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3 years ago

Jamal and Keisha each earn money by washing cars and mowing lawns.

Business

2 answers:

mrs_skeptik [129]3 years ago

7 0

Answer:

B: Keisha can specialize in washing cars, because she has the comparative advantage.

C: Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.

E: Specialization allows them to earn more money.

Explanation:

Edg

Hitman42 [59]3 years ago

5 0

Answer:

Jamal and Keisha are considering entering into an agreement to trade tasks.

How can specialization of labor benefit Jamal and Keisha? Check all that apply.

Jamal can specialize in washing cars, because he has the comparative advantage.

Keisha can specialize in washing cars, because she has the comparative advantage.

Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.

Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.

Specialization allows them to earn more money.

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Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2007, Cecil Jameson, Attorne

Kisachek [45]

Answer:

1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2007.

equity = assets - liabilities = $15,050 - $1,530 = $13,520

2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases resulting from each transaction and the new balances after each transaction.

since there is not enough room here, I used an excel spreadsheet

3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2007.

Cecil Jameson, Attorney-at-Law

Income Statement

For the month ended July 31, 2007

Service revenue $5,953

Expenses:

Paralegal services $1,635
Wages expense $850
Rent $1,200
Answering service expense $250
Utilities expense $325
Supplies expense $115
Miscellaneous expense $75 $4,450

Operating income $1,503

Cecil Jameson, Attorney-at-Law

Balance Sheet

For the month ended July 31, 2007

Assets:

Cash $6,873

Accounts receivables $2,225

Supplies $980

Land $10,000

Total assets $20,078

Liabilities:

Accounts payable $720

Paralegal fees payable $1,635

Total liabilities $2,355

Equity:

Jameson, Cecil, capital $18,723

Jameson, Cecil, drawings -$1,000

Total equity $17,723

Liabilities + Equity = $20,078

Cecil Jameson, Attorney-at-Law

Statement of Owner’s Equity

For the month ended July 31, 2007

Jameson, Cecil, capital balance July 1, 2007 $13,520

Investment during the month $3,700

Net income $1,503

Subtotal $18,723

Drawings ($1,000)

Jameson, Cecil, capital balance July 31, 2007 $17,723

4. (Optional). Prepare a statement of cash flows for July.

Cecil Jameson, Attorney-at-Law

Statement of Cash Flows

For the month ended July 31, 2007

Cash flows from operating activities

Net income $1,503

Adjustments to net income:

Decrease in accounts receivables $975
Decrease in accounts payables ($810)
Increase in supplies inventory ($130)
Increase in paralegal fees payable $1,635 $1,670

Net increase in cash from operating activities $3,173

Cash flows from investing activities $0

Cash flows from financing activities

Additional paid in capital $3,700

Drawings ($1,000)

Net increase in cash from financing activities $2,700

Net increase in cash $5,873

Cash balance July 1, 2007 $1,000

Cash balance July 31, 2007 $6,873

Download pdf

5 0

3 years ago

The Red Wolf Society, a nongovernmental not-for-profit organization, receives numerous contributed hours from volunteers during

Allushta [10]

Answer:

$1,600

Explanation:

Revenue is recognized as and when the control of a good or service is transferred to the customer.

Total Hours = 10 hours × 8 weeks

= 80 hours

Use the rate of pay at the utility office to determine the contribution revenue for Red Wolf Society

Revenue = 80 hours × $20 per hour

= $1,600

4 0

3 years ago

Bidder conferences are used to:

Zarrin [17]

Answer:

A. Answer questions about the project prior to submittal of proposals

Explanation:

A bidder conference is a meeting held by a buyer to discuss a possible purchase with multiple potential suppliers.

4 0

3 years ago

a common mistake that team leaders and supervisors make is to talk too little during the first team meetings.

asambeis [7]

Talking too little in the first team sessions is a common error made by managers and team leaders.
Everyone makes mistakes, but managers and leaders are more likely than others to do so. These include misinterpreting your role, providing poor feedback, being very "hands-off," and inadequate delegation.

It is true that committing a mistake might provide an opportunity for learning. However, taking the effort to understand how to spot and avoid frequent errors will help you become successful and productive while also earning the respect of your team.

Which seven traits must leaders avoid in order to be successful?

7 Characteristics No Leader Should Possess

The propensity for micromanagement.
Absence of excitement or optimism.
Opposition to novel concepts.
Make use of fear as a motivator.
Failure to appreciate work well done.
They don't express their expectations in a clear manner.
Emotional intelligence is lacking.

To learn more about Team Leader, visit:

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6 0

2 years ago

Titus Company produced 5,900 units of a product that required 3.546 standard hours per unit. The standard fixed overhead cost pe

natta225 [31]

Answer:

$417 A.

It is an adverse variance.

Explanation:

Fixed factory overhead volume variance is the difference between budgeted output at 100% normal capacity and actual production volume multiplied by standard fixed overhead cost per unit.

Formula

Fixed factory overhead volume variance = (budgeted standard hours for 100% normal capacity - Actual standard output hours) × standard fixed overhead cost per unit.

Calculation

Since 5900 units of a product was produced in 3.546 standard hours per unit, total actual standard hour is therefore;

= 5900×3.546

=20,921 hours

Overhead cost per unit = $1.10 per hour

Hours at 100% normal capacity = 21,300 hours.

Recall the formula for fixed factory overhead volume variance is =(budgeted standard hours for 100% normal output- actual standard output hours)× standard fixed overhead per unit.

Therefore;

Fixed factory overhead volume variance =(21,300 hours - 20,921 hours)× $1.10

=379 hours × $1.10

=$417 A

It is therefore an adverse variance.

4 0

3 years ago