BUSINESS COLLEGE

Part Three: Neighboring WSU dropped their tuition and fees by 14 percent and TTA saw enrollment fall from 8,400 to 7,400. What is the cross elasticity between the two schools.?

Answers

Answer 1

Answer:

Answer:

0.85

Explanation:

Given that

Dropped percentage of tuition and fees = 14%

Enrollment fall from 8,400 to 7,400

So, the cross elasticity between the two schools is

= Percentage change in quantity demanded of one good ÷ Percentage change in price of another good

where,

Percentage change in quantity demanded of one good equals to

= ($7,400 - $8,400) ÷ ($8,400)

= -11.9%

And, the percentage change in price of another good is -14%

So, the cross elasticity is

= -11.9% ÷ -14%

= 0.85

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Rayya Co. purchases a machine for $159,600 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service.Prepare entries to record the partial year’s depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $79,800 cash. (2) The machine is sold for $67,032 cash.
One unit of Maruna's currency (druba) was defined as equivalent to 16 grains of "fine" (pure) gold, while one unit of its neighbor, Rashumba's currency (troon) was defined as equivalent to 24 grains of "fine" (pure) gold. Using the gold par value concept (with 480 grains in an ounce), the exchange rate for converting the druba to the troon is__________
Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 75,000 units of product: net sales $1,500,000; total costs and expenses $1,780,200; and net loss $280,200. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold $1,106,000 $598,000 $508,000 Selling expenses 522,200 95,000 427,200 Administrative expenses 152,000 57,000 95,000 $1,780,200 $750,000 $1,030,200 Management is considering the following independent alternatives for 2020. 1. Increase unit selling price 25% with no change in costs and expenses. 2. Change the compensation of salespersons from fixed annual salaries totaling $200,000 to total salaries of $40,010 plus a 5% commission on net sales. 3. Purchase new high-tech factory machinery that will change the proportion between variable and fixed cost of goods sold to 50:50. (a) Compute the break-even point in dollars for 2019.
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Supply and demand for a product are both a linear function of price. Suppose that if a price of $8 is charged, 8 units will be demanded; that if a price of $5 is charged, 20 units will be demanded; that if a price of $3 is charged, 38 units will be supplied; and that if a price of $1 is charged, 26 units will be supplied. For what price will supply equal demand?

Regal Financial Institution specializes in home loans. What type of financial institution is it? savings and loan bank credit union brokerage firm

Answers

Regal Financial institution is a Savings and loan bank. Conventionally,S$L must have a Mortgage dominant of over 65%.

S&L are typically suitable for home loans than commercial banks because they have lower borrowing rates. their emergence was neccessitated by the exclusivity of commercial banks.

savings and loans is the way to go

QS 3-7 Adjusting prepaid (deferred) expenses LO P1 For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,900 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $8,400 at the beginning of the year. During the year, it purchased $3,700 of supplies. As of December 31, a physical count of supplies shows $1,650 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.

Answers

Answer:

Adjusting Journal Entries:

December 31:

Debit Insurance Expense $2,900

Credit Prepaid Insurance Account $2,900

To record the insurance expense for the year.

Debit Supplies Expense $10,450

Credit Supplies Account $10,450

To record the supplies expense for the year.

Explanation:

a) The whole portion of Prepaid Insurance has expired since payment was made for 6 months on July 1. This covers the period from July 1 to December 31.

b) The total supplies inventory for the year will be $12,100 ($8,400 + 3,700). Since the physical count shows $1,650 of supplies available, it means that the difference $10,450 ($12,100 - 1,650) had been used. This portion is therefore expensed in accordance with the accrual concept.

Final answer:

The necessary adjusting entries for Lopez Company would be debiting Insurance Expenses and crediting Prepaid Insurance. For Zim Company, used supplies would be debited to Supplies Expense and credited to the Supplies account.

Explanation:

The two situations mentioned involve adjusting entries for prepaid and consumed expenses. It is necessary to adjust these periodically to accurately present the financial statements of a company.

In the case of Lopez Company, they paid $2,900 for six months of insurance coverage starting July 1. As it is now December 31, five months of the insurance has been used, with one month still not used (prepaid). Thus, the necessary adjusting entry would be a debit to Insurance Expense of $2,416.67 (5/6 x $2,900) and a credit to Prepaid Insurance of $2,416.67.

For Zim Company, their total supplies for the year is the beginning balance plus additional purchases ($8,400 + $3,700 = $12,100). As of December 31, only $1,650 worth of supplies are still available. This means $10,450 worth of supplies have been used. This would be debited to Supplies Expense and credited to the Supplies account.

Learn more about adjusting entries here:

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Denise has her heart set on being a millionaire. What payment does Denise need to make at the end of each month over the coming 44 years at 6% APR to reach her retirement goal of $1 million?

Answers

Answer:

$ 941 796

Explanation:

The present amount with compound interest is given by the following formula:

$A = P (1+(r)/(n))^(nt)$

where A = $ 1 000 000

t (years) = 44

rate = 6%

= 0.06

The formula becomes:

1 000 000 = P (1 + (0.06/44) (44*1)

1 000 000 = P (1.0618)

P = $ 941 796

so the amount needed to be deposited is $ 941 796

Which document must a prospective buyer of an existing (resale) condominium unit receive?

Answers

Answer:

Governance Form.

Explanation:

The buyer has the right to request a copy of several documents, including the Governance Form. This form summarizes the board of directors and unit rights.

Oakland Corporation reported a net operating loss of $500,000 in 20X3 and elected to carry the loss forward to 20X4. Not included in the computation was a disallowed meals and entertainment expense of $20,000, tax-exempt income of $10,000, and deferred gain on an installment sale of $250,000. The corporation's current earnings and profits for 20X3 would be:A. ($500,000)B. ($720,000)C. ($510,000)D. ($260,000)

Answers

Answer:

The correct answer is

D. ($260,000)

good luck ❤

A. If Canace Company, with a break-even point at $259,000 of sales, has actual sales of $350,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales?Round the percentage to the nearest whole number.1. $
2. %

Answers

Answer:

Margin of safety in dollars is $91,000

Margin of safety as percentage of sales is 26%

Explanation:

Margin of safety can be defined as the amount of output or sales that a business can make before it reaches its breakeven point.

To calculate margin of safety in dollars

Margin of safety= Sales - Breakeven sales

Margin of safety= 350,000- 259,000

Margin of safety= $91,000

To calculate margin of safety as a percentage of sales, we use the following formula.

Margin of safety = (Sales- Breakeven point) ÷ Sales

Margin of safety = (350,000- 259,000)÷ 350,000

Margin of safety= 0.26= 26%

Answer:

1. Margin of Safety(MOS) expressed in dollars =91,000

2. Margin of Safety(MOS) expressed as percentage = 26% (to the nearest whole number)

Explanation:

The MARGIN OF SAFETY is applied as a measure of the difference between the actual sales and break-even sales.

In other words, to find Margin of Safety, you subtract break-even sales from the actual sales.

MOS is used to determine at which level sales can drop before a business incurs losses. It is a tool by which actual or budgeted sales may be decreased without resulting in any loss.

1. Formula for Margin of Safety(in dollars):

Margin of Safety(in dollars) = Actual/Budgeted Sales ➖ Break-even Sales

Where:

Actual Sales = $350,000

Break-even Sales = $259,000

➡ Margin of Safety(in dollars) = $350,000 ➖ $259,000 = 91,000(ans)

2. Formula for Margin of Safety (expressed as a percentage) = [(Actual/Budgeted Sales ➖ Break-even Sales) ➗ Actual/Budgeted Sales] ✖ 100%

Where:

Actual Sales = $350,000

Break-even Sales = $259,000

➡ Margin of Safety (in percentage) = [($350,000 ➖ $259,000) ➗ $350,000] ✖ 100%

= ($91,000 ➗ $350,000) ✖ 100%