Answer:
1. The most you would be willing to pay for having a freshly washed car before going out on a
date is $6. The smallest amount for which you would be willing to wash someone else's car is
$3.50. You are going out this evening, and your car is dirty. How much economic surplus
would you receive from washing it?
The economic surplus from washing your dirty car is the benefit you receive from doing so ($6)
minus your cost of doing the job ($3.50), or $2.50.
2. To earn extra money in the summer, you grow tomatoes and sell them at the farmers' market
for 30 cents per pound. By adding compost to your garden, you can increase your yield as
shown in the table below. If compost costs 50 cents per pound and your goal is to make as much
money as possible, how many pounds of compost should you add?
Pounds
of
compost
Pounds
of
tomatoes
Marginal
Cost
($)
Marginal
Benefit
(pounds)
Marginal
Benefit
($)
Net
Benefits
Marginal
Net
Benefits
0 100 ---- 0 --- 0 ---
1 120 0.50 20 6.00 5.50 5.50
2 125 0.50 5 1.50 6.50 1.00
3 128 0.50 3 0.90 6.90 0.40
4 130 0.50 2 0.60 7.00 0.10
5 131 0.50 1 0.30 6.80 - 0.20
6 131.5 0.50 0.5 0.15 6.45 - 0.35
The benefit of adding a pound of compost is the extra revenue you’ll get from the extra tomatoes
that result. The cost of adding a pound of compost is 50 cents. By adding the fourth pound of
compost you’ll get 2 extra pounds of tomatoes, or 60 cents in extra revenue, which more than
covers the 50-cent cost of the extra pound of compost. But adding the fifth pound of compost
gives only 1 extra pound of tomatoes, so the corresponding revenue increase (30 cents) is less than
the cost of the compost. You should add 4 pounds of compost and no more.
3. Residents of your city are charged a fixed weekly fee of $6 for garbage collection. They are
allowed to put out as many cans as they wish. The average household disposes of three cans of
garbage per week under this plan. Now suppose that your city changes to a "tag" system. Each
can of refuse to be collected must have a tag affixed to it. The tags cost $2 each and are not
reusable. What effect do you think the introduction of the tag system will have on the total
quantity of garbage collected in your city? Explain briefly.
In the first case, the cost is $6/week no matter how many cans you put out, so the cost of
disposing of an extra can of garbage is $0. Under the tag system, the cost of putting out an extra
can is $2, regardless of the number of the cans. Since the relevant costs are higher under the tag
system, we would expect this system to reduce the number of cans collected.
Explanation:
The cars will wait an average of 1.67 hours before being served at routine repairs while they'll wait an average of 3 hours before being served at major repairs.
From the information given, at the routine repair hoist, 5 people waiting on average and the cars are processed at a rate of 3 per hour, therefore the flow time (T) will be:
= I/R = 5/3 = 1.67 hours.
Also, at the major repair hoist, 3 people wait on average and the cars are processed at a rate of 1 per hour. Therefore, the Flow time (T) will be:
= I/R = 3/1 = 3 hours.
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Answer:
The Cars wait an average of 1.67 hours before being served at routine repairs.
The Cars wait an average of 3 hours before being served at major repairs.
Explanation:
At the routine repair hoist, 5 people waiting on average hence the Inventory (I) = 5 cars. The cars are processed at a rate of 3 per hour, hence the Throughput (R) = 3 cars per hour.
Therefore the Flow time (T) = I/R = 5/3 = 1.67 hours.
The Cars wait an average of 1.67 hours before being served at routine repairs.
At the major repair hoist, 3 people waiting on average hence the Inventory (I) = 3 cars. The cars are processed at a rate of 1 per hour, hence the Throughput (R) = 1 cars per hour.
Therefore the Flow time (T) = I/R = 3/1 = 3 hours.
The Cars wait an average of 3 hours before being served at major repairs.
b. hiding what happened so no one will find out.
c. calling your friends to tell them what happened.
d. calling the State Attorney General’s office for advice.
Please answer right away
A. A long-term loan usually requires a low debt-to-income ratio.
B. A long-term loan usually has a lower total cost.
C. A long-term loan usually has a lower interest rate.
D. A long-term loan usually requires no credit check.
One of the major advantages of taking a long-term loan is that a long-term loan usually has a lower interest rate. Therefore (C) is the correct option.
A long-term loan is a financial instrument with a one-year maturity. Both private and public institutions are accepting applications for this loan. Collateral is generally needed for long-term loans.
The loan's interest rate is lower than that of a short-term loan because it must be repaid over a three-to ten-year period.
Therefore, (C) is the correct option.
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Answer:
Adjustying Entry at the end of January
Dr. Cr.
Supplies Expense Account $1,000
Supplies Inventory Account $1,000
Explanation:
Opening supplies = 0 (First month of operation)
Purchases on January 5 = $4,000
Supplies on January 31 = $3,000
Closing Inventory = Opening Inventory + Purchase during the month - Expense for the month
$3,000 = $0 + $4,000 - Expense for January
Expense for January = $4,000 - $3,000 = $1,000
Answer:
Explanation:
The journal entries are shown below:
1. Allowance for Doubtful Accounts A/c Dr $ 13,300
To Accounts receivable A/c $ 13,300
(Being written off amount is recorded)
2. Accounts receivable A/c Dr $3,200
To Allowance for Doubtful Accounts A/c $3,200
(Being reverse written off)
3. Cash A/c Dr $3,200
To Accounts receivable A/c $3,200
(Being amount collected)
4. Bad debt expense A/c Dr $19,300
To Allowance for doubtful debts $19,300
(Being bad debt expense is recorded)
The computation of the bad debt expense is shown below:
Ending balance of Allowance for Uncollectible Accounts = Beginning balance of Allowance for Uncollectible Accounts + 2019 bad debts - 2019 write off amount + collected amount
$27,200 = $18,000 + 2019 bad debts - $13,300 + $3,200
$27,200 = $7,900+ 2019 bad debts
So,2019 bad debts = $27,200 - $7,900 = $19,300
Answer:
the answer is in the explanation
Explanation:
particulars cost retail
beginning inventory $17,564.00 $42,500.00
purchases $51,500.00 $88,500.00
purchases returns $-2,100.00 $ -3,000.00
freight on purchsases $2,600.00
total $69,564.00 $1,28,000.00
(+) markups $10,100.00
(-)markup cancellation $ -1,700.00
COST OF GOODS AVAILABLE $69,564.00 $1,36,400.00
FOR SALE
(+) mark downs $-9,800.00
(-) markdown cancellations $2,900.00
sale price of goods available $69,564.00 $1,29,500.00
for sale(A)
(-) net sales($106300-$2100)(B) 104200
ending inventory at retail price $25,300.00
(A-B)
ENDING INVENTORY BY CONVENTIONAL RETAIL INVENTORY METHOD
COST OT RETAIL RATIO= 69567/136400*100 51%
ENDING INVENTORY= 25300*51% $12,903.00
ENDING INVENTORY AT LIFO RETAIL INVENTORY METHOD
COST(A) RETAIL PRICE(B) COST TO RETAIL
RATIO(A/B)
BEGINNING INVENTORY 17564 42500 41%
COST OF GOODS 69564 136400 51%
AVAILABLE FOR SALE
ENDING INVENTORY LAYERS AT COST TO ENDING LIFO
PRICE RETAIL PRICE RETAIL RETAIL
RATIO COST
(A) (B) (A)*(B)
$25,300.00 OPENING $ 42,500.00 41% 17425
CLOSING $ -17,200.00 51% -8772
$ 25,300.00 8653
ENDING INVENTORY AT LIFO RETAIL INVENTORY METHOD=$8653
The estimated ending inventory for Cullumber’s Boutique using the conventional retail inventory method is approximately $15,171. This is calculated by adjusting the beginning inventory at retail price, computing the cost-to-retail ratio, and applying it to the ending inventory at the retail price.
To compute the ending inventory using the conventional retail inventory method, we first need to adjust the beginning and ending inventory to account for the markups, markdowns, and returns.
Firstly, we calculate the adjusted beginning inventory by taking the beginning inventory at the retail price and subtracting markdowns, markdown cancellations, and adding markups and markup cancellations:
Next, we add the net purchases at the retail price to the adjusted beginning inventory to determine the Goods Available for Sale at retail price:
Afterward, we subtract the sales and sales returns at retail price to get the ending inventory at the retail price:
Lastly, to convert the ending inventory from retail price to cost, we use the cost-to-retail ratio:
The estimated ending inventory at cost using the conventional retail inventory method is approximately $15,171.
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