Novak Imports is a merchandising Firm. Last year they reported sales of $677000 and cost of goods sold of $405100. The company's total variable selling and administrative expense was $60750, and fixed selling and administrative expense was $54350. The total contribution margin for the firm is:

Answer:

It is unethical for the CFO to record the additional $75,000 without receipts and supporting documents

Explanation:

The company balance sheet needs to reflect the true financial position of the firm, hence the right thing to do is to ask for documentation and receipts before recording the additional $ 75,000.

Answer:

the income is $1,330

Explanation:

The computation of the income is shown below;

Given that

U(x, y) = min{x, y2}

Price of x is $25

ANd, the prcie of Y is $15

So,

25X + 15Y = M

if Y = 7,

So,  

At eqm, X = Y^​​​​​​2 = 49

Then ,

M = 25 × 49 + 15 × 7

= 1225 + 105

= 1330

Hence, the income is $1,330

The same should be relevant and considered too

For utility maximization, Elmer's income should be $1330, considering his consumption of 7 units of y at $15 each and a maximum of 49 units of x at $25 each.

To find Elmer's income for utility maximization, we need to consider his utility function, the prices of the goods (x and y), and the quantity of y he chooses to consume.

Elmer's utility function is U(x, y) = min{x, y^2}, which means his utility depends on the minimum of x and y^2. In this case, he chooses to consume 7 units of y at a price of $15 each, so his expenditure on y is 7 * $15 = $105.

Now, we need to find out how much he is willing to spend on x to maximize his utility. Since the utility function takes the minimum of x and y^2, we want to make x as small as possible to keep utility high. Let's assume he consumes x units of x.

For utility maximization, x must be the minimum between x and y^2. In this case, x <= y^2, so x <= 7^2 = 49.

Now, we need to find the price of x, which is $25 per unit.

To maximize utility, he should spend his remaining income on x, so his income (I) should satisfy:

I = expenditure on x + expenditure on y

I = (x * $25) + ($105)

We know that x <= 49, so let's assume he consumes the maximum possible x, which is 49. Therefore,

I = (49 * $25) + ($105)

I = $1225 + $105

I = $1330

So, Elmer's income for utility maximization should be $1330.

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Complete question below :

If Elmer's utility function is U(x, y) = min{x, y^2}, and he chooses to consume 7 units of y at a price of $15 each, what must his income be for utility maximization?

Answer:

32.5%

Explanation:

multi-factor productivity = total output / (labor + materials + overhead costs)

old multi-factor productivity = $547,904 / ($240 + $259,276 + $0) = 2.111

new multi-factor productivity = $547,904 / ($210 + $195,680 + $0) = 2.797

the percentage change in multi-factor productivity = [(2.797 - 2.111) / 2.111] x 100 = 32.5%

Answer:

a. No entry is required.

b.   Payroll        Dr.      $30,000  

           Wages Payable                      Cr.   $30,000

c.     Payroll          Dr.           $30,000    

             Federal Income Tax              Cr.       $4,500    

             FICA Taxes Payable               Cr.      $2,400    

             Wages Payable                       Cr.      $23,100      

d.     Payroll                          Dr.      $30,000  

              Federal Income Tax                       Cr.         $4,500  

              FICA Taxes Payable                       Cr.        $2,400    

              SUTA                                               Cr.        $1,800    

              FUTA                                               Cr.        $300        

              Wages Payable                               Cr.        $21,000

Answer: Option C

Explanation: A company operating in countries other than its home country is called multinational corporations. These entities operate their business in several different countries with the objective of profit maximization.

These entities control  their business in foreign countries from their head quarters in their home country. Thus, in case the company did something illegal or unethical then the government can expropriate their assets without any compensation.

Thus, the correct option is C.

Answer:

$800

Explanation:

The computation of the remaining balance in the Prepaid Rent account after the adjustment was is shown below:-

Remaining balance = Prepaid rent - Rent expense

= $1,200 - ($1,200 × (1 ÷ 3))

= $1,200 - $400

= $800

Therefore for computing the remaining balance in the Prepaid Rent account we simply applied the above formula.

Final answer:

Sterling Company should debit Rent Expense and credit Prepaid Rent by $400 for April. The remaining balance in the Prepaid Rent account after the adjustment would be $800.

Explanation:

Sterling Company has prepaid its rent for 3 months, which means that $1,200 is paid for the months of April, May, and June. To calculate the monthly rent, divide the total by the number of months, so each month costs $1,200 / 3 = $400. Therefore, at the end of April, Sterling Company should debit Rent Expense and credit Prepaid Rent by $400 to account for the rent that expired during April. After this transaction, the balance in the Prepaid Rent account would be $1,200 - $400 = $800, which is the prepaid rent for May and June that is not used yet. The adjusting entry records the expiration of prepaid expenses and increases the accuracy of the financial statements.

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