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Kobotan [32]
3 years ago
13

Unit 1 Quiz Submit 6 A market economy has several benefits, but it also has some drawbacks. What is one negative effect a market

economy can produce? OA. It creates extreme divisions between the wealthy and the poor. OB. It lets many workers choose where they want to be employed. OC. Goods and services are only produced for uses planned by the government D. The lack of competition means that consumers have fewer choices Reset Next​
Business
1 answer:
Lesechka [4]3 years ago
6 0

Answer:

A. It creates extreme divisions between the wealthy and the poor

Explanation:

The market economy is profits driven. The prices of goods and services, including essential goods, are set to generate profits for the producer. Only people with resources are able to acquire these goods.  

The market economy creates social inequities as those with fewer resources will always afford little. Meanwhile, owners of the factors of production continue making profits and growing more wealthy. Economies with a market economy will have people at both extreme ends of wealth; those with a lot and those who barely have any

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At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year,
polet [3.4K]

Answer:

1. 9.60 per hour

2. $11,129

3. Dr Manufacturing overhead 172500

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

4. Over applied overhead= $1,260

5. $634,340

Explanation:

1) Calculation for the overhead rate for the year

Using this formula

Overhead rate = Estimated overhead/Estimated hour

Let plug in the formula

Overhead rate = 129600/13500

Overhead rate = 9.60 per hour

2) Calculation for the total cost of Job K456

Total cost of Job K456

Direct material 2750

Direct labor 5355

Overhead 3024

(5355/17*9.60)

Total cost of Job $11129

3) Preparation of the journal entries to record actual overhead and to apply overhead to production for the year.

Dr Manufacturing overhead 172500

(6800+19340+90400+14560+41400)

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

(Being To record actual overhead)

Work in process (18100*9.6) 173760

Manufacturing overhead 173760

(To record applied overhead)

4) Calculation for whether overhead is overapplied or underapplied

Over applied overhead = 173760-172500

Over applied overhead= $1260

5) Calculation for the adjusted cost of goods sold

Adjusted cost of goods sold = 635600-1260

Adjusted cost of goods sold= $634340

8 0
3 years ago
Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows:
Mademuasel [1]

Answer:

The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

Explanation:

For the purpose of regular income tax, the deduction pertaining to medical expenses are available up to the extent it exceeds 10% of AGI.

Deduction available = excess expenses incurred - 7.5% of AGI

                                 = ($16,000  + 4,000  + 2,500 +5,000) - 7.5%*130000

                                  = 27500 - 9.750

                                  = $17,750

Therefore, The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

5 0
3 years ago
On January 1, 2022, Concord Company issued $2,800,000 face value, 7%, 10-year bonds at $3,006,070. This price resulted in a 6% e
yaroslaw [1]

Answer:

Concord Company

Journal Entries:

i. The issuance of the bonds on January 1, 2022:

Debit Cash $3,006,070

Credit Bonds Payable $2,800,000

Credit Bonds Premium $206,070

To record the issuance of bonds at premium.

ii. Accrual of interest and amortization of the premium on December 31, 2022:

Debit Interest expense $180,364

Debit Premium Amortization $15,636

Credit Interest Payable $196,000

To accrue interest and record premium amortization.

iii. The payment of interest on January 1, 2023:

Debit Interest Payable $196,000

Credit Cash $196,000

To record payment of interest.

iv. Accrual of interest and amortization of the premium on December 31, 2023:

Debit Interest expense $179,426

Debit Premium Amortization $16,574

Credit Interest Payable $196,000

To accrue interest and record premium amortization.

Explanation:

a) Data and Calculations:

January 1, 2022:

Face value of bonds issued =  $2,800,000

Proceeds from the bonds issue 3,006,070

Bonds Premium =                        $206,070

Coupon interest rate = 7%

Effective interest rate = 6%

Bonds maturity period = 10 years

Payment of annual interest = each January 1

December 31, 2022:

Interest expense = $180,364 ($3,006,070 * 6%)

Cash payment = $196,000 ($2,800,000 * 7%)

Amortization of premium $15,636 ($196,000 - $180,364)

Bonds' fair value = $2,990,434 ($3,006,070 - $15,636)

December 31, 2023:

Interest expense = $179,426 ($2,990,434 * 6%)

Cash payment = $196,000 ($2,800,000 * 7%)

Amortization of premium $16,574 ($196,000 - $179,426)

Bonds' fair value = $2,973,860 ($2,990,434 - $16,574)

Analysis:

i. The issuance of the bonds on January 1, 2022:

Cash $3,006,070 Bonds Payable $2,800,000 Bonds Premium $206,070

ii. Accrual of interest and amortization of the premium on December 31, 2022:

Interest expense $180,364 Premium Amortization $15,636 Interest Payable $196,000

iii. The payment of interest on January 1, 2023:

Interest Payable $196,000 Cash $196,000

iv. Accrual of interest and amortization of the premium on December 31, 2023:

Interest expense $179,426 Premium Amortization $16,574 Interest Payable $196,000

3 0
3 years ago
Akwamba made this statement ‘organisations cannot be successful if managers fail to pay attention to the forces in the external
WARRIOR [948]

Answer:

Yes, I agree.

Find explanation below.

Explanation:

The external environment of a business simply refers to the factors found outside the business which can have a profound effect on it. There are basically two types of external environments, namely;

1. The directly interactive which has a direct impact on the business. Examples include, business owners, the customers, contractors, and competitors.  

2. Indirectly interactive whose impact on the business is not immediate. Examples include, the political , socio-cultural, economic influences among others.

Practical Examples:

1. Customers play a crucial role to the running of businesses. Managers must take care to listen to the concerns of the customers and attend to their needs urgently. For example, if a customer complains about his dissatisfaction with a style of service, managers should endeavor to address the concern to avoid losing the customer.

2.Political: Government rules and regulations have an impact on businesses because, not adhering to them could lead to sanctions and even closure of the business. Managers must ensure that they heed to and comply with governmental instructions, such as tax payment.

3 0
2 years ago
5. John has two ATM transactions but only one of them has a fee (Interac). 1 point
Helga [31]

Answer:

You can withdraw by automatic electronic transfer, check, ATM card or debit card. There are many ways these days to withdraw money from your accounts. Let's go over each.

Explanation:

6 0
3 years ago
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