In June, Ivanhoe Salon gave 4,000 haircuts, shampoos, and permanents at an average price of $40. During the month, fixed costs were $35,040 and variable costs were 70% of sales. Determine the contribu
Answers
The contribution margin for Ivanhoe Salon is $48,000
To calculate the sales revenue, we multiply the average price per service ($40) by the total number of haircuts, shampoos, and permanents (4,000):
Sales Revenue = $40 * 4,000 = $160,000
Next, we determine the variable costs, which are 70% of the sales revenue:
Variable Costs = 0.70 * $160,000 = $112,000
Finally, we calculate the contribution margin by subtracting the variable costs from the sales revenue:
Contribution Margin = $160,000 - $112,000 = $48,000
Therefore, the contribution margin for Ivanhoe Salon is $48,000. This represents the amount of revenue that remains after covering the variable costs and can be used to contribute towards covering the fixed costs and generating profit.
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In June, Ivanhoe Salon gave 4,000 haircuts, shampoos, and permanents at an average price of $40. During the month, fixed costs were $35,040 and variable costs were 70% of sales. Determine thecontribution margin
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Related Questions
A budget is prepared as part of a(n) _____ plan.
Answers
Answer:
Financial
Explanation:
Answer:
A budget is part of a financial plan.
Explanation:
Financial work is anything having to do with money, and a budget is a plan for spending money. Therefore, budgets are part of a finance plan!!
when bilingual employees are called upon to assist monolingual employees with their work tasks, this may reduce bilingual employees’ work effectiveness.
Answers
When bilingual employees are asked to help monolingual employees with their work tasks, it may have an impact on the bilingual employees' work effectiveness.
This is because the bilingual employees are now dividing their time and attention between their own work responsibilities and assisting their monolingual colleagues.
As a result, they may have less time and energy to focus on their own tasks, leading to a potential decrease in their productivity and efficiency.
Additionally, bilingual employees may face challenges in effectively communicating complex ideas and concepts to their monolingual colleagues. They might need to spend extra time and effort simplifying information or finding alternative ways to convey their messages. This can further contribute to a decrease in their work effectiveness.
To mitigate these potential issues, it is important for organizations to consider the workload and responsibilities of bilingual employees when assigning them additional tasks. Providing sufficient support, resources, and training to both bilingual and monolingual employees can also help improve communication and collaboration within the workplace.
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which of the following skill do employers in any field expect their empolyees to have
Answers
Answer:
The following skills employers expect from employee in recent times are (1) Communications skills (2)Fair knowledge of how to combine both technology and solutions together. (3)Critical thinking (4) emotional intelligence (5) Good writing skills (6) Flexibility and Agility (7) Sound knowledge in M.S words.
Explanation:
Solution
The required skill that employers expect their employees to have as at today is given below:
Communications skills:do the employee know how to influence and persuade others. Can they and do they want to do this. Fair knowledge of how to combine both technology and solutions together to function better that is, blending solutions to boost the ideas with speed.Flexibility and agility : can the employee flexible or are they difficult and too set in their ways? Are they so tough and opinionated that its takes hours to convince them.Writing skills: Do they have the ability to persuade and pitch especially in the use of emails.Sound knowledge of MS(Microsoft word) words: Do the employees have basic knowledge and use in MS applications as at today.Overall, pleasant and kind personEmotional intelligenceCritical thinking: Will the employees see issues based on facts or emotionsthe knowledge and skills that can be used to create new products, attract new customers, and increase profits is called
Answers
The knowledge and skills that can be used to attract new customers is
called Marketing.
Marketing is done by most organizations to enable them have more
customers thereby increase their profit margin as a result of high sales.
It is a skill that involves convincing people of the products advantages and
durability when compared to others. It also involves gathering information
from consumers to make a better product.
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tyler a new accounts representative at martin marketing is learning the job by actually doing job related tasks uch as contacting customers tyler is most likely apriciapting in
Answers
The fact that Tyler is learning the job by actually doing job related tasks depicts on the job training
What is on the job training?It should be noted that on the job training simply means a form of training whereby new employees learn the job based in task given.
In this case, Tyler is learning the job by actually doing job related tasks. This is on the job training.
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Vinita wants to buy raw materials from Vinita for her biscuit factory. She wants that Vamila should take payment after three months. As per the prevailing practice in this industry she can make payments within six months. Name and explain the source of finance which Vinita wants to use. Also explain two other sources of finance she can have for availing this facility
Answers
Vinita wants to use trade credit as the source of finance for purchasing raw materials from Vamila for her biscuit factory. Trade credit refers to the practice of allowing a buyer to delay payment for goods or services received.
What are the possible sources of finance for Vinita to avail the payment facility?Apart from trade credit, Vinita can explore other sources of finance to avail the payment facility. One option is to obtain a short-term bank loan specifically for covering the cost of raw materials. This loan can be repaid within the three-month period, aligning with Vinita's requirement.
Another source of finance could be using her own personal funds or savings to make the payment upfront to Vamila thereby eliminating the need for trade credit or external financing.
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The percentage of the US labor force that is unemployed is known as the __________.
A.
consumer price index
B.
gross domestic product
C.
national unemployment rate
D.
annual percentage change
Please select the best answer from the choices provided
A
B
C
D
Answers
Answer:
Explanation:
C
Answer:
C. national unemployment rate
Explanation:
i did the quiz, hope this helps<3!!
True or false: Many companies are discontinuing defined-benefit plans and moving toward defined-contribution plans, which shifts more responsibility to the company for providing retirement benefits.
Answers
Answer:
False
Explanation:
A defined benefit pension plan is a type of pension plan where the employer gives a promise with respect to the particular pension payment that could be lumpsum for the retirement basis
Since in the question it is mentioned that the companies would not continue with the defined benefit plan and they move to the defined-contribution plans that save for the retirement so that it would create the more responsibility over the company due to this they would provide the retirement benefit but this statement is false as it is better to received the lumpsum amount
Your brother has asked you to help him with choosing an investment. He has $5,000 to invest today for a period of two years. You identify a bank term deposit that pays an interest rate of 4.25 percent with the interest being paid quarterly. What will be the value of the investment in two years?
Answers
How to Apply the Rule of 72. According to the Rule of 72, $1 invested at a 10% yearly constant interest rate would increase to $2 after 7.2 years ((72/10) = 7.2). In reality, a 10% investment will double in 7.3 years ((1.107.3 = 2)).
How much entertainment, compounded annually, would it take to double a fund in six years?You may also calculate it backwards: divide 6 by 72 to get that a hobby charge of roughly 12 percent will be needed if you want to quadruple your money in six years.
What hobby costs how much per year if you want to double your money in three years?How to Apply the Rule of 72. For instance, the Rule of 72 stipulates If you want to double your money in three years, your investments must provide annual returns of between 21% and 24% (72/3 years). Similar to this, if you want to double your money in five years, your assets must grow at a rate of about 14.4% per year (72/5).
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Organization use marketing research to gather data about ___. (Select all that apply)
•New products they are considering
•their customers preferences
•their customers
•employees they want to hire
Answers
Answer:
•New products they are considering
•their customers preferences
•their customers
Explanation:
Market research entails collecting data from potential and existing customers. Researchers have to interact with customers through questionnaires or interviews. The objective is to seek their views, perceptions, or preferences regarding the company and its products. Market research may target to find out the viability of new products or customer tastes and preferences.
Data relating to the potential employees is not gathered through market research.
Eva is 29 years old and has 2 children, ages 3 and 5. She makes $48,500 a year. Eva decides to buy a $400,000 10-year term policy and then renew the policy for another ten years afterwards. To renew the policy the insurance company charges an extra 40% to her premium rate. Given the options below, assess whether Eva made a wise decision. Annual life insurance premium (per 1,000 dollars of face value) for age 29. A 20-year term for male is 7 dollars and 84 cents, and for female is 6 dollars and 62 cents. 20-year term: for male is 10 dollars and 40 cents, female is 9 dollars and 4 cents. Whole life: male is 20 dollars and 5 cents and female is 18 dollars and 63 cents. A. Eva would have been better off selecting the 20-year term policy. B. Even with the extra charge for renewal, Eva’s plan is the least expensive. C. Given that Eva plans to renew, she should have selected the whole life policy. D. Eva ends up paying the same amount for each policy. Please select the best answer from the choices provided A B C D.
Answers
The best answer from the answer choices that were provided is that even with the extra charge for renewal, Eva's plan is the least expensive.
From the question, Eva is 29 and has two kids of 3 and 5. Her plan is to get the $400000 and renew it for another 10 years.
The renewal policy after 10 years is 40%, at the moment, her financial condition seems okay.
But given that the future can not be predicted and her kids are still growing, we are not sure what her finance may be like in 10 years time.
So we can agree with option B. This is a sensible decision.
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How is net pay different from gross pay? Someone please answer in at least 4 sentences explaining! Will be marking brainiest.
Answers
Employee's gross pay is their compensation before taxes, benefits, and other payroll deductions are subtracted. After all, withholdings are removed, net pay, also known as take-home pay, is the amount left over.
What are Gross pay and Net pay?The gross pay of an employee is the amount earned before taxes, benefits, and other payroll deductions are removed from their compensation. Net pay is the amount left over after all withholdings are removed.
Your net salary, often known as your take-home pay, is the amount of money you get after all deductions. The CTC is reduced by income tax, professional tax, Public Provident Fund (PPF), and other deductions. The net wage is frequently lower than the gross wage.
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How can a manager encourage an employee to get more "life out of their current work-life balance strategy
A
take a walk around the block
B.
take a nap in the office's nap room
C. ignore emails when theyre not on call
D.
add a couple extra shifts to their schedule this week
Answers
Answer:
d B)
Explanation:
Answer:
A) Take a walk around the block
... its literally the only positive response lol
Explanation:
Why do you think it will be important to stay flexible if your goals change as you get
older?
Answers
Answer:
You will feel stronger once you gain a bit of flexibility, simply because that flexibility gives you the range of motion to let your muscles work more efficiently. Maintaining flexibility will aid in muscle and joints health, which can keep older adults doing their favorite daily activities and remain independent.
Davenport Corporation's last dividend was $2.70, and the directors expect to maintain the historic 3% annual rate of growth. You plan to purchase the stock today because you feel that the growth rate will increase to 5% for the next three years and the stock will then reach $25 per share.1. How much should you be willing to pay for the stock if you require a 17% return? 2. How much should you be willing to pay for the stock if yo feel that the 5% growth rate can be maintained indefinitely and you require a 17% return?
Answers
Answer:
A) $22.16 per share
B) $23.625
Explanation:
Price to be paid for the stock today is equal to the present value of expected inflows we can find price by multiplying the dividend with the growth rate then dividing it by the required rate of return.
Price = Dividend(1+growth rate) / 1+ required return
Data
Dividend = 2.7
Required return = 17%
Growth rate = 5%
1) year1 year2 year3 year3
Price = \(\frac{2.7(1.05)}{(1.17)} +\frac{2.7(1.05)^2}{(1.17)^2}+\frac{2.7(1.05)^3}{(1.17)^3}+\frac{25}{(1.17)^3}\)
Price = $22.16 per share
2)
Price to be paid = \(\frac{2.7(1.05)}{0.17-0.05}\)
Price to be paid = $23.625
March 2021 Required: (b) 5 10 14 18 22 27 Transactions Credit sales to Starex Enterprise amounting to RM50,000. Jamil, a debtor, sent a cheque for RM2,380 in part settlement of a debt of RM3,490. Tuah Azman wrote the balance off as a bad debt. Tuah Azman took goods amounting to RM1,790 and withdrew cash, RM875, for personal usage. Paid fire insurance premium amounting to RM1,000 by online banking. The business imported a machine from Excel Pte Ltd. The details of expenditure related to this machine were as follow. All payments in Ringgit Malaysia were made by direct telegraphic transfer. Price of machinery General administrative costs Insurance on shipment Import duties and taxes Delivery costs Installation charges Testing of machine for samples 40,000 1,000 5,000 2,000 2,000 4,000 3,000 Received payment from Starex Enterprise for RM35,000 by cheque. Prepare the journal entries for all the above transactions with narrations. (10 marks) Required: (a) March 2021 (b) 5 10 14 18 22 27 Transactions Credit sales to Starex Enterprise amounting to RM50,000. Jamil, a debtor, sent a cheque for RM2,380 in part settlement of a debt of RM3,490. Tuah Azman wrote the balance off as a bad debt. Tuah Azman took goods amounting to RM1,790 and withdrew cash, RM875, for personal usage. Paid fire insurance premium amounting to RM1,000 by online banking. The business imported a machine from Excel Pte Ltd. The details of expenditure related to this machine were as follow. All payments in Ringgit Malaysia were made by direct telegraphic transfer. Price of machinery General administrative costs Insurance on shipment Import duties and taxes Delivery costs Installation charges Testing of machine for samples 40,000 1,000 5,000 2,000 2,000 4,000 3,000 Received payment from Starex Enterprise for RM35,000 by cheque. Calculate the capital of Tuah Azman business as at 28th February 2021. Prepare the journal entries for all the above transactions with narrations. (2 marks) (10 marks)
Answers
The journal entries for the given transactions in March 2021 include credit sales, debt settlement, bad debt write-off, personal use of goods, insurance payment, machine acquisition, and payment receipt.
These entries accurately record the financial transactions, reflecting their impact on relevant accounts.
The journal entries for the given transactions are as follows:
March 5:
Accounts Receivable (Starex Enterprise) 50,000
Sales Revenue 50,000 (Credit sales to Starex Enterprise)
March 10:
Cash (Jamil) 2,380
Accounts Receivable (Jamil) 2,380 (Partial settlement of debt)
March 14:
Bad Debts Expense 1,110
Allowance for Doubtful Debts 1,110 (Writing off the balance as a bad debt)
March 18:
Drawings (Tuah Azman) 1,790
Inventory 1,790 (Taking goods for personal usage)
March 22:
Drawings (Tuah Azman) 875
Cash 875 (Withdrawing cash for personal usage)
March 27:
Prepaid Insurance 1,000
Cash 1,000 (Payment for fire insurance premium)
Machine Acquisition:
Machinery 40,000
General Administrative Costs 1,000
Insurance on Shipment 5,000
Import Duties and Taxes 2,000
Delivery Costs 2,000
Installation Charges 4,000
Testing of Machine for Samples 3,000
Accounts Payable (Excel Pte Ltd) 57,000 (Acquisition of machine)
March 27:
Cash (Starex Enterprise) 35,000
Accounts Receivable (Starex Enterprise) 35,000 (Received payment from Starex Enterprise)
The above journal entries reflect the transactions that occurred in March 2021. Each entry includes the accounts affected, the respective amounts, and a narration explaining the nature of the transaction.
In summary, the journal entries recorded the credit sales, partial settlement of debt, write-off of a bad debt, goods taken for personal use, payment of fire insurance premium, acquisition of a machine, and receipt of payment from Starex Enterprise. These entries ensure accurate recording of the financial transactions in the accounting system, reflecting the impact on various accounts.
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Which of the following is(are) methods to allocate service department costs?
a. Direct method
b. Step method
c. Reciprocal method
d. All of these
Answers
The process of recognising, compiling, and allocating costs across various cost objects, such as products, direct method inventory, or departments, is known as cost allocation in financial accounting. The correct answer is a. Direct method.
There are several different kinds of cost allocation techniques, including; A firm or business entity's production (operation) department receives direct cost allocation from the production service department, using an appropriate allocation base, before having costs for the product itself awarded. This is known as the direct method of cost allocation. Of the commonly employed methods for transferring support department costs to production departments, the direct method is typically the simplest (easiest), but also the least accurate.
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Bianca is a product engineer at Argon Inc. She learns that the salary she receives is less than that received by the other product engineers in the company with similar qualifications and job experience as hers. As a result, she becomes unhappy with her compensation and feels demotivated. She later talks to her manager and asks for a raise. In this scenario, Bianca has experienced problems with _____.
Answers
In this scenario in which Bianca is unhappy with her remuneration and feels unmotivated, it can be said that she had problems with her internal equity.
Definition of internal equityIn a work environment, it means the form of treatment and equal remuneration of employees, whether related to salaries, benefits or internal relationship.
Therefore, in an organization with internal equity problems, there may be conflicts, demotivation and an increase in employee turnover, being essential the analysis and effective decision-making of the leader to solve this issue.
The correct answer is:
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Show graphically the abnormal profit (economic profit) area of the pure competition firm in the short run.
Answers
The graph showing economic profits is in the image.
Perfect or pure competition is explained as "a condition in an industry where that industry is composed of many tiny firms providing homogenous products, when there is no barrier to the entry or leave of firms, and when full data is available."
In the short-run, the pure or perfect competition profit of a firm go up to the maximum position in situations where marginal revenues (MR) equals to the marginal cost (MC).
When the price (P) is higher than average cost (AC) for a given period of time, the firm can generate abnormal or economic profits in the Short run.
The difference between abnormal and normal profit is related to the link between average total cost and average market price, and abnormal profit can only be produced when average revenue is higher than average total cost. It's crucial to keep in mind, though, that not every business has the ability to make earnings that are above average
The characters in the graph stands for:
D = Demand in the market
MR = Marginal Revenue
MC = Marginal Cost
ATC = Average Total Cost
Short Run Profit = ( P - ATC ) × Quantity
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when should the total dollar value of debits equal the total dollar value of credits in a transaction? multiple choice question. always never sometimes
Answers
The total dollar value of debits should equal the total dollar value of credits in a transaction always.
In double-entry bookkeeping, every transaction affects at least two accounts, with one account being debited and another account being credited. This system ensures that the accounting equation (Assets = Liabilities + Owner's Equity) remains in balance, and the total dollar value of debits must always equal the total dollar value of credits for each transaction.
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1. What is the economic order quantity for Zhou's AirWing bicycle? A.79. B.42. C.37. D.68.
Answers
None of the provided answer choices (A, B, C, or D) match the calculated EOQ.
Assuming the following values:
Annual demand for Zhou's AirWing bicycle = 1000 units
Ordering cost per order = $100
Holding cost per unit = $5
We can calculate the economic order quantity (EOQ) using the EOQ formula:
EOQ = sqrt((2 * Annual Demand * Ordering Cost) / Holding Cost per Unit)
EOQ = sqrt((2 * 1000 * 100) / 5)
EOQ = sqrt(200000 / 5)
EOQ = sqrt(40000)
EOQ ≈ 200
Therefore, the economic order quantity for Zhou's AirWing bicycle is approximately 200 units. None of the provided answer choices (A, B, C, or D) match the calculated EOQ.
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Zhou Bicycle Company (ZBC), Located In Seattle, Is A Wholesale Distributor Of Bicycles And Bicycle Parts. Formed In 1981 By University Of Washington Professor Yong-Pin Zhou, The Firm’s Primary Retail Outlets Are Located Within A 400-Mile Radius Of The Distribution Center. These Retail Outlets Receive The Order From ZBC Within 2 Days After Notifying The
Zhou Bicycle Company (ZBC), located in Seattle, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by University of Washington Professor Yong-Pin Zhou, the firm’s primary retail outlets are located within a 400-mile radius of the distribution center. These retail outlets receive the order from ZBC within 2 days after notifying the distribution center, provided that the stock is available. However, if an order is not fulfilled by the company, no backorder is placed; the retailers arrange to get their shipment from other distributors, and ZBC loses that amount of business.
The company distributes a wide variety of bicycles. The most popular model, and the major source of revenue to the company, is the AirWing. ZBC receives all the models from a single manufacturer in China, and shipment takes as long as 4 weeks from the time an order is placed. With the cost of communication, paperwork, and customs clearance included, ZBC estimates that each time an order is placed, it incurs a cost of $65. The purchase price paid by ZBC, per bicycle, is roughly 60% of the suggested retail price for all the styles available, and the inventory carrying cost is 1% per month (12% per year) of the purchase price paid by ZBC. The retail price (paid by the customers) for the AirWing is $170 per bicycle.
ZBC is interested in making an inventory plan for 2019. The firm wants to maintain a 95% service level with its customers to minimize the losses on the lost orders. The data collected for the past 2 years are summarized in the following table. A forecast for AirWing model sales in 2019 has been developed and will be used to make an inventory plan for ZBC.
Month
2017
2018
Forecast for 2019
January
6
7
8
February
12
14
15
March
24
27
31
April
46
53
59
May
75
86
97
June
47
54
60
July
30
34
39
August
18
21
24
September
13
15
16
October
12
13
15
November
22
25
28
December
38
42
47
Total
343
391
439
All of the following are examples of secondary types of data except:
A. U.S. Census data
B. Consumer Reports
C. test market
D. Rotten Tomatoes (movie reviews)
Answers
W Ell Inc. makes tires at a rate of 15,000 per week. It has three treaders, each with a capacity of 6,000 tires per week. It has enough rubber on hand to produce 30,000 tires. Ell employs 60 people on two shifts and does all its own shipping via 10 delivery trucks. Which is a lumpy asset for Ell? O a the rubber inventory O the delivery trucks O the employees O the treaders
Answers
The rubber inventory, Option a is Correct. A lumpy asset is an asset that is not easily converted into cash or does not generate cash evenly over time.
In the case of W Ell Inc., the rubber inventory is a lumpy asset because it is not easily convertible into cash and does not generate cash evenly over time. The rubber inventory is needed to produce tires, but it cannot be sold for cash. It is only useful when combined with the treaders, and even then, it can only be used to produce a limited number of tires before it needs to be replenished. This means that the rubber inventory is not a liquid asset and cannot be easily converted into cash to meet short-term financial needs.
In contrast, the delivery trucks, employees, and treaders are all more liquid assets because they can be easily converted into cash or generate cash evenly over time. The delivery trucks can be used to transport finished goods to customers, generating revenue in the process.
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Select the correct answer.
What is the purpose of preserving historical data?
A.
legal compliance
B.
recruitment
C.
leave sanctions
D.
payroll
Answers
Answer:
a it could be sea but I'm pretty sure it's a but I don't take business so you might not want to trust me
Answer:
A
Explanation:
i did the test
What is the most common way the Federal Reserve attempts to increase capital investment?
A.) lower tax rates
B.) increase buying bonds
C.) increase loanable funds
D.)lower interest rates
Answers
Answer:
D
Explanation:
If they lower interest rates. Consumers borrow and buy more making and increasing expansion of capital investments
Hope this helps
The Federal Reserve commonly attempts to increase capital investment by lowering interest rates, which makes borrowing more affordable and encourages businesses and individuals to invest and spend money.
The most common way the Federal Reserve attempts to increase capital investment is by D.) lowering interest rates. By reducing interest rates, the Federal Reserve aims to make borrowing more affordable for businesses and individuals, thereby encouraging them to invest and spend money.
Lower interest rates can incentivize businesses to take out loans for expansion, invest in new projects, and stimulate economic activity. This policy is a tool used to influence economic growth and investment within the country.
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According to the video, what tasks commonly are performed by Market Research Analysts? Check all that apply.
processing payments
considering potential sales and competition
designing advertisements
designing surveys
analyzing data (information)
making sales
Answers
Answer:
considering potential sales and competition
designing surveys
analyzing data (information)
Explanation:
The tasks commonly performed by Market Research Analysts are :
considering potential sales and competition.designing surveys.analyzing data (information)What is Marketing research?Marketing research involves the methodical collection, recording, and analysis of both quantitative and qualitative information on marketing products and services issues. The objective is to recognize and evaluate how changing marketing mix elements affect customer behavior.
To evaluate potential sales of a product or service, market research analysts examine consumer preferences, economic situations, and other factors. Because most industries rely on market research, these experts are found all over the economy.
Therefore, considering potential sales and competition, designing surveys and analyzing data are some of the work of a Market Research Analysts.
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Exercises 2: (rewrite exercise s of lab s using inheritance) A company is developing a payroll system for employees. You are part of the software development team responsible for the set of classes to represent expenses. Note: use inheritance in this exercise Specifications: • Employes can be either hourly based employee, salary based employees, commission-based employees or salary and commission based employees • Each employee has a first name, last name, address, and an ID • Hourly based employees are paid a rate per hour for the first 40 working hours per week, and 1.5 time the rate for any hour after that • Salary based employees have a predetermined weekly salary regardless of the number of hours worked • Commission based employees are paid a particular percentage of the total sale amount All employees have a method to calculate and print the total payment per week Write the implementation of the above classes. Make sure to include the constructors, the setters and getters where appropriate and the method for calculating the amount of weekly payment. Implement a PayrollSystem class such that: • The class uses a single list separate list to store all employee. • Implement a proper constructor for the class. • Implement the method print_payapal that prints the amount to be paid for each employee. • Implement a set of methods for adding employees to the PayrollSystem (example add_hourly_emp, add_commession_emp, and so on). • Create a driver (test) program for the PayrollSystem
Answers
I will create a base class called "Employee" with common attributes and methods, and then create derived classes for each type of employee. The Payroll System class will use a list to store employees, and it will have methods for adding employees and printing the payment amount for each employee.
I will design the solution using inheritance, creating a base class "Employee" with shared attributes like first name, last name, address, and ID. Each specific type of employee (hourly, salary-based, commission-based, or salary and commission-based) will be a derived class of "Employee" with its own implementation of the method to calculate the weekly payment. The PayrollSystem class will have a list to store employees, and it will provide methods to add employees of each type and a method to print the payment amount for each employee. This design promotes code reusability, as common attributes and behaviors are encapsulated in the base class, and specific behaviors are implemented in the derived classes.
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Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $1,250 (cost of goods sold of $725). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $195). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required:
Answers
Answer:
1. 1-Feb
Dr Accounts receivable 1,250
Cr Sales revenue 1,250
2 . 1-Feb
Dr Cost of goods sold 725
Cr Inventory 725
3. 9-Feb
Dr Sales revenue 312.50
Cr Accounts Receivable 312.50
4. 9-Feb
Dr inventory 195
Cr Cost of goods sold 195
5. 2-Mar
Dr Cash 937.50
Cr Accounts receivable 937.50
B. Gross profit percentage=43.47%
Explanation:
A. Preparation of the journal entries to record sales , goods return on February 9 and Cash collected on March 2
1 to 3 Preparation of the journal entries to record sales
1. 1-Feb
Dr Accounts receivable 1,250
Cr Sales revenue 1,250
2 . 1-Feb
Dr Cost of goods sold 725
Cr Inventory 725
3. 9-Feb
Dr Sales revenue 312.50
Cr Accounts Receivable 312.50
(1/4*1,250)
4. Preparation of the journal entry to record goods return on February 9
9-Feb
Dr inventory 195
Cr Cost of goods sold 195
5. Preparation of the journal entry to record collected on March 2
2-Mar
Dr Cash 937.50
Cr Accounts receivable 937.50
(1,250-312.50)
B. Calculation for the gross profit percentage for sales to Sarah's Cycles
First step is to find the gross profit
Net sales 937.50
Less Cost of goods sold (530)
(725-195 )
Gross profit 407.50
Now let calculate the Gross profit percentage using this formula
Gross profit percentage = Gross profit/Sales
Let plug in the formula
Gross profit percentage=407.50/937.50
Gross profit percentage=0.4347*100
Gross profit percentage=43.47%
Do firms really calculate marginal cost and marginal revenue to find the profit-maximizing output? If you examine the accounting records of most small businesses, you will be hard pressed to find explicit calculations of marginal cost and marginal revenue. So, why do economists develop rather elaborate, formal models of profit maximization when no one seems to do what we say they do?
Answers
It is a true statement that firms calculate their marginal cost and marginal revenue to find the profit-maximizing output.
What is marginal cost?A Marginal cost refers to the change in total cost when output is increased by one unit.
What is marginal revenue?A Marginal revenue refers to the change in total revenue when output is increased by one unit.
In conclusion, generally, a total profit is maximized where marginal revenue equals marginal cost, thus, they need to be calculated to realize that.
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brainly.com/question/7586794
Which of these requirements for life is fulfilled by the skin? maintaining boundaries reproduction digestion growth
Answers
The requirements for life which is fulfilled by the skin is maintaining boundaries.
Every living creature must maintain its borders so that its internal environment (on the inside) is different from the surrounding exterior environment (outside). The exterior boundary of a single-celled organism is a limiting membrane that encloses its contents and admits essential substances while restricting passage of potentially harmful or superfluous substances. Similarly, all of our body's cells are surrounded by a selectively permeable membrane. Furthermore, the integumentary system, or skin, encloses and protects the body as a whole by protecting our interior organs from drying out (a fatal change), bacteria, and the destructive effects of heat, sunlight, and an incredible variety of substances in the external environment.The ultimate purpose of all body systems is to keep people alive. However, life is extremely delicate and necessitates the presence of various components. These components, which we'll refer to as survival needs, comprise nutrition (food), oxygen, water, as well as an adequate temperature and atmospheric pressure.Thus this is the meaning of requirements for life.
To learn more about life, refer: https://brainly.com/question/4344428
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