There are three different types of tax systems: progressive, regressive, and flat tax systems.
What are these tax systems ?Progressive Tax System: In a progressive tax system, the tax rate rises as the amount subject to taxation rises. Accordingly, people with greater earnings will pay a larger percentage of their income in taxes than people with lower incomes. The term "progressive" tax system refers to a tax system in which the tax rate rises progressively as income rises.Regressive Tax System: In a regressive tax system, the tax rate drops as the amount subject to tax rises. Accordingly, people with lower earnings will pay a larger percentage of their income in taxes than people with higher incomes. In this kind of tax structure, the tax rate is gradually reduced.Flat Tax System: A flat tax system is a tax system in which the tax rate is the same for all taxpayers, regardless of their income level. This means that everyone pays the same percentage of their income in taxes, regardless of how much they earn. In this type of tax system, there is no progressive or regressive aspect, hence the name “flat” tax system.To know more about taxpayers , check out :
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the document that records the materials, labor, and manufacturing overhead costs charged to a job is the
The document that records the materials, labor, and manufacturing overhead costs charged to a job is the job cost sheet.
What is job cost sheet?A job cost sheet is used to keep track of all expenses related to a certain job. Direct labor costs directly related to the job, direct material costs directly related to the job, and manufacturing overhead costs directly related to the job are included in these prices.
A job cost sheet is a document that lists every expense made to complete a project. These expenses can be recorded both during and after the project. This document is often generated by the accounting department to confirm that expenditures were within the budgeted amount. cost projection for upcoming work.
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on december 31, 2020, coolwear, inc. had a balance in its prepaid insurance account of $67,400. during 2021, $105,000 was paid for insurance. at the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $51,500. insurance expense for 2021 was: multiple choice $172,400. $120,900. $15,900. $105,000.
Insurance expense for 2021 is $121,900
Insurance is a type of contract between the policyholder and the insurance company, in which the policyholder pays regular premiums in exchange for financial protection in case of a covered event, such as death, illness, accident, or damage. Prepaid insurance refers to the payment of an insurance premium in advance of the coverage period.
In this scenario, Cool Wear, Inc. had a balance in its prepaid insurance account of $67,400 on December 31, 2020. In 2021, the company paid $105,000 for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $51,500.
Insurance expense for 2021 is calculated as follows:
=> $67,400 + $105,000 - $51,500 = $121,900
It is important to note that this amount represents the portion of the insurance premium that was consumed during the coverage period in 2021, and that the balance in the prepaid insurance account reflects the portion of the premium that will be used in future years.
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which of the following are included in gdp? question 2 options: the rise in life expectancy over time the cost of hospital stays the greater variety of cheese available in supermarkets the iron that goes into the steel that goes into a refrigerator bought by a consumer a used car sale a new car sale child care provided by a licensed day care center
Gross domestic product, sometimes known as GDP, is the indicator of an economy's overall production value during a given time period.
A measure of a nation's productivity over the course of a year is its gross domestic product (GDP). Government spending, business investment, individual consumption, and net exports (exports minus imports) are all totalled up to calculate the GDP. Because they were already calculated in earlier periods, revenues from property sales in prior years are not included in the GDP (options "A" and "C" in the example). GDP only counts earnings from legitimate and formal sources when it comes to work (option "D" does not match this principle in the example). Thus, in the example, the costs associated with a stock broker's services are taken into account when calculating GDP for the year in which the transaction occurred.
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When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities A) that build on their strengths relative to those of their competitors. B) in international markets. C)where customer excellence can be substituted for product excellence. D)where value-based pricing can be ignored. E)for diversification. Save
The correct answer is option a. When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities that build on their strengths relative to those of their competitors.
A firm can be defined as a for-profit business organization, like a corporation, limited liability company (LLC), or partnership, which provides professional services. Most of the firms have just one location.
In microeconomics, the theory of the firm tries to explain why the firms exist, why they actually operate and why they produce as they do, and how they are structured. The theory of the firm advocates that firms exist only to maximize profits; however, this theory may changes as the economic marketplace changes.
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a 6% return that you could have earned if you had made a particular investment.O Discounting O Time value of moneyO Amortized loanO Ordinary annuityO Annual percentage rateO Annuity dueO PerpetuityO Future valueO Amortization scheduleO Opportunity cost of funds
A 6% return that you could have earned if you had made a particular investment is an example of opportunity cost of funds. Thus, the last option is the correct answer.
What is opportunity cost?The opportunity cost of a particular activity in microeconomic theory is the value or benefit given up by engaging in that activity in comparison to engaging in an alternative activity.
The opportunity cost of capital is the incremental return on investment that a company foregoes when it chooses to invest cash in a marketable security rather than an internal project.
The following formula is used to calculate opportunity cost:
Opportunity Cost = Return on Most Profitable Investment Choice - Return on Investment Chosen to Pursue.
Therefore, 6% return that you could have earned if you had made a particular is the opportunity cost of funds.
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strategy analysis is the study of only the big picture external environments of the firm. group of answer choices true false
False, Analysis of a firm's strategy involves more than just looking at its overall external settings.
Can only the broad strokes of a strategy be examined during a strategy analysis?The firm's broad external settings are the only ones looked at during a strategy study. The three main stakeholders in corporate governance are shareholders, management (led by the chief executive officer), and employees.
Describe a strategy analysis.The term "strategic analysis" refers to the assessment of the workplace within a business. A general explanation of how the business is run can be found in this workplace environment. It assists in determining how the business is doing and whether the goals and objectives it has set may be accomplished.
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which of the following is true about nominal gdp? base year output divided by current year prices base year prices times current year output current year output divided by base year prices current year prices times base year output current year prices times current year output
The answer is Base year prices times current year output, is true about Nominal GDP.
GDP definitionGross domestic product (GDP) is the accepted unit of measurement for the value added produced by the production of goods and services in a nation over a specific time period. As a result, it also accounts for income generated from that output or total expenditures on finished goods and services (less imports).
What is an example of GDP?We are aware that the GDP is the monetary value of all finished products and services generated in an economy. Let's take Country B as an example, which solely produces backrubs and bananas. Figure%: Products and Services from Country B Five bananas, each worth $1, and five backrubs, each worth $6, are produced in year one.
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entry for issuing materials materials issued are as follows: requisition no. material job no. amount 201 aluminum 500 $976,000 202 plastic 503 379,400 203 rubber 504 187,700 204 glue indirect 170,000 205 steel 510 619,000 journalize the entry to record the issuance of materials. if an amount box does not require an entry, leave it blank. blank accountdebitcredit blank - select - - select - - select - - select - - select - - select -
When a company issues materials, it means that the materials are taken from inventory and used in the production process. The cost of these materials then becomes an expense for the company.
To record the issuance of materials, a journal entry is made in the company's accounting records. This entry involves two accounts: Materials Issued and Accounts Payable. Materials Issued is an asset account that represents the value of the materials that have been taken from inventory and are now being used in the production process. This account is debited for the cost of the materials issued. Accounts Payable is a liability account that represents the amount owed to suppliers for materials that have been received but not yet paid for. When materials are issued, the Accounts Payable account is credited for the cost of the materials. In other words, the debit to the Materials Issued account decreases the company's assets and the credit to the Accounts Payable account increases the company's liabilities. Here's an example of how the journal entry would look for the issuance of the materials listed in the original question:
Debit: Materials Issued (Aluminum) $976,000Credit: Accounts Payable $976,000
Debit: Materials Issued (Plastic) $379,400Credit: Accounts Payable $379,400
Debit: Materials Issued (Rubber) $187,700Credit: Accounts Payable $187,700
Debit: Materials Issued (Glue Indirect) $170,000Credit: Accounts Payable $170,000
Debit: Materials Issued (Steel) $619,000Credit: Accounts Payable $619,000
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joshua believes that treating employees equally will improve their job satisfaction, which in turn will increase their work productivity and performance. in accordance to his beliefs, he wants to reduce the number of job levels and the pay differentials between the levels. in this case, he is most likely to use a(n):
He will probably employ a flat salary structure in this instance.
He intends to cut back on both the number of employment levels and the salary gaps between them.
All salaries up to that point had been arranged with a business owner. Although there were some, there were no appreciable discrepancies in the salaries of those performing the same jobs level.
For reasons I do not fully understand, discussing money is taboo everywhere in the globe.
Fun fact: After letting the rest of the company know about the "new reality," they requested that we hold off on disclosing pay for a while so they could adjust to it.
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normative economics is . multiple choice question. based on the use of the scientific method based on facts applicable only to macroeconomics based on value judgments
Normative economics is based on value judgments.
Normative economics is concerned with making value judgments about what should be, rather than what is. It deals with subjective opinions and beliefs about what the economy should look like and how it should be managed.
Normative economics often involves making recommendations and proposing policies based on personal, political, or ethical beliefs.
In contrast, positive economics is based on the use of the scientific method and is concerned with describing and explaining economic phenomena. Positive economics is objective and fact-based, relying on data and empirical evidence to draw conclusions about the economy.
Therefore, the correct answer is "based on value judgments".
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Wages expense is ______, while wages payable is ______.
Wages Payable is a liability on the balance sheet, whereas Wages Expense is an expense on the income statement.
What are Wages?
A wage is a payment made to workers as recompense for their time spent working for a company. Always, wages are paid depending on a specific period of time. Typically, this is on an hourly basis. The phrase "hourly worker" originates from this. Salary and commissions are examples of additional sources of compensation. Lower-level employees are compensated according to the number of hours worked. These workers typically keep track of their weekly hours worked on a time sheet or time card. The majority of modern firms use computerised systems to monitor the hourly work of their employees.
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suppose you manage a $4 million fund that consists of four stocks with the following investments: stock investment beta a $600,000 1.50 b 800,000 -0.50 c 1,000,000 1.25 d 1,600,000 0.75 if the market's required rate of return is 10% and the risk-free rate is 4%, what is the fund's required rate of return? do not round intermediate calculations. round your answer to two decimal places.
Required Rate of Return is 6.25%.
The fund's required rate of return can be calculated by using the Capital Asset Pricing Model (CAPM). The formula is:
Required Rate of Return = Risk-free Rate + Beta x (Market Return - Risk-free Rate)
In this case, the fund's required rate of return is calculated as follows:
Required Rate of Return = 4% + (1.5 x (10% - 4%)) + (0.5 x (10% - 4%)) + (1.25 x (10% - 4%)) + (0.75 x (10% - 4%)) Required Rate of Return = 6.25%
The Capital Asset Pricing Model (CAPM) is an important tool used to determine a security's required rate of return. It is based on the notion that investors require higher returns to compensate for higher risk. The CAPM formula helps to quantify the required rate of return by taking into account the risk-free rate and the beta of the security (a measure of its systematic risk).
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When an economy produces more smartphones and fewer cars, it is answering the _____ question
When an economy produces more smartphones and fewer cars, it is answering the allocation of resources question.
What is allocation of resources?Resource allocation refers to the method of economically dividing up all the resources including land, labor, capital, and natural resources among numerous economic activities. To take it another way, it is the process that occurs when a society wants how to allocate its resources in order to manufacture the commodities and services that satisfy the requirements and preferences of its people. A variety of variables, including supply and expectation of customers, regulatory issues, technological advancements and the accessibility of resources, affect how resources are distributed.
The maximization of output while reducing costs of production is one of the main goals of resource allocation in an economy. This is accomplished by directing resources to the creation of the products and services that have the highest demand and the potential for the greatest level of efficiency. In establishing how income and wealth are distributed among various facets of the population, resource allocation is also a critical factor.
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because you understand the law of supply, you can deduce that the correct graphical representation of the supply for records must be
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for records must be a straight line. Supply is determined by factors such as price, availability of resources, and number of suppliers, among many others.
What do you mean by a Straight line?
A straight line is a line that continues in the same direction without any bends or curves. It is the shortest path between two points and is often used to represent relationships between two variables in a graph. A straight line is said to have an undefined slope, since it moves in a single direction, either up or down. Straight lines can also be used to define angles, as the angle between two intersecting straight lines is equal to the inverse of their slope. Straight lines are also commonly used in geometry to define the side of a triangle, a polygon, or a circle. Straight lines are also used to define a linear equation, which is a mathematical equation that describes the relationship between two variables.
So, The required answer is Straight line.
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for this first assignment, you need to put together a memo outlining the following: explaining what the triple bottom line is and how mart-rivers can benefit from this. also, what do you believe is the value proposition for mart-rivers with the current focus on office furniture for certain industries? discuss what type of orientation (production, sales, marketing, societal) you imagine mart-rivers to have. explain your answer.
The idea of the triple bottom line has been gaining popularity in the business world as a way to gauge success other than the conventional financial bottom line.
It is a metric for success that takes an organization's effects on the economy, the environment, and society into account.
Due to the fact that it takes into account every facet of an organization's activities, this notion offers organisations a holistic perspective of their performance.
By considering the effects that their operations have on the economy, environment, and society, Mart-Rivers may take advantage of the triple bottom line.
The triple bottom line helps Mart-Rivers comprehend how their actions affect their consumers, the environment, and the neighbourhood.
An excellent value proposition is provided by Mart-Rivers' present focus on office furniture for certain businesses.
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if rose wants to have $570,000 from a $226,000 investment after 12 years, the interest rate (to the nearest percent) she needs is
Rose needs an interest rate of 8% if, after 12 years, she wishes to have $570,000 from a $226,000 investment.
What connection exists between an investment and an interest rate?Interest rates and investment have an inverse relationship. Individuals will borrow less money from the bank if the interest rate is high, leaving them with less money to invest in the firm. Conversely, if the interest rate is low, people will borrow more money from the bank.
Why is the interest rate significant in investments?Because they affect people's propensity to borrow money, interest rates are among the most significant figures in the economy. It's costly to borrow money when interest rates are quite high.
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dianne's discount clothing store is in a strip mall. she wants to know what other businesses in the strip mall her customers visit when they come to her store. to collect information for this objective, dianne will most likely use
Dianne's discount clothing store is in a strip mall. she wants to know what other businesses in the strip mall her customers visit when they come to her store. to collect information for this objective, dianne will most likely use observation.
How does discount work?
Discount is a term that describes a sum or a percentage subtracted from a product's usual selling price. Make sure you need all of the items you plan to buy before waiting until after the holiday when you can frequently find them at a significant discount.
Discount is a term that refers to a reduction in the cost of a commodity or service.
What does a business discount mean?
A business will give a product or service at a discounted price as a sales discount. How to add discounts to invoices should be learned.
Customers of a business receive a discounted price on one or more of the goods or services being supplied when they take advantage of a sales discount, sometimes known as simply a "discount."
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you will receive $15,000 in two years when you graduate. you plan to invest this at an annual interest rate of 6.5 percent, compounded annually. how much money will you have 8 years from now?
You will have FV = $21,887.13, 8 years from now.
How much money will you have 8 years from now?Giving the following information:
Initial investment= $15,000
Number of periods= 6 years
Interest rate= 6.5% compounded annually
To calculate the future value of the investment, we need to use the following formula:
FV= PV*(1+i)^n
FV= 15,000*(1.065^6)
FV= $21,887.13
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what type of public liability is caused when the individuals are affected by practices of the personnel within the facility?
Excluding negligence is the type of public liability caused when individuals are affected by the practices of the personnel within the facility.
Why is public liability necessary?
Your ability to defend against potentially costly legal claims is aided by having public liability insurance, which may be able to compensate you. Disputes are less likely to reduce your company's profitability with the insurance in place.
The kind of public liability that results from the practices of the staff within the facility having an impact on people is different from negligence.
Therefore, Public liability insurance protects both your property and that of your neighbors in case any harm is done or someone is hurt while the work is underway.
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multiple choice question productivity in the service sector is difficult to measure because new technology adds to blank , but not necessarily the blank of the service produced. multiple choice question. cost; quantity quantity; quality quality; quantity quality; cost
Option - C : quality; quantity. Productivity in the service sector is difficult to measure because new technology adds to quality , but not necessarily the quantity of the service produced.
The ratio of resources utilised to generate products and services to their output is known as productivity. Productivity is a crucial gauge of a nation's economic health on a national scale. The higher the production, the higher the living standards for whatever level of work.
By dividing an index of output by an index of total employee hours, the industry labour productivity measurements are calculated as indexes of production per hour.
A visual representation of service industry productivity
A booming economy can produce and consume more services and goods for the same amount of labour due to increases in productivity. For individuals (workers and consumers), business leaders, and analysts, productivity is important (such as policymakers and government statisticians).
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a strategic business unit with fourteen separate product lines would be considered to have a(n) portfolio group of answer choices unfocused diversified market saturation specialized overlapping
A strategic business unit with fourteen separate product lines would be considered to have a diversified portfolio. A strategic business unit, or SBU for short, is a fully functional division of a company with distinct objectives. A strategic business unit is an important part of the organisation and often runs on its own.
It updates the headquarters on its operational condition. A business unit is a distinct division within a corporation that frequently creates and implements its own procedures outside from the primary business or brand while continuing to follow the general corporate standards. It enables a manager to develop and carry out internally logical and consistent business plans. The heads of each business unit are in charge of profitability, strategic planning, and performance.
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the country of livonia has an adult population of 100 million. sixty percent of livonia's population are employed, but 10% of the people are unemployed. the labor force participation rate in livonia is: a 70%. b 60%. c 7%. d 10%. e 50%.
Option A. The labor force participation rate is a measure of the portion of the adult population that is actively participating in the labor market.
This includes people who are employed and those who are unemployed but actively seeking work. The labor force participation rate provides valuable information about the health of a country's economy and can be used to track changes in employment over time.
In Livonia, the adult population is 100 million. Out of this population, 60% are employed, meaning there are 60 million employed people. Additionally, 10% of the adult population are unemployed but actively seeking work, meaning there are 10 million unemployed people.
To calculate the labor force participation rate, we add the number of employed people and the number of unemployed people who are actively seeking work:
60 million (employed) + 10 million (unemployed) = 70 million (labor force)
The labor force participation rate is then calculated as the labor force divided by the adult population:
70 million / 100 million = 70%
So, the labor force participation rate in Livonia is 70%.
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the team's engagement score was 4.8 this month. the score has been improving at a rate of 13% per month. what was the score 5 months ago?required question. 0.85 1.68 2.61 4.18 4.67
The team's engagement score five months ago was 2.61
Team's engagement score = 4.8
Rate = 13%
Time period = 5 months
The pace at which one quantity changes in relation to another is referred to as the rate of change. If the independent variable x is present, then the dependent variable y must also be there. rate of change equals the y- and x-fold changes. Rates of change can be either positive or negative.
Let the score five months ago be = x.
Calculating the current engagement score -
Current score = x × ( 1 + rate) ^ number of months
4.80 = x × (1 + 13%)⁵
4.8 = x × 1.84243
x = 4.8 / 1.84243
= 2.61
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An assembly line has 10 stations with times of 1,2,3,4,..., 10, respectively. What is the bottleneck time? a. 1.82% of the throughput time b. 100% of the throughput time c. 550% of the throughput time d. 18.18% of the throughput time e. 50% of the throughput time
Option D is correct. The bottleneck time is 18.18% of the throughput time.
What is bottleneck time?The weakest part of a supply chain is the bottleneck time, that is frequently referred to as the restraint or limiting factor. It refers to the section of a manufacturing line that limits the process's total production. In other words, the bottleneck time is the amount of energy required to execute the activity that affects the process's overall pace.
For instance, if you are producing a item on a factory line and one station takes the longest to finish, that station has now become the process' bottleneck. This demonstrates that the speed of operation of this station is the only restriction on the entire manufacturing process. Therefore, increasing this station's functionality can aid in improving the production levels of the process.
According to question:
The bottleneck time is the time at the station with the longest processing time, which is 10 in this case. The throughput time is the total processing time for all stations, which is 55 (1 + 2 + 3 + ... + 10). So, the bottleneck time is equal to 18.18% of the throughput time, which is 10 / 55 = 0.1818 or 18.18%.
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in the past, the store had a strong demand for fabrics, large classes for women learning the fine points of sewing, and a reputation for excellent service and technical advice. now the store is earning lower-than-average returns. this case is an example of
The case you mentioned is an example of market saturation.
Market saturation is a situation where a particular market becomes saturated with similar products or services, leading to decreased demand and reduced profits.
In the past, the store had a strong demand for fabrics and sewing classes, which was due to the lack of competition and the high quality of service provided by the store. However, over time, other stores started offering similar products and services, leading to increased competition in the market. As a result, the demand for fabrics and sewing classes has decreased, and the store is now earning lower-than-average returns.
Moreover, the increased availability of online shopping options has also contributed to the decreased demand for the store's products and services.
In conclusion, the decrease in demand for the store's products and services is due to increased competition and market saturation, as well as the impact of online shopping. The store must find ways to differentiate itself from its competitors and offer unique products or services in order to increase demand and improve its average returns.
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the sovereign immunity doctrine states that a foreign sovereign cannot be sued unless an exception to the foreign sovereign immunities act of 1976 applies. a sovereign is:
A sovereign is a supreme power or governing authority, often referring to a nation's political entity. The sovereign immunity doctrine means that a foreign sovereign cannot be sued in a U.S. court unless an exception under the Foreign Sovereign.
What is a sovereign?A sovereign is a supreme ruler or a supreme governing authority, either of a nation-state or of an independent state. In legal terms, sovereign refers to a government or a state that has complete and independent power and authority over its territory and citizens, and is not subject to control by any other government or entity.
The sovereign immunity doctrine states that such a government or state is immune from being sued in the courts of another country, unless an exception specified in the Foreign Sovereign Immunities Act of 1976 applies. Hence, the answer is, a sovereign is a supreme power or governing authority, often referring to a nation's political entity.
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operations and supply chain management includes which of the following activities? multiple select question. managing the firm's advertising expenditures. improvement of systems that create the firm's primary products. design of delivery systems. operation of systems that create the firm's primary products.
Operations and supply chain management includes C: "design of delivery systems" and D: "operation of systems that create the firm's primary products".
Operations and supply chain management encompasses a variety of activities related to the production and delivery of a company's products and services. This field focuses on optimizing the efficiency and effectiveness of a company's operations to meet customer needs and improve overall performance. Key activities in operations and supply chain management include designing delivery systems to ensure the efficient and timely delivery of products, as well as operating the systems that create a company's primary products.
This field is concerned with managing the entire process from raw materials to the delivery of finished goods to customers. By focusing on these key activities, operations and supply chain management helps companies to reduce costs, improve quality, and increase overall competitiveness.
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jordan inc. manufactures water polo balls, which sell for $50. the company expects to incur the following costs during the coming year: variable manufacturing cost, $15 per unit; variable selling and administrative cost, $5 per unit; fixed manufacturing cost, $35,000; and fixed selling and administrative cost, $25,000. what is the break-even volume in sales dollars?
Jordan inc. manufactures water polo balls, The break-even volume in sales dollars is given by $100,000.
What are sales?A sale is a transaction that involves exchanging products or services for a specific sum of money. To put it another way, a sale is any action that involves giving the buyer possession of a thing or commodity in return for payment. Sales, as used in accounting, refers to the money a business makes through selling goods or services.
The sales representative solicits orders from current or potential sales outlets while selling products and attending to customer demands. When a consumer makes a purchase, they ensure they are satisfied and well taken care of. They can create new accounts in this manner for their employer.
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Focused cost leadership is observed when a product has the lowest cost ________.
When a product has the lowest cost within a given industry segment, focused cost leadership is present.
What is meant by focused cost leadership?To target a small market, a focused cost leadership strategy necessitates price competition. This approach does not guarantee that a company will have the lowest prices in the sector. Instead, it has competitive pricing compared to other businesses operating in the target market.
Overall lower cost, also known as cost leadership, is a business strategy where a company stakes its competitive advantage on its ability to create, produce, and distribute goods more effectively than rivals.
A targeted low-cost approach that focuses on a certain customer base (or market niche) and outperforms competitors by incurring lower expenses than competitors and offering specialized customers a lower price.
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the following information for year 1 is taken from the accounts of tuttle company. the company uses the periodic inventory method. inventory, december 31, year 1 $ 9,300 purchases 41,300 purchase returns and allowances 730 purchase discounts 530 freight on goods purchased under terms fob shipping point 1,730 freight on goods sold under terms fob destination 930 cost of goods sold 29,700 based on this information, what is the inventory account balance as of december 31, year 1?
The inventory account balance as of December 31, year 1 is $21,370. option (A) is correct.
Inventory on December 31, year 1 is calculated below:
Ending Inventory = Beginning Inventory + (Purchases - Purchase return and allowances - Purchase discount ) + Freight on goods purchased - Cost of goods sold
Ending Inventory = $9,300 + ($41,300 - $730 - 530) + $1,730 - $29,700
= $9,300 + $40,040 + $1,730 - $29,700
= $21,370
The inventory account will be expanded by the expenses of the products bought and will be diminished by the expense of the merchandise sold. Consequently, the equilibrium in the Stock record ought to mirror the expense of the stock things as of now on hand.
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the following information for year 1 is taken from the accounts of tuttle company. the company uses the periodic inventory method. inventory, december 31, year 1 $ 9,300 purchases 41,300 purchase returns and allowances 730 purchase discounts 530 freight on goods purchased under terms fob shipping point 1,730 freight on goods sold under terms fob destination 930 cost of goods sold 29,700 based on this information, what is the inventory account balance as of december 31, year 1?
(A) $21,370
(B) $9,300
(C) $1,730
(D) $29,700