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3 years ago

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Let mp = marginal product, p = output price, and w = wage, then the equation that represents a situation where a competitive fir

m should lay off some workers to maximize profits is

1 answer:

Rasek [7]3 years ago

4 0

I have no idea haha lol

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Pina Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each emplo

Andrew [12]

Answer:

2019

Dr Salaries and wages expense 9,680

Cr Salaries and wages payable 9,680

Dr Salaries and wages expense 6,160

Cr Salaries and wages payable 6,160

Dr Salaries and Wages Payable 3,520

Cr Cash 3,520

2020

Dr Salaries and wages expense 10,560

Cr Salaries and wages payable 10,560

Dr Salaries and wages expense 6,720

Cr Salaries and wages payable 6,720

Dr Salaries and wages expense

800

Dr Salaries and wages payable 8,800

Cr Cash 9,600

Dr Salaries and Wages Expense 240

Dr Salaries and Wages Payable 5,520

Cr Cash 5,760

B. 2019 $10,410

2020 $12,175

Explanation:

(a) Preparation of journal entries to record transactions related to compensated absences during 2019 and 2020

2019

Dr Salaries and wages expense 9,680

Cr Salaries and wages payable 9,680

(10 employees * $11.00/hr. * 8 hrs./day * 11 days)

(Being to record accrue expense and liability for vacation)

Dr Salaries and wages expense 6,160

(10 employees * $11.00/hr. * 8 hrs./day * 7days)

Cr Salaries and wages payable 6,160

(Being to record accrue expense and liability for sick pay)

Dr Salaries and Wages Payable 3,520

Cr Cash 3,520

(10 employees * $11.00/hr. * 8 hrs./day*4 days)

2020

Dr Salaries and wages expense 10,560

(10 employees * $12/.00/hr. * 8 hrs./day * 11 days)

Cr Salaries and wages payable 10,560

(Being to accrue expense and liability for vacation)

Dr Salaries and wages expense 6,720

Cr Salaries and wages payable 6,720

(10 employees * $12.00/hr. * 8 hrs./day * 7 days)

(Being to record accrue expense and liability for sick pay)

Dr Salaries and wages expense

800

(9,600-800)

Dr Salaries and wages payable 8,800

(10 employees * $11.00/hr. X 8 hrs./day *10days)

Cr Cash 9,600

(10 employees * $12.00/hr. * 8 hrs./day X 10days)

(Being to record vacation time period))

Dr Salaries and Wages Expense 240

(10 employees * ($11-12) /hr. * 8 hrs./day * (7-4) last yr)

Dr Salaries and Wages Payable 5,520

(10 employees * $11.00/hr. * 8 hrs./day * (7-4) days) + (10 employees * $12.00/hr. * 8 hrs./day *(6-3) days)

=(2,640+2,880=5520)

Cr Cash 5,760

(10 employees * $12.00/hr. * 8 hrs./day * 6 days)

(Being to record sick leave paid)

B) Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020

1. December 31, 2019

10 employees * $11.83/hr. * 8 hrs./day * 11 days =$10,410

2. December 31, 2020

10 employees * $11.83/hr. * 8 hrs./day * 1 day =$946

Add: 10 employees * $12.76/hr. * 8 hrs./day * 11 days = 11,229

Total $12,175

($11,229+$946)

Therefore the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 will be $10,410 and 2020 will be $12,175

5 0

3 years ago

If an agent injures a third party during the course of employment, to what extent should the employer be held liable? Under what

postnew [5]

Answer:

The employer will be held liable.

Explanation:

If the external agent brings harm or injury to a third party in the course of an employment, the employer is held liable. When a principal directs an agent to commit for a tort or if the principal is aware of the consequences of carrying the instructions of the agent could cause harm or injure the person, then the principal is liable.

It is called direct liability.

The liability for the intentional tort which is imputed to the principal when the agent acts to further the business of the principal.

The agent is personally liable under the following circumstances :

Foreign principal
Agent signs the contract in his own name
Non-existent principal
Principal cannot be sued:
Undisclosed principal

Example :

A credit card company hires a sales person and offers a company van to make sales in that area. The sales person uses the office van to official purposes. But one night, he drove the car to a friend's party and while coming he drove over a pedestrian. In this case, the owner of the company will not be held liable as the sales person uses the company van for his personal use while going out for party with his friends. While causing the accident, the sales person was not not using the office van for official purposes and was not tendering official duties at that time.

3 0

3 years ago

Gruden Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 23,600 golf discs

pychu [463]

Answer:

Increase in income= $2,965.6

Explanation:

Giving the following information:

Gruden Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 23,600 golf discs is:

Materials $ 12,036

Labor 35,400

Variable overhead 23,128

Fixed overhead 47,200

Total $117,764

McGee Corporation offers Gruden $4.91 per disc for 4,930 discs. If Gruden accepts the offer, its fixed overhead will increase from $47,200 to $53,700 due to the purchase of a new imprinting machine.

Total variable cost= (12,036 + 35,400 + 23,128)= 70,564

Unitary variable cost= 70,564/23,600= $2.99

Increase in fixed costs= $6,500

Increase in income= (4930*4.91) - (4930*2.99) - 6500= $2,965.6

8 0

3 years ago

In a production operation of an electronics firm, a company manufactures I/O circuit chips that is used in a final assembly proc

Feliz [49]

Answer:

defective

Explanation:

In an electronic firm it is necessary to keep check for every circuit as they turn out to be defective. There can be minor error is circuit formation but this will be considered as defective because circuits are very sensitive and even minor error can lead to short circuits which could lead to a disaster. It is necessary for a firm to keep track and quality of every circuit should be checked.

3 0

3 years ago

Wu Production Company, which uses activity-based budgeting, is in the process of preparing a manufacturing overhead budget. Whic

creativ13 [48]

Answer:

Option which would likely appear on that budget will be:

Batch level costs: production setup.

Explanation:

Here the company uses activity based budgeting is a management accounting tool which new year budget is only seen by not considering the previous year records.

Activity based budgeting which is a budgeting method in which firstly the overhead costs are being calculated and the the budgets gets created.

Batch-level cost is a cost which is not associated with any given specific individual units but is associated with a group of units.

For example, to set up a production run the cost incurred is associated with the batch of goods that are produced subsequently.

Another example can be be procurement costs. The expenses associated with the procurement costs include the ordering of direct materials, paying suppliers and receiving goods.

Since all of the expenses are related to the orders placed numbers, they must be allocated not to an individual product but to group of unit.

6 0

3 years ago