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1 year ago

One thing that distinguishes the short run and the long run is?

1 answer:

6 0

A. the existence of at least one fixed input is the primary difference between short run and long run. It is because in the long run, the quantities of all inputs can be varied.

In economics, the short run can be defined as a concept that states that, within a certain period in the future. In the short run the others are variable while at least one input is fixed. In the other side, long run in economics can be defined as a theoretical concept in which all prices and quantities have fully adjusted and all markets are in equilibrium.

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(Pension Expense, Journal Entries, Amortization of Loss) Gottschalk Company sponsors a defined benefit plan for its 100 employee

Alika [10]

Answer: See attachment and explanation.

Explanation:

a. Determine the components of pension expense that the company would recognize in 2017.

Service cost = $52,000

Add: Interest on projected benefit obligation = $380,000 × 10% = $38,000

Less: Actual return on plan asset = ($11000)

Less: Unexpected loss = 200,000 × 10% - 11,000 = ($9000)

Ammortization of prior service cost = $15000

Pension expense = $85,000

b. The journal entry to record the pension expense and the company’s funding of the pension plan in 2017 has been attached.

c. The amount of the 2017 increase/decrease in gains or losses and the amount to be amortized in 2017 and 2018 has been attached.

d. The pension amounts reported in the financial statement as of December 31, 2017 will be $85,000.

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2 years ago

Johnston Company wants to double production of Product X from 1,000 units to 2,000 units. The variable manufacturing cost per un

ratelena [41]

Answer: C - $30,000

Explanation: Johnston Company wants to double production of Product X from 1,000 units to 2,000 units.

The variable manufacturing cost per unit is $10. The variable non manufacturing cost per unit is $20.

The selling price per unit is $50

To increase production by 1000 units

Total cost is $10 + $20 = $30

Total incremental cost = 1,000 * $30= $30,000

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3 years ago

Assume a company had the following production costs: Direct labor $ 2 per unit Direct material $ 3 per unit Variable overhead $

Mamont248 [21]

Answer:

Total production cost $ 14 per unit Under absorption costing True

The total product cost per unit when 4,000 units are produced would be $22.50 False

Explanation:

Direct labor $ 2 per unit

Direct material $ 3 per unit

Variable overhead $ 4 per unit

Total variable $ 9 per unit

Fixed overhead ($50,000/10,000 units) $ 5 per unit

Total production cost $ 14

Production Costs involve the fixed costs under absorption Costing. So the total Product cost under absorption costing is $ 14.

When 4,000 units are produced the production costs are as follows

Absorption Costing: 4,000 * 14= $ 56,000

Variable Costing : 4000 * 9= $ 36,000

So the second statement is false.

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2 years ago

On December 31, 2017, Stellar Company had $1,159,000 of short-term debt in the form of notes payable due February 2, 2018. On Ja

Phoenix [80]

Answer:

Explanation:

Before showing how short term debt should be presented before doing this we have to classify the items in each head

Like - In current liabilities, notes payable is recorded at $11,500

And, in the long term liabilities, the proceed after brokerage fees for $1,147,500 should be recorded.

The total amount would remain the same i.e $1,159,000

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3 years ago

Frolic Corporation has budgeted sales and production over the next quarter as follows: July August September Sales in units 46,5

Digiron [165]

Answer:

61,500 units

Explanation:

July August September

budgeted sales 46,500 58,500 <u> </u><u>61,500</u>

budgeted production 47,050 58,800 63,150

beginning inventory 5,300 5,850 6,150

ending inventory 5,850 6,150 7,800

ending inventory August = beginning inventory + budgeted production - budgeted sales = 5,850 + 58,800 - 58,500 = 6,150

units sold during September = beginning inventory + budgeted production - ending inventory = 6,150 + 63,150 - 7,800 = 61,500

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2 years ago