Answer :
Meaning & formula of short run price elasticity of supply, its numerical example as per given case
Explanation:
Short Run Price Elasticity of Supply denotes the proportionate change in quantity supplied due change in price. Price & quantity supplied change in same directions, as per law of supply.
In given case, increase in price of haircut increases the quantity supplied of the service of haircut, by more per labour service rate or more labour.
Short Run price elasticity of supply = percentage change in quantity supply/ percentage change in price =
Eg : If price increases from 5 to 10, & 5 workers' haircut increase from 4 to 6 haircuts for each worker, then total haircuts increase from 4 x 5 = 20 to 6 x 5 = 30
Short Run Price Elasticity of supply = 100/50 = 2
The option that's true about Padraig’s gross pay and total employee benefits is "His total employee benefits are 12.5% of his annual gross pay of $64,000"
His annual gross pay is $64,000, his employment benefits will be:
= 12.5% × $64000
= 12.5/100 × $6400
= 0.125 × $64000
= $8000
Therefore, the annual compensation will be:
= $64000 + $8000
= $72000
In conclusion, the correct option is C.
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Answer: Opportunity
Explanation:
1. Opportunity - Given the fact that employees are granted access to very important documents, this might provide them the opportunity to commit theft. Employees who occupy top positions have access to classified information of the company which when manipulated can result to disastrous consequences. It now be holds on the employers of labour or the internal control system, to limit access to such information so as to make it hard for such fraud to be committed.
The procedures used by auditors to provide evidence are in two phases namely; the planning phase and execution phase.
1. The procedure for the planning phase is - Designing Appropriate Procedures : The evidence in this case could be a red flag noticed in the account records. The person who tried to commit the fraud could change figures in places that may not be noticeable.
2. The procedure for the execution phase involves - Implementing Appropriate Procedures : The evidence could be seen as an error. This error most likely results in wasteful spending.
Answer:
Thomson Co.
Journal entries:
May 1:
Debit Cash Account $240,000
Credit Bonds Payable $240,000
To record the issue of 10-year, 9% bonds at face value.
Nov. 9:
Debit Interest on Bonds $10,800
Credit Cash Account $10800
To record the payment of 6-months interest.
Dec. 31:
Debit Interest on Bonds $3,600
Credit Interest on Bonds Payable $3,600
To record two-months interest accrued.
Explanation:
The journal entries made by Thomson Co. are to record the bond transactions. For example, when the bonds were issued, cash was received. This transaction gives rise to a debit to the Cash Account that received the value and a credit to the Bonds Payable Account that gave the value. The bonds payable account represents the liability that is contracted by the bonds issue. Recording these transactions in the journal show their effects on the accounting equation that requires assets to be equal to liabilities and owner's' equity following each transaction.