Answer:
Instructions are listed below.
Explanation:
We weren't provided with enough information to answer the requirements. Surfing through the internet I found the correct information.
Giving the following information:
Luthan Company uses a plantwide predetermined overhead rate of $22.70 per direct labor-hour.
The company incurred actual total manufacturing overhead costs of $269,000 and 10,800 total direct labor-hours during the period.
We need to allocate overhead using the predetermined overhead rate and the actual direct labor hours incurred.
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 22.7*10,800= $245,160
Bonus:
Determine the under/over allocation:
Over/under allocation= real MOH - allocated MOH
Over/under allocation= 269,000 - 245,160= $23,840 underallocated
Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 944,000 Collections 908,000 Write-offs of accounts receivable 5,300 Collections of accounts previously written off 1,800
To create the T-account balance sheet, we list the bank's reserves, loans, and government bonds as assets, and the deposits as liabilities. Subtracting the liabilities from the assets, we find the net worth to be $220.
Explanation:To set up a T-account balance sheet for the bank, we must list the bank's assets on one side and the liabilities and net worth (equity) on the other. The assets of the bank include its reserves and any loans it has made or government bonds it has purchased. The liabilities are primarily the deposits from customers. Net worth is calculated by subtracting total liabilities from total assets.
Bank's T-Account Balance Sheet:
Assets:
Reserves: $50Loans: $500Government Bonds: $70Liabilities:
Deposits: $400To calculate the bank's net worth, subtract the total liabilities from the total assets:
Total Assets = Reserves + Loans + Government Bonds = $50 + $500 + $70 = $620
Total Liabilities = Deposits = $400
Net Worth = Total Assets - Total Liabilities = $620 - $400 = $220
One night, a sheriff’s department helicopter lands a SWAT team in the yard of a rural residence suspected of containing a methamphetamine lab. After the raiding party disembarked, and as the pilot was turning the aircraft in a hover to depart, the helicopter's tail rotor contacted a barbed-wire fence and was damaged to the extent it will have to be replaced. No one was injured.
Analyze the NTSB notification and reporting requirements that apply, showing your analytical process clearly.
Answer:
The incident has to be reported to NTSB.
Explanation:
According to the rules set out by NTSB:
''An accident is defined as an occurrence associated with the operation of an aircraft that takes place between the time any person boards the aircraft with the intention of flight and all such persons have disembarked, and in which any person suffers death or serious injury, or in which the aircraft receives substantial damage. An incident is an occurrence other than an accident that affects or could affect the safety of operations.''
Even though there were no deaths or serious injury in this case, the helicopter’s tail is damaged to the point where it has to be replaced, it does under the definition of what an Aircraft Incident is as set-out by NTSB definitions and it becomes an incident that has to be reported to the NTSB. The operator is required to file a report and only then can be the tail section can be replaced.
Answer:
The accident must be reported immediately to NTSB by the operators of the helicopter (Sherrif Department), in line with the federal regulations. It is reported as an accident because it is an occurrence associated with operation of an aircraft that takes place between the time any person boards the aircraft with the intention of flight and all such persons have disembarked, and in with any person suffers death or serious injury, or which the aircraft receives substantial damage.
The analysis of the report must be in the form OR must contain information under listed below:
Type, nationality, and registration marks of the aircraft;
Name of owner, and operator of the aircraft;
Name of the pilot-in-command;
Date and time of the accident;
Last point of departure and point of intended landing of the aircraft;
Position of the aircraft with reference to some easily defined geographical point;
Number of persons aboard, number killed, and number seriously injured(in case there is deaths or severe injuries)
Nature of the accident, the weather and the extent of damage to the aircraft, so far as is known;
A description of any explosives, radioactive materials, or other dangerous articles carried(The rural area, where the SWAT team conveyed by the crashed helicopter is containing a methamphetamine lab)
Kevin is a retired teacher who lives in Philadelphia and teaches tennis lessons for extra cash. At a wage of $40 per hour, he is willing to teach 7 hours per week. At $50 per hour, he is willing to teach 10 hours per week. Using the midpoint method, the elasticity of Kelvin's labor supply between the wages of $40 and $50 per hour is approximately, which means that Kelvin's supply of labor over this wage range is:_______.
Kelvin's supply of labor over this wage range is 3.80
Explanation:
This is Price elasticity supply issue, and wages / hours are independent variables.
Price elasticity of supply tests the response to the supply of a product or service following a shift in its market price. The supply of a good will increase as its prices rise according to basic economic principles. On the other hand, when its price declines, goodwill supplies decline
So, PES ( Kevin's labor) = {(10-7)/[(10+7)/2)} /{(50-40)/[(50+40)/2]}
= 24.75/6.5 = 3.80
A materials requisition slip showed that direct materials requested were $58,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is
A) Work In Process Inventory 58,000
Raw Materials Inventory 58,000
B) Direct Materials 58,000
Indirect Materials 9,000
Work in Process Inventory 67,000
C) Manufacturing Overhead 67,000
Raw Materials Inventory 67,000
D) Work In Process Inventory 58,000
Manufacturing Overhead 9,000
Raw Materials Inventory 67,000
Answer:
A materials requisition slip showed that direct materials requested were $58,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is
D) Work In Process Inventory $58,000
Manufacturing Overhead $9,000
Raw Materials Inventory $67,000
Gannon Company had the following information at December 31:
Finished goods inventory, January 1 $ 30,000
Finished goods inventory, December 31 90,000
If the cost of goods manufactured during the year amounted to $1,260,000 and annual sales were $1,650,000, the amount of gross profit for the year is
C) $450,000
Sales $1,650,000
Cost of goods sold
===============
Cost of goods manufactured $1,260,000
Add: Beginning FG inventory $30,000
Goods available for sale $1,290,000
Less : Ending FG inventory $90,000 $1,200,000
Gross profit $450,000
Explanation:
Three stocks have share prices of $37, $115, and $85 with total market values of $540 million, $490 million, and $290 million, respectively. If you were to construct a price-weighted index of the three stocks, what would be the index value?
Answer:
Index value is $79
Explanation:
Index value calculation comes from the prices of the underlying holdings. Most indices have values based on market-cap weighting, revenue-weighting, float-weighting, and fundamental-weighting.
For index calculations, weighted average mathematics is used as values are derived from a weighted average calculation of the value of the total portfolio. As such, price-weighted indexes will be more greatly impacted by changes in holdings with the highest price, market cap weighted indexes will be most greatly impacted by changes in the largest stocks, and so on depending on the weighting characteristics.
Price index = average of share prices
Price index = [tex]\frac{37+115+85}{3}=\frac{237}{3} =79[/tex]
Price index = $79
The index value of a price-weighted index made up of three stocks with prices of $37, $115, and $85 is calculated by summing the prices and dividing by the number of stocks, resulting in an index value of $79.
To construct a price-weighted index of the three stocks with share prices of $37, $115, and $85, you would first sum the prices of the stocks. The formula for a price-weighted index is the sum of the stock prices divided by the number of stocks, which in this case is 3.
Sum of stock prices = $37 + $115 + $85 = $237
Then, you divide this sum by the number of stocks to get the index value:
Index value = $237 / 3 = $79
Therefore, the index value for these three stocks would be $79.
utomobiles sold an automobile for $ 30 comma 000 on account. The cost of the automobile was $ 16 comma 660 . The sale of the automobile came with one year of free oil changes valued at $ 340 . What would be the journal entry to record the sale?
Answer:
Explanation:
Dr Accounts Receivable 30,000
Cr Sales Revenue 46,320
Cr Service revenue 340
Dr Cost of goods sold 16,660
When a sales contract is missing terms on when a payment is due, and if the involved parties have not had an established course of past conduct, the Uniform Commercial Code (UCC) requires that the payment be made at least seven working days before the seller makes delivery.
True or False?
Answer:
False
Explanation:
The provision of the Uniform Commercial Code as amended is that any missing terms such as price, quantity,location and expected time of delivery as well as payment terms can be added to the contract later on with consent of all parties involved or provided in compliance with other commercial codes.
In other words,the fact that payment should be made within seven working days when payment terms are missing is alien to Uniform Commercial Code.
The answer, therefore is false.
Cindy's Car Wash has average variable costs of $2 and average total costs of $3 when it produces 100 units of output (car washes). The firm's total variable cost is A. $300. B. $200. C. $500. D. $100.
Answer:
$200
Explanation:
Total variable cost = average variable cost × quantity
$2 × 100 = $200
Variable cost is cost that varies with production.
If production increases, variable cost increases and if production reduces, variable cost falls. E.g. cost of Labour
Fixed cost is cost thay does not vary with production e.g. rent
I hope my answer helps you
Based on the per unit variable costs of Cindy's Car Wash, the firm's total variable costs are B. $200.
What are the total variable costs?Cindy's Car Wash incurs a variable cost of $2 per car wash.
If there are a 100 car washes, the total variable costs would be:
= Variable cost per wash x Number of washes
Solving gives:
= 2 x 100
= $200
Find out more on variable costs at https://brainly.com/question/5965421.
On December 31, 2020, Berclair Inc. had 300 million shares of common stock and 4 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berciair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $300 million. The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2016. The options are exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. In 2017, $500 million of 8% bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berciair's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.) Denominator Earnings per Share 0 Diluted < Prey. 8 of 10 Next >
Answer:
Basic Earnings Per Share = $299,640,000/291,858,904 shares = 1.03 per share
Diluted EPS = $299,640,000/(291,858,904 + 6,000,000) shares = 1.01 per share
Explanation:
300 million shares of common stock - 24 million Treasury Stock = 276 million shares outstanding
CALCULATION OF WEIGHTED AVERAGE NUMBER OF SHARES
Date Shares Weighting (months) Weighted Average
Jan 1 276,000,000 12/12 276,000,000
1st July 13,800,000(5% of 276) 6/12 6,900,000
13th Sept 30,000,000 109/365 days 8,958,904.11
Total 291,858,904
Profit attributable to common shares = Net Income $300,000,000 – (Preference Dividend of 0.09 x 4,000,000) $360,000 = $299,640,000
The formula for basic earnings per share is:
Profit or loss attributable to common equity holders of the parent business ÷
Weighted average number of common shares outstanding during the period
Basic Earnings Per Share = $299,640,000/291,858,904 shares= 1.03 per share
Diluted EPS will include $500 million of 8% bonds, convertible into 6 million common shares.
Diluted EPS = $299,640,000/(291,858,904 + 6,000,000)shares = 1.01 per share
Consider the following information for a simultaneous move game: If you charge a low price (LP) and your rival charges a LP, you each earn $5 million in profits. If both charge a high price (HP), each will each earn $10 million in profits. However, if one charge a LP and the other does not, the firm that charges a LP will earn $15 million and the other firm will earn $1 million. What is the Nash equilibrium of the game? a. Each firm charges a LP b. Each firm charges a HP c. You charge a LP and your rival charges a HP d. None of the above.
Answer: B. Each firm Charges a HP
Explanation:
Nash Equilibrium is a point where there is no incentive from deviating for each firm to deviate or change its strategy.
Firms reach Nash Equilibrium Point when they both charge high price (HP). When both firms charge high price (HP) each firm will earn 10 million dollars at this point there is no incentive for either firm to change and charge lower price because they will earn $ 1 million. Each firm will just choose to charge high price regardless of what the other firm is doing.
The Nash equilibrium of the game is a. Each firm charges a LP.
1. If both firms charge a Low Price (LP):
- Each firm earns $5 million.
2. If both firms charge a High Price (HP):
- Each firm earns $10 million.
3. If one firm charges a Low Price (LP) and the other charges a High Price (HP):
- The firm charging LP earns $15 million.
- The firm charging HP earns $1 million.
Analysis:
- If you charge LP:
- If your rival also charges LP, you earn $5 million.
- If your rival charges HP, you earn $15 million.
- If you charge HP:
- If your rival charges LP, you earn $1 million.
- If your rival also charges HP, you earn $10 million.
Best Response Analysis:
- If your rival charges LP:
- Charging LP earns you $5 million (better than charging HP which earns you $1 million).
- If your rival charges HP:
- Charging LP earns you $15 million (better than charging HP which earns you $10 million).
From this analysis, charging LP is always a better or equal strategy compared to charging HP, regardless of the rival's choice.
Nash Equilibrium:
In a Nash equilibrium, each player is making the best possible decision given the decision of the other player. Here:
- If both firms charge LP, neither can improve their payoff by changing their strategy unilaterally, because switching to HP would decrease their profit from $5 million to $1 million.
- If both firms charge HP, each earns $10 million, and neither can improve their payoff by unilaterally switching to LP (which would reduce their profit to $1 million).
Given that LP is the dominant strategy for both firms (it provides a higher payoff in all scenarios except when both charge HP), the Nash equilibrium is when both firms charge a Low Price (LP).
Silmon Corporation makes a product with the following standard costs:
Standard Quantity or Hours Standard Price or Rate
Direct materials 5.1 grams $ 6.00 per gram
Direct labor 0.5 hours $ 13.00 per hour
Variable overhead 0.5 hours $ 2.00 per hour
The company produced 5,300 units in January using 39,410 grams of direct material and 2,390 direct labor-hours. During the month, the company purchased 44,500 grams of the direct material at $1.80 per gram. The actual direct labor rate was $20.30 per hour and the actual variable overhead rate was $6.90 per hour.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The materials quantity variance for January is:
Answer:
Material quantity variance =$74, 280 unfavorable
Explanation:
The material quantity variance occurs when the actual quantity of material used to achieve a given level of output is more or less than the standard quantity expected.
For Silmon Corporation, it can be computed as follows:
Quantity variance is
Gram
5,300 units should have used ( 5300× 5.1 ) 27,030
but did used 39,410
Variance in quantity 12,380 Unfavorable
Price per unit × $6
Material quantity variance $ 74,280. Unfavorable
Material quantity variance =$74, 280 unfavorable
Wimpy Inc. produces and sells a single product. The selling price of the product is $155.00 per unit and its variable cost is $62.00 per unit. The fixed expense is $341,460 per month. The break-even in monthly dollar sales is closest to_____________.a. $853,650b. $512,190c. $569,100d. $341,460
Answer:
Option c. $569,100Explanation:
At the break-event the profit is zero, or the total costs equal the revenue.
1. Revenue
Revenue, R(x), is the product of the price by the number of units sold (x).
R(x) = $155.00x2. Cost
The cos, C(x) is the sum of the fixed costs and the variable cost. The variable cost is the product of the variable cost per unit and the number of units sold:
C(x) = $341,460 + $62.00x3. Break-even
Make the equation R(x) = C(x) and solve:
341,460 + 62x = 155xx = 341,460/93x = 6,442.64 units ≈ 6,442.64 units4. Calculate the revenue with 6,442.64 units:
R(6,442.64) = 155(6,442.64) = $569,100Coupon payments are fixed, but the percentage return that investors receive varies based on market conditions. This percentage return is referred to as the bond’s yield.
Yield to maturity (YTM) is the rate of return expected from a bond held until its maturity date. However, the YTM equals the expected rate of return under certain assumptions. Which of the following is one of those assumptions?
a. The bond will not be called.
b. The bond has an early redemption feature.
Answer:
Option A - The bond will not be called is the correct answer.
Explanation:
The rate of return expected from a bond held until its maturity date is referred to as its Yield to maturity (YTM)
However, if YTM is equivalent to the return on the bond, then the assumptions are that bond will not be called, and the will not be defaulted by the user at maturity.
Thus the likelihood of the default is zero.
Therefore, option A - The bond will not be called is the correct answer.
Cedric, a brand manager, transferred from the united States to japan He dscovered that athough people in the Unted States highly vale ind to conform to group expectations. Cedric conclded that japan places more of an emphasis on
A.collectivism
B.self-control
C.ubral relativium
D.political differences
Answer: collectivism
Complete Question:
Cedric, a brand manager, transferred from the united States to japan He discovered that although people in the United States highly valued individualism, people in Japan expect individuals to conform to group expectations. Cedric concluded that Japan places more of an emphasis on:
Explanation: Collectivism values the group over individuals belonging to the group. In cultures where collectivism is the norm, individuals tend to want to conform to the group expectations. Also, it is common for individuals in collectivist societies to define themselves as belonging to a group than as individuals so groups are a way of identifying themselves.
While individualism values individuals's right and uniqueness, collectivism does not but sees value in maintaining the cohesion in a group, which in turn promotes conformity.
On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $420,000 of 6% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. 3. If the market interest rate is 5%, the bonds will issue at $452,737. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Solution:
Jan 01, 2018
Cash $452,737
bonds payable $452,737
June 30,2018
Interest expense 13,655
bonds payable 1055
cash 12600
Dec 31,2018
Interest expense 13,692
bonds 12600
Zephron Music purchased inventory for $4,400 and also paid a $260 freight bill. Zephron Music returned 25% of the goods to the seller and later took a 1% purchase discount. Assume Zephron Music uses a perpetual inventory system. What is Zephron Music's final cost of the inventory that it kept? (Round your answer to the nearest whole number.)
Answer:
Cost of the inventory kept by Zephron Music is $3495
Explanation:
Zephron Music purchased inventory for $4,400 and also paid a $260 freight bill
Inventory $4660 (debit)
Trade Payable $ 4400 (credit)
Bank $260 (credit)
Recognise an Asset - Inventory and De-recognise asset - Bank
Zephron Music returned 25% of the goods to the seller, took a 1% purchase discount
Trade Payable $1212
Inventory $1165 (credit)
Discount Received $47 (credit)
Therefore Inventory Balance = $4660-1165 = $3495
Final answer:
Zephron Music’s final cost of the inventory that it kept is calculated by adding freight charges to the initial purchase cost, subtracting the cost of returned goods, and applying a purchase discount before rounding to the nearest whole number, resulting in $3,524.
Explanation:
To calculate Zephron Music’s final cost of the inventory kept after purchasing, returning a portion, and receiving a purchase discount, we follow these steps:
Start with the initial inventory cost which is $4,400.Add the freight charges of $260 to the initial cost to get the total cost before returns and discounts.Calculate 25% of the initial inventory cost to find out the cost of goods returned and subtract it from the total cost.Lastly, calculate a 1% purchase discount on the remaining cost after returns and subtract it to get the final cost of kept inventory.Performing these calculations we have:
Total cost before returns and discounts: $4,400 + $260 = $4,660.Value of returned goods: 25% of $4,400 = $1,100.Cost after returns: $4,660 - $1,100 = $3,560.1% discount on $3,560: $35.60.Final cost of inventory kept: $3,560 - $35.60 = $3,524.40 which is rounded to $3,524.On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $403,067 over a five-year lease term (also the asset's useful life), payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's Incremental borrowing rate is 8%, the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Builders, Inc. at a cost of $3.4 million. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:
1. What pretax amount related to the lease would IC report In Its balance sheet at December 31, 2021?
2. What pretax amount related to the lease would IC report In Its Income statement for the year ended December 31, 2021? (For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.) 1. 2. Pretax amount of net receivable Pretax amount of interest revenue
The balance sheet will reflect the present value of the remaining lease payments, and the income statement will show interest revenue earned by applying the incremental borrowing rate to the book value of the lease receivable.
To determine the pretax amount related to the lease that IC would report in its balance sheet at December 31, 2021, we need to calculate the present value of the remaining lease payments after the first payment has been made. Since the first payment is made at the start of the lease term, we consider it a prepayment, and the subsequent payments are discounted at the incremental borrowing rate, which is 8%. This calculation will give us the net lease receivable that IC reports on its balance sheet.
The pre-tax amount related to the lease that IC would report in its income statement for the year ended December 31, 2021, involves recognizing interest revenue. The interest revenue is calculated by applying the interest rate to the book value of the lease receivable at the beginning of the period. Since a payment was made on June 30, the interest for the first half-year should be calculated on the full lease receivable, while for the second half, it would be calculated after adjusting for the payment made.
At December 31, 2016, Teal Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,560 shares $10,856,000 Common stock, $5 par, 4,041,000 shares 20,205,000 During 2017, Teal did not issue any additional common stock. The following also occurred during 2017. Income from continuing operations before taxes $22,700,000 Discontinued operations (loss before taxes) $3,255,000 Preferred dividends declared $1,085,600 Common dividends declared $2,230,000 Effective tax rate 35 % Compute earnings per share data as it should appear in the 2017 income statement of Teal Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
Solution:
TEAL CORPORATION
INCOME STATEMENT
DECEMBER 31, 2014
Net income:
Income from continuing operation before income tax 22,700,000
Income tax (35% * 22,700,000) 7,945,000
Income from continuing operations 21,905,500
Discontinued operations
Loss before taxes $3,255,000
Less applicable income tax (35%) 1,128,750 2,096,250
Net income 19,809,250
Preferred dividends declared $1,085,600
Weighted average common shares outstanding 4,041,000
Earnings per share:
Income from continuing operations
($21,905,500 - $ 1,085,600 )/ 4,041,000 21,905,499
Discontinued operations, net of tax
($2,096,250/4,041,000) 0.51
Net income
($19,809,250- $1,085,600)/4,041,000 19.7
If an investment of $35,000 is earning an interest rate of 8.00%, compounded annually, then it will take for this investment to reach a value of $44,089.92—assuming that no additional deposits or withdrawals are made during this time.
Answer:
Therefore the required time period is 3 years.
Explanation:
To calculate the number of period we are using the following formula of future value
Future value = [tex]C_0(1+r)^n[/tex]
[tex]C_0[/tex] is cash flow at period 0= $ 35,00
r = rate of interest = 8.00% = 0.08
n= number of periods = ?
Future value = $44,089.92
Substituting the values in the formula
[tex]44,089.92= 35,000(1+0.08)^n[/tex]
[tex]\Rightarrow (1+0.08)^n=\frac{44089.92}{35000}[/tex]
[tex]\Rightarrow(1.08)^n = 1.259712[/tex]
[tex]\Rightarrow (1.08)^n=(1.08)^3[/tex]
[tex]\therefore n= 3[/tex]
Therefore the required time period is 3 years.
Suppose you are interested in selling your home and would like to clear a net value of $300,000.
If you have agreed to pay your broker a commission of 5.5% (no matter who ultimately is responsible for finding the buyer), what price must you sell the home for in order to meet your net profit (rounded to the nearest dollar)?A. $282,540
B. $300,000
C. $316,500
D. $317,460
Answer:
The correct answer is:
$317,460 (D.)
Explanation:
At the end of sales, after deducting the 5.5% commission of broker fee, the amount left as net value = $300,000. It can also be said that the total amount will be $300,000 + 5.5% of the total amount.
Let the price which the home is to be sold be "X"
From the statement above, the equation below can be written:
$300,000 + (5.5% of X) = X
X - (5.5% of X) = $300,000
Note that 5.5% of X = 5.5/100 × X = 0.055X
∴ X - (5.5% of X) = $300,000
= X - 0.055X = 300,000
0.945X = 300,000
X = [tex]\frac{300,000}{0.945} = 317,460.31[/tex]
= $317,460 (to the nearest dollars)
Final answer:
To clear a net value of $300,000 after paying a 5.5% commission, the home must be sold for about $317,460, which is the amount obtained by dividing the desired net by 0.945, accounting for the retained percentage after commission.
Explanation:
To determine the selling price of the home to clear a net value of $300,000 after paying a 5.5% broker commission, you need to set up an equation to account for the commission. Let's call the selling price P. The equation to represent this scenario is P - 0.055P = $300,000. Solving this equation for P will give us the required selling price to achieve the net value desired.
First, we can rewrite the equation as P(1 - 0.055) = $300,000. Doing the math, we get P = $300,000 / 0.945, which equals approximately $317,460. Therefore, the home must be sold for about $317,460 to meet the net profit after commission.
Following are the calculations to get the precise answer:
First, we calculate the percentage that the homeowner will receive after commission, which is 100% - 5.5% = 94.5%.
We then express the percentage as a decimal for calculation: 94.5% = 0.945.
Finally, we divide the desired net amount by the percentage the homeowner keeps: $300,000 / 0.945 = $317,460.05, which rounds to $317,460.
Therefore, the correct answer is D. $317,460.
In 2007, Americans smoked 19.219.2 billion packs of cigarettes. They paid an average retail price of $4.504.50 per pack. a. Given that the elasticity of supply is 0.50.5 and the elasticity of demand is negative 0.4−0.4, derive linear demand and supply curves for cigarettes. The demand equation is
Answer:
equation for demand is Q=26,906,880,000,150 - 1,706,666,666.7P
equation for supply is Q=9,609,600,000,150.2 + 2,133,333,333.3P
Pls find all other required parameters in the explanation
Explanation:
Let the demand curve be of the general form Q = a - bP
Let the supply curve be of the general form Q = c + dP
where a, b, c, and d are the constants that you have to find from the information given in the equation
To begin, recall the formula for the price elasticity of demand
E = (P/Q)(ΔQ/ΔP)
Where P is the price per pack = $4,504.50
Q is the quantity of packets= 19,219.2 billion
You are given information about the value of the elasticity E as -0.4
So solve for the slope, which is b in the above formula for the demand curve using the equation E = (P/Q)(ΔQ/ΔP
−0.4 = ($4,504.50/19,219200000000)(ΔQ/ΔP)
ΔQ/ΔP = −0.4(19,219200000000/$4,504.50)
= −1,706,666,666.7= −b.
To find the constant a, substitute for Q, P, and b into the demand curve formula
Q = a - bP
so
19,219200000000 = a - 1,706,666,666.7 × 4,504.50
19,219200000000 = a - 7,687,680,000,150.1
a = 19,219200000000 + 7,687,680,000,150.1
a = 26,906,880,000,150
The equation for demand is therefore
Q=26,906,880,000,150 - 1,706,666,666.7P.
To find the supply curve,
recall the formula for the elasticity of supply and follow the same method as above: E = 0.5
E= (P/Q)(ΔQ/ΔP)
0.5 = ($4,504.50/19,219200000000)(ΔQ/ΔP)
ΔQ/ΔP = 0.5(19,219200000000/$4,504.50)
= 2,133,333,333.3 = d.
To find the constant c, substitute for Q, P, and d into the supply curve formula
Q = c + dP so that
19,219200000000 = c + 2,133,333,333.3 × 4,504.50
19,219200000000 = c + 9,609,599,999,849.8
c = 9,609,600,000,150.2
The equation for supply is therefore Q=9,609,600,000,150.2 + 2,133,333,333.3P.
Neeley Grocery has a monthly target operating income of $25,000. Variable expenses are 20% of sales and monthly fixed expenses are $15,000. What is Neeley Grocery's operating leverage factor at the target level of operating income?
Answer:
1.6
Explanation:
In this question, we use the operating leverage factor that is shown below:
Operating Leverage Factor = Contribution ÷ Operating Income
where,
Contribution = Operating income + monthly fixed expenses
= $25,000 + $15,000
= $40,000
And, the operating income is $25,000
So, the operating leverage factor is
= $40,000 ÷ $25,000
= 1.6
The operating leverage factor is 1.6
Calculation of operating leverage factor:
Operating Leverage Factor = Contribution ÷ Operating Income
Here
Contribution = Operating income + monthly fixed expenses
= $25,000 + $15,000
= $40,000
And, the operating income is $25,000
So, the operating leverage factor is
= $40,000 ÷ $25,000
= 1.6
Learn more about income here: https://brainly.com/question/17961582?referrer=searchResults
Suppose that, historically, April has experienced rain and a temperature between 35 and 50 degrees on 20 days. Also, historically, the month of April has had a temperature between 35 and 50 degrees on 25 days. You have scheduled a golf tournament for April 12. If the temperature is between 35 and 50 degrees on that day, what will be the probability that the players will get wet
Final answer:
If the temperature on April 12 is between 35 and 50 degrees, the probability that it will rain, based on historical data, is 20/25, which simplifies to 4/5 or an 80% chance.
Explanation:
The question asks about the probability of rain given a specific temperature range. If historically April experiences rain on 20 days with temperatures between 35 and 50 degrees, and there are 25 days in April with temperatures in that range, one can assume these temperatures are a prerequisite for rain. If it is between 35 and 50 degrees on April 12, the probability that it will rain on that day can be calculated by dividing the number of rainy days within that temperature range (20 days) by the total number of days with that temperature range (25 days).
Thus, the probability that it will rain is 20/25, which simplifies to 4/5 or 0.80. Therefore, there is an 80% chance that the players will get wet during the golf tournament if the temperature is between 35 and 50 degrees.
When ABC car wash opened its doors at 9 AM, there were already 10 cars waiting in line (first come first serve). New cars arrive at the average rate of 20 cars per hour. The car wash can wash the car at the average rate of 15 cars per hour. If a new car arrives at 10 AM, how many hours should this car expect to wait before it is washed
Answer:
The car that arrives at 10 AM will have to wait for at least 1 hour before it is washed.
Explanation:
First of all, let us lay out the important points:
at 9 AM; 10 cars were already waiting
arrival rate = 20 cars per hour
wash rate = 15 cars per hour.
New car arrives at 10 AM
From the statements above, if 20 cars arrive every hour, it can be inferred that between 9 AM to 10 AM, the number of new cars that arrive = 20 cars.
But remember that before the car was opened, 10 cars were already waiting in line, therefore the total number of cars that arrived between 9 AM and 10 AM = 20 + 10 = 30 cars.
We are also told that the rate of wash of the cars are; 15 cars every hour. Therefore between 9 AM and 10 AM which is 1 hour, 15 out of 30 cars were washed, leaving 15 more cars unwashed. To wash this 15 remaining cars, another hour will pass, so by 11 AM, the cars that arrived between 9 AM and 10 AM will be completely washed. hence the car that arrived at 10 AM, will wait till 11 AM in order to be washed, which is a wait time of 1 hour.
Final answer:
A new car arriving at the ABC car wash at 10 AM, given the existing backlog and the rates of arrival and servicing, should expect to wait about 4 hours before it is washed.
Explanation:
Calculating Waiting Time for a Car Wash
When ABC car wash opened at 9 AM, there were already 10 cars waiting. New cars arrive at an average rate of 20 cars per hour, and the car wash can handle an average rate of 15 cars per hour. For a new car arriving at 10 AM, to calculate its expected waiting time, we must consider both the initial backlog and the rate of incoming cars vs. the car wash rate.
By 10 AM, in one hour, the car wash would have serviced 15 of the initial 10 cars, clearing the initial queue and starting on cars that have arrived since opening. However, during that hour, 20 new cars have arrived, creating a backlog. This backlog continues to grow every hour since the arrival rate (20 cars/hour) is higher than the service rate (15 cars/hour).
The difference in arrival and service rates is 5 cars/hour. The car arriving at 10 AM is effectively the 20th car in line at that moment. We must calculate how long it will take to clear the queue ahead, considering the growing backlog. It requires solving the equation for when the service rate will catch up to the arriving car's position in the queue.
To find the exact waiting time:
Service rate deficit: 5 cars/hour.
Queue position of new arrival: 20th.
Hours to service 20 cars at a deficit of 5 cars/hour = 20 / 5 = 4 hours.
Thus, a car arriving at 10 AM should expect to wait 4 hours before being serviced.
A clothing retail company is deciding whether to use a traditional marketing research project approach or dive into a CRM system approach to guide their new year’s marketing strategy. Why should it use a CRM system approach?
A clothing retail company should opt for a CRM system over a traditional marketing research approach as it provides real-time data analytics, enables effective customer segmentation, and offers scalability and flexibility to adapt to market changes.
Explanation:A clothing retail company considering whether to use a traditional marketing research project approach or implement a CRM system should lean towards the latter for several reasons. Firstly, a CRM (Customer Relationship Management) system provides real-time data and analytics which can guide more informed decisions. This system can track customer behavior, preferences, and interactions with the brand across multiple channels, providing a holistic view of the customer journey. Secondly, a CRM system enhances the ability to segment customers based on varied criteria, facilitating more targeted and personalized marketing strategies. Using detailed customer profiles, the company can tailor their communications and promotions to meet specific customer needs. Lastly, CRM systems are designed for scalability and flexibility, enabling the company to easily adapt to changes in the market or in customer behavior without the need for starting new research projects from scratch. This adaptability is crucial in today's fast-paced retail environment in which trends and consumer preferences can shift rapidly. Overall, a CRM system can offer a dynamic and comprehensive approach to crafting a marketing strategy that is responsive to customers' evolving demands.
Denber Co. acquired 60% of the common stock of Kailey Corp. on September 1, 2019. For 2019, Kailey reported revenues of $810,000 and expenses of $630,000, not including its investment in Denber, and all reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $15,000. What is the amount of the noncontrolling interest's share of Kailey's income for 2019?a. $72,000.b. $22,000.c. $66,000.d. $24,000.e. $48,000.
Answer:
correct option is b. $22,000
Explanation:
given data
reported revenues = $810,000
expenses = $630,000
annual amount of amortization = $15,000
solution
we get here net income 2019 is
net income 2019 = revenue - expenses - amortization ........1
put here value
net income 2019 = $810,000 - $630,000 - $15,000
net income 2019 = $165,000
and
as here acquired stock on September
so we get here income for September to December that is
net income = $165,000 × [tex]\frac{4}{12}[/tex]
net income = $55000
and
non controlling interest is
non controlling interest = 40% of $55000
non controlling interest = $22,000
so correct option is b. $22,000
Final answer:
The noncontrolling interest's share of Kailey Corp.’s income for 2019 is calculated by taking 40% of Kailey's net income after typical expenses and amortization deductions. The net income is determined to be $165,000, of which the noncontrolling interest owns 40%, resulting in a share of $66,000.
Explanation:
To calculate the noncontrolling interest's share of Kailey's income for 2019, we need to calculate Kailey Corp.’s net income for the period after accounting for any amortization related to the acquisition by Denber Co. To start, we calculate the net income before the noncontrolling interest's share.
Revenues: $810,000Expenses: $630,000Amortization related to the acquisition: $15,000Net Income: $810,000 - $630,000 - $15,000 = $165,000Since Denber Co. acquired 60% of the common stock, the noncontrolling interest owns the remaining 40% of Kailey Corp. Therefore, we calculate the noncontrolling interest's share of Kailey's income as follows:
Noncontrolling Interest's Share of Net Income = 40% of $165,000 = $66,000
Therefore, the correct answer is $66,000.
Suppose gold (G) and silver (S) are substitutes for each other because both serve as hedges against inflation. Suppose also that the supplies of both are fixed in the short run (Qg =60 and Qs=270) and that the demands for gold and silver are given by the following equations:
Pg = 930− Qg +0.50 Ps and Ps = 600− Qs S + 0.50 Pg.
What the the equilibrium prices of gold and silver?
The equilibrium price of gold is$_______and the equlibrium price of siliver is $________. (Enter your responses rounded to two decimal places.)
What if a new discovery of gold doubles the quantity supplied to 120? How will this discovery affect the prices of both gold and silver?
The equilibrium price of gold will be $_______ and the equlibrium price of siliver will be$________.
Answer:
a) Gold = $1,380; Silver = $1,020
b) Gold = $1,300; Silver = $980
Explanation:
a) At first, with Qg = 60 and Qs = 270, the equilibrium prices for gold and silver are found by solving the following linear system:
[tex]P_g = 930-60 +0.50 P_s\\P_s = 600 - 270 + 0.50P_g\\\\-P_s=1740 -2P_g\\P_s = 330+ 0.50P_g\\P_g = 1,380\\P_s = 1,020[/tex]
Equilibrium price of gold is $1,380 and the price of silver is $1,020.
b) If the supply of gold increases to 120, since the goods are substitutes, there will be an increase in overall supply and the equilibrium price of gold and silver will decrease as follows:
[tex]P_g = 930-120 +0.50 P_s\\P_s = 600 - 270 + 0.50P_g\\\\-P_s=1620 -2P_g\\P_s = 330+ 0.50P_g\\P_g = 1,300\\P_s = 980[/tex]
Equilibrium price of gold is $1,300 and the price of silver is $980.
Final answer:
The equilibrium prices of gold and silver are $870 and $330 respectively. If the gold supply doubles, the new equilibrium price of gold is $750, while the price of silver remains unchanged at $330.
Explanation:
To find the equilibrium prices of gold (G) and silver (S), which are substitutes, we are given the quantities supplied (Qg and Qs), which are fixed in the short run, and the demand equations for each. The quantity supplied for gold is 60 and for silver is 270. We can set up the demand equations as:
For gold, Pg = 930 - Qg + 0.50 Ps, and for silver, Ps = 600 - Qs + 0.50 Pg.
We plug in the fixed quantities to find the equilibrium prices:
Pg = 930 - 60 + 0.50 Ps
Ps = 600 - 270 + 0.50 Pg.
After simplifying, the equations become:
Pg = 870 + 0.50 Ps
Ps = 330 + 0.50 Pg.
Substituting the second equation into the first, we find the equilibrium prices. The equilibrium price for gold (Pg) is $870 and for silver (Ps) is $330.
When considering a new discovery that doubles the quantity supplied for gold to 120, we have a new set of demand equations:
Pg = 930 - 120 + 0.50 Ps
Ps = 600 - 270 + 0.50 Pg, which reduces to
Pg = 810 + 0.50 Ps.
By solving these equations, we determine the new equilibrium prices after the discovery. The new equilibrium price for gold is approximately $750 and for silver, the price remains at $330.
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below:
Puget Sound Divers
Planning Budget
For the Month Ended May 31
Budgeted diving-hours (q) 250
Revenue ($440.00q) $ 110,000
Expenses:
Wages and salaries ($11,800 + $128.00q) 43,800
Supplies ($3.00q) 750
Equipment rental ($2,100 + $22.00q) 7,600
Insurance ($4,000) 4,000
Miscellaneous ($530 + $1.48q) 900
Total expense 57,050
Net operating income $ 52,950
Required:
During May, the company’s activity was actually 240 diving-hours. Complete the following flexible budget for that level of activity. (Round your answers to nearest whole dollar.)
Answer:
Explanation:
Calculation of items needed for construction of budget:
During May, the company’s activity was actually 240 diving-hours. So all items should be calculated with 240 diving-hours instead of 250.
Revenue = Revenue per diving hour* Diving hours = 440*240 = $105,600
Wages and salaries = $11,800+$128*240 = $42,520
Supplies = $3*240 = $720
Equipment rental = $2100 + $22*240 = $7380
Miscellaneous = $530 + $1.48*240 = $885
Flexible budget
For the month ended May 31
Revenue 105,600
Less: Expenses
Wages and salaries (42,520)
Supplies (720)
Equipment rental (7380)
Miscellaneous (885)
Insurance (4000)
Total expenses 55,505
Net income 50,095
The central bank of the fictitious country "Alpha" raises bank reserves by $100. What effect will the increase in bank reserves have on the money supply in each of the following situations: a. If the banking system is a 100% reserve banking system, the money supply will increase by $ . b. The banking system is a fractional reserve banking system with a desired reserve deposit ratio of 0.25, the money supply will increase by $ .
Final answer:
In a 100% reserve banking system, the money supply will increase by the same amount as the increase in bank reserves. In a fractional reserve banking system with a desired reserve deposit ratio, the money supply can be calculated using the money multiplier.
Explanation:
In a 100% reserve banking system, the money supply will increase by the same amount as the increase in bank reserves. So, if the central bank of Alpha raises bank reserves by $100, the money supply will also increase by $100.
In a fractional reserve banking system with a desired reserve deposit ratio of 0.25, the money supply can be calculated using the money multiplier. The money multiplier is the reciprocal of the reserve deposit ratio. In this case, the money multiplier would be 1/0.25 = 4. So, if the central bank of Alpha raises bank reserves by $100, the money supply will increase by $100 x 4 = $400.
St. Claire Manufacturing expects to produce and sell 6,000 units of Big, its only product, for $20 each. Direct material cost is $2 per unit, direct labor cost is $8 per unit, and variable manufacturing overhead is $3 per unit. Fixed manufacturing overhead is $24,000 in total. Variable selling and administrative expenses are $1 per unit, and fixed selling and administrative costs are $3,000 in total. According to generally accepted accounting principles, inventoriable cost per unit of Big would be: Group of answer choices $18.50 per unit $17.00 per unit $13.00 per unit $14.00 per unit
Answer:
According to generally accepted accounting principles, inventoriable cost per unit of Big would be $17.00
Explanation:
Absorption Costing method is suitable for external reporting purposes and thus preferred in reporting According to the generally accepted accounting principles (GAAP)
Absorption Costing Includes Both Fixed and Variable Manufacturing Overheads in Product Costings Calculations
Calculation of Inventory Cost per Unit According to Absorption Costing:
Direct material 2.00
Direct labor 8.00
Variable Manufacturing Overhead 3.00
Fixed Manufacturing Overhead ($24,000/6,000) 4.00
Inventory Cost per Unit 17.00