business plan?In order to effectively manage supply chain operations, profit margins, cash flow, capital expenditures, capacity planning, and other factors, it is necessary to understand and predict customer demand. This process is often known as demand forecasting.
Given:
The total cost of 200 dozen cookies as per pre-bake process
= $ 154 + ( $1.75 + $0.65) x 200 = $634
The total cost of 200 dozen cookies as per easy bake process
= $306 + ( $1.53 + $0.48) x 200 = $ 306 + $402 = $ 708
The total cost of 200 dozen cookies as per speed bake process
= $ 531 + ( 1.35 + 0.48) x 200 = 531 + 366 = $897
Since pre-bake process has the lowest cost , this process must be selected
Profit for the Pre -bake process
= Unit price x number of units – total cost
= $3.95 x 200 - $634
= $790 - $634
= $156
Profits for the semester = $156
Let the breakeven volume = V
Hence,
Total cost of pre – bake process for volume V = 154 + ( 1.75 + 0.65).V = 154 + 2.4.V
Total cost of Easy – break process for volume V = 306 + ( 1.53 + 0.48).V = 306 + 2.01.V
Total cost of Speed Bake process for volume V= 531 + ( 1.35 + 0.48).V = 531 + 1.83.V
At breakeven point between pre-bake and easy-bake process :
154 + 2.4.V = 306 + 2.01.V
Or, 0.39V = 152
Or V = 389.74
At break even point between easy bake and speed brake process :
306 + 2.01.V = 531 + 1.83.V
Or, 0.18 .V = 225
Or, V = 1250
Beyond the breakeven point of 389.74 units, easy break process would be best .
It is to be noted that current demand is 200, for which pre-bake process is the cheapest
Total cost at breakeven point of 389.74 basis pre bake process :
Total cost
= 154 + 2.4.V
= 154 + ( 2.4 X 389.74)
= 154 + 935.37
= $ 1089.37
The total cost at break-even point= $1089.37
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prepare an income statement for rex manufacturing for the year ended december 31 using the following information. hint: not all information given is needed for the solution. finished goods inventory, ending $ 16,900 general and administrative expenses 14,900 accounts receivable 18,900 finished goods inventory, beginning 19,900 cost of goods manufactured 40,900 selling expenses 12,900 cash 55,900 land 28,900 sales 93,800 equipment 1,900
The preparation of the income statement for the year ended December 31 is as follows:
What is an income statement?The income statement is one of the three essential financial statements that summarize a company's financial performance over the course of a specific accounting period. The other two crucial statements are the balance sheet and the cash flow statement.
The key subjects of the income statement are the revenue, costs, profits, and losses incurred by a firm over a given time period. An income statement, also known as a profit and loss (P&L) statement or a summary of sales and expenses, provides crucial details about a company's operations, the efficiency of its management, underperforming industries, and its performance in relation to peers in the same sector.
Sales $93,800
Expense for items sold
$20,000 worth of initial finished products inventory
Addition: $41,000 in manufacturing costs
Price of products that are for sale $61,000
Ending finished goods inventory decreased by $16,900.
The $40,900 cost of the sold products
$50,000 in gross margin
fewer: Operating Costs
$14,900 in general and advertising expenses
$13,000 in selling expenses
Operating costs $28,000 in total
$22,000 in operating income
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For 2020, Nigel and Lola, married taxpayers without children, calculated their total allowable itemized deductions to be $28,100. Accordingly, Nigel and Lola file jointly and should deduct from adjusted gross income: 1 the standard deduction amount of $24.800. II. total itemized deductions equal to $28,100
III. the itemized deduction of $28.100 minus the standard deduction of $24,800. IV. the standard deduction of S24,800 plus the itemized deductions of $28,100
$25,900 The following are the 2022 standard deduction amounts Married filing jointly or qualifying widow(er): $25,900 (an increase of $800); Head of Household: $19,400 (an increase of $600); Single or Married Filing Separately: $12,950 (an increase of $400).
The amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses are all eligible for itemized deductions. You can also include charitable contributions and a portion of your medical and dental expenses.
Which taxes can be claimed as an itemized deduction on Schedule A?
Taxes You Paid You can itemize your deductions for state and local sales tax (SALT), income taxes, and property taxes on Schedule A. Your total deductions for state and local sales taxes, income taxes, and property taxes cannot exceed $10,000.
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____ is the difference between what a producer receives for a good or service and the lowest amount they would accept for that good or service.
The difference between the price a producer receives for a good and the lowest price they would accept is known as producer surplus. The next unit of a good or service you utilise results in a marginal benefit for you.
What is meant by Producer surplus?Market price minus the producer's minimum acceptable price is producer surplus. In addition, it can be calculated as follows: Total Revenue minus Production Cost is Producer Surplus. A measure of producer welfare is producer surplus. On a graph, it is shown as the region below the equilibrium price and above the supply curve. The difference between what a consumer is willing to pay and what they actually spent for a product is referred to as the consumer surplus. The difference between the market price and the lowest price a producer will accept to create a good is known as the producer surplus. Entire benefits minus total expenses can be used to compute total market surplus.To learn more about Producer surplus, refer to:
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On February 1 our company purchased a vehicle for cash. The two accounts involved in this transaction are
vehicle and cash
vehicle and notes payable
vehicle expense and cash
purchases and cash
On February 1, when a company purchases a vehicle for cash, the two accounts involved in the transaction are the "vehicle" account and the "cash" account.
The "vehicle" account is debited for the cost of the vehicle, and the "cash" account is credited for the same amount. This transaction is recorded to reflect the acquisition of a new asset (the vehicle) and the decrease in cash on hand. It's important to note that the other options you provided are not correct.
"Vehicle and notes payable" is not correct because the company paid cash, not on credit, "vehicle expense and cash" is not correct because the vehicle is recorded as an asset, not an expense, and "purchases and cash" is not correct because "purchases" account is used for credit purchases.
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