Mr. Jernigan owns a piece of land on which he grows corn. Corn production annually requires ​$ in​ seed, ​$ in​ fertilizer, and ​$ in pesticides. Mr. Jernigan uses his own labor to grow the corn and therefore hires no workers. If Mr. Jernigan did not use his time to grow​ corn, he would instead be able to sell​ insurance, earning ​$ per year. Suppose another farmer has just offered to pay Mr. Jernigan rent of ​$ per year for use of the land. If Mr. Jernigan refuses to rent the land to another​ farmer, then what will be his accounting costs from farming corn himself on his​ land? What will be his economic​ costs?

Answer:

$21,000

$55,000

Explanation:

Here is the complete question :

Mr. Jernigan owns a piece of land on which he grows corn. Corn production annually requires $6,000 in seed, $9,000 in fertilizer, and $6,000 in pesticides. Me. Jernigan uses his own labor to grow the corn and therefore hires no workers. If Mr. Jernigan did not use his time to grow corn, he would instead be able to sell insurance, earning $35,000 per year.

Suppose another farmer has just offered to pay Mr Jernigan rent of $20,000 per year for use of this land.

If Mr. Jernigan refuses to rent the land to another farmer, then what will be his accounting costs from farming corn himself on this land? What will be his economic costs?

Accounting cost or explicit cost includes the amount expended in running the business. Accounting cost is used in calculating accounting profit. They include :

Accounting cost =  $6,000 +  $9,000+  $6,000 =  $21,000

Economic cost or implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. Economic costs and accounting cost is used in calculating economic profit. Economic cost include :

Economic cost =  $35,000 +  $20,000 = $55,000

Under the retrospective approach to accounting for changes in accounting principles, Multiple select question. prior years' financial statements are revised to reflect the impact of the new accounting principle change. a journal entry is made to adjust asset accounts to what their balances would have been had the new method been used in the current year forward. a journal entry is made to adjust all balance sheets accounts to what they would have been if the new method had always been used. only the current year and future financial statements are revised to reflect the impact of the accounting principle change. a journal is made to adjust the firm's Retained earnings balance to reflect the cumulative effect of the accounting principle change.

A local jacket distributor expects to sell 9,000 black fleece jackets in a year. Assume that EOQ model assumptions are valid. Each jacket costs $50, ordering cost is $100 per order, and holding cost is 1 dollar per jacket per month. What is the annual inventory cost (excluding purchasing cost) if 500 jackets are ordered at a time

Three months ago, CSG stock was selling for $44.25 a share. At that time, you purchased three put options on the stock with a strike price of $45 per share and an option price of $1.75 per share. The option expires today when the value of the stock is $42.50 per share. What is your net profit or loss on this investment

Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 2.50 per hour $ 5.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance

Who is responsible for protecting the environment?
a.
Government
b.
Employers
c.
Employees
d.
Everyone

how do occupancy rate and potential gross rate relate​

what is the yearly salary or hourly wage of a librarian?​

Plum Corporation will begin operations on January 1. Earnings for the next five years are projected to be relatively stable at about $80,000 per year. The shareholders of Plum are in the 33% tax bracket. With the given scenarios, pick the best choice and explain why.
A. Assume that Plum will reinvest its after-tax earnings in the growth of the company, should Plum Corp operate as a C Corporation or an S Corporation?
B. Assume that Plum will distribute its after-tax earnings each year to its shareholders. Should Plum operate as a C corporation or an S Corporation?

Kray Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 5,500 Variable costs per unit: Direct materials $ 39 Direct labor $ 27 Variable manufacturing overhead $ 11 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $ 401,500 Fixed selling and administrative expense $ 451,000 There were no beginning or ending inventories. The variable costing unit product cost was:

Ulko produces tomato paste at five different plants. The tomato paste is then shipped to one of three warehouses, where it is stored until it is shipped to one of the company’s four customers. The shell gives the plant capacities, the cost per ton of producing tomato paste at each plant and shipping it to each warehouse, the cost of shipping a ton of paste from each warehouse to each customer, customer demand, and the annual fixed cost of operating each plant and warehouse. Ulko’s management must decide which plants and warehouses to open, how to route paste from plants to warehouses and from warehouses to customers. All customer demand must be met. A given customer’s demand can be met from more than one warehouse, and a given plant can ship to more than one warehouse. Warehouses are trans-shipment points, anything shipped into a warehouse must be shipped out. Formulate a linear model and find the minimum cost solution for meeting customer demand.

List three examples of fossil fuels are

Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (8,100 bars) are as follows: Ingredient Quantity Price Cocoa 480 lbs. $0.40 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.70 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. $fill in the blank 1 per bar

Carolyn owes $9,620 on her Electronics Boutique credit card with a 16.4% interest rate. She owes $3,970 on her Miscellaneous Goods credit cards which has a 24.6% interest rate. What is the total monthly payment needed to pay off both cards in three years, assuming she makes fixed payments and does not charge any more purchases with the card

The current listed price per share of a certain common stock is $15. The cash dividend expected from this corporation in one year is $2 per share. All market research indicates that the expected constant growth rate in dividends will be 4 percent per year in future years. What is the rate of return on this investment that an investor can expect if shares are purchased at the current listed price

Crystal Displays Inc. recently began production of a new product, flat panel displays, which required the investment of $1,500,000 in assets. The costs of producing and selling 5,000 units of flat panel displays are estimated as follows:

Variable costs per unit:
Fixed costs:

Direct materials $120
Factory overhead $250,000
Direct labor 30
Selling and administrative expenses 150,000
Factory overhead 50
Selling and administrative expenses 35
Total variable cost per unit $235

Crystal Displays Inc. is currently considering establishing a selling price for flat panel displays. The president of Crystal Displays has decided to use the cost-plus approach to product pricing and has indicated that the displays must earn a 15% return on invested assets.

Required:
Determine the amount of desired profit from the production and sale of flat panel displays.

Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (10,300 units at $375 each) $ 3,862,500 Variable costs (10,300 units at $300 each) 3,090,000 Contribution margin 772,500 Fixed costs 600,000 Pretax income $ 172,500 Exercise 18-16 Break-even LO P2 1. Compute Hudson Co.'s break-even point in units. 2. Compute Hudson Co.'s break-ev

Primary data collection for a gaming software company could include the following methods except: Group of answer choices A SurveyMonkey survey sent out to the company's existing customers A gaming software report from Gartner Group, a market research firm Select 8-10 customers and get them to try a new product and ask them what they think of the product Talk to customers who comes into your store to return their purchases'

An industrial park is being planned for a tract of land near the river. To prevent flood damage to the industrial buildings that will be built on this low-lying land, an earthen embankment can be constructed. The height of the embankment will be determined by an economic analysis of the costs and benefits. The following data have been gathered: Embankment Height Above Roadway (m) Initial Cost 2.0 $100,000 2.5 165,000 3.0 300,000 3.5 400,000 4.0 550,000 Flood Level Above Roadway (m) Average Frequency That Flood Level Will Exceed Height in Col. 1 2.0 Once in 3 years 2.5 Once in 8 years 3.0 Once in 25 years 3.5 Once in 50 years 4.0 Once in 100 years The embankment can be expected to last 50 years and will require no maintenance. Whenever the flood water flows over the embankment, $300,000 of damage occurs. Determine which of the five heights above the roadway should be selected. The interest rate is 12%. (50 points)

Assalam waliakum
How are you?​

On December 31, 2009, Beam, Inc., borrowed $650,000 on an 8%, 10-year mortgage note payable. The note is to be repaid in equal quarterly installments of $23,761 (beginning March 31, 2010). Prepare journal entries to reflect (a) the issuance of the mortgage note payable, (b) the payment of the first installment on March 31, 2010, and (c) the payment of the second installment on June 30, 2010. Round amounts to the nearest dollar.

Banks offer various types of accounts, such as savings, checking, certificate of deposits, and money market, to attract customers as well as meet their specific needs.

a. True
b. False

Which of the following reflect the balances of prepayment accounts prior to adjustment?

The December Customer Survey indicates how customers perceived the products in the segment. The survey evaluates the product against the buying criteria. Zero indicates the product met none of the criteria as of December 31, however it had a higher score earlier in the year. Which of the following conditions does not contribute to a perfect score of 100 for a product?
1) Product was priced at the bottom of the range.
2) Product was perfectly positioned (because the segment moves each month, this can occur only once each year).
3) Product had 100% Awareness and 100% Accessibility.
4) All of these are required for a 100 customer satisfaction.

IKEA has essentially changed the way people shop for furniture. Discuss the pros and cons of this strategy, especially as the company plans to continue to expand in places like Asia and India.

The master budget at Western Company last period called for sales of 225,000 units at $9 each. The costs were estimated to be $3.75 variable per unit and $225,000 fixed. During the period, actual production and actual sales were 230,000 units. The selling price was $9.10 per unit. Variable costs were $4.50 per unit. Actual fixed costs were $225,000. Required: Prepare a sales activity variance analysis

Sunland Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income before income taxes $2760000 Add temporary difference Construction contract revenue which will reverse in 2022 246000 Deduct temporary difference Depreciation expense which will reverse in equal amounts in each of the next four years (974400) Taxable income $2031600 Sunland's effective income tax rate is 25% for 2021. What amount should Sunland report in its 2021 income statement as the current provision for income taxes

he following information pertains to the January operating budget for Casey Corporation. • Budgeted sales for January​ $207,000 and February​ $100,000. • Collections for sales are​ 60% in the month of sale and​ 40% the next month. • Gross margin is​ 35% of sales. • Administrative costs are​ $10,000 each month. • Beginning accounts receivable is​ $29,000. • Beginning inventory is​ $16,000. • Beginning accounts payable is​ $67,000. (All from inventory​ purchases.) • Purchases are paid in full the following month. • Desired ending inventory is​ 30% of next​ month's cost of goods sold​ (COGS). At the end of​ January, budgeted accounts receivable from January sales is​ ________.

For journal entries in this assignment, enter AR for Accounts Receivable, ADA for Allowance for Doubtful Accounts, BAD for Bad Debt Expense, REV for Sales Revenue, and CASH for Cash. Please be careful as you type, because Blackboard is not forgiving! Enter all numeric answers in whole dollars but without a $.
Priestly Inc. records sales on account of $120,000 during the month of June. The company estimates bad debt expense as of 3% of credit sales.
A. Show the journal entry for the June sales on account (enter account name from the choices in the general instructions above, and then the amount).
o Debit: [a] [b]
o Credit: [c] [d]
B. Show the journal entry for June's bad debt expense.
o Debit: [e] [f]
o Credit: [g] [h]
C. Assuming Priestly's opening balance of Accounts Receivable on June 1 was $0, what is its balance of net Accounts Receivable after the two entries above?
Just before closing its books on June 30, Priestly learns that one of its customers, the McKay Company, has run into financial difficultly and cannot pay an invoice totaling $2,300. Priestly decides to write off McKay's account.
i. Show the journal entry for the write-off.
o Debit: [j] [k]
o Credit: [U] [m]
ii. What is Priestly's balance of net Accounts Receivable after the write-off? [
On July 15, Priestly is pleasantly surprised to receive a check for $1,200 from McKay with a note saying the remainder of the balance due will be sent in two weeks.
A. Show the journal entry to reinstate the account for which payment has been received.
o Debit: [o] [p]
o Credit: [q] [r]
B. Show the journal entry to record McKay's payment of $1,200.
o Debit: [s] [t]
o Credit: [u] [v]
C. What is Priestly's balance of net Accounts Receivable after the entries pertaining to Mckay?

Jaheem's business sells a single product. The following information was gathered from Jaheem's records: Price $24.00 per unit Variable costs are 61% of sales price The company's fixed costs are $400,000 annually Current sales total is 41,000 units Target profit before tax $22,000 Budgeted sales total is 48,000 units By how much will profit increase with the sale of each unit in Jaheem's business

One of the benefits of time management is that it takes away all of your leisure time.
True or false?