Freddy's demand for plums is elastic.
Elasticity of demand measures the responsiveness of the quantity demanded to a change in price. When the percentage change in quantity demanded is greater than the percentage change in price, demand is said to be elastic.
In this case, when the price of plums decreased from $1.25 to $0.75 per pound, Freddy's quantity demanded increased from 2 to 4 pounds per week, which is a 100% increase in quantity demanded for a 40% decrease in price. This shows that Freddy is very responsive to changes in the price of plums, and his demand for plums is elastic.
This means that a small change in price will result in a relatively larger change in the quantity demanded. Elasticity of demand is an important concept in economics as it helps firms to determine the optimal pricing strategy for their products.
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a portion of any premium or discount is amortized over the remaining life of the bonds. this amortization is equal to the difference between the amount of interest income and the cash receipt. this process is known as the of amortization. a.equity method b.effective interest method c.cost method d.straight-line method
The process of amortization that is equal to the difference between the amount of interest income and the cash receipt is known as the effective interest method. The correct option is b.
What is amortization?Amortization is the practice of spreading out the expenses of an intangible asset over its useful life. A company's intangible assets, such as patents and trademarks, are often capitalized and then written off over time using amortization.
What is the Effective Interest Method?The effective interest method is a way of amortizing a debt instrument's interest expense. This is used to calculate the difference between the interest income that a bondholder is receiving and the actual cash received.
The difference between the amount of cash received and the interest income is amortized over the bond's remaining life using the effective interest method.
The effective interest method calculates the interest rate that the issuer would have had to pay on a bond in order to give the same interest income to the bondholder as the bond's actual interest rate. The effective interest rate is used to calculate the bond's interest expense, which is then amortized over the bond's remaining life.
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a 10 percent increase in income increases the quantity demanded of online movie rentals by 3 percent. the income elasticity of demand for online movie rentals is , and online movie rentals are a(n) good.
The income elasticity of demand for online movie rentals is 0.3, and online movie rentals are a normal good.
Income elasticity of demand is a measure of how responsive the demand for a good is to changes in income. It is calculated as the percentage change in quantity demanded divided by the percentage change in income. In this case, the income elasticity of demand for online movie rentals is 3%/10% = 0.3.
A positive income elasticity of demand indicates that the good is a normal good, which means that as income increases, the demand for the good also increases. In this case, a 10% increase in income leads to a 3% increase in the quantity demanded of online movie rentals, which confirms that online movie rentals are a normal good.
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a global bond issue is a very large bond issue that would be easy to sell in any one country or region of the world true false
"The statement "a global bond issue is a very large bond issue that would be easy to sell in any one country or region of the world"
"Student question: a global bond issue is a very large bond issue that would be easy to sell in any one country or region of the world true false.is False.A global bond issue is a bond issue that is marketed and sold to investors in multiple countries or regions of the world. It is typically issued by a large multinational corporation or a government entity. While a global bond issue may be large in size, it is not necessarily easy to sell in any one country or region of the world. The success of a global bond issue depends on a variety of factors, including market conditions, investor demand, and credit rating. Additionally, issuers must comply with various regulatory requirements in each country or region where the bonds are sold.In summary, a global bond issue is not necessarily easy to sell in any one country or region of the world, and the statement "a global bond issue is a very large bond issue that would be easy to sell in any one country or region of the world" is False.
When answering questions on Brainly, it is important to always be factually accurate, professional, and friendly. Answers should be concise and not provide extraneous amounts of detail. It is also important to use the following terms in the answer:
Therefore the answer is false.
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the ability to produce more output at a lower opportunity cost than other producers is part 2 a. production advantage. b. relative advantage. c. absolute advantage. d. comparative advantage.
Comparative advantage includes the capacity to create more products at a lower opportunity cost than other manufacturers. Here option D is the correct answer.
Comparative advantage refers to the ability of a country, company, or individual to produce a particular good or service at a lower opportunity cost than other producers. Opportunity cost refers to the value of the next best alternative foregone when making a choice. The concept of comparative advantage was introduced by economist David Ricardo in the early 19th century.
In the context of international trade, a country with a comparative advantage in a particular good or service can produce that good or service at a lower cost than other countries. This allows the country to specialize in the production of that good or service and trade with other countries to obtain goods or services that it cannot produce as efficiently.
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people often make decisions on the basis of a mental accounting. one facet of this accounting is making a decision based on the way a problem was posed. this is called . framing positioning the sum-cost fallacy loss aversion
The term that describes the phenomenon where people make decisions based on the way a problem is presented to them is called framing. Here option A is the correct answer.
Framing refers to the way a problem or decision is presented or "framed" which can influence the choices people make. The way a problem is framed can highlight certain aspects of the decision or problem, making it more salient or relevant to the decision-maker, while obscuring other aspects.
This can lead to different decisions being made based on the same underlying problem, depending on how it is framed. For example, if a decision is presented as a potential gain, people are more likely to take risks, while if the same decision is presented as a potential loss, people are more likely to choose a conservative option.
Similarly, the framing of information can affect how people perceive and respond to risk, which can influence their choices. Understanding the power of framing is important in many domains, such as marketing, politics, and policy-making, where the way information is presented can have a significant impact on decision-making.
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Complete question:
Which of the following terms describes the phenomenon where people make decisions based on the way a problem is presented to them?
A) Framing
B) Positioning
C) The sum-cost fallacy
D) Loss aversion
the history of the united fruit company is intimately linked to the spread and rise to prominence of:
The history of the united fruit company is intimately linked to the spread and rise to prominence of banana trade.
The history of the United Fruit Company is a fascinating story that is intricately linked to the rise to prominence of several key industries and countries. This American multinational corporation played a pivotal role in shaping the global economy and politics of the 20th century.
The United Fruit Company also played a significant role in the development of transportation infrastructure in many of these countries.
In addition to its economic influence, the United Fruit Company also had a significant impact on the political landscape of the countries where it operated.
The company had close ties to the governments of many of these countries, and it often used its influence to protect its business interests. This led to accusations of political interference and corruption, which further heightened the company's prominence and influence.
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you recently purchased a stock that is expected to earn 11 percent in a booming economy, 5 percent in a normal economy, and lose 3 percent in a recessionary economy. there is 15 percent probability of a boom, 72 percent chance of a normal economy, and 13 percent chance of a recession. what is your expected rate of return on this stock?
The expected rate of return on the stock is 5.92%.. Expected rate of return is a weighted average of the potential returns, each multiplied by the likelihood of that return occurring
. Here, the expected rate of return can be calculated using the formula below:Expected rate of return = (Probability of boom × Rate of return in boom) + (Probability of normal economy × Rate of return in normal economy) + (Probability of recession × Rate of return in recession)Using the values given in the question, we get:Expected rate of return = (0.15 × 0.11) + (0.72 × 0.05) + (0.13 × (-0.03))= 0.0165 + 0.036 + (-0.0039)= 0.0486 or 4.86%Therefore, the expected rate of return on the stock is 5.92 percent.
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mason company manufactures and sells shoelaces for $2.30 per pair. its variable cost per unit is $2.10. mason's total fixed costs are $11,200. how many pairs must mason sell to break even? monthunits sold cost of salesjanuary460 $33,400february860 $40,000march1,900 $52,000april2,700 $64,000using the high-low method, the estimated variable cost of sales per unit sold is: monthunits sold cost of salesjanuary580 $27,800february720 $33,000march1,200 $45,000april2,580 $57,000using the high-low method, the estimated total fixed cost is:
Mason must sell 56,000 pairs of shoelaces to break even. Using the high-low method, the estimated variable cost per unit sold is $0.39, and the estimated total fixed cost is $10,473.
To break even, Mason's total revenue must equal its total costs, which includes both fixed and variable costs. The contribution margin per unit is the selling price minus the variable cost, or $2.30 - $2.10 = $0.20.
To find the breakeven point in units, we can use the formula:
Breakeven point (in units) = Total fixed costs / Contribution margin per unit
Breakeven point (in units) = $11,200 / $0.20 = 56,000 pairs
Therefore, Mason must sell 56,000 pairs of shoelaces to break even.
Using the high-low method, we can calculate the estimated variable cost per unit sold as the change in cost of sales divided by the change in units sold between the high and low points.
The high and low points are April (2,700 units sold, cost of sales of $64,000) and January (460 units sold, cost of sales of $33,400), respectively.
Estimated variable cost per unit sold = (Cost of sales at high point - Cost of sales at low point) / (Units sold at high point - Units sold at low point)
Estimated variable cost per unit sold = ($64,000 - $33,400) / (2,700 - 460) = $0.39
Using the same high and low points, we can calculate the estimated total fixed cost as:
Estimated total fixed cost = Total cost - (Estimated variable cost per unit sold * Total units sold)
Estimated total fixed cost = $64,000 - ($0.39 * 2,700) = $10,473
Therefore, using the high-low method, the estimated variable cost per unit sold is $0.39 and the estimated total fixed cost is $10,473.
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suppose firm x is a monopolist and is receiving positive economic profits. what prevents other firms from directly competing away the profits? group of answer choices high barriers to entry low barriers to entry diseconomies of scale none of the above
When a firm is a monopolist and is receiving positive economic profits, the high barriers to entry prevent other firms from directly competing away the profits.
Monopoly refers to a market situation in which a single firm or entity is the sole supplier of a product or service in the industry. In a monopoly, the firm can control the supply and price of the product. It means that the monopolist is the sole seller of the product and has the power to raise the price above the competitive level.
A monopolist is capable of earning economic profits because of its control over the supply and price of the product. The high barriers to entry make it hard for other firms to enter the market and compete with the monopolist. The monopolist can earn economic profits by charging a high price to consumers.
The monopoly persists in the long run due to high barriers to entry. The barriers to entry can be in the form of patents, licenses, copyrights, economies of scale, and others. High barriers to entry discourage new entrants into the industry. This makes it hard for other firms to compete with the monopolist. As a result, the monopolist can continue to earn economic profits.
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under the afscl model, a debt security classified as available-for-sale is considered impaired if a.the fair value of the investment is less than its amortized cost. b.the fair value of the investment is less than its initial cost. c.the initial cost of the investment is less than its amortized cost. d.its amortized cost is less than the fair value of the investment.
Under the AFSCL (Available-for-Sale) model, a debt security is considered impaired when the fair value of the investment is less than its amortized cost. This is option (A) in the given choices.
To understand this concept better, let's break down the terms:
1. Available-for-sale (AFS): AFS is a classification of financial assets, typically debt securities, that are neither held for trading purposes nor held to maturity.
These assets are usually intended to be sold in the near future or held for an indefinite period.
2. Fair value: This refers to the current market value of an investment, which can change over time due to market fluctuations.
3. Amortized cost: This is the initial cost of the investment adjusted for any premium or discount that may have been paid, as well as any interest accrued or payments received over the life of the security. It reflects the gradual reduction of the investment's cost over time.
An investment is considered impaired when its fair value falls below its amortized cost. This situation indicates that the investment has lost value and may not recover its initial cost, potentially leading to a loss for the investor.
Impairment is important to recognize because it can impact the investor's financial statements, requiring a write-down of the asset's value to reflect its true worth accurately.
In summary, under the AFSCL model, a debt security is considered impaired when the fair value of the investment falls below its amortized cost.
Recognizing impairment is essential to accurately portray the investment's value in the investor's financial statements and assess any potential losses that may arise from the investment.
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on april 1, 2025 1150000 of these bonds were converted into 400 shares of 20 par value common stock. accrued interest was paid in cash at the time of conversion what was the effective interest rate on the bonds when they were issued
The effective interest rate on the bonds when they were issued is 2.875 shares per bond.
We need to know the bond's coupon rate, maturity date, and issue price in order to determine the effective interest rate on the bonds at the time of issuance.
We are unable to calculate the bonds' effective interest rate at the time of issuance without this information. On the basis of the information in the question, we can, however, explain what occurred on April 1, 2025.
1,150,000 of the bonds were converted into 400 shares of common stock with a $20 par value on April 1, 2025. This indicates that the conversion ratio was 2.875 shares per bond (400 shares x 1,150,000 bonds), each bond having a par value of $1,000 ($1,150,000 x 1,000 bonds).
Bondholders received the interest that had accrued since the last interest payment date because accrued interest was paid in cash at the time of conversion. The bond's coupon rate and the number of days since the last interest payment date would have been used to determine the cash payment for accrued interest.
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toyota and its suppliers have a relationship in which toyota encourages suppliers to modernize their facilities and provides them with technical and financial assistance to do so. it also promotes longer-term contracts with suppliers and enables engineers in the supplier companies to have better communication with toyota. this is an example of a(n):
This is an example of a strategic partnership between Toyota and its suppliers, where both parties benefit from long-term contracts, improved communication, and technical and financial assistance.
The relationship between Toyota and its suppliers in which Toyota promotes modernization of their facilities by providing technical and financial assistance is an example of a collaborative supply chain.What is a collaborative supply chain?A collaborative supply chain refers to a network of interdependent firms that work together to produce and distribute goods and services to the final customer. The collaborative supply chain model aims to establish a relationship between a company and its suppliers based on trust and mutual benefits.The collaborative model is based on the concept of integrating business processes between different companies in the supply chain, allowing all parties to work together to develop new products and services, manage inventory, streamline logistics, and reduce costs. This model aims to create long-term relationships between the company and its suppliers, based on shared interests and goals.Therefore, the relationship between Toyota and its suppliers in which Toyota encourages suppliers to modernize their facilities and provides them with technical and financial assistance to do so is an example of a collaborative supply chain. Toyota also promotes longer-term contracts with suppliers and enables engineers in the supplier companies to have better communication with Toyota.
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what is the review period (t) rounded up to a whole number? (5 points)b. what is stock replenishment level with safety stock (m)? (5 points)c. how many units should be ordered?
The review period is 21, the stock replenishment level with safety stock (m) is 1,525 units, and the number of units that should be ordered is 1,125 units.
To calculate the review period (t), we need to divide the total time by the number of reviews per year;
t = 365 / R
t = 365 / 18
t = 20.28
Rounding up to the nearest whole number, the review period is 21.
To calculate the stock replenishment level with safety stock (m), we need to use the formula; m = d x (t + z)
where; d = daily demand = 25 units
t = review period = 21 days
z = safety stock = 40 units (given)
m = 25 x (21 + 40)
m = 1,525
Therefore, the stock replenishment level with safety stock (m) is 1,525 units.
To calculate the number of units that should be ordered, we need to use the formula; order quantity = (m - current inventory level)
where; m = stock replenishment level with safety stock = 1,525 units (calculated in part b)
current inventory level = 400 units (given)
order quantity = (1,525 - 400)
order quantity = 1,125
Therefore, the number of units that should be ordered is 1,125 units.
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when few property and equipment transactions occur during the year, the continuing auditor usually obtains an understanding of the related internal controls and performs a thorough examination of the balances at the beginning of the year. tests of controls. extensive tests of current year property and equipment transactions. analytical procedures to verify current year additions to property and equipment
It is common practice for auditors to obtain an understanding of internal controls related to property and equipment transactions and perform thorough examinations of beginning balances, even when only a few transactions occur during the year.
This approach helps to ensure that the financial statements are accurate and complete.
To accomplish this, the auditor will typically perform the following procedures:
1- Obtain an understanding of the internal controls related to property and equipment transactions, including the process for identifying and recording additions, disposals, and transfers.
2- Perform tests of controls to assess the effectiveness of the internal controls related to property and equipment transactions.
3- Perform a thorough examination of the beginning balances for property and equipment to ensure that they are accurately recorded and properly classified.
4- Conduct extensive tests of current year property and equipment transactions to ensure that they are properly authorized, recorded, and classified.
5- Use analytical procedures to verify current year additions to property and equipment, such as comparing the total cost of additions to the budget for capital expenditures.
By performing these procedures, the auditor can gain a reasonable assurance that the financial statements accurately reflect the company's property and equipment balances and transactions.
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decker, an individual, owns 100% of acre, an s corporation. at the beginning of the year, decker's basis in acre was $25,000. acre had ordinary income during the year in the amount of $10,000 and a long-term capital loss in the amount of $4,000. decker has no other capital gains or losses during the year. what amount of the long-term capital loss may decker deduct this year?
Decker may deduct $3,000 of the long-term capital loss against his ordinary income this year.
As Acre is an S corporation, its income and losses are passed through to its shareholders in proportion to their ownership percentage. Decker owns 100% of Acre, so he will report all of Acre's income and losses on his individual tax return.
Decker's basis in Acre at the beginning of the year was $25,000. Acre had a long-term capital loss of $4,000 during the year. This reduces Decker's basis in Acre to $21,000 ($25,000 - $4,000).
Decker has no other capital gains or losses during the year, so he can deduct up to $3,000 of his capital loss against ordinary income. The remaining $1,000 of the capital loss can be carried forward to future years.
Therefore, Decker may deduct $3,000 of the long-term capital loss against his ordinary income this year.
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if stockholders want to know how much profit the firm is making on their entire investment in that firm, the stockholders should refer to the:
The stockholders should refer to the return on equity (ROE) ratio.
Return on equity (ROE) is a financial ratio that measures how much profit a company is generating for each dollar of shareholder's equity. It is calculated by dividing the net income of a company by its shareholder's equity. ROE reflects how efficiently the management is using the shareholder's funds to generate profit. Therefore, it is an important metric for stockholders to evaluate the performance of the company and to compare it with other companies in the industry. A higher ROE indicates a better return on investment for the shareholders, while a lower ROE indicates poor performance.
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express authority for an agent can be given either orally or in writing. group of answer choices true false
The given statement "Express authority for an agent can be given either orally or in writing" is True because Express authority refers to the specific powers or tasks granted to an agent by the principal (the person who authorizes the agent to act on their behalf).
This authority can be communicated through written documents, such as contracts, or verbally through clear instructions. Oral express authority is often used in situations where a quick decision is necessary, or when the task assigned to the agent is relatively simple and doesn't require extensive documentation.
However, it is important to note that some jurisdictions may require certain types of express authority to be in writing, especially for more significant transactions, like buying or selling real estate. Written express authority, on the other hand, is generally used for more complex or long-term agency relationships. Written agreements provide a clear record of the agent's authority and can help avoid misunderstandings or disputes between the principal and the agent.
In conclusion, express authority for an agent can be given either orally or in writing, depending on the circumstances and the level of detail required for the agent's tasks. Both methods are valid ways to establish an agency relationship, but it is essential to be aware of any legal requirements in your jurisdiction.
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what new product characteristic increases diffusion because other consumers see people using the product and perceive value in its use? multiple choice observability complexity compatibility competitive advantage
Observability is the New product characteristic increases diffusion because other consumers see people using the product and perceive value in its use.
The correct answer is "observability."
Observability is the new product characteristic that increases diffusion because other consumers see people using the product and perceive value in its use. The degree to which other people can witness a product's effectiveness is referred to as observability. It is the potential for a product to be seen by others.
The more visible a product is to others, the greater the likelihood that someone will use it. Diffusion is the process of a product, service, or innovation spreading through a population or market. Diffusion is the process of making a product or service more accessible to consumers. It can be divided into four stages, the first of which is awareness, followed by interest, evaluation, and finally adoption.
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for each of the following purchasing situations, a) determine the type of purchasing that is occurring: buying for resale, buying for transformation, or buying for business use. write your responses in the spaces provided. b) name the type of inventory asset finished goods or raw materials c) name the assets other than inventory
Purchasing a shipment of clothing for a retail store.
a) Type of purchasing: Buying for resale
b) Type of inventory asset: Finished goods
c) Assets other than inventory: Cash, store fixtures, and equipment
What are the purchasing situations?The three types of purchasing that are occurring are given below:
Buying for Resale: Buying the goods for resale to the customersBuying for Transformation: Buying the raw materials to transform them into finished productsBuying for Business Use: Buying goods for the business purposeFinished Goods and Raw Materials are the types of inventory assets.Assets other than inventory include the following:
Intangible Assets: These assets have no physical existence but carry value like goodwill, patents, copyrights, and trademarks.Property, Plant, and Equipment: Assets with physical existence like land, buildings, and machinery. These assets are used to produce goods or services.Liability: It is a debt to be paid in the future. They include wages payable, bank loans, and accounts payable.Learn more about purchasing situation at
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unrelated taxpayers purchased a home costing $380,000 as joint owners, each owning a 50 percent interest. it is the first home purchased by either taxpayer. the taxpayers used the home as their principal residence. in august, year 6, the house was sold for $870,000 and $20,000 in commissions were paid. what amount of gain is reportable on each taxpayer's return in year 6?
Both taxpayers can report a gain of $0 on their tax returns in year 6, as their individual gains are below the home sale exclusion limit, and they meet the IRS requirements for the home sale exclusion.
In this scenario, two unrelated taxpayers purchased a home for $380,000 as joint owners, each owning a 50 percent interest. It was their first home and used as their principal residence. In August of year 6, they sold the house for $870,000 and paid $20,000 in commissions. To determine the amount of gain reportable on each taxpayer's return in year 6, follow these steps:
1. Calculate the total gain: Start by finding the difference between the selling price and the purchase price. The selling price is $870,000, but you must subtract the $20,000 in commissions, which brings it down to $850,000. The purchase price was $380,000. The total gain is ($850,000 - $380,000) = $470,000.
2. Calculate the gain for each taxpayer: Since each taxpayer owns a 50 percent interest in the property, they each report half of the total gain on their tax return. So, the gain for each taxpayer is ($470,000 / 2) = $235,000.
3. Apply the home sale exclusion: Assuming the taxpayers meet the IRS requirements for the home sale exclusion, they can each exclude up to $250,000 of gain on the sale of their principal residence. In this case, each taxpayer's gain of $235,000 is below the exclusion limit, so they can exclude the entire amount from their taxable income.
4. Determine the reportable gain: Since each taxpayer can exclude their entire gain of $235,000 from their taxable income, the reportable gain for each taxpayer in year 6 is $0.
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budgeting and protection of revenues is a function of:budgeting and protection of revenues is a function of:leadership.management.team leadership.followers.
Budgeting and protection of revenues is a function of management.
What is Budgeting? Budgeting is a process of planning and organizing an organization's financial resources. It involves forecasting the organization's future financial needs, assessing its current financial position, and identifying measures to improve its financial performance.
What is Protection of Revenues? Protection of revenue entails implementing policies and procedures to safeguard the company's financial resources against fraud and abuse. It aims to establish internal controls and risk management measures to detect and prevent financial crimes that could damage the company's reputation, reduce profitability, or lead to legal or regulatory sanctions.
What is Management? Management is the process of planning, organizing, directing, and controlling an organization's resources to achieve its goals and objectives. It includes coordinating people, processes, and systems to achieve the organization's objectives efficiently and effectively.
Management involves managing the organization's financial resources, human resources, marketing, operations, and other functions to achieve the desired outcomes. Therefore, budgeting and protection of revenues are functions of management.
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an institution can be defined as any a. organization or activity that is self-perpetuating and valued for its own sake. b. organization or action that is subject to government regulation. c. large, monolithic organization that depends on a core bureaucracy and a set of standard operating procedures. d. object or value that people support through public funds.
Institutions are important components of society that serve a variety of needs and purposes. They can be large or small, subject to government regulation or not, and supported by public funds or not.
Therefore the correct option is A.
(a) any organization or activity that is self-perpetuating and valued for its own sake. Institutions are often created to meet the needs of society, such as education, healthcare, and social services. Institutions can also be created to serve the needs of a specific group of people, such as a religious institution or a political party.
(b) Institutions can also be subject to government regulation, depending on the nature of the institution and the laws of the country in which it is located. For example, schools and universities are often subject to government regulations regarding curriculum, safety, and funding. Hospitals and other healthcare institutions are also subject to government regulations regarding safety, quality of care, and funding.
(c) Institutions can be large, monolithic organizations that depend on a core bureaucracy and a set of standard operating procedures. For example, large corporations and government agencies are often structured this way. However, institutions can also be small and decentralized, such as community organizations or non-profits.
(d) Institutions can also be objects or values that people support through public funds. For example, public libraries and museums are institutions that are often supported through public funds. Cultural institutions, such as theaters and concert halls, are also often supported through public funds.
Overall, institutions are important components of society that serve a variety of needs and purposes. They can be large or small, subject to government regulation or not, and supported by public funds or not.
Therefore the correct option is A.
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most companies report their lower of cost or net realizable value write-down expense as blank even if the goods haven't been sold, because it's a necessary cost of carrying and (eventually) selling the goods. multiple choice question.
Most companies report their lower of cost or net realizable value write-down expense as Cost of Goods Sold even if the goods haven't been sold, because it's a necessary cost of carrying and (eventually) selling the goods.
In accounting, Lower of Cost or Net Realizable Value (LCNRV) is a term used to refer to the valuation of inventory. The cost of production or acquisition, as well as the net realizable value (NRV) of the product, are two of the most important factors to consider when determining this. The net realizable value of an item is the amount of money that it would fetch if it were sold now, minus any expenses that would be incurred if it were sold now. This is also known as a product's net value or its fair value. To avoid overvaluing inventory, the lower of cost or net realizable value technique is employed.
The write-down expense is usually recorded as an expense on the income statement, this expense, also known as an impairment charge, is accounted for by reducing the carrying value of the asset, such as inventory, which is no longer worth what it was initially paid for. When a company's cost of inventory is greater than its net realizable value, the write-down is necessary to reflect the inventory's reduced value on the balance sheet, and the reduced value is reflected as an expense on the income statement. So the correct answer is cost of goods sold.
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a taxpayer's property with an adjusted basis of $75,000 and fair market value of $105,000 was condemned by the state. the taxpayer received $100,000 from the state as compensation for the property, and six months after the condemnation purchased a replacement property for $100,000. what are the tax consequences of this transaction?
There would be no immediate tax consequences, but the gain would be recognized when the replacement property is later sold or otherwise disposed of.
When a taxpayer's property is condemned, the taxpayer is typically compensated by the government or other condemning authority for the fair market value of the property. The receipt of this compensation is considered a taxable event, and the taxpayer must report any gain or loss on the transaction on their tax return.
In this case, the taxpayer's property had an adjusted basis of $75,000 and was condemned for a fair market value of $105,000, resulting in a gain of $30,000. The taxpayer received $100,000 in compensation for the property, which is more than the fair market value and thus may be subject to tax on the excess amount.
However, if the taxpayer reinvests the compensation in a replacement property within a certain time frame and meets other requirements, they may be able to defer the recognition of the gain on the condemned property. This is known as a like-kind exchange under Section 1033 of the Internal Revenue Code.
In this case, the taxpayer purchased a replacement property for $100,000 within six months of receiving the compensation.
If the requirements of Section 1033 are met, the taxpayer may be able to defer the recognition of the gain on the condemned property and instead adjust the basis of the replacement property to $75,000 (the adjusted basis of the condemned property).
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sustained an $82,000 loss on www corp. stock, a qualifying section 1244 small business. in addition, the taxpayer sustained a $27,000 loss on rrr corp. stock, another qualifying section 1244 small business. the taxpayer had no other stock transactions. what are the maximum amounts of ordinary loss and capital loss that the taxpayer may deduct for the current year?
The remaining $56,000 of capital loss can be carried forward to future years.
The taxpayer in this scenario has experienced losses on two qualifying Section 1244 small business stocks: an $82,000 loss on WWW Corp. stock and a $27,000 loss on RRR Corp. stock.
To determine the maximum amounts of ordinary loss and capital loss that can be deducted for the current year, we need to consider the Internal Revenue Code's (IRC) Section 1244 guidelines.
According to IRC Section 1244, individual taxpayers can treat a portion of the loss on qualifying small business stock as an ordinary loss rather than a capital loss.
The maximum amount of ordinary loss that can be claimed under Section 1244 is $50,000 for single filers and $100,000 for joint filers. Any loss exceeding this limit is treated as a capital loss.
In this case, the taxpayer's total losses amount to $109,000 ($82,000 + $27,000).
Assuming the taxpayer is a single filer, they can claim up to $50,000 as an ordinary loss. The remaining $59,000 ($109,000 - $50,000) will be treated as a capital loss.
As a capital loss, the taxpayer can offset other capital gains and deduct up to $3,000 of the remaining capital loss against their ordinary income for the current year.
Any unused capital loss can be carried forward to future years until fully utilized.
In summary, the taxpayer may deduct the following for the current year:
1. Ordinary loss: $50,000 (assuming a single filer)
2. Capital loss: $3,000 (deducted against ordinary income)
The remaining $56,000 of capital loss can be carried forward to future years.
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another supplier in the us. offers the same product but at a higher price of $35 due to its higher production cost. for this supplier, needless markup only needs to place the order 3 months in advance which results in a much better forecast. past data shows if ordering 3 months in advance, the number of bags sold can be described by a normal distribution, with mean 150 and standard deviation 20. which supplier should nm choose?
The total cost for the alternative supplier is lower ($5287.50) compared to the current supplier ($6575).
In order to determine which supplier NM should choose, we can compare the total cost associated with each supplier, taking into account the purchase price, holding costs, and ordering costs.
Let's calculate the total cost for both suppliers:
For the current supplier:
Purchase price per bag = $30
Ordering cost per order = $2000
Holding cost per bag per month = $1
Lead time = 6 months
Demand per month = 150 bags
Standard deviation of demand = 30 bags (assuming the same standard deviation as the past data)
For the alternative supplier:
Purchase price per bag = $35
Ordering cost per order = $0 (since the order is placed 3 months in advance)
Holding cost per bag per month = $1
Lead time = 3 months
Demand per month = 150 bags (assuming the same demand as the current supplier)
Standard deviation of demand = 20 bags (as given in the question)
Now, let's calculate the total cost for each supplier:
Total cost for the current supplier:
Purchase cost = $30 * 150 = $4500
Ordering cost = $2000
Holding cost = $1 * 150 * 6/12 = $75
Total cost = Purchase cost + Ordering cost + Holding cost = $4500 + $2000 + $75 = $6575
Total cost for the alternative supplier:
Purchase cost = $35 * 150 = $5250
Ordering cost = $0 (since the order is placed 3 months in advance)
Holding cost = $1 * 150 * 3/12 = $37.50
Total cost = Purchase cost + Ordering cost + Holding cost = $5250 + $0 + $37.50 = $5287.50
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calistoga produce estimates bad debt expense at 0.30% of credit sales. the company reported accounts receivable and allowance for uncollectible accounts of $481,000 and $1,610, respectively, at december 31, 2020. during 2021, calistoga's credit sales and collections were $323,000 and $303,000, respectively, and $1,770 in accounts receivable were written off. calistoga's accounts receivable at december 31, 2021, are:
Calistoga produce estimates bad debt expense at 0.30% of credit sales. the company reported accounts receivable and allowance for uncollectible accounts.As December 31, 2021, Calistoga's accounts receivable totaled $506,230.
Let's first examine the transactions recorded in journals for the year as follows:
Debit Accounts Receivable of $331,000
Credit Sales revenue of $331,000 (To record credit sales during the year)
Remove Cash
$309,000
Credit Accounts Receivable: $309,000 (To record collection on account during the year)
$1,770
A deduction for a disputed account
Credit Accounts Receivable $1,770 (To record the year's write-off of Accounts Receivable)
The transactions above will have the following net impact on Accounts Receivable: $486,000 +\s$331,000- $309,000 - $1,770 = $506,230
Corrections to bad debt expense are as follows: $1,510 - $1,770 = $260 (debit) + 0.20% of $331,000 = $922.
Bad debt expense in debit
$922
Credit a provision for shady accounts (To record bad debt expense during the year)
0.20% of $331,000 equals $662 in the allowance for uncollectible accounts balance.
Accounts receivable's net cash realisable is $506,230 - $662, or $505,568.
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special delivery is a monopolist. it sells apples. suppose it produces 200 apples at a market price of $6 per apple with marginal revenue per apple equal to $5. if special delivery were actually selling under perfect competition, quantity would be:
Quantity would be greater under perfect competition than under monopoly.
Under perfect competition, the market price of apples would be equal to the marginal cost of producing each apple. If we assume that Special Delivery has constant marginal cost of producing apples, then the marginal cost of producing each additional apple is equal to $5.
Therefore, under perfect competition, Special Delivery would produce and sell apples until the marginal cost equals the market price of $6. This means that the quantity produced and sold under perfect competition would be greater than 200.
In summary, under perfect competition, Special Delivery would produce and sell more apples than it does under monopoly because the market price would be equal to the marginal cost of production, resulting in a higher quantity supplied.
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zeno, zella, and zorro wish to form a partnership. zeno is putting up 60% of the capital; zella is putting up 40%, and zorro is putting in no capital but will manage the business. in the absence of a provision in the partnership agreement, how will the liability and profits be distributed?
In the absence of a provision in the partnership agreement, profits and losses will be distributed based on the capital contribution while liabilities will be shared equally.
Since there is no provision in the partnership agreement regarding the distribution of profits and losses, the default rule is that they will be distributed based on the capital contribution of each partner. Therefore, Zeno will receive 60% of the profits or losses, Zella will receive 40%, and Zorro will receive nothing.
However, in the absence of an agreement regarding liabilities, they will be shared equally among all partners regardless of their capital contribution. This means that Zeno, Zella, and Zorro will each be equally liable for any debts or legal claims against the partnership. It is always advisable for partners to have a written agreement to avoid any confusion or disputes regarding the distribution of profits, losses, and liabilities.
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the crater manufacturing company recorded overhead costs of $14,182 at an activity level of 4,200 machine hours and $8,748 at 2,300 machine hours. the records also indicated that overhead of $9,730 was incurred at 2,600 machine hours. what is the variable cost per machine hour using the high-low method to estimate the cost equation?
The variable cost per machine hour is $2.217.
The high-low method uses the highest and lowest levels of activity to estimate the variable and fixed components of the cost equation. First, to determine the variable cost per machine hour using the high and low points:
Variable cost per machine hour = (Total cost at high point - Total cost at low point) / (High activity level - Low activity level)
Variable cost per machine hour = ($14,182 - $8,748) / (4,200 - 2,300) = $2.217 per machine hour
The variable cost per machine hour and one of the data points (either the high or low point) to calculate the fixed cost:
Fixed cost = Total cost - (Variable cost per machine hour × Activity level)
Fixed cost = $14,182 - ($2.217 × 4,200) = $4,630.4
Fixed cost = $8,748 - ($2.217 × 2,300) = $3,069.3
Calculate the total cost at the third data point (2,600 machine hours) using both fixed costs and compare it to the actual total cost:
Total cost at 2,600 machine hours = $2.217 × 2,600 + $4,630.4 = $10,817.4
Using the low fixed cost:
Total cost at 2,600 machine hours = $2.217 × 2,600 + $3,069.3 = $9,723.3
Actual total cost at 2,600 machine hours = $9,730
The calculation using the low fixed cost is closest to the actual total cost, so can use the following cost equation:
Total cost = $2.217 × Activity level + $3,069.3
Therefore, the variable cost per machine hour would be $2.217.
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