Answer:
The journal entry for the cash receipt and on that the sales tax is charged is as follows:
Explanation:
Cash A/c................................Dr $8,640
To Sales A/c.............................Cr $8,000
To Sales Tax Payable A/c.....Cr $ 640
Working Note:
Sales Tax Payable = Amount of cash sales × Rate of Sales Tax
= $8,000 × 8%
= $640
So, the total of cash received will be = Sales Amount + Amount of sales tax payable
= $8,000 + $640
= $8,640
Answer:
C) Credit to Unearned Management Fees for $62,000.
Explanation:
* There is an Inconsistency with the amount of fee mentioned in Question and In options $60,000 and 62,000 respectively.
The Service fee is received in advance and the service is not been performed. You can record the revenue when you perform the service against the amount received. So, amount 62,000 will be the Unearned Management fee and it will be a liability and the Journal transaction for this event will be as follows:
Dr. Cash $62,000
Cr. Unearned Management Fees $62,000
So the correct option is C) Credit to Unearned Management Fees for $62,000.
Parametric estimation is a techniques that uses a statistical relationship to calculate cost or duration based on historical data and other project parameters
Parametric estimation is a quantitative method (statisitical relationship) used to estimate the project cost, resources, and duration based on historical data and other project parameters.
Parametric estimation models are used when:
- There is precedent
- The model is a unit hence can be scaled up
- The parameters required are easily quantifiable
While the other options of this question is incorrect because:
b. grass roots estimating
Cost estimation done by the individuals who will be performing the task being estimated.
c. empirical estimating
Estimation method in which the data is obtained using empirical formulas. It is usually based on an amalgamation of historical data, assumptions, guesses, and personal experience.
d. analogous estimating
Also called top-down estimating, this is a technique that involves comparing previous projects, personal experiences and cursory cross-referencing observed costs to estimate time resources required. This technique is most useful in the absence of quantifiable data.
You can learn more about project estimation at
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Answer:
A. 300
Explanation:
The computation of the economic order quantity is shown below:
= 
where,
Annual demand = 600 bottles × 50 weeks = 30,000 bottles
Carrying cost per bottle = $50 × 40% = $20
And, the ordering cost per order is $30
Now put these values to the above formula
So, the value would equal to
= 
= 300 bottles
Hence, option A is correct
Answer:
This is an example of increasing protectionism.
Explanation:
Protectionism can be defined as an economic policy under which the government of a country limits imports in order to protect the domestic economy. The government adopts a number of actions to protect domestic industries. Some of these measures are
- Tariffs
- Quotas
- Subsidies
- Product standards
In the given example, the imposition of a 35% tariff on the imports of tires from China indicates increasing protectionism. This tariff will increase the price of Chinese tires in the US market. As a result, the buyers will prefer the domestic tires which will be cheaper.
This will help the tire manufacturing industry by increasing its demand. So their production and employment will increase as well.
