In a Perfectly Competitive Market or industry, the equilibrium price is determined by the forces of demand and supply. Equilibrium signifies a state of balance where the two opposing forces operate subsequently. An equilibrium is typically a state of rest from which there is no possibility to change the system.
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Universal Travel, Inc. borrowed $500,000 on November 1, 2021, and signed a twelve-month note bearing interest at 6%. Principal and interest are payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel, Inc. should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.)
Answer:
$5,000
Explanation:
Calculation to determine what Travel, Inc. should report as interest payable at December 31, 2021
Interest payable at Dec 31,2021= $500,000 * 6% * 2 months/12 months
Interest payable at Dec 31,2021= $5,000
(November 1 - December 31 = 2 months)
Therefore Travel, Inc. should report interest payable at December 31, 2021, in the amount of:$5,000
A bond has a coupon rate of 8% and matures in 10 years. What are its expected cash flows if this bonds have a principal amount of $1000 and pay interest semi-annually
Answer:
$1080
Explanation:
Calculation to determine the expected cash flows
Since the bonds have a principal amount of the amount of $1000 first step is to calculate the Cash flow CO1
CO1=$1000(.08)/2
CO1=$80/2
CO1= $40
Second step is to calculate the Frequency of PMT
Frequency of PMT= 10 years x 2 (semi-anually)
Frequency of PMT= 20
Now let determine the Cash Flow CO10
Cash Flow CO10=1000+80
Cash Flow CO10=$1080
Therefore the expected cash flows is $1080
5. For the following observations, calculate the class width for a histogram.
4
8
14
10
12
9
15
17
10
6
8
11
Answer:
See Explanation
Explanation:
Given
The histogram
Required
The class width
The question is poorly formatted, as the histogram cannot be read. So, I will answer your question with the attached histogram
The class width is:
[tex]Width = Upper - Lower\ Limits[/tex]
Using the first class, as reference:
[tex]Lower\ Limits = 1[/tex]
[tex]Upper\ Limits = 4[/tex]
So, the class width is:
[tex]Width = 4 -1[/tex]
[tex]Width = 3[/tex]
Labor data for making one gallon of finished product in Bing Company are as follows. (1) Price—hourly wage rate $16.70, payroll taxes $0.60, and fringe benefits $1.40. (2) Quantity—actual production time 1.60 hours, rest periods and cleanup 0.30 hours, and setup and downtime 0.20 hours. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)
(a) Standard direct labor rate per hour. $ ______
(b) Standard direct labor hours per gallon. hours
(c) Standard labor cost per gallon. $______
Answer:
a. Standard direct labor rate per hour = Hourly wage rate + Payroll taxes + Fringe benefits
Standard direct labor rate per hour = $16.70 + $0.60 + $1.40
Standard direct labor rate per hour = $18.70
b. Standard direct labor hours per gallon = Actual production time + Rest periods and cleanup + Setup and downtime
Standard direct labor hours per gallon = 1.60 hours + 0.30 hours + 0.20 hours
Standard direct labor hours per gallon = 2.1 hours
c. Standard labor cost per gallon = Standard direct hours per gallon * Standard direct labor rate per hour
Standard labor cost per gallon = 2.1 hours * $18.70
Standard labor cost per gallon = $39.27
Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has declared the following annual dividends over a six-year period: 20Y1, $80,000; 20Y2, $90,000; 20Y3, $150,000; 20Y4, $150,000; 20Y5, $160,000; and 20Y6, $180,000. During the entire period ended December 31 of each year, the outstanding stock of the company was composed of 250,000 shares of cumulative, preferred 2% stock, $20 par, and 500,000 shares of common stock, $15 par. Assuming a market price per share of $25.00 for the preferred stock and $17.50 for the common stock, determine the average annual percentage return on initial shareholders' investment, based on the average annual dividend per share (a) for preferred stock and (b) for common stock.
Answer:
Pecan Theatre Inc.
Average annual percentage return
Cost Market 20Y1 20Y2 20Y3 20Y4 20Y5 20Y6
per share
Preferred stock $20.00 $25.00 2% 2% 2% 2% 2% 2%
Common stock $15.00 $17.50 0% 0% 0% 0.7% 0.8% 0.11%
Explanation:
a) Data and Calculations:
Dividends: Cumulative Common Stock
Preferred Stock Dividends
Dividends Per share Per share
20Y1, $80,000 $80,000 $0.40 $0 $0
20Y2, $90,000 90,000 $0.40 0 $0
20Y3, $150,000 150,000 $0.40 0 $0
20Y4, $150,000 100,000 $0.40 50,000 $0.10
20Y5, $160,000 100,000 $0.40 60,000 $0.12
20Y6, $180,000 100,000 $0.40 80,000 $0.16
Average annual percentage return
Cost Market 20Y1 20Y2 20Y3 20Y4 20Y5 20Y6
per share
Preferred stock $20.00 $25.00 2% 2% 2% 2% 2% 2%
Common stock $15.00 $17.50 0% 0% 0% 0.7% 0.8% 0.11%
Average annual percentage return = Dividend per share/Initial Cost per share
Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options [LO19-5, 19-6, 19-7, 19-8] On December 31, 2020, Berclair Inc. had 380 million shares of common stock and 4 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 96 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $600 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.)
Answer:
Berclair Inc.
Basic earnings per share = $1.87
Diluted earnings per share = $1.70
Explanation:
a) Data and Calculations:
Common Stock Cumulative Preferred Stock
Dec. 31, 2012 Outstanding 380,000,000 4,000,000 shares
Dividend rate 9%
Stock par value $100
Total value of stock $400 million
Annual preferred dividend $36 million ($400 m * 9%)
March 1, 2021 Treasury stock (96,000,000)
July 1, 2021 Stock dividend 14,200,000 (284,000,000 * 5%)
October 1, 2021 Treasury stock 4,000,000
Outstanding shares 302,200,000 4,000,000 shares
Stock options 30,000,000
Total shares and options 332,200,000
Net income for the year = $600,000,000
Preferred stock dividend 36,000,000
Earnings for available for
common stockholders $564,000,000
Basic earnings per share = $1.87 ($564,000,000/302,200,000)
Diluted earnings per share = $1.70 ($564,000,000/332,200,000)
In recording the acquisition cost of an entire business:_________
(a) goodwill is recorded as the excess of cost over the fair value of identifiable net assets.
(b) assets are recorded at the seller's carrying amounts.
(c) goodwill, if it exists, is never recorded.
(d) goodwill is recorded as the excess of cost over the carrying amount of identifiable net assets.
Answer: (a) Goodwill is recorded as the excess of cost over the fair value of identifiable net assets.
You plan to save $6,500 per year for the next 8 years. After the last deposit, you will keep the money in the account for 6 more years. The account will earn an interest rate of 6.8 percent. How much will there be in the account 14 years from today
Answer:
$98,254.57
Explanation:
Value after 8 years
Future Value of Annuity = P * ((1 + r)^n - 1 ) / r
Future Value of Annuity = 6500 * ((1 + 6.8%)^8 - 1) / (6.8%)
Future Value of Annuity = 6500 * [(1.69266113113-1) / 0.068]
Future Value of Annuity = 6500 * 10.18619
Future Value of Annuity = $66,210.24
Value after 14 years
FV = PV * (1 + r )^n
FV = 66210.26*(1+ 6.8%)^6
FV = 66210.26 * 1.483978
FV = $98,254.57
So, the amount that will be there in the account 14 years from today is $98,254.57.
Shanghai Company sells glasses, fine china, and everyday dinnerware. It uses activity-based costing to determine the cost of the shipping and handling activity. The shipping and handling activity has an activity rate of $8 per pound. A box of glasses weighs 2 pounds, a box of fine china weighs 4 pounds, and a box of everyday dinnerware weighs 6 pounds. Round answers to the nearest whole dollar.
a. Determine the shipping and handling activity for each product.
Glasses $
China $
Everyday dinnerware $
b. Determine the total shipping and receiving costs for the china if 3,500 boxes are shipped.
$
Answer and Explanation:
The computation is shown below:
a. For shipping and handling activity for each product is
For Glasses
= $8 × 2
= $12
For China
= $8 × 4
= $32
And, for Everyday dinner ware
= $8 × 6
= $48
b. the total shipping and receiving costs for the china is
= 3,500 × $32
= $112,000
Hence, in this way the parts could be determined
Final goods or services used to compute GDP refer to: the value of outstanding shares of stock of manufacturing firms. the value of outstanding shares of stock of manufacturing firms. the factors of production used to produce output. the factors of production used to produce output. goods and services at the final stage of production they have reached during the year.
Answer:
goods and services at the final stage of production they have reached during the year.
Explanation:
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country. Also, gross domestic products (GDP) is a measure of the production levels of any nation.
Basically, the four (4) major expenditure categories of GDP are consumption (C), investment (I), government purchases (G), and net exports (N).
Hence, the gross domestic products (GDP) of a country is computed using final goods or services, which simply are goods and services at the final stage of production they have reached during the year.
In conclusion, the goods or services that are purchased by consumers (end users) are typically used for computing final goods or services.
Which part of a persuasive message is NOT part of the actual message but rather a lasting thought
long after the speech is finished?
Thesis statement
O Introduction
O Residual message
O Attention statement
Answer:
Residual message is answer
Frank is a 60- year-old man who is well-loved in his community since he was a boy. He is someone who is outgoing, a party lover, and love to have fun hanging out with peers. Frank is confident about life. From an early age he knew exactly what he wanted to become, and now as a man, he is confident about his career and family and want to leave them a good life when he departs this life. Frank express that he is not afraid of dying but he wants them to be ok when he is gone. At work Frank is helpful to his colleagues, and even in his community he is well-known among the elderly since he is always putting on Christmas treats for them. Imagine that Frank is your colleague, and that your boss asks you to write a character reference for Frank. Using Jung’s personality theory to guide your writing, present a minimum one- page character reference in which you spell out Franks behaviour, his outlook on life, his philosophy about people and all the other important things you know about him. Ensure you point out how these different parts of Franks life fits into Jung’s theory and overall what Jung’s theoretical concept says about him.
Answer:
Jung's personality theory-
Carl Gustav Jung's research was deep-rooted in psychoanalysis and was a Swiss Psychiatrist. He was greatly influenced by Freud and had also worked with him. He had research in personality, the human psyche, and dream analysis.
Jung gave this theory based on different learning styles or attitudes. Jung distinguished the human personality on the basis of types of attitudes:
Introvert vs. Extrovert Perceiving vs. Judging Thinking vs. Feeling Intuition vs. SensationExplanation:
Introvert people are those that have their own world, own privacy, feeling exhausted while having interactions with others and obtain energized in their own company, wish to observe others before getting started, quiet, first listen, watch then reflect. Extrovert people are those that like to interact with different people, like to enjoy parties, get energized within the outer world, would like working in groups, like to socialize, able to jump in without prior guidance. Frank has an 'extroversion' personality who may be a lover of outgoing and enjoying parties with peers, likes to socialize, and generating ideas from people. Perceiving- people that don't have firm decisions and alter their decisions on getting new information. Judging- people that are firm on their decisions and don't change their decisions on any new information. Frank may be a judging sort of person, he has firm decisions. Thinking- Those people that make decisions on the idea of some reason and logic but not on the idea of emotions. Feeling- Those people that believe in relationships first and make their decisions emotionally. Frank may be a Thinking sort of one that isn't afraid to die and is prepared to go away his family to be ok. Intuition- wish to work briefly sessions, considering ideas for the longer term, not practical, always brooding about future goals, belief in theories. Sensation- specialize in this, reasonable and practical, solver. Frank is wise as he's not a daydreamer, confident about his life, and knows what to try to do in his life and for his family.Required information Skip to question [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.
Answer:
The complete solution is defined in the attached file please find it.
Explanation:
Indentify two causes, a part from a increase in income, of an increase in demand for a product
Answer:
Rise in price of subsitute product.
Fall in price of complementory product.
Increase in number of consumers.
Mary has been asked to rank her preferences between three baskets of goods, X, Y, and Z. If Mary prefers Y to Z but does not care if she gets X or Y, then:______.
a. Z is on a lower indifference curve than X.
b. Y and Z are on the same indifference curve.
c. X is on a higher indifference curve than Y. Mary is indifferent between baskets X and Y. Therefore, these two points must be on the same indifference curve.
d. Y is on a higher indifference curve than Z but it is impossible to determine whether Z is on a higher, lower, or the same indifference curve as X.
Mary has been asked to rank the three baskets of goods—X, Y, and Z—in order of her choices. If Mary would rather have Y than Z but is unconcerned whether she receives X or Y, Z is on a lower indifference curve than X. Option (a) is correct, so.
What is goods?
Anything can be considered a good, including merchandise, suppliers, raw materials, and finished goods. All movable goods that are sold to a specific customer.
If Mary prefers Y to Z but does not care whether she receives X or Y, then Z is on a lower indifference curve than X.
As a result, option (a) is correct.
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Question 4 of 10
Which situation best illustrates the process of capital formation?
O A. A farmer increases his profits by growing a variety of new crops.
B. An artist buys bonds that will increase in value over time.
C. An engineer tries to limit her spending during the week.
O D. A factory worker takes out a high-interest loan to buy a new home.
SUBMIT
Answer:
I think it is B
Explanation:
Answer:
an artist buys bondss that will increase in value over time.
Explanation:
took the test. UwU
state and explain five (5) challenges you will encounter as a service marketer.
Explanation:
1.Not finding your market segment
2.Not knowing how to explain the product or dervice you want to sell
Some of the challenges a service marketer faces are:
It being harder to sell a service than a product. The fact that services are perishable. Services being variable which means that others can offer it. Customers being rude. Finding it difficult to find a niche.A service marketer will find it harder to sell a service than a good because services are perishable which means that they cannot be stored like goods. People might therefore not want to buy because they can only use the service once.
Services are also variable which means that several people can offer it at reduced prices which makes it difficult to make a profit. Customers can also be rude.
Some services are also applicable to certain people and finding those people can be difficult to a service marketer.
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Concord Corporation took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included in the physical count were $20,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $31,400, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
Required:
What amount should Stallman report as its December 31 inventory?
Answer:
$267,400
Explanation:
Calculation to determine What amount should Stallman report as its December 31 inventory?
Using this formula
December 31 inventory=Goods costing on hand+Goods purchased+FOB shipping point
Let plug in the formula
December 31 inventory=$225,000+$20,400+$22,000
December 31 inventory=$267,400
Therefore the amount that Stallman should report as its December 31 inventory is $267,400
Green Corporation reported pretax book income of $1,040,000. During the current year, the net reserve for warranties increased by $52,000. In addition, tax depreciation exceeded book depreciation by $110,000. Finally, Green subtracted a dividends received deduction of $26,000 in computing its current-year taxable income. Green's cash tax rate is
Answer:
19.30%
Explanation:
Calculation to determine what Green's cash tax rate is
First step is to calculate the Taxes payable using this formula
Taxes payable = (Pretax book income + provision for warranties - depreciation in excess of books - dividends received deduction) x 21%
Let plug in the formula
Taxes payable= ($1,040,000 + $52,000 - $110,000 - $26,000) x 21%
Taxes payable=$956,000×21%
Taxes payable= $200,760
Now let determine the Cash tax rate using this formula
Cash tax rate = Taxes payable / Pretax book income
Let Plug in the formula
Cash tax rate = $200,760 / $1,040,000
Cash tax rate = .1930
Cash tax rate=19.30%
Therefore Green's cash tax rate is 19.30%
A bank loan has been given to a customer at a bank with a FIXED nominal interest rate of 13%. The real
interest rate for the bank's profit margin is 10%.
The next year, unanticipated INFLATION has increased another 7%.
The new real interest rate is
and the
was hurt.
O 3%; lender
O 15%; lender
O 8%; borrower
O 3%; borrower
O 5%; lender
O 8%; lender
Answer:
The new real interest rate is 15%
and the lender was hurt.
O 15%; lender
Explanation:
a) Data and Calculations:
Fixed nominal interest rate = 13%
Real interest rate for the bank's profit margin = 10%
Inflation rate = 3% (13% - 10%)
Unanticipated inflation rate = 7%
Nominal interest rate = 17% (10% + 7%)
But the bank could not increase its fixed nominal interest rate to match the nominal interest rate.
Sharice is participating in a financial-management webinar in which the speaker is using unfamiliar terms and jargon, so Sharice asks the speaker to clarify the meaning of what he is saying. Which of the following elements of effective listening is Sharice enacting?
a. responding.
b. remembering.
c. hearing.
d. understanding.
e. devaluating.
Answer:
d. understanding
Explanation:
In communication when people share information the different parties go through the following stages in order: hearing, understanding, and responding.
In the given scenario the speaker is using unfamiliar terms and jargon, so Sharice asks the speaker to clarify the meaning of what he is saying.
She is trying to understand what the speaker is saying
A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:_________
a. 100
b. 77
c. 1155
d. 770
e. 231
Given:
The credit terms are: [tex]\bold{\frac{2}{15} \ \ \frac{n}{45}}[/tex]When the [tex]2\%[/tex] discount with [tex]\bold{45\ days}[/tex] to paySo, the price of the merchandise is: [tex]\bold{ 7000}[/tex]Calculating the cash discount:
[tex]= \bold{7000 \times 2\%}\\\\= \bold{7000 \times \frac{2}{100}}\\\\= \bold{70\times 2}\\\\= \bold{\$140}[/tex]
Therefore the answer is "140", and all the given choices are wrong.
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A job order costing system does which of the following? Select one: A. Is used to determine period costs in a service company B. Is used to determine unit costs when products are manufactured in a continuous flow process C. Allocates manufacturing costs to individual jobs to determine unit costs D. Both A and B E. None of the above
Answer: C. Allocates manufacturing costs to individual jobs to determine unit costs
Explanation:
Job order costing is used to identify the cost of producing a single units of a good. It is usually used by small to medium scale companies who produce per good or by companies that specialize in the production of a custom goods and services.
Under job order costing, manufacturing costs are allocated to individual jobs in order to determine what the individual jobs cost so that an appropriate selling price can be given.
Standard Quantities Allowed of Labor and Materials Miel Company produces ready-to-cook oatmeal. Each carton of oatmeal requires 18 ounces of rolled oats per carton (the unit quantity standard) and 0.05 labor hour (the unit labor standard). During the year, 750,000 cartons of oatmeal were produced. Required: 1. Calculate the total amount of oats allowed for the actual output. fill in the blank 1 ounces 2. Calculate the total amount of labor hours allowed for the actual output. fill in the blank 2 hours
Answer:
13,500,000 ounces of oatmeal37,500 labor hoursExplanation:
1. Total amount of oats allowed for the actual output:
= Cartons of oatmeal produced * Oatmeal per carton
= 750,000 * 18
= 13,500,000 ounces of oatmeal
2. Labor hours allowed for actual output:
= Cartons of oatmeal produced * Labor hours required
= 750,000 * 0.05
= 37,500 labor hours
what is GDP of a country
Answer:
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Explanation:
GDP is an acronym for Gross Domestic Products (GDP) and it can be defined as a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
On a related note, Gross Domestic Products (GDP) is a measure of the production levels of any nation.
Basically, the four (4) major expenditure categories of GDP are;
I. Consumption (C).
II. Investment (I).
III. Government purchases (G).
IV. Net exports (N).
In conclusion, GDP is a measure of the total amount of finished goods and services produced by a country.
The biggest question Sally has for you is about recovering the initial capital invested which she wishes to bundle as the initial building and land costs well as the future roof and common area expenses. The income stream for the apartment complex is only monthly rent money. How much should she charge for monthly rent in order to at least recover the bundled capital invested
Answer:
Sally should charge $1,280 per month for 18 months.
Explanation:
Sally has bought the land for $8,000 and she has invested in constructing the building $12,040. She has further invested $2,000 for future roof and common area expenses amount to $1,000. The total capital she has invested is $23,040. She should charge $1,280 per month for next 18 months in order to cover the bundled capital investment.
Martin Corporation’s (a C corporation) bookkeeper told the owner that she could not have all the tax information ready for the accountant immediately after the tax year end of June 30. She was having surgery and asked if the tax return could be postponed. The accountant’s answer should be:
Answer:
Yes, we can request an extension until the following April 15
Explanation:
In general, there is a room for automatic extension of 6 months for
a corporation to file its income tax return so far appropriate form (7004) has been filed by the corporation, and
estimated unpaid tax liability is been paid before date of the return is due. It should be noted that until tax year 2026, Until June 30 fiscal-year which is tax year 2026 there is duration of 7 months given to the corporation. Though there could be rovoking of the extension by The IRS at any time. tax return of Martin will be due under normall condition by September 15, but since extension comes in it will be due April 15.
The Assembly Department produced 1,000 units of product during March. Each unit required 1.25 standard direct labor hours. There were 1,300 actual hours used in the Assembly Department during March at an actual rate of $12 per hour. The standard direct labor rate is $12.5 per hour.
Required:
Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31.
Answer:
Debit Work in process for $15,625
Debit Direct labor time variance for $625
Credit Direct labor rate variance for $650
Credit Wage payable for $15,600
Explanation:
Before preparing the journal, the following calculations are done first:
Wage payable = Actual hours * Actual rate per hour = 1,300 * $12 = $15,600
Direct labor time variance = (Actual hours - Standard hours) * Standard direct labor rate = (1,300 - (1,000 * 1.25)) * $12.50 = $625 Unfavorable
Note: Direct labor time variance is Unfavorable because Actual hours is greater than Standard hours.
Direct labor rate variance = (Actual rate - Standard rate) * Actual hours = ($12 - $12.50) * 1,300 = -$650 Favorable
Note: Direct labor rate variance if Favorable because Actual rate is lower than the Standard rate.
Work in process = Wage payable + Absolute value of direct labor rate variance - Direct labor time variance = $15,600 + $650 - $625 = $15,625
The journal entries will now look as follows:
Date Particulars Debit ($) Credit ($)
Mar. 31 Work in process 15,625
Direct labor time variance 625
Direct labor rate variance 650
Wage payable 15,600
(To record the direct labor in the Assembly Department.)
“A worksheet is a permanent accounting record and its use is required in the accounting cycle.” Do you agree? Explain. Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet?
I do not agree with the statement that "a worksheet is a permanent accounting record but I agree that its use is required in the accounting cycle.”
A worksheet does not form a part of the permanent accounting records but only acts as a device used by accountants to achieve the following purposes in each accounting cycle:
Planning the accounting work to be done in the current yearCarrying out computations and checking computationsPreparing unadjusted and adjusted trial balancesAdjustment of accountsEntering adjusted balances to the financial statements.A permanent accounting record forms part of the journal or the general ledger.
Formal financial statements must still be prepared despite the fact that all the data are in the statement columns because the worksheet is not a standardized format for preparing the financial statements for the consumption of users of financial statements. Only the professionals request worksheets as part of their going work.
Thus, a worksheet is not a part of the journal or the ledger. It is not a permanent accounting record. Moreover, the column statements in the worksheet are not acceptable formats for presenting financial statements.
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You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. What should you do to increase revenue if the price elasticity of demand is 0.45? Lower the admission price Nothing, revenue is maximized at current admission price Raise the admission price
Answer:
The answer is "Raise the admission price ".
Explanation:
Users are indeed the museum's curator. The gallery is short of funds, so you decide to improve their revenue. Increase admittance price because demand in this situation is inelastic and higher pricing will lead to larger revenues which generate revenue when the online listing is 0.45.
It won't affect the level that is required. The revenue will increase due to the increase in the price as well as a price inelastic toll on the museum admission, therefore not adversely affected the market.
