Except for the availability of complementary commodities, all of the following factors affect the price elasticity of demand for a certain commodity.
The demand curve is the relationship between price and quantity demand. Demand for a product is affected by a number of factors, including perceived need, price, perceived quality, convenience, available alternatives, customer preferences, and financial resources. How much did the good cost? A good's potential price and the quantities that might be purchased at those prices form the fundamental relationship between supply and demand. A rise in price will typically result in a drop in the quantity demanded because the relationship is frequently antagonistic. This unfavorable link can be seen visually in the consumer demand curve's declining slope.
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Suppose Ruston Company has the following revenue and expenses for 2020: Revenues of $7,800,000 Cost of Goods Sold of $1,560,000 Depreciation Expenses of $700,000 Income Taxes of $1,676,000 Interest Expenses of $70,000 Other Expenses of $500,000 Sales, General, & Administrative Expenses of $780,000 Create an income statement with amounts in thousands What is the value of Net Income? Note: Revenue and expense amounts are provided in dollars but the income statement units are thousands of dollars. Please specify your answer in the same units as the income statement (i.e., enter the number from your completed income statement).
Net Income on the income statement is $4,190,000 in thousands of dollars.
Explain about the revenue and expenses?Earnings from the sale of a company's primary goods or services are referred to as revenue. A cost incurred when producing or offering a crucial business service is referred to as an expense.
The phrase "revenue expenditure" refers to charges made by an organization in the course of routine business activities, the benefit of which will be realized in the same time frame. Examples include the cost of living, utilities, salaries, insurance, commissions, and manufacturing.
Expenses are what a company pays to run its operations. Expenses include things like pay, benefits, rent, upkeep, and depreciation. Revenue is deducted from expenses to arrive at profits.
Calculating total expenses is as follows:
$1,560,000 + $700,000 + $1,676,000 + $70,000 + $500,000 + $780,000 = $5,286,000
Pre-tax income is calculated using the following formula:
Income - Expenses (excluding income tax expense)
$7,800,000 - $3,610,000 = $4,190,000
To determine net income, use the following formula:
Income - Expenses
$7,800,000 - $5,286,000 = $2,514,000
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What is US GNP today?
The US Gross National Product (GNP) for September 2022 was estimated to be $6,471.358 billion USD. This represents an increase over the previously reported figure of 6,364.102 USD billion for June 2022.
What is United States Gross National Product (GNP)?The most important facts regarding the US Gross National Product (GNP)With 303 observations between March 1947 and September 2022, the US Gross National Product (GNP) data is updated quarterly and has an average value of 1,045.444 USD billion.The total value of the data ranged from 61.035 USD bn in March 1947 to 6,471.358 USD bn in September 2022, its all-time high.Additional details regarding US Gross National Product (GNP) dataUS Gross National Product (GNP) data continues to be reported by CEIC Data and is in an active status.Gross National Product is de-annualized quarterly by CEIC. Using NIPA 2018, the Bureau of Economic Analysis gives the annualized Gross National Product in USD. Auxiliary series that have been seasonally adjusted are utilized since the source does not provide non-seasonally adjusted data.To Learn more About US Gross National Product Refer To:
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Ryan i building a treehoue. He ha 18 ft of wood to ue. He ue 3/4 of a foot of wood to make each tep for the ladder. If he ha 15 ft of wood left how many letter doe did he make?
He uses three-fourths of a foot of wood to make each step for the ladder. If he has 15 feet of wood left, He used 18 - 15 ft = 3 ft, 3ft/ 3/4 ft = 4 x 3ft/ 3 = 4 steps.
A ladder is a vertical or slanted arrangement of rungs or steps used for ascending or descending. There are two types: rigid ladders that are self-supporting or may be leaned against a vertical surface like a wall, and rollable ladders that can be suspended from the top, such as those made of rope or aluminium.
Stringers, rails, or stiles are the vertical elements of a rigid ladder (UK). Rigid ladders are often movable, however some are permanently attached to a structure, building, or piece of equipment. They are often composed of metal, wood, or fibreglass, but durable plastic has also been used.
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When strategic interactions are important to pricing and production decisions, a typical firm will a. consider exiting the market. b. consider how competing firms might respond to its actions. c. set the price of its product equal to marginal cost. d. generally operate as if it is a monopolist.
Think about how rival companies would react to its actions. o put its product's price at its marginal cost. do typically conduct business as a monopolist.
What are two rival companies
Companies' relentless competition to be the best frequently results in bitter rivalry. Consider comparing marketing and competitor comparison landing sites as examples of how public-facing the conflict is for some rival businesses. Others choose to keep their battle under wraps, limiting brand associations and concentrating efforts on highlighting their own advantages. Regardless of the competitive approach your business employs, I'm sure you'll agree that achieving and maintaining the top spot require a constant uphill struggle.
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Firms that employ ________ systematically collect information about their customers' needs. It is sometimes possible to use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers.
Firms that use surveys routinely gather data on the demands of their clients.
Why is a business called a "firm"?The British Etymology Dictionary states that "business house" first appears in the English language in 1744. It is believed to have descended from the Italian term Firma, it meant "signature," as well as Firmare, or meant to sign, as well as the German word De alta, and meant "a company, name of a firm."
What types of businesses are examples?A single proprietorship, partnership, business entity, or corporation are examples of firms. The word is a little more frequently connected to a partnership.
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Power Wind is a corporation that specializes in designing and manufacturing windmills. Power Wind has a manufacturing plant in Colorado and offices throughout the southwestern United States. NRGreen, a provider of a variety of renewable energy design and installation services, has offered to buy Power Wind at a favorable price. However, because NRGreen's business model does not involve any manufacturing, it will close the Colorado plant immediately after acquiring Power Wind. May Power Wind's directors decline NRGreen's offer in order to keep the plant open?
a. No. Their fiduciary duty requires them to put the shareholders' interests first, and the shareholders will benefit from the sale to NRGreen.
b. No, if they are in a state that has codified Unocal.
c. Yes, if the plant is the primary source of Power Wind's profits
d. Yes, if they are in a state that has codified Unocal.
Which of the following is NOT a type of information communicated by the financial statements? Multiple Choice a. whether or not the business is profitable b. what types of assets business owns c. how long the business has been in operation d. how much the business owes others
How long the business has been in operation is NOT a type of information communicated by the financial statements.
Hence, Option C is correct.
Financial statements are written records that outline a company's operations as well as its financial success.Financial statements offer a quick glance into the state of a company's finances and include information on its operations, profitability, and cash flow. Financial statements are crucial since they reveal details about a company's earnings, costs, profitability, and debt. T12, or occasionally TTM, stands for "trailing 12 months," and is frequently used to describe a financial statement that summarizes an entity's performance over the previous year.Government organizations, business firms, use audit financial statements in order to gain their accuracy.To know more about financial statements here
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Manju is a full-time exempt employee living in Illinois who earns $46,280 annually and is paid biweekly. She is married filing jointly and has indicated checkbox withholding on her 2020 Form W-4. What is the total of her Federal and state income tax deductions for the most recent pay period
For the most recent pay period, she deducted $162 in federal and state income taxes.
What is income tax deduction?A tax deduction is a sum of money that lowers the amount of your taxable income and lowers your tax obligation. You can deduct some adjustments to income, such as: interest on student loans payments, after determining your total total pay for the year.
Biweekly payment to Manju = Annualy payment / 26 weeks
= $43680 / 26 = $ 1680
She has three withholding allowances and is married.
We must now determine the federal tax, which is shown in a chart and ranges from $1680 to $1700 with three allowances.
Federal Tax = $99 (Given)
State Income Tax = biweekly Payment * Rate
= 1680 * 3.75 %
= $63
Total Tax = Federal Tax + State Income Tax
= $99 + $63
=$162
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If the market price is $25, the average revenue of selling five units is a. $25. b. $5. c. $12.50 d. $125.
If the market price for five units is $25, what is the typical profit? Price = Marginal + Average Revenue + 25 dollars. Cost of Fixed Production.
What factors determine marginal revenue?
The additional money made from the sale of an additional unit is known as marginal revenue. Even after a period of constant output, this revenue computation abides by the law of diminishing returns since it becomes slower as output level increases. In a fully competitive market, a company will keep producing goods and services until its total marginal revenue equals its marginal cost.
For instance, a business might offer 100 shirts, each worth $10, for $1,000 on a Monday. This website charges $1,100 for 110 shirts.
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Would an advertising agency use job order or process costing? What about a cell phone manufacturer?
a. Advertising agency—process costing; Cell phone manufacturer—process costing
b. Advertising agency—job order costing; Cell phone manufacturer—job order costing
c. Advertising agency—process costing; Cell phone manufacturer—job order costing
d. Advertising agency—job order costing; Cell phone manufacturer—process costing
Advertising agency—job order costing; Cell phone manufacturer—process costing are about cell phone manufacturer.
Option D is correct.
What does an advertising agency do?Advertising agencies are responsible for initiating, managing and conducting paid marketing communications. In addition, some agencies specialize in other types of marketing communications such as public relations, promotions, interactive media and direct marketing.
Advertising agency:An advertising agency, often called a creative agency or advertising agency, is a business dedicated to the creation, planning and execution of advertisements and sometimes other forms of promotion and marketing for clients.
How do ads work?Advertising has a simple principle. It's about getting people interested in the product being sold. Once you've generated interest, it's all about getting people to buy your product, even if they didn't think about it before. Advertising works by using psychology to influence how people think and feel about products and services.
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Banks in the collection process that are not the depository or payer bank are called ________ banks.
When a consumer deposits money into a bank, a relationship is established; the consumer is the creditor and the credit union is the debtor a section of the UCC outlining the specifications .
A non-depository bank: what is it?An organization that doesn't accept deposits is known as a non-depository institution. An experienced FDIC-insured bank might, for instance, have a bank or office that handles only business lending transactions and doesn't take deposits or make payments.
An uncleared bank account is what?Customers' Call Account and Commercial Undesignated Clients. With this account, you can keep money belonging to numerous clients in a single shared account. It is appropriate for businesses run by professionals like accountants, lawyers, and insurance brokers.
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Suppose that this year in the state of California, a farmer grows wheat, which she sells to a miller for $25. The miller turns the wheat into flour, which she sells to a baker for $70. The baker turns the wheat into bagels, which she sells to consumers for $100. Consumers eat the bagels. What amount goes into GDP in this economy
This year, $195 is included in the aforementioned economy's GDP.
Gross domestic product (GDP) measures the market value of all finished products and services produced and sold (not resold) within a nation during a given time period. However, this measurement has undergone numerous revisions before being recognized as a trustworthy indication due to its complicated and subjective nature.
As a result, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between countries, whereas nominal GDP is more useful when comparing national economies on the global market. However, GDP (nominal) per capita does not account for variations in the cost of living and the rate of inflation of the various nations.
All of the monetary values are calculated as GDP for the scenario in the previous question.
Thus, the GDP of the aforementioned economy would be 25 + 70 + 100 = $195.
The GDP of the aforementioned economy this year includes $195.
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Bruce is a nonexempt employee at Grissom Industries, where he works in both the manufacturing and design departments. He is married with three dependents and is paid biweekly. He earns $25 per hour in the manufacturing department and $31.50 per hour in the design department. During the most recent biweekly pay period, he worked a total of 92 hours, 20 of which were in the design department. All overtime was in the manufacturing department. What is his gross pay
All overtime was in the manufacturing department. His gross pay is $2430.
Gross income is the sum of all wages, salaries, profits, interest, rent, and other income before any deductions or taxes for households and individuals. It is the opposite of net income, which is defined as total income minus taxes and other deductions.
Gross income is the difference between revenue and the cost of producing a product or providing a service before deducting operating expenses, wages, taxes, and interest payments for a business. It's not the same as operating profit. The terms gross margin and gross profit are sometimes used interchangeably, but they are not the same thing.
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Caroline buy 2 oda and 4 tea for £7. Olivia buy 1 oda and 5 tea for £7. 25. Work out the cot of one oda and one tea
The cost of one oda and one tea is £2.50. This is calculated by dividing the total cost of the two orders (£14) by the total number of items purchased (12).
What is purchased?Purchasing is the process of acquiring goods or services in exchange for money. It involves selecting a product or service, making payment arrangements, and taking possession or delivery of the purchased item. Purchasing is a necessary part of running a business, as it involves the acquisition of essential materials and services. Purchasing can also be done for personal reasons, such as when buying a car or a home. In both cases, the buyer must evaluate the item being purchased and make an informed decision.
This works out to be £1.17 per item. Since there are two types of items (oda and tea) and they are sold at the same price, the cost of one oda and one tea is £2.50 (2 x £1.17).
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What income is needed for a 200k mortgage?
You will require a minimum 3.5 percent down payment and a yearly income of about $62,000 to be accepted for a $200,000 mortgage.
How does this occur?With a $12,500 (5% of $250,000) down payment and a 5% interest rate for 30 years, a home purchase costs $65,310 per year. A mortgage is a document that grants a lender the authority to seize your home if you don't repay the loan amount and on the terms you agreed to. Based on how much you borrow and the interest rate you're approved for, your mortgage payment is made over a specific number of years. This is how the whole process of mortgage occurs. With a mortgage loan, you pledge your property as collateral to secure the loan. Mortgage loan interest rates range from 8.15% to 11.80% p.a. Typically, you can get up to 60% of the registered value of the property in finance.
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Answer: a person would need an annual income of around $50,000 to $60,000 to afford a 200k mortgage.
The interest rate on the mortgage
The length of the mortgage (30-year or 15-year)
The down payment
The monthly expenses (property taxes, insurance, etc.)
The debt-to-income ratio (DTI)
The credit score
Typically, lenders will require a minimum credit score and a maximum debt-to-income ratio for borrowers. Additionally, a down payment of at least 20% is usually required to avoid private mortgage insurance.
However, as a rough estimate, a person would need an annual income of around $50,000 to $60,000 to afford a 200k mortgage. But it's important to note that this can vary greatly depending on the factors mentioned above and the lender's requirements. It's always best to check with a lender or mortgage broker to get a more accurate estimate of the income needed for a mortgage.
Why is it important to determine the truthfulness and accuracy of a material or information?
It is important to determine the truthfulness and accuracy of a material or information in order to make informed decisions.
Knowing the truth and accuracy of material or information is essential to make decisions. If the material or information is not accurate or true, the decisions made based on this information will not be reliable.
Therefore, it is important to verify the validity of the material or information before making a decision. This can be done by checking the source of the material or information and its accuracy.
Additionally, it is important to assess the accuracy of the material or information by consulting experts or cross-checking with other sources. Doing this helps to ensure that the material or information is factual and trustworthy. Knowing the truthfulness and accuracy of material or information is crucial in making the right decisions.
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Why does unemployment rise during a recession?
Answer: During the recession, which is a time of weak economic growth the demand for goods and services declines, and businesses start to lay off employees while holding off on boosting prices. Thus, during recessions, unemployment increases.
Explanation: The unemployment rate is the percentage of unemployed people among the total labor force in an economy.
Unemployment rate = (Number of unemployed individuals )/(sum of employed and unemployed individuals)x 100
Changing economic conditions in a country may lead to a rise or fall in the unemployment rate. Good economic condition is expected to reduce the unemployment rate while bad economic conditions are expected to inflate the unemployment rate.
Unemployment during Recession: During the recession, which is a time of weak economic growth the demand for goods and services declines, and businesses start to lay off employees while holding off on boosting prices. Thus, during recessions, unemployment increases and inflation declines.
definition of corporate information technology system that servers as a service countinuum system and designed as a long-term force management tool
The statemen above tell us about the definition software system. The software system assists companies in storing and managing all existing information in the long term.
In technology, A software system generally can be defined as a system of intercommunicating components based on software forming part of a computer system. Usually, a software system contain a combination of hardware and software. There are several types of software, such as Application Software, Firmware, Programming Software, Driver Software, System Software, Freeware, Shareware, and also Open Source Software. System software plays an important role in managing and storing company data.
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Which of the following statements is true about Hofstede's cultural dimensions? a. It measures culture through two different criteria: Values and Practices b. In the third phase, it examined the interactions of culture and leadership in upper-level management positions c. Surveyed with over 116,000 IBM respondents from over 70 different countries d. Surveyed managers in financial services, food processing, and telecommunications industries
Cultural dimensions are elements that aid in comprehending a culture's fundamental objectives and motives.
Which five aspects of culture did Hofstede identify?Power distance, uncertainty avoidance, individualism/collectivism, masculinity/femininity, and long-term orientation are the five characteristics or "problem areas" he identified as representing disparities in national cultures (Hofstede, 1997).
How well do you understand Hofstede's Cultural Dimensions?Geert Hofstede created a framework for intercultural communication called the cultural dimensions theory. It utilizes a structure developed from component analysis to demonstrate how a society's culture affects its members' values and how these values connect to behavior.
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g Manju is a full-time exempt employee living in Illinois who earns $60,580 annually and is paid biweekly. She is married filing jointly and has indicated checkbox withholding on her 2020 Form W-4. What is the total of her Federal and state income tax deductions for the most recent pay period
The total of her Federal and state income tax deductions for the most recent pay period is $162.
What is state income tax?In addition to the federal income tax collected by the United States, the majority of individual states in the United States collect a state income tax. Some municipal governments also levy an income tax, which is frequently based on state income tax estimates. Individual income taxes are levied in 42 states and numerous cities around the United States. Eight states have no state income tax, while a ninth, New Hampshire, has a tax on dividends and interest income but not on other types of income. Corporation revenue is taxed in 47 states and several municipalities.
Biweekly payment to Manju = Annually payment / 26 weeks
= $43680 / 26 = $ 1680
She is married with three withholding allowances.
Now, we have to find out that federal tax in the given table range between 1680 to $1700 with 3 allowances.
Federal Tax = $99 (Given)
State Income Tax = biweekly Payment * Rate
= 1680 * 3.75 %
= $63
Total Tax = Federal Tax + State Income Tax
= $99 + $63
=$162
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What's the driving force that keep you motivated towards your goal? can it be altered by external factors ?
Intrinsic motivation is the desire to do something for the inherent satisfaction of completing the task. This type of motivation is largely internal and can be less affected by external factors, though certain external pressures may push one to complete the task out of a sense of obligation rather than satisfaction.
For example, an individual may have a goal of writing a book and be motivated to complete it because it is a creative challenge they've set for themselves. While they may be pressured to finish by an external deadline, they are still motivated to write because they find joy and satisfaction in completing the task.
According to Keynes, which of the following should the government do when the economy overheats?
A. Employ more people. B. Decrease spending. C. Decrease taxes. D. Practice laissez faire policies.
According to Keynes, employ more people is the government should do when economy overheats.
What is economy overheating?An economy overheats when its production capacity is unable to keep up with the rising total demand. Economic growth that is below average and occurring at an unsustainable rate is often used to describe it. During boom times, overheated economies are frequently observed. The economy is said to be overheated when inflation increases as a result of a consistently excellent growth rate and producers overproduce, creating excess production capacity. Overheating typically results from a high total demand. If the short-term aggregate demand for commodities exceeds the long-term aggregate supply, there must be resource misuse to meet the extra demand. This can be accomplished by employing extra shift workers or operating machinery past its allotted time of operation.
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Briefly describe why retailing is an effective component in the private enterprise system.
PLEASE HELP FAST
Buys products from a wholesaler and resells them to consumers or the product's end purchaser. Given that a large portion of our economy is driven by consumer spending, retail sales are a crucial economic indicator.
Consider all the people and businesses that are engaged in the manufacture, marketing, and sale of the products you use on a daily basis, such as food, clothing, gasoline, and so forth. Effective retail managers are well-versed in the goods and services they sell. It enables them to recommend products to economy when they are aware of the qualities and advantages of what they sell. A retail manager also informs their sales personnel of brand-new goods and services.
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On the basis of Maslow's hierarchy of needs,one would be LEAST likely to predict that a
A) starving person might sell his or her child to obtain food.
B) teacher with high self-esteem might seek a career change to use his or her abilities more fully.
C) successful business executive might show greater concern for his or her family relationships than for becoming president of his corporation.
D) prisoner might choose to die rather than betray his or her country.
One would be least likely to predict that a prisoner would choose death over betraying his or her nation based on Maslow's hierarchy of wants. So, the right answer would be option D.
Maslow's hierarchy of needs is a psychological theory of motivation that includes a five-tier model of human needs that is frequently represented as levels within a pyramid.
The needs include physiological (food and clothes), safety (work security), love and belonging needs (friendship), esteem, and self-actualization, going up the hierarchy in order.
Prior to addressing needs higher up the hierarchy, people must pay attention to those lower down.
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if the price of output is 5 and the wage rate is 10 per hour how many workers should be hired by a profit-maximizing firm
A company that wants to maximize its profits should hire 3 employees if the cost of output is $5 and the hourly compensation is $10.
The number of workers recruited and the compensation rate are defined by the demand and supply curves for labor in a perfectly competitive labor market. In a market where there is competition for labor, a business that hires workers maximizes its profits by hiring workers up to the point where the wage rate is equal to the cost of its marginal labor output.
As long as VMPL > w at each unit of labor recruited, the company will continue to hire workers. When VMPL w, the company will stop hiring because the expense of acquiring a new employee is more than the revenue increase brought on by the new employee. Up to the third unit of contracted labor, as shown in the table VMPL > w. Beyond this point, the wage rate w becomes equal to the value of the marginal product of labor (VMPL).
As a result, the company needs to hire three people.
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if one u.s. dollar equals one e.u. euro, which of these could result if the euro experiences inflation?
If the value of one US Dollar is equal to that of one EU Euro, then an inflation would be a result of the situation wherein the citizens of the United States purchase more goods from the European Union at lesser monies. Therefore, the option C holds true.
The inflation is usually understood as a concept that leads into increase in the prices of goods in an economy, and thereby leading to a decrease in the purchasing power of the consumers who belong to that economy. The above condition represents the situation of an increase in the rates of inflation in the European Union.
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Complete question
If one U.S. dollar equals one euro, which of these could result if the euro experiences inflation?
E.U. citizens could purchase more goods in the U.S. for less money.
E.U. citizens would purchase large amounts of U.S. stock.
U.S. citizens would purchase more goods from the E.U. for less money.
U.S. citizens would purchase large amounts of E.U. stock.
Answer:
C) U.S. citizens would purchase more goods from the E.U. for less money
Explanation:
I got it right on the test
Which of the following items should be classified as long-term operational assets? Long-Term Operational Asset a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet l. Tax library of accounting firm
Prepaid insurance, Accounts receivable, Land used in the business, and Filing cabinet should be classified as long-term operational assets.
A corporation purchases long-term operating assets, which are then employed to produce income over a number of years. These assets can be categorized as tangible or intangible, and the cost to obtain them includes the acquisition price as well.
As any expenditures associated with preparing the asset for the business' planned purpose. Long-term assets include, for example: Fixed assets include things like property, machinery, buildings, fixtures, and transportation vehicles.
Investments made for the long term, such as stocks, bonds, real estate, and investments in other businesses. The total value of all assets less the total value of all quasi assets is the worth of a company's operating assets.
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Which of the following is not a term used to refer to owners' equity in a corporation?
a. Capital b. Stockholders' equity {C}
c. Shareholders' investment d. Members' equity
(d). Members' equity. Members' Equity is the portion of the company's revenues and losses that is distributed to each member in proportion to that member's ownership stake in the business.
Members' Equity refers to the equity of LFCM, on a consolidated basis, as of any applicable date, prepared in accordance with United States generally accepted accounting principles and consistent with past practise; provided, however, that, in calculating such members' equity: (a) employee compensation and benefits expense for the period beginning on January 1, 2005 and ending on such applicable date shall be assumed to have accrued at an amount equal to the sum of the following:(a) No reserves or write-offs shall be recorded in relation to indemnities that LFCM provides to Lazard Group under this Agreement, including in relation to potential lease and pension reimbursements; (b) all costs and expenses associated with the IPO and Recapitalization shall be borne by LFCM; and (c) all costs and expenses associated with the Recapitalization shall be borne by LFCM.
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During the first hour of a day, a stationary store sells only $1.50 worth of envelopes, $2.25 worth of pens, and a three-ring binder for $5.25. If the store had $20 in the cash register at the beginning of the day, and the store charges 8 percent sales tax on all purchases, how much money is in the register at the end of the first hour
The register contains$10.55 at the end of the first hour.
During the first hour of the day, a stationary store sells only $1.50 worth of envelopes, $2.25 worth of pens, and a three-ring binder for $5.25. The store had $20 in the cash register at the beginning of the day, and the store charges 8 percent sales tax on all purchases
The store sold $1.50 worth of envelopes, $2.25 worth of pens and a three-ring binder for $5.25. This totals to $8.75 before sales tax. The 8 percent sales tax adds $0.70 to the total, bringing the total to $9.45. The store had $20 in the register at the beginning of the day, so the register contains $20 - $9.45 = $10.55 at the end of the first hour.
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When buyers will purchase the same amount of a good, even though the price has increased, the demand for that item is .
Demand for an item is inelastic when consumers continue to buy the same volume of it even though the price has increased.
The demand curve is the relationship between price and quantity demand. Demand for a product is affected by a number of factors, including perceived need, price, perceived quality, convenience, available alternatives, customer preferences, and financial resources. How much did the good cost? A good's potential price and the quantities that might be purchased at those prices form the fundamental relationship between supply and demand. A rise in price will typically result in a drop in the quantity demanded because the relationship is frequently antagonistic. This unfavorable link can be seen visually in the consumer demand curve's declining slope.
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