Answer:
B. decision styles are consistent among top managers
Explanation:
Decision making styles differ between managers. Many managers exercise autocratic style which is authoritative wherein very limited inputs from the subordinates are taken and there is little scope for constructive advises.
In heuristic style, the strategies help managers to take clear cut decisions in a prompt manner. In such a form, decisions are arrived at quickly.
Managerial decision making methods differ from manager to manager and are an outcome of managers own judgement and demeanor.
Hence it is evident from above points that decision styles are not consistent among top managers.
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on____________.
Answer:
How customers rate/value her services
Explanation:
Since Henriette did not set a basic/standard fee for her services, she is bound to have non-uniform pay by different customers. This non-uniform pay is as a result of how much value or worth her customers attach to her services, as it affects them.
If she decides to get a standard prices attached to her services, she would have to consider how satisfied customers have been in the past, with her services.
Cheers.
Insurance is a financial service that allows a:________
a. consumer to transfer all risk to a company.
b. company to control finances for a consumer.
c. consumer to share liability with a company.
d. company to maximize risk for a consumer.
Answer: Consumer share risk with company.
Explanation:
Insurance involves the sharing of risk between a client and his insurer. In insurance the insurer takes a large portion of the risk while the client covers the rest of risk payment.
. Which of the following is not a question addressed by macroeconomists? a. Why is average income high in some nations but low in others? b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment? c. What is the impact of foreign competition on the U.S. auto industry? d. Why do production and employment expand in some years and contract in others?
Answer: Point C is the answer.
Explanation: Macro economics look at the bigger picture based on national level policies and what effects them. Micro economics deals with individuals or industry specific questions. An example would be micro looks at a tree where macro looks at the forest.
Financial accounting provides information for (internal/external) decision makers, while managerial accounting provides information for (internal/external) decision makers.
Answer:
Financial accounting provides information for external decision makers, while managerial accounting provides information for internal decision makers.
Explanation:
Financial accounting is the process of recording, classifying, analyzing, measuring, interpreting and communicating financial data of an organisation to enable users of accounting information makes decision. On the other hand managerial accounting classifies, analyze, interpret and communicate accounting information of an organisation to the managers of that particular organisation for pursuit and achievement of the organisation's goal.
Therefore Financial accounting provides information for external decision makers while managerial accounting provides information for internal decision makers
Financial accounting provides information primarily for external decision makers, while managerial accounting provides information primarily for internal decision makers.
Financial accounting focuses on reporting a company's financial performance and position to external stakeholders such as investors, creditors, regulatory authorities, and the general public.
It follows generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) to ensure that the financial statements are accurate, consistent, and comparable.
These external users rely on financial statements like the income statement, balance sheet, and cash flow statement to make investment, lending, and other financial decisions regarding the company.
In contrast, managerial accounting focuses on providing information to internal decision makers within an organization, such as managers and executives. It helps them with planning, controlling, and decision-making processes.
Managerial accounting provides detailed, timely, and often non-GAAP information, including budgets, cost reports, variance analysis, and other tools to help managers make operational and strategic decisions that improve efficiency, reduce costs, and enhance profitability. This information is essential for managing day-to-day operations, setting goals, and evaluating performance.
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Which of the following consists of wages earned from work, plus dividends and interest on investments along with rents and royalties?
Answer:
The correct answer to the following question will be "Income".
Explanation:
Income is the spending and investment potential of an individual within a given time-frame, which is usually expressed in financial terms.
The income from taxes, bonuses, wages, dividends, investment income, dividends and pensions earned during the year of tax shall be considered taxable income in the U.S, consists of wages earned from jobs, plus income and venture interest, and rentals and royalties.
Therefore, Income is the right answer.
if Subway can make and sell 30 sandwiches an hour with 2 employees, each earning $15 per hour, their sandwich labor productivity is?
a. 1
b. 15
c. 10
d. 0.1
Answer:
I pretty sure it's B. 15
Explanation:
Because if their are two employees and combine they make thirty sandwiches an hour, you just divide the number of sandwiches by the number of employees.
Hope this helps :)
Using the following information, determine the balance of the cash account. The left side of the T account sums to $34,500, and the right side of the T account sums to $19,450.
Answer:
$15,050
Explanation:
T account is formed as following way:
Cash Account
The left side of the T account sums to $34,500 and the left side of the cash account is a debit.
The right side of the T account sums to $19,450 and the right side of the cash account is a credit.
Generally, the normal balance of a cash account is debit. Therefore, left side (debit) - right side (credit) = balancing amount.
Therefore, balance = $34,500 - $19,450 = $15,050
To find the balance of the cash account represented in a T-account, subtract the total of the right side of the T account (credits) from the left side of the T account (debits). The balance in this case is $15,050.
Explanation:The balance of a cash account in a T account is calculated by subtracting the total of the right side (credit side) from the total of the left side (debit side). Since left side of the T account sums to $34,500 and the right side of the T account sums to $19,450, you need to subtract $19,450 from $34,500. So the balance of the cash account is $34,500 - $19,450 = $15,050.
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Edward feels that inefficiency is the cause of increased costs in his production facility. Therefore, he is interested in making improvements in his factory by utilizing all the components of the facility’s system: inputs, outputs, transformational processes, and feedback.
1. True
2. False
Final answer:
The statement is true; Edward's approach to addressing inefficiency by considering all facets of the production system is a valid strategy to reduce costs and increase efficiency. This involves choosing the right combination of inputs, leveraging technology, and optimizing the production function.
Explanation:
When considering the statement that Edward feels inefficiency is the cause of increased costs in his production facility and is looking to improve it by utilizing all components of the facility's systems, including inputs, outputs, transformational processes, and feedback, the statement can be seen as true. Improvements in the standard of living for consumers and workers result from increased efficiency in production, which not only applies to manufacturing but extends to sectors like health and education as well. By selecting the optimal combination of labor, capital, and technology, industries can enhance efficiency, which translates to better margins and competitive capacity for businesses, and economic growth for governments.
The choice of inputs, whether it is labor-intensive or capital-intensive, directly affects the production efficiency. The technology available enables firms to use labor and capital more or less efficiently, contributing to the adjustment of the combination of inputs based on productivity and cost. An improvement in technology generally leads to reduced production costs and increases in profits, allowing for the production of more outputs with the same or fewer inputs.
The production function is key, as it describes how inputs are transformed into outputs. Production functions are concerned with not just technological efficiency -- avoiding waste and making the most of provided resources -- but also with economic efficiency, which ensures that production methods also make financial sense.
Sandhill Company had cash receipts from customers in 2020 of $117,140. Cash payments for operating expenses were $104,320. Sandhill has determined that at January 1, accounts receivable was $14,620, and prepaid expenses were $20,400. At December 31, accounts receivable was $15,400, and prepaid expenses were $26,610. Compute (a) service revenue and (b) operating expenses.
Answer:
(a) service revenue = $117,920
(b) operating expenses = $98,110
Explanation:
The computations are shown below:
a. For service revenue
= Cash receipts from customers + ending balance account receivable - beginning balance of accounts receivable
= $117,140 + $15,400 - $14,620
= $117,920
b. For operating expenses
= Cash payments for operating expenses + beginning balance of prepaid expense - ending balance of prepaid expense
= $104,320 + $20,400 - $26,610
= $98,110
Diane is a CFO at we do what we want, Inc. She was just instructed by her boss, the CEO, to accelerate the recording of revenue into an earlier year to meet financial analysts' earnings projections. In order to meet the ethical standards of the accounting profession, Diane must be certain that she:_______.A. Blows the whistle on the financial wrong doing. B. Reports the matter to the SEC. C. Informs the external auditors. D. Works through the chain of command within the company to avoid sub-ordinating judgment.
Answer: Option "D" is the correct answer for the following situation.
Explanation:
Diane must be careful that she operates within the organization through the command chain to prevent a sub-coordinating judgment.
The concept of a command structure is an international hierarchy of power that defines who is in control of whom and who should be asked for permission. The indication of a command structure is when a staff member reports to a boss reporting to a senior executive reporting to the vice president reporting to the CEO.
The seller of the property is including the refrigerator and window coverings with the sale. Where in the offer to purchase is this addressed?
Answer: The correct answer is "In the inclusions section of the contract ".
Explanation: The refrigerator and window covers are taken into account in the "contract inclusions" section because this section includes all items included in the sale that do not correspond to be sold as personal property.
Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of $100,000, a long-term capital gain of $15,000, and a charitable contribution of $5,000. Janice withdrew $70,000 of profit from Catbird. Noting the tax entity type cited and regarding how Janice will report this information on her individual tax return, label each statement listed as being either "True" or "False".
Answer / Explanation:
To answer this question considering the tax entity and how Janice will report this information on her individual tax return, We need to consider the fact that different tax entity are categorized by its unique report and information.
So to properly answer these question, we will have to assume three (3) different scenario which are: (1) Is it a Limited Liability Company, Is it a Small business corporation, Is it an AC Corporation.
We should also note that this segregation is need as each type of corporation tax are dealt with differently thus enabling us treat the question properly in respect to tax entity and as regards to how Janice will report the information on her individual tax return.
Consequentially,
a. If Catbird Company is an LLC: A single-member LLC is taxed as a proprietorship. Thus, Janice will report the $100,000 operating income (Schedule C), $15,000 long-term capital gain (Schedule D), and if she itemizes, $5,000 charitable contribution (Schedule A) on her tax return. The $70,000 withdrawal would have no effect on Janice's individual tax return.
b. If Catbird Company is an S corporation: An S corporation is a tax reporting entity (Form 1120S), and its income, gains, deductions, and losses are passed through to and reported by the shareholders on their tax returns. Separately stated items (e.g., long-term capital gain and charitable contribution) retain their character at the shareholder level. Consequently, Janice will report the $100,000 operating income (Schedule E), $15,000 long-term capital gain (Schedule D), and if she itemizes, $5,000 charitable contribution (Schedule A) on her tax return. The $70,000 withdrawal would have no effect on Janice's individual tax return.
c. If Catbird Company is a C corporation: A C corporation is a separate taxable entity, and its taxable income has no effect on the shareholders until such time a dividend is paid. When dividends are paid, shareholders must report dividend income on their tax returns. Thus, Catbird Company will report taxable income of $110,000 ($100,000 operating income + $15,000 LTCG - $5,000 charitable contribution) on its Form 1120. Corporations receive no preferential tax rate on long-term capital gains. Janice will report dividend income of $70,000 (Schedule B) on her individual tax return.
Final answer:
Janice will combine her Catbird Company's operating income, long-term capital gain, and charitable contribution deductions to calculate her taxable income. She should understand the differences between accounting and economic profits while preparing her tax return. Long-term capital gains she earned are taxed at a different rate than regular income.
Explanation:
Janice, as the sole owner of Catbird Company, needs to understand the difference between accounting profit and economic profit when reporting her income on the individual tax return. The operating income of $100,000 and a long-term capital gain of $15,000 are combined with the charitable contribution of $5,000 to calculate taxable income. Accounting profit considers explicit financial flows, such as revenues and costs, while economic profit also accounts for opportunity costs, which include potential earnings from other ventures or the forgone interest income from invested capital.
For Janice, the personal withdrawal of $70,000 from the company is not directly related to the company's net profit or loss but reflects the distribution of earnings to the owner. When it comes to taxes, capital gains are subject to different tax rates depending on the duration of the investment holding period. Long-term capital gains, like Janice's, typically benefit from lower tax rates compared to short-term gains or regular income.
Timothy McGreggor, Attorney, P.C., began the year with total assets of $129,000, liabilities of $77,000, and stockholders’ equity of $52,000. During the year, the business earned revenue of $113,000 and paid expenses of $34,000. The business also paid cash dividends of $63,000. How much is the business’s equity at year-end?
Answer:
Ending stockholders' equity $ 68.000
Explanation:
The net income for the year is Revenue - Expenses
so $ 113,000 - $34,000 = Net Income $ 79,000
Stockholders Equity at end of year
Opening stockholders' equity $ 52,000
Add: Net income for the year $ 79,000
Less: Dividends Paid $ (63,000)
Ending stockholders' equity $ 68,000
Final answer:
To determine year-end stockholders' equity for Timothy McGreggor, Attorney, P.C., we adjust the opening equity by the net income for the year and subtract dividends paid, resulting in a year-end equity of $68,000.
Explanation:
The question pertains to calculating the year-end stockholders' equity for Timothy McGreggor, Attorney, P.C. To find this, we need to adjust the opening equity by the net income for the year and then subtract any dividends paid. We start with the opening stockholders' equity of $52,000.
Net income is calculated as the revenue minus the expenses. In this case, the net income is $113,000 (revenue) - $34,000 (expenses) = $79,000. We then add this net income to the stockholders' equity. So far, our calculation is $52,000 + $79,000 = $131,000.
Finally, we must account for the dividends paid, which are $63,000. We subtract the dividends from the adjusted equity: $131,000 - $63,000 = $68,000. Thus, the business's equity at year-end is $68,000.
During 2013, Bascom Bakery paid out $33,525 of common dividends. It ended the year with $197,500 of retained earnings versus the prior year's retained earnings of $159,600. How much net income did the firm earn during the year? a. $86,818 b. $78,746 c. $71,425 d. $82,683 e. $74,996
Answer:
Explanation:
RETAINED EARNINGS AT THE END OF THE YEAR = RETAINED EARNINGS IN THE BEGINNING + NET INCOME FOR THE YEAR - DIVIDEND PAID
197500 = 159600 + NET INCOME -33525
NET INCOME = 197500 - 159600 + 33525 = 71425
Answer is C
A project on Kickstarter for an iPad stylus raised 1,179% of their goal, raising a total of $311,275 from 7,556 supporters. What was their original goal?
Answer:
Their original goal was $26401.61
Explanation:
Data provided in the question:
Percentage of the amount of goal raised = 1,179% of their goal
Total amount raised by the project = $311,275
Now,
Let their original goal be 'x'
Therefore,
1,179% of x = $311,275
or
11.79 × x = $311,275
or
x = $311,275 ÷ 11.79
or
x = $26401.61
Hence,
Their original goal was $26401.61
To find the original goal of a Kickstarter project that raised 1,179% of its goal with a total of $311,275, divide the total amount raised by the percentage raised (in decimal form, i.e., 11.79). The original Kickstarter goal was approximately $26,399.49.
Explanation:To determine the original goal for the Kickstarter project, we need to understand that the percentage raised is relative to the original amount. When the project raised 1,179% of its goal, this means it raised 11.79 times the original goal. Given that the project raised $311,275 from 7,556 supporters, you can calculate the original goal by dividing that amount by 11.79.
Original goal = Total amount raised / Percentage raised
Your original goal is equal to $311,275 divided by 11.79, which approximately equals $26,399.49.
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Consider a demand curve for peaches. Which of the following movements will be observed if the priceof peaches decline at a point in time?
a.The demand curve will rotate inward at the given price level.
b.The will be a movement up along the demand curve.
c.The demand curve will rotate outward at the given price level
Answer:
There will be a movement downward movement along the demand curve.
Explanation:
If the price of peaches falls, the quantity demanded increases. This is in accordance to the law of demand which says, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
A fall in price would increase demand which would lead to a movement down the demand curve.
I hope my answer helps you
United Airlines' purchase of Continental Airlines combines the resources and capabilities of both firms to create the world's largest airline. The newly formed company is an example of a _____________.
Answer:
The correct answer is: Merger
Explanation:
To begin with, in the business world, the name of ''merger'' is given to refer to the situation where two or more differents companies decide to unite their assets, equity and liabilities in order to create an unique enterprise combined by both and to work in one common activity. Moreover, this concept is an aspect of strategic management that allows companies to grow their market position and to establish better conditions for their operations.
The Public Transport Union and the New York Transit Authority are in conflict with each other. When the conflict escalates, the New York City Council decides to intervene and settle the dispute. The Council, after listening to offers from both sides, puts forth a binding settlement, which both parties must accept. In the context of the alternatives to work stoppages, this is an example of:________.
Answer:
arbitration.
Explanation:
Arbitration is a method for resolving conflicts and disputes, without having to go to court.
Both parties involved in the dispute agree to present their arguments to a arbitrator or a group or arbitrators referred to as an arbitral tribunal. Both parties in dispute also agree to uphold and respect the decision that the arbitrator makes. The role of the arbitrator is to decide which party is right and decide what actions must be taken to favor that party. Arbitrators award a decision in favor of one of the parties, and that decision must be upheld by both parties.
In this case, the city council will act as the arbitral tribunal and decide whether the union or the transit authority is right.
People are often influenced by reference groups to which they do not belong. ________ refer to groups to which an individual wishes to belong."
Answer:
aspirational groups
Explanation:
An aspirational group refers to the reference group with which an individual would like to associate. Often this is some other person's reference branch that one finds commendable or inspirational. There is a considerable amount of credibility or noteworthiness in aspirational classes that an outside person wants to assign to his or her name.
Conformity is one significant disadvantage to entering an ambitious party. There will be no willing urge to be part of a competitive party to offer membership. Therefore, it is essential to reflect the values, preserve the identity and buy products from that group to become a member.
Corporate managers work for the owners of the corporation. Consequently, they should make decisions that are in the interests of the owners, rather than in their own interests. What strategies are available to shareholders to help ensure that managers are motivated to act this way?
Answer and Explanation:
There are many strategies are available these are following given bellow
Mount antagonistic takeovers.Compose gets that guarantee that the interests of the administrators and investors are firmly adjusted.Guarantee that representatives are paid with organization stock or potentially investment opportunities.Guarantee that failing to meet expectations chiefs are terminated.Shareholders can influence the behavior of corporate managers through electing a board of directors, being involved in nominating board members, and providing financial incentives for managers. As the firm grows and attracts more investors, increased oversight on the managers further ensures their actions align with shareholders' interests. All these strategies are part of corporate governance.
Explanation:Shareholders have several strategies available to ensure that managers act in the interests of the company owners. One strategy is the election of a board of directors that helps ensure the firm runs in the interests of the shareholders, as the board typically has the authority to oversee the management team.
However, a potential obstacle is that top executives often influence the choice of board candidates. Hence, an active involvement of shareholders in nominating alternative board members can correct this imbalance. Moreover, providing financial incentives linked to the performance of the company can align the interests of the managers with those of the shareholders.
As the firm becomes established and its strategy seems promising, outside investors, including shareholders, who do not personally know the managers, become more willing to provide financial capital. This widens the pool of interested parties keeping an eye on management's activities, offering another layer of oversight. These strategies fall under the larger umbrella of corporate governance, formed to monitor top executives and align their actions with the best interests of the shareholders.
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Select the four common tools managers use to analyze competitive intelligence and develop competitive advantages. a. The three generic strategies b. Value chain analysis c. Customer loyalty analysis d. Competitive chain strategies e. SWOT Analysis f. Porter's Vision Strategy g. The Five Forces Model
Answer:
The four common tools managers use to analyze competitive intelligence and develop competitive advantages are:
a. The three generic strategies
b. Value chain analysis
e. SWOT Analysis
g. The Five Forces Model
Explanation:
The four common tools managers use to analyze competitive intelligence and develop competitive advantages are:
a. The three generic strategies: The generic strategies according to Porter are:
- Cost leadership: This is when the firm chooses to fight the competition by producing at a lower cost
- Differentiation: This is when the firm chooses to combat the competition by producing unique products of higher quality.
- Focus - This is when the firm is focusing on one or a few segments (rather than all) to compete either by cost reduction (cost focus) or by providing unique products (differentiation focus).
b. Value Chain Analysis: This is a strategic attempt to gain competitive advantage via analysis of internal firm activities in the bid to recognize the 'most valuable activities' in respect to which generic strategy it is pursuing (i.e. which activities are the source(s) of cost or differentiation advantage)
e. SWOT Analysis: This strategic tool for competitive analysis looks at both internal (within the company) and external factors (The business environment). The S stands for strength, which looks at the internal operational strengths of the company in comparison to its competitors. W stands for weakness, which looks at the operational lapses of the company. O stands for opportunities in the external business environment; and T stands for Threats which looks at the external factors that will affect the company.
g. The Five Forces Model: This is a strategic model that is used for the identification and analysis of the structure, strength and weaknesses of an industry.
Porter's five forces includes the following:
1. Competition in the industry
2. Potential of new entrants into the industry
3. Power of suppliers
4. Power of customers
5. Threat of substitute products
The Managers use this model to understand the competitive landscape and develop strategies to position their company favorably within it the other options listed (a, d, and f) are not common tools for analyzing competitive intelligence, or they are not as widely recognized or utilized as the four tools mentioned above.
The four common tools that managers use to analyze competitive intelligence and develop competitive advantages are:
b. **Value Chain Analysis:** Value chain analysis involves breaking down a company's operations into various activities and processes, both primary and support, to identify areas where value can be added or costs can be reduced.
By understanding the value chain, managers can make informed decisions on how to optimize their business processes and create a competitive edge.
c. **Customer Loyalty Analysis:** Customer loyalty analysis focuses on understanding and measuring customer satisfaction and loyalty. Managers use this tool to gather data on customer preferences, behavior, and feedback.
By enhancing customer loyalty, companies can retain existing customers, reduce churn, and gain a competitive advantage in the market.
e. **SWOT Analysis:** SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
It is a framework that helps managers assess their company's internal strengths and weaknesses and external opportunities and threats.
By identifying these factors, managers can formulate strategies that leverage strengths, address weaknesses, seize opportunities, and mitigate threats to gain a competitive advantage.
g. **The Five Forces Model:** Developed by Michael Porter, the Five Forces Model helps managers assess the competitive forces within their industry.
It analyzes the threat of new entrants, the bargaining power of suppliers and buyers, the threat of substitutes, and the intensity of competitive rivalry.
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Preferred stock is often considered a more conservative (less aggressive) investment than common stock because: a. its holders have voting right, unlike stockholders. b. it is less volatile and more like a bond. c. it never pays dividends.
Answer:
b. it is less volatile and more like a bond
Explanation:
Preferred stocks pay a fixed dividend and has the potential to appreciate in price.
Preferred share holders have no voting right but they are paid first before common shareholders.
I hope my answer helps you
An in-depth understanding of ethics is important to the long-term viability of business because unethical decisions will negatively and directly impact all of the following except which one?
a. the business's customers
b. the business's suppliers
c. the business's image
d. the business's number of products
An in-depth understanding of ethics is important to the long-term viability of business because unethical decisions will negatively and directly impact all of the following except "the business's number of products".
Answer: Option D
Explanation:
Business growth is immensely dependent upon the ethics followed by business owner, employees and other staff. Business need sufficient trust among business partners, employees, staff, executive, suppliers and customers.
A single unethical decision can act as a weapon to spread negativity which have direct impact on customers, suppliers and image of business in market but not in number of products manufactured by a firm. All kind of business may phase ups and down, its a cycle but maintaining ethics in decision making should remain same otherwise the cycle may get stuck into down phase for long time.
Chou Co. has a net income of $43,000, assets at the beginning of the year are $250,000 and assets at the end of the year are $300,000. Compute its return on assets.
Answer:
15.64%
Explanation:
Return on Assets = [tex]\frac{Net Income}{Average Total Assets}[/tex]
= [tex]\frac{43,000}{(250,000 + 300,000)/2} = \frac{43,000}{275,000}[/tex]
= 0.1564
= 15.64%.
To calculate return on assets (ROA), divide net income by average total assets. For Chou Co. with a net income of $43,000 and average total assets of $275,000, the ROA is $43,000 / $275,000 = 0.1563 or 15.63%
Explanation:The return on assets (ROA) is a profitability ratio that measures the net income produced by total assets during a period. It is often used to compare the profitability of a company to other firms in the same industry.
To calculate the ROA, you divide the net income by the average total assets. The average total assets are calculated as the sum of the assets at the beginning of the year and the assets at the end of the year, divided by two.
In the case of Chou Co, the net income is $43,000, the assets at the beginning of the year are $250,000, and the assets at the end of the year are $300,000. Thus, we calculate the average total assets to be ($250,000 + $300,000) / 2 = $275,000.
Therefore, the return on assets for Chou Co. is calculated as follows: $43,000 / $275,000 = 0.1563 or 15.63%. This means that for every $1 in assets, Chou Co generated 15.63 cents in profit.
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Gentry owns a jewelry store and Daphne agrees to buy a watch for $3,000 that Gentry orders from Germany. They fail to specify where delivery will take place. Under the UCC _________
Answer:
Daphne must go th Gentry's store to take delivery of the watch.
Explanation:
The UCC represents Uniform Commercial Codes and it is a set of laws regulating how businesses are transacted. It especially affects the transactions of businesses across several states to ease the burden of having to engage with multiple state laws when companies do businesses across state lines.
It can also be called the framework that assists companies to follow a standardized set of laws to transact business irrespective of their different states and the UCC is fully functional across several states of the United States.
The UCC affects Nine areas of business transactions
General ProvisionsSales of goods aside from service contracts and real estateNegotiable Instruments such as drafts and checksBank activities including collections as wellas depositsCredit LettersAuctions, asset liquidation and bulk salesTitle documents such as bills of lading, warehouse receiptsInvestment SecuritiesTransactions of consignments, security interests, promissory notes and agricultural liens.Under the sales of goods UCC, where there is no stated agreement between a buyer and seller on the delivery of a good, then the buyer is obligated to take delivery at the seller's shop
Under the UCC, if delivery location is not specified, default is the seller's business establishment. This suggests Gentry's jewelry store would be the delivery place, in line with the UCC's standard practices where terms are unspecified.
Explanation:If Gentry owns a jewelry store and Daphne agrees to buy a watch for $3,000 that Gentry orders from Germany, but they fail to specify where delivery will take place, then under the Uniform Commercial Code (UCC), the place of delivery would be Gentry's place of business. The UCC provides default rules for transactions where the parties have left terms open or unspecified. Since no other place was specified for delivery, it is implied that the place of delivery is the seller’s business establishment.
Under the UCC, when a contract for the sale of goods does not specify delivery terms, delivery is to take place at the seller’s place of business. Additionally, both the buyer and seller under the UCC have expectations regarding the value they get from the transaction: No one who buys anything voluntarily is forced to pay more, and he very likely pays less, than the value he expects to derive from the item, and no one who sells anything voluntarily expects to receive something he values less, and very likely receives something he values more, than what he relinquishes in trade.
To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ______, and_______________.
Answer:Rare,costly to imitate
Explanation:
Competitive advantage is the superiority gained and enjoyed by a business entity by providing cheaper services or products to its customers when compared to other business entities whose prices are higher for the same quality, quantity and value. For a business entity to continue to enjoy competitive advantage the resources and capabilities of the business entity must be non-substitutable ( it must not be replaceable),it must be valuable,rare and costly to imitate. The potential to become a business entity with a competitive advantage it must be very difficult to achieve.
Which of the following is true of assigning costs to cost objects? a.Assigning costs to cost objects typically is more difficult than cost accumulation. b.The choice of a method for assigning costs to cost objects depends on a number of factors, such as the need for accuracy. c.Assigning costs to cost objects can be accomplished in a number of ways. d.All of these choices are true.
Answer:
d. All of these choices are true.
Explanation:
Cost objects refer to anything that the organization needs to assign a cost. Doing this requires to identify the cost objects, find the costs generated by them and determine the cost of these costs objects according to certain aspects which makes it a hard process. The most critical aspect of determining a cost object is the ability to find a method to allocate costs that would allow you to get a complete picture, be precise and make decisions. According to this, the answer is that the statement that is true of assigning costs to cost objects is that all of these choices are true.
The mayor of Gotham City, worried about a potential epidemic of deadly influenza this winter, asks an economic adviser. Determine whether a question requires the economic adviser to make a positive assessment or a normative assessment.
A. How much vaccine will be in stock in the city by the end of November?B. If we offer to pay 10% more per dose to the pharmaceutical companies providing the vaccines, will they provide additional doses?C. If there is a shortage of vaccine in the city, whom should we vaccinate first—the elderly or the very young? D. If the city charges $25 per shot, how many people will pay?E. If the city charges $25 per shot, it will make a profit of $10 per shot, money that can go to pay for inoculating poor people. Should the city engage in such a scheme?
Final answer:
The mayor's inquiry requires both positive and normative economic assessments. Positive assessments involve factual analysis of market behavior and inventory levels, while normative assessments deal with ethical considerations and value judgments. Subsidies in economic policy can align market outcomes with social welfare by incorporating external benefits into pricing.
Explanation:
The mayor of Gotham City is concerned about an influenza epidemic and consults an economic adviser about various scenarios. To assist with the mayor's deliberation, assessments are required to understand the implications of potential policies and actions:
Question A asks about the vaccine stock, requiring a positive assessment based on factual inventory levels.Question B inquires whether paying more per dose would increase supply, needing a positive assessment of market behaviors.Question C deals with prioritization for vaccination and requires a normative assessment based on values and ethics.Question D is about projected consumer behavior in response to pricing, which calls for a positive assessment that can be modeled economically.Finally, Question E touches on a moral decision about profit-making and using funds to vaccinate the poor, demanding a normative assessment rooted in the city's principles and values.From an economic standpoint, the government can induce a market level of output closer to the socially desirable level by providing subsidies or vouchers for flu vaccinations, reflecting the external benefits to society of higher immunization rates. This, in turn, shifts the market equilibrium to a quantity Qsocial and a price Psocial, aligning the Marginal Social Benefit (MSB) and Marginal Social Cost (MSC). By issuing subsidies, consumers pay a lower out-of-pocket price (Psubsidy), while suppliers still receive Psocial, encouraging the optimal distribution of vaccines. Such a policy ensures that the social value, inclusive of both public health and economic efficiency, surpasses the sum of individual valuations.
The total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period (e.g., one-year) is called:______
Answer:
The gross domestic product
Explanation:
The gross domestic product = Consumption spending + Investment + Government Spending + Net Export
Kerry and Jim have a successful marijuana farm in the woods around Humboldt County, California. Growing marijuana is illegal for federal purposes. Are Kerry and Jim required by law to report the income from their farm on their tax return? Why?
Answer:
Explanation:
Despite the fact that marijuana business is illegal, Kerry and Jim need to report the income from it.
Income from any illegal activities is considered as taxable income. There is no execption in computation of gross income