An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Chesner Co. Bank Reconciliation July 31, 2016
Cash balance according to company's records $6,570
Add:
Outstanding checks $3,150
Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540
Note for $10,300 collected by bank, including interest 10,710 14,400
Deduct:
Deposit in transit on August 31 $6,690
Bank service charges 60 6,750
Cash balance according to bank statement $14,220
$20,970
a. From the data prepared by the accounting clerk, prepare a new bank reconciliation for Chesner Co.
b. If a balance sheet were prepared for Chesner Co. on July 31, 2016, what amount should be reported for cash?
Answers
Answer:
A. Adjusted balance $17,760
Adjusted balance $17,760
B. $17,760
Explanation:
A. Preparation of a new bank reconciliation for Chesner Co.
Cash balance according to bank statement l
$14,220
Add Deposit in transit on August 31 $6,690
Deduct Outstanding checks $3,150
Adjusted balance $17,760
Cash balance according to company's records $6,570
Add Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540
Add Note for $10,300 collected by bank, including interest 10,710
Less Bank service charges 60
Adjusted balance $17,760
B. Based on the above bank reconciliation If a balance sheet were prepared for Chesner Co. on July 31, 2016 the amount that should be reported for cash is $17,760
From the data prepared by the accounting clerk,
b. If a balance sheet were prepared for Chesner Co. on July 31, 2016, what amount should be reported for cash?
Related Questions
Prepare a comparative income statement for any company extracting their P&L statement for the years 2020-21 & 2021-22. Analyse the incline and decline in the different elements in the P&L Statement and provide detailed insights.
Answers
Answer:
this is my own answer
Explanation:
hi
How to Prepare a Comparative Income Statement?
Step 1: Specify absolute figures of items like goods sold, net sales, selling expenses, etc., relating to the accounting period under consideration for analysis.
Step 2: Calculate the absolute change in the items mentioned in the income statement.
The key principle of supply chain management can be best summed up as ________ between multiple firms.
Answers
Answer:
Collaboration.
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
The key principle of supply chain management can be best summed up as collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
The constraint on deposit creation related to the willingness of consumers, businesses, and governments to borrow the money that banks make available is related to ______.
Answers
The willingness of consumers and governments to borrow money that banks make available is related to financial inclusion.
What is Financial inclusion?Financial inclusion is the access an individual has to financial products such as loan and other credits facilities.
They also have access to services that meet their
financial needs.
Therefore, the constraint on deposit creation related to the willingness of consumers, businesses, and governments to borrow the money that banks make available is related to financial inclusion.
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A company's income statement showed the following: net income, $132,000; depreciation expense, $39,000; and gain on sale of plant assets, $13,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $11,200; merchandise inventory increased $27,000; prepaid expenses increased $8,000; accounts payable increased $5,200. Calculate the net cash provided or used by operating activities.
Answers
Answer:
Net Cash provided (used by) operating activities $139,400
Explanation:
The computation of the net cash provided or used by the operating activities is as follows"
Cash flow from operating activities
Net Income $132,000
Adjustments:
Add Depreciation expense $39,000
Less: Gain on sale of plant assets ($13,000)
Add: Decreased in accounts receivables $11,200
LesS: Increase in inventory ($27,000)
Less: Increase in prepaid expense ($8,000)
Add: Increase in accounts payable $5,200
Net Cash provided (used by) operating activities $139,400
A key component and major advantage of an ERP is its ____________
Answers
Answer:A key component and major advantage of Enterprise Resource Planning (ERP) systems is their ability to integrate and manage various business processes and functions in a centralized and unified manner.
Explanation:
ERP systems bring together data and processes from various departments such as finance, human resources, and operations, providing a single source of truth for the organization. This allows for better data accuracy, improved decision-making, and increased efficiency, as well as the automation of many manual and repetitive tasks.
Another advantage of ERP is its ability to provide real-time visibility and insights into business performance, enabling organizations to identify trends and make informed decisions. ERP systems also support scalability and can accommodate growth and changes in the business, making them a valuable long-term investment.
The integration and streamlining of business processes that ERP provides is a major advantage and has significant positive impact on the efficiency, performance, and competitiveness of organizations.
Reggie, who is 55, had AGI of $35,200 in 2022. During the year, he paid the following medical expenses:
Drugs (prescribed by physicians)
Marijuana (prescribed by physicians)
Health insurance premiums-after taxes
Doctors' fees
Eyeglasses
Over-the-counter drugs
$ 570
1,470
1,280
1,320
445
270
Required:
Reggie received $570 in 2022 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction?
Answers
Reggie's medical expense deduction is $7,276.
AGI, or adjusted gross income, is a person's total income minus certain deductions and is used to calculate taxable income.
Reggie, who is 55 years old, had an AGI of $35,200 in 2022. During the year, he incurred the following medical expenses:
Drugs (prescribed by physicians): $5,701
Marijuana (prescribed by physicians): $1,470
Health insurance premiums-after taxes: $1,280
Doctors' fees: $1,320
Eyeglasses: $445
Over-the-counter drugs: $270
Reggie was reimbursed $570 by his insurance company for a portion of the doctors' fees. To calculate his medical expense deduction, we first need to subtract any reimbursements from his total medical expenses.
Total medical expenses: $5,701 + $1,470 + $1,280 + $1,320 + $445 + $270 = $10,486
Reimbursements: $570
Medical expenses after reimbursements: $10,486 - $570 = $9,916
To claim a medical expense deduction, the expenses must exceed a certain percentage of AGI, which varies depending on the taxpayer's age. For taxpayers who are 65 or younger, the threshold is 7.5% of AGI. For taxpayers who are over 65, the threshold is 7%.
Since Reggie is 55 years old, the threshold is 7.5% of his AGI or $35,200 x 0.075 = $2,640.
Therefore, Reggie can deduct the portion of his medical expenses that exceed $2,640.
Amount of medical expenses that exceed the threshold: $9,916 - $2,640 = $7,276
Therefore, Reggie's medical expense deduction is $7,276.
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Determine the missing amounts in the following table: (Round your percentage answers to the nearest whole number and other answers to 2 decimal places.)
Answers
The missing amounts relating to economic terms such as Contribution margin and Variable costs are given the in the attached image. See the explanation below.
What is the calculation justifying the above amounts?Contribution Margin = Sale – Variable (25-9=16)
Contribution Margin Ratio = Contribution*100/Sales (16*100/25) =64.00%
Sale = Variable + Contribution= 18+17=35
Contribution Margin Ratio = (17*100/35) =48.57%
Contribution Margin = 47*34%=15.98
Variable Cost = (Sales-Contribution) (47-15.98) = 31.02
The contribution margin, or dollar contribution per unit, is calculated by subtracting the selling price per unit from the variable cost per unit. "Contribution" refers to the part of sales income that is not consumed by variable expenses and so contributes to fixed cost coverage.
Variable costs are the total of marginal costs across all units manufactured. They can also be considered standard expenses. The two components of the total cost are fixed costs and variable costs.
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what is grants related to assets
Answers
Answer:
A government grant may take the form of a transfer of a non-monetary asset, such as land or other resources, for the use of the entity. In these circumstances it is usual to assess the fair value of the non- monetary asset and to account for both grant and asset at that fair value.
Explanation:
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Stanley receives his degree from OCC. Stanley leaves his job at Trump Organization, paying him $100,000 a year. Stanley uses his life saving of $250,000 that he had deposited at Wells Fargo at an annual rate of 5% to start his own clean-energy company. Stanley’s first year revenue and expenses are as follow, Rent $23,000 Salary 57,000 Utility 22,000 Others 13,000 _________ Total 115,000 _________ Revenue for the year $180,000 11. Stanley’s explicit costs for the year is Group of answer choices $215,000 $112,500 $180,000 $216,250 $115,000
Answers
Stanley’s explicit costs for the year is $115,000.
Using this formula
Explicit costs=Rent+ Salary+ Utility+ Others
Where:
Rent=$23,000
Salary=$57,000
Utility=$22,000
Others=$13,000
Let plug in the formula
Explicit costs= $23,000+$57,000+$22,000+$13,000
Explicit costs=$115,000
Inconclusion Stanley’s explicit costs for the year is $115,000.
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"Mr. Bergh sent the firm's then top 60 managers six questions about the pros and cons of the business - and started interviewing each of them." Why would Mr. Bergh ask his managers questions about the pros and cons of the business? What type of information was he attempting to retrieve in his interview process? Do you feel that this is an effective way of communication from a leadership perspective?
Answers
Mr. Bergh asked his managers about the pros and cons of the business to gather valuable insights, encourage collaboration, and enhance organizational performance, making it an effective communication approach from a leadership perspective.
Mr. Bergh likely asked his managers questions about the pros and cons of the business to gain valuable insights and feedback from those who have a deep understanding of the organization's operations. By seeking input from the top 60 managers, he could gather a comprehensive perspective on the strengths and weaknesses of the business.
In his interview process, Mr. Bergh was likely attempting to retrieve information about various aspects of the business, such as identifying areas of improvement, understanding challenges faced by the managers, exploring potential opportunities, and gathering ideas for strategic decision-making.
By asking specific questions, he could assess the managers' knowledge, critical thinking, and problem-solving abilities. The goal would be to obtain actionable insights that could inform the company's future direction and enhance its performance.
From a leadership perspective, this approach can be highly effective. Engaging with managers and soliciting their opinions demonstrates a collaborative and inclusive leadership style.
It empowers managers by involving them in decision-making processes and signaling that their expertise and perspectives are valued. It also fosters a culture of open communication, encourages creativity, and enables the organization to tap into the collective intelligence of its top management.
However, the effectiveness of this approach depends on the receptiveness of the managers, the level of trust and psychological safety within the organization, and how the collected feedback is utilized.
It is essential for leaders to create an environment where managers feel comfortable expressing their views and ensure that the information gathered is acted upon or considered in decision-making processes. Regular and transparent communication should follow to close the feedback loop and demonstrate a commitment to continuous improvement.
In summary, asking managers about the pros and cons of the business and conducting interviews can be an effective way for a leader to gather valuable insights, foster collaboration, and enhance organizational performance when accompanied by a supportive leadership style and a commitment to act upon the feedback received.
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Laura, an inventory manager, always maintains a certain quantity of goods as a buffer to utilize in times of emergency. Which technique of controlling inventory costs does Laura use?
A.
ABC classification
B.
just in time
C.
maintaining safety stock
D.
following economic order quantity
Answers
Answer:
C. maintaining safety stock
Explanation:
Safety stock refers to the minimum stock level that businesses would wish to maintain at all times. The safety stock level assures a business does not experience stock out. Every time stock approaches the safety stock level, an order should be placed to replenish inventory. Businesses that apply the concept of safety stock do not allow the inventory to go below the level marked at safety stock.
The safety stock method requires inventory to be ordered when it approaches safety stock. Allowing inventory to drop below the safety stock is risking running out of stock leads to halting production.
Answer:
C. maintaining safety stock
Explanation:
I just took the test on Edmentum/Plato and got the answer right
ETHICS Sophia negotiated a contract with Pete under which she would buy his company for $10 million plus the amount of the company’s outstanding debt (approximately $1 million). But when Pete sent a draft of the contract, it stated that the purchase price would be $10 million less the company’s debt. What is Sophia’s ethical obligation to Pete? Should she tell him about the mistake? What Life Principles would you apply in this situation? What would Kant say?
Answers
In exchange for buying Pete's business for $10 million plus the balance of its debt (about $1 million), Sophia and Pete arranged a contract. The purchase price, however, was $10 million less than the company's debt when Pete provided a draft of the deal. What ethical duty does Sophia have to Pete? Should she let him know about the error? Which life lessons would you apply in this circumstance? How would Kant respond?
It is Sophia's moral responsibility to inform Pete of the contract draft's inaccuracy and arrange for its correction When a contract error results in litigation, the court will only alter the terms of the agreement if there is convincing evidence that the parties meant to perform differently than what is specified in the agreement. There is no evidence to back the claim because the agreement was designed such that Sophia would buy Pete's company for $10 million plus the amount of the company's existing debt, which rarely occurs against the terms of a contract by accident. So if Sophia didn't tell Pete about the mistake, Sophia would win but Pete would lose. In this case, I would act morality's guiding ideals. In my opinion, Sophia should tell Pete about the mistake and act in a way that is morally proper given the situation. According to Kant, morality is founded more on upholding one's moral duties than it is on the outcomes of one's activities. Kant would then counsel Sophia to inform Pete of the error because it is morally required of her to tell the truth when entering into a contract.
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A group of users can perform certain operations on a shared workbook. Which option helps them to update and track changes in the shared workbook?
The
option allows all group members to update information and track changes in the workbook.
Answers
Answer: Edit option allows everyone in a group to edit the contents work
Explanation:
Hope it helps
Computers used to produce magazine articles is it land or capital
Answers
Answer:
captial
Explanation:
Land means things like natural resources, labor is the manual work force that either makes capital products or turns natural resources into a useable product to work, and capital is anything made that is used to make something else.
When computers are used to produce magazine articles the main factor of production is capital.
To an economist, capital often refers to liquid assets. In other words, it is cash on hand that may be used on either daily requirements or long-term initiatives.
Capital refers to the funds or resources utilized to launch a firm. Capital is a resource that might be money or anything in kind that is used to buy more raw materials and inputs. It is a critical component since every firm needs some initial money.
Therefore, the main factor of production is capital.
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This is an incomplete question, the complete question is:
What is the factor of production when computers are used to produce magazine articles?
Deregulation in the banking industry in 2007 was mainly intended to lead to _____. (Select all that apply.)
an efficient marketplace
competitive pricing
riskier investments
volatile interest rates
Answers
Answer:
riskier investment
Explanation:
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What reasons might an 18-year-old have for his/her thin file?
Answers
The table below provides the interest rate and inflation for four scenarios. One-hundred dollars was deposited into a savings account a year ago. The value of that savings is now less than $100. Which of the following scenarios must have happened?
Answers
Answer:
C) Each successive year, 1% of the current value is added to the value of the account.
Explanation:
Use the drop-down menu to select the qualification best demonstrated in each example. Virgil is on time every day to his job as a Packaging Machine Operator. Lily analyzes a product's supply chain to identify ways to make it more efficient. Chase manages shipping schedules so products are sent on time. Zaida helps another worker get products ready for shipping.
Answers
Answer:
Dependability, critical-thinking skills, organizational skills, and teamwork.
Explanation:
I got it right.
Answer:
Noting here you answer is UP there ↑↑↑↑
Explanation:
Information technology (IT) has changed:_________. a. the various forms of utility that businesses require in order to succeed. b. where we do business and when we do business c. the degree that businesses rely on each other for information and decision making. d. the value of collecting accounting data for decision making.
Answers
Answer: c. the degree that businesses rely on each other for information and decision making.
Explanation:
Information Technology has enabled firms of all sizes and types to be able to access information that they need for themselves instead of having to rely on third-party providers that would provide data to them at a high cost.
This has enabled these businesses to rely less on other companies for decision making as well as become more efficient at it because they are able to use varied sources of information not just what they would have acquired from other companies.
Marco, Jaclyn, and Carrie formed Daxing Partnership (a calendar-year-end entity) by contributing cash 10 years ago. Each partner owns an equal interest in the partnership and has an outside basis in his/her partnership interest of $104,000. On January 1 of the current year, Marco sells his partnership interest to Ryan for a cash payment of $137,000. The partnership has the following assets and no liabilities as of the sale date:
Tax Basis FMV
Cash $ 18,000 $ 18,000
Accounts receivable 0 12,000
Inventory 69,000 81,000
Equipment 180,000 225,000
Stock investment 45,000 75,000
Totals $ 312,000 $ 411,000
The equipment was purchased for $240,000, and the partnership has taken $60,000 of depreciation. The stock was purchased seven years ago.
4.
value:
1.00 points
Required information
a. What are the hot assets [§751(a)] for this sale? (Select all that apply.)
Accounts receivable
Inventory
Stock investment
Potential depreciation recapture in the equipment
References
eBook & Resources
Difficulty: 2 MediumLearning Objective: 21-01 Determine the tax consequences to the buyer and seller of the disposition of a partnership interest, including the amount and character of gain or loss recognized.
5.
value:
1.00 points
Required information
b. What is Marco’s gain or loss on the sale of his partnership interest?
References
eBook & Resources
ProblemDifficulty: 2 MediumLearning Objective: 21-01 Determine the tax consequences to the buyer and seller of the disposition of a partnership interest, including the amount and character of gain or loss recognized.
Check my work
6.
value:
1.00 points
Required information
c. What is the character of Marco’s gain or loss?
$23,000 ordinary income and $10,000 capital gain
$10,000 ordinary income and $23,000 capital gain
$33,000 ordinary income
$33,000 capital gain
None of these
References
eBook & Resources
Difficulty: 2 MediumLearning Objective: 21-01 Determine the tax consequences to the buyer and seller of the disposition of a partnership interest, including the amount and character of gain or loss recognized.
Check my work
7.
value:
1.00 points
Required information
d. What are Ryan’s inside and outside bases in the partnership on the date of the sale?
Answers
Answer:
I have no idea
Explanation:
I apologize
a) The hot assets according to [§751(a)] for this sale are:
a. Accounts receivableb. Inventoryd. Potential depreciation recapture in the equipment.b) Marco’s gain or loss on the sale of his partnership interest is $33,000 ($137,000 - $104,000).
c) The character of Marco’s gain or loss is d. $33,000 capital gain.
d) Ryan’s inside and outside bases in the partnership on the date of the sale are $137,000 ($411,000/3).
What are hot assets in a partnership?Hot assets refer to these assets: "unrealized receivables" and "inventory items," which generate ordinary business income when sold.
The hot assets also include, in this instance, the "unrealized depreciation recapture" in the equipment of the partnership.
Data and Calculations:Tax Basis FMV
Cash $ 18,000 $ 18,000
Accounts receivable 0 12,000
Inventory 69,000 81,000
Equipment 180,000 225,000
Stock investment 45,000 75,000
Totals $ 312,000 $ 411,000
Question Completion:The equipment was purchased for $240,000, and the partnership has taken $60,000 of depreciation. The stock was purchased seven years ago.
a. What are the hot assets [§751(a)] for this sale? (Select all that apply.)
a. Accounts receivable
b. Inventory
c. Stock investment
d. Potential depreciation recapture in the equipment
b. What is Marco’s gain or loss on the sale of his partnership interest?
c. What is the character of Marco’s gain or loss?
a. $23,000 ordinary income and $10,000 capital gain
b. $10,000 ordinary income and $23,000 capital gain
c. $33,000 ordinary income
d. $33,000 capital gain
e. None of these
d. What are Ryan’s inside and outside bases in the partnership on the date of the sale?
The hot assets according to [§751(a)] for this sale are Accounts receivable, Inventory, and the potential depreciation recapture in the equipment because they generate ordinary business income when sold.
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What is Universal Perspective
Answers
Answer:
1 of, relating to, or typical of the whole of mankind or of nature. 2 common to, involving, or proceeding from all in a particular group. 3 applicable to or affecting many individuals, conditions, or cases; general. 4 existing or prevailing everywhere.
Question 5 of 10
Why do business often add fees to their invoices?
O A. To help pay for business expenses
B. To attract new customers
C. To reward customers' for their loyalty
D. To make more profit than their competitors
Answers
Answer: I think it's A
Explanation:
Answer:
Its A!
Explanation:
Just took the quiz
Listed below are selected transactions completed by Ridge Company during March of the current year.
Mar. 5
10
13
15
Rendered services on account to Quinton Co., Invoice No. 92, $3,250.
Rendered services on account to Martin Inc., Invoice No. 93, $4,500.
Received $5,000 in payment of monthly rent, which was due on March 1.
Received payment from Quinton Co. for invoice of March 5.
Received payment from Martin Inc. for balance due on invoice of March 10.
Received amount due from Thomas Co. on sale made in February, $5,200.
Recorded cash from services rendered for cash during the month, $15,750.
19
20
31
a. Record the transactions (including the invoice number), using the accompanying revenue journal and cash receipts journal.
b. Total and rule the revenue and cash receipts journals.
1. For individual items and totals to be posted to the subsidiary ledger or not to be posted, select "Yes" in the Post. Ref. column or below
the totals.
2. For individual items and totals to be posted to the general ledger, select the letter "G" (as a substitute for specific account numbers)
in the Post. Ref. column or below the totals.
If an amount box does not require an entry, leave it blank.
Page: 10
ACCTS. REC. DR.
EES EARNED CR.
POST
REF.
DATE
ACCOUNT DEBITED
INVOICE NO.
Answers
Answer:19
Explanation:
Which questions about risk should someone ask before making a big purchase? Check all that apply.
What problems are most likely to happern?
OWhat can be done to avoid liability
OWhat could go wrong?
OWhat problems could be most damaging?
OWhat option has no risk?
Answers
Answer:
A
Explanation:
If you need buy it, if it's a want not a need don't buy it
Carmen wants to determine the profit margin ratio for her company so she can see how much of the company sales is turned into profit. She knows her net profit is $20,000 and her sales are $100,000. How would she calculate the profit margin ratio?
A. Subtract the company’s net profit from the sales
B. Add the company’s net profit and sales together
C. Divide the company’s sales in half and add the net profit
D. Divide the company’s net profit by sales
Answers
To be able to calculate the profit margin ratio, Carmen should D. Divide the company’s net profit by sales.
How to find the profit margin ratio?The profit margin ratio is a financial measure that is used to show the amount of net profit that a company has after it has taken away the expenses from its sales. The higher the profit margin ratio, the better for a company because it shows they are able to make more profit by incurring less expenses.
The formula for the profit margin ratio is simply to divide the net profit by the sales amount.
In this case therefore, the profit margin to Carmen's company is:
= Net profit / Sales amount
= 20, 000 / 100, 000
= 0. 2
= 20 %
This shows that 20 % of the sales is converted to net profit.
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enthnocentrism as a barrier in cross-cultural communication
Answers
Imagine the products are in decline and recommend an extension strategy for each one. Make sure you explain your
A Galaxy chocolate bar
Candy Crush mobile app.
Evian water
Ferrari world.
Answers
All of these products should use a rebranding extension strategy.
Once a product reaches maturity and the market is saturated, it gradually starts to decline.
Because of this, one approach to lengthen the life of a product strategy is to always seek out ways to make it better, different, and even stand out from similar products that have already hit the market.
Rebranding, offering discounts, and looking for new markets are all examples of extension strategy methods. Rebranding is the process of giving an existing product a fresh look and feel in order to set it apart from the competition. For instance, a cosmetics company might provide additional brushes, blenders, or sponges.
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Three basic questions of economics are:
a. Why? How? What? b. What? How? For Whom?
c. What? Where? When? d. What? How? Where
Answers
Macroeconomics is best defined as the study of
how people make decisions about operating businesses.
the overall operation of the national and global economy.
how the government makes decisions about regulating businesses.
how scarce resources are used by households and businesses.
the study of the interaction of supply and demand.
2.
Mike asked Rachael to go to the beach with him. Rachael knew she should stay home and study for her Macroeconomics exam but felt she could spend some time doing both. In the past, she had always studied about five hours for her exams but today she studied for only two hours. Her normal grade of an A fell to a B. What was the opportunity cost of going to the beach?
The B she received on the exam.
The 2 hours she studied.
The 3 hours she spent at the beach.
The 3 hours she could have spent studying.
The 5 hours she spent at the beach.
3.
When two variables have an inverse relationship, then
if A increases, B increases.
if B increases, A is unchanged.
if A increases, B is unchanged.
the slope of the graph is positive.
the slope of the graph is negative.
4.
When two variables have a direct relationship, then
if A decreases, B increases.
if B decreases, A is unchanged.
if A increases, B is decreases.
the slope of the graph is positive.
the slope of the graph is negative.
5.
The production possibilities curve
graphically illustrates the concept of absolute advantage.
graphically illustrates the concept of scarcity.
allows us to see the concept of absolute advantage.
shows the opportunity cost between all goods and services in an economy.
shows the relationship between absolute and comparative advantage.
6.
A production possibilities curve that is concave or bowed out from the origin represents
increasing opportunity cost.
decreasing opportunity cost.
constant opportunity cost.
zero opportunity cost.
static opportunity cost.
Answers
Answer:
1. the overall operation of the national and global economy.
2. The B she received on the exam.
3. the slope of the graph is negative.
4. the slope of the graph is positive.
5. graphically illustrates the concept of scarcity.
6. increasing opportunity cost.
Explanation:
1. Macroeconomics is best defined as the study of the overall operation of the national and global economy.
Macroeconomics can be defined as the study of behaviors, performance and factors that affect the entire economy. Hence, it focuses on aggregate phenomena such as price level, economic growth, Gross Domestic Product (GDP), inflation, unemployment and national income levels with respect to the central bank, demand or supply shocks, government policies, aggregate spending and savings.
2. The opportunity cost of going to the beach is the "B" grade she received on the exam.
In Economics, opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Thus, the value of the opportunities lost (scoring an "A" grade) by going to the beach is the opportunity cost of her choice.
3. When two variables have an inverse relationship, then the slope of the graph is negative.
An inverse relationship can be defined as a relationship between two variables, in which an increase in the value of one variable leads to a decrease in the value of the other variable i.e as the value of one variable becomes large, the value of the other variable becomes small.
4. When two variables have a direct relationship, then the slope of the graph is positive.
A positive relationship or correlation can be defined as the relationship between two variables in which there exist a direct relationship between them i.e as one variable increases, the other increases and vice-versa.
5. The production possibilities curve graphically illustrates the concept of scarcity.
The production possibilities curve (PPC) is also known as the production possibilities frontier (PPF) and its a curve which illustrates the maximum (best) combinations of two products that can be produce in an economy if they both depend on these factors;
1. Technology is fixed.
2. Resources are fixed.
6. A production possibilities curve that is concave or bowed out from the origin represents increasing opportunity cost.
The production possibilities curve (PPC) is depicted graphically as an arc, by representing one good on the y-axis and the other on the x-axis.
Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and
the gross method.
August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated
August 1.
August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August
5. The merchandise had cost $4,000.
August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice
dated August 8.
August 9 Paid $190 cash for shipping charges related to the August 5 sale to Baird Corporation.
August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was
restored to inventory.
August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price
reduction from Waters of $700 off the $7,000 of goods purchased. Lowe's debited accounts payable for $700.
August 14
At Aron's request, Lowe's paid $160 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts
payable) to Aron.
August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10.
August 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.
August 19
Sold merchandise to Tux Company for $4,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The
merchandise had cost $2,400.
August 22
Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a
price reduction (allowance) of $800 to Tux and credited Tux's accounts receivable for that amount.
August 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22.
August 30 Paid Aron Company the amount due from the August 1 purchase.
Answers
Based on the given merchandising transactions, a journal entry has been prepared below:
Journal EntriesNo Date General Journal Debit Credit
1 Aug 01 Merchandise inventory $6,000
Accounts payable-Aron $6,000
2 Aug 05 Accounts receivable-Baird $4,200
Sales $4,200
3 Aug 05 Cost of goods sold $3,000
Merchandise inventory $3,000
4 Aug 08 Merchandise inventory $5,000
Accounts payable-Waters $5,000
5 Aug 09 Delivery expense $200
Cash $200
6 Aug 10 Sales return and allowances $1,000
Accounts receivable-Baird $1,000
7 Aug 10 Merchandise inventory $500
Cost of goods sold $500
8 Aug 12 Accounts payable-Waters $500
Merchandise inventory $500
9 Aug 14 Accounts payable-Aron $190
Cash $190
10 Aug 15 Cash ($3,200 - $3,136) $3,136
Sales discounts ($3,200 x 2%) $64
Accounts receivable-Baird ($4,200 - $1,000) $3,200
11 Aug 18 Accounts payable-Waters ($5,000 - $500) $4,500
Merchandise inventory ($4,500 x 1%) $45
Cash ($4,500 - $4,455) $4,455
12 Aug 19 Accounts receivable-Tux $3,600
Sales $3,600
13 Aug 19 Cost of goods sold $1,800
Merchandise inventory $1,800
14 Aug 22 Sales return and allowances $600
Accounts receivable-Tux $600
15 Aug 29 Cash ($3,600 - $600) $3,000
Accounts receivable-Tux $3,000
16 Aug 30 Accounts payable-Aron ($6,000 - $190) $5,810
Cash $5,810
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