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3 years ago

Loss is the value of the economic surplus that is forgone when a market is not allowed to adjust to its competitive equilibrium.

Business

1 answer:

avanturin [10]3 years ago

7 0

Answer:

True (Dead-weight loss )

Explanation:

When the market is not allowed to adjust towards the equilibrium the economics efficiency is lost. When the supply is excessive compared to demand some part of supply remains intact, which means that small of amount of supply does not contribute to economics and allocation efficiency and considered as a dead-weight loss. The supply is forgone because the market is not allowed to stabilise.

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When Florence joins her father’s construction business, she realizes all the transactions are still done and maintained on paper

natima [27]

Answer:

She should create a database of company's projects, contractors and customers.

Explanation:

By creating a database within the company, every worker within the company would be able to access any information from that source faster and easier which would lead to a more productive and transparent working environment

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3 years ago

A test of your ability to learn to be an automobile mechanic would be considered a(n ________ test. aptitude intelligence achiev

disa [49]

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3 years ago

A forensic psychiatrist is asked by a judge to evaluate several forensic patients to identify which ones might be best suited to

Natalka [10]

Answer:

a.) psychiatric research

Explanation:

A research based on psychology is carried out with the sole purpose of analyzing the behavior of an individual or a group of individuals, based on their overall experiences. In this case, the research is also based on analyzing patients to see who is the best fir to participate in a community service project

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3 years ago

At the beginning of the year, Monroe Company estimates annual overhead costs to be $2400000 and that 300000 machine hours will b

Neko [114]

Answer:

Allocated MOH= $252,000

Explanation:

Giving the following information:

Estimated overhead= 240,000

Estimated machine hours= 300,000

Actual machine hours for the year were 315000 hours.

First, we need to calculate the estimated overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 240,000/300,000= $0.8 per machine hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.8*315,000= $252,000

3 0

3 years ago

Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial b

Vaselesa [24]

Answer:

(a) Multi-step income statement that would be used for internal reporting purposes

Sales Revenue 217,400

Less Cost of Goods Sold (126,800)

Gross Profit 90,600

Less Operating Expenses

Salaries and Wages Expense 21,800

Office Expenses 22,800 (44,600)

Operating Income 46,000

Less Non Operating Expenses

Interest Expense (3,200)

Net Income Before Tax 42,800

Income Tax Expense (12,840)

Net Income After Tax 29,960

(b) Multi step income statement that would be used for external reporting purposes

Sales Revenue 217,400

Less Cost of Goods Sold (126,800)

Gross Profit 90,600

Less Operating Expenses

Salaries and Wages Expense 21,800

Office Expenses 22,800 (44,600)

Operating Income 46,000

Less Non Operating Expenses

Interest Expense (3,200)

Net Income Before Tax 42,800

Income Tax Expense (12,840)

Net Income After Tax 29,960

Explanation:

Internal Reports versus External Reports

Internal reports do not have to conform to any Accounting Standards,However External reports have to confirm and be prepared according to accounting standards for Fair Representation and Comparability purposes

Gross Profit Percentage

Gross Profit Percentage = Gross Profit / Sales × 100

= 90,600/ 217,400 × 100

= 41.67%

8 0

3 years ago