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Mrac [35]
3 years ago
11

You examine the schedule for your favorite soccer team. the team plays sixteen games each season. later, you try recalling that

schedule for a friend who likes the same team you do. chances are, you will recall opponents at the beginning of the schedule particularly well. this is an example of the _____ effect.
Business
1 answer:
defon3 years ago
7 0
<span>It is an example of the primacy effect. Primacy effect is one of the two main components of a broader concept known as the serial position effect. The serial position effect says that when given a list of information and later asked to recall that information, the items at the beginning (primacy) and the items at the end (recency) are more likely to be recalled than the items in the middle.</span>



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An economic term for any person who uses goods or services. Sometimes a consumer buys a good or service. Sometimes, the goods or
lesantik [10]

Answer: Consumer

Explanation:

If you are asking about what the economic term for any person who uses goods or services is, it is already included in your statement.

The person is a consumer as a consumer is the economic term for an entity that acquires goods and services whether freely or otherwise to use them for something be it personal or business in nature.

5 0
3 years ago
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
nadezda [96]

Answer:

The correct answer is option (c) $264 underapplied

Explanation:

Given data;

Direct labour hour = 22160

Total Manufacturing overhead cost= $585,024

Actual direct labor hour = 22150

Actual Manufacturing overhead cost = $585024

Calculating the Predetermine overhead rate using the formula;

Predetermined Overhead rate=Total Overhead Cost/Total Direct Labor Hour

Predetermined Overhead rate = $585024/22160

                                                      =$26.4 per labor hour

To determine the under-applied amount of overhead cost, we use the formula;

Under−Applied amount= Estimated Overhead Cost*Actual Overhead Cost

Substituting into the formula, we have

                          (22150*26.4)-585024

      Under applied  = $ 264

                       

8 0
3 years ago
Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's firs
Vera_Pavlovna [14]

Answer:

Mason Automotive sells 10,000,000 shares at $5 par for $15 on January 1st, 2019.  

Dr Cash 150,000,000

    Cr Common stock 50,000,000

    Cr Additional paid in capital 100,000,000

Ed Mason, the CEO, hires 4,000 employees, whom will receive a combined salary of $6.5 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on February 5th. Employee's withholdings are as follows: 10% for federal income taxes 5% for state income taxes and 7% for FICA. Record the necessary entry as of January 1st, 2019.          

No journal entry required

Adjusting entry:

January 31, 2019, wages expense

Dr Wages expense 6,500,000

Dr FICA taxes expense 455,000

    Cr Federal income taxes withheld payable 650,000

    Cr State income taxes withheld payable 325,000

    Cr FICA taxes withheld payable 455,000

    Cr FICA taxes payable 455,000

    Cr Wages payable 5,070,000

On January 1st, Mason Automotive receives $70 Million advance payment from a customer, Highland Inc., to manufacture 7,000 cars.        

Dr Cash 70,000,000

    Cr Deferred revenue 70,000,000

Adjusting entry:

January 31, 2019, 5,000 cars were finished and delivered

Dr Deferred revenue 35,000,000

    Cr Sales revenue 35,000,000

Mason Automotive issues a bond payable on January 1st, 2019 with a face value of $500 Million at 98. The bond will have a useful life of 10 years with an interest payment of 8% (Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 1st,  2019.

Dr Cash 490,000,000

Dr Discount on bonds payable 10,000,000

    Cr Bonds payable 10,000,000

(Note: When considering the amortization of the discount or premium, assume the straight line method is used).  

Adjusting entry        

January 31, 2019, interest expense

Dr interest expense 3,416,666

    Cr Discount on bonds payable 83,333

    Cr Interest payable 3,333,333

Mason Automotive purchased $6 Million dollars worth of supplies on account on January 2nd, 2019.      

Dr Supplies 6,000,000

    Cr Accounts payable 6,000,000

Adjusting entry

January 31, 2019, supplies expense

Dr Supplies expense 3,500,000

    Cr Supplies 3,500,000    

On January 2nd, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms were FOB shipping point and the value of the order was $95 Million and the inventory cost was $55 Million. Assume that this sale was made on account.          Dr Accounts receivable 95,000,000

    Cr Sales revenue 95,000,000

Dr Cost of goods sold 55,000,000

    Cr Inventory 55,000,000

Adjusting entry:

January 31, 2019, allowance for doubtful accounts (3%)

Dr Bad debt expense 2,850,000

    Cr Allowance for doubtful accounts 2,850,000

Mason Automotive purchased $150 Million dollars worth of inventory on January 2nd, 2019. $80 Million was paid with cash with the remaining balance on account. Mason notes that it will use a perpetual inventory system to track inventory.  

Dr Inventory 150,000,000

    Cr Cash 80,000,000

    Cr Accounts payable 70,000,000      

Mason Automotive buys a patent from Apple for $20 Million on January 3rd, 2019. The patent has a legal life of 20 years and the useful life was the same. Record the necessary entry as of January 3rd, 2019. Assume the patent was purchased using cash.          Dr Patent 20,000,000

    Cr Cash 20,000,000

Adjusting entry:

January 31, 2019, patent amortization expense

Dr Patent amortization expense 83,333

    Cr Patent 83,333

Mason Automotive pre-pays for Rent Expense for the next year of $12 Million and Insurance Expense of $3.7 Million on January 3rd, 2019.  

Dr Prepaid rent 12,000,000

Dr Prepaid insurance 3,700,000

    Cr Cash 15,700,000

Adjusting entries:

January 31, 2019, rent expense

Dr Rent expense 1,000,000

    Cr Prepaid rent 1,000,000

January 31, 2019, insurance expense

Dr Insurance expense 308,333

    Cr Prepaid insurance 308,333        

Mason Automotive purchases fixed assets of $100 Million that will have a useful life of 10 years and a salvage value of $20 million on January 4th, 2019. $20 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method.  

Dr Fixed assets 100,000,000

    Cr Cash 20,000,000

    Cr Accounts payable 80,000,000

Adjusting entry:

January 31, 2019, depreciation expense  

Dr Depreciation expense 666,667  

    Cr Accumulated depreciation - fixed assets 666,667    

On January 20th, Mason Automotive decides to purchase 500,000 shares of Treasury stock at $35 per share.

Dr Treasury stock 17,500,000

    Cr Cash 17,500,000

3 0
3 years ago
Which of the following is a distinguishing characteristic of oligopoly? Question 1 options:_____
julsineya [31]

Answer:

B. Natural barriers cannot prevent the entry of new firms.

Explanation:

Natural barriers cannot prevent the entry of new firms as firms should be free to enter and exit the industry. Every firm's actions or dealings influence the profits of all the other firms.

3 0
3 years ago
Acquisition costs; journal entries
Aleks [24]

Answer:

Journal entries for the transactions are given below

Explanation:

1. Development of new product

                                                               DEBIT     CREDIT

Research and development                 $24,000

Cash                                                                         $24,000

2. Paid the plaintiff for losing patent

                                                                DEBIT     CREDIT

Legal fee (expense)                             $8,000

Cash                                                                         $8,000

3. Bought Equipment and signed non-interest bearing note

                                                                DEBIT     CREDIT

Equipment Cash price                          $37,000

Discount on note payable                    $5,000

Cash paid                                                                  $18,000

Note payable                                                            $24,000

4. Installed sprinkler system

                                                                DEBIT     CREDIT

Sprinkler system                                     $40,000

Cash                                                                         $40,000

5. Plaintiff paid for successful infringement  suit on its patent

                                                                DEBIT     CREDIT

Patent                                                     $24,000

Cash                                                                         $24,000

6. Bought New equipment and traded old one

                                                                DEBIT     CREDIT

New Equipment                                    $13,600

Accumulated depreciation                   $6,800

Loss on sale                                           $3,400

Old Equipment                                                        $13,400

Cash                                                                         $10,400

Working:

Accumulated depreciation = Original Cost - book value

Accumulated depreciation = $13,400 - $6,600

Accumulated depreciation = $6,800                                                      

7 0
3 years ago
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