Based on the given information, Tyler has a debt of $100,000 and two assets: Mexican Amati paintings that he could sell immediately for $80,000 or within a few months for $120,000.
If we consider Tyler's assets and liabilities, we can determine his financial position. If he were to sell the paintings immediately, he would be able to generate $80,000. However, this amount falls short of his debt of $100,000, meaning he would still have a remaining liability of $20,000 even after selling the paintings.
Alternatively, if Tyler waits a few months to sell the paintings and can realize their higher value of $120,000, he would have sufficient funds to pay off his $100,000 debt and have a surplus of $20,000.
Therefore, Tyler's financial position depends on the timing of selling the paintings. If he sells immediately, he would have a remaining liability. However, if he waits and sells in a few months, he would have a surplus after paying off his debt.
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manor painting is a commercial interior and exterior painting contractor specializing in commercial buildings. an inventory of materials and equipment is on hand at all times, so work can start as quickly as possible. special equipment is ordered as required. on august 1, the materials inventory account had a balance of $54,000. the work-in-process inventory account is maintained to record costs of work not yet complete. there were two such jobs on august 1 with the following costs: job 84 job 87 materials and equipment $ 23,100 $ 78,800 direct labor 20,300 39,400 overhead (applied) 8,120 15,760 overhead has been applied at 40 percent of the costs of direct labor using an annual rate. during august, manor painting started two new jobs. additional work was carried out on jobs 84 and 87. job 87 was completed and billed to the customer. details on the costs incurred on jobs during august follow: job 84 job 87 job 88 job 90 materials and equipment $ 4,500 $ 7,200 $ 6,900 $ 4,400 direct labor (wages payable) 7,800 10,100 8,900 2,400 other august events purchased materials and equipment for $14,100. billed $195,000 to the customer for job 87 and received payment for $115,000 of that amount. received $18,600 payment on job 82 delivered to customer in july. determined that payroll for indirect labor personnel totaled $2,100. issued supplies and incidental materials for current jobs costing $750. recorded overhead and advertising costs for the operation as follows (all cash except equipment depreciation): property taxes $ 900 storage area rental 1,050 truck and delivery cost 1,630 advertising and promotion campaign 1,200 inspections 900 telephone and other miscellaneous 680 equipment depreciation 2,720 required: prepare journal entries to record the flow of costs for operations during august. calculate the amount of over- or underapplied overhead for the month. this amount is debited or credited to cost of goods sold. determine inventory balances for materials and equipment inventory and work-in-process inventory.
Over applied overhead = $14560- $12350 = $2210
Material and equipment inventory = $40570
The Journal EntriesNo. Transaction Account Debit Credit
A01 Materials and Equipment inventory Accounts payable $15,900
02 Accounts receivable Sales revenue $196,800
02 Cash Accounts receivable $116,800
03 Cash Accounts receivable $20,400
04 Manufacturing overhead Wages payable $2,460
05 Manufacturing overhead Materials and equipment inventory $930
06 Manufacturing overhead Selling and administrative cost (Advertising) $1,380
06 Cash Manufacturing overhead $7,440
Accumulated depreciation $2,900
Requirement b
Calculation of over or under applied overhead
Actual overhead = Indirect labor + Indirect material + other manufacturing overhead
2460 + 930 + 8960 = $12,350
Applied overhead = Total direct labor cost for August * 40%
Total direct labor cost = $9600+$11900+$10700+$4200 =$36400
Applied overhead = (36,400 x 40)/100
Over applied overhead = $2210
Requirement c
Inventory balances for MaterIals and Equipment inventory and Work in process inventory
Material and equipment inventory = Beginning balance + Purchases - Direct material issued - Indirect material
Beginning balance = $55800
Purchases = $15900
Direct material issued = $6300+$9000+$8700+$6200 =$30200
Material and Equipment inventory = $40570
Work in process inventory = (Job 84+ Job 87)+Direct material issued +Direct labor cost+ Applied overhead - Cost of job 87 completed
Work in process inventory = 114,120 + 30,200 + 36,400 + 14,560 - 113,940
= $111, 340
Cost of job 87 completed = $88280+$9000+$11900+11900*40% =$113940
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Prompt
What is liability?
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Answer:
jobless
Explanation:
someone who depend on other people
Peter is planning his finances for the next couple of years. He wants to save money to eventually buy a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down payment
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the____
phase of the financial life cycle.
how does the elimination period affect the cost of premium?
The elimination period is the waiting period before an insurance policy starts paying benefits. A shorter elimination period typically results in a higher premium cost, while a longer elimination period usually lowers the premium.
The elimination period is an important factor in determining the cost of an insurance premium. It represents the duration during which the policyholder must cover their own expenses before the insurance benefits kick in. Insurance companies offer different options for the elimination period, ranging from a few days to several months.
When selecting a shorter elimination period, the insurance company assumes a greater risk of having to pay out benefits sooner. To compensate for this increased risk, they charge a higher premium. On the other hand, a longer elimination period means that the policyholder will need to cover their expenses for a longer period before receiving insurance benefits. This reduces the risk for the insurance company, resulting in a lower premium.
Therefore, if an individual chooses a shorter elimination period, they will have higher premium payments due to the increased likelihood of making a claim sooner. Conversely, opting for a longer elimination period lowers the premium cost since the insurance company's risk exposure is reduced. It's essential for individuals to carefully evaluate their financial situation and needs to strike a balance between the elimination period and premium cost that aligns with their specific circumstances.
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What levels of risk does investing in the stock generally carry
medium
medium, high,
low, high
or low?
Low, high levels of risk does investing in the stock generally carry. Over the long term, stocks have the highest potential for growth for investors. Investors who have chosen to hold onto stocks for an extended length of time—say let's 15 years.
Typically been rewarded with robust, profitable returns. Utilize your associated banking account to open a risk and trading account. Access that trading account. Choose the shares you want to purchase or sell. Make sure you have the necessary investing funds in your account to purchase the shares stocks. taking dividends in— Many stocks distribute dividends, which are based on the company's earnings per share.
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This table shows Lucas’s budget from last month. He also included his actual expenses after the month ended. Which of these changes should Lucas consider in next month’s budget? Check all that apply. less for income less for food more for discretionary spending more for income less for discretionary spending
Answer:
Less for income
Less for food
less for discretionary spending
Explanation:
Luca has prepared the budget for the month. He has included actual expenses in the budget to compare the budget with actual expenses. He has used flexed budgeting technique to incorporate his savings and expenses. He should keep less income, less for food and less for discretionary expenses in the new budget.
Answer:
A: less for income
B: less for food
E: less for discretionary spending
Explanation:
In his new budget he needs to do less for income, less for food, and less for discretionary spending. He needs less for income because in his budget it assumes he makes 400$ a month, however this month he made 375$. He needs to cut down on food an discretionary spending because he is spending too much for the amount he makes.
after the first unit sold, the marginal revenue a monopolist receives from selling one more unit of a good is less than the price at which that unit is sold because of: a) diminishing marginal returns. b) increasing marginal cost. c) a downward-sloping demand curve. d) declining average fixed cost.
The correct answer is c) a downward-sloping demand curve. The marginal revenue a monopolist receives from selling one more unit of a good is less than the price at which that unit is sold because of the downward-sloping demand curve. In a monopoly, the firm is the sole supplier of a product, and it faces a downward-sloping demand curve. This means that as the monopolist increases the quantity sold, the price it can charge for the product decreases.
When a monopolist sells an additional unit, there are two effects:
1. The additional revenue from selling the extra unit at the new, lower price.
2. The revenue loss from all previous units sold because the price has been lowered to sell the extra unit.
The marginal revenue is the net effect of these two factors, and since the demand curve is downward-sloping, the revenue loss from the previous units will always outweigh the additional revenue from the extra unit. Therefore, the marginal revenue from selling one more unit will always be less than the price at which that unit is sold.
Diminishing marginal returns (a), increasing marginal cost (b), and declining average fixed cost (d) are not the primary reasons for this phenomenon, although they can influence the cost structure and profit maximization for a monopolist. The key factor, however, is the downward-sloping demand curve.
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Adidas America Inc. v. Payless Shoesource Inc.
Sneaker giant Adidas once went to war with discount shoe chain Payless, and the conflict was all due to stripes. Adidas has used three stripes on its shoes since 1952, and has registered the pattern as its trademark. But during the 1990s, Payless began selling athletic shoes with a similar look. Some of their sneakers had two parallel lines and others had four. The two companies met and reached an agreement. Payless would stop selling its shoes. However, Payless brought back its striped shoes in 2001, which went against the settlement. So Adidas America Inc. took them to court. The jury trial lasted seven years. During the course of it, 268 pairs of sneakers were examined. By the end, the jury determined that Payless owed Adidas $305 million. Wall Street Journal’s Law Blog declared that was $100 million for each stripe.
Why is this case an example of trademark violation?
A) Payless made sneakers with a pattern that is similar to the Adidas logo
B) Payless hired a designer from Adidas to create sneakers for them,
C) Payless used the Adidas logo in its TV commercials and print ads
D) Payless made running shoes based on the style and design of an adidas sneaker.
Answer:
A) Payless made sneakers with a pattern that is similar to the Adidas logo
Explanation:
Answer:A) Payless made sneakers with a pattern that is similar to the Adidas logo
Explanation:
a favorable balance of trade exists when a country _____
A favorable balance of trade exists when a export of a country exceed its imports.
What is trade?Trade is a term used to describe economic activities. Trade is the term used to describe the purchasing and selling of goods and services. Trade can take many various forms, including both domestic and international trade.
According to the economist, the country was the balance favorable trade is the export the value of exports of a country in a specific period of time is also known as the favorable trade.
As a result, the significance of the trade are the aforementioned.
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on what grounds is the Trump administration investigating imposing tariffs on imported automobiles?
Answer:
The clock has run out on President Donald Trump's "Section 232" tariffs on imports of foreign-made cars and auto parts, after he failed to announce a decision by a self-imposed deadline, trade law experts say.
The U.S. administration may have to find other means if Trump wants to tax European or Japanese car imports, a key part of the U.S. president's pledge to make America's trade relationships more fair, the experts say.
A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.
testamentary
living
irrevocable
revocable
Answer:
testamentary trust is the answer.
Answer: hello, your answer would be TESTAMENTARY
Explanation:
i just finished the test and got it right
What percent of adults, nationally, were current on all credit payments in the last year?
Your friend sees your answer to #1 and assumes that each of those people has a high credit score. Why is your friend incorrect?
How does your state’s on-time payment record compare to the national rate?
Find your county within your state. How does your county’s rate compare to your state’s rate of on-time payment?
If you look at the state shading on the map, it seems on-time payment rates are somewhat clumped geographically. What might cause that “clumping?”
Based on prior learning, name two reasons that paying your credit card or loan bill late has serious consequences.
The percentage of adults, nationally, that were current on all credit payments in the last year is 78.5% .
Your friend is incorrect in assuming that all will have high credit scores. because base on the fact that a lot young adults have no credit experience. They are said to often have a high balance on too many credit card.
The state’s on-time payment record compare to the national rate is known to be Texas who are said to have an on-time payment record of 6.7% that is known to be lower than the national rate.
Miral county’s payment rate is 80%, 10% higher than the state of Texas.
The “clumping may be due to the types of jobs that are available to certain states.
The reasons our credit card or loan bill paid late?The reasons why our credit card or loan bill late said to be late is known to have a lot of serious effects if not managed. It can lead to:
Credit score reduction drastically, that can affect your credit report badly.It can also affect the types of opportunities, etc. that one can get through the credit bureau.learn more about credit payments from
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to help his audience understand the term, jacob provided a clear definition of cause-related marketing. True/ False
True, Jacob provided a clear definition of cause-related marketing in order to help his audience understand the term. Cause-related marketing is an excellent method of distinguishing a company from its rivals. It is a marketing technique that links a company and its goods or services to a social cause or issue in order to generate brand and customer loyalty while also benefiting society.
Customers are willing to pay a higher price for products that support a worthy cause, according to studies. The partnership can be anything from the sponsorship of a local non-profit organisation to a national cancer campaign.
By linking a brand with a social issue, cause-related marketing aims to encourage customers to purchase goods or services. Cause-related marketing strategies can help companies to stand out from the crowd while also establishing deeper customer connections.
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In finance, we separate operating decisions from financing decisions and thus exclude ________ as a part of operating income from the income statement. Question 4 options: A) interest expense B) earnings C) dividends D) cash flow
Answer:
A) interest expense
Explanation:
Operating income or EBIT (earnings before interest and taxes) are calculated considering that the company is financed only through equity. The same applies when we are evaluating different projects, since we must be able to determine if the company or project can yield a profit without considering who paid for its operations.
The same applies for taxes, since it doesn't matter how high or low taxes are, if the company doesn't make a profit, then it will pay none.
Chips of Joy, a leading chocolate chip cookie manufacturer, has decided to use the same marketing strategy and marketing mix worldwide for all of its brands. The only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) ________ marketing strategy.
If the only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) standardized global marketing strategy.
What is marketing strategy?Marketing strategy can be defined as the strategy applied when creating awareness about a product so as to generate more sales.
Standardized global marketing strategy enables companies to market or promote their product or brand internationally or across the globe.
Therefore Chips of Joy is using a(n) standardized global marketing strategy.
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What types of procedures in schools could benefit from TQM? If students are regularly late for classes, how can the school use TQM tools to help solve the problem?
How do cultural differences and values impact business ethics, and how ca companies navigate these differences to ensure ethical behaviour?
Business ethics are innocently good and bad morals of geste . Core values give a moral compass for doing business.
The most common conception is that culture is a determinant of an existent's ethical testament, which influences his propensity to bear immorally. In other words, culture serves as a companion in determining whether certain practices are applicable and respectable.
Business ethics is a set of practices and programs that companies employ to guide them in making opinions about finance, accommodations and deals, commercial social responsibility ,etc. Without strong ethics, a business can find itself caught in the law, fiscal risks, and moral dilemmas.
Businesses can promote ethics in a number of ways:
Hire immorally.Promote only workers who demonstrate ethical nature . Train leaders to fete and recommend workers for their ethical behavior in the plant.To know more about Business Ethics,
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Design an adaptive management plan (experimental design) for the USFS to start treating the infestation while determining the best management strategy:
The plan would require careful planning and execution, as well as adequate resources and support, but it could provide a rigorous and transparent approach to managing the infestation while learning from experience and adapting to changing conditions.
A possible adaptive management plan (experimental design) for the USFS to start treating the infestation while determining the best management strategy could consist of the following steps:
1. Establish baseline conditions: Collect data on the extent and severity of the infestation, the current vegetation and wildlife conditions, and the social and economic context of the affected area.
2. Define management objectives: Clarify the desired outcomes of the treatment, such as reducing the spread of the infestation, restoring ecosystem resilience, enhancing biodiversity, or providing economic benefits to local communities.
3. Develop alternative treatments: Identify and evaluate different treatment options, such as mechanical removal, chemical treatments, biological controls, or prescribed burns, based on their effectiveness, feasibility, costs, and potential side effects.
4. Implement experimental treatments: Implement a set of experimental treatments that represent a range of management strategies, including different types, frequencies, and intensities of treatments, in a randomized and replicated design.
5. Monitor and evaluate outcomes: Collect data on the ecological, social, and economic impacts of the treatments over time, using a combination of quantitative and qualitative methods, and compare them to the baseline conditions and management objectives.
6. Adjust treatments and management strategies: Based on the results of the monitoring and evaluation, adjust the treatments and management strategies as needed to improve their effectiveness, efficiency, and sustainability.
7. Communicate and engage stakeholders: Communicate the results of the adaptive management process to stakeholders, including local communities, landowners, agencies, and NGOs, and engage them in the decision-making and implementation processes.
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Receiving an email that says you have changed your bank account password when you have not is:
A. likely a warning sign of fraud, but the email should be opened to be certain.
B. not likely a warning sign of fraud, but the email should be deleted regardless.
C. not likely a warning sign of fraud, and the email should be opened.
D. likely a warning sign of fraud, and you should contact your bank.
Answer:
D. likely a warning sign of fraud, and you should contact your bank.
Explanation:
If you have not changed your bank account's password, and you are the only one you know with access to the account, you should suspect either that your account has been compromised or that you are being scammed. Call the official number of your bank to find out (not the one on the email.)
Answer:
. likely a warning sign of fraud, and you should contact your bank.
Explanation:
An example of a risky short term investment strategy is
Answer:
stocks are unpredictable and can be considered a risky short term investment, but if it goes well it will be considered a good risky investment strategy
Explanation:
What is one request a borrower can make of a lender if they know they will never be able to pay their full debt?
A. The borrower can ask for fees and penalties to be eliminated.
B. The borrower can ask for a reduction of the interest rate.
C. The borrower can ask to be absolved of some of the debt.
D. The borrower can ask for the monthly payment to be reduced.
The one request a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.
What happens if the borrower fails to repay the loan?A loan is known to be a kind of money that is borrowed for a length of time and it is known to be a non-performing asset (NPA).
When the repayment is overdue, the lender can seize the asset of the borrower and when a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.
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Answer:
C. The borrower can ask to be absolved of some of the debt
Explanation:
Use of a computer-based system to transfer money from the drawer's account to the payee's account is called a(n)
None of these
Automatic Withdrawal
Online Banking
Electronic Funds Transfer
Answer:
It's an electronic funds transfer.
Explanation:
Online banking would make no sense it would say a whole different story , automatic withdrawal would make no sense also , so therefore it is Electronic funds transfer
All accounting systems ______. (Select all that apply.) Multiple select question. record and summarize financial effects of transactions are Excel spreadsheets combine beginning balances with the activity during the accounting cycle to yield the ending balances for each account. follow the accounting cycle must be computerized
it should be noted that all accounting systems should be;
record and summarize financial effects of transactions. follow the accounting cycle.combine beginning balances with the activity during the accounting cycle to yield the ending balances for each accountWhat is an accounting systems?
An accounting system can be regarded as accounting processes that posses some integrated procedures .
Therefore, accounting systems helps in recording business transactions.
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The SmartArt icon will allow you to include which of the following on a slide?
I think the answer is Graphs, I hope this helps
What is the organizational structure for an supermarket?
Answer:
An array of repeat customers grouped in various local areas, A chain of retail stores, various transportation systems, A set of warehouse distribution centers, and An array of product suppliers under contract.
Explanation: In carrying out its function, a supermarket business acquires and assembles a wide assortment of goods from individual suppliers, then organizes and distributes them as-needed to a chain of retail stores for sale to local customers.
How can expectations about the future change consumer behavior?
Expectations about the future can significantly impact consumer behavior, which can in turn impact the overall economy.
Future expectations can have a significant impact on consumer behaviour in a variety of ways:
Purchasing decisions: Consumers' purchasing decisions may be influenced by their future expectations. For example, if they anticipate future price increases, they may buy more goods and services now to avoid paying higher prices later.Saving and investing: Consumers' saving and investing behaviour may be influenced by their future expectations. If they anticipate an improvement in economic conditions, they may be more likely to save and invest for future opportunities.Borrowing and lending: Future expectations can also influence borrowing and lending behaviour. For example, if consumers anticipate rising interest rates in the future, they may be more willing to borrow money now to take advantage of lower rates.Economic activity: Future expectations can have an impact on overall economic activity. Consumers may be more cautious with their spending if they expect economic growth to slow in the future, which could lead to a decrease in economic activity.Overall, future expectations can have a significant impact on consumer behaviour, which in turn can have an impact on the overall economy.
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Why do you think technical education is important? Explain in 2 points.
Answer:
it makes the students skilled and technically fit for the industries. If we talk about the technical education, it contributes a major share to the overall education system and plays an important role in the social and economic development of our nation.
Answer:
The main aim of the technical education is that, it makes the students skilled and technically fit for the industries. ... If we talk about the technical education, it contributes a major share to the overall education system and plays an important role in the social and economic development of our nation.
Mandi gets a call from her local car dealer. At the end of the call, the seller asks when Mandi wants to schedule an appointment, even though she never indicated that she wanted or needed one. This is an example of a seller attempting a(n) ________ close.
The scenario between Mandi and the car dealer is simply known as a assumptive close.
What is a assumptive close?An assumptive close simply means when one assumes that a customer plans to buy a product and then encourages the person to do so.
In this case, the car dealer simply encouraged Mandi to purchase the car. This illustrates an assumptive close.
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Explain the tool of monetary policy a government could use to gain positive balance of payment
Answer:
What is the tool of monetary policy?
Central banks have four main monetary policy tools: the reserve requirement, open market operations, the discount rate, and interest on reserves. 1 Most central banks also have a lot more tools at their disposal. Here are the four primary tools and how they work together to sustain healthy economic growth.
Explanation:
Which of the following falls outside of the classification of business expenditures that fall into the category of variable costs?
a) costs that increase with the quantity produced
b) costs of research and development
c) costs related to labor expenditures
d) costs related to physical inputs
The option that falls outside of the classification of business expenditures that fall into the category of variable costs is option C. costs of research and development. Read below about costs of research and development.
What is a costs of research and development?These are costs taken to develop new products or processes that may or may not result in commercially viable items. The general rule is that research and development costs are to be expensed immediately when the costs are incurred.
Therefore, the correct answer is as given above.
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