According to economists, all humans have their own "rational self-interest." What does this mean?
A.) They want to help others rather than help themselves.
B.) They will only make rational and logical decisions about purchases.
C.) They want to benefit themselves as much as possible.
D.) They will only make a purchase if it is involving their top three interests.
Answers
They want to benefit themselves as much as possible.
Related Questions
Lucas Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $50 per machine hour, while the Sanding Department uses a departmental overhead rate of $15 per direct labor hour. Job 603 used the following direct labor hours and machine hours in the two departments: Assembly Actual results Direct labor hours used Machine hours used The cost for direct labor is $30 per direct labor hour and the cost of the direct materials used by Job 603 is $1,400. How much manufacturing ovehead would be allocated to Job 603 using the departmental overhead rates?
A. $610
B. $330
C. $580
D. $740
Answers
Answer:
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Explanation:
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The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $49,000 from the issue of common stock. Performed $68,000 of services on account. Incurred $10,500 of other operating expenses on account. Paid $41,000 cash for salaries expense. Collected $44,500 of accounts receivable. Paid a $5,000 dividend to the stockholders. Performed $11,500 of services for cash. Paid $7,500 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c.
Answers
Answer:
Montgomery Company
a. Journal Entries
Account Title Debit Credit
Cash $49,000
Common stock $49,000
To record the issue of common stock for cash.
Accounts Receivable $68,000
Service Revenue $68,000
To record the performance of services on account.
Operating Expense $10,500
Accounts payable $10,500
To record operating expenses incurred on account.
Salaries Expense $41,000
Cash $41,000
To record the payment for salaries expense.
Cash $44,500
Accounts Receivable $44,500
To record cash collected on account.
Dividends $5,000
Cash $5,000
To record the payment of dividend to stockholders.
Cash $11,500
Service Revenue $11,500
To record the performance of services for cash.
Accounts payable $7,500
Cash $7,500
To record the payment on account.
b. T-accounts
Cash Account
Account Title Debit Credit
Common stock $49,000
Salaries expense $41,000
Accounts receivable 44,500
Dividends 5,000
Service revenue 11,500
Accounts payable 7,500
Balance 51,500
Totals $105,000 $105,000
Common Stock
Account Title Debit Credit
Cash $49,000
Accounts Receivable
Account Title Debit Credit
Service Revenue $68,000
Cash $44,500
Balance 23,500
Totals 68,000 68,000
Service Revenue
Account Title Debit Credit
Accounts receivable $68,000
Cash 11,500
Balance $79,500
Totals 79,500 79,500
Accounts Payable
Account Title Debit Credit
Operating Expense $10,500
Cash $7,500
Balance 3,000
Totals $10,500 $10,500
Operating Expense
Account Title Debit Credit
Accounts payable $10,500
Salaries Expense
Account Title Debit Credit
Cash $41,000
Dividends
Account Title Debit Credit
Cash $5,000
c. Trial Balance as of December 31, Year 1:
Account Title Debit Credit
Cash $51,500
Common stock $49,000
Accounts receivable 23,500
Service revenue 79,500
Accounts payable 3,000
Operating expense 10,500
Salaries expense 41,000
Dividends 5,000
Totals $131,500 $131,500
Explanation:
a) Transactions:
Received cash of $49,000 from the issue of common stock.
Performed $68,000 of services on account.
Incurred $10,500 of other operating expenses on account.
Paid $41,000 cash for salaries expense.
Collected $44,500 of accounts receivable.
Paid a $5,000 dividend to the stockholders.
Performed $11,500 of services for cash.
Paid $7,500 of the accounts payable.
b) Journal entries record the transactions for the first time. General ledger accounts are where the accounts are summarized. Trial balance shows the list of the account balances extracted from the general ledger.
From a salesperson's perspective, the characteristics of a good manager: A. vary from manager to manager. B. conflict with the characteristics managers list as being traits of a good manager. C. are a rarity in modern sales organizations. D. include friendship and loyalty E. include flexibility and a team orientation.
Answers
Answer:
E. include flexibility and a team orientation.
Explanation:
Sales management is the process that maintains customers sales by planning, direction and control of the sales process.
It involves motivation, supervising, delegation, and equipping of the sales force.
This is a people oriented career and therefore requires flexibility and a team orientation. So the team is able to adapt to new strategies aimed at improving the sales process.
Suman said that, "she didn't understand the
direct and indirect speech
Answers
Explanation:
Indirect speech, also known as reported speech or indirect discourse (US), is a means of expressing the content of statements, questions or other utterances, without quoting them explicitly as is done in direct speech. For example, He said "I'm coming" is direct speech, whereas He said (that) he was coming is indirect speech. Indirect speech should not be confused with indirect speech acts.
Match each type of adjusting entry with its definition.
Deferred revenue
Accrued expenses
Prepaid expenses
Accrued revenue
Match each of the options above to the items below.
Receive cash in the current period that will be recorded as a revenue in a future period.
Record an expense in the current period that will be paid in cash in a future period.
Record a revenue in the current period that will be collected in cash in a future period.
Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.
Answers
Answer and Explanation:
The matching is as follows:
1. Deferred revenue - the cash would be received in the present period and the same would be reported as a revenue for the future period
2. Accrued expense - It would be recorded as an expense for a present period but the cash would be paid in the future
3. Prepaid expense - The cash is paid or the obligation is to the pay the cash in the present period but the expense would be recorded in the future period
4. Accrued revenue - the revenue is recorded in the present period but the cash would be collected in a future period
Steinberg Company produces commercial printers. One is the regular model, a basic model that is designed to copy and print in black and white. Another model, the deluxe model, is a color printer-scanner-copier. For the coming year, Steinberg expects to sell 100,000 regular models and 20,000 deluxe models. A segmented income statement for the two products is as follows:
Regular Model Deluxe Model Total
Sales $12,000,000 $10,720,000 $22,720,000
Less: Variable costs 7,200,000 6,432,000 13,632,000
Contribution margin $4,800,000 $4,288,000 $9,088,000
Less: Direct fixed costs 1,200,000 960,000 2,160,000
Segment margin $3,600,000 $3,328,000 $6,928,000
Less: Common fixed costs 1,702,400
Operating income $5,225,600
Required:
a. Compute the number of regular models and deluxe models that must be sold to break even.
b. Using information only from the total column of the income statement, compute the sales revenue that must be generated for the company to break even.
Answers
Answer:
Results are below.
Explanation:
First, we need to calculate the sales proportion of each product:
Regular= 12,000,000/22,720,000= 0.53
Deluxe= 10,720,000/22,720,000= 0.47
Now, we will determine the break-even point for the company as a whole:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Total fixed costs= 2,160,000 + 1,702,400= $3,862,400
Unitary contribution margin:
Regular= 4,800,000/100,000= $48
Delux= 4,288,000/20,000= $214.4
Weighted average contribution margin= (0.53*48) + (0.47*214.4)
Weighted average contribution margin= $128.35
Break-even point (units)= 3,862,400/128.35
Break-even point (units)= 30,093
For each product:
Regular= 0.53*30,093= 15,949
Deluxe= 0.47*30,093= 14,144
Finally, we need to calculate the break-even point in dollars for the whole company:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 3,862,400/ (9,088,000/22,720,000)
Break-even point (dollars)= 3,862,400/0.4
Break-even point (dollars)= $9,206,000