Explicit and implicit costs: Juan and Julia contributed $50,000 of their own money to the company They bought equipment for $3,000 They hired an employee with a salary of $20,000 Juan quit his job where he earned $30,000 Julia quit part of her job where she earned $15,000 Purchases of materials for the business were $10,000 At the end of the year the value of the equipment is $28,000 · A business loan of $100,000 pays 6% annual interest Based on the data, what is the implicit cost?

Answers

Answer 1

The implicit cost is the sum of Juan’s salary ($30,000), Julia’s part-time job ($15,000), and the equipment value at the end of the year ($28,000). Therefore, the implicit cost is $73,000.

The costs in a business can be classified as explicit and implicit costs. Explicit costs are the expenses that a firm or business incurs, such as wages, salaries, and rent, that require a monetary payment. In contrast, implicit costs are the opportunity costs that a business incurs, such as the income foregone by business owners and/or their partners when they opt to start or operate a company instead of an alternative job or investment opportunity.

Juan and Julia contributed $50,000 of their own money to the company, which is an implicit cost of the business. This is because the $50,000 could have been invested in another venture and earned income for the business owners. They bought equipment for $3,000, which is an explicit cost that requires a monetary payment. The purchase of materials for the company amounted to $10,000, which is also an explicit cost.

They hired an employee with a salary of $20,000, which is an explicit cost because it requires monetary payment. Juan quit his job, where he earned $30,000 annually, which is an implicit cost since the company foregoes this potential income. Julia also quit a part-time job where she earned $15,000 per annum, which is another implicit cost. At the end of the year, the value of the equipment was $28,000, which is an implicit cost.

This is because the business would have received this money if they sold the equipment instead of keeping it, which is an opportunity cost since the equipment could have been used elsewhere. A business loan of $100,000 with a 6% annual interest rate is another explicit cost since the business will have to pay the loan plus the interest charged.The implicit cost can be calculated by adding all the potential incomes foregone by the business and its owners.

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Related Questions

How can a person become a dentist​

Answers

Explanation:

It generally takes eight years to become a dentist: four years to earn a bachelor's degree as an undergraduate and four years to earn a DDS or DMD in dental school. If you're interested in specializing, you'll also need to complete a dental residency (more on that below).

brainliest please

What is the primary duty of a public relations specialist?

A. To create advertising concepts

B. To deliver marketing messages

C. To communicate business activities with the press

D. To oversee graphic design tasks

Answers

Answer:

B. To deliver marketing messages

Explanation:

A public relation specialist is a professional who portrays goods and services in a good light/form to the public. This helps to create awareness and encourages the general public to buy such products.

Public relation specialist ensures that the company has a good relationship between the stakeholders, staffs and the general public thereby avoiding any type of clash.

An e-commerce website offers fewer models, colors, and sizes than a physical store.a. Trueb. False

Answers

The statement "An e-commerce website offers fewer models, colors, and sizes than a physical store" is true because it has some limitations.

What is e-commerce?

E-commerce, short for "electronic commerce," is the act of purchasing and selling goods and services over the internet. This entails the transfer of funds and the completion of online transactions. E-commerce has changed the way people conduct business by providing consumers with access to products and services 24 hours a day, seven days a week.

Furthermore, due to its global reach, it has become easier for entrepreneurs to access global markets. Because of this global reach, e-commerce websites can provide a wide range of products and services to their customers. However, it is true that e-commerce websites offer fewer models, colors, and sizes than a physical store.

Here are some of the limitations of an e-commerce website:

E-commerce websites have a physical boundary that is unable to match the physical stores that can be established globally. Physical stores can connect to customers directly and encourage them to purchase items.E-commerce websites can offer limited customization options. The option of customization in an e-commerce website is less as compared to physical stores.E-commerce websites are unable to handle delicate items like clothes and others properly. They might not have an adequate idea about the texture and quality of the clothes. E-commerce websites offer a limited number of models, colors, and sizes.

These are some of the limitations of an e-commerce website, and it is true that e-commerce websites offer fewer models, colors, and sizes than a physical store.

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Your client's investment portfolio is 50% growth stocks, 10% foreign stocks, and 40% blue-chip stocks. If the client is interested in further diversification, which mutual fund would best meet that goal

Answers

Your client's investment portfolio is 50% growth stocks, 10% foreign stocks and 40% blue chip stocks. If the client is interested in further diversification which mutual fund would best meet that goal? Aggressive growth fund. Emerging market fund.

demand is ___ when the price change results in a relatively larger change in the quantity demanded ​

Answers

Answer:

Demand is elastic when the price change results in a relatively larger change in the quantity demanded :3

Explanation:

:3

what observation did mark merchant notice that led to this research?

Answers

Mark Merchant noticed a specific observation that led him to conduct his research. He noticed that while there was a lot of attention given to the experiences of white male soldiers in American literature about the Civil War, there was very little attention given to the experiences of African American soldiers.

He also noticed that the few depictions of African American soldiers in literature tended to portray them as passive and subservient. These observations led Merchant to wonder why there was such a lack of attention paid to the experiences of African American soldiers, and whether there was more to their experiences than what was being portrayed in literature.This curiosity led Merchant to conduct extensive research on the experiences of African American soldiers during the Civil War. He examined primary sources such as letters, diaries, and official military records, as well as secondary sources such as historical accounts and literature. Through his research, he uncovered a wealth of information about the experiences of African American soldiers during the Civil War, including their contributions to the war effort, their struggles with racism and discrimination, and their fight for equal rights and recognition.Overall, it was Merchant's observation of the lack of attention paid to the experiences of African American soldiers in literature that led him to conduct his research and uncover a more complete and accurate picture of their experiences during the Civil War.

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What are three ways in which you can show respect to your immediate supervisor? (you can use your own answers)

Answers

Answer:

Speak with a good tone, dont be cocky or rude be polite

Do as they tell you, will they be wromg sometimes of course but to keep your superior in this case happy and keep your job do as your told.

Say yes sir and yes ma'am or no sir and no ma'am, always show respect, it helps you get respect in return and maybe even a raise one day

Using information from knowing why outsourcing is the best, why does it appear that Apple outsources to China?

Answers

Apple outsources to China because it offers lower manufacturing costs and access to a large pool of skilled labor. China has a strong manufacturing infrastructure, with many factories and suppliers that can produce high-quality components at a lower cost than in many other countries. Additionally, China has a large and highly skilled workforce, which is capable of producing large volumes of products with high levels of precision and quality. By outsourcing to China, Apple is able to take advantage of these benefits, while also benefiting from the country's strong intellectual property protection laws, which help to safeguard Apple's proprietary technology and designs. Overall, outsourcing to China allows Apple to reduce manufacturing costs, increase production efficiency, and maintain high levels of quality, which can help to improve its competitiveness in the global market.

Al Bakara company report the following results for its calendar year December 31,2021 Cash sales 310,000 Credit sales 220,000 4 Account receivable 44,000 (debit) Account payable 78,000 (credit) Allowances for doubtful accounts 7,000 (debit) The company bad debts estimated to be 2%of annual total sale Required Prepare the adjusting entry to record the estimated bad debt -1. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash... Cr. Owner capital 120 120 Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on Al Bakara company December 31 balance sheet-2

Answers

The adjusting entry to record the estimated bad debt for Al Bakara company would be: Dec 31: Dr. Bad Debts Expense $10,600

Cr. Allowance for Doubtful Accounts $10,600

To record the estimated bad debt, we need to recognize the expense in the form of Bad Debts Expense and reduce the Allowance for Doubtful Accounts. The estimated bad debt is calculated as 2% of the total sales ($310,000 + $220,000 = $530,000).

By making the adjusting entry to record the estimated bad debt, Al Bakara company acknowledges the potential uncollectible portion of its accounts receivable and updates its financial records accordingly.

Al Bakara company's December 31 balance sheet would show the following for Accounts Receivable and Allowance for Doubtful Accounts:

Accounts Receivable: $44,000 (debit)

Allowance for Doubtful Accounts: $17,600 (debit)

The balance sheet reflects the company's financial position at a specific point in time. Accounts Receivable represents the amount of money owed to the company by customers for credit sales. The Allowance for Doubtful Accounts represents the estimated portion of Accounts Receivable that may not be collected. In this case, the allowance is $17,600, which is calculated based on the estimated bad debt of 2% of total sales.

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Imagine you are an economic adviser to the Commonwealth Government. The Prime Minister wants to increase spending on public transport in major cities, but does not want to raise taxes. Identify alternative sources of revenue for the government to fund its new initiatives.​

Answers

Answer:  A combination of 1) Increased public transportation fees, 2) raise the gasoline tax, 3)  increase or institute highway tolls, or 4) reduce the road construction budget and use that money for public transportation.

Explanation:

Actions 2-4 would provide incentives to use public transportation.

Which of the following can negatively impact a borrower getting a loan?

A. All of these
B. Late payments
C. Bankruptcy
D. Defaulting on a loan

Answers

Answer:

A. All of these

Explanation:

Late payments means you aren't putting in the effort to make sure its on time. Bankruptcy means you lost all you money and are likely irresponsible with it. Defaulting on a loan means you can't make your own money and rely on the government system too much.

Vehicle manufacturers and mechanics suggest that an oil change is done at least ... A. every two months or 2,000 miles. B. every three months or 3,000 miles. C. every six months of 6,000 miles. Vehicle manufacturers and mechanics suggest that an oil change is done at least ... A. every two months or 2,000 miles . B. every three months or 3,000 miles . C. every six months of 6,000 miles .​

Answers

Vehicle manufacturers and mechanics suggest that an oil change is done at least B. B. every three months or 3,000 miles.

What is Car Maintenance?

This refers to the care that is given to a car or vehicle that contains an engine so it can continue to perform optimally.

Hence, we can see that based on the recommendations of mechanics and vehicle manufacturers, they believe that an oil change is necessary every 3 months or 3k miles.

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Name the FIVE documents that must be covered by the auditor's report?​

Answers

Answer:

The auditor's report typically covers the following five documents:

1)Financial Statements: The auditor's report provides an opinion on the fairness and accuracy of the financial statements prepared by the company. This includes the balance sheet, income statement, cash flow statement, and statement of changes in equity.

2)Management's Discussion and Analysis (MD&A): MD&A is a section of the annual report where management provides an analysis of the company's financial performance, results of operations, and future prospects. The auditor's report may reference or provide assurance on specific information contained in the MD&A.

3)Notes to the Financial Statements: The notes to the financial statements provide additional information and explanations regarding specific items in the financial statements. The auditor's report may refer to the notes and provide assurance on their presentation and disclosure.

4)Internal Control Report: In some cases, companies are required to provide an internal control report, which outlines management's assessment of the effectiveness of internal controls over financial reporting. The auditor's report may include a reference to the internal control report and provide assurance on its reliability.

5)Other Supplementary Information: The auditor's report may also reference or provide assurance on other supplementary information included in the annual report, such as schedules, disclosures, or additional financial data that accompany the financial statements.

It's important to note that the specific documents covered by the auditor's report may vary depending on the reporting requirements and regulations applicable to the company or organization being audited.

Calvin purchased 2 fish bowls full of goldfish and 3 goldfish in a single bag. Each bowl had 6 fish in it. How many goldfish did Calvin buy? Calculate the number of fish in 1 bowl and in the bag together. Divide that number by the number of bowls. Calculate how many goldfish are in 2 fish bowls. Add that number to the number of fish in the bag. Calculate how many more goldfish are in a bowl than the bag. Multiply that number by the number of bowls. Calculate how many fish bowls there are. Add that number to the number of fish in the bag.

Answers

Answer:

How many goldfish did Calvin buy?

(2 bowls x 6 goldfish) + 3 goldfish in a bag = 15 goldfish

Calculate the number of fish in 1 bowl and in the bag together.

(1 bowls x 6 goldfish) + 3 goldfish in a bag = 9 goldfish

Divide that number by the number of bowls.

9 goldfish / 2 bowls = 4.5 goldfish

Calculate how many goldfish are in 2 fish bowls.

2 bowls x 6 goldfish = 12 goldfish

Add that number to the number of fish in the bag.

12 goldfish + 3 goldfish = 15 goldfish

Calculate how many more goldfish are in a bowl than the bag.

6 goldfish - 3 goldfish = 3 goldfish more in a bowl than in a bag

Multiply that number by the number of bowls.

3 goldfish x 2 = 6 goldfish

Calculate how many fish bowls there are.

2 fish bowls

Add that number to the number of fish in the bag.

2 + 3 = 5

An industry consists of 100 small firms, and the largest firm accounts for only 2 percent of sales. Brand names are considered a signal of quality. The industry described is best classified as

Answers

Answer:

Monopolistically competitive

Explanation:

Based on the information given the industry described is best classified as MONOPOLISTICALLY COMPETITIVE reason been in a Monopolistic competitive market their are competition among many manufacturer of product in which the products this manufacturer sell are different from each other .

Secondly the products are not similar or identical product reason been that their customer can easily differentiate between the goods or product that meet the same need of the product they want.

Therefore an industry or firm which consists of 100 small firms in which the largest firm can only accounts for 2% of sales while the Brand names on the other hand are considered to be a signal of quality is what is classified as MONOPOLISTICALLY COMPETITIVE market.

Which situation most directly illustrates a possible outcome of a fiscal
policy?
A. New environmental regulations make drinking water in a city safer.
B. The government decides it is time to print a great deal of new
money
O C. Struggling farmers receive less assistance from the government.
O D. A company decides to expand its operations into several new
states

Answers

Answer:

C

Explanation:

The correct answer would be option C that says that the struggling farmers receive less assistance from the government as fiscal policies are associated with determining the expenses and taxation policies to the various sectors to regulate the direction of the economy.

There are two types of Fiscal Policy that are Expansionary and Contractionary.

Expansionary fiscal policy:

deals with an increase in spending and/ or relaxing in taxation by the government so that consumers in the economy get more money.

Contractionary policy:

deals with reducing spending and/ or increasing taxation.

In this case, farmers did not get assistance from the government due to reducing the amount of Federal money available for farming and farmers is an illustration of Contractionary fiscal policy.

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Which situation most directly illustrates a possible outcome of a fiscalpolicy?A. New environmental regulations

A company with working capital of $750,000 and a current ratio of 2.5 pays a $127,000 short-term liability. The amount of working capital immediately after payment is
a.$623,000
b.$877,000
c.$750,000
d.$127,000

Answers

The question asks for the amount of working capital immediately after a $127,000 short-term liability is paid. The company has an initial working capital of $750,000 and a current ratio of 2.5.

Working capital is calculated as the difference between current assets and current liabilities. The current ratio is calculated by dividing current assets by current liabilities. Given that the current ratio is 2.5, we can determine the current assets by multiplying the current liabilities by the current ratio:

Current assets = Current ratio * Current liabilities

Current assets = 2.5 * Current liabilities

Since the company has a current ratio of 2.5 and pays a short-term liability of $127,000, we can calculate the amount of working capital immediately after the payment:

Working capital = Current assets - Current liabilities

Working capital = (2.5 * Current liabilities) - Short-term liability

Working capital = (2.5 * $127,000) - $127,000

Working capital = $317,500 - $127,000

Working capital = $190,500

Therefore, the amount of working capital immediately after the payment is $190,500.

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Huda wants to buy soda. A 12-pack costs $9.50. She knows that with the local sales tax of $2.00, the total should be $11.50. However,
when she gets to the checkout, the total is now $13.00. Which type of tax is Huda MOST likely paying that would explain the extra $1.50?
estate
excise
inheritance
income

Answers

Answer:

excise

Explanation:

A tax is a compulsory sum levied by the government on goods and services. Taxes increase the price of a good

excise tax is a type of tax levied on certain good and services. It is an example of an intranational tax. Producers pass on this tax to consumers by increasing the price of the good directly

HELP QUICK PLEASE!!!!! William is not generally a risk-taker, but he knows he may need to step out of his comfort zone to make enough money for retirement. Which investment option would best meet William’s needs?
a US savings bond
a savings account
a commodity
a certificate of deposit

Answers

The answer is a commodity

Seasons - Assessment Explain why temperatures are cooler in the winter by typing the correct answer into the blanks. In the winter, the tilt of the Earth causes low angle sunlight for shorter days causing temperatures to be low.

Answers

In the winter, the tilt of the Earth causes low-angle sunlight for shorter days, which results in temperatures being low.

During winter, the hemisphere in which you are located tilts away from the Sun. As a result, sunlight hits the Earth's surface at a lower angle, spreading the same amount of solar energy over a larger area. This leads to less concentrated heat reaching the surface, resulting in cooler temperatures. Additionally, the shorter days mean that there is less time for the Sun to heat the surface, further contributing to lower temperatures.

The winter season is one of the four main seasons experienced on Earth. It is characterized by colder temperatures, shorter daylight hours, and often the presence of snow and ice in many regions. The winter season occurs due to the tilt of the Earth on its axis.

The colder temperatures in winter can be attributed to the reduced intensity of sunlight and the shorter duration of daylight. With the Sun at a lower angle, the same amount of solar energy is spread over a larger area, leading to less heat being absorbed by the atmosphere and the Earth's surface. Additionally, the shorter days mean there is less time for the Sun to warm the surface, contributing to the overall cooler temperatures.

Winter also brings changes in weather patterns, with regions experiencing snowfall, frost, and freezing temperatures. These weather conditions can impact various aspects of life, such as transportation, agriculture, and wildlife. Many plant species enter a dormant phase, and animals adapt through hibernation, migration, or specialized winter survival strategies.

It's important to note that the specific characteristics of winter can vary depending on the geographic location, as different regions experience different climates and weather patterns.

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1. What is the attitude banks have toward being required to become members of the Federal Reserve System?

Answers

Answer:

The attitude banks have toward being required to become members of the Federal Reserve System is explained below in details.

Explanation:

Any country chartered bank (mutual or stock-formed) may enhance a segment of the Federal Reserve System. The twelve geographical Reserve Banks conduct state affiliate banks as members of the Federal Reserve System's commission to guarantee strength and endurance in the nation's indigenous businesses and banking system.

Careers in the Hospitality and Tourism career cluster are
O highly desirable and pay high wages.
O bountiful and expected to continue to grow.
O seldom desirable and pay low wages.
O limited and expected to continue to decline.

Answers

Answer:

B

Explanation:

Edge

Careers in the Hospitality and Tourism career cluster are bountiful and expected to continue to grow. Thus option B is correct.

What are Careers?

Career sectors are means of classifying various career kinds based on shared characteristics. People can use these criteria to help them focus their job options and select a suitable path.

A collection of occupations that emphasize giving people food, lodging, aid to travelers, and enjoyable activities. The abundance of jobs in the travel and hospitality career cluster is anticipated to persist.

The planning, management, and provision of lodging, dining, entertainment, conferences, and tourism, as well as related arranging and community programs including transport services, are all part of a the hospitality and tourism employment cluster. Therefore, option B is the correct option.

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Which of the main components of money management involves creating a plan for spending and saving during particular time periods, such as a year, month, or week?

A. financial records

B. personal financial statements

C. budgeting

D. filing taxes

Answers

Answer:

C. budgeting

Explanation:

The main components of money management that involve creating a plan for spending and saving during particular periods, such as a year, month, or week is known as BUDGETING

Budgeting is a part of the components of money management. It is an act of estimating the total expenses and income that deals with establishing a plan for spending and saving and usually gathered and regularly re-examine, including yearly, monthly, or weekly

Match the action needed to increase profits with the reason a business might fail.
Advertising the company to potential customers would match with_____.

a) finances
b) poor management
c) bad location
d) competition
15 POINTS AND BRAINLIEST GOES TO FIRST ANSWER ;)

Answers

I think the answer is b, poor management.

Advertising the company to potential customers would match with competition .Thus the correct answer is option D.

What is advertising?

The practice and techniques used to draw attention to a product or service are referred to as advertising. Advertising seeks to draw attention to a product or service by putting it in the spotlight. It is typically used to promote a specific product or service, but it has a wide range of applications, the most common being commercial advertising.

Through "branding," which associates a product name or image with certain qualities in the minds of consumers, commercial advertisements frequently seek to increase consumption of their products or services. Direct-response advertising, on the other hand, is intended to elicit an immediate sale.

Therefore, advertising helps to create a image of the company and increase its competitiveness.

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In which tab can you find features like New Slide, Slide Layout, and Reset Slide?

Answers

Answer:

in a techniol up coming

Marisa has gathered a pile of financial documents from the past year showing money she has taken in. She received money from alimony, child support, investment income, and unemployment compensation. She totals it all up to try to determine her gross income, but you know that she is making a mistake. What would you tell Marisa so she can correct her total?

Answers

Answer:Her salary from her job, alimony, and child support. All of these impact her income and can be included. The specific requirements vary by the type of lan and lender.

Explanation:

Marisa can correct her total by not including the child support amount in the calculation

What is income?

One can define income as the area where a person makes their money might be described as the come. This can take the shape of work that is performed in exchange for payment as well as income that can be obtained through investments that are being made.

Her job's pay, alimony, plus child support obligations. Each of these could be included and have an effect on her income. The particular standards change depending on the borrower.

She is taking all the right decisions but the amount of child support is not included when it comes to the gross income. She needs to remove that amount to calculate it then only the amount which will come will be accurate.

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The 1960s saw a rise of consumerism. What is consumerism?

An increase in consumer rights by individuals, organizations, and governments

The growth of international retail chain stores that served global consumers

Activities undertaken by independent individuals, groups, and organizations to protect their rights as consumers

The widespread adoption of consumer-oriented marketing strategies among businesses

The tendency of organizations to view consumers as their most important stakeholder

Answers

The tendency of organizations to view consumers as their most important stakeholder is the best option that describes consumerism. Option 5 is the answer.

What is consumerism?

Consumption and the acquisition of goods and services are important social and economic activities, according to the ideology known as consumerism. It is a cultural mentality that promotes the idea that acquiring and owning material items is the main source of social prestige and personal fulfillment. Consumerism is frequently linked to an emphasis on material prosperity, luxury, and a never-ending search for novel goods and experiences.

The 1960s saw a rise in consumerism as companies and marketers started to understand how crucial customers were to their success. To better understand and meet consumer preferences and needs, businesses began implementing consumer-oriented marketing tactics. Due to this change in focus, there has been more rivalry, promotion, and the development of new items.

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what does NBT stand for?
For Life Orientation

Answers

Demystifying the NBTs | National Benchmark Test Project.

The NBT stands for National Benchmark Test.

What is NBT  (National Benchmark Test)?

NBT stands for National Benchmark Test. This is an examination set up by the National Benchmark Test Project The NBT test is a set of tests used to assess a learner’s academic literacy, general knowledge, and mathematical skill in an effort to measure academic readiness for university.

The NBT tests were implemented in 2008 and are managed by the Alternative Admissions Research Project at the University of Cape Town. NBT results are used by many universities as an extra admission criterion for applicants to their institutions.

They serve to complement and support, rather than replace or duplicate NSC results. The National Benchmark Tests (NBTs) is known to be a kind of assessment test that is given to first-year applicants to higher education.

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Define demand and supply​

Answers

They’re correct ^^!!!!

method of accounting for bad debts records estimated bad debts expense in the period when the related sales are recorded

Answers

The method of accounting for bad debts records estimated bad debts expense in the period when the related sales are recorded is accrual-basis accounting.

When it comes to accounting, debt is meant as a liability. On the balance sheet, debt can refer to a variety of different numbers - from wages payable to tax payable. However, debt is often used to refer more specifically regarding short-term and long-term loans, as well as bonds in the case of a business.

In accrual-basis accounting, recording the allowance for doubtful accounts at the same time as the sale improves the accuracy of financial reports. The projected bad debt expense is properly matched against the related sale, thereby providing a more accurate view of revenue and expenses for a specific period of time.

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