An increase in the equipment would be recorded with a debit to the Equipment account on the journal entry.
What is Equipment account in journal entry?in journal entry, an Equipment account is used to record the amount spent or received on any equipment.
In conclusion, the increase in the equipment would be recorded with a debit to the Equipment account on the journal entry.
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The increase in equipment would be recorded with a debit to the Equipment account.
Increase in equipmentBased on the information given if the company received the amount of $2,000 of equipment the increase in equipment would be recorded with a debit to the Equipment account.
The appropriate journal entry to record the transaction will be:
Journal entry
Debit Equipment $2,000
Credit Cash $2,000
(To record equipment)
Inconclusion the increase in equipment would be recorded with a debit to the Equipment account.
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Which two statements are characteristics of high-involvement purchases?.
The statements that depict high-involvement purchases include:
The purchase can reflect on one's social image. The purchase can have serious personal consequences.What is a high involvement purchase?A high involvement purchase simply means when a consumer buys a product that's expensive.
This poses a risk of emotional consequence when a mistake is made. The purchase can also reflect on one's social image and have personal consequences.
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The all-benefits approach to CVP involves ______. identifying and promoting all the advantages of the product closely following the competition emphasizing how the product is different from the competition focusing on what the customer likes about the product
Cost-volume-profit (CVP) analysis looks at the impact that varying levels of sales and product costs have on operating profit. Hence the benefit is:
focusing on what the customer likes about the productUses of CVPIt is used to determine whether there is an economic justification for a product to be manufactured. A target profit margin is added to the break-even sales volume, which is the number of units that need to be sold in order to cover the costs required to make the product, to arrive at the target sales volume needed to generate the desired profit.Therefore, the correct answer is as given above.
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If iowa’s opportunity cost of corn is lower than oklahoma’s opportunity cost of corn, then:.
Answer:
Then Iowa has a comparative advantage.
Explanation:
She if able to produce more corn at a less opportunity cost in comparison to Oklahoma. Therefore it implies that she has an advantage of producing more for less than Oklahoma.
If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, Iowa has a comparative advantage in the production of corn. Hence, Option (b) is correct.
Opportunity cost refers to the value of the next best alternative that must be forgone when choosing one option over another.
If Iowa's opportunity cost of producing corn is lower than Oklahoma's, it means that Iowa gives up less in terms of alternative goods or services when allocating resources to corn production.
By having a lower opportunity cost of producing corn, Iowa can produce corn more efficiently relative to Oklahoma.
This implies that Iowa has a comparative advantage in corn production.
Comparative advantage is based on the concept that countries or entities should specialize in producing goods or services where they have a lower opportunity cost, and then trade with other entities to maximize overall efficiency and welfare.
Thus, if Iowa's opportunity cost of corn is lower than Oklahoma's, Iowa has a comparative advantage in the production of corn.
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If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, then Iowa has a:
A)absolute advantage in the production of corn.
B)comparative advantage in the production of corn.
C) absolute advantage in the production of wheat.
D)comparative advantage in the production of wheat.
Suppose that an economy produces only 2 goods: baseball bats and 2 x 4's. Also, the only input needed
to make these goods is trees. Basically, 1 tree makes 10 baseball bats, and 1 tree makes 20 2 x 4's. If
there are 5 trees in the economy, draw the production possibilities frontier for this economy.
HINT: Put bats on one axis and 2 x 4s on the other axis.
4. Plot any two points on the curve and label them A and B. Then, describe the opportunity cost (what
did you have to give up) by moving from point A to point B. (estimating is ok)
BATS
The production possibilities frontier is 50 baseball bats or 100 2 x 4's.
Production possibilities frontierSupposing that an economy produces only 2 goods: baseball bats and 2 x 4's, and the only input needed to make these goods is trees, and 1 tree makes 10 baseball bats, and 1 tree makes 20 2 x 4's, to determine, if there are 5 trees in the economy, the production possibilities frontier for this economy, the following calculation must be made:
5 x 10 = x50 =X5 x 20 = x100 =XTherefore, the production possibilities frontier is 50 baseball bats or 100 2 x 4's.
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he _____ includes activities such as order transmission, order receipt, order processing, order preparation (picking and packing), and order shipment.
The order-to-cash process is made up of activities such as order transmission, order receipt, order processing, order preparation, etc.
What is order to cash?Order to cash which is known as OTC or O2C is described as a method that includes a set of business processes that entails the receiving and fulfilling customer requests for a specific goods or services.
The order-to-cash process is made up of all steps from when a customer is said to place to the time the order is paid.
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When making a large purchase, you should avoid everything except _______________________.
Food Tiger Inc. is a large chain of hypermarkets. It has cost benefits due to its extensive operation. The company's marketing and sales, logistics, administrative, and other such related costs get divided between a large number of product units stocked in its stores. This makes it difficult for smaller retail stores and supermarkets to compete against Food Tiger's low prices. Thus, Food Tiger has a competitive advantage due to its
Because its extensive operation makes its difficult for smaller retail stores to compete against their price. hence, Food Tiger has a competitive advantage due to its economies of scale.
What is an economies of scale?An economies of scale refers to the cost advantages that a firm gains when its production becomes efficient because of its spread of costs over a larger amount of goods.
In conclusion, the Food Tiger firm has a competitive advantage because of its economies of scale.
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___________________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.
The marketing research process contains multiple steps. The first step of the process is: _____________
a. Establishing the need for marketing research.
b. Defining the problem.
c. Establishing the research objectives.
d. Determining methods of accessing data.
If you were the CEO of a company that was looking to implement strategies to fill a perceived strategic-planning gap, you would most likely explore ____ strategy first because it is easier to improve an existing business than to build a new one.
The strategy of market-penetration will be employed because it is helps to improve an existing business than to build a new one.
What is market-penetration?The strategy of market penetration is used for a product or service in the existing market to build a larger customer base, increase market sales etc
In conclusion, the strategy of market-penetration will be employed because it is helps to improve an existing business than to build a new one.
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The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below.
Account Title Debits Credits
Cash 22,700
Accounts receivable 330,000
Prepaid rent 13,000
Inventory 51,000
Office equipment 610,000
Accumulated depreciation—office equipment 254,000
Accounts payable 72,000
Note payable (due in six months) 63,000
Salaries payable 7,500
Interest payable 2,100
Common stock 400,000
Retained earnings 150,000
Sales revenue 750,000
Cost of goods sold 450,000
Salaries expense 112,500
Rent expense 39,000
Depreciation expense 61,000
Interest expense 4,200
Advertising expense 5,200
Totals 1,698,600 1,698,600
Required:
1-a. Prepare an income statement for the year ended December 31, 2018.
1-b. Prepare a classified balance sheet as of December 31, 2018.
2. Prepare the necessary closing entries at December 31, 2018.
Prepare an income statement for the year ended December 31, 2018.
BLUEBOY CHEESE CORPORATION
Income Statement
For the Year Ended December 31, 2018
0
0
0
$0
Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
BLUEBOY CHEESE CORPORATION
Balance Sheet
At December 31, 2018
0
0
$0
0
0
$0
Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the entry to close the revenue accounts using the income summary.
Record the entry to close the expense accounts using the income summary.
Record the entry to close the income summary account.
Steve watches an ad for a brand of soda that portrays people surfing and having a party on a beach. Steve now associates the soda with fun and exciting people. In the context of consumer attitudes, Steve's behavior is an example of _____.
Answer:
Steve's behaviour is an example of comparing certain things to certain attitudes and seeing a relation between them.
Explanation:
After the airline mergers, the four remaining airlines had an increased level of market power. For consumers, this meant that they had to pay: a. higher prices, regardless of consumer demand. b. lower prices, regardless of consumer demand. c. the same price because airfares were not impacted by market power. d. higher prices, but only for business class travelers. 2. After the airline mergers, the four remaining airlines had an increased level of market power. For the airlines, this meant that the remaining airlines had a. the power to limit competition. b. the power to choose the best routes. c. the power to perfectly price discriminate. d. the power to set airfares without losing all customers. 3. Why is it more difficult for firms to enter an oligopolistic industry than a highly competitive one
The question is about Oligopoly and consumer demand.
What is an Oligopoly?An Oligopoly is a market situation where there are only a few suppliers of a particular product or service.
A) After the merger, because there is now an Oligopoly, it means that consumers may pay higher prices as market power is now concentrated with the few airlines. Hence, the correct answer is A.
B) It also meant that the airlines now had the power to limit competition. With the loss of competition, consumers may pay higher prices. Thus, the correct answer is A.
C) Usually, the barriers to entry are higher for Oligopoly markets. This is why it is easier to enter a perfect market than an Oligopoly.
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You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance $150, car maintenance of $50, entertainment of $500, food expense of $250, mobile phone of $75, student loan payment of $225, and other expense of $300. How would you describe your budget after analyzing all of your income and expenses
Based on your pay and expenses, your budget can be described as having a deficit of $175.
Why is your budget a deficit?Deficits occur when expenses are greater than income. The deficit here can be found as :
= Income - Rent - Car payment - Car insurance - Car maintenance - Entertainment - Food - Mobile phone - student loan payment - Other expense
Solving gives:
= 2,500 - 800 - 350 - 150 - 50 - 500 - 250 - 225 - 300
= -$175
In conclusion, the budget has a deficit of $175.
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The ABC car company has a superior reputation within the industry and among car buyers. When applying SWOT analysis, this company's reputation is an example of a(n) ______.
Because the company has a superior reputation within the industry, the company's reputation on the SWOT analysis is an example of a strength.
What is a SWOT analysis?A SWOT analysis refers to a tool used to evaluate a company's competitive position and to develop strategies for its external and internal environment.
In conclusion, since the company has a superior reputation within the industry, the company's reputation on the SWOT analysis is an example of a strength.
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Suppose you are planning a summer vacation and book a hotel room online for $149 a night. However, when you get to the reservation screen, you are informed that you will be charged an additional $30 a night in various taxes that you have to pay to the hotel.
Indicate whether each of the given factors is likely to raise the economic burden of the tax for you or for the hotel. (for each of the following)
i- A hurricane recently ravaged the area, resulting in many vacancies at competing hotels.
ii- There are many other hotels in the area
iii- It is the peak of tourist season
iv- The hotel has unique architecture and is considered a historical landmark.
Answer:
iii
Explanation:
Most of the time hotels will charge more when more rooms are booked, so when you book your hotel room, and many rooms are booked, most people do get charged more.
A hurricane would raise the burden of tax on the hotel.
The availability of many hotels would raise the burden of tax on the hotel.
The peak of tourist season would raise the burden of tax on you.
As a result of the hotel's architecture, the burden of tax would raise on you.
What does the burden of tax mean?
Economic burden of tax refers to who pays more tax between the buyer and the seller. The economic burden of tax depends on the elasticities of demand of the consumer and the elasticities of supply of the supplier.
The party between the supplier and the consumer that has a more elastic demand or supply would bear less tax burden and the party that has a less elastic demand would bear more tax burden.
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True or false? the usda allows food companies to put any claims they want on food packages.
The USDA allows food companies to put any claims they want on food packages, is the true statement.
What is USDA?We provide leadership on issues connected to food, agriculture, natural resources, rural development, nutrition, and related areas on the basis of public policy, the best available science, and effective management.
The USDA serves Americans in more than 4,500 locations nationally and abroad with a workforce of about 100,000 people spread across 29 organizations and offices.
The United States Department of Agriculture is in responsibility of making and enforcing laws pertaining to agriculture, forestry, rural economic development, and food as the executive arm of the federal government.
Numerous grant and loan programs run by USDA Rural Development are essential for rural areas.
Thus, it is a true statement.
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Many economists believe that the trend toward greater wage inequality across the u. S. Economy was primarily caused by _____________.
The inequality across the u. S. Economy on greater wage inequality was primarily caused by the new technologies.
What is wage inequality?Wage inequality refers to the difference in the distribution of income among individuals, groups, populations or countries. It is a measure that highlights the gap between different individuals' or households' disposable income in a particular year.
Causes of wage inequality are:
Technological changeGlobalizationThe decline of unionsThe eroding value of the minimum wageHence, the inequality across the u. S. Economy on greater wage inequality was primarily caused by the new technologies.
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How a commitment to a decision could assist a school leaver to adapt to the change of entrepreneurship
The commitment to a decision would help the school leaver to focus on a particular goal of entrepreneurship.
What is entrepreneurship?
This is a term that is used to refer to a business owner who is an innovator who is involved in taking risks for the sake of profit.
In order to focus on the goal of entrepreneurship the person must first try to get the niche that he or wants wants to get into.
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How do earn money? I want to have 70,000 by the end of the year so I can buy my mom something nice, and buy some things I need for school
Answer:
You could try dropshipping or manufacturing a product of some sort.
Explanation:
However, these things don't always go well.
Maria and Tom both serve as SBU managers of their divisions. They have both been asked by the CEO to generate two different courses of action for a new product launch. This strategic decision-making technique can be described as Group of answer choices
The name which is given to the strategic decision-making technique can be described as:
Dialectic inquiry.Who is a Manager?This refers to a person who is in charge of organizing other workers and taking care of resources for optimal performance.
With this in mind, we can state that dialectic inquiry was used to make two managers Maria and Tom to generate different courses of action for a product launch
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The property of society getting the most it can from its scarce resources is called.
Answer:
Efficiency.
Explanation:
A corporation must write ________ that set out the purpose of the business and how it is to be governed.
A corporation must write goals that set out the purpose of the business and how it is to be governed
What Is a Corporation?A corporation is a legal entity that is separate hence different from its owners. This implies that a corporation have all the qualities same as individuals.
A corporation as legal entity can sue and be sued. It is owned by its shareholders, who elect a board of directors and are responsible for the controlling of the organization.
Hence, a corporation must write goals that set out the purpose of the business and how it is to be governed.
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Abigail Jones was on trial for fraud and embezzlement. Her criminal conduct had resulted in hundreds of senior citizens losing their entire retirement investments. She was convicted by a twelve-member jury, nine of whom were over the age of sixty. If Abigail Jones's attorney were to file an appeal claiming the trial violated the Sixth Amendment, which specific provision would likely apply
Answer:
The right to a trial by an impartial jury
Explanation:
A specific example of exploring your own beliefs is:
A. thinking about which religious ideas make sense to you.
B. accepting what you have learned from your family members.
C. taking action to make your life better than it was before.
D. deciding to act in a way that stands out from the crowd.
Accepting what you have learned from your family members is a specific example of exploring your own beliefs. The correct option is B.
Why is it important to have your own beliefs?A belief system can give one a sense of solace, purpose, and community. This is particularly valid during trying times. Beliefs may have an impact on recovery and raise the quality of life.
The downward arrow technique can help you identify your core beliefs. Finding the underlying belief that each thought is based on requires tracking it all the way down to the ground. Start by thinking of a self-perceived flaw, such as the fact that you procrastinate excessively.
Thus, the ideal selection is option B.
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Recently the price of a popular perfume has increased by $10. How will the price change likely affect the quantity demanded and supplied?.
Supply will increase, and demand will decrease if the price of a popular perfume increase.
What is supply?Supply is the quantity of goods and services, a supplier is willing to supply to the market at a particular price. Suppliers are willing to sell more quantity of a good when the price increases than when the price decreases to maximize their revenue and profits.
A supplier will be willing to supply more goods if there is an increase in price of such goods.
However, the opposite is the case for a buyer whereas a buyer would reduce the quantity of goods he or she purchase due to the increase in price.
Hence, supply will increase and demand will decrease if the price of a popular perfume increase.
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Ruby, a seventeen-year-old, purchases a car from Smitz Used Auto Sales and agrees to pay for it over a period of twenty-four months. Ruby makes the payments for four months but then decides the car payment is too much for her limited budget. Ruby tells Smitz that she wants to stop making payments and that she wants out of the contract completely. The contract between Ruby and Smitz can be canceled by:
Answer:
Ruby
Explanation:
Because she is a minor, but Ruby must return the car.
The contract between Ruby and Smitz can be canceled by Ruby. Because she is a minor, but Ruby must return the car on cancellation of the contract.
What is a contract?A contract is an agreement that specifies certain legally binding rights and responsibilities for two or more mutually agreeing parties. A contract usually includes the exchange of goods, services, or money, or the promise to exchange any of these at a later date.
If a contract is breached, the injured party may pursue judicial remedies such as damages or rescission. A treaty is a legally binding arrangement between parties in international law. When a party to a contract fails to fulfil its obligation(s), whether partly or entirely, as specified in the contract, or conveys an intent to fail the obligation, or otherwise appears unable to perform its obligation under the contract, this is referred to as a breach.
Therefore, in this case as Ruby is a minor she must return the car when the contract between Ruby and Smitz will be canceled.
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Trader Joe’s differentiates itself from competitors by offering top-quality foods obtained through sustainable agriculture. This business strategy implies that Trader Joe’s focuses on Multiple Choice decreasing the existing value gap by providing luxury goods to customers. maintaining a less steeper learning curve as compared to its competitors. increasing the perceived value created for customers, which allows it to charge a premium price. lowering its costs compared to its competitors, while offering adequate value for its products and services.
Trader Joe's differentiates itself from competitors by increasing the perceived value created for customers, which allows it to charge a premium price.
How do you thrive in a competitive market?One of the strategic measures to inculcate as business personnel for you to thrive above your competitors is to know what your customer wants.
Trader Joe's understands what his/her customer wants. Therefore, He increased the perceived value created for his customers.
However, this will increase the price of the products sold to the customers but since there is a value that makes a huge difference from his competitors, the customers won't look at the price but rather the value of what they are buying.
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Consider two neighboring island countries called Euphoria and Bellissima. They each have 4 million labor hours available per month that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Country Rye Jeans (Bushels per hour of labor) (Pairs per hour of labor) Euphoria 4 16 Bellissima 6 12 Initially, suppose Bellissima uses 1 million hours of labor per month to produce rye and 3 million hours per month to produce jeans while Euphoria uses 3 million hours of labor per month to produce rye and 1 million hours per month to produce jeans. Consequently, Euphoria produces 12 million bushels of rye and 16 million pairs of jeans, and Bellissima produces 6 million bushels of rye and 36 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of rye and jeans it produces. Euphoria's opportunity cost of producing 1 bushel of rye is __(1/2, 1/4, 2, 4)___ pairs of jeans, and Bellissima's opportunity cost of producing 1 bushel of rye is __(1/2, 1/4, 2, 4)___ of jeans. Therefore, __(Euphoria or Bellissima)__ has a comparative advantage in the production of rye, and___ (Euphoria or Bellissima)__ has a comparative advantage in the production of jeans. Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces rye will produce____million bushels per month, and the country that produces jeans will produce____million pairs per month. In the following table, enter each country's production decision on the third row of the table (marked "Production"). Suppose the country that produces rye trades 14 million bushels of rye to the other country in exchange for 42 million pairs of jeans. In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," and enter each country's final consumption of each good on the line marked "Consumption." When the two countries did not specialize, the total production of rye was 18 million bushels per month, and the total production of jeans was 52 million pairs per month. Because of specialization, the total production of rye has increased by____million bushels per month, and the total production of jeans has increased by____million pairs per month. Because the two countries produce more rye and more jeans under specialization, each country is able to gain from trade. Calculate the gains from trade—that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in consumption"). Euphoria Bellissima Rye Jeans Rye Jeans (Millions of bushels) (Millions of pairs) (Millions of bushels) (Millions of pairs) Without trade Production 12 16 6 36 Consumption 12 16 6 36 With trade Production ______ ______ ______ ______ Trade action (Export 14 or Import 14) (Export 42 or Import 42) (Export 14 or Import 14) (Export 42 or Import 42) Consumption _____ ______ _______ ________ Gains from trade Increase in consumption ________ _______ there should be two more answe spots under rye and jeans Also the rye and jeans should be over the numbers, I just messed up th table and cant shift it for some reason
From the table given, it can be deduced that Bellissima has comparative advantage in rye while Euphoria had comparative advantage in jeans.
What is comparative advantage?It should be noted that comparative advantage simply means the ability of an economy to produce a good at a lower opportunity cost.
In this case, Euphoria's opportunity cost of rye will be:
= 16/4 = 4 jeans.
Bellisima's opportunity cost of rye will be:
= 12/6 = 2 jeans
Therefore, Bellissima has comparative advantage in rye while Euphoria had comparative advantage in jeans.
When there's complete specialization, Bellisima will produce:
= 6 × 4 = 24 million ryes
Euphoria will produce:
= 16 × 4 = 64 million jeans
After trade, the increase in production of rye will be:
= 24 - 18 = 6 million.
The increase in production of jeans will be:
= 64 - 52
= 12 million
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Categorize each of the following characteristics as being either more representative of a traditional organization or a lean organization.
a. Manufacturing plants tend to be organized with self-contained production cells.
b. Maintain greater quantities of raw materials, work in process, and finished goods inventories.
c. Setup times are longer.
d. High quality is stressed in every aspect of production.
e. Produce in smaller batches.
f. Emphasis is placed on shortening manufacturing cycle times.
The above characteristics have been classified as belonging to the traditional or lean organizations as follows:
Traditional - B. Maintain greater quantities of raw materials, work in process, and finished goods inventories.Traditional - C. Setup times are longer.Traditional - A. Manufacturing plants tend to be organized with self-contained production cells.Lean - E. Produce in smaller batches.Lean - F. Emphasis is placed on shortening manufacturing cycle times.Lean - D. High quality is stressed in every aspect of production.Meaning of Lean and Traditional OrganizationsA traditional organization is a business structure that has many workers and departments. They take time to set up and have a large inventory.
Lean businesses, on the other hand, produce in small batches and place emphasis on quality.
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