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vitfil [10]
2 years ago
11

EXERCISES

Business
1 answer:
Shalnov [3]2 years ago
3 0

Answer: See explanation

Explanation:

a. go into making goods and services = Resources

b. one good or service given up in order to get another = Opportunity cost

c. business owners, managers, and workers = Producers

d. things of value that cannot be seen or touched= Service

e, the study of the choices people make as producers and consumers = Economics

f. things of value that can be seen and touched= Good

g. those who buy or use goods and services = Consumers

h. limited supply of goods and services = Scarcity

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ncome Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engine
Mnenie [13.5K]

Answer:

<u>Income statement according to the absorption costing</u>

Sales                                                                                         2,600,000

Less Cost of Goods Sold

Opening Stock                                                          0

Add Cost of Goods Manufactured

Direct materials                                                   1,218,000

Direct labor                                                           522,000

Variable factory overhead                                     87,000

Fixed factory overhead                                        130,500

Less Closing Stock (1,957,500/4,350)×350      (157,500)       1,800,000

Gross Profit                                                                                   800,000

Less Period Costs :

Selling and administrative expenses:

Variable selling and administrative expenses                           (60,000)

Fixed selling and administrative expenses                                (25,000)

Net Income                                                                                    715,000

Explanation:

<em>Product/Manufacturing Cost - Absorption Costing = Direct Materials + Direct Labor + Variable Overheads + Fixed Overheads</em>

<em>Period Cost - Absorption Costing  = All Non - Manufacturing Costs</em>

<u />

7 0
3 years ago
Charter bank pays a 5.00% nominal rate on deposits, with monthly compounding. what effective annual rate (eff%) does the bank pa
mel-nik [20]

In order to compute for the effective annual rate, the working equation would be [( 1 + i/n)^n] – 1.   The i corresponds to the nominal rate while n is the number of compounding periods per year which in this case is 12. The answer would be 5.116%.  

6 0
3 years ago
1. Explain the concept of opportunity cost with an appropriate example.<br>​
inn [45]

Answer:

Concept & example of Opportunity Cost

Explanation:

Opportunity Cost is the cost of next best alternative foregone, while choosing an alternative. This arises because of 'choice' problem, due to unlimited wants & limited resources - having alternative uses.

Eg : If I can have 2 chapatis or a bowl of rice. And, I eat a bowl of rice. Then, 'opportunity cost' of a rice bowl is - the next best available '2 chapattis' foregone for the former.

4 0
2 years ago
​Andre, Beau, and Caroline share profits and losses of their partnership in a ​:​: ratio respectively. If the net income is ​, c
Brums [2.3K]

Answer: $545,454.55

Explanation:

Caroline's share of the profit would be her sharing ratio over the total ratio time the net income.

= (6 / ( 6 + 2 + 3)) * 1,000,000

= 6/11 * 1,000,000

= $545,454.545

= $545,454.55

7 0
3 years ago
How would you define customer satisfaction?
wlad13 [49]

Answer:

Customer satisfaction is defined as a measurement that determines how happy customers are with a company's products, services, and capabilities. Customer satisfaction information, including surveys and ratings, can help a company determine how to best improve or changes its products and services.

3 0
2 years ago
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