Journal entry should charity a record for this work is:
Debit: Accounts Payable (Charity B) $20,000
Credit: Service Revenue (Charity A) $20,000
The journal entry for Charity A would be:
Debit: Professional Fees Expense 10,000
Credit: Accounts Payable 10,000
This journal entry represents the recording of the professional services provided by Charity B’s accountant. The Professional Fees Expense is debited to recognize the cost of the services rendered, while the Accounts Payable is credited to show that Charity A now owes Charity B $10,000 for the services rendered.
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which of the following is considered in the calculation of unit cost under absorption costing? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) check all that apply direct labor costunanswered variable manufacturing overheadunanswered fixed manufacturing overheadunanswered direct material costunanswered fixed selling and administrative expenseunanswered variable selling and administrative expenseunanswered
The following is considered in the calculation of unit cost under absorption costing -
✔️ Direct labour cost
✔️ Variable manufacturing overhead
✔️ Fixed manufacturing overhead
✔️ Direct material cost
❌ Fixed selling and administrative expense
✔️ Variable selling and administrative expense
Absorption costing, now and then called "full costing," is an administrative bookkeeping technique for catching all expenses related to assembling a specific item. All immediate and backhanded costs, like direct materials, direct work, lease, and protection, are represented while utilizing this strategy.
Under generally accepted accounting principles (GAAP), U.S. organizations might utilize ingestion costing for outside detailing, but factor costing is refused.
Retention costing incorporates whatever is an immediate expense in delivering a decent in its expense base. Ingestion costing likewise incorporates fixed above charges as a component of the item costs. A portion of the expenses related to assembling an item incorporate wages for representatives genuinely chipping away at the item, the unrefined substances utilized in creating the item, and the entirety of the above costs (like every utility expense) utilized underway.
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When a consumer has previous experience with a product or brand, it is likely the level of involvement would _______.a. decreaseb. become more complicatedc. increased. remain the same
The brand is considered to have negative brand equity if customers are willing to pay more for a generic product than for a branded one.
What does consumer decision-making process evaluation of alternatives entail?In order to make decisions during the evaluation of options, consumers frequently use their evoke, inept, and insert sets. Consumers' "evoked set," or the brands and goods they contrast, is an illustration of the potential solutions they are taking into account.
In terms of decision-making, what is an alternative?Among the options for action, an alternative is one. We cannot make a decision without options. A good option is one that is: (1) under our power, (2) notably different, (3) possibly alluring, and (4) attainable.
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0.5 points printitem 20 at the beginning of the year, johnson supply has inventory of $5,200. during the year, the company purchases an additional $20,000 of inventory. an inventory count at the end of the year reveals remaining inventory of $3,000. what amount will bennett report for cost of goods sold?
Bennett reports the cost of goods sold as $22200. In times of economic process, LIFO (especially LIFO in a periodic system) produces an all-time low-ending inventory price.
The greatest beneficial thing about LIFO might be a benefit. Over the course of seasons of expansion, LIFO prompts a superior cost of items sold-out and a lower equilibrium of residual stock.
COGS= Opening Inventory+ Buys Shutting Stock
=$5200+ $20000-$3000
=$22200
Your inventory price may likewise increment assuming the accessibility of your item inside the market diminishes, while the request remains nearly consistent. Products region unit one model; on the off chance that you have estimated a stockroom loaded with intermittent and weather conditions ruins a periodic yield, the value of your stock can increment with the market esteem.
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what is the opportunity cost of producing one gallon of milk in tahiti?
The opportunity cost of producing one gallon of milk according to the production possibilities frontiers in Tahiti is 5/6 of a gallon of honey. (Option C)
To find the opportunity cost of producing one gallon of milk in Tahiti, we need to look at the production possibilities frontier for Tahiti. The production possibilities frontier shows the maximum amount of two goods that can be produced given the resources and technology available.
On the production possibilities frontier for Tahiti, we can see that when Tahiti produces 6 gallons of milk, it can produce 0 gallons of honey. When Tahiti produces 0 gallons of milk, it can produce 5 gallons of honey. This means that the opportunity cost of producing one gallon of milk in Tahiti is the amount of honey that must be given up in order to produce one more gallon of milk.
To calculate the opportunity cost, we can use the formula: Opportunity cost = (Change in quantity of honey) / (Change in quantity of milk) Opportunity cost = (5 - 0) / (0 - 6) Opportunity cost = 5 / (-6) Opportunity cost = -5/6 Since opportunity cost is always positive, we can take the absolute value of -5/6 to get 5/6. Therefore, the opportunity cost of producing one gallon of milk in Tahiti is 5/6 of a gallon of honey.
Note: The question is incomplete. The complete question probably is: Figure shows the production possibilities frontiers for Tahiti and Bora Bora. Each country produces two goods, milk and honey. What is the opportunity cost of producing one gallon of milk in Tahiti? A) 1.5 gallons of honey B) 1/2 of a gallon of honey C) 5/6 of a gallon of honey D) 1.2 gallons of honey.
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are classified as depository institutions. a. finance companies b. securities firms c. credit unions d. pension funds
Credit unions are classified as depository institutions.
What is a credit union?Similar to banks, credit unions are financial institutions, but their members own them. They are nonprofit organizations that prioritize serving their members over maximizing profits.
What services does a credit union offer?A credit union's mission is to advance the financial security of its members, not to make money. As a trade union member, you can be eligible for more favorable loan terms than you would from a bank or other form of lender, such as a lower rate of interest and fewer fees.
How come credit unions are bad?Loan companies for those with bad credit make verification straightforward. If your credit rating is higher, you'll pay less. However, despite your bad credit score, some community banks will deposit your money in a matter of minutes.
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When a mortgage broker accepts any third party fee from a borrower, the funds must immediately be placed in a/an
A.) Investment account
B.) Table funding account
C.) Escrow account
D.) General funds account
When a mortgage broker accepts any third party fee from a borrower, the funds must immediately be placed in a/an C.) Escrow account.
An escrow account is used to hold funds from the borrower until they are needed for the mortgage transaction. The funds in the escrow account are held by a third party, usually the mortgage broker, until they are needed to pay for the borrower's closing costs or other expenses related to the mortgage. This ensures that the funds are used for their intended purpose and are not misused by the mortgage broker or any other party involved in the transaction.
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What did madame cj walker create that help her achieve success?
Madam C. J. Walker create that help her achieve success was the hair care and beauty products for African Americans sale.
Who is Madam C. J. Walker?Madam C.J. Walker was the born on the 23 December 1867 and the died on the 25 May 1919. Her full name was Sarah Breedlove. Her children name is A'Lelia Walker. He was the invented the hair-straightening formula and the comb heat to straight.
According to the Madam C. J. Walker, were the African Americans popular entrepreneurs. He was success on the invented the hair-straightening formula. She was the sale of hair care and beauty products.
As a result, the significance of the Madam C. J. Walker are the aforementioned.
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if you have a product with a midpoint elasticity of 0.25, then what will be your best pricing strategy
A 1% rise in price will result in a 0.25% change in demand for the good if the product's midpoint elasticity is 0.25. A 1% rise in price will result in a 0.25% change in demand for the good if the product's midpoint elasticity is 0.25.
The responsiveness of a product's demand to changes in price is gauged by a concept called midpoint elasticity. The midpoint of the range of prices and quantities is used to calculate the ratio between the percentage change in a product's quantity required and the percentage change in its price. Businesses frequently utilise this metric to choose the best price strategy for their products. Businesses may need to carefully modify their prices to balance sales volume and revenue if a product has a greater midpoint elasticity. Products with lower midpoint elasticity, on the other hand, can provide more pricing flexibility, enabling companies to impose higher prices without materially reducing sales volume.
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michael works in the aircraft manufacturing sector, which has experienced increased demand. what will happen to his wages?
Michael works in the aerospace industry, where demand has led to an increase in earnings.
How does demand gets affected?The effect of each factor on demand varies. For instance, if the buyer's income rises, that can also raise demand. Buyer is more willing to spend money because they have more of it. But demand may decline if other factors rise, such as the cost of comparable goods. It's crucial to understand that these elements don't alter in a vacuum before delving into the impact of each determinant individually. Every aspect is constantly changing. It is necessary to initially erroneously believe that none of the other factors will change in order to comprehend how one determinant influences demand. Ceteris paribus, or "all other things being equal," is the name of this tenet.
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g the concept of comparative advantage is based on:relative labor costs between trading partners.relative opportunity costs between trading partners.labor productivity.dollar prices of labor between trading partners.
When an individual, business, or country can produce more of a good or service than any other producer with the same number of resources, this situation is known as comparative advantage.
As an illustration, the US has a highly skilled labour force, abundant natural resources, and cutting edge technology. These three elements give the US an advantage over potential trading partners by enabling it to produce a wide range of goods more efficiently, including grain, computers, maple syrup, and vehicles. But, this does not imply that the US does not gain anything by trading comparative advantage for these goods with other nations.When a person, business, or country can produce a good or service at a lower cost than another, this situation is known as comparative advantage.
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name two responsibilities of an event marketer working in social media.
Two different approaches an event marketer could take in a sponsorship management career are securing corporate sponsorships for an event or consulting with corporations to find an event.
A market is any region in which or greater occasions can meet to interact in a monetary transaction—even the ones that do not involve legal gentleness. A market transaction might also moreover comprise goods, services, statistics, foreign money, or any aggregate of those that bypass from one birthday celebration to another.
In elegant, the function of a marketplace is to collect products from scattered resources and channel them to scattered stores. From the factor of view of the seller, dealers channel the call for their product; from the thing of view of the consumer, they bring elements within his obtain. A marketplace is an area wherein buyers and sellers can meet to facilitate the change or transaction of products and services. other examples encompass illegal markets, public sale markets, and economic markets.
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which taxpayer is potentially eligible to receive the child tax credit? in each scenario, the child mentioned is the taxpayer's only dependent or potential dependent, and the taxpayer provided more than half the child's support. ana has a daughter, isabella, who was 8 years old at the end of 2021. isabella lived in mexico for all of 2021 and is not a u.s. citizen, u.s. national, or u.s. resident alien. mariana has a niece, victoria, who was 10 years old at the end of 2021. victoria is not a citizen of the united states. victoria does have an individual taxpayer identification number (itin), and she lived in mexico for all of 2021. simon has a nephew, tristan, who is a resident alien. tristan was 16 years old at the end of 2021. tristan lived with simon all year. tristan obtained a social security number valid for employment before the due date of the return. william has a son, oliver, who was 18 years old at the end of 2021. oliver is a citizen of the united states and qualifies as a dependent on william's 2021 tax return.
Dylan (age 16) is a US resident alien and the nephew of Ian, making him a qualified kid. Dylan secured a social security number and spent the entire year residing with Ian, the taxpayer.
What is taxpayer?The IRS states that the taxpayer may qualify for the child tax credit if:On the last day of the tax year, the child is under the age of 1The child is a resident alien, a US citizen, or both.The dependent child's financial needs for half of the year have been met by the taxpayer, who is also the taxpayer's financial supporter.During the tax year, the child resides with the taxpayer.The minor must possess a Social Security number that was issued prior to the filing deadline for their tax return.To know more about taxpayer, visit:
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The requirements of a future payment of a specific or estimated amount of cash, at a specific or projected date are characteristics of debt. Identify another common characteristic, is a part of?
Debt has the criteria for the a downpayment of a set or estimated quantity of money at a particular or predicted date. Determine a further similarity that belongs to Interest is paid on a regular basis.
What exactly does your interest mean?You interests are the things you prefer to do and learn about. It keeps your interest and piques your curiosity when something is interesting: Nothing very intriguing was discussed.
Which three types of interest are there?There are three different kinds of interest: simple (regular), accumulated, and compound.
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many operations management decisions can be described as trade-offs. True or False
True - Many operations management decisions involve trade-offs, where managers have to choose between alternatives, each with its own set of advantages and disadvantages.
What is Operations management?Operations management involves making decisions that affect the efficiency and effectiveness of a company's operations. Many of these decisions involve trade-offs, which require managers to balance competing priorities and make choices between alternatives. The trade-offs can involve a variety of factors, including cost, quality, speed, flexibility, and capacity utilization.
The ability to make effective trade-offs is a critical skill in operations management. Managers need to weigh the pros and cons of different options, consider the impact on various stakeholders, and make decisions that are aligned with the company's overall objectives. Successful operations management requires the ability to make informed and thoughtful trade-offs that balance short-term and long-term goals and optimize the use of the company's resources.
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how do law and business ethics relate to each other?
O Ethics is unrelated to the law because ethics answers only moral questions. O Ethics entirely determines what the laws will be, as ethics is focused on finding one right answer to every question. O The law establishes what is ethical, as anything which is legal is automatically ethical. O The law establishes ethical rules and boundaries, because laws take multiple stakeholders into consideration. O Law and business ethics serve as an interactive system, informing and assessing each other.
Law and business ethics serve as an interactive system, informing and assessing each other. (Option E)
How do ethics and law relate?Governments create laws as regulations to maintain social harmony and safeguard their population. Business ethics are rules created by organisations or society to determine what is right and wrong. Like it is illegal and unethical to occupy a female-only seat in the metro.
What distinguishes law from business ethics?These two terms differ just a little bit while being closely connected. Laws are the laws and regulations that are established by the government, whereas ethics are the moral ideals and principles that are socially adapted from the environment.
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what is the opportunity cost of investing in capital? improved technology that leads to faster growth higher taxes the loss of consumption that results from redirecting resources toward investment
The opportunity cost of investing in capital is improved technology that leads to faster growth higher taxes the loss of consumption that results from redirecting resources toward investment.
Opportunity cost is the advantage that was lost even though a particular option was not selected. It is necessary to consider the benefits and drawbacks of each growth allows in order to correctly assess opportunity costs. Opportunity costs have quite a value that can help people and businesses make more effective decisions. It is a wholly internal expenditure used for strategic consideration; it is not accounted for in retained earnings and is neither revealed to external parties. Examples include choosing to build a new manufacturing facility in Los Angeles rather than Mexico City, forgoing an equipment upgrade for the business, or choosing the most expensive product packaging over less expensive alternatives.
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please classify each scenario according to whether it occurs as a result of implementing a price floor or price ceiling. assume that all scenarios have some form of price control.a. A 24-hour diner is now open only 20 hours a day. This could result from a _____ b. If your favorite restaurant downsizes its portion sizes, this could be the result of a____c. A shortage in the market for tie-dye shirts could result from a_____ d. Lawrence stands an hour in line at the local butcher's shop to obtain a mutton cutlet. Long waiting lines could result from a _____e. A surplus of workers in the labor market could result from a ______f. Suppose an airline offers unnecessarily lavish flights. this could result from a_____
Each scenario according to whether it occurs as a result of implementing a price floor or price ceiling are:
a. price floor
b. price ceiling
c. price floor
d. price ceiling
e. price ceiling
f. price floor
a. Price ceiling; the diner may not be able to afford to operate 24 hours a day due to the price ceiling.
b. Price ceiling; the restaurant may need to reduce portion sizes in order to accommodate the price ceiling.
c. Price floor; the market may be flooded with tie-dye shirts, as producers try to meet the price floor.
d. Price ceiling; the butcher may be unable to meet demand due to the price ceiling.
e. Price floor; the labor market may be flooded with workers due to the price floor.
f. Price floor; the airline may offer overly luxurious flights in order to meet the price floor.
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if the usage of project activities is not proportional to the number of units produced, then some managers will be overcharged and others undercharged under: multiple choice activity-based costing. materials costing. volume-based costing. overhead costing. process costing.
The correct option is A. some managers will be overcharged and others undercharged under Activity-based costing.
Activity-based costing is a costing system that assigns costs to products or services based on the activities that are required to produce them. This approach recognizes that the costs of a product or service are not always directly related to the volume of production, and therefore, it helps to more accurately allocate costs to the products or services that actually use them.
As a result, some managers may be overcharged or undercharged if the usage of project activities is not proportional to the number of units produced. Activity-based costing is more accurate and provides a more realistic picture of the cost of production than traditional volume-based costing, which allocates costs based on the volume of production.
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Complete Question:
if the usage of project activities is not proportional to the number of units produced, then some managers will be overcharged and others undercharged under:
multiple-choice
A). activity-based costing.
B). materials costing.
C). volume-based costing.
D). overhead costing.
E). process costing.
true or false: an internal control goal for cash receipts is to ensure that the business documents the correct amount of cash received and safely deposits the cash into its bank account.
an internal control goal for cash receipts is to ensure that the business documents the correct amount of cash received and safely deposits the cash into its bank account. The statement is true.
This helps to prevent errors, fraud, and theft, and ensures that the business has an accurate record of its cash transactions. Internal controls for cash receipts typically include procedures for accurately recording and reconciling cash transactions, separating the duties of those who handle cash from those who record transactions, and regularly reconciling bank statements to ensure that all deposits have been recorded correctly. By implementing strong internal controls for cash receipts, a business can improve marketing its financial stability and reduce the risk of financial loss.
A company is an organisation that engages in professional, commercial, or industrial operations with the main objective of making money and offering products or services to clients.
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a multidomestic strategy is oriented toward cost reduction, with all the principal value-creation functions centralized at the lowest cost global location. group of answer choices true false
False, It is not oriented toward cost reduction.
What is the cost?Cost, in popular usage, is the financial worth of the goods and services that producers and consumers purchase. The cost price, in accordance with fundamental economic discernment, is an estimation of the substitute opportunities forgone in choosing one good or pursuit over another.
The definition of average costAverage cost, also known as unit cost, in economics is calculated by dividing the total cost by the number of items produced. Additionally, it is the same as the total of average fixed expenses + average variable costs. The time period under consideration may have an impact on average expenses. Average prices are a key element of supply and demand that have an impact on the supply curve.
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Assume that England and France each has 40 labor hours available. If each country divides its time equally between the production of cheese and wine, then total production is Question 1 options:
8 units of cheese and 10 units of wine
20 units of cheese and 12 units of wine
15 units of cheese and 25 units of wine
48 units of cheese and 30 units of wine
24 units of cheese and 15 units of wine
The total production is 20 + 8 = 28 units of cheese and 10 + 20 = 30 units of wine. The answer is not one of the options provided.
Let's assume that England and France each have 40 labor hours available and they divide their time equally between the production of cheese and wine.
Suppose it takes 2 labor hours to produce 1 unit of cheese and 4 labor hours to produce 1 unit of wine in England, and it takes 5 labor hours to produce 1 unit of cheese and 2 labor hours to produce 1 unit of wine in France.
If each country divides its time equally between the production of cheese and wine, then England can produce 20 units of cheese (40 labor hours / 2 labor hours per unit) and 10 units of wine (40 labor hours / 4 labor hours per unit), while France can produce 8 units of cheese (40 labor hours / 5 labor hours per unit) and 20 units of wine (40 labor hours / 2 labor hours per unit).
The total production is 20 + 8 = 28 units of cheese and 10 + 20 = 30 units of wine.
Therefore, the answer is not one of the options provided.
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Assume that England and France each has 40 labor hours available. If each country divides its time equally between the production of cheese and wine, then total production is Question 1 options:
A. 8 units of cheese and 10 units of wine
B. 20 units of cheese and 12 units of wine
C. 15 units of cheese and 25 units of wine
D. 48 units of cheese and 30 units of wine
E. 24 units of cheese and 15 units of wine
Molto stancha corporation had zero earnings this fiscal year; in fact, it lost money. Must the corporation file a tax return? multiple choice no, corporations are not required to file an income tax return if they have zero earnings. No, corporations are not required to file a tax return if they have a book loss. Yes, all corporations are required to file an income tax return regardless of their taxable income. Yes, return filing is mandatory for corporations that have a book loss
Yes ,all corporations are required to file income tax return irrespective of their income.
Income Duty return is the form in which assesses lines information about his/ her income and duty thereon to Income Tax Department. colorful forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a delinquent return, you aren't allowed to carry forward certain losses.
The Income Tax Act, 1961, and the Income duty Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every fiscal time. These returns should be filed before the specified due date. Every Income duty Return Form is applicable to a certain section of the Assesses. Only those Forms which are filed by the eligible Assesses are reused by the Income Tax Department of India. It's thus imperative to know which particular form is applicable in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assesses and the order of the Assesses.
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Received customer purchase order no. 53426 (doc. No. 4) from rosemont university, approved their credit and shipped the goods. All goods ordered were shipped, except that only shoulder pad sets were available for shipment
Rosemont University issued a purchase order to the customer (order number 53426), and after the customer's credit must have been approved, the majority of the ordered goods were shipped.
How do purchase orders work?Using a purchase order, your retail business formally agrees to buy products from a vendor. It contains the names, contact details, and product quantities of both the vendor and the buyer. It is tempting to place an advance order for inventory in case you run out.
A UK purchase order: What is it?A purchasing department is a written statement of a company's intent to purchase products from a supplier. This is referred to as an invoice in reverse by the British Business Bank.
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a ________ is a multinational corporation that centralizes its management and other decisions in the home country.
A) global company. B) transnational organization
C) multidomestic corporation.
D) centralized global corporation
D) centralized global corporation, a centralized global corporation is a multinational corporation that centralizes its management and other decisions in the home country.
A multinational firm is referred to as a "centralised global corporation" if its management and other decisions are centralised in the country of origin. The "ethnocentric" approach to international business, in which the values, interests, and culture of the company's home country are given precedence over local factors, is typically linked with this type of firm. In all of its subsidiaries, the centralised global business exerts strong control over operations and decision-making, frequently with employees from the home nation holding the top managerial positions. Because it restricts the opinions and input of local managers and employees, this method of doing business internationally is often thought to be less effective at adapting to local markets and cultures.
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winnebagel corporation currently sells 23,000 motor homes per year at $61,000 each, and 8,500 luxury motor coaches per year at $98,000 each. the company wants to introduce a new portable camper to fill out its product line; it hopes to sell 18,000 of these campers per year at $10,500 each. an independent consultant has determined that if winnebagel introduces the new campers, it should boost the sales of its existing motor homes by 2,300 units per year and reduce the sales of its motor coaches by 1,000 units per year. what is the amount to use as the annual sales figure when evaluating this project?
When evaluating this project, the annual sales figure that should be used is $231,300,000.
To determine the amount of sales to evaluate a new project, add the total sales of the new product line to the additional sales of another product line and subtract the reduced sales of the other product line.
Product line Annual sales volume Sales price per unit
RV 23,000 $61,000
Luxury Coach 8,500 $98,000
Introduction of new product lines
Sales volume:
Portable camper 18,000 to $10,500 = $189,000,000
RV sales increased from 2,300 to $61,000 = 140,300,000
Motorcoach $1,000 sales reduced to $98,000 = (98,000,000)
Reportable revenue Generated by Portable = $231,300,000
Therefore, when Winnebagel Corporation evaluates the new product line, it should generate sales of $231.3 million.
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ethics are . group of answer choices influences arising from changes in the characteristics of a population rules to be enforced in an organization standards of right and wrong that influence behavior a type of written code for an organization
Ethics are moral principles that guide behaviour and define right and wrong.
What part does ethics play in values?Ethics depends on values. Human acts and the decisions made in making those actions are the subject of ethics. Ethics assesses those deeds as well as the underlying principles. It establishes which values ought to be upheld and which ought not. Workplace connections are improved and cooperation and respect are reinforced through ethics. Employee performance and productivity increase as a result. Additionally, employers and executives must to compensate or at the very least recognise employees who behave ethically. It serves as a means of inspiring other workers to follow suit. Accountability, fairness, nonmaleficence, autonomy, beneficence, faithfulness, and honesty are the seven main ethical principles of nursing.
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An exponential function with no transformations and base greater than 1: a. Increases from left to right. b. No answer text provided. c. Decreases from left to right. d. Is constant
A base higher than 1 exponential function that undergoes no changes always decreases from left to right. the appropriate answer is C, decreasing from left to right.
An exponential function is a mathematical function where x is a real integer and an is a positive constant (the base). Many real-world phenomena that display exponential development or decline are modeled using the exponential function. The exponential function increases rapidly as x increases if the base is bigger than 1, and it drops quickly as x increases if the base is between 0 and 1. A fundamental idea in mathematics that is applied in many branches of science, engineering, and finance is the exponential function. The exponential function will become exponentially more powerful as x gets bigger if the base, b, is greater than 1. The exponential function will become less steep as x rises if the base, b, is less than 1 but more than 0.
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a good in the presence of many close substitutes is predicted to have relatively demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good were to increase.
The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the least elastic demand? O Gold jewelry O Insulin for people with diabetes
Option (a), A good with several close substitutes is likely to have somewhat elastic demand because consumers can simply decide to buy one of the close replacements if the price of the good increases. The least elastic demand is for gold jewelry.
When a commodity has close substitutes, the demand elasticity will be present, correct?The demand elasticity of goods with near replacements is calculated as the percent change in the amount demanded of one thing by the percent change in the price of a substitute product. This equation is referred to as the cross elasticity of demand.
Why does demand for items with lots of near replacements tend to be elastic?Price adjustments may force consumers to pass on a product they would otherwise buy in favor of a similar one. When an item has several near substitutes, demand is frequently flexible because buyers can switch between them.
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a company's net income or net loss for a period is determined during which of the following steps of the accounting cycle? a.when an unadjusted trial balance is prepared b.when transactions are posted to the ledger c.when financial statements are prepared d.when a post-closing trial balance is prepared
The accounting cycle is the process by which businesses record, analyze, and report their financial transactions. It is a series of steps that starts with the recording of transactions and ends with the preparation of financial statements.
Each step in the accounting cycle is important, and they all work together to ensure that a company's financial records are accurate and up-to-date.
Of the options listed, the company's net income or net loss for a period is determined during the step when financial statements are prepared. Financial statements are the end result of the accounting cycle, and they provide a summary of a company's financial activity over a specific period of time. The financial statements that are typically prepared include the income statement, the balance sheet, and the statement of cash flows.
The income statement is the financial statement that shows a company's revenues, expenses, and net income or net loss for a period. The net income or net loss is determined by subtracting the company's total expenses from its total revenues. The income statement is typically prepared after all of the company's transactions have been recorded and posted to the ledger.
The preparation of financial statements is the final step in the accounting cycle, and it is a crucial step in the process. Financial statements are used by investors, creditors, and other stakeholders to evaluate a company's financial performance, and they are essential for making informed business decisions. The accuracy and completeness of financial statements depend on the accuracy of the earlier steps in the accounting cycle, such as the recording of transactions and the posting of those transactions to the ledger.
In conclusion, the company's net income or net loss for a period is determined during the step when financial statements are prepared. This step is the final step in the accounting cycle and is critical for providing a summary of a company's financial activity over a specific period of time. It is important to ensure that all earlier steps in the accounting cycle are performed accurately in order to produce financial statements that are complete and accurate.
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initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n) in the period the benefit expires
Rent and insurance prepayments, for example, are initially recorded as assets and later recognized as expenses when the benefit expires.
What are expenses?An expense is something that calls for the transfer of funds, or fortune in general, from one person or organization to another as payment for a good, service, or another type of cost.
Rent is a cost to a tenant.
Tuition is a cost to parents or students.
Purchasing anything like food, clothing, furniture, or a car is frequently referred to as a cost.
A cost that is "paid" or "remitted" usually in exchange for anything of value is referred to as an expense.
"Expensive" refers to something that appears to be very expensive.
"Inexpensive" refers to something that appears to be inexpensive.
Prepayments for things like rent or insurance are first recorded as assets and are later recognized as expenses during the time the benefit expires.
Therefore, rent and insurance prepayments, for example, are initially recorded as assets and later recognized as expenses when the benefit expires.
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Correct question:
Initially, a prepayment for items such as rent or insurance is recorded as assets and later is recorded as a(n)___ in the period the benefit expires.
