Wells Technical Institute's method of recording unearned revenues and prepaid expenses into its balance sheet accounts is known as an accrual method of accounting.
What is accrual method?A method of accounting in which the payments and the receipts for a business are recorded in the books of accounts at the time they are due, but not yet received, is known as the accrual method of accounting.
Hence, the significance of accrual method is given above.
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Demand per hour for gasoline at a local station is normally distributed with a mean of 875 gallons and std deviation of 55 gallons. What is the probability that demand is greater than 1800 gallons over a 2-hour period
The probability that demand is greater than 1800 gallons over a 2 hour period is : 0.5
Given data :
Mean value of gasoline per hour = 875 gallons
Standard deviation = 55 gallons
Determine the probability of demand being greater than 1800 gallons over 2 hoursDemand for gas in 1 hour = X₁
Demand for gas in 2 hours = X₁ + X₂
Therefore ; ( X₁ + X₂) ~ N ( u₁+u₂, sd₁² + sd₂² )
In order to calculate probabilities for normals apply the equation below
Z = ( X- u ) / sd
where : u = 1800, sd = √ ( 55² + 55² ) = 77.78
using the z-table
P( Y > 1800) = P( Z > ( 1800 - 1800 ) / 77.78)
= P( Z>0 ) = 0.5
Hence we can conclude that The probability that demand is greater than 1800 gallons over a 2 hour period is : 0.5.
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A dollar today is worth Blank______ a dollar in the future because it can be reinvested. Multiple choice question. the same as more than less than
Answer:
A dollar tomorrow is worth less than a dollar today, because if you invest the dollar you have today, you'll have more than a dollar tomorrow.
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Managers need certain skills to be effective. As you have read, these skills fall into three main categories: technical skills, interpersonal skills, and conceptual skills. For this DB, tell which one of the three categories you think is the most important and why? Give detailed examples to support your response.
Answer:
Conceptual Skills
Explanation:
Conceptual skills are skills that enable individuals to identify, conceptualize, and solve intricate problems. These skills are important in the workplace because they allow professionals to think and work through abstract ideas and come up with multiple solutions to complex issues. Conceptual skills also allow people to understand how various parts of a company work together to reach common goals. They are especially useful in leadership positions but can be beneficial in nearly any job.
The ability to conceptualize complicated ideas and problems is highly valuable from a managerial perspective. Many professionals who work in managerial positions regularly have to deal with a myriad of perplexing scenarios, and having conceptual skills ensures these individuals can successfully handle these problems in a creative and effective way.
The degree to which people identify with their jobs and consider their perceived performance levels important to self-worth is ________.
The degree to which people identify with their jobs and consider their perceived performance levels important to self-worth is Job involvement. This is further explained below.
What is Job involvement?Generally, Job involvement is simply defined as the extent to which a person's employment is a part of his or her identity.
In conclusion, Job engagement is the degree to which individuals connect with their employment and believe their perceived performance levels to be vital to their self-worth.
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Suppose a state passes a minimum wage law that increases the minimum wage from $5/hour to $20/hour. The equilibrium wage prior to the minimum wage hike was $10/hour. Which is likely to result from increasing the minimum wage
As a result of the minimum wage hike to $20/hour, Some employers and workers will agree on a wage less than $20 and not report the wages to the government.
What happens when the minimum wage is higher than the equilibrium wage?Employers would employ less people because they would be unable to pay the minimum wage demanded by the government.
In order to keep their jobs, some employees will make a deal with employers to pay them less than the minimum wage.
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Which distribution channel for consumer goods is most likely to limit a producers growth
The distribution channel that will likely limit a producer's growth is producer directly to consumers.
Why would distributing directly to consumers limit growth?There is a saying in distribution that the more hands touch a product, the higher the potential for the growth of the supplier.
This is because there is a chance of distributing to more entities. If a supplier supplies directly to consumers therefore, their chances of growth are less because they won't supply to other retailers and middlemen.
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Answer:
1. Wholesaler to business buyers
2. The people providing services
3. Operating 50 or more warehouses will be expensive
4. Unsure
5. Superior
6. Retailer
7. Bar codes
8. Wholesaler
9. Place
10. Directly to consumer
Innitrobe is ramping up to begin an erp implementation. to promote its success, innitrobe seeks project oversight and verification and validation of system performance from _____.
In this case, Innitrobe seeks project oversight, verification and validation of system performance from an experienced and independent resource.
What is a system performance?Also known as business performance, its refers to a company's ability to make the best use of the resources it manages in its business activities.
Here, as Innitrobe is ramping up to begin an ERP implementation to promote its business success, its seeks such performance from an experienced and independent resource.
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You'll rely very heavily on _____ in the analyze stage, which distinguishes six sigma from other quality programs
You'll rely very heavily on statistical analysis in the analyze stage, which distinguishes six sigma from other quality program.
What is statistical analysis?Statistical analysis can be defined as the process in which data or information are collected, evaluated and analyze so as to effectively discover patterns as well as trend.
Statistical analysis play a major role as they help to interpret data.
Therefore You'll rely very heavily on statistical analysis .
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Based on this scenario,Do you want to change any of your business strategy.
Answer:
Yes , You can change your location.
Suppose a manufacturer produces soccer balls and footballs. If the cost of producing a soccer ball decreases, the opportunity cost of producing:
Suppose a manufacturer produces soccer balls and footballs. If the cost of producing a soccer ball decreases, the opportunity cost of producing increase
What is opportunity cost?Opportunity Cost of a product is the amount of money or benefits that is lost when a particular products is not used again.
The product is left for another alternative that is better.
Therefore, Suppose a manufacturer produces soccer balls and footballs. If the cost of producing a soccer ball decreases, the opportunity cost of producing increase
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_____ is the supply chain function responsible for acquiring raw materials, component parts, tools, services, and other items required from external suppliers.
Procurement is the supply chain function responsible for acquiring raw materials, component parts, tools, services, and other items required from external suppliers.
What is procurement?Procurement is a branch of supply chain that deals with buying of materials or goods for production purposes.
Procurement give account of all the logistics involved and the materials bought.
Therefore, Procurement is the supply chain function responsible for acquiring raw materials, component parts, tools, services, and other items required from external suppliers.
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How should the government respond to housing prices going up?
explain why this policy would be the best solution using sowell's three questions.
why is your proposed solution the best response to this issue?
what is the cost of your proposed solution?
is there evidence (statistics or statements from experts) from a credible source that shows your proposed solution would work?
Th way Government can help to curb the rising of the housing prices is to provide subsidy to some of the households, especially those with low-income.
What is subsidy?A subsidy serves as an aid from the government that help to relieve people in one way or the other.
Conclusively, with this subsidy, those household that earn very low income can be able to meet up because the actual price that is been put on the housing would be reduced.
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.
Oriental Corporation has gathered the following data on a proposed investment project (Ignore income taxes.): Investment in depreciable equipment $ 200,000 Annual net cash flows $ 50,000 Life of the equipment 10 years Salvage value $ 0 Discount rate 10% The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment. The payback period for the investment would be: Multiple Choice 0.25 years 2.41 years 4 years 10 years
The payback period for the investment made by Oriental Corporation would be C. 4 years.
What is the payback period?The payback period is a capital budgeting tool that considers the length of time it takes to recover the investment cost using periodic cash inflows.
The technique shows the length of time an investment reaches a breakeven point (equal costs with equal cash inflows).
Data and Calculations:Investment cash = $200,000
Annual net cash flows = $50,000
Life span = 10 years
Salvage value = $0
Discount rate = 10%
Payback period = 4 years ($200,000/$50,000)
Thus, the payback period for the investment made by Oriental Corporation would be C. 4 years.
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Managing a small business became relatively easy with the advent of inexpensive personal computers. Inexpensive computer systems and off-the-shelf or even free, open-source software make it easy for the small business manager to: Multiple select question. lengthen their daily working hours follow the daily sales and expenses travel to other area businesses manage customer records
The inexpensive computer systems helps the business manager to follow the daily sales and expenses and manage customer records.
What is a computer system?The compilation of pieces of hardware and softwares by connecting them together to create a network of computer in order to perform certain functions is known as a computer system.
Hence, options B and D hold true regarding computer system.
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A bank receives a demand deposit of $10,000. The bank is now in a position to extend additional loans of $8,000. What is the legal reserve requirement
If the bank is now in a position to extend additional loans of $8,000. The legal reserve requirement is: 20 percent.
Legal reserve requirementUsing this formula
Legal reserve requirement=( Demand deposit -Additional loans/Demand deposit
Let plug in the formula
legal reserve requirement=($10,000-$8,000)/$10,000
Legal reserve requirement=$2,000/$10,000×100
legal reserve requirement=20%
Therefore the legal reserve requirement is: 20 percent.
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What is one of the main reasons why businesses need to keep accurate accounting records?.
Businesses need to keep accurate accounting records so as to know if they are acheiving their financial goals.
What are Accounting records?Accounting records can be regarded as those documentation that help to display the financial performance of a company.
Therefore, it is easy to keep track of ones goals financially with Accounting records.
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Your friend is developing a marketing plan for her new business. What should she put in this plan?
My friend's marketing plan should be:
Where she wants to sell her product.Description of the people in her target market.What is marketing plan?These are plans a business devise to sell or advertise its products. The purpose of the plan is to help identify the target market and how best to reach them.
Hence, she should put in these her plan; where she wants to sell her product and a description of the people in her target market.
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Credit unions are: Group of answer choices member-owned financial cooperatives. mortgage lenders. available to the general public. special commercial lenders. large institutions when compared with commercial banks.
Credit unions are naturally A. member-owned financial cooperatives, and not mortgage lenders, special commercial lenders, or large institutions comparable with commercial banks.
How are credit unions different from other financial institutions?Unlike other financial institutions, credit unions operate as non-profit financial institutions with low-interest rates.
Other financial institutions include:
Central banks (e.g. the Federal Reserve)Retail and commercial banksInternet banksMortgage banksSavings, and loans.Thus, Credit unions are naturally A. member-owned financial cooperatives.
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Perry, Inc. desires to maintain the ending inventory of raw materials at 40 percent of the next quarter's raw material needs. What is the cost of raw materials to be purchased in the first quarter
The cost of raw materials in the first quarter is expected to be $320,000.
How do you figure out how much inventory you have?According to the report, Perry, Inc. wants to keep its raw material ending inventory at 40% of the next quarter's raw material requirements.
The following calculation will be used to calculate the cost of raw materials to be acquired in the first quarter:
= 64000 × 5
= $320000
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If a client has lump sum amounts at his or her disposal, or is ready to pay into a savings plan to accumulate that lump sum, an agent would recommend _________ annuity.
When client has lump sum amounts at his or her disposal, or is ready to pay into a savings plan to accumulate that lump sum, an agent would recommend variable annuity.
What is a variable annuity?It should be noted that a variable annuity simply means a contract between an individual and an insurance company where the insurer makes periodic payments.
In this case, when client has lump sum amounts at his or her disposal, or is ready to pay into a savings plan to accumulate that lump sum, an agent would recommend variable annuity.
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Jus de Fruit Co. has set up for automated production of its new bottled Triple Berry Colada. Six samples were taken during the first week of production. The OM team wants to monitor the central tendency of the process. What chart should they use? Is the process in control?
The X bar chart will allow the team to monitor the central tendency of the process although the process will not be in control.
What is the X bar chart?This refers to a Shewhart control chart that are used to monitor the arithmetic means of successive samples of constant size.
Hence, the X bar chart will allow the OM team to monitor the central tendency of the process although the process will not be in control.
Therefore, the Option B is correct.
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Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106 per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased 10 units for $1,190 or $119 per unit; August 30, sold 23 units. Using weighted average, the cost of goods sold for the sale of 23 units on August 30 is ____ and the inventory balance at August 30 is
Using a weighted average, the cost of goods sold for the sale of 23 units on August 30 is $2,504.93 and the inventory balance at August 30 is $1,306.92 (12 units).
What is the weighted average inventory method?The weighted average inventory method takes into consideration the weight (units and price) of each purchase to arrive at the total cost of goods available for sale.
The total cost of goods available for sale is then divided by the units available for sale to arrive at the weighted unit cost.
Data and Calculations:August 1, Purchase 10 units $91 $910
August 3, Purchase 15 units $106 $1,590
August 14, Sales 20 units
August 17, Purchase 20 units $115 $2,300
August 28, Purchase 10 units $119 $1,190
August 30, Sales 23 units.
Costs of goods available 55 $5,990
Units sold = 43
Ending stock 12 (55 - 43)
Weighted average cost per unit = $108.91 ($5,990/55)
Thus, using a weighted average, the cost of goods sold for the sale of 23 units on August 30 is $2,504.93 and the inventory balance at August 30 is $1,306.92 (12 units).
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If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?.
If the price of natural gas rises, the price elasticity of demand is likely to be the highest d. one year after the price increase.
What is the price elasticity of demand?The price elasticity of demand refers to the percentage change in the quantity demanded of a good or service divided by the percentage change in the price.
The factors that determine the price elasticity of demand include:
Availability of substitutesWhether good is a luxury or a necessityThe proportion of income spent on the goodsTime elapsed since the price increase.Answer Options:a. one month after the price increase
b. immediately after the price increase
c. three months after the price increase
d. one year after the price increase.
Thus, if the price of natural gas rises, the price elasticity of demand is likely to be the highest d. one year after the price increase.
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Is a stackelberg solution a Nash (stable) equilibrium? Explain. 2. Does the solution change if stackelberg game is considered in the long run? Explain. 3. Would a stackelberg leader collude with the stackelberg follower? Explain. 4. Would a Stackelberg leader be more likely or less likely to merge with the follower firm. Explain.
The Stackelberg solution can be used to find the perfect or stable Nash equilibrium or equilibria.
What is this equilibrium about?Other answers:
Based on the above, Note that the strategy profile is one where one serves best each player, and based on the strategies of the other player and it covers the fact that all player playing in a Nash equilibrium must be in every subgame.
Note also that The Stackelberg leadership model is said to be a kind off strategic game that is played in economics where the leader firm is known to moves first and then the follower firms is said to then move in a sequential manner and I think, the solution do not change if stackelberg game is considered in the long run.
I believe that the stackelberg leader will not collude with the stackelberg follower but in a lot of cases, there may be a collusion.
Yes, a Stackelberg leader can be more likely or less likely to merge with the follower firm as a merger can be profitable to them.
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As an agent, you owe fiduciary duties to your client. among these are loyalty, reasonable skill and care, confidentiality, accounting, and disclosure. what fiduciary duty is missing from this list
The fiduciary duty Obedience is missing from the list.
What are the fiduciary duties?Fiduciary duties are those duties, which work in the interest of another party or an entity.
The main duties included in the fiduciary list are Accounting, Care, Confidentially, Disclosure, Loyalty and Obedience.
Fiduciary duties ensures the benefit of another party.
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The price in Cournot, Stackelberg, multiplant monopoly, and monopoly are different. Which market would the Department of Justice most prefer? Explain.
The market that the Department of Justice would most prefer is price in Cournot.
What kind of market is the Cournot duopoly model?Cournot duopoly is known to be Cournot competition. This is said to be a model which is made up of imperfect competition as two firms that has identical cost functions are said to compete with other homogeneous products.
The market that the Department of Justice would most prefer is price in Cournot. because there is a level of competition in their market and as such similar product can stand a chance in it.
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In the fourth stage of the B2B buying process, Blank______ , vendor negotiation, and selection all occur.
In the fourth stage of the B2B buying process, proposal analysis, vendor negotiation, and selection all occur.
What is B2B?It should be noted that B2B simply means the process that is used to recognize a particular need and but such product.
Here, in the fourth stage of the B2B buying process, proposal analysis, vendor negotiation, and selection all occur.
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In the basic eoq model, if the cost of placing an order doubles, and all other values remain constant, the eoq will
If the cost of placing an order is double and other values remain constant, then EOQ will increase by 41%.
What do you understand by EOQ?The optimum order quantity for a business to purchase to reduce inventory costs such as storage charges, shortage costs, and order fees is the economic order quantity (EOQ).
The basic EOQ model takes into account carrying and ordering costs. The EOQ model implies constant demand and inventory depreciation at a constant rate exceeding zero.
Therefore, EOQ will increase by 41% when placing cost of order will be doubled and other values remain constant.
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Suppose grapefruit is produced in a constant cost industry and sold in a perfectly competitive market. If the price for the grapefruit is lower than the average cost of producing grapefruit, what can we say about the long run equilibrium
What can we say about the long run equilibrium is: Fewer grapefruit will be produced.
What is perfectly competitive market?Perfectly competitive market can be defined as the market in which producer or manufacturer product similar or identical product.
Suppose the price of grape fruit is lesser compare to the average cost of production it , this tend to mean that in the long run only fewer or little amount of grapefruit will be produced.
Therefore fewer grapefruit will be produced.
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When Keira bought a Super Suds car wash franchise, she became a Multiple Choice franchisor. franchisee. limited stockholder. venture capitalist.
When Keira bought a Super Suds car wash franchise, she became a. Franchisee.
Who is a Franchisee?Franchisee can be regarded as an individual or company that is responsible for having a
a franchise during the process of selling.
Therefore, since,Keira bought a Super Suds car wash franchise, she automatically became a Franchisee for the the sale of goods
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