According to FASB, the bank's decision in the classification of a given debt as trading, AFS, or HTM is based on the intent of the company as to the length of time it will hold each investment.
The economic Accounting Requirements Board (FASB) is a personal standard-putting body whose primary purpose is to set up and improve typically prevalent Accounting ideas (GAAP) within the USA in the public's interest. The Securities and trade fee (SEC) is distinctive to the FASB as the business enterprise answerable for putting accounting standards for public organizations inside the US. The FASB changed the Yankee Institute of Certified Public Accountants (AICPA) Accounting principles Board (APB) on July 1, 1973. The FASB is run by means of the nonprofit economic Accounting foundation. FASB accounting requirements are generally as authoritative through many groups, including state boards of Accountancy and the Yankee Institute of CPAs (AICPA)
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nk each of the following three gift possibilities in terms of how much utility they are likely to generate (with 1 being the highest and 3 being the lowest):
The rank of the three gift possibilities in terms of how much utility they are likely to bring is:
1) A $15 cash that can be spent anywhere
2) A store-specific gift card worth $15
3) A $15 item from a specific store
Utility is a term used in economics that refers to the total satisfaction received from consuming goods or services. Economic theories based on rational choice usually assume that consumers will seek to maximize their utility. Consumer satisfaction with goods or services is important to understand, because it directly affects demand.
Not only that, prices, goods, or services can also be affected by the level of demand for an item or service. Therefore we can conclude that, the higher the level of utility of a good or service, the more desired the goods or services by consumers.
The level of customer satisfaction is often considered unmeasurable in the practice. It is because some economists believe that they can indirectly estimate what economic goods or services will be used for by using various models.
Rank each of the following three gift possibilities in terms of how much utility they are likely to bring (with 1 being the highest and 3 being the lowest):
Rank the options below.
- A store-specific gift card worth $15
- A $15 cash that can be spent anywhere
- A $15 item from a specific store
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41) which metric is based on the relationship between the revenue produced by a specific customer, the expenses incurred in acquiring and servicing that customer, and the expected life of the relationship between the customer and the company? a) churn rate b) customer lifetime value c) cost per lead d) cost per sale e) customer average value
B. Customer lifetime value (CLTV) is the metric based on the relationship between the customer and the company.
Customer lifetime value (CLV) is a commercial indicator that assesses the average customer's potential earnings over the term of the relationship. Calculations of client lifetime value can be complicated by variations in items, prices, purchase frequency, and volume.
Because it is directly connected to income instead of an essentially intangible promise of loyalty and contentment, CLV differs from the Net Promoter Score (NPS), which evaluates customer loyalty, and CSAT, which measures customer pleasure.
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alex, a tax accountant, decided to buy a car after receiving a raise in salary. he researched his options online and sought the opinions of friends who had recently purchased cars. in the context of the consumer decision-making process, what must alex do next?
In the consumer decision -making process, Alex must evaluate alternatives and decide which car will suit him best.
The consumer decision making process is five step process-
The first step in the process is to recognize the problem, once consumers are able to recognize their need and want, they try to understand how they can fulfill it.The second step is to recognize the options available for fulfilling their need and want. They identify each and every available option.The third step is to evaluate each alternative by considering their pros and cons. Prospective customers have some criteria related to their need accordingly they judge the product.The fourth step is to take the final purchase option after considering everything .And the last step in the consumer decision-making process is to post purchase evaluation of the product.Learn more about consumer decision-making process here:
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rodgers company gathered the following reconciling information in preparing its may bank reconciliation. calculate the adjusted cash balance per books on may 31. cash balance per books, 5/31$3,443 deposits in transit279 notes receivable and interest collected by bank771 bank charge for check printing29 outstanding checks1,219 nsf check190 a.$3,995 b.$1,050 c.$2,503 d.$3,084
If rodgers company has cash balance per books, 5/31$3,443 deposits in transit279 notes receivable and interest collected by bank771 bank charge for check printing29 outstanding checks1,219 nsf check190 , The adjusted cash balance per books on may 31 is: a.$3,995.
Adjusted cash balanceWe would be making use of this formula to find the adjusted cash balance
Adjusted cash balance per books = Cash balance as per books + Interest received from the bank − Bank service charge − NSF
Where:
Cash balance as per books = $ 3443
Interest received from the bank = $ 771
Bank service charge = $ 29
NSF = $190
Let plug in the formula
Adjusted cash balance per books = $3,443 + $771 − $29 − $190
Adjusted cash balance per books = $3,995
Therefore we can conclude that the correct option is A.
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firms can engage in , which is the process of planning, implementing, and controlling the efficient, cost-effective flow and storage of goods and materials from the point of origin to the point of consumption for the purpose of alleviating the suffering of vulnerable people.
Firms can engage in Humanitarian logistics, which is the process of planning, implementing, and controlling the efficient.
A subset of logistics called humanitarian logistics deals with the phases of catastrophe management systems' preparedness and reaction. Humanitarian logistics is the process of organizing, carrying out, and supervising the efficient, economical movement and storage of commodities and supplies, as well as associated information, from the point of origin to the site of consumption with the aim of easing the suffering of the weak. The role includes a variety of tasks, such as planning, purchasing, shipping, warehousing, monitoring and tracing, and customs clearance. For aid operations and programs to be successful and swift, humanitarian logistics are essential.
In actuality, it can be said that managing humanitarian logistics systems differs greatly from managing their commercial equivalents.
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the lanier company incurs $60,000 of annual fixed costs in manufacturing and selling a product that it sells for $15 per unit. the variable costs of manufacturing and selling the product are $9 per unit.
Lanier Company spends 60,000 annually on fixed expenditures to produce and market that it sells for $15 per unit. The product's variable for and selling each unit are $9. 10,000 units are need to break even.
A payment made in cash or on credit to buy goods or services is referred to as an expenditure. It is recorded once, at the moment of purchase, as opposed to an expense, which is reported after it has been used up or expired. In this article, we'll go through the many sorts of expenses utilised in accounting and finance.
An accountant must provide proof that a transaction actually took place in order to report an expenditure. For instance, a sales receipt will serve as evidence of an over-the-counter transaction, whereas an invoice will serve as notification that payment is required for products and services. Organizations can keep a close eye on their transactions thanks to the documentation.
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which global institution has focused on making low-interest loans to governments in poor nations that want to make significant infrastructure investments such as building a road or a bridge?
The World Bank has concentrated on providing low-interest loans to governments in developing countries who wish to invest heavily in infrastructure, such building a road or a bridge.
An international financial agency called the World Bank lends money and gives grants to governments in low- and middle-income nations so they can carry out major projects.
Five cooperative organisations, commonly referred to as the World Banks, have grown the World Bank into what is today known as the World Bank Group.
For international governments, the World Bank Group provides a wide range of exclusive financial assistance, goods, and solutions. It also provides a variety of research-based thought leadership for the global economy as a whole.
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the following data were provided by mystery incorporated for the year ended december 31: cost of goods sold $ 165,000 income tax expense 17,600 merchandise sales (gross revenue) for cash 240,000 merchandise sales (gross revenue) on credit 42,000 office expense 19,000 sales returns and allowances 7,000 salaries and wages expense 40,200
The preparation of the multiple-step income statement for Mystery Incorporated for the year ended December 31 is as follows:
Mystery Incorporated
Multiple-step Income StatementFor the year ended December 31
Merchandise sales (gross revenue) for cash $240,000
Merchandise sales (gross revenue) on credit 42,000
Gross Sales $282,000
Sales returns and allowances (7,000)
Net Sales $275,000
Cost of goods sold 165,000
Gross profit $110,000
Office expense $19,000
Salaries and wages expense 40,200 $59,200
Operating income $50,800
Income tax expense (17,600)
Net income $33,200
What is a multiple-step income statement?A multiple-step income statement is an income summary that details the revenue and expenses into operating and non-operating classes before arriving at the net income.
The multiple-step income statement also shows the different levels of profits, including the gross profit, the operating income, income before taxes, and the net income.
The multiple-step income statement contrasts with the single-step income statement, which aggregates the revenue and expenses to arrive at a single profit bottom line.
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Question Completion:Prepare the multiple-step income statement.
in a small town, there is only one factory where residents can find jobs. all of the residents belong to a labor union, which negotiates on their behalf as a single supplier of labor. this situation is best characterized as a
Negotiating collectively is the Term. During collective bargaining, union officials bargain with business management to secure improved includes bettering benefits, working conditions, and remuneration.
Collectively negotiating
Through collective bargaining, labor unions deal with the employers of their members to improve their working circumstances, including benefits, pay, the amount of hours worked, equipment to make their jobs easier, and specific aids or protections, among other things. When employees are denied the right to organize and engage in collective bargaining, it may result in strikes, unrest, or other types of industrial conflict or interruption, which halts the effectiveness and efficiency of the business. Collective bargaining ensures equality and fair conditions for both the employees and the employers, as well as protecting the flow of commerce.
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after conducting your end of period physical inventory count, you realize that for several customer orders, the transfer of legal title to the goods in transit was not properly recognized. this situation is an example of an inventory error that will
This situation is an example of an inventory error that will Errors affect both the income statement and balance sheet.
What is inventory error?Any of the following could lead to an inventory error: Leaving out some items when physically counting inventory. During a physical inventory, some objects should be double counted. clerical mistakes when multiplying or adding inventory information.
Inventory mistakes can result in an inaccurate ending inventory balance, which has an impact on the cost of goods sold and profitability.
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Explain,using PED,why a company might introduce a policy of raising travel fares at peak times and lowering travel fares at non peak time ?
Using Price Elasticity of demand or (PED) a company might introduce a policy of raising travel fares at peak times because :-
Understanding the 'elasticity of demand' that is pertinent in this situation. Applying price elasticity of demand demonstrates the relationship between the impact of raising fares during busy periods and changes in total revenue, as well as the impact of reducing fares during less busy periods and changes in total revenue.
The quantity demanded of a good or service divided by the percentage change in price is the price elasticity of demand. The percentage change in quantity supplied divided by the percentage change in price represents the price elasticity of supply.To learn more about Price Elasticity of demand, click the links
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as of 2015, the citizens of zimbabwe had an average life expectancy of 61 years. a sudden increase in the quality of health care across the country, due to large donations from international non-governmental organizations, has increased the projected life expectancy to 75 years. now, zimbabwe citizens will live longer after retirement, which they need to prepare for financially. how would this change in life expectancy affect the market for loanable funds in zimbabwe?
When there may be any alternate in lifestyle expectancy so is a boom in the supply of Loanable finances.
Deliver is the amount of product that an employer can offer to customers at a selected price. Demand is the client's preference to buy the product at that charge. Deliver and demand work collectively to create a balanced and competitive marketplace.
A supply of products consists of the following: the switch of possession of goods by using settlement. The sale of movable goods on a fee basis via an auctioneer or agent appearing in his or her personal name however on the commands of every other person. The delivery of goods below a hire-purchase contract.
Therefore, an green supply chain facilitates reduced delays, which is critical for keeping economic efficiency and efficacy. It without delay improves your bottom line by way of expediting product delivery and minimizing the cost concerned according to the purchaser and provides your competitive benefit.
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Match each product life cycle stage to its description. During this stage, three things fall: customers, sales, and competitors.
At this time, profits are high and per-customer cost is at its lowest.
Sales and profits begin to rise during this stage of the product life cycle.
In this stage, a new product is launched and financial losses are common.
1. Introduction 2. Growth 3. Maturity 4. Decline
Each product life cycle stage should be matched to its description as follows:
Introduction: During this stage, three things fall: customers, sales, and competitors.Maturity: At this time, profits are high and per-customer cost is at its lowest.Growth: Sales and profits begin to rise during this stage of the product life cycle.Decline: In this stage, a new product is launched and financial losses are common.What is a product life cycle?A product life cycle can be defined as the stages or phases that a particular product passes through, from the period it was introduced into the market to the period when it is eventually removed from the market.
Generally, there are four (4) stages in the product life cycle and these including the following;
Introduction.Growth.Maturity.DeclineIn conclusion, we can reasonably infer and logically deduce that customers, sales, and competitors are usually very low at the introduction stage of a product.
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julia sells exotic birds. she has placed four orders with wholesale bird supplier papagayo co., and all of them have been filled with healthy birds. lately, however, some wholesale competitors have been trying to get her to order from them. but, when it's time to make the next order, she decides she's better off with papagayo because she's pretty sure she'll get healthy birds. (do not assume that you know anything about birds or the bird business.) the premise-analogue in the passage is
According to Julia, all of the birds in the Papago County area seem to be in good condition. Hence her argument is stronger
This is further explained below.
What is premise-analog?Generally, For the statement "Julia sells exotic birds. she has placed four orders with wholesale bird supplier Papagayo co., and all of them have been filled with healthy birds. lately, however, some wholesale competitors have been trying to get her to order from them.
But, when it's time to make the next order, she decides she's better off with Papagayo because she's pretty sure she'll get healthy birds. (do not assume that you know anything about birds or the bird business.)" the premise-analog in the passage is Stronger
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An operating cycle is the length of time it takes to convert inventory to accounts receivable plus the time it takes to convert the account receivable back to cash. This statement is.
An operating cycle refers to the length of time required to convert inventory to accounts receivable plus the time required to convert the account receivable back to cash. This statement is true.
In accounting, operating cycle refers to the time it takes an organization to receive inventory, sell the inventory, and receive the cash form the sale of the inventory. This means that the operating cycle is the measurement of how long it takes an organization to convert its inventories into cash. The operating cycles paly a vital role in determing how efficient the business is.
The operating cycle formula is as follows:
operating cycle = inventory time period + accounts receivable time period
Inventory time period is the amount of time inventory is held in storage until sold and calculated as follows:Inventory time period = 365 / inventory turnover
Accounts receivable time period is amount of time to receive cash from selling the inventory and is calculated as follows:Accounts receivable time period = 365 / receivables turnover
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you short-sell 300 shares of rock creek fly fishing company, now selling for $32 per share. if you want to limit your loss to $3,300, you should place a stop-buy order at
You suddenly- vend 300 shares of gemstone creek cover fishing company, now dealing for$ 32 per share. However, 300, you should place a stop- steal order at $ 21, if you want to limit your loss to$ 3.
Given,
300 shares of gemstone creek cover fishing company are short vended.
now dealing for$ 32 per share.
I want to limit your loss to$,300.
When an investor borrows security, he or she sells it on the open
request with the intention of latterly copping
it at a lower price.
Short- merchandisers stake on and profit from a decline in the price of securities. Differ this with long- term investors who want the price to increase.
quantum entered from short trade = 300 ×$ 32 = $,600
Let the stop- steal order be at price' P'.
Loss = $,300 = 300P −$,600
$,300 = 300P,
so P = $ 21
Hence, stop- buy order should be placed at$ 21.
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jennings flooring found a supplier of very inexpensive fibers that could be used to produce low-grade carpeting at a very low cost. because jennings had been facing stiff competition in the medium-grade carpet industry, it started using the new material in all of its carpeting and reducing its prices. this is an example of a(n)
Jennings flooring found a supplier of very inexpensive fibers that could be used to produce low-grade carpeting at a very low cost. this is an example of a(n) quality modification.
Those improvements to a product's dependability and sturdiness get typically applied with the aid of modifications to the materials or manufacturing manner.
Product-line adjustments approach typically contains adjustments in merchandise or their repositioning through the enhancement of the promotional awareness.
The modifications in product frequently grant advanced product delight, thereby producing excessive initial shopping for and greater, switching from present manufacturers.
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salina hires employees who provide a specific set of knowledge and skills that will give her company advantage over its competitors. in the context of strategic planning, salina is
In case whereby salina hires employees who provide a specific set of knowledge and skills that will give her company advantage over its competitors. in the context of strategic planning, salina is implementing.
What is Strategic planning?Strategic planning can be described as the process of planing which involves the act of defining as well as organizing the vision of the company so as to be able to their organization's goals and objectives.
In the case above we can see that Slina has seen the vision of the company ad she has been able to know what to do to achieve this goals as well as the objectives of the organization which makes her to seek for the employee that have the needed skill for the work, in this case we can say that she is implementing because the strategic planing without the implementation can be described as a waste of time as well as energy.
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you are considering adding a new security to your portfolio. to decide whether you should add the security, you need to know the security's: i. expected return ii. standard deviation iii. correlation with your portfolio
If you are considering adding a new security to your portfolio, you should add the expected return, standard deviation and correlation with your portfolio.
What is the purpose of adding different securities in a portfolio?Diversification is mostly used to reduce risk. By spreading your investments over a variety of asset classes, industries, or maturities, you reduce your risk of experiencing market shocks that equally impact all of your investments.
How does it differs from each other?The expected return shows the potential amount of returns that a portfolio may produce, whereas the standard deviation of a portfolio measures how much the returns deviate from the mean. The standard deviation of the portfolio is decreased by securities that have a positive correlation.
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Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. according to o*net, what are common work contexts for actors? check all that apply. physical proximity face-to-face discussions deal with physically aggressive people exposed to hazardous equipment contact with others work with group or team
Physical proximity, face-to-face discussions, contact with others and work with group or team are common work contexts for actors, according to o*net.
Common work contexts for actors, according to o*net are as follows-Working with a group or team is crucial. This job necessitates the worker performing job tasks in a close physical proximity to others.
In order to perform this job, the worker must be in touch with others (face-to-face, by phone, or otherwise). This job necessitates the worker meeting strict deadlines. In this job, you must have face-to-face discussions to individuals or groups.
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Answer:
1 2 5 6
Explanation:
trust
"robert inherited lots of antique tools when his father died. because robert is not interested in woodworking, he decides to sell several of the tools. robert agrees to sell an antique hand-held wood planer to geoffrey for $50. after agreeing to the deal, robert discovers that the planer is a pre-wwii norris jointer planer worth over $5,000, and refuses to sell the planer to geoffrey. can geoffrey enforce the deal?"
Yes we would have to say that based on the question, that Geoffrey would be able to enforce the deal that is made here.
Why would Geoffrey be able to enforce the deal?The reason why it is going to be possible for Geoffrey to enforce the deal that is being made here is due to the fact that the deal was made with valid consideration at the time that the contract was made.
Now what is needed for a consideration to be genuine would be the presence of a promise. This is available here. One side has to be able to make the commitment so that the other side would have to exchange with their promise.
The consideration that has being made here is one that is considered to be a legitimate consideration hence we can say that Geoffrey is going to have to be able to enforce the contract that is ongoing here.
Hence the answer to the question would be yes he can.
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Which statement is true about an annual percentage rate (APR)? (1 point)
O It is equal to the interest rate times the principal.
O It is of little interest to the average borrower.
O
It is reduced every time you make a payment.
O It is a simple way to compare all the various elements of different loans.
The truth that can be said about the APR is that It is a simple way to compare all the various elements of different loans.
What is the APR?This is the term that is used to refer to the annual percentage rate. The annual percentage rate can be described as the cost that has to be paid in order to borrow money.
This payment is known to be expressed as a percentage. It is inclusive of fees and it is a bigger measure of the cost that a person would have of borrowing money that have gotten as a loan.
This is not just the interest that is to be paid on the loan that is to be taken by the borrower.
This amount is known to also have to carry the fees that a person would have to add as well to the interest rate that they are to pay for the borrowing that is to be done.
he cost you pay each year to borrow money, including fees, expressed as a percentage. The APR is a broader measure of the cost to you of borrowing money since it reflects not only the interest rate but also the fees that you have to pay to get the loan.
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Answer: 1. It is a simple way to compare all the various elements of different loans.
2. It is the amount you borrow.
3. The rate can go up or down, depending upon the index it is tied too.
4. It is the amount of time after a purchase and before it starts accruing interest.
5. more than $10,000
Explanation: I took the same quick check and got 100%, hope it helps!
electronics international has experienced a significant decline in sales for sweettunes, its mp3 player, during the past two years. in response, the company has reduced its advertising and sales expenditures for sweettunes in an attempt to improve short-run profits. which term best describes electronics international's strategy for sweettunes?
The term that describes the best electronics international's strategy for sweet tunes is product harvesting.
A marketing and business plan known as a "harvest strategy" is reducing or stopping investments in a product, product line, or line of business in order for the parties involved to reap—or, harvest—the greatest profits. Towards the end of a product's life cycle, a harvest strategy is often used when it is assessed that additional investment would no longer increase product income.
Products have life cycles, and when a product is getting close to the end of its life cycle, extra investments and marketing efforts are typically not beneficial. When an asset has been paid off and no additional investment is necessary, it enters the stage known as the "cash cow."
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a cooperative agreement among oligopolists is more likely to be maintained, a.the smaller the number of buyers of the oligopolists' product. b.the more likely it is that the game among the oligopolists will be played over and over again. c.the larger the number of buyers of the oligopolists' product. d.the greater the number of oligopolists.
The likelihood that an oligopolist will cooperate with another oligopolist increases the likelihood that they will play their game repeatedly.
While oligopoly firms in a specific market choose the amount to offer and the price to charge, they are tempted to behave like monopolies. Oligopolistic businesses can maintain enterprise output, impose a higher fee, and distribute the proceeds among themselves by coming together as a group.An oligopoly situation is one in which businesses within the same firm cooperate to improve their shared earnings rather than fiercely competing with one another. Oligopolies are situated throughout the market or even seem to be developing into profitable sectors.
An Industry is said to be in an oligopoly if just a few significant companies are present. High access and exit barriers are typical for businesses.In an oligopoly, a firm’s actions are frequently influenced by what other firms are doing. Either price leadership or collusion are used to establish prices.
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When the price of yogurt increased by 10%, its demand decreased by 2%. What is its price elasticity of demand?.
The elasticity price of demand will increase by 5%.
Price elasticity = quantity of the demanded good / price of the demanded good
Price elasticity of a call for is the ratio of the percentage exchange in the amount demanded of a product to the percentage alternate in fee.
Economists hire it to recognize how to deliver and call for trade whilst a product's price modifications.
An example of products with an elastic demand is patron durables. these are objects which are purchased every now and then, like a bathing device or a vehicle, and may be postponed if the charge rises.
For instance, automobile rebates were very a success in increasing automobile sales by using decreasing price.
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What type of decision-support system analysis attempts to predict the impact of changes in the assumptions, that is, the input data, on the proposed solution?.
What-if analysis of decision-support systems aims to foresee the effects of adjustments to the assumptions, or the input data, on the suggested answer.
A decision support system (DSS) is an information system that helps a corporation make decisions that call for discretion, analysis, and a plan of action. An organization's mid- and high-level management benefits from the information system's analysis of massive amounts of unstructured data and collection of data that can aid in input data problem-solving and decision-making. A DSS can be automated, run by people, or use a combination of both.
By collecting and input data, a decision support system generates comprehensive information reports. A decision-support systems hence differs from a conventional operations application, whose objective is to gather data rather than analyze it.
A decision-support systems is used by planning departments in an organization, like the operations department, to gather data and provide reports that management can utilize to make decisions. A DSS is primarily used for sales projection, for data on inventory and operations, and to deliver information to clients in an understandable way.
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assume the 2021 ending inventory of shea’s shrimp shack was understated by $10,000. how would this error affect the amounts reported for cost of goods sold and gross profit for 2021 and 2022.
Understated ending inventory will result in increase in cost of goes sold 2021 by 10000 therefore the gross profit will be decreased by 10000. Further in 2022 the opening inventory will be understated 10000hence impact of cost of goods sold is COGS 2022 decreased by 10000 and gross profit 2022 increased by 10000
2021 2022
Cost of goods sold 10000 (Increase) -10000 (Decrease)
Gross profit -10000 (Decrease) 10000 (Increase)
Inventory refers to all of the items, items, merchandise, and substances held through a commercial enterprise for promoting withinside the marketplace to earn a profit. Example: If a newspaper dealer makes use of an automobile to supply newspapers to the customers, simplest the newspaper may be taken into consideration inventory.
While there are numerous varieties of inventory, the 4 important ones are uncooked substances and components, paintings in progress, completed items and maintenance, restore and working supplies.
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it is argued that a coherent view of management must focus on three issues. what is one of these issues? fixing management-level problems. pleasing organizational superiors. shaping managerial identity. establishing organizational vision.
Fixing management-level problems is one of these issues.
Five common management demanding situations (and how to overcome Them)
communicate. clear up war. manipulate performance. handle blanketed employees. Administer rules pretty and continually.Management issues mean any remember requiring movement, research, and/or decision by means of the agency, including, however now not limited to, the employer's induction procedure; performance troubles; award of bills and blessings; periods of annual, sick, or different depart; absence of the Intern; proceedings; disciplinary tactics.
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in the united states, each state government can impose its own excise tax on the sale of cigarettes. suppose that in the state of north texarkana, the state government imposes a tax of $2.00 per pack sold within the state. in contrast, the neighboring state of south texarkana imposes an excise tax on cigarettes. assume that in both states the pre-tax price of a pack of cigarettes is $2.00. assume that the total cost to a resident of north texarkana to smuggle a pack of cigarettes from south texarkana is $3.50 per pack. (this includes the cost of time, gasoline, and so on.) assume that the tax is levied on the supplier.
No it does not make sense to smuggle a pack of cigarettes given that the total cost is lower with Texarkana.
What is the the supply situation that we have here?The question tells us about the pretax price that is 2 dollars. Then we have a supply curve that would be at equilibrium at the point that is called F. This price at equilibrium is at the point of 3 dollars.
But he cost of smuggling is setting at 3.50 dollars. Hence we would see that it is not a profitable thing to do since the cigarette price is seen to be lower than that of the smuggled one.
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Complete question
b. Does it make sense to for someone to smuggle a pack of cigarettes from South Texarkana to North Texarkana?
because the new equilibrium price in North
Yes
No
higher
lower
than the total cost of
th Texarkana.
The adjusted trial balance columns of a work sheet for planta company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. True or false?.
Extending the account balances into the appropriate columns in the financial statement worksheet produced a net income of $37,000 for the reporting period. It is true.
What is the financial statement worksheet?A financial statement worksheet is an accounting tool for producing financial statements, especially the income statement and the balance sheet.
From the worksheet, the net income or loss can be computed.
Planta Company
Financial Statements WorksheetWorksheet Adjusted Trial Balance Income Statement Balance Sheet
No. Account Title Dr. Cr. Dr. Cr. Dr. Cr.
101 Cash $8,000 $8,000
106 Accounts
Receivable 15,000 15,000
153 Trucks 45,000 45,000
154 Accumulated Depr. Trucks $18,000 $18,000
183 Land 12,000 12,000
201 Accounts Payable 9,000 9,000
209 Salaries payable 4,000 4,000
233 Unearned fees 1,000 1,000
301 F. Planta, Capital 19,000 19,000
302 F. Planta, Withdrawals 8,000 8,000
611 Plumbing fees earned 95,000 $95,000
401 Depreciation
expense- Trucks 9,000 $9,000
622 Salaries expense 28,000 28,000
640 Rent expense 12,000 12,000
677 Misc. expenses 9,000 9,000
Total $146,000 $146,000 $58,000 $95,000
Net Income $37,000 37,000
Totals $88,000 $88,000
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Question Completion:Planta Company
Adjusted Trial BalanceWorksheet Adjusted Trial Balance Income Statement Balance Sheet
No. Account Title Dr. Cr. Dr. Cr. Dr. Cr.
101 Cash $8,000
106 Accounts
Receivable 15,000
153 Trucks 45,000
154 Accumulated Depr. Trucks $18,000
183 Land 12,000
201 Accounts Payable 9,000
209 Salaries payable 4,000
233 Unearned fees 1,000
301 F. Planta, Capital 19,000
302 F. Planta, Withdrawals 8,000
611 Plumbing fees earned 95,000
401 Depreciation
expense- Trucks 9,000
622 Salaries expense 28,000
640 Rent expense 12,000
677 Misc. expenses 9,000
Tota
Net Income
Totals