BUSINESS COLLEGE

Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on Alpha and Beta. She buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40 and the marginal utility of Beta is 20. This indicates that: A.Ellie should make no change in consumption
B.Given another dollar, Ellie should buy an additional unit of Beta
C.In order to maximize utility, Ellie should buy more of Beta and less of Alpha
D.In order to maximize utility, Ellie should buy more of Alpha and less of Beta

Answers

Answer 1
Answer:

Answer:

D) In order to maximize utility, Ellie should buy more of Alpha and less of Beta

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The wages payable related to the factory workers for Larkin Company during the month of January are $76,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor. Prepare entries for factory labor.
Instructions
a. Prepare the entry to record the factory labor costs for the month of January.
b. Prepare the entry to assign factory labor to production.
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Answers

Answer:

a. Date  Account Titles and Explanation     Debit       Credit

             Factory labor                                   $90,000

                      Factory wages payable                            $76,000

                      Employer payroll taxes payable              $8,000

                      Employer fringe benefits payable            $6,000

b. The entry to assign factory labor to production is the following

Date  Account Titles and Explanation     Debit       Credit

          Work in process inventory             $76,500

           (85% of $90,000)

           Manufacturing overhead                $13,500

            (15% of $90,000)

                    Factory labor                                          $90,000

If denise wants to know how much the jobs in her gym are worth in comparison to one another, she should doa.job specification analysis wage and salary survey job description analysis job evaluation

Answers

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Assume that the custodian of a $450 petty cash fund has $65 in coins and currency plus $382 in receipts at the end of the month. The entry to replenish the petty cash fund will include:______a. A debit to Cash for $388.50.
b. A credit to Cash Over and Short for $4.00.
c. A debit to Petty Cash for $392.50.
d. A credit to Cash for $396.50.
e. A debit to Cash for $396.50.

Answers

Answer:

The correct answer would be:

A credit to cash of $385. However, this is not an option indicated. But, according to the figures provided, the answer i recommend is correct.

Explanation:

Debit: Various expenses $382

Debit: Cash shortage ($450 - $382 - $65) $3

Credit: Cash: 385

To record entry to replenish the petty cash fund.

The entry to replenish the petty cashfund will include a debit to Cash for $396.50. The correct option is e.

The custodian must record a debit to the Petty Cash account to raise it back to the starting balance of $450 in order to replenish the petty cash fund. $382 + $65 = $447 in total receipts and cash on hand (coins and currency).

The custodian is short by $2.50 because the initial fund amount is $450. A debit of $396.50 ($450 - $2.50) will be issued from Cash to reflect the amount owed to the custodian in order to return the Petty Cash account to $450.

Thus, the correct option is e.

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. LG plans to structure a transaction as a legal sale of property, even though the economic substance of the transaction is a lease of the property. In her current position, the tax consequences of a sale are much more favorable than those of a lease. Ms. LG believes that if her position unexpectedly changes so that she would prefer a lease to a sale, she can ignore the legal formalities and report the transaction as a lease.

Answers

Answer: LG needs to be aware of the implications around leasing her property or to selling off out rightly.

whether A sale or lease happens between her and the company /individual who wants to buy over or make use of the property. So she cannot ignore the legal formalities and  report the transaction as a lease.

Explanation:

If he wanted the cash award of each of the five prizes to be $45,000 and his estate could earn 7% per year, how much would he need to fund his prizes

Answers

Answer:

The answer is $3,214,285.71

Explanation:

Price of each award is $45,000

And there are 5

Therefore, we have 5 x $45,000

=$225,000.

So, $225,000 is the future value.

Rate of return(r) in 7% and it is being assumed that it is forever.

So, so how much will be needed to fund his prizes(present value)?:

PV = FV/r

= $225,000/0.07

=$3,214,285.71

For the statements below select the appropriate terms from the given choices. 1. A revenue not yet recognized; collected in advance. 2. Office supplies on hand that will be used in the next period. 3. Interest revenue collected; not yet recognized. 4. Rent not yet collected; already recognized. 5. An expense incurred; not yet paid or recorded. 6. A revenue recognized; not yet collected or recorded. 7. An expense not yet incurred; paid in advance. 8. Interest expense incurred; not yet paid.

Answers

Following are the  appropriate terms that are used in Business terms.

Explanation:

1. Advance income received - As it is prepaid

2. Stock / Current Asset - Depending upon the choice given

3. Advance interest received - Prepaid Advance

4. Accrued rent- Amount yet to be credited

5.Outstanding Expense - That is yet to be paid

6. Accrued Income - Revenue yet to be generated

7.Prepaid Expense - Paid in Advance

8. Outstanding Interest - Yet to be paid.

Above are the proper words that are used to in the Business terms that are globally used by any kind of enterprise.

Final answer:

The statements refer to common business and accounting concepts such as deferred revenue, accrued revenue, and prepaid expense among others. These terms help in recognizing and recording revenue and expenditures in the right accounting period.

Explanation:

Here are the appropriate terms for each statement:

Deferred Revenue - A revenue not yet recognized; collected in advance.

Prepaid Expense - Office supplies on hand that will be used in the next period.

Unearned Revenue - Interest revenue collected; not yet recognized.

Accrued Revenue - Rent not yet collected; already recognized.

Accrued Expense - An expense incurred; not yet paid or recorded.

Unbilled Revenue - A revenue recognized; not yet collected or recorded.

Prepaid Expense - An expense not yet incurred; paid in advance.

Accrued Interest - Interest expense incurred; not yet paid.

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