The correct option is A. Water, insulin, and gas are all examples of goods with Inelastic demand.
Inelastic demand is a term used in economics and business to describe a situation in which changes in the price of a good or service have a relatively small effect on the quantity demanded by consumers. In other words, when a good or service has inelastic demand, consumers are less sensitive to changes in its price and are willing to pay more for it even if the price increases.
Goods and services that are necessities or have no close substitutes tend to have inelastic demand. For example, medicines, food, and gasoline are often considered to have inelastic demand because consumers need them to meet their basic needs and may not have many options to switch to other products.
Inelastic demand can be beneficial for businesses because it allows them to increase prices without losing too many customers. However, it also means that price reductions may not necessarily result in a significant increase in sales. Understanding the level of demand elasticity is an important consideration for businesses when setting prices and planning marketing strategies.
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FILL IN THE BLANK. when a business fails or does not make a profit, ________ have the most to lose in terms of finances.
Unless a bitsy piece of an investor's investment is redeemed through the trade of any company means, investors generally lose all of their plutocrat.
The most frequent causes of small business failure include a lack of plutocrat or finance, the retention of a operation platoon that's inadequate, a defective structure or business model, and ineffective marketing strategies. A lack of backing or working capital is a major factor in small business failure. utmost of the time, a business proprietor is acutely apprehensive of how important cash is needed to maintain operations on a diurnal base, including backing payroll, paying fixed and variable outflow charges, similar as rent and serviceability, and making sure that outside merchandisers are paid on time; still, possessors of failing businesses are less apprehensive of how important cash is needed to maintain operations on a diurnal base.
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what was their candidate’s position on big business?\
The Progressive Party and its candidate, Theodore Roosevelt, were critical of big business and advocated for government regulation to promote competition and protect workers.
The Progressive Party, also known as the Bull Moose Party, was formed in 1912 as a response to the perceived failures of the two major political parties to address issues such as income inequality, worker's rights, and the growing power of big business. The party's platform advocated for a number of progressive reforms, including the regulation of big business, the protection of workers' rights, and the promotion of competition in the marketplace.
Theodore Roosevelt, who had previously served as president from 1901 to 1909, was the party's candidate in the 1912 election. He was a vocal critic of big business and believed that government regulation was necessary to ensure that corporations did not engage in monopolistic or abusive practices. This position reflected a broader progressive movement in the early 20th century that sought to use government power to promote social and economic justice.
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--The complete question is Based on Progressive Party and Roosevelt, What was their candidate's position on big business?--
a company that has a strong competitive advantage has a value proposition that shows that it: excels across all of the attributes. has similar ratings on attributes with the industry leader. values all customer segments. has made an intentional decision to be poor on some attributes. none of the answers is correct.
A company that has a strong competitive advantage has a value proposition that shows that it excels across all of the attributes. Also, has similar ratings on attributes with the industry leader. Thus, option A and B is correct.
What is a company?A company is a legal body created by a group of people to conduct and manage a multinational corporation. This can be in the form of whether it be commercial or economic.
A company with a significant advantage will demonstrate its superior performance by meeting all of the criteria through its value creation. shows whether the product makes customers' lives better or solves their difficulties
Also, it rates its qualities similarly to the leading company. Therefore, option A and B is the correct option.
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Explain the present value concept by completing the following sentence:
A person can use the present value concept to calculate how much money he has to invest (today, tomorrow) in order to have a specific sum of money in the (present, future).
A person can use the present value concept to calculate how much money they need to invest today in order to have a specific sum of money in the future.
The present value is the current value of a future sum of money, taking into account the time value of money and the potential earning power of that money if it were invested.
The present value concept assumes that money has a time value, meaning that the value of money changes over time due to factors such as inflation and the potential for investment returns. Therefore, money that will be received in the future is worth less than the same amount of money received today.
To calculate the present value, a person must know the future sum of money they want to receive, the time period in which they want to receive it, and the expected rate of return on their investment. By discounting the future sum of money back to its present value, using an appropriate discount rate, a person can determine how much money they need to invest today to reach their future financial goal.
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How much will you need to invest on a annual basis to have $1,000,000 at the end of 45 years assuming a 7% annual rate of return?a) $4,259.57b) $5,000.57c) $3,499.57d) $6,750.57
You will need to invest on a annual basis to have $1,000,000 at the end of 45 years assuming a 7% annual rate of return- Monthly payments = $263.70
Explanation:
given data
Future value = $1,000,000
time = 45 year = 45 × 12 = 540 months
rate = 7 % annual = 0.07/12 = 0.05833% monthly
to find out
Monthly payments
solution
we will apply here future value formula that is express/expressed as
Future value = Monthly payments ×{[ (1+rate)^time -1] /rate} .........1
put here value we get
Future value = Monthly payments × {[ (1+rate)^time -1] /rate}
1,000,000 = Monthly payments × {[(1+0.005833)^540 -1]/ 0.005833}
solve it we get
Monthly payments = $263.70
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when markets become unstable, bureaucratic approaches to management become more effective because they are a source of stability. (T/F)
This statement is False. Bureaucratic approaches to management can be useful in ensuring consistency and efficiency of operations, but they are not inherently stable.
In times of instability, organizations may need to be flexible and open to change in order to survive. Bureaucratic approaches can be slow to adapt to changing market conditions and may not be able to keep up with the pace of change. Instead, organizations can benefit from more agile management approaches that are better suited to rapidly changing market conditions. These approaches may include an emphasis on experimentation, a focus on customer feedback, and accepting failure as part of the process.
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Beginning inventory plus the cost of goods purchased equals?A. cost of goods soldB. cost of goods available for saleC. net purchasesD. total goods purchased
B. The cost of the items that are available for sale is equal to the beginning inventory plus the cost of the goods that were purchased.
What is the beginning inventory formula?Starting inventory equals sales (COGS) plus ending inventory minus purchases (inventory added to stock). Sales (COGS) is the cost of goods sold, ending inventory is the inventory value at the conclusion of the accounting period, and purchases are the total amount of inventory added to stock during the accounting period.
What is the net sales formula?Returns, allowances, and discounts can be subtracted from the total sales figure to determine net sales. Net Sales are calculated as follows: Total Sales - Refunds, Allowances, and Discounts.
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most economists would agree that the best interests of international business are found in a nation with a
Most economists would agree that the best interests of international business are found in a nation with a free trade policy.
A free trade Policy/agreement is a contract between more than one nation to decrease import and export limitations. With a free trade policy, there are little to no government restrictions, quotas, subsidies, or prohibitions that prevent the trading of goods and services across borders. The concept of free trade is the antithesis of economic or trade conservatism. In the modern world, a formalized but mutual pact between the participating countries is frequently used to promote freedom of trade. A free-trade policy, however, can just be the lack of any tag - based. Few free trade agreements (FTAs) in present global trade lead to fully unregulated trade.
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Why did protective tariffs harm Southerners? A. it caused English merchants to cut their importation of Southern Cotton
B. it forced them to pay higher prices on Northern manufactured goods C. Both are correct
Protective tariffs are tariffs imposed to protect a national industry. There is an option A.
The Protective tariffs caused English merchants to restrict imports of cotton from the South.
Safeguard tariffs are tariffs imposed to protect a national industry. Their aim is to make imported goods more expensive than their domestically made counterparts, thereby increasing sales of locally made goods and supporting local industry.
Protective tariffs aim to protect domestic production from foreign competition by increasing the price of an imported commodity. They focus on generating revenue only.
These two sets of goals are obviously not mutually exclusive. This hurts relations with other countries: countries don't like having tariffs on their exports, so relations between countries often deteriorate.
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Raul is developing a team at work and wants to ensure that the team is as effective as possible. Which one of the following should Raul NOT worry about considering?
A. Selecting those with good negotiation skills.
B. Selecting those with the desire to move up in the company.
C. Selecting those with good puzzle skills.
D. Selecting those with good communication skills.
E. Rewarding team performance.
Raul shouldn't worry about choosing people who want to advance in the organization.
Everyone brings their own special abilities and strengths to the table. Effective work is completed, and everyone contributes to the team's objectives. Hence, option b.) is correct.
While assembling a new team or growing an existing one, it might be difficult to achieve this level of effectiveness. Nevertheless, if you have a plan in place, it will be much simpler.
Nobody is playing politics or quarreling, and there is just the right amount of competitive spirit to bring out the best in everyone. Start by stating the objective of your team, whether you are in charge of forming a new one or taking over an existing one.
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1. complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. determine the cost assigned to ending inventory and to cost of goods sold using fifo. 4. determine the cost assigned to ending inventory and to cost of goods sold using lifo.
According to the question Item Purchase Date Cost Quantity Available for Sale Cost Assigned to Ending Inventory Cost Assigned to Cost of Goods Sold Total is 25 20 $70 $30.
What is purchase?Purchase is the act of obtaining goods or services for money or other valuable consideration. It is a transaction between a buyer and a seller. The buyer generally pays for the goods or services at the time of purchase, and the seller receives payment for the goods and services. Purchases can be made in different forms, including cash, credit, debit, or other means of payment. Purchases are typically made in stores, online, or over the phone. The buyer typically has to provide some form of identification, such as a driver's license, to complete the purchase.
1. Specific Identification
Item Purchase Date Cost Quantity Available for Sale Cost Assigned to Ending Inventory Cost Assigned to Cost of Goods Sold
A 8/1 $20 10 10 $20 $0
B 8/2 $25 5 5 $25 $0
C 8/3 $30 10 5 $25 $30
Total 25 20 $70 $30
2. Weighted Average
Cost of Goods Available for Sale $750
Total Quantity of Goods Available for Sale 25
Weighted Average Cost Per Unit $30
Cost Assigned to Ending Inventory $600
Cost Assigned to Cost of Goods Sold $150
3. FIFO
Item Purchase Date Cost Quantity Available for Sale Cost Assigned to Ending Inventory Cost Assigned to Cost of Goods Sold
A 8/1 $20 10 10 $20 $0
B 8/2 $25 5 5 $25 $0
C 8/3 $30 10 5 $20 $30
Total 25 20 $65 $30
4. LIFO
Item Purchase Date Cost Quantity Available for Sale Cost Assigned to Ending Inventory Cost Assigned to Cost of Goods Sold
A 8/1 $20 10 10 $0 $20
B 8/2 $25 5 5 $0 $25
C 8/3 $30 10 5 $30 $0
Total 25 20 $30 $453
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Financial accounting: multiple choice focuses on the future. Must comply with gaap (generally accepted accounting principles). Reports include detailed information on the various operating segments of the business. Is prepared for the use of management
Financial accounting Must comply with GAAP (generally accepted accounting principles). Thus the correct option is B.
What is Financial accounting?To show the profits and losses of the company and show an accurate and equitable picture of the company, financial accounting is utilized and considered a process of documenting, and analyzing, the transactions arising from business operations.
When preparing and disclosing financial statements, GAAP, which is an acronym for generally accepted accounting principles, is utilized. These standards cover the complexities, challenges, and regulations of the company.
Therefore, option B is appropriate.
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jit or just in time allows inventory to arrive to replace inventory that is leaving the warehouse. t/f
False. "JIT" or "Just-In-Time" is a production strategy aimed at reducing waste and improving efficiency by producing and delivering products just in time to meet customer demand, rather than producing in advance and storing excess inventory.
What is JIT?JIT stands for "Just-In-Time," which is a production strategy that aims to reduce waste and improve efficiency by producing and delivering products just in time to meet customer demand, rather than producing in advance and storing excess inventory.
While JIT can help ensure that inventory levels are kept low, it does not necessarily involve replacing inventory that is leaving the warehouse with new inventory arriving at the same time. Instead, it focuses on producing goods only when they are needed, reducing inventory carrying costs and the risk of excess inventory becoming obsolete or unsellable.
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Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax). Answer the questions below assuming that Congress increases the income tax rate such that Song's average tax rate increases from 20 percent to 25 percent.
What is the term that describes this type of reaction to a tax rate increase?
a. Endowment effect
b. Subtitution effect
c. Budget constrant
d. Price effect
e. Income effect
(d) Price effect is the term that describes this type of reaction to a tax rate increase.
When Congress increases the income tax rate such that Song's average tax rate increases from 20 percent to 25 percent, it means that Song will pay more taxes for the same level of income. As a result, the net income (i.e., after-tax income) that Song receives for each dollar of work done decreases. This change in the net income per dollar of work is known as the price effect, which is the term that describes this type of reaction to a tax rate increase.
The substitution effect refers to the tendency of individuals to switch to alternative goods or services that are less expensive when the price of a good or service increases. The budget constraint refers to the limitations on an individual's consumption choices due to the finite amount of money or resources available. The endowment effect refers to the tendency of individuals to overvalue items that they possess simply because they possess them. The income effect refers to the change in an individual's consumption patterns resulting from a change in their purchasing power.
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what does it mean to have an inbound approach to doing business?
Answer:
The inbound approach means doing business in a human way and creating meaningful 1:1 relationships with strangers, prospects, or customers.
the rate for a riskless security that is exposed to changes in inflation is called
Real rate of safety is the rate that applies to a risk-free investment that is affected by changes in inflation.
Real interest rates and expected inflation rates are added to get a nominal interest rate. A real interest rate determines the actual return on a loan (to the lender) and on a bond (to the investor). Interest rate risk is the risk to capital or earnings brought on by fluctuations in interest rates.
The economic point of view focuses on the bank's value in the current environment of interest rates and how susceptible that value is to changes in interest rates. The nominal risk-free rate is the return on a risk-free asset calculated without taking inflation into account.
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how is c snp or dsnp members care management
The member fills out a Health Assessment, which includes a series of inquiries regarding their health and any assistance with daily living they may require for their care management as a c snp or dsnp member.
In order to confirm that the customer has at least one of the qualifying chronic conditions covered by the CSNP, it gives the plan permission to get in touch with the provider mentioned on the form.
A coordinated care plan (CCP) for Medicare Advantage (MA) known as a special needs plan (SNP) is created expressly to offer tailored treatment and restrict membership to those with special needs. Any of the following could be a person with special needs: a person who is institutionalised, a dual qualified. Those with diabetes, lung problems, cardiovascular illnesses, chronic heart failure, and/or end-stage renal disease are eligible for Medicare Advantage Chronic Condition SNPs (ESRD).
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Transcribed image text: Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business decisions by requiring the accountability of publicly traded companies. True O False
False, The Sarbanes-Oxley Act was passed in order to decrease the number of unethical business actions, not to hold publicly traded businesses accountable.
In reaction to highly publicised corporate corruption crisis that occurred earlier in that decade, Congress created the Sarbanes-Oxley (SOX) Act in 2002. The act strengthened recordkeeping requirements and established stringent new standards for accountants, audits, and corporate executives. The measure increased the seriousness of the penalties for breaking securities rules. The Sarbanes-Oxley Act, sometimes known as the SOX Act, is a federal law in the United States that aims to safeguard investors by improving the calibre and veracity of business disclosures. Enron and WorldCom, two major accounting crises, served as inspiration for the legislation.
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how did new consumer practices and leisure activites of the industrial age reshape americans gender, class and race relationships
Industrialization is a time of social and profitable change, transubstantiating humanity from an agricultural society to an artificial society.
Industrialization has created a definitive middle and working class. The new areas of pleasure were classified according to whether one was black or white, manly or womanish, rich or poor.
Industrialization is the process by which the frugality evolves from primarily agrarian product to mass product and technologically advanced goods and services. This phase is characterized by exponential hops in productivity, shifts from pastoral to civic work, and advanced living norms.
Industrialization contributes to negative externalities similar as pollution. The separation of capital and labor creates income inequality between workers and those who control capital coffers.
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customer service representatives who seek to solve problems for customers need to understand their
skill variety.
task significance.
task discretion.
autonomy.
task identity.
Customer service representatives who seek to solve problems for customers need to understand their task significance.
What is task significance?The JCM specifies that only when employees feel their work has a positive impact on others' well-being will they have a greater sense of meaning in their work. Task significance is the extent to which employees perceive their work as having a significant impact on others, either inside or outside of the organization.
The task's significance tells you how important it is to the organization. For instance, a receptionist's position has a reduced task relevance. To answer phones and sort mail, a temporary employee may be hired.
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Select the correct answer from each drop-down menu.
Which tools and techniques do operations managers use as part of a certain management function?
Project management tools and techniques, such as PERT, CPM, and Gantt Charts, are very useful to operations managers to carry out the ______ function in both manufacturing and service businesses.
credit is a term used to describe any situation in which goods, services, or money is received in exchange for a promise to repay at a future date. True or false?
Any circumstance in which products, services, or money are obtained in exchange for a promise to pay back at a later time is referred to as a credit scenario. This statement is true.
Credit is a term used to describe any situation in which goods, services, or money are received in exchange for a promise to repay at a future date. The concept of credit is fundamental to modern finance, as it enables individuals and businesses to access capital and invest in future growth and prosperity.
Credit can take many forms, from traditional loans and mortgages to credit cards, lines of credit, and trade credit. In each case, the borrower is essentially borrowing money or purchasing goods or services on credit, with the understanding that they will repay the amount owed with interest at a later date.
While credit can be a powerful tool for creating wealth and opportunity, it can also be a source of risk and financial stress. Overextending oneself with too much debt or failing to repay credit obligations can lead to credit problems, damaged credit scores, and other negative consequences.
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the janitorial department of antelope county purchased an asset. what is the correct treatment of such a purchase?
In account, the expenditure of copping supplies or particulars during a time period with the intention of reselling them during regular business operations is appertained to as a purchase.
Hence, purchases are a type of expenditure and are included in the income statement's cost of goods vended. The cost of copping raw accoutrements may be included in purchases in manufacturing- related account. While for a retail establishment, copping refers to the accession of finished particulars for resale. Yet, it's pivotal to understand that in account, we must make a distinction between the purchases described over and other deals, similar as those involving the accession of fixed means(e.g. plant, factory and ministry, motor van, land and structure, etc).
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What is the stock market simple definition?
Answer:
Explanation:
The stock market, also known as the equity market, is a marketplace where publicly traded companies' stocks are bought and sold. It provides a platform for companies to raise capital by selling their stocks to investors, and for investors to buy and sell stocks in publicly traded companies with the aim of earning a return on their investment. The prices of stocks are determined by supply and demand in the market and are influenced by a variety of factors, such as a company's financial performance, industry trends, and global events. The stock market is an important component of the overall economy, as it plays a significant role in the allocation of capital and influences the direction of economic growth.
A journal with two amount columns in which all kinds of entries can be recorded. answer choices
General Journal
Sales Journal
Purchases Journal
Cash Payments Journal
Generally speaking, generally speaking .A generic journal is a journal with two amount columns that can be used to record any type of entry.
Instead of passing a separate entry for each similar transaction that occurs on the same day, one combined entry may be passed if there are two or more transactions of the same kind that involve the same debit account or credit account. Compound journal entries are those kinds of entries. Double-entry accounting entails that debit and credit sides are always used to record transactions. Debit and credit are terms used to describe the left and right sides of a journal entry or account, respectively. The total of the credit side amounts should equal the total of the debit side amounts.
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the economic context of early state formation during the middle ages in europe was characterized by ________.
The economic context of early state formation during the Middle Ages in Europe was characterized by a combination of factors, including feudalism, agriculture, trade, money and urbanization.
Feudalism: Feudalism was a social and economic system that dominated medieval Europe. In this system, land was owned by lords, who granted land to vassals in exchange for military service and other obligations. The vassals, in turn, could grant land to sub-vassals, and so on. This system created a complex web of relationships that helped to maintain social order and stability.
Agriculture: Agriculture was the main economic activity in medieval Europe, and the vast majority of people were farmers. They produced crops such as wheat, barley, and oats, as well as raising livestock such as cows, pigs, and sheep. Agriculture was often carried out on manorial estates, where the lord provided land and protection in exchange for labor and a share of the crops.
Trade: Trade was limited in medieval Europe, as most goods were produced locally. However, there were some long-distance trade routes that connected Europe with Asia and Africa, and some cities such as Venice and Genoa became important trading centers.
Money: The use of money was limited in medieval Europe, and most transactions were carried out through barter. However, as trade increased, the use of money became more common, and coins were minted by various rulers and cities.
Urbanization: Urbanization was limited in medieval Europe, as most people lived in rural areas. However, some cities such as Paris, London, and Rome grew in size and importance, and became centers of trade, culture, and politics.
Overall, the economic context of early state formation during the Middle Ages in Europe was characterized by a complex web of social and economic relationships, dominated by feudalism and agriculture, with limited trade and urbanization.
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which sales promotion tool is most likely to motivate (or inspire) customer loyalty?
Patronage awards sales promotion tool is most likely to motivate (or inspire) customer loyalty. Patronage rewards are prizes offered by businesses to advertise and promote the purchase of their goods.
Patronage rewards encourage repeat business from customers by aiming to keep them interested in and connected to the brand. The loyalty programme is a long-term marketing purchase used to establish and uphold successful bonds with the company's most desirable and carefully chosen customers. Political patronage is when a person is hired or appointed to a position in the government on the basis of their partisan allegiance.
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Mr.Lurvey, the owner of the store, is unhappy with the operating results. An analysis of other operating costs reveals that it includes $25,000 variable costs, which vary with sales volume, and $5,000 (fixed) cost.
1. Compute the contribution margin of Lurvey Men’s Clothing
2. Compute the contribution margin percentage.
3. Mr. Lurvey estimates that he can increase units sold, and hence revenues by 15% by incurring additional advertising costs of $8,000. Calculate the impact of the additional advertising costs on operating income.
4. What other actions can Mr.Lurvey take to improve operating income?
Revenues $500,000
COGS $225,000
Gross margin $275,000
Salaries fixed $180,000
Sales commissions (8% of sales) $40,000
Depreciation on equipment $16,000
Store rent ($4,500 per month) $54,000
Other operating costs $30,000
Operating income ($45,000)
1.Contribution margin = $250,000; 2. Contribution margin percentage = 50%; 3. Impact on an operating income of additional advertising costs is $5,000; 4. Mr. Lurvey can take actions such as reducing costs, negotiating a lower rent, increasing prices, or increasing sales volume through advertising.
1.Contribution margin = Revenues - Variable costs = $500,000 - ($225,000 + $25,000) = $250,000
2.Contribution margin percentage = (Contribution margin / Revenues) x 100% = ($250,000 / $500,000) x 100% = 50%
3. With the additional advertising costs of $8,000, the new revenues would be $500,000 x 1.15 = $575,000. The new contribution margin would be $575,000 - ($225,000 + $25,000) = $325,000. The impact on operating income would be the new contribution margin minus fixed costs: $325,000 - ($180,000 + $40,000 + $16,000 + $54,000 + $30,000) = $5,000.
4. Mr. Lurvey can take a few moves to work on working pay, including diminishing variable expenses, arranging a lower store lease, expanding selling costs, decreasing fixed costs, and expanding deals volume through publicizing or different means.
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at the beginning of the year, gerta company's allowance account has a credit balance of $10,000. this may indicate that the
Gerta Company has credit balance in their allowance account because they have estimated that portion of the accounts receivable may not be collected. This is known as allowance for bad debt allowance.
What is bad debt?Bad debt refers to money that a borrower has borrowed but cannot repay, either because they don't have the funds or because they refuse to pay. It is typically associated with loans, credit cards, or other forms of credit that a lender has extended to an individual or company. Bad debt is considered to be a problem for lenders because it can lead to financial losses, reduce profitability, and negatively impact their creditworthiness. For borrowers, bad debt can damage their credit score, make it difficult to secure future loans or credit, and potentially result in legal action. Lenders often try to minimize bad debt by carefully evaluating a borrower's creditworthiness before extending credit and by establishing systems to monitor payments and follow up on delinquent accounts.
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President Johnson thought it was possible to spend more resources in Vietnam without giving up consumer goods at home. President Johnson must have believed that the
A)American economy was operating at top efficiency.
B)American economy was operating at a point inside its PPC.
C)American economy was operating at a point on its PPC.
D)American economy was operating at a point outside its PPC.
E)PPC would shift in as the war progressed.
The answer is B) the American economy was operating at a point inside its PPC.
PPC stands for the production possibility curve, which represents the maximum possible output of two goods that an economy can produce with its limited resources and technology. Points on the curve represent efficient and optimal use of resources, while points inside the curve represent underutilization of resources and points outside the curve represent unattainable levels of production
President Johnson's belief that it was possible to spend more resources in Vietnam without giving up consumer goods at home suggests that he believed the American economy was operating at a point inside its PPC. In other words, the economy had some idle resources that could be used to fund the war effort without sacrificing the production of consumer goods. However, this assumption proved to be incorrect as the resources required for the war effort eventually led to inflation and other economic problems.
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