Questions is incomplete. It's last line is: *Jim's decided to get dinner worth that amount*
Answer:
- Alexander's Loss Aversion
- Jim's Mental accounting.
Explanation:
Loss Aversion: Some people are always frightened of losing and always try to avoid it by making irrational decisions which make their sufferings worst. <em>This</em> <em>scenario</em> is the example of loss aversion where the focus on gains is lost but all they see are failures.
- <em>It is a common decision-making mistake people go for during which they will not leave until the loss is not realized </em>
In Alexander's case: He is trying to avoid losses and hoping that his investment would be saved although, the company he has invested in will soon go bankrupt. He should realize that before it gets too late and end up his sufferings.
Mental Accounting: It refers to the spending behavior by which people categorize the money they have often without logic.
For example: A person monthly earning is $40, but suppose he gets only $30 for whatever reason, and he has to pay rent which is $35. So he is 5 dollars short but he had decided that he will eat chocolate worth $5 next month, so he will go for that chocolate even if he is short.
In Jim's case: He got $50 which he didn't have before, he could have used it for better purposes, than going to a dinner. Because he didn't have that amount before that.
Answer:
(1) 2,600
(2) $122
(3) $317,200
Explanation:
(1) Ending Inventory:
= Beginning Inventory + Number of Units Produced - Number of Units Sold
= 300 + 15,000 - 12,700
= 2,600
(2) Per-unit product cost:
= Direct Material + Direct Labour + Variable Overhead + Fixed Overhead
= $20 + $60 + $12 + $30
= $122
(3) Value of Ending Inventory under absorption costing:
= Ending Inventory × Absorption Per-unit product cost
= 2,600 × $122
= $317,200
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Answer:
Dr Income Tax Expense 37,000
Cr Deferred Tax Liability 2325
Cr Income Tax Payable 34,675
Explanation:
Bridgeport Inc Journal entry
Dr Income Tax Expense 37,000
Cr Deferred Tax Liability 2325
Cr Income Tax Payable 34,675
Income Taxes Payable = ($138,700 x 25%)
= $34,675
Deferred Tax Liability
= ($9,300 x 25%)
= $2,325
$144,200 + $3,800 – $9,300
= $138,700