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4 years ago

In a labor market comprising many firms hiring many workers with identical skills, which of the following is correct?

Business

1 answer:

serg [7]4 years ago

4 0

Answer:

Individual firms and workers are wage takers because they cannot exert any control over the market wage rate.

Explanation:

Remember, a labor market shows the availability of employment and labor, in terms of their supply and demand.

This scenario occurs in a purely competitive labor market.

In this market there many qualified workers with identical skills; meaning the workers share similar skills while the demand for such skills is high because of their importance to firms.

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Petty Productions Inc. recently issued 30-year $1,000 face value, 12% annual coupon bonds. The market discount rate for this bon

matrenka [14]

Answer:

The correct answer is $1,620.45

Explanation:

According to the scenario, the computation of the given data are as follows:

Time period (Nper) = 30 years

Face value (FV) = $1,000

Rate (r) = 7%

Coupon payment = $1,000 × 12% = $120

So, by putting all these in the financial formula, we get

The attachment is attached below.

So, the current price of the bond is $1,620.45.

8 0

3 years ago

Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for Mar

torisob [31]

Answer:

To Determine

Job order costing

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job. Job order costing is used when the product produced are significantly different from each other.

To record: the journal entry to record all the summarized operations.

View image for journalized entry.

5 0

4 years ago

Morris Company applies overhead at 20% of direct labor costs. Actual overhead costs for the year totaled $380,000, and actual di

Alecsey [184]

Answer:

$20,000 debit balance

Explanation:

Overhead is meant to absorbed at 20% of direct labor costs

absorbed overhead=20%*direct labor costs

direct labor costs is $1,800,000

absorbed overhead as a percentage of labor costs=20%*$1,800,000=$360,000

Balance in factory overhead account=actual overhead-overhead absorbed

actual overhead is $380,000

balance in factory overhead account=$380,000-$360,000=$20,000

The balance in factory overhead account is $20,000 debit balance since the amount absorbed is less than actual,an additional cost of $20,000 needs to be recognized

3 0

3 years ago

One major difference between modeling economic busts and booms is that ____________.

GuDViN [60]

<span>When you are modeling economic booms and busts, the biggest difference between modeling economic busts and booms is that there is basically no issue of very rigid nominal wages when one is modeling these different types of booms.</span>

7 0

3 years ago

Gross earnings for the pay period are $100,000. Required payroll deductions are: Social Security $6,700; Medicare $1,450; Federa

Juliette [100K]

Answer:

Correct answer is C, $100,000 debit to salaries and wages expense

Explanation:

In order to recognize the expenses for the period, an expense account shoud be debited and a credit to cash or payables that depends if it is already paid (cash) or not (payable). Along with the recognition of the salaries expense paid by the company to their employees is the recognition of the deductions withheld by the employer that should be reported to certain agencies. These includes, Social Secucrity, Taxes and medical insurance mandated to be deducted on the employees wages. Employer will act as a withholding agent and will be obligue to remit it to the agencies within the period of time.

7 0

3 years ago