i. Wasted resources in association with price confusion: When prices rise due to inflation, businesses and consumers become confused about the true value of goods and services. This leads to inefficient decision making, resulting in resources being wasted.
What is price confusion?Price confusion is a phenomenon in which consumers are uncertain about the price of a product or service due to the presence of a range of prices, or because the price or the value of the product or service is not clear. This confusion can lead to consumers not making a purchase, or purchasing a different product or service than they had intended.
ii. Higher taxpayers' tax burdens: Inflation erodes the real value of people’s income, making it more difficult to pay taxes. As a result, taxpayers can end up paying more in taxes due to higher inflation.
iii. Inefficiencies due to money illusion: Money illusion is the phenomenon in which people perceive a change in the nominal value of money but fail to recognize the change in real value. This leads to misallocation of resources and inefficient decision-making.
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true or false: if the growth rate in profits is less than the interest rate and both are constant, maximizing short-term profits is the same as maximizing long-term profits.
Maximizing current (short-term) earnings is equivalent to maximising long-term profits if the profit growth rate is less than the interest rate and both are constant.
How managerial economics is significant in profit maximisation of firm?Most importantly, it aids in establishing the market price of the product under discussion, which in turn serves as the foundation for the company that manufactures that product's earnings.
What is wealth and profit maximisation, and what are its goals?Profit maximisation, as the name suggests, relates to increasing the company's profit, whereas wealth maximisation seeks to raise the entity's value more quickly. Since profit serves as a benchmark for efficiency, maximising profit is the main objective.
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improving the quality or amount of factories and machines would involve an investment in .
Improving the quality or amount of factories and machines would involve an investment in Capital Goods
Improving the quality or amount of factories and machines would require an investment in capital goods, also known as physical capital. Capital goods are durable goods that are used in the production process, such as machinery, equipment, buildings, and infrastructure. Investing in capital goods can improve the productivity and efficiency of a company, enabling it to produce more goods and services at a lower cost. This can increase the company's competitiveness and help it grow and expand its operations. An investment in capital goods is a long-term investment, as these goods have a useful life of several years and are expected to generate returns over that period.
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smith company purchased inventory of $2,000 on account and uses the periodic system. the journal entry for the purchase would be:
The journal entry for the purchase would be: purchases: 2,000 debit, accounts payable: 2,000 credit
What is the periodic inventory system's journal entry?A few illustrations of periodic transaction journal entries. The inventory balance is updated once each period in a periodic inventory system. For this approach, typical journal entries are brief. It is safe to presume that you are utilising gross profit to record discounts and that both the sales and the purchases were made on credit.You record transactions in the accounting journal while using a periodic method. This diary displays the debits and credits for your business in a straightforward column format, organised by date. By debiting the purchase account and crediting accounts payable, you may record the purchase of inventory in a journal entry.When using the periodic system, purchases are recorded in the Purchases account as a debit (instead of Merchandise Inventory) and Accounts Payable as a credit.
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nasim invested \$1000$1000 in an account that pays 3% interest compounded annually. assuming no deposits or withdrawals are made, find how much money nasim would have in the account 15 years after his initial investment. round to the nearest tenth (if necessary).
The answer is 1557.96742 or 1558, it is the amount that Nasim would get after 15 years assuming no withdrawals are made.
What is an easy way to define investment?A purchase made with the intention of creating income or capital growth is known as an investment. An asset's value increasing over time is referred to as appreciation. When a person invests in a good, they do not intend to utilize it as a source of immediate consumption, but rather as a tool for future wealth creation.
What is investing's primary goal?Investing is a successful approach to use your money and possibly increase your fortune. Your money may grow in value and outpace inflation if you make wise investment decisions. The power of compounding and the trade-off between risk and return are the main reasons investment has a higher growth potential.
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Cost of raw materials is debited to Raw Materials Inventory when the materials are put into production. bill for the materials is paid. materials are ordered. materials are received.
When the materials are received, the cost of the raw materials is deducted from the raw materials inventory. The term "raw materials" describes the fundamental inputs or resources that a business employs to create a finished good. These materials may contain tangible
Basic resources or unprocessed substances used as inputs in the manufacture of commodities are referred to as raw materials. These can take the shape of manufactured materials like plastic or metal or natural resources like metals, crops, or timber. Because it influences the price and quality of the finished product, the procurement of raw materials is a crucial step in the production process. You may either gather raw materials through mining or other forms of harvesting, or you can buy them from vendors. To prevent the depletion of natural resources and adverse effects on the environment and communities, it is crucial to assure the sustainability and moral sourcing of raw materials.
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on december 30, you make a $3,500 charitable donation. a. if you are in the 10 percent tax bracket, how much will you save in taxes for the current year? (assume your other itemized deductions exceed the standard deduction amount.)
Savings in tax for the current year is $350.
Savings in tax in current year,
= $3,500 x 10%
= $350
Donations to charity organizations may be deducted from one's taxable, lowering one's overall tax obligations.
Information on charitable donations has been utilised in several economic studies to identify potential underreporting of income.
The amount of tax saved is the sum of the gift and the marginal tax rate if the charitable donation is totally exempt, meaning that your taxable income might be reduced by the whole amount of the donation.
A tax savings is a decrease in the amount of taxes paid by a person, corporation, or other taxpayers.
After submitting an income tax return, this may lead to a decrease in the amount of income tax withheld or the overall tax obligation. Deductions, exemptions, and credits frequently lead to reduced tax obligations.
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chelsea, inc. uses the job costing method and uses direct labor hours as the allocation base. in 2016, the company estimated that they would incur 250,000 direct labor hours and total overhead costs of $2,500,000. actual overhead costs for job 3489 were $275,000 and actual direct labor hours were 28,000. what is the predetermined manufacturing overhead (moh) rate per direct labor hour (dlh)? (round your answer to the nearest $.01)
The amount of manufacturing overhead allocated to Job 3489 is $280,000.
Direct labor hours = 250,000
Total overhead costs = $2,500,000.
Actual overhead costs = $275,000
Actual labor hours = 28,000
Calculating the predetermined overhead rate:
= Total estimated overhead costs / Total amount of allocation base
Substituting the values -
= 2,500,000 / 250,000
= 10
= $10 per direct labor hour
Allocating the manufacturing overhead:
= Estimated manufacturing overhead rate x Allocation base
= 10 x 28,000
= 280,000
Complete Question:
Chelsea, Inc. uses the job costing method and uses direct labor hours as the allocation base. In 2016, the company estimated that they would incur 250,000 direct labor hours and total overhead costs of $2,500,000. Actual overhead costs for Job 3489 were $275,000 and actual direct labor hours were 28,000. Which of the following represents the MOH allocated to Job 3489?
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what were the company’s predetermined overhead rates in the molding department and the fabrication department?
The moulding department as well as the fabrication department have set overhead rates of 5.4 per hour.
What is called fabrication?Fabricated is the process of creating items using a combination of parts that are frequently standardised and one or more unique techniques. For instance, in steel fabrication, metal structures are created using a range of methods, such as cutting, bending, or assembling.
What is an example of fabrication?This same following are some illustrations of fabrication or falsification: producing data artificially when it should coming from a real experiment Unauthorized tampering with or fabrication of material, texts, images, audio, video, music, or other works.
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in 2007 a company sold 35,000 mp3 players at $150 each. in 2008 the same company sold 40,000 mp3 players at $170 each. this information suggests that:
This information indicates that the company experienced an increase in sales from 2007 to 2008. The number of MP3 players sold increased by 5,000 and the price per unit increased by $20.
This suggests that the company was able to increase its sales by offering a higher quality product at a slightly higher cost. The company has also probably increased their advertising and marketing strategies to make more people aware of their product. Overall, this information suggests that the company was able to capitalize on the increased demand for MP3 players by offering a higher quality product at a competitive price.
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true or false: the ppp adjustment is used in business to balance credits and debits at the end of the accounting cycle. true false question. true false
This statement is False. A PPP adjustment is short for a "purchasing power parity" adjustment, which is an adjustment to the exchange rate between two countries.
When the exchange rate between two countries is adjusted using the PPP adjustment, it takes into account the different purchasing power of the two countries. For example, a currency that has a higher purchasing power in one country than another will be adjusted upwards in exchange rate. This helps create a more accurate comparison between the two countries' currencies as well as their cost of living. This adjustment does not directly affect the end of the accounting cycle.
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from the plato reading: explain how ideas about business might be influenced by fear (or hope) of an afterlife? remember, the afterlife (assuming there is one) is not necessarily a good place, in some superstitions it is a terrible place, a hell. how would this impact greed for profits, avarice, and even things like ambition?
In Plato's philosophy, the fear (or hope) of an afterlife can influence ideas about business in a number of ways. According to Plato, beliefs about the afterlife can influence human behavior by providing a framework for ethical decision-making and by shaping people's motivations and desires.
For example, if someone believes that their actions in this life will determine their destiny in the hereafter, they may be inclined to engage in unethical business practices such as greed or greed, because they fear that these actions may result in punishment in this world. hereafter. On the other hand, if someone believes that the afterlife will be rewarded for good deeds, they may be more motivated to engage in ethical business practices, as they hope to benefit from their good deeds in the hereafter.
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you have just arranged to purchase a $20,000 car. you will make a $5,000 down payment and finance the rest with a 48-month loan. apr is 12% (annual rate). what is your monthly payment?
To calculate the monthly payment, you need to determine the loan amount first, which is $20,000 - $5,000 = $15,000. Then, you can use the following formula:
M = P * (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
M is the monthly payment
P is the loan amount ($15,000)
r is the monthly interest rate (12% ÷ 12 months = 1%)
n is the number of payments (48 months)
Plugging in the values, we get:
M = $15,000 * (1% * (1 + 1%)^48) / ((1 + 1%)^48 - 1)
M = $15,000 * (1.01^48) / (1.01^48 - 1)
M = $15,000 * 1.9788321524 / 0.9788321524
M = $15,296.03
Therefore, your monthly payment would be $15,296.03
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abc's balance sheet lists current assets of $300, current liabilities of $200, fixed assets of $700, long-term debt of $400. abc has 200 shares outstanding. what is the market-to-book ratio (mtb) if the market price per share is $8?
The market-to-book ratio value is $2.67
Market-to-Book Ratio (MTB) is calculated as (Market Price Per Share x Shares Outstanding) / Share Book Value.
MTB = ($8 x 200) / ($300 + $700 - $400)
MTB = $1,600 / $600
MTB = 2.67
The book-to-market ratio contrasts the market value of a corporation with its book value. Assets' value less liabilities' value equals the book value.
The market price of one share of a firm multiplied by the quantity of outstanding shares equals the company's market value.
To determine how a company's current market value compares to its book value, a financial valuation metric known as the Market to Book Ratio, often referred to as the Price to Book Ratio, is utilised.
The market value of all outstanding shares is represented by the stock price at the moment (i.e. (i.e., what the market decides the value of the company in terms of cost).
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compute the cost per unit and the gross margin per unit assuming output and sales of: 500,000 units. 750,000 units.
To compute the cost per unit and gross margin per unit for 500,000 units and 750,000 units of output and sales, you need to first calculate the total costs and total sales for each amount of output.
For 500,000 units, the total costs would be $200,000 (fixed costs) plus 500,000 x $30 (variable costs) = $20,000,000. The total sales would be 500,000 x $50 (sales price) = $25,000,000.For 750,000 units, the total costs would be $200,000 (fixed costs) plus 750,000 x $30 (variable costs) = $30,000,000. The total sales would be 750,000 x $50 (sales price) = $37,500,000.Once you have the total costs and total sales for each amount of output, you can calculate the cost per unit and gross margin per unit by dividing the total costs and total sales by the amount of output.
For 500,000 units, the cost per unit would be $20,000,000 / 500,000 = $40 and the gross margin per unit would be $25,000,000 / 500,000 = $50.For 750,000 units, the cost per unit would be $30,000,000 / 750,000 = $40 and the gross margin per unit would be $37,500,000 / 750,000 = $50.Learn more about cost and gross margin :
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which answer best describes an advantage of shipping goods by canal? most towns would rather have canals than noisy railroads. goods transported over the water were less likely to spoil. travelling by boat is a much more relaxing way to transport goods. heavy loads of goods could travel by boat more quickly and cheaply than if pulled by horses.
The best describes an advantage of shipping goods by canal most towns would rather have canals than noisy railroads.
What are the benefits of canal shipping?The building of canals reduces the length of shipping routes by creating new, more direct pathways through the terrain. These closer distances provide for time and cost savings for vessel operations.
What system of canals was created to help with transportation in the northeast?The opening of the Erie Canal sparked the first significant westward migration of American settlers, provided access to the fertile land and abundant resources west of the Appalachians, and elevated New York to the position as the country's leading commercial hub.
How did canals and railroads help in shipping?By linking the Hudson River to Lake Erie, the Erie Canal made trade with the West easier. Railroads reduced travel times across the nation, making it simpler and more affordable to convey people and products.
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Answer:
shipping goods
Explanation:
yes
the corporate office has determined that the company vision needs to be amended. what should corporate leaders do to increase the likelihood that employees will accept this change?
To increase the likelihood that employees will accept the amendment of the company vision, corporate leaders should consider steps like Communication,Involvement,Training,Lead by example,Celebrate successes.
A corporate leader is a company's senior executive. Together with other executives, they can assess the business's performance, develop and implement rules for all employees, and Explain the changes' justifications and how they fit with the organization's values and objectives in a straightforward and open manner. Encourage employee participation and give them the chance to provide suggestions and ask questions.
To assist staff members in comprehending and internalising the new vision, provide training and resources.
Lead by example: Set a good example for your team by acting in a way that aligns with the attitudes and principles that the new vision demands.
Celebrate accomplishments: Emphasize and rejoice in the achievements brought about by the realisation of the new vision.
Corporate executives can raise the possibility that staff members will accept and support the modification of the business vision by adopting these actions.
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why can a closed-end investment company sell for a discount from nav but a mutual fund cannot sell for a discount?
A closed-end investment company and a mutual fund are both investment vehicles that allow individuals to pool their resources to purchase a diversified portfolio of securities.
However, there are some key differences between the two that explain why a closed-end investment company can sell for a discount from its net asset value (NAV) while a mutual fund cannot.
A closed-end investment company issues a fixed number of shares, which are traded on an exchange like a stock. The price of a closed-end fund's shares is determined by supply and demand on the market, and may be above or below the fund's NAV. If the demand for the fund's shares is low, the price may fall below the NAV, creating a discount.
On the other hand, a mutual fund is an open-end investment company that issues and redeems shares as needed to meet investor demand. The price of a mutual fund's shares is always equal to its NAV, as investors can buy or sell shares at the NAV price at any time. A mutual fund does not trade on an exchange, and its price is determined by the value of its underlying assets, rather than supply and demand.
Another difference between closed-end funds and mutual funds is leverage. Closed-end funds may use leverage, meaning they borrow money to invest, which can amplify their returns but also increase their risk. This leverage can contribute to price fluctuations and the possibility of a discount from the NAV. Mutual funds, on the other hand, are typically not allowed to use leverage, which helps to limit price fluctuations and maintain a consistent NAV.
In conclusion, the key differences between closed-end funds and mutual funds, such as their structure, pricing mechanism, and the use of leverage, explain why a closed-end investment company can sell for a discount from its NAV while a mutual fund cannot. The discount in a closed-end fund can reflect the supply and demand for its shares on the market, as well as the risk associated with the fund's use of leverage.
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which hotel management role most impacts guest satisfaction? group of answer choices general manager director of housekeeping concierge director of food and beverage
The correct answer to the question above is "Hotel general manager".
Hotel general manager function:Providing owners with a reasonable return on their investmentKeeping guests satisfied and returningkeeping employees happyDirector of housekeeping:make sure that the housekeeping department runs in an efficient mannerresponsible for maintenance, cleanliness, and aesthetics of rooms, pubic area, back area, and surrounding. director of food and beverage:to ensure the quality of food and beverage they servedmaintain guest stratification on their dining experienceLearn more abour hotelier departement at: https://brainly.com/question/15062758
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serena is the ceo of an online retailer. she and her immediate staff have decided to implement a company-wide marketing strategy to improve online sales in central and south america. what type of strategic approach is serena engaging in? multiple choice question.
The type of strategy that Serena is using here is what is called the option 1 Top-down strategic planning.
This is the type of organizational flow where information and other sorts of activities is made to flow from the top to the lower levels of hierarchy. Serena is the CEO and she has asked her subordinates to come up with a a strategy for the company. The strategy known as the "top-down approach" to management entails the decision-making process taking place at the highest level before being communicated to the rest of the team.
This approach is adaptable to the requirements of each group and can be used at the project, team, or even company level. Top predators control a population's structure in some ecosystems. An illustration of a top-down strategy is this one. Other ecosystems, on the other hand, are built from the bottom up.
DISCLAIMER The question is incomplete.
serena is the ceo of an online retailer. she and her immediate staff have decided to implement a company-wide marketing strategy to improve online sales in central and south america. what type of strategic approach is serena engaging in? multiple choice question.
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do your suggestions fall mostly into the accounting, shareholder, or economic point of view on competitive advantage?
Regarding competitive advantage, there are several different approaches that can be taken, including accounting, shareholder, and economic perspectives, among others. Each perspective has its own set of assumptions and methods for evaluating and measuring competitive advantage.
In general, accounting perspective on competitive advantage focuses on the financial performance of a company, shareholder perspective considers how a company's actions can benefit its shareholders, and economic perspective looks at how a company can achieve and maintain a competitive edge in the marketplace.
Depending on the specific question or topic being discussed, any of these perspectives could be relevant, and my responses would be tailored accordingly.
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Regarding competitive advantage, there are several different approaches that can be taken, including accounting, shareholder, and economic perspectives, among others.
Each perspective has its own set of assumptions and methods for evaluating and measuring competitive advantage.
In general, accounting perspective on competitive advantage focuses on the financial performance of a company, shareholder perspective considers how a company's actions can benefit its shareholders, and economic perspective looks at how a company can achieve and maintain a competitive edge in the marketplace.
Depending on the specific question or topic being discussed, any of these perspectives could be relevant, and my responses would be tailored accordingly.
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which of the following would not appear as a liability on the balance sheet? a. a note due to a bank b. salary due employees at year-end c. a labor contract d. accounts payable
A labor contract, of the following would not appear as a liability on the balance sheet. Thus, option (c) is correct.
What is a balance sheet?A balance sheet is a financial statement that lists an organization's assets, liabilities, and shareholder equity. One of the three important financial statements a company's evaluation will focus on is the balance sheet. It was the obligations using its current assets.
According to the important term of the accounting is the balance sheet. It was the included the bank, salary due to employees at year-end, accounts payable, suspense a/c and the other entries it was not to the included the labor contract.
As a result, the significance of the balance sheet are the aforementioned. Therefore, option (c) is correct.
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which life cycle model requires the most continuous dedicated time commitment from the business client, particularly during the requirements phase?
Rapid Prototyping is the life cycle model requires the most continuous dedicated time commitment from the business client, particularly during the requirements phase
Rapid prototyping is the quick manufacture of an actual part, model or gathering utilizing 3D computer aided design (CAD). The production of the part, model or gathering is generally finished utilizing added substance assembling, or all the more regularly known as 3D printing.
Rapid prototyping utilizing specific laser dissolving Where the plan intently matches the proposed completed item it is supposed to be a high devotion model, instead of a low loyalty model, where there is a noticeable contrast between the model and the end result.
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slapshot company makes ice hockey sticks. during the month of june, the company purchased $132,000 of materials. also during the month of june, slapshot company incurred direct labor cost of $113,000 and manufacturing overhead of $187,000. inventory information is as follows: june 1 june 30 materials $48,000 $45,000 work in process 65,000 63,000 required: 1. calculate the cost of goods manufactured for the month of june.
So, the ending work-in-process inventory for the month of June is $522,000.
To calculate the cost of goods manufactured (COGM) for the month of June, we need to add up the total costs incurred for materials, direct labor, and manufacturing overhead, and then subtract the beginning work-in-process inventory.
The formula for COGM is as follows:
COGM = Materials + Direct Labor + Manufacturing Overhead - Beginning Work-in-Process Inventory
Using this formula, we can calculate the COGM for June as follows:
COGM = $132,000 + $113,000 + $187,000 - $65,000
= $457,000
So, the cost of goods manufactured for the month of June is $457,000.
Next, we can calculate the ending work-in-process inventory by adding the cost of goods manufactured to the beginning work-in-process inventory:
Ending Work-in-Process Inventory = Beginning Work-in-Process Inventory + COGM = $65,000 + $457,000
= $522,000
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how a drug company made $114 billion by gaming the u.s. patent system?
The manufacturer of Humira, AbbVie, successfully but legally exploited the US patent system to keep competitors out of the market. Throughout the subsequent six years, the medication's price grew steadily.
What is a drug company called?The manufacturer of Humira, AbbVie, successfully but legally exploited the US patent system to keep competitors out of the market. Throughout the subsequent six years, the medication's price grew steadily.For example;johnson &johnson,Pfizer,Merck,etc.Iindia-based Sun Pharmaceutical Industries Ltd is the leading pharma company (by market cap).
What is the best drug company?There are following some best and famous drug companies are:-
Johnson & JohnsonPfizerGlaxoSmithKlineMerck.Roche.AbbVie.Novartis.Bristol Myers Squibb.To know more about the drug company visit;
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based on a predicted level of production and sales of 15,000 units, a company anticipates total variable costs of $48,000, fixed costs of $21,000, and operating income of $81,600. based on this information, the budgeted amount of operating income for 12,000 units would be:
Based on a predicted level of production and sales of 15,000 units, a company anticipates total variable costs of $48,000, fixed costs of $21,000, and an operating income of $81,600. based on this information, the budgeted amount of operating income for 12,000 units would be $64,800.
To calculate the budgeted amount of operating income for 12,000 units, we first need to calculate the total cost of producing and selling 15,000 units. This can be done by adding the variable costs ($48,000) and fixed costs ($21,000) and then multiplying by 15,000 units. This gives us a total cost of $720,000. We then add in the operating income of $81,600 to get a total of $801,600.
Next, we need to calculate the total cost of producing and selling 12,000 units. This can be done by multiplying the variable costs ($48,000) by 12,000 units, which gives us a total of $576,000. We then subtract this from the total cost of $801,600 for 15,000 units, which gives us a total of $64,800.
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This type of business organization is relatively easy to start, and it is subject to much lighter regulatory and paperwork burden than other business forms. PartnershipSole proprietorshipCorporationHybrid organization
One person's business is not a legal entity. It doesn't have a life of its own aside from the business owner. The least complicated type of business structure is a sole proprietorship. Since the lone proprietor only only start operating their business, it is simple and affordable to get started.
What is business ?Making a living or earning money through the production, acquisition, and sale of items is referred to as doing business (such as goods and services). Additionally, it includes "any activity or enterprise undertaken for profit."
The owner of the business is responsible and liable for any obligations made by the business since the business entity is not legally distinguished from the owner by the use of a business name.
In the event that a firm accrues debt, creditors may seize the owner's personal property.
Corporate tax rates are not permitted in a firm structure. All business income is subject to personal taxation for the proprietor.
Although not by lawyers or government officials, the phrase is also frequently used colloquially to refer to a business, such as a corporation .
Hence, One person's business is not a legal entity. It doesn't have a life of its own aside from the business owner.
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A process that involves calculating the current value of a future cash flow or series of cash flows based on a certain interest rate.a. Trueb. False
a. True. The process that involves calculating the current value of a future cash flow or series of cash flows based on a certain interest rate is called discounting or present value calculation.
Discounted Cash Flow (DCF) analysis is a financial method used to estimate the present value of a future stream of cash flows. It involves calculating the value of a cash flow or series of cash flows based on a specific discount rate. The discount rate is used to reflect the time value of money and the opportunity cost of investing in an alternative investment.The main idea behind DCF analysis is that the value of a cash flow today is worth more than the same cash flow in the future. This is because money has a time value and can earn interest over time. By discounting future cash flows to their present value, DCF analysis takes into account the impact of inflation, market risk, and other factors that could affect the value of money over time.
DCF analysis is commonly used by investors, financial analysts, and corporations to evaluate the potential profitability of an investment or business venture. It is a useful tool for comparing different investment opportunities and for making informed investment decisions.
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a company has sales of $100,000, beginning inventory of $20,000, and purchases of $70,000 during the year. if its gross profit percentage is consistently 60%, the estimated amount of its ending inventory is
The estimated amount of its ending inventory is $50,000 .
What does "finishing inventory" mean?
Ending inventory, often referred to as closing inventory, is the cost of the items that a business has in stock and is ready to sell at the conclusion of a specific accounting period.
Businesses in almost every industry need to know how to calculate ending inventory.
$50,000
Gross Profit: $100,000 x 60% = $60,000
Cost of Goods Sold: $100,000 - $60,000 = 40,000
Goods available for sale: Beginning inventory of $20,000 + Purchases of $70,000 = $90,000
Ending inventory: Goods available of $90,000 - Cost of goods sold of $40,000 = $50,000
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as of december 31, year 1, moss company had total cash of $163,000, notes payable of $86,300, and common stock of $53,100. during year 2, moss earned $43,000 of cash revenue, paid $23,500 for cash expenses, and paid a $3,700 cash dividend to the stockholders. required: a. determine the amount of retained earnings as of december 31, year 1. b.
The amount of retained earnings as of December 31, Year is $23,600.
Total cash = $163,000
Notes payable = $86,300
Common stock = $53,100
Cash revenue earned = $43,000
Cash expenses paid = $23,500
Cash dividend paid = $3,700
The accounting equation is as follows:
Assets = Liabilities + Stockholders' equity
cash = Notes payable + common stock + Retained earnings
$163,000 = $86,300 + $53,100 + Retained earnings
Retained earnings = $163,000 - $86,300 - $53,100
= $23,600
Retained earnings are how much benefit an organization has left over in the wake of paying all its immediate expenses, backhanded costs, personal duties, and its profits to investors. This addresses the part of the organization's value that can be utilized.
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rick worked 49 hours last week. he earns $13.40 per hour plus overtime, at the usual rate, for hours exceeding 40 hours. what was his gross pay?
Rick's gross pay is unknown based on the information given by the question, but it should be more than $656.60. However, if we assume that his overnight rate is 1.5x, then his gross pay would be $716.90.
Gross pay, sometimes also called gross income, is the amount of money that employees earn before taxes, benefits, and other payroll deductions are applied to their salary.
From the question, we are given this information:
Rick worked for 49 hours.He earns $13.40 per hour + overtime.Overtime is applied for hours exceeding 40 hours.Based on the information only, we can ONLY figure out how much Rick earns for 49 hours WITHOUT calculating his overtime rate. That's because the rate for his overtime is not given.
Therefore, Rick's gross pay would be
AT LEAST $13.40 per hour * 49 hours = $656.60
If we're allowed to ASSUME that Rick's overtime rate is 1.5x his normal rate, then his gross pay would be:
($13.40 per hour * 40 hours) + ($13.40 per hour * 1.5 * 9 hours)
= $536 + $180.9 = $716.90
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