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3 years ago

1. How are people rational when they make choices?

1 answer:

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Rational choice theory states that individuals rely on rational calculations to achieve outcomes that are in line with their personal objectives. These decisions provide people with the greatest benefit or satisfaction — given the choices available — and are also in their highest self-interest.

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Quarry Corp. has the following costs related to a mine it acquired this year. Cost of land and natural resource rights $200,000

frozen [14]

Answer:

$375,000

Explanation:

The computation of the amount included in the natural resource is shown below:

= Cost of land & natural resource rights + cost of extraction during year + equipment used for mining + exploration & drilling cost

= $200,000 + $35,000 + $100,000 + $40,000

= $375,000

Hence, all the cost is inlcuded for natural resource except asset retirement obligation for restoring the land as this is not relevant so we ignored it

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3 years ago

Bill Mason is considering two job offers. Job 1 pays a salary of $40,100 with $6,778 of nontaxable employee benefits. Job 2 pays

olga2289 [7]

Answer:

Explanation:

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4 years ago

Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-st

eduard

Answer:

Part a

Blossom Company

Income statement for the year 2014 - multiple-step form

$000

Sales revenue 97,088

Less Cost of goods sold (61,158)

Gross Profit 35,930

Less Operating Expenses :

Administrative expense

Officers' salaries 5,488

Depreciation of office furniture and equipment 4,548 (10,036)

Selling expense :

Delivery expense 3,278

Sales commissions 8,568

Depreciation of sales equipment 7,068 (18,914)

Operating Income (Loss) 6,980

Less Non Operating Expenses :

Income tax 9,658

Interest expense 2,448 (12,106)

Net Income (Loss) (5,126)

Part b

Blossom Company

Income statement for the year 2014 - single-step form

$000

Sales revenue 97,088

Less Cost of goods sold (61,158)

Gross Profit 35,930

Less Expenses :

Officers' salaries 5,488

Depreciation of office furniture and equipment 4,548

Delivery expense 3,278

Sales commissions 8,568

Depreciation of sales equipment 7,068

Income tax 9,658

Interest expense 2,448 (41,056)

Net Income (Loss) (5,126)

Explanation:

The multiple-step form shows the Operating Income and Net Income separately by grouping expenses as either operating and non-operating expenses.

The single-step form shows all expenses under one category and no grouping of expenses as either operating or non-operating.

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3 years ago

Kingbird, Inc. has the following information available for accruals for the year ended December 31, 2019. The company adjusts it

Anton [14]

Answer:

a-Dec-31. Dr Utility expense 485

Cr Utility bills payable 485

b-Jan-11. Dr Utility bills payable 485

Cr Cash 485

c-Dec-31. Dr Salary expense 3990

Cr Salary payable 3990

d-Dec-31. Dr bank 51600

Cr Loan payable 51600

e-Dec-31 Dr Interest expense 215

Cr interest payable 215

f-Dec-31 Dr Account receivable 340

Cr Service revenue account 340

g-Dec-31. Dr Cash 6840

Cr Advance Rent 6840

Explanation:

a-Utility expense incurred for the m/o Dec will be paid in Jan.

c- Salaries of 3990 will be paid on Jan of 4 days.

e-Interest expense for the m/o Dec will be (51600*5%=2580/12=215.

f-The service fee is receivable which will be paid on Jan.

g- Advance rent is received from client.

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3 years ago

Your newest coworker is not as productive as other members of your team. You and your coworkers have to work harder to make up f

BaLLatris [955]

Answer:

The correct answer would be option C.

Explanation:

If there is a new co worker hired in my office, and its her beginning days, and I, along with other team members see that she is not as productive as other members of the team are, and we all have to work more and harder to make up for her work. So i would preferably give her advice and tips for how to get things done correctly and efficiently. I would not like to get her out of the office, rather i will try to make her understand the things as soon as possible and give her tips to increase her work efficiency. But if the problem continues, and I believe that she will not be able to cope up with us, then i will talk to the supervisor and suggest him that she might not be the best role for us. But i will go with option C.

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3 years ago

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