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Alisiya [41]
2 years ago
15

Albert and his family sell beverages outside the stadium during local football matches. Local football matches take place every

day because they are the main form of entertainment in the town. Albert knows that demand for beverages will depend on whom the local team is playing against. Albert has a large amount of beverages stored at home, and whatever does not get sold one day, will be stored for the next day. Based on the expected demand, Albert determines how many coolers will be needed for that day and rents the appropriate number of coolers from a local supplier (the only local supplier of coolers in town). The local supplier of coolers is an avid football fan and therefore opens the store only for a few hours early in the morning before the game. Once Albert has rented the coolers, the store closes until the next day. Which of the following statements are correct about Albert's business?A. For Georgina's business, the number of beverages is always a variable factor and the number of coolers is always a fixed factor. B. Before deciding how many coolers to rent, as long as the supply store is still open, Georgina is facing a long- run decision. C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision. D. Specifically for this problem, the long run could be described as roughly 24 hours. E. The long run is never less than 1 year.
Business
1 answer:
ahrayia [7]2 years ago
4 0

Answer:

The correct statements about Albert's business:

C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision.

D. Specifically for this problem, the long run could be described as roughly 24 hours.

Explanation:

From the scenario, the variable factors are the number of beverages and the number of coolers for Albert's business.  This is because the number of beverages and the number of coolers depend on demand.  This eliminates option A.  Option B is not a long-run decision but a short-run one.  The long-run is a time period when the decision-maker cannot change her decisions to meet the prevailing demands.

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After the first two entries in the closing process have been recorded and posted, the debits and credits to Income Summary are $
Dafna1 [17]

The answer is $10,000 net loss.

Given,

The debits and credits to Income Summary are $90,000 and $80,000, respectively.

An income summary is also known as an Income statement.

The debit side of this statement contains the expense for the period.

And the credit side of this statement contains the income for the period.

Therefore, according to the given information expenses are $90,000 and income is $80,000.

Since expenses incurred are greater than the income generated. There is a net loss for the current period.

The amount of the net loss will be calculated as follows:

Net loss = Amount of expenses - Amount of income

              = 90000 - 80000

              = $10,000

Hence, the amount of net loss for the period is $10,000.

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6 0
1 year ago
Explain the effect of a tariff on consumer surplus and producer surplus.
rosijanka [135]
The increase in the domestic price of both imported goods and the domestic substitutes reduces the amount of consumer surplus in the market. Tariff effects on the importing country's producers. ... The increase in the price of their product on the domestic market increases producer surplus in the industry.
7 0
3 years ago
Production activities are done as needed in order to satisfy a specific demand.
worty [1.4K]

Hi there!

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7 0
3 years ago
An account becomes uncollectible a.when an account receivable is converted into a note receivable b.There is no general rule for
vovangra [49]

Answer:

The correct answer is letter "B":  There is no general rule for when an account becomes uncollectible.

Explanation:

Accounts Uncollectible represent any form of debt as a result of sales on credit that are likely not to be paid. Before classifying debt as uncollectible there is an unset timeframe that may go by.  

At first, the sale on credit is considered an account receivable with a payment promise usually of 30 or 90 days. If three month passes but no payment is received, the account is considered aged receivables but if more time goes through without payment, the account then is labeled as doubtful.  

Doubtful accounts become allowances if the company decides to take care of the payment of the debt with its own profit. <em>There is no set rule when an account receivable becomes uncollectible. It relies on the judgment of the firm.</em>

8 0
3 years ago
he following information is available for completed Job No. 402: Direct materials, $170000; direct labor, $230000; manufacturing
sveticcg [70]

Answer:

The correct answer is $112,000

Explanation:

First of all, let us lay out the information given:

Direct materials = $170,000

Direct Labor = $230,000

Manufacturing overhead = $160,000

Cost of production = Direct material + Direct Labor + Manufacturing overhead = 170,000 + 230,000 + 160,000 = $560,000

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Number of units left on hand = 5000 - 4000 = 1000 units (units produced - units sold)

Next, we will calculate the cost of production of a single unit of finished product as follows:

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∴ 1 unit = 560,000 ÷ 5000 = 112

Finally, since the number of unit on hand is 1,000 units, we will find the cost of unit on hand as follows

1 unit = $112

∴ 1000 unit = 112 × 1000 = $112,000

3 0
3 years ago
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