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2 years ago

Match the correct economic terms to their descriptions.

Business

2 answers:

Troyanec [42]2 years ago

8 0

Answer:

monetary policy, Federal reserve’s tool to influence the money supply in the economy

factor market, A market where firms buy services related to production

product market, A market where finished goods and services are traded

fiscal policy, Federal government’s way to influence the economy through taxes

Explanation: I looked up the deffinitions, because the other answers did not seem right to me.

Sauron [17]2 years ago

7 0

Answer:

Monetary policy : Federal reserve’s tool to influence the money supply in the economy

Fiscal policy :Federal government’s way to influence the economy through taxes

Factor market : a market where firms buy services related to production

Product market: a market where finished goods and services are traded

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A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured

Lemur [1.5K]

Answer:

It is more profitable to continue processing.

Explanation:

Giving the following information:

A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured further at an additional cost of $80,000.

Sell for scrap= 65,000 - 50,000= 15,000

Continue processing= 150,000 - 80,000 - 50,000= 20,000

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2 years ago

The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencil

bezimeni [28]

Answer:

Part (a) Cost of goods sold

Sales $792,000

Less Gross profit $462,000

Cost of goods sold $330,000

Part (b) Finished goods inventory at the end of the month

Opening Finished Goods 0

Add Cost of goods manufactured 396,000

Available for Sale 396,000

Less Cost of goods sold 330,000

Finished goods inventory 66,000

Part (c) Direct materials cost

Opening Materials 0

Add Materials purchased 244, 200

Available for production 244, 200

Less Materials inventory, ending 33,000

Direct Materials Cost 211,200

Part (d) Direct labor cost

Total manufacturing costs for the period 455, 400

Less Direct Materials Cost 211,200

Less Indirect labor 171, 600

Less Factory depreciation 26, 400

Direct labor cost 46,200

Part (e) Work in process inventory at the end of the month

Total manufacturing costs for the period 455, 400

Less Cost of goods manufactured 396,000

Work in process inventory 59,400

Explanation:

Part (a) Cost of goods sold

Cost of goods sold = Sales Less Gross profit

Part (b) Finished goods inventory at the end of the month

Finished goods inventory = Opening Finished Goods Add Cost of goods manufactured Less Cost of goods sold

Part (c) Direct materials cost

Direct Materials Cost = Opening Materials Add Materials purchased Less Materials inventory, ending

Part (d) Direct labor cost

Direct labor cost =Total manufacturing costs for the period Less all other manufacturing costs

Part (e) Work in process inventory at the end of the month

Work in process inventory = Total manufacturing costs for the period Less Cost of goods manufactured

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2 years ago

Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its

uranmaximum [27]

Answer:Incomplete Question, You omitted the values for the following

supplies remaining at year-end: $700

Wages earned by workers but not yet paid at year-end: $500

Explanation:

1. To Record the journal entries required for December, excluding the December 31 year-end adjusting entries.

Cash Paid for prepaid insurance

Date Account and Explanation Debit Credit

1st Dec Prepaid Insurance $24,000

Cash $24,000

Supplies purchased in cash

7th Dec Supplies $2000

Cash $2,000

13th Dec No ENTRY Roland Co agreed to do but has not done itr yet.

Advance received from ABX

24th Dec Cash $4,000

Unearned Revenue $4,000

2. To Record the December 31 year-end adjusting entries for prepaid insurance, supplies, accrued wages, accrued revenue, and unearned revenue.

Insurance expense

Date Account and Explanation Debit Credit

31st Dec Insurance Expense $1,000

Prepaid Expense $1,000

Calculation.24 month insurance policy for $24,000 cash.

Insurance for a month = 24,000/24= 1000

Supplies Expense

Date Account and Explanation Debit Credit

31st Dec Supplies Expense $1,300

Supplies $1,300

Calculation :purchased supplies for $2,000 --supplies remaining at year-end, $700= $1,300

To record Wages earned by workers but not yet paid at year-end: $500

Date Account and Explanation Debit Credit

31st Dec Wages Expense $500

Wages Payable $500

Service Revenue from Telo

Date Account and Explanation Debit Credit

31st Dec Accounts receivable $6,000

Service Revenue $6,000

calculation=Job Completion at Year-End x received cash of worth of work for Telo = 60% x 10,000 = %6,000

Service Revenue from Abx

Date Account and Explanation Debit Credit

31st Dec Unearned Revenue $1,000

Service Revenue $1,000

calculation=Job Completion at Year-End x cash in advance to perform work = 25% x 4,000 = $1,000

3. Journal entry for January

Payment Of wages recorded

Date Account and Explanation Debit Credit

5 Jan Wages Payable $500

Wages Expense (800-500) $300

Cash $800

Payments from Telo Recorded

Date Account and Explanation Debit Credit

12 Jan Cash $10,000

Account Receivable $6,000

Service Revenue(10,000-6000) $4,000

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2 years ago

Genna Raiter, the president and CEO of Car Keepers Garage, has asked several of her managers and employees to help establish a s

Nonamiya [84]

Answer:

The options for this question are the following:

A. payoff matrix.

B. mission statement.

C. tactical plan.

D. organization chart.

The correct answer is B. Mission statement.

Explanation:

A good mission statement is a useful tool for well-managed businesses. It is the "why" of business strategy.

A mission statement defines the objectives of what a company does by:

Your clients

The employees

Their owners

Some of the best mission statements also extend to include the fourth and fifth dimensions: what the company does for its community and for the world.

In terms of marketing, a mission statement is a brief paragraph that describes what your business does and why it exists. If that sounds like useless marketing that could be labeled as a long list of the most important things to do, you're not alone.

The reality is that many mission statements are ineffective. Usually, they are the ones written in minutes with very little thought from their creators.

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2 years ago

When using the _______ always be careful to avoid double-counting outcomes?

Vera_Pavlovna [14]

When using the "addition rule" always be careful to avoid double-counting outcomes.

At the point when two occasions, A and B, are mutually unrelated, the likelihood that A or B will happen is the total of the probability of every occasion. The addition rule for probabilities portrays two formulas, one for the likelihood for both of two totally unrelated occasions occurring and the other for the likelihood of two non-commonly occasions occurring.

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2 years ago