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salantis [7]
3 years ago
10

Angus works as a dairy farmer in Minnesota. He loves his work and finds a great deal of personal satisfaction in providing the h

ighest quality dairy products to his community of Mackahatchie. However, the dairy business has not been doing so well lately and Angus is considering changing careers and becoming a technician at the local dairy plant, where he would earn $27,000 a year. Being a rational decision maker, Angus decides to make a list of the costs of keeping his job as a farmer and asks you to help him out. Please classify Angus' costs according to whether they are explicit costs or implicit costs.
Business
1 answer:
weeeeeb [17]3 years ago
5 0

Answer:

Explicit costs are the costs which requires the money to pay.

On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.

Therefore,

Explicit costs are as follows:

1. Wages pays to his hired hand

2. Buys feed for his cows.

3. Gas expense that is used in truck

Implicit costs are as follows:

1. Foregone income of $27,000 from working at a dairy plant as a technician.

2. Time taken for extracting milk from all the cows.

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If a firm has retained earnings of $2.7 million, a common shares account of $4.7 million, and additional paid-in capital of $9.4
kodGreya [7K]

Answer:

Change in retained earnings = $1.02 million (Decrease)

Change in common shares account = $5.17 million (Increase)

Change in additional paid-in capital = $10.61 million (Increase)

Explanation:

Given:

Retained earnings = $2.7 million

Common shares account = $4.7 million

Additional paid-in capital = $9.4 million

Stock dividend = 10%

Find:

Changes in account.

Computation:

1. Change in retained earnings

Change in retained earnings = Retained earnings - (Retained earnings - Common shares account - Additional paid-in capital)Stock dividend

Change in retained earnings = $2.7 million - ($2.7 million - $4.7 million - $9.4 million)10%

Change in retained earnings = $2.7 million - 1.68 million

Change in retained earnings = $1.02 million (Decrease)

2. Change in common shares account

Change in common shares account = Common shares account (1+Stock dividend)

Change in common shares account = $4.7 million (1+10%)

Change in common shares account = $5.17 million (Increase)

3. Change in additional paid-in capital

Change in additional paid-in capital = Additional paid-in capital + (Additional paid-in capital + Retained earnings)Stock dividend

Change in additional paid-in capital = $9.4 million + ($9.4 million + $2.7 million)10%

Change in additional paid-in capital = $9.4 million + 1.21 million

Change in additional paid-in capital = $10.61 million (Increase)

3 0
2 years ago
If you were constructing an audience-analysis questionnaire and wanted to learn how many of your listeners believe in extraterre
Naddik [55]

Answer:

c.

Explanation:

Based on the information provided within the question it can be said that the best kind of question to ask would be a fixed-alternative question. This is a question in which a question is given and the individual who is answering the question is also given a set of responses which they have to choose the correct one of the various options. Which in this case would be something along the lines of,

Do you believe in aliens?

a. yes

b. no

4 0
3 years ago
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $153,000 Credit sale
rodikova [14]

Answer:

Balance of allowance for doubtful accounts after Bad debt Expense is $2700

Explanation:

given data

Cash sales=  $153,000

Credit sales = $453,000

Selling and administrative expenses = $113,000

Sales returns and allowances= $33,000

Gross profit = $493,000

Accounts receivable = $140,000

Sales discounts = $17,000

doubtful accounts credit balance =  $1,500

solution

we know here Total Bad Debit = 3% of accounts receivable

that is Total Bad Debit =  0.03 × $140,000

Total Bad Debit =  $4200

so here allowance for doubtful account credit balance = $1500

so

Balance of allowance for doubtful accounts after Bad debt Expense will be

Balance of allowance for doubtful accounts =  $4200 - $1500

Balance of allowance for doubtful accounts  = $2700

6 0
3 years ago
The process by which power is distributed and decisions are made is known as:
notsponge [240]
The answer is D because when u give power to other people for them to make decisions your offering transference. Your transferring decisions to others.<span />
3 0
2 years ago
What is the benefits of purchasing health insurance through your employer
Svetllana [295]

In most cases, Employee Health Insurance is free as the employer pays for it. It is offered by the employer as a benefit. Thus, the cost of the payable premium is not deducted from the employee's salary unless specified otherwise.

6 0
2 years ago
Read 2 more answers
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