Ask question

Ask question

All categories

3 years ago

15

Assume the factory is currently producing 40 chairs and 30 tables and an order comes in for 5 more tables . What is the opportun

ity cost of producing 5 more tables?

1 answer:

aleksklad [387]3 years ago

5 0

Explanation:

I dont really know. You can ask the tutors tho.

You might be interested in

Erica's Country Furniture sells wooden chairs for $179.49. It buys the chairs from a craft shop for $87.49 each. Its overhead ra

mamaluj [8]

Answer:

60.28%

Explanation:

The selling price per chair = $179.49

buying price per chair = $87.49

the overhead rate is 28%

Actual overheard = 28% x $87.49

=28/100 x 87.49

=0.28 x 87.49

=$24.4972

total cost price per chair = $87.49 + $24.4972

=$111.98

profit per chair

= $179.49 - $111.98

=67.51

Profitability rate = 67.51/111.98 x 100

=60.28%

4 0

3 years ago

(a) Purchased $110 of supplies for cash. –$110 $0 (b) Recorded an adjusting entry to record use of $20 of the above supplies. en

miss Akunina [59]

Question Completion:

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.

Answer:

Effects of transactions on cash and net income:

(a) Purchased $110 of supplies for cash.

Cash–$110 Net income $0

(b) Recorded an adjusting entry to record use of $20 of the above supplies.

Cash - $0 Net Income -$20

(c) Made sales of $1,500, all on account.

Cash -$0 Net Income +$1,500

(d) Received $850 from customers in payment of their accounts.

Cash +$850 Net Income $0

(e) Purchased equipment for cash, $2,550.

Cash -$2,550 Net Income $0

(f) Recorded depreciation of building for period used, $740.

Cash $0 Net Income -$740

Explanation:

As stated earlier, business transactions that affect earnings do not necessarily affect cash. This fact is demonstrated in the above examples. Unless the transaction is for cash and affects a revenue or expense account, it will not affect cash and earnings at the same time. An example of a transaction that affects both is the sale of goods for cash. This will increase the cash balance as well as boasting the earnings. Another example is the cash payment for rent expense. This will reduce the cash balance as well as reduce the earnings.

6 0

3 years ago

Mia likes to write books during her free time. At present, three of her books have been published and sold around the world. The

alexandr402 [8]

I think the the income received from selling her books is an example of earned income. It<span> is any income that is generated by working. Your salary or money made from hourly employment (regardless of whether that salary or hourly income came from working for someone else or from your own “consulting”) is considered earned income.</span>

7 0

3 years ago

Read 2 more answers

To ensure that employees are learning the content effectively during the training program, firms should (choose all that apply):

lord [1]

Answer:

a. give employees the opportunity to enact the skills.

b. use modeling to help employees learn the skills vicariously by watching other people perform the skill.

c. provide feedback with both negative and positive reinforcements of wrong and correct behaviors respectively.

Explanation:

Training can be defined as a learning process which typically involves teaching an individual or group of people skills that are relevant to their job position or roles in an organization.

This ultimately implies that, the main purpose of a training is to improve an employee's performance in his or her place of work.

To ensure that employees are learning the content effectively during the training program, firms should;

a. give employees the opportunity to enact the skills.

b. use modeling to help employees learn the skills vicariously by watching other people perform the skill.

c. provide feedback with both negative and positive reinforcements of wrong and correct behaviors respectively.

6 0

3 years ago

Smith is a CPA. His neighbor, Jones, asks him to prepare his tax return. Jones and Smith are casual friends. Smith prepares the

kati45 [8]

Answer:

Jones is liable to pay.

He is liable to pay to the tune of $1000. This may be negotiated however if it is not fair.

Explanation:

See the following points

The question above is an example of Implied At-law contracts. (We will get to the definition of this in a bit).

A contract is a legally binding agreement that recognises and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of<u> the Law</u>. From the above definition it is clear that two people may actually be engaging in a contract without knowing it.

The law defines that a contract is.

Contracts may be Express or Implied.
Express contracts are simply contracts that are stated expressly, or openly, in either writing or orally, at the time of contract formation.
Implied contracts are created when two or more parties have no written contract.
There are two types of implied contracts:

Implied In-Fact Contracts: these are contracts which create an obligation between the parties based on the facts of the situation. For example, assume your neighbor hires you to wash his car every Friday for the entire holidays. You wash your neighbor’s car for the first four weekends of the holidays and get paid on Friday morning each time. The fifth Friday you wash the car and when you arrive at your neighbor’s house for your pay, your neighbor refuses to pay you. The law will infer that there is a contract between you and your neighbor, even though you never put anything in writing. This is an implied in-fact contract.

2. The other type of Implied contract is that which is Implied At-Law

In the case between Jones and Smith, the law imposes a duty to perform a contract, and will enforce such a contract even against a person’s will, where the situation is such that without this legal intervention, one party would be <u>unfairly enriched</u> or advantaged by another party’s action.

In the question above, Smith is a CPA. He is qualified in every respect to carry out Professional Tax services. His services may be relied upon with a great degree of confidence.

If Jones had not filed those tax returns, he probably would have lost monies that should have accrued to him from the government.

This type of agreement is also considered a quasi-contract. A quasi-contract occurs where the law imposes an obligation upon the parties where in fact the parties did not intend to enter into a contract and made no promise to perform.

However, because one party would be unjustly enriched by another party’s action, the beneficiary of those actions must make restitution or pay fair value for the services provided, even though there was never any intention to enter into an agreement.

Cheers!

4 0

3 years ago