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elena-14-01-66 [18.8K]
3 years ago
11

If you are able to produce 1 piece of fine furniture or 10 birdhouses using the same resources, and your competitor is able to p

roduce 5 pieces of fine furniture or 10 birdhouses using the same resources, who has the comparative advantage?
a) You
b) Neither
c) Your competitor in fine furniture
Business
1 answer:
Tatiana [17]3 years ago
4 0

Answer: Your competitor in fine furniture.

Explanation:

If as stated in the question, my competitor is able to produce more fine furniture than me, from the same amount of resources, that means that my competitor has a comparative advantage over me in furniture making. Comparative advantage is the process whereby a business can be more productive than their competitors, with the same amount of resources.

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Year 1 Year 2 Amounts billed to clients for services rendered $ 182,000 $ 232,000 Cash collected from clients 154,000 184,000 Ca
Advocard [28]

Answer:

Explanation:

Year 1:

Cash collected from clients $154,000

Salaries paid to employees for services rendered during the year $27,000

Utilities $84,000

Purchase of insurance policy $58,200

So, in order to find net cash flow, $(154000-27000-84000-58200)=-15200

Year 2:

Cash collected from clients $184,000

Salaries paid 34000

Utilities paid 94000

Insurance paid is 0

So, net cash flow $184000-$(34000+94000)=$56000

Year1 paid 27000 in salaries, accrued =32000

So still 5000 has to be paid in year 2

Year 2 paid 34000 ⇒ so accrued is 29000

Insurance accrued for each year is 58200/3=19400

Income statement for year 1 and 2

                                         year1   year2

Revenue:  

Income from services 182000 232000

Expense

Salary 84000 94000

Utilities 32000 29000

Insurance 19400 19400

Net income 46600 89600

5 0
3 years ago
Read 2 more answers
Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of-sal
Dmitriy789 [7]

Answer:

$27,000

Explanation:

Allowance for doubtful accounts before adjustment       $15,000

Allowance provided for the month;

$800,000*1.5%                                                                     $12,000

Closing balance for Doubtful Accounts                             $27,000

The allowance for doubtful accounts is provided on net sales basis therefore sales are multiplied with %  of bad debt allowance given in question.

4 0
3 years ago
Read 2 more answers
During 2017, its first year of operations, Jane's Bakery had revenues of $130,000 and expenses of $66,000. Retained earnings at
Phantasy [73]

Answer:

$28,000

Explanation:

Ending retained earnings = beginning retained earning + current earnings - dividends paid out.

for Jane's Bakery,

Beginning retained earning 0,

Dividends : $36,000

earnings = revenues - expenses

earnings = $130,000 - $ 66,000

=64,000

ending retained earnings = 0+$64,000- $36,000

=$28,000

5 0
3 years ago
Which of the following types of business ownership has the advantages of pass-through taxation and liability protection?
pickupchik [31]
That will be a <span>Limited Liability Company (LLC)</span>
4 0
3 years ago
A rival good A. is exclusive. B. is one that rival firms are trying to obtain. C. cannot be shared. D. is one that is used up as
ANTONII [103]

Answer: Option (D) is correct.

Explanation:

A good is said to be rival in nature if the consumption of that good by one individual will impact the availability of good for the others. This means that less quantity will be available for the others.

For instance, if a city has only one fire station, two fire trucks and four firefighters then it is characterized as rival in consumption because consumption of fire protection by one individual will make the fire protection unavailable for the others, due to its limited availability.

Suppose if there is an emergency call received from about 15 houses then the fire protection have to choose 3 or 4 houses among them because of limited resources. This shows that fire protection is unavailable for others.

5 0
3 years ago
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